The Bank of England and the Treasury have announced they are setting up a taskforce to explore the possibility of a central bank digital currency. From a report: The aim is to look at the risks and opportunities involved in creating a new kind of digital money. Issued by the Bank for use by households and businesses, it would exist alongside cash and bank deposits, rather than replacing them. No decision has been taken on whether to have such a currency in the UK. However, the government and the Bank want to "engage widely with stakeholders" on the benefits and practicalities of doing so. The taskforce will be jointly led by the Bank's deputy governor for financial stability, Sir Jon Cunliffe, and the Treasury's director general of financial services, Katharine Braddick. The Bank has previously said it is interested in a central bank digital currency (CBDC) because "this is a period of significant change in money and payments." The use of cash in financial transactions has been steadily declining in recent years, while debit card payments have been on the rise. Use of credit cards and direct debits have also been increasing.

PayPal on Tuesday will begin allowing select customers of its Venmo app to buy, sell, and hold cryptocurrencies as consumers increasingly look for ways to pile into the digital assets. Bloomberg reports: The firm will make it available to all the app's users, who number more than 70 million, within the next few weeks. For now, Venmo is allowing customers to trade in just four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Users will also have the ability to share their cryptocurrency purchases on the Venmo feed.

"We do think some customers will certainly want to share this fun experience," Darrell Esch, senior vice president and general manager of the Venmo app at PayPal, said in an interview. "They can share with their friends and community that they've taken the step into this space."

Online electronics retailer Newegg said it is now accepting dogecoin as a method of payment. From a report: Customers will be able to complete transactions using the dogecoin held in their BitPay wallet, according to an announcement Tuesday. Newegg first began accepting payments in bitcoin in July 2014. The company is now among the first retailers to accept dogecoin as payment. Further reading: Dogecoin Rips in Meme-Fueled Frenzy on Pot-Smoking Holiday.

April 20th or 4/20 is the unofficial marijuana holiday where thousands of cannabis smokers celebrate the smoking of marijuana with marijuana. But this year, it could also be the day the meme-based cryptocurrency Dogecoin shatters new record highs. According to Fortune, "advocates are hoping to see Dogecoin hit $1 on April 20 -- one week after it was valued at just 9 cents. From the report: Dogecoin has already hit some financial landmarks that didn't seem possible at the start of the year. Its market value has topped $50 billion, making it bigger than Ford or Marriott. And if it comes close to hitting its target Tuesday, it could outpace some blue-chip companies. For once (for now), Elon Musk has nothing to do with the furor surrounding Dogecoin. This time, the credit goes, in part, to... Slim Jim. Really.

The packaged meat product latched on to Dogecoin-mania on its Twitter account last Wednesday (saying "RT to send Doge to the moon!!" -- the rallying cry among the r/WallStreetBets crowd for GameStop stock). The cry worked. Doge fans -- and even other brands -- jumped on the bandwagon quickly.

"The mania that drove crypto assets to records as Coinbase went public last week turned on itself on the weekend," report Bloomberg — as the price of bitcoin took a big dive: The world's biggest cryptocurrency plunged as much as 15% on Sunday, just days after reaching a record of $64,869. It subsequently pared some of the losses and was trading at about $56,440 at around 8:25 a.m. in Tokyo Monday. Ether, the second-biggest token, dropped as much as 18% to below $2,000 before also paring losses. The volatility buffeted Binance Coin, XRP and Cardano too.

Dogecoin — the token started as a joke — bucked the trend and is up 7% over 24 hours, according to CoinGecko.

The weekend carnage came after a heady period for the industry that saw the value of all coins surge past $2.25 trillion amid a frenzy of demand for all things crypto in the runup to Coinbase's direct listing on Wednesday. The largest U.S. crypto exchange ended the week valued at $68 billion, more than the owner of the New York Stock Exchange... Dogecoin, which has limited use and no fundamentals, rallied last week to be worth about $50 billion at one point before stumbling Saturday. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site a few times Friday, the online exchange said in a blog post.

There was also speculation Sunday in several online reports that the crypto plunge was related to concerns the U.S. Treasury may crack down on money laundering carried out through digital assets... Besides the "unsubstantiated" report of a U.S. Treasury crackdown, Antoni Trenchev, co-founder of crypto lender Nexo, said factors for the declines may have included "excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China's Xinjiang province hitting Bitcoin miners."

The New York Focus site writes: A decade ago, the bankrupt owner of the Greenidge power plant in Dresden, New York, sold the uncompetitive coal-fired relic for scrap and surrendered its operating permits. For the next seven years, the plant sat idle on the western shore of Seneca Lake, a monument to the apparent dead end reached by the state's fossil fuel infrastructure. But today, Greenidge is back up and running as a Bitcoin mining operation. The facility hums with energy-hungry computers that confirm and record Bitcoin transactions, drawing power from the plant's 106-megawatt generator now fueled by natural gas.

The mining activity is exceptionally profitable, thanks to an 800 percent rise in Bitcoin's price since last April. Seeking to ride the boom, the plant's new owners plan to quadruple the power used to process Bitcoin transactions by late next year. Environmental advocates view Greenidge's ambitions, if left unchecked, as an air emissions nightmare. And they fear that dozens of other retired or retiring fossil-fueled power plants across New York could follow Greenidge's example, gaining new life by repurposing as Bitcoin miners or other types of energy-intense data centers.
The New York Times recently touted an alternative to bitcoin mining: the "proof of stake" method, which "instead awards miners new blocks based on how much cryptocurrency they already own." The world's second-largest cryptocurrency by market capitalization, Ethereum, has said it is moving toward proof of stake (that switch is likely to take up to another year). Though some critics say Bitcoin will eventually need to follow, particularly if an environmental backlash grows, there are no current plans to do so and such a move is unpopular within the Bitcoin community.

"That reduces your emissions to almost nothing," said Joseph Pallant, Blockchain for Climate's founder and executive director. Cryptocurrency platforms like Tezos or Near Protocol already use proof of stake and have vastly lowered their energy use.

Dogecoin has seen its price rise by a factor of five over the last week. Yesterday, it was trading at $0.13. Today, it's one of the world's 10 most valuable cryptocurrencies, with a market capitalization of $45 billion. Ars Technica's Timothy B. Lee writes: Dogecoin's price tripled over the next 36 hours. My editor suggested that I write about whether Dogecoin's rise is a sign of an overheated crypto market, but for a coin like Dogecoin, I'm not sure that's even a meaningful concept. Dogecoin isn't a company that has revenues or profits. And unlike bitcoin and ether, no one seriously thinks it's going to be the foundation of a new financial system. People are trading Dogecoin because it's fun to trade and because they think they might make money from it. The rising price is a sign that a lot of people have decided it would be fun to speculate in Dogecoin.

Of course, the fact that lots of people have money to spend on joke investments might itself be a result of larger macroeconomic forces. The combination of stimulus spending, low interest rates, and pandemic-related saving means that a lot of people have more money than usual sitting in their bank accounts. And restrictions on travel and nightlife mean that many of those same people have a lot of time on their hands.

Dogecoin, the virtual currency that originally started as an internet meme more than seven years ago, has surged more than 85% in the last 24 hours and is trading at $0.13. Its market cap is now over $17 billion. CNN reports: The currency has soared more than 2,000% from the start of the year, and has a big fan in Tesla CEO Elon Musk, whose tweets about it have on occasion driven up Dogecoin's value. Dogecoin has also enjoyed something of a cult status on Reddit, where a popular group -- not unlike the WallStreetBets group behind GameStop's rally -- decided earlier this year to propel its value "to the moon." Dogecoin soared over 600% in the wake of that push. The latest surge in crypto prices comes as Coinbase became the first major cryptocurrency company to list its shares on a U.S. stock exchange.

Cryptocurrency exchange Coinbase opened trading on Wednesday at $381 per share, giving it a fully diluted market value of around $102 billion. From a report: This is a slight premium to the most recent private trades for Coinbase stock, and more than 50% higher than the reference price set last night by the Nasdaq. Coinbase's public listing has been among the most anticipated in recent years, with expectations it will garner a massive market cap. Further reading: Coinbase's blockbuster debut is a 'watershed' for crypto -- but there are risks ahead.

An anonymous reader quotes a report from TechCrunch: Coinbase, the American cryptocurrency trading giant, has set a reference price for its direct listing at $250 per share. According to the company's most recent SEC filing, it has a fully diluted share count of 261.3 million, giving the company a valuation of $65.3 billion. Using a simple share count of 196,760,122 provided in its most recent S-1/A filing, Coinbase would be worth a slimmer $49.2 billion. Regardless of which share count is used to calculate the company's valuation, its new worth is miles above its final private price set in 2018 when the company was worth $8 billion. Around four years ago in 2017 Coinbase was worth just $1.6 billion, according to Crunchbase data. For investors in that round, let alone its earlier fundraises, the valuation implied by a $250 per-share price represents a multiple of around 40x from the price that they paid. "The Coinbase direct listing was turbocharged recently when the company provided a first-look at its Q1 2021 performance," adds TechCrunch. "As TechCrunch reported at the time, the company's recent growth was impressive, with revenue scaling from $585.1 million in Q4 2020, to $1.8 billion in the first three months of this year. The new numbers set an already-hot company's public debut on fire."

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy stock, calling it a "virtual currency product." Reuters reports: The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies, the message to an HSBC InvestDirect client said. MicroStrategy declined to comment. The U.S. business software firm is led by bitcoin proponent Michael Saylor and owns bitcoin worth billions of dollars.

While HSBC will allow the holding, sale and outgoing transfer of MicroStrategy shares, it will forbid new purchases or incoming transfers, said the message dated March 29. "HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies)," HSBC said in a statement. The bank said its policy towards cryptocurrencies had been in place since 2018 and is kept under review.

Jess Powell, CEO of Kraken, the world's fourth-largest digital currency exchange, warns that governments around the world may start to clamp down on the use of bitcoin and cryptocurrencies. CNBC reports: "I think there could be some crackdown," Jesse Powell, CEO of Kraken, told CNBC in an interview. Cryptocurrencies have surged in value lately, with bitcoin hitting a record high price of more than $61,000 last month. The world's most valuable digital coin was last trading at around $60,105. [...] Kraken's chief thinks regulatory uncertainty around crypto isn't going away anytime soon. A recent anti-money laundering rule proposed by the U.S. government would require people who hold their crypto in a private digital wallet to undergo identity checks if they make transactions of $3,000 or more.

"Something like that could really hurt crypto and kind of kill the original use case, which was to just make financial services accessible to everyone," Powell said. Cryptocurrencies like bitcoin have often been associated with illicit activities due to the fact that people transacting with it are pseudonymous -- you can see where funds are being sent but not who sent or received them. "I hope that the U.S. and international regulators don't take too much of a narrow view on this," Powell said. "Some other countries, China especially, are taking crypto very seriously and taking a very long-term view."

Kraken's CEO said he feels the U.S. is more "shortsighted" than other nations and "susceptible" to the pressures of incumbent legacy businesses -- in other words, the banks -- that "stand to lose from crypto becoming a big deal." "I also think it might be too late," Powell added. "Maybe the genie's out of the bottle and just trying to ban it at this point would make it more attractive. It would certainly send a message that the government sees this as a superior alternative to their own currency."

Angel investor Balaji S. Srinivasan (also the former CTO of Coinbase) is now focused on 1729.com, which wants to give you money to do his bidding — or something like that. He's calling it "the first newsletter that pays you.

"It has a regular feed of paid tasks and tutorials with $1000+ in crypto prizes per day, and doubles as a vehicle for distributing a new book I've been writing called The Network State."

His latest post? "How to Start a New Country" (which envisions starting with a "cloud first" digital community): We recruit online for a group of people interested in founding a new virtual social network, a new city, and eventually a new country. We build the embryonic state as an open source project, we organize our internal economy around remote work, we cultivate in-person levels of civility, we simulate architecture in VR, and we create art and literature that reflects our values.

Over time we eventually crowdfund territory in the real world, but not necessarily contiguous territory. Because an under-appreciated fact is that the internet allows us to network enclaves. Put another way, a cloud community need not acquire all its territory in one place at one time. It can connect a thousand apartments, a hundred houses, and a dozen cul-de-sacs in different cities into a new kind of fractal polity with its capital in the cloud. Over time, community members migrate between these enclaves and crowdfund territory nearby, with every individual dwelling and group house presenting an independent opportunity for expansion...

[Cloud countries] are set up to be a scaled live action role-playing game (LARP), a feat of imagination practiced by large numbers of people at the same time. And the experience of cryptocurrencies over the last decade shows us just how powerful such a shared LARP can be...

The cloud country concept "just" requires stacking together many existing technologies, rather than inventing new ones like Mars-capable rockets or permanent-habitation seasteads. Yet at the same time it avoids the obvious pathways of election, revolution, and war — all of which are ugly and none of which provide much venue for individual initiative...

Could a sufficiently robust cloud country with, say, 1-10M committed digital citizens, provable cryptocurrency reserves, and physical holdings all over the earth similarly achieve societal recognition from the United Nations?
For the "do his bidding" part, the post promises that up to ten $100 prizes will be awarded to people who share constructive reviews on their sites/social media pages (including proposals for extensions).

Previously the site had offered $100 for the ten best hirelings "running a newsletter for technological progressives at your own domain, as a way to begin incentivizing the decentralization of media." (It cited a tweet that argues succinctly that "The NYT is telling anti-longevity stories for us. We must take control of our own story.") In general the site describes itself as "a newsletter for technological progressives. That means people who are into cryptocurrencies, startup cities, mathematics, transhumanism, space travel, reversing aging, and initially-crazy-seeming-but-technologically-feasible ideas." So the newsletter-creating task had envisioned them all "constantly pushing for technology in general and reversing aging in particular, writing like their lives depended on it. In other words, blog or die!"

Other rewards went to the first 10 people to complete three Elixir problems, the 100 people who posted the best inspiring proof-of-exercising photos, and 40 people who helped identify people and places "where the ascending world is surpassing the declining world."

For one of his latest "tasks," Srinivasan wants you to read a long essay on quantum computing (and answer questions), with an optional series of "review emails". $10 in bitcoin will be awarded only to the first and last 50 readers/question-answerers, while another $100 in bitcoin will be awarded to the first and last 5 review-email readers who "persist for a month."

Peter Thiel is "pro-crypto" and "pro-Bitcoin maximalist," but he also thinks the cryptocurrency may be undermining America. From a report: Thiel, the venture capitalist and conservative political donor, urged the U.S. government to consider tighter regulations on cryptocurrencies in an appearance on Tuesday. The statements seemed to represent a change of heart for Thiel, who is a major investor in virtual currency ventures as well as in cryptocurriences themselves. "I do wonder whether at this point, Bitcoin should also be thought [of] in part as a Chinese financial weapon against the U.S.," Thiel said during an appearance at a virtual event held for members of the Richard Nixon Foundation. "It threatens fiat money, but it especially threatens the U.S. dollar." He added: "[If] China's long Bitcoin, perhaps from a geopolitical perspective, the U.S. should be asking some tougher questions about exactly how that works."

According to researchers in Beijing, China, the total carbon footprint of bitcoin mining in the country will peak in 2024, releasing around 130 million metric tons of carbon. This figure exceeds the annual carbon emissions of countries including Italy and the Czech Republic. New Scientist reports: By 2024, bitcoin mining in China will require 297 terawatt-hours of energy and account for approximately 5.4 per cent of the carbon emissions from generating electricity in the country. The researchers predicted the emissions peak in China in 2024 based on calculations of when the overall cost of mining -- the investment in computing equipment and the electricity costs -- outweighs the financial rewards of selling mined bitcoin. They used both financial projections and carbon emissions analysis to model the emissions footprint in China, taking into account factors such as location. Bitcoin miners in Beijing or other parts of northern China are very likely to be using electricity from coal-powered plants. Mining in southern provinces -- especially Guizhou, Yunnan and Sichuan -- is in large part powered by hydroelectricity, says Guan. The findings have been published in the journal Nature Communications.

A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power. From a report: It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat in China eliminate the need for bills or coins. But those are just ways to move money electronically. China is turning legal tender itself into computer code. Cryptocurrencies such as bitcoin have foreshadowed a potential digital future for money, though they exist outside the traditional global financial system and aren't legal tender like cash issued by governments.

China's version of a digital currency is controlled by its central bank, which will issue the new electronic money. It is expected to give China's government vast new tools to monitor both its economy and its people. By design, the digital yuan will negate one of bitcoin's major draws: anonymity for the user. Beijing is also positioning the digital yuan for international use and designing it to be untethered to the global financial system, where the U.S. dollar has been king since World War II. China is embracing digitization in many forms, including money, in a bid to gain more centralized control while getting a head start on technologies of the future that it regards as up for grabs. "In order to protect our currency sovereignty and legal currency status, we have to plan ahead," said Mu Changchun, who is shepherding the project at the People's Bank of China. Digitized money could reorder the fundamentals of finance the way Amazon.com disrupted retailing and Uber rattled taxi systems. That an authoritarian state and U.S. rival has taken the lead to introduce a national digital currency is propelling what was once a wonky topic for cryptocurrency theorists into a point of anxiety in Washington. Asked in recent weeks how digitized national currencies such as China's might affect the dollar, Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell have said the issue is being studied in earnest, including whether a digital dollar makes sense someday.

An inventive MacRumors forums member has successfully retrofitted a water-cooling system to their 15-inch Intel-based MacBook Pro, thereby eliminating fan noise and boosting performance. From the report: MacRumors forums member "theodric" explained that the noise of their MacBook Pro's fans had become disruptive during conference calls, so amid ordering an M1 MacBook Air, they decided to fit a water cooling system to their machine. theodric used inexpensive parts such as Bitcoin ASIC miner blocks from AliExpress, an Aquastream XT Ultra water pump, and a Zalman radiator and reservoir from 2005 to create the system.

High-transmissivity thermal pads were added between the case shell and various motherboard components to conduct heat away from the MacBook Pro and into the water cooling system. The thermal shielding from the bottom of the case was also removed, as well as the feet, to ensure full contact with the new cooling plates. The pump, which requires Windows software to operate, was run via a virtual machine, and a Raspberry Pi was used for monitoring. theodric says that they have "hardly heard the fan since I started using it" and have seen benchmark scores significantly improve under the system. See theodric's full post for more information about the ambitious project.

Bitcoin is trading near $66,000 levels in South Korea as "Kimchi Premium" has returned. From a report: Kimchi Premium is the spread between bitcoin's price on South Korean crypto exchanges and Western exchanges. Bitcoin is currently trading at around $66,200 on Bithumb, according to TradingView. That is whopping about 15% or $9,000 higher than bitcoin's price of around $57,000 on Coinbase. Ether (ETH) is also trading higher at around $2,350 on Bithumb compared to $2,020 on Coinbase, according to TradingView. The Kimchi Premium suggests rising demand for bitcoin and ether in South Korea as the cryptocurrency market continues to soar worldwide.

Long-time Slashdot reader phalse phace quotes the Washington Post: Phillipe Christodoulou wanted to check his bitcoin balance last month, so he searched the App Store on his iPhone for "Trezor," the maker of a small hardware device he uses to store his cryptocurrency. Up popped the company's padlock logo set against a bright green background. The app was rated close to five stars. He downloaded it and typed in his credentials.

In less than a second, nearly all of his life savings — 17.1 bitcoin worth $600,000 at the time — was gone. The app was a fake, designed to trick people into thinking it was a legitimate app.

But Christodoulou is angrier at Apple than at the thieves themselves: He says Apple marketed the App Store as a safe and trusted place, where each app is reviewed before it is allowed in the store. Christodoulou, once a loyal Apple customer, said he no longer admires the company. "They betrayed the trust that I had in them," he said in an interview. "Apple doesn't deserve to get away with this."

Apple bills its App Store as "the world's most trusted marketplace for apps," where every submission is scanned and reviewed, ensuring they are safe, secure, useful and unique. But in fact, it's easy for scammers to circumvent Apple's rules, according to experts. Criminal app developers can break Apple's rules by submitting seemingly innocuous apps for approval and then transforming them into phishing apps that trick people into giving up their information, according to Apple. When Apple finds out, it removes the apps and bans the developers, the company says. But it's too late for the people who fell for the scam.
The Post also points out that the 15 to 30 percent commission Apple collects on all sales in the App Store "goes to fund the 'highly curated' customer experience, the company has said."

An anonymous reader shares a report from Decrypt about BitClout, an ambitious decentralized social network that tokenizes Twitter personalities. Here's an excerpt from the report: At first glance, BitClout looks and feels like primitive mashup of Twitter and Robinhood, including a stream of messages and buttons to like or share what other people post. Anyone can create a profile and begin participating in the network by providing a phone number. But BitClout has already created 15,000 profiles based on popular Twitter personalities, including ones for Elon Musk and influencers in the cryptocurrency world -- all without asking anyone's permission. Diamondhands [the man behind BitClout who asked for anonymity even though his real identity is well known] says BitClout created the profiles to prevent impostors from creating fake accounts and squatting on them.

Every BitClout account is also tied to a "coin" that rises and falls in value depending on how many people use it. Anyone can follow a given account -- as they would on Twitter or Instagram -- but the coin means they can also own an asset that is hypothetically tied to the person's public reputation. "What you get to do is monetize yourself," says Diamondhands. "All the positive things you put out in the world will cause people to like you and buy your coin. You can monetize pent up enthusiasm for you, and let fans ride the rocket ship with you." BitClout users who feel inclined to being bought and sold in this way can create a profile to earn a portion of the coins associated with their image. In the case of those Twitter personalities whom BitClout already added to the platform, they can claim their profile (and a portion of the coins associated with it) by tweeting that they have joined the network -- a requirement that conveniently provides free marketing for BitClout. [...] A tracking site called BitClout Pulse has already sprung up to track the value of more popular coins.

BitClout's unusual twist on social networking extends beyond adding people without their permission. The project also stands out for its technical operations, which rely on dozens of autonomous blockchain-based nodes scattered around the world -- a very different architecture than Facebook or Twitter, which rely on centralized servers to keep their networks running. Every message or transaction is recorded to BitClout's blockchain, which Diamondhands describes vaguely as custom-built software similar to Bitcoin's, but with greater capacity for social networking functions. He says BitClout's code is open source and the team will soon publish it. All of this, says Diamondhands, will eventually lead to brand-name organizations hosting BitClout nodes that will display feeds tailored to various interests. For instance, he says, ESPN could run a node that displays a feed heavily populated with sports figures, while Politico might do the same with a focus on political leaders. But Bitclout's node structure also means it will lack centralized moderation policies like those found on platforms like Twitter or Facebook. Yes, we're on BitClout: bitclout.com/u/slashdotorg