Futureverse CEO Addresses XRP Community Concerns: Are rXRP Tokens Really Backed 1:1?

Leonardo Perez
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Futureverse CEO Addresses XRP Community Concerns: Are rXRP Tokens Really Backed 1:1?

Many think that XRP is too centralized, since it depends a lot on what Ripple does, the company that created it and that has control of most currencies.

Amid concerns and skepticism within the XRP community, Futureverse CEO Aaron McDonald stepped forward to clarify Root Network’s rXRP tokens, affirming his 1:1 support for XRP tokens on the

However, despite McDonald’s assurances, questions remain, underscoring the inherent challenges of emerging platforms like Root Network in gaining trust and acceptance within the cryptocurrency space.

A few weeks ago, a CoinTelegraph contributor pointed out that Ripple has not been able to deliver on its promises. Its business has stagnated, its reputation has deteriorated and its legality has been questioned. Instead of buying XRP, what Ripple has done is sell it. Ripple has become richer at the expense of XRP investors, who have seen their currency become increasingly devalued.

One of the most important factors that could be affecting the XRP price is the ongoing investigation by the United States Securities and Exchange Commission (SEC) into the sale of XRP tokens by Ripple Labs. The SEC accuses Ripple to sell XRP as unregistered securities, which could result in significant fines or even a ban on the sale of XRP in the United States.

1:1 rXRP Link: McDonald’s Peace of Mind!

Looking at the broader market, the XRP community questioned the legitimacy and transparency of the Root Network, an EVM-compatible platform that leverages XRP as its gas token. The network, which features cross-chain interoperability and scalability, introduced rXRP as a packaged version of XRP, but questions were raised over its handling and distribution.

However, the controversy intensified discrepancies in the distribution of XRP rewards. While the network claimed rewards involving significant XRP and ROOT tokens, the data revealed an inconsistency: simply 48K XRP had flowed into the XRPL bridge. Thomas Silkjær of the XRPL Foundation raised these concerns, highlighting the mismatch between declared XRP balances and actual inflows.

The XRPP Selling Satire

In response to these uncertainties, McDonald attempted to address the doubts. He highlighted the use of rXRP on the root network and assured the community that each rXRP token was solidly backed by XRPL XRP in their vault accounts, establishing a direct 1:1 correlation.

Despite McDonald’s explanation, problems persist. The network’s development phases and ongoing efforts to consolidate accounts to improve transparency have created challenges in untangling the Vortex. This complication has left some elements of the community skeptical, with doubts about the operations and mechanisms of the Root Network.

While Root Network aims to harness the potential of XRP, these controversies highlight emerging projects’ obstacles to building community trust and transparency. For Root Network, transparency and accountability are critical factors determining its trajectory in the competitive crypto landscape.

XRP’s Obstacles: Dream Despite Rumors

In other news, Yassin Mobarak, founder of Dizercapital, recently humorously hinted at the long wait for anticipated multi-generational wealth from XRP. Mobarak’s comment about the extensive timeline needed to realize significant returns sparked jokes from the XRP community, including comments about possible wheelchair use when XRP riches arrive.

XRP’s value trend toward a perpetual Black Friday sale suggests a prolonged decline in value. While humorous, this joke sheds light on XRP’s prolonged period of subdued prices despite past peaks. However, some market analysts foresee a possible future breakout, projecting that XRP will skyrocket to $90.

By Leonardo Perez

Blockchain Drives Opportunities for Black Tech Entrepreneurs

Audy Castañeda
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Blockchain Drives Opportunities for Black Tech Entrepreneurs

Blockchain is emerging as a key tool to empower Black entrepreneurs and address the diversity gap in the tech industry.

Over the years, the tech industry has struggled with a lack of diversity, particularly in underrepresented communities such as Black and African American people, as well as other minority groups.

While initiatives have been launched to address this issue, there is still a significant gap in representation, access to financing and opportunities for Black entrepreneurs.

The following will explore how blockchain can address structural racism and wealth gaps and provide opportunities for Black-owned businesses and projects to thrive.

The Challenges Black Tech Entrepreneurs Face

The lack of Black representation in tech goes beyond simply meeting quotas. Only 2.3% of American businesses are black-owned, despite blacks making up nearly 14% of the population. Black-owned businesses also have a higher failure rate: 8 in 10 failing in the first 18 months.

The challenges faced by Black tech entrepreneurs come from multiple levels of the startup ecosystem. Furthermore, they often stem from systemic barriers and biases that limit access to resources and opportunities.

Startups are also affected by discrimination, as Black entrepreneurs struggle to access early-stage, high-growth projects without meeting the equity requirements of an accredited investor.

Blockchain as Equalizer

Still, there is a significant opportunity for growth and innovation in this sector. Blockchain technology and cryptoassets are set to transform everything from financial services and supply chains to government services, making it possible to address inequality at its roots.

This is so revolutionary because blockchain removes many of the traditional barriers to acquiring, storing and transferring wealth. It is permissionless, meaning consumers do not have to access crypto assets through a central authority. It allows almost anyone to access early-stage, high-growth projects without meeting the wealth requirements of an accredited investor.

While the crypto industry has historically had a gender imbalance, recent trends indicate a shift towards greater gender diversity. Gemini’s State of Crypto 2022 report shows that globally, 47% of those interested in purchasing cryptocurrency for the first time over the next year are women. In developing countries, female participation in cryptocurrency ownership is particularly high: women make up more than half of cryptocurrency owners in Israel (51%), Indonesia (51%) and Nigeria (50%).

On the other hand, in more developed regions, the proportion of women who currently own cryptocurrencies is lower. This includes the United States (32%), Europe (33%) and Australia (27%), where only around a third of cryptocurrency owners are women.

DAO and Crypto Companies Work to Close the Gap

Technology accelerators like Smarter in the City, Black Founders, and Blacks in Technology provide workspace, collaboration opportunities, and advocacy for Black entrepreneurs.

Decentralized autonomous organizations (DAOs), defined simply as blockchain communities with a shared bank account, can go a step further. Black-owned blockchain companies, projects, and DAOs help with both access and funding.

Since no centralized leadership runs DAOs, they are less likely to exclude people based on identity factors like age, gender, or race. Such lack of discrimination goes beyond DAOs and encompasses the blockchain as a whole.

Future Perspectives

The lack of representation of Black entrepreneurs in the tech industry is a persistent issue that must be addressed to promote diversity, equality, and inclusion. Blockchain offers a promising solution by empowering underrepresented communities through decentralized finance, DAOs, and other crypto-native solutions.

It is paramount to ensure that diversity and inclusion are at the forefront of technological entrepreneurship to create a truly equitable and inclusive world.

By Audy Castaneda

Prosecutors Ask Binance’s CZ to Remain in the US While SBF Will Not Get Release on Bail, And Other News

Leonardo Perez
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Prosecutors Ask Binance’s CZ to Remain in the US While SBF Will Not Get Release on Bail, And Other News

A lot of tension in the crypto market in the last few hours, Binance’s CZ faces the possibility of staying in the US until his hearing.

US prosecutors have requested that Changpeng Zhao, former CEO of Binance, not leave the country before his sentencing hearing scheduled for February 2024. This request comes after Zhao admitted his guilt on Tuesday for failing to implement an effective anti-fraud program. money laundering on Binance.

At Wednesday’s hearing, prosecutors argued that there is a “substantial risk of flight.” Calculating Zhao’s considerable wealth outside the United States and his seemingly minimal ties to the country.

FTX’s SBF Won’t Get Bail

The Court of Appeal has rejected SBF’s request for release on bail. This decision is based on his failure to comply with the conditions established during his previous conditional release. Which led the judge to order his return to prison. A forceful reminder of the importance of strictly adhering to the terms of probation.

Despite SBF’s claim that its First Amendment rights have not been adequately considered, the judge refutes this claim, ensuring that he has been “exceptionally aware” of the accused’s rights.

HTX Announces Resumption of Operations after Suffering a USD 13.6 Million Hack

Cryptocurrency exchange HTX, previously known as Huobi Global, has confirmed that it will resume deposits and withdrawals in the next 24 hours. This, after suffering a USD 13.6 million exploit on November 22.

In its official statement, the exchange assured users that it will “fully compensate for losses caused by this attack and guarantee 100% security of funds.” The developers stressed that the lost amount represents a minimal fraction of the platform’s total funds, highlighting that “normal operations” were not affected.

KyberSwap Reports Cyber ​​Attack: More Than USD 45 Million in Cryptocurrencies

In another blow to the security of the crypto ecosystem, decentralized exchange protocol KyberSwap has been the target of a sophisticated cyber-attack that resulted in the loss of more than $45 million in cryptocurrency.

The Kyber Network team will confirm the situation through a statement. Likewise, it advised users to urgently withdraw their funds to mitigate possible damage.

On November 22, KyberSwap announced the situation via X:

“Dear KyberSwap Elastic Users,

We regret to inform you that KyberSwap Elastic has experienced a security incident.

As a precautionary measure, we strongly advise all users to promptly withdraw their funds. Our team is diligently investigating the situation, and we commit to keeping you informed with regular updates.

Thank you for your understanding and cooperation during this challenging time.”

Despite the setback, the team reassured the community by stating that the KyberSwap aggregator continues to operate normally and has not been affected by the incident. Although the underlying cause of the attack has not yet been revealed.

The Eighth Most Expensive Bitcoin Transaction in History

A Bitcoin user has made an unprecedented transaction by paying a staggering 83.7 BTC, a staggering $3.1 million, in fees for transferring 139.42 BTC. This episode ranks among the most expensive events in Bitcoin’s 14-year history, ranking as the eighth highest transaction fee. The issuing address attempted to make the transfer on November 23, but ended up paying more than half of the total value in fees.

By Leonardo Perez

From Crypto to Catch: Disgraced FTX Founder Turns to Fish Trading in Prison

Audy Castañeda
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From Crypto to Catch: Disgraced FTX Founder Turns to Fish Trading in Prison

Sam Bankman-Fried, currently facing legal repercussions from FTX’s troubles, has shifted his focus from cryptocurrencies to a single form of currency: mackerel. While awaiting sentencing on seven criminal charges, the former crypto luminary has studied the complexities of prison survival while incarcerated at the Brooklyn Metropolitan Detention Center.

According to a report from Business Insider, Sam Bankman-Fried (SBF), co-founder and former CEO of FTX, has adapted to the economic system of New York’s Metropolitan Detention Center (MDC), where he is currently awaiting sentencing for multiple felonies. account. The disgraced crypto billionaire has reportedly been bartering, using food as currency in exchange for various services within the prison.

Former FTX CEO SBF Trades Fish for Services

According to the report, mackerel, a fish commonly known as “macks” among inmates, emerged as the currency of choice in federal prisons after cigarettes were banned. The popularity of the fish is due to its stability and value within the prison economy. Formerly incarcerated people, such as attorney Larry Levin, have accepted mackerel as payment from their fellow prisoners, using it to purchase services such as beard trimming and shoe shining.

Demand for mackerel became so significant that suppliers, including Global Source Marketing, saw an increase in sales, according to Business Insider. In a prison environment where inmates lack access to traditional or digital currency, products with stable value, such as certain foods and coupons, serve as substitutes for money. Mackerel and other stable products such as tuna become means of exchange, with their value pegged to the dollar.

This economic logic allows inmates to carry out various transactions while maintaining a semblance of a barter system. The use of fish as a medium of exchange in federal prisons has become widespread since 2004, following the ban on cigarettes.

Sam Bankman-Fried faces sentencing on March 28, 2024, on charges including wire fraud and conspiracy to commit money laundering, with a possible prison sentence of up to 110 years. Additionally, SBF will be tried on separate charges related to political bribery.

Sam Bankman-Fried Learns to Work Behind Bars

This new learning has been facilitated by his dorm mates, including a former Honduran president awaiting trial and a recently convicted senior Mexican police official, according to sources familiar with the situation.

According to the Wall Street Journal, while awaiting punishment at the Brooklyn Metropolitan Detention Center, Sam Bankman-Fried traded bags of “macks” for a haircut with another prisoner. SBF follows a vegan lifestyle, which makes mackerel an unlikely food for him.

FTT Increases with Impressive Gains

FTT, the native token of the FTX cryptocurrency exchange, has seen a notable rise in value in recent weeks. With substantial gains over several time periods and an impressive market capitalization of 1.5 billion, FTT has cemented its position among the top 50 tokens in the crypto market. In the last 24 hours, FTT has seen a significant rise of 21%, showing the bullish momentum of the token. This short-term increase is complemented by a strong performance over the past week, with a notable 26% increase.

However, the real highlight lies in FTT’s gains over the past 14 and 30 days. In the last two weeks, the ITF has skyrocketed by an impressive 100%, while the 30-day period has seen a staggering 315% increase. These gains highlight growing investor demand and interest in FTT as rumors of a possible restart of the exchange circulate within the crypto community.

By Audy Castaneda

Key Bitcoin Price Indicators Suggest Strong Case for Another Rally

Leonardo Perez
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Key Bitcoin Price Indicators Suggest Strong Case for Another Rally

Bitcoin is still consolidating below the $37,750 resistance. The price is trading above $37,200 and the 100 hourly simple moving average. A short-term contracting triangle is forming with resistance near $37,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a sharp rise if it breaks the $38,000 resistance zone.

Bitcoin price maintains gains above $37,000. BTC is consolidating and could soon aim for another rally if it breaks the $38,000 resistance zone.

Bitcoin price remained well bid and started a steady rise above the $37,000 resistance. BTC pared all losses and even revisited the $37,750 resistance zone. It seems that the bulls are still struggling to overcome the $37,750 resistance zone.

A high was formed near $37,848 and the price is now consolidating gains. There was a move below the 23.6% Fibonacci retracement level of the upward move from the low of $35,645 to the high of $37,848.

Bitcoin Price Remains Supported

Bitcoin is now trading above $37,200 and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $37,420 level.

The first major resistance is forming near $37,750. The main resistance is still near the $38,000 level. A close above the $38.0000 resistance could start a sharp rise.

The next key resistance could be near $38,800, above which BTC could rise and test the $39,200 level. In the right case, it could even rise towards the $40,000 resistance.

Another Fall in BTC?

If Bitcoin fails to break above the $37,750 resistance zone, it could start a new decline. Immediate downside support is near the $37,200 level.

The next major support is $37,000 and the 100 hourly simple moving average. The first key support is at $36,750 or the 50% Fibonacci retracement level of the upward move from the low of $35,645 to the high of $37,848. If there is a move below $36,750, there is a risk of further downside. In the indicated case, the price could fall towards the $36,000 support in the near term. The next key support or target could be $35,650.

Key Bitcoin Levels to Watch

Bitcoin just briefly recovered above the $36,000 level. If it loses this level in the next few hours, the $35,000 and $34,578 levels would be the next support to watch, followed by $33,393 and $32,602.

The $36,729 level now serves as resistance on the lower time frame. A push above it could bring a recovery back to $37,982 before rising to $38,500 and $39,000.

Key Resistance Levels: $36,729, $37,982, $38,500

Key Support Levels: $34,578, $33,393, $32,602

Cash price: $36,000

Trend: Bullish

Volatility: Moderate

By Leonardo Perez

Samson Mow Plans to Visit Javier Milei to Promote Bitcoin Adoption in Argentina

Audy Castañeda
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Samson Mow Plans to Visit Javier Milei to Promote Bitcoin Adoption in Argentina

Samson Mow has announced his intention to meet with the new Argentine president, Javier Milei, to exchange ideas about Bitcoin. Javier Milei has been characterized by several analysts as a “singular” figure and even an enthusiastic defender of Bitcoin. The planned meeting between Mow and the Argentine President would mark a significant milestone on the path towards Argentina’s bitcoinization.

Samson Mow, CEO of Bitcoin technology company JAN3, architect of the BTC Bonds and key advisor during the adoption of Bitcoin in El Salvador, has announced his intention to meet with the new Argentine president, Javier Milei.

Javier Milei has been characterized by several analysts as a “singular” figure and even an enthusiastic defender of Bitcoin. In several instances, the current president of Argentina expressed his support for the use of virtual assets and the adoption of new technologies.

Mow Will Visit Milei to Promote Bitcoin Adoption in Argentina

Additionally, Milei has stood out for his confrontation with the Central Bank of the Argentine Republic, arguing on multiple occasions that this institution should disappear.

In a recent interview with Forbes, Mow revealed that he plans to discuss strategies for Bitcoin adoption in Argentina with Milei, an Austrian school economist and avowed Bitcoin supporter. This meeting could mark an important milestone in the expansion of bitcoinization in the region, where Argentina, with its history of economic crises, presents itself as fertile ground for cryptographic innovation.

In this regard, the official JAN3 account on X (Twitter) published that “I think your concept would serve Bitcoin just as well as making it legal tender. @Excellion Samson hints at a possible visit to Argentina in this new @Forbes exclusive.”

Javier Milei, president of Argentina and a fervent defender of libertarian ideas, has proposed radical measures to combat hyperinflation and reform the country’s economy. In the midst of the economic crisis, Milei has highlighted Bitcoin as the “return of money to its original creator, the private sector.”

Although his election victory sparked speculation about the possible adoption of Bitcoin as legal tender, no concrete plans in that regard have been announced so far. The meeting with Samson Mow could shed light on Milei’s real intentions regarding Bitcoin adoption in the country.

Is Mow Looking to Convince Milei to Follow in El Salvador’s Footsteps?

Samson Mow highlights that not all countries need to follow the same path as El Salvador to adopt Bitcoin. Instead of implementing Bitcoin as legal tender, Mow notes that there are several ways to facilitate Bitcoin adoption. He points to Milei’s campaign promise to allow private money to be used in the country as an alternative approach that could be equally effective.

The central idea behind Milei’s proposal is that Argentine citizens would be free to use any form of money they choose. This could include Bitcoin and other popular cryptocurrencies such as Tether (USDT). This flexibility would allow Argentines to seek refuge in financial assets that they consider more stable in the midst of economic volatility.

El Salvador recently announced the visit of a diplomatic mission sent by President Nayib Bukele to possibly exchange views on Bitcoin in relation to both countries. Milei, for his part, has shown respect and admiration for El Salvador on other occasions, even going so far as to thank Nayib Bukele for his congratulations.

Bitcoin adoption, backed by Milei’s vision, could offer Argentine citizens a way to protect their assets. This in turn could serve as an example for the rest of Latin America.

By Audy Castaneda

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