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$140 Billion Bitcoin Not Moved in Years, “Lost” Says National Cyber Security Council

Dormant bitcoin, January 2021More than four million bitcoin, worth $140 billion, has not moved in the past five years according to blockchain data. There remain almost precisely one million bitcoin mined in 2009…

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More than four million bitcoin, worth $140 billion, has not moved in the past five years according to blockchain data.

There remain almost precisely one million bitcoin mined in 2009 which have not moved, widely assumed to belong to Satoshi Nakamoto, bitcoin’s inventor.

Another 1.4 million bitcoin was mined in 2010 and 2011, with the rest then mined up to 2016.

“Over $140 billion in the Bitcoin cryptocurrency is currently lost or inaccessible,” UK’s National Cybersecurity Council (NCSC) said.

It’s not clear how they reached the conclusion all of these are lost because just last year some bitcoin miners signed 145 bitcoin addresses mined in 2009 to show ownership.

As evidence, NCSC cited some American programmer who has only two more tries left for the password to $220 million bitcoin.

NCSC’s solution is to get a paperwallet, which is fairly sound advice as long as you can secure it and remember where you put it.

Many of these coins were probably lost in the early days when bitcoin’s value was in pennies.

Plenty just wiped their hard-drive or uninstalled the bitcoin software, especially coders who were just trying to see what this is, thinking nothing of the penny bitcoin they got.

Since at least 2013 however great care is now taken to secure holdings so as to avoid landfill expeditions.

Moreover this 4 million figure is interesting because in December 2019 we reported 4 million had not moved in five years and now a year later, it’s still 4 million in five years.

That means one million has moved and another one million has been added through the passage of time.

Suggesting much of this four million may be holders, and as time passes, some get out of the holding group while some others join.

Making the stability of this four million interesting as in effect it reduces bitcoin’s total supply by 22%.

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A Crypto-Infused Professional Sports League: Billionaires Form a Blockchain Advisory Committee for the NBA

A number of National Basketball Association (NBA) team owners have formed an NBA blockchain advisory committee for the American professional basketball league. The advisory committee is composed of well known billionaires and blockchain advocates who own the teams the Nets, Mavs, Wizards, Celtics, Kings, and Jazz. Billionaire NBA Team Owners Invoke a Blockchain Advisory Committee […]

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A number of National Basketball Association (NBA) team owners have formed an NBA blockchain advisory committee for the American professional basketball league. The advisory committee is composed of well known billionaires and blockchain advocates who own the teams the Nets, Mavs, Wizards, Celtics, Kings, and Jazz.

Billionaire NBA Team Owners Invoke a Blockchain Advisory Committee for the National Basketball Association

The American professional basketball league, the NBA, may incorporate blockchain and crypto solutions into the industry in the near future. Sportico.com contributors Scott Soshnick and Eben Novy-Williams discussed the new NBA blockchain committee with one of the members, Dallas Mavericks owner Mark Cuban.

Soshnick and Novy-Williams also mentioned the popular Flow blockchain application backed by Dapper Labs, which has been producing “NBA Top Shot” non-fungible token (NFT) assets. The Sportico authors say that NBA Top Shot sales have been very productive producing $300 million in sales on resale markets so far.

“It has very little to do with Top Shot,” Cuban told the publication via email. “It’s about blockchain applications, of which Flow is just one option.” The group’s members were verified by “multiple people familiar with the plans” the Sportico reporters note.

Ostensible members of the NBA blockchain committee include Mark Cuban, Joe Tsai, Ted Leonsis, Steve Pagliuca, Vivek Ranadive, and Ryan Sweeney. “The NBA declined to comment,” on the subject Soshnick and Novy-Williams highlighted.

Many of the NBA Blockchain Advisory Committee Members Are Longtime Crypto Supporters

Just recently, Cuban allowed the Dallas Mavericks basketball club to accept dogecoin (DOGE) via Bitpay. Vivek Ranadive the owner of the Sacramento Kings has been a cryptocurrency and blockchain supporter for a long time. The Sacramento Kings basketball club has accepted bitcoin (BTC) since 2014.

The co-owner of the Boston Celtics, Steve Pagliuca, is the co-chairman of Bain Capital, a venture capital unit, which has invested millions into blockchain projects over the years.

The solutions and innovations cryptocurrencies and blockchain could bring to the NBA’s table are unfathomable. Blockchain could be leveraged for ticketing solutions, raffles and giveaways, non-fungible token (NFT) sports collectibles, digitally signed memorabilia from a fan’s favorite basketball player, and retiring numbers and jerseys in an immutable fashion as well.

Not to mention that cryptocurrencies can be leveraged to pay for all of these types of items alongside all the merchandise, food and beverages, and anything else the NBA sells could be sold for crypto assets.

What do you think about the creation of the NBA blockchain advisory committee? Let us know what you think about this subject in the comments section below.

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and Jazz, Blockchain, BTC, Celtics, Crypto, Joe Tsai, Kings, Mark Cuban, NBA, NBA blockchain, NBA Blockchain Advisory Committee, Nets, Ryan Sweeney, Steve Pagliuca, Ted Leonsis, Vivek Ranadive, Wizards

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Source: https://news.bitcoin.com/crypto-infused-professional-sports-league-billionaires-blockchain-committee-nba/

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Analysts: The Coinbase Listing Will Give Crypto Full Legitimacy

A team of analysts with the firm D.A. Davidson suggests that the new Coinbase public listing is going to be an “Amazon” moment for the world of crypto. Coinbase Is Going to Set a “Crypto Precedent” For the most part, the Coinbase listing is a big deal for the digital asset space. The industry has

The post Analysts: The Coinbase Listing Will Give Crypto Full Legitimacy appeared first on Live Bitcoin News.

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A team of analysts with the firm D.A. Davidson suggests that the new Coinbase public listing is going to be an “Amazon” moment for the world of crypto.

Coinbase Is Going to Set a “Crypto Precedent”

For the most part, the Coinbase listing is a big deal for the digital asset space. The industry has longed for mainstream status and legitimacy for quite some time, but the fact remains that the space has been wrought with fraud and crime, and the volatility of most mainstream forms of crypto – such as bitcoin and Ethereum – have also got in the way.

Thus, over the years crypto has often been viewed as a rather speculative industry. Yes, one can easily and quickly get rich with crypto granted the circumstances are right, but it’s also possible to lose everything without warning, either through a massive price fall or through theft. It wasn’t until 2020 – a year in which fiat currencies began experiencing heavy inflation – that bitcoin saw itself leaving the land of speculation and being viewed by many investors as a hedge tool or store of wealth.

Now, however, things are beginning to look a little different for the asset. BTC has reached a new all-time high as of late, and many large firms – including Uber and General Motors – now say they are considering bitcoin payments for the future along with credit cards and fiat. Just think… You can buy a ride or a car with digital currency. Who knew this day would really come?

The analysts at D.A. Davidson say the real clincher for bitcoin and its altcoin cousins is likely to come with the new public listing from Coinbase. This will be the first major cryptocurrency exchange to be listed on the stock market, and many people are waiting with anticipation and wondering where the listing will take their favorite asset.

The analysts claim that right now, most people are simply “curious” about crypto, but that the listing will make digital assets a primary form of money in many individuals’ eyes. They announced in a statement:

With a big target on its back as a crypto wallet, (to date) Coinbase has been able to manage both government regulators as well as highly motivated hackers, while providing consumers with the experience they expect from a large financial institution.

Massive Jumps in Income

2020 proved to be a monster of a year for Coinbase in terms of revenue. The firm garnered as much as $1.28 billion, with much of that money coming from transaction fees alone. Goes to show you just how many people were trading crypto during the previous 12 months.

This $1.28 billion was a massive jump above the $553.7 million Coinbase attained during the 2019 calendar year. At press time, Coinbase is aiming for a stock share price of roughly $195 based on its projected revenue for 2021.

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Source: https://www.livebitcoinnews.com/analysts-the-coinbase-listing-is-an-amazon-moment-for-crypto/

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John McAfee Following the DOJ Indictment: The Allegations Are Overblown

John McAfee indicted with multiple criminal offenses but calls them “overblown” as no one could have predicted the market crash that followed in 2018.

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A day after being indicted for several criminal offenses, including money laundering schemes and fraud, John McAfee has called the allegations brought by US authorities “overblown.” The former software antivirus creator also defended his ICO promotions and receiving payments with the particular coins.

DOJ Goes After McAfee

The former antivirus tycoon made a name in the cryptocurrency space a few years back with the “Coin of the Day” campaign, in which he promoted certain low-cap alternative coins and somewhat outrageous promises that if BTC didn’t reach $1 million by the end of 2020, he would eat his male genitalia.

While he failed to complete the latter as BTC came a long way from his price prediction, he received a lot of criticism about the promotions. The situation escalated on Friday as the US Department of Justice brought official charges against McAfee and his executive advisor – Jimmy Watson Jr.

The authorities charged both with conspiracy to commit commodities and securities fraud, conspiracy to commit securities and touting fraud, wire fraud conspiracy and substantive wire fraud, and money laundering conspiracy offenses from two schemes related to the fraudulent promotions.

US Attorney Audrey Strauss said that McAfee and Watson “exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception.”

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“The defendants allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.”

Ultimately, Strauss explained that McAfee, Watson, and the rest of the team “raked in” more than $13 million from investors.

McAfee Responds: Allegations Are Overblown

The “Coin of the Day” campaign, which later turned into “Coin of the Week,” allowed McAfee to post about various crypto tokens that he supposedly believed were undervalued. Having more than one million followers on Twitter, though, every time he posted about a particular coin, people rushed in to purchase it, which skyrocketed the price.

However, this allowed people who were early on to dispose of their assets in a rather profitable way. It led to sharp price corrections and losses for the investors who followed McAfee’s Twitter publications – this is better known as “pump and dump.”

Nevertheless, McAfee, who is currently in a Spanish prison, offered his side of the story earlier today. He believes that the coins didn’t plummet in value because of an alleged scheme. Instead, he blamed it on the year-long bear market that the crypto market faced in 2018.

Furthermore, McAfee claimed that he and his team kept most coins they received as payments for the promotions and called the allegations “overblown.”

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Source: https://cryptopotato.com/john-mcafee-following-the-doj-indictment-the-allegations-are-overblown/

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