Bitcoin News and Finance: What You Need to Know

Zimbabwean residents and institutions can now pay or settle domestic transactions using the recently launched gold-backed digital tokens, the central bank has said. Bank governor John Mangudya said the central bank has enlisted the services of external auditors to “validate the availability and adequacy of gold to ZIG at any given time. ” Preserving Value With Gold-Backed Tokens The Zimbabwean gold-backed digital tokens are now an approved method of paying or settling domestic transactions, the head of the country’s central bank has said. In a statement issued on Oct. 5, John Mangudya, the governor of the Reserve Bank of Zimbabwe (RBZ), added that the digital tokens will also continue to act as a value preservation instrument. Introduction of the Zimbabwe Gold-Backed Digital Token (Zig) as a Means of Payment pic.twitter.com/o1CL5dsbaQ — Reserve Bank of Zimbabwe (@ReserveBankZIM) October 5, 2023 As reported by Bitcoin.com News over the past few months, the RBZ has been working...

Openai, the developer of Chatgpt, is considering ways to overcome the shortage of chips needed to power its artificial intelligence (AI) product. One of the options that’s being discussed in the company, according to a recent media report, is to build its own powerful processor. Openai Reportedly Exploring Making In-house AI Chips to Deal With GPU Deficit AI research lab Openai is mulling over the idea to make its own processors, or AI accelerators, amid persisting shortage of the expensive hardware that it needs. Demand for specialized chips has soared since last year’s launch of its AI-based chatbot. A number of options have been discussed to solve the issue, among which acquiring a chip company and working more closely with chipmakers, not just the market leader Nvidia but other suppliers as well, knowledgeable source have told Reuters. Openai CEO Sam Altman, who has previously expressed concerns over the scarcity of graphics processing units (GPUs) and the associated costs, h...

Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has expressed his belief that the majority of cryptocurrency investments will become worthless. Regarding bitcoin, the executive opined: “That was the stupidest investment I ever saw.” Charlie Munger Continues to Slam Crypto Berkshire Hathaway Vice Chairman Charlie Munger expressed criticism toward cryptocurrencies once again during an appearance at Zoom’s Zoomtopia conference on Thursday. “Don’t get me started on bitcoins. That was the stupidest investment I ever saw,” Munger exclaimed when he was asked about his outlook for bitcoin and other cryptocurrencies. He also predicted: Most of those investments are going to zero. The Berkshire executive has long been a vocal critic of cryptocurrencies. He previously called bitcoin “rat poison” and likened its trading to “trading turds.” In February, he said: “It’s just ridiculous that anybody would buy this stuff … It’s just unspeakable, it...

This week, Openai’s CEO, Sam Altman, delved into the nuances of artificial intelligence (AI) on the Joe Rogan Experience podcast. As they conversed, Rogan articulated that the “real fascinating crypto is bitcoin.” He then expounded on his belief that bitcoin holds the most promise to emerge as “a universal viable currency.” Openai’s Sam Altman and Joe Rogan Dive Deep into Bitcoin’s Promise and AI’s Potential According to statistics , Joe Rogan’s podcast reigns supreme as one of the world’s most profitable and widely heard shows. In episode #2044 , Rogan sat down with Openai’s CEO, Sam Altman . The duo delved into AI’s pros and cons, but also branched out into discussions on central bank digital currencies (CBDCs), the FTX debacle, and the leading crypto asset, bitcoin ( BTC ). After Altman shed light on the expanding American surveillance landscape, Rogan candidly expressed his deep concerns regarding CBDCs , especially the potential linkage with social credit scores. He was assert...

Free Talk Live co-host Ian Freeman has been sentenced to eight years in prison for selling bitcoin without a license, the SEC has taken in a loss in its push for interlocutory appeal against Ripple, and a verified “Satoshi” handled has stirred up controversy and debate on social media site X. This and more just below in the latest Bitcoin.com News Week in Review. Free Talk Live Co-Host Ian Freeman Sentenced to 8 Years for Running Unlicensed Bitcoin Business Following his conviction for unlicensed money transmission, money laundering, and tax evasion at the close of December 2022, Keene dweller, libertarian activist, and Free Talk Live co-anchor, Ian Freeman has been sentenced to eight years behind bars this Monday. His fellow Free Talk Live co-host, Mark Edge, explained that an appeal is poised to trail the verdict. Read More Ripple Gains a Victory as Judge Torres Rejects SEC’s Interlocutory Appeal U.S. District Judge Analisa Torres rejected the Securities and Exchange Commissi...

Rising regulatory pressures may have limited crypto cards on offer but they remain a viable way to pay with coins where only fiat is accepted. With them, you spend crypto and that’s without the need to exchange it beforehand as it often happens when you want to pay with cryptocurrency in a fiat scenario. Crypto Cards — How They Work and What Are the Offerings in 2023 While not as immediate as most in the crypto community would like, crypto cards nevertheless present an opportunity to pay with decentralized digital money where merchants would only take dollars, euros or any of the other central bank currencies. Just like bank cards, crypto cards can come in physical, or plastic, and virtual form. The latter can be used to make payments online while the former can be also swiped or tapped at brick-and-mortar stores equipped with point of sale (POS) terminals. They are several types of crypto cards, which differ slightly from the regular ones. Credit crypto cards, for example, use de...

In the month of September, digital assets worth approximately $332 million were siphoned from trading platforms via methods that include flash loan attacks, exit scams, and exploits. The value of digital assets stolen through exploits rose from $13.5 million in August to nearly $330 million in September. Mixin Kernel Incident Most Significant Exploit in September According to the cybersecurity firm Certik, digital assets worth approximately $332 million were stolen via code exploits, exit scams and flash attacks in the month of September alone. Exploits alone accounted for more than 98% of the thefts ($329.8 million) while the amount stolen through flash loan attacks and rug pulls was less than $2.4 million. As shown by the data, the biggest incident during the month was the $200 million exploit suffered by Mixin Network on Sept. 23. As reported by Bitcoin.com News, the Mixin network team has since asked the attackers to take a bug bounty reward and return the rest of users’ fund...