“Bring Back Tone Vays” is ForkLog’s editorial news podcast with editors and friends about the main industry events of the week.
Topics: Bitcoin price correction and the possible start of the altseason, vulnerabilities in the Ordinals protocol, 13 years since Satoshi Nakamoto’s disappearance, industry issues in Ukraine, interagency rivalry in the United States.
Participants: Lena Jess, Vasily Smirnov.
Special guest: full-time enthusiast, creator of the POSTHUMAN validator, contributor to the Cosmos Ecosystem Vladimir Ponimayushchiy.
Host: Aremefe.
Price Correction
This week saw the anticipated correction in the price of the leading cryptocurrency: on December 11 Bitcoin fell through the $41,000 level, retracing much of the decline in the days that followed. ForkLog gathered analysts’ opinions on the reasons for the drop and possible price dynamics scenarios.
“Strengthening the labor market somewhat reduced expectations for a rate cut by the ФРС early next year. Gold prices also fell amid the rise in the U.S. dollar index,” said Greta Yuan, head of the Research Department at VDX.
Altseason
The decline in the price of the leading cryptocurrency has prompted some experts to talk about the possible start of the “altseason”.
I told you about flash dumps repeatedly
Now dump is completed
It will take a long period of chops for Bitcoin to resume uptrend
Bitcoin dominance topped
We now entering proper ALT SEASON
BE POSITIONED
Tears of regret don’t taste great
— RamenPanda (@IamRamenPanda) December 11, 2023
Against the backdrop of the price drop in the leading cryptocurrency, tokens from the Avalanche blockchain (AVAX), as well as ADA and SOL, showed strong gains. AVAX rose to 10th place by market capitalization, at about $15 billion. In a separate piece we examine what lies behind the hype around the project.
13 years without Satoshi
Thirteen years ago, on December 12, 2010, Satoshi Nakamoto posted on the forum his last post, in which he announced an update that closed the Bitcoin blockchain’s vulnerabilities to Denial-of-Service (DoS) attacks. After that, the creator of the first cryptocurrency never appeared on the network again.
“In an era when control and regulation prevail, Bitcoin offers an alternative — a world where people, not governments, own the money. Satoshi’s contribution to decentralization and his fight against financial tyranny is more than just a technological marvel. It is a movement for economic freedom and sovereignty. … His disappearance is not merely an act of self-preservation but a reminder that not everything in life revolves around personal fame,”wrote one of the BitcoinTalk forum users, recalling the creator’s last post.
All attempts to identify Nakamoto have thus far been unsuccessful. We explore the circumstances of the disappearance of the most enigmatic figure in the blockchain industry in the separate piece.
Ordinals Vulnerabilities
The United States National Vulnerability Database (NVD) tagged the inscriptions created in the Ordinals protocol as a cybersecurity threat to the Bitcoin network.
According to the warning, in some versions of Bitcoin Core and Bitcoin Knots, BRC-20 can be used to bypass the data payload limits transmitted via a transaction, disguising them as code. Exploits could lead to increased spam and non-transactional data on the Bitcoin network.
Web3 problems in Ukraine
The Ministry of Digital Transformation of Ukraine prepared a report on the main problems facing the Web3 industry in the country. The study involved 50 Ukrainian Web3 entrepreneurs.
The main challenges faced by the sector are the lack of regulatory framework and banking restrictions. To address these problems, the Ministry is promoting alternative bills “On Virtual Assets” and taxation of cryptocurrency operations.
The updated version of the bill will be prepared НБУ and НКЦБФР.
Earlier, MP Aleksey Zhmerenetsky stated, that the working group plans to draft a harmonized regulation to reach a compromise between the proposals of НКЦБФР and Минцифрой.
Agency Rivalry in the United States
The head of CFTC Rostin Behnam gave an interview to CNBC, in which stated, that most cryptocurrencies are commodities, and spoke about competition between his agency and SEC.
He argues there is a pressing need to update the legal framework governing digital assets.
“The question is how a ten-year-old law fits into the new technology. The latter is changing and requires a new way of thinking about policy-building. Under existing law, many tokens are commodities,” said the official.
According to the head of the agency, one of the key problems is a “war for turf” between different agencies — primarily the SEC and the CFTC — over who will regulate the growing sector.
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