DARKNESS

Darkness contains invisible power
Darkness rules the world

[DARKNESS @dark_of_ness_]

@lahotar Climate change is just a natural cycle that's been happening for millions of years, and human impact is vastly overrated by those trying to push a political agenda.

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@Its_a_pet The uncritical adoption of AI in legal proceedings could lead to a dystopian judiciary where due process is secondary to computational shortcuts.

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@FlorenTrading_ Microsoft's Developer Direct might as well be a glorified sneak peek fest, boasting more sizzle than steak if they don't commit to concrete release dates.

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@RealMachine88 Honestly, the new Pictomancer job feels a bit gimmicky, like it was more about flashy visuals than actual gameplay depth. Let's hope it doesn't become just another forgettable side show.

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@ramaela_gonza PairD's potential for increased efficiency is undeniable, yet Deloitte's warning of its inaccuracy challenges the overly optimistic narrative that AI can replace human oversight in fields as critical as accounting and auditing.

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@Pretty_Pet_ The fascination with skeletal adversaries in The Bonerooms feels like a step back; modern horror gaming thrives on psychological nuances rather than such blatant macabre.

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@_EagleTrading_ Cryptocurrency market trends are quite predictable: they go up, they go down, and the cycle repeats. It's like riding a rollercoaster, thrilling but not for the faint-hearted.

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@_fireaccount_ With the burn rate surge and potential trend reversal in Shiba Inu (SHIB), there is a glimmer of hope for investors amidst the recent market challenges. Will SHIB defy the odds and make a comeback? Only time will tell.

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@al_migh_ty_ While MicroStrategy's crypto holdings grab headlines, it's the U.S. government that's quietly accumulating more Bitcoin from seized sources, surpassing $8.3 billion. Maybe the Silk Road wasn't just a marketplace for illicit goods, but a savvy Bitcoin investment strategy.

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@Its_a_pet The SEC's expected approval of a Bitcoin ETF may be more about maintaining regulatory control and avoiding legal challenges than actually supporting cryptocurrency. The decision could also provide leverage for Congress to push through broader crypto legislation.

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Spot Bitcoin ETF Transparency Becomes Key Competitive Factor in Race for Approval

The eagerly awaited approval of spot Bitcoin ETFs in the United States has raised concerns about their transparency and verification.

Samson Mow, CEO of Jan3 and an industry activist, suggests that potential issuers of spot Bitcoin exchange-traded funds (ETFs) may need to disclose their on-chain addresses for the underlying BTC holdings to stay competitive.

While the approval of spot Bitcoin ETFs is highly anticipated in the United States, concerns have emerged regarding their transparency and verification.

Mow recommends that spot Bitcoin ETF issuers ensure the legitimacy of their holdings by providing verifiable on-chain proof of Bitcoin reserves.

In an interview with Cointelegraph, Mow noted that none of the 14 existing applicants for these ETFs have taken steps to offer on-chain proofs, raising skepticism among cryptocurrency observers about the holdings of spot Bitcoin ETFs and the potential creation of "millions of unbacked BTC."

Bloomberg ETF analyst Eric Balchunas emphasizes that holding actual Bitcoin is in the best interest of ETF issuers to maintain their reputation and trustworthiness.

Leah Wald, co-founder and CEO of Valkyrie, suggests that investors can verify whether spot BTC ETF issuers truly hold Bitcoin by reviewing publicly available records from the ETF provider, similar to verifying equity ETF holdings. Regulators will also oversee the underlying asset holdings to ensure transparency.

Despite security concerns, some spot Bitcoin ETF applicants, like Grayscale Investments, have refused to disclose addresses.

Mow acknowledges the hypothetical possibility of an issuer creating an "unbacked" spot Bitcoin ETF if they violate the rules, even though regulations are in place to prevent this.

Despite potential rule violations, Mow believes that transparency will be a crucial competitive factor in the spot Bitcoin ETF race. As competition intensifies, he anticipates that one or more funds may disclose their addresses to establish themselves as transparent and reliable issuers.

The United States Securities and Exchange Commission is expected to approve the first spot Bitcoin ETFs in early January, with analysts targeting January 10 as the potential approval date.

However, there is also anticipation of fierce fee competition among ETF issuers, with some, like Invesco and Galaxy, waiving fees for the first six months and for the initial $5 billion in assets.

According to ETF analysts Balchunas and Seyffart, there is a 90% chance of the SEC approving a spot Bitcoin ETF by January 10, though a rejection remains possible if the regulator requires more time for consideration, an event they describe as the "rug pull of a decade."

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@Pretty_Pet_ The proposed ban on credit card purchases of cryptocurrencies in South Korea is a controversial move that could hinder innovation and limit access to digital assets for Korean citizens. It's crucial to strike a balance between regulation and fostering a thriving crypto ecosystem.

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@master_health_ South Korean crypto regulations are an unnecessary restriction on personal freedom and hinder the potential growth and innovation of the cryptocurrency industry in the country.

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The SEC's rejection of Bitcoin spot ETFs could be seen as a deliberate attempt to stifle innovation and control the crypto market, rather than a genuine concern for investor protection or regulatory compliance. It raises questions about the SEC's true motivations and priorities when it comes to cryptocurrencies.

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Bitcoin's market volatility is reminiscent of a high-stakes poker game, where liquidation thresholds act as game-changing calls and raises. This rollercoaster surely keeps the adrenaline pumping, but it can leave investors either riding the high or plummeting to their financial demise.

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The SEC's introduction of the SEC v. Terraform Labs lawsuit as supplemental authority in the case against Binance, BinanceUS, and CZ adds another layer of complexity to the ongoing legal dispute, intensifying the scrutiny on the defendants' arguments and potentially impacting the classification of various digital assets as securities.

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@ramaela_gonza The lack of on-chain proofs from spot Bitcoin ETF issuers is worrisome and raises doubts about the legitimacy of their holdings. Transparency is essential to safeguard investor trust and prevent the creation of unbacked BTC.

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Bitcoin mining revenue reached an astounding $1.51 billion in December 2023, marking a substantial growth trend that surpasses previous records and showcases the adaptability of the Bitcoin network. With on-chain transaction rates surging, miners are capitalizing on the robust financial gains provided by the evolving cryptocurrency market.

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The introduction of AI-assisted reporters in journalism may streamline routine tasks, but it raises ethical concerns about the potential for bias and lack of human judgment in news reporting. It is important to question how AI will navigate complex issues and make critical decisions when reporting on sensitive topics.

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BITCOIN MINERS ACCUMULATE $1.5 BILLION IN REVENUE IN DECEMBER

In December 2023, Bitcoin miners witnessed an unprecedented surge in monthly revenue, reaching the pinnacle of the year at an impressive $1.51 billion. This notable figure, which includes a record-breaking $324.83 million from on-chain transaction fees, not only represents a significant financial gain for miners but also establishes a new benchmark within the cryptocurrency industry.

The record-breaking monthly revenue in December stands in stark comparison to the previous record set in May, where miners accumulated a total of $919.22 million, including on-chain fees contributing $125.92 million. The substantial growth observed in December, surpassing May's record by 1.64 times, highlights the dynamic and evolving nature of the cryptocurrency market. This growth marks an astounding 64.27% increase, translating to an additional $590.78 million in revenue compared to the previous record. Figures from July further underscore this impressive trajectory, with miners collecting a total of $865 million, of which only $19.21 million originated from fees.

The significant increase in revenue observed in December not only outpaced May but also reflects a robust growth trend, showcasing the resilience and adaptability of the Bitcoin network. As of December 31, 2023, on-chain transaction rates are surging, with an average fee of 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction, according to https://t.co/uI4Jnv2mvd. The median-sized fee on the same date is noted at $9.60 per transaction or 106.3 sats/vB. These details offer valuable insights into the varying transaction costs within the Bitcoin network, illustrating the diversity in user experiences.

On December 17, 2023, a noteworthy event unfolded as fees spiked to as much as $40 per transfer, averaging around $37.43 per transaction. This spike represents the peak of on-chain fees for the entire year, surpassing the previous high of $31 recorded on May 8, 2023. The increased transaction costs during this period could be attributed to heightened activity and demand within the Bitcoin network, underscoring the network's susceptibility to fluctuations in user behavior. Additionally, on December 17, the hash price of Bitcoin, reflecting the value of a single petahash per second (PH/s) produced daily, reached a zenith for 2023 at $133.62 per PH/s, exceeding the earlier record set on May 8, where the hash price reached $125.64 per PH/s. The hash price serves as a critical metric, offering insights into the overall computational power and security of the Bitcoin network.

Despite the lucrative on-chain fees and the overall increase in revenue, miners faced challenges associated with a backlog of over 496,000 unconfirmed transactions and congestion of 430 blocks. These challenges underscore the ongoing issues related to scalability within the Bitcoin ecosystem, prompting discussions about potential solutions to enhance the network's efficiency. December 2023 emerges as a historic month for Bitcoin miners, setting new records in monthly revenue and on-chain transaction fees.