Markets

Zim inflation, Russian encryption, ChatGPT

Cryptocurrency News: We bring you a roundup of what’s been happening in cryptocurrencies this week. ChatGPT suggests that the founder of Bitcoin may be Nick Szabowhile cryptocurrency becomes a hedge against inflation, but not in the way you think.

Given EU Sanctions, Is Binance Relaxing Russian Cryptocurrency Buying Rules A Prudent Move?

ChatGPT’s latest revelation

As AI tools become more advanced, they can reveal the identity of the pseudonymous founder of Bitcoin, Satoshi Nakamoto.

ChatGPT suggests that the founder of Bitcoin could be cryptographer Nick Szabo, one of the first people Nakamoto allegedly sent his famous email to Hal Finney or retired physicist Dorian Nakamoto.

Greater accuracy can come when language models learn from broader, newer datasets, with GPT-4, OpenAI’s latest ChatGPT generator, scoring 40% higher in the company’s internal real-time benchmark.

However, it would be difficult to verify the bot’s rating without further investigation.

Cryptocurrency news

The biggest cryptocurrency gainer this week was Render Token (RNDR), which jumped nearly 37%. Cronos (CRO) gained just under 19%, and Injective (INJ) was up nearly 15%. At the other end of the charts, PancakeSwap (CAKE) price is down 21%, Optimism (OP) is down just over 10% and OKB is down 9.77%.

BeInCrypto.com Top 10 Chart

Cryptocurrency inflation hedge in Zimbabwe is not what the Bitcoin founder envisioned

On Sunday, the Central Bank of Zimbabwe announced a new gold-backed digital inflation hedge.

After the 2008 financial crisis, the country suffered from hyperinflation that has rarely fallen below the annual rate of 90% this year.

Cryptocurrency is fighting inflation in Zimbabwe
Zimbabwe Annual Inflation | source: Trading economics

The Zimbabwean dollar also depreciated rapidly against major currencies. On Wednesday, the interbank rate for the dollar was 1,100 zimi dollars.

Now, you want to remove money from circulation using your gold reserves. one analyst Proposal on Wednesday that Zimbabwe’s gold-backed tokens could specifically help farmers avoid inflation.

However, Litebit like crypto exchange argueCitizens can’t tell if the bank holds enough gold to support a hedge against cryptocurrency inflation, which makes Bitcoin a better option.

But token adoption can help accelerate the adoption of digital assets by introducing citizens to the processes of holding and buying. Gold-backed cryptocurrencies such as Gold Coin (GLC) and Meld Gold by Algorand (MCAU) allow investing in gold without having to hold it.

Crypto news – speaking socially

A week in coding.  Data provided by Lunarcrush.com
Data provided by Lunarcrush.com

Binance backs off the Russian ban

On Sunday, Russian chats on Telegram indicated that Binance had raised the €10,000 limit for Russian cryptocurrency trading.

The stock exchange had previously stopped dealing with Russian cards. It also banned users holding €10,000 worth of cryptocurrencies from trading in response to EU sanctions. The exchange has not officially withdrawn the limit, though a BeInCrypto investigation indicates that the Telegram chats were valid.

On Sunday, the Russian news and blogging site Durov’s Code He said New card transactions are limited to 4,300 to 200,000 rubles.

Binance may need money from Russia commerce If you decide to settle your multi-billion-dollar lawsuit with the US Commodity and Futures Commission. A CFTC official said this week that talks with Binance had reached an impasse.

For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader regarding the information on our site is at his own risk.

Leave a Reply

Your email address will not be published. Required fields are marked *