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The emergence of Bitcoin and crypto provided an alternative to traditional finance, and many rushed in to utilize the decentralized novelty. But while many enthusiasts see crypto as the future of money, others are yet to recognize its importance. One such person is Nvidia’s Chief Technology Officer Michael Kagan.
The Nvidia CTO sat down for an interview with the Guardian to share his opinion, which was that crypto adds nothing useful to the world. In his view, artificial intelligence (AI) is more beneficial as it makes things easier for humanity. This comes despite Nvidia benefitting from the increase in bitcoin mining in 2017 and the bullish market in 2018 before quitting the sector. 
Chatbots Development Is Better Than Mining 
The Nvidia chief said he prefers artificial intelligence to mining and he believes people should channel the processing power in crypto mining to developing chatbots that add more value to society. Further, he praised AI for being beneficial as it allows individuals to create customized programs to meet their diverse needs.

Further, Michael Kagan compared crypto and AI. In his words, the artificial intelligence chatbot ChatGPT enables everyone to create and command their machine as necessary. Also, ChatGPT allows its users to choose what they want and what they change. However, he compared crypto to high-frequency trading that will not do anything meaningful for humanity.
Notably, the tech chief acknowledged that his company Mellanox benefited greatly from crypto before Nvidia acquired it. Kagan disclosed that banks and Wall Street traders bought their products to fasten transactions, driving the company’s sales. But even at that, Kagan doesn’t see any long-term benefit from the digital assets when it comes to changing people’s lives as AI is doing. 
A Brief On Nvidia Crypto Mining Chips 
Michael Kagan’s opinion may be shocking to crypto enthusiasts, given that Nvidia processors were in high demand in the digital asset mining sector. Notably, the tech company stopped engaging in the industry in 2019. The company saw a decline in profits from selling chips to bitcoin miners.

The demand for mining hardware skyrocketed in 2017 as people trooped into the sector. But after the bull run in 2018, the scale of mining activities and equipment sales reversed slowly, causing losses to many mining hardware manufacturers.
Related Reading: Self-Proclaimed Crypto ‘King’ Kidnapped And Tortured For Ransom – Details
Nvidia was amongst the companies struck by the trend reversal. Reports showed that it manufactured over a million GPUs and couldn’t sell them due to the falling prices and the shutdown of many mining farms. As such, the company’s financial reports for the Q4 of 2018 showed a drop of 21% in revenue.
Featured image from Pixabay and chart from Tradingview.com


The emergence of Bitcoin and crypto provided an alternative to traditional finance, and many rushed in to utilize the decentralized novelty. But while many enthusiasts see crypto as the future of money, others are yet to recognize its importance. One such person is Nvidia&#8217;s Chief Technology...

bitcoinist.com

Crypto Is Not Beneficial To The World, Says Nvidia CTO

A U.S. lawmaker has introduced the Blockchain Regulatory Certainty Act to ensure that developers and non-custodial service providers in the crypto space are not considered money transmitters and are not subject to the same level of regulation as custodial cryptocurrency exchanges. “The longer we delay providing this commonsense clarification, the greater risk that this transformative technology is driven overseas, depriving domestic users and investors,” the lawmaker warned.
Blockchain Regulatory Certainty Act Launched
U.S. Congressman Tom Emmer (R-MN), the majority whip of the U.S. House of Representatives, announced on Thursday that he has introduced the Blockchain Regulatory Certainty Act (BRCA), “which affirms that blockchain developers and service providers that do not custody consumer funds are not money transmitters.” This bipartisan bill is co-led by Representative Darren Soto (D-FL). Emmer first introduced a similar bill in 2018.
“Crypto and blockchain technology, by nature, does not easily fit into the frameworks policymakers have considered when crafting regulations in the past. For too long, federal regulators and lawmakers have jammed the blockchain ecosystem into statutory definitions that just do not make sense,” Rep. Emmer explained, elaborating:
It should be simple: If you don’t custody consumer funds, you aren’t a money transmitter. My bill provides that necessary confirmation for the blockchain community.
“The longer we delay providing this commonsense clarification, the greater risk that this transformative technology is driven overseas, depriving domestic users and investors. This bill will help America remain a technological leader in the crypto space,” the House majority whip continued. Emmer and Soto also serve as co-chairs of the Congressional Blockchain Caucus.

Jerry Brito, executive director of Coin Center, a nonprofit focused on the policy issues facing cryptocurrencies, commented: “Sound cryptocurrency policy requires calibrating regulations specifically for the activities that present risks that should be mitigated.” He explained:
The Blockchain Regulatory Certainty Act would reinforce in law the established understanding that non-custodial services, such as mining or providing wallet software, should not be regulated in the same way as something like running a custodial cryptocurrency exchange.
What do you think about Rep. Tom Emmer’s Blockchain Regulatory Certainty Act? Let us know in the comments section below.


A U.S. lawmaker has introduced the Blockchain Regulatory Certainty Act to ensure that developers and non-custodial service providers in the crypto space are not considered money transmitters and are not subject to the same level of regulation as custodial cryptocurrency exchanges. &#8220;The long...

news.bitcoin.com

US Lawmaker Introduces Bill to Affirm Blockchain Developers and Non-Custodial Services Are Not Money Transmitters

The founder of crypto exchange Bitzlato, who is facing a money laundering case in the U.S., is seeking support from members of the community. Anatoly Legkodymov was arrested in January for his role in the trading platform which allegedly processed millions of dollars’ worth of illicit funds.
Bitzlato Founder Looking for Bail Guarantors in U.S.
Anatoly Legkodymov, one of the founders and majority owner of the Russia-linked cryptocurrency exchange Bitzlato, has turned to the crypto community, hoping to find U.S. citizens who would agree to become guarantors for his release on bail.
The Hong Kong-registered trading platform was disrupted in mid-January by law enforcement in Europe, where French investigators seized its servers and hot wallet while several of its employees and executives were detained in other countries.

Legkodymov, a Russian national residing in China, was apprehended in Miami on money laundering charges. The U.S. Justice Department claims his exchange transferred at least $700 million in criminal proceeds from ransomware actors, darknet markets, and crypto pyramids.
This week, Legkodymov issued his call for help through crypto media. U.S. law allows defendants to be released before a decision is made in their case, provided they find guarantors for their bail, his lawyers explained, quoted by the Russian crypto news outlet Bits.media. A group of Russian associates urged those who wish to help him to reach out on Telegram, stating:
The crypto community knows Anatoly as a decent, law-abiding person and wants to help him get out of prison on bail until the end of the trial.
A user by the name “Anatoly Legkodymov” has been active on the Bitcointalk.org forum since 2011, the report noted, as well as on the Bits.media forum since 2016, when the crypto entrepreneur and his partners started their trading business under the name Changebot which later became Bitzlato.
Legkodymov appeared in New York federal court for the first time in mid-March, when he was ordered held without bail. The Russian denies the U.S. money laundering charges.
Another Bitzlato co-founder, Anton Shkurenko, was briefly detained, questioned, and released by Russian police in February. In a Youtube interview, he revealed that Bitzlato intends to relocate to Russia and relaunch operations from there. Earlier this week, the exchange reportedly restored partial access to users’ BTC balances.
Do you think U.S. authorities will release Bitzlato’s founder Anatoly Legkodymov on bail? Share your thoughts on the case in the comments section below. 



The founder of crypto exchange Bitzlato, who is facing a money laundering case in the U.S., is seeking support from members of the community. Anatoly Legkodymov was arrested in January for his role in the trading platform which allegedly processed millions of dollars&#x2019; worth of illicit fund...

Arrested Bitzlato Exchange Founder Seeks Help From Crypto Community

A 60-year-old Indian woman lost nearly $30,000 in a crypto investment scam after she was approached on the matrimonial site where she had registered herself to look for a life partner. 
The con man told her that he was a US-based engineer and can make her earn quick profits through bitcoin investments.  
Investment in Love Gone Wrong
According to media reports, the Mumbai woman, who is a retired executive from a private company, registered on a matrimonial website in early 2022. Soon, she was approached by a person on the site, and the two exchanged their phone numbers and started calling and chatting regularly. 
In March 2022, the man told her about a cryptocurrency investment opportunity and how he, purportedly, was making huge passive incomes. He shared the phone number of another person and told her that he would guide her in making the investments.
Between April 2022 and December 2022, the woman invested nearly $30,000 (INR2.4 million) in cryptocurrencies through “the guide.” At one point of time when she had $62,000 in her virtual account, she asked “the guide” to help her withdraw the money. They told her that she would need to pay a currency conversion fee and taxes equivalent to $15,000 to withdraw the money. 
While she was still thinking about what to do, she noticed that the duo had stopped communicating, and her virtual account had become dysfunctional.
At this stage, she approached the police and complained. According to the authoirites, a case has been registered under relevant sections of cheating, forgery, and criminal conspiracy.   
Same City Another Incident
In a similar fraud, another Mumbai woman was duped of nearly $12,500 (INR one million) when she was looking for a work-from-home opportunity and was asked by the fraudsters to invest in bitcoins. The 49-year-old victim realized that she was being cheated when she was asked to pay close to $10,000 (INR 0.8 million) just to withdraw her money.
India has reported quite a few crypto scams in the recent past. And in most of these cases, investors’ lack of knowledge about crypto investments has made them vulnerable to fraud.
More Instances
Early this month CryptoPotato reported that an Indian student committed suicide by hanging himself after losing $2,400 worth of investment to a fake bitcoin investment scheme. India has a fairly big list of crypto scams to its credit. 
Another recent example was the arrest of an accused in a crypto scam worth $160 million.   
The post Mumbai Woman Loses $30K in Crypto Scam to Man She Met on Matrimonial Site: Report appeared first on CryptoPotato.

The ‘US-based engineer’ and prospective husband stopped communicating when she tried to withdraw her money.

cryptopotato.com

Mumbai Woman Loses $30K in Crypto Scam to Man She Met on Matrimonial Site: Report

A closely followed crypto strategist says Bitcoin (BTC) will likely not ignite new rallies even if the Federal Reserve turns the money printers back on.
In a new video update, Nicholas Merten, the host of DataDash, tells his 511,000 YouTube subscribers that he believes the king crypto will drop to around the $14,000 area even if the Fed starts printing money again, which he says caused BTC’s price to spike in the past.

“Bitcoin, like other assets, is going through a period of time where the Fed can no longer rescue it with the kind of excess money it had in the past, and we need to keep that in mind.” 
According to Merten, the top crypto asset by market cap is currently in the midst of a relief rally, and he expects it to crash back down to the levels it was when FTX, a former prominent crypto exchange, collapsed last November.
“I want to go ahead and again emphasize here that that’s what [I] think is going to happen. [I] think it’s a relief rally. It’s going to roll over and go back towards new lows or relatively close to the FTX collapse lows around $14,000 [or] $15,000.” 
Merten also explains why he thinks former Coinbase chief technology officer Balaji Srinivasan’s recent million-dollar bet on Bitcoin will go awry.
“Talking heads like Balaji that are getting a little too confident in their bets, they got to be confident because the momentum is behind them now, they’re saying and convincing you of the idea that in order to hedge your wealth, you’ve got to get your money out of the bank. You got to get it into Bitcoin. 
It’s almost guaranteed [they] put a million dollars there, therefore, it’s got to be real. Don’t listen to talking heads like [Srinivasan] who tell you to [put] absolutely everything or you’re [going to] lose all your money right now. The only time you should listen to that is when you have people warning you about taking excessive risks that could lead you to lose your money, like leverage trading.” 
At time of writing, Bitcoin is worth $27,598.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/NextMarsMedia
The post Crypto Analyst Nicholas Merten Says Fed Money Printing Won’t Spark New Bitcoin (BTC) Rally – Here’s Why appeared first on The Daily Hodl.


A closely followed crypto strategist says Bitcoin (BTC) will likely not ignite new rallies even if the Federal Reserve turns the money printers back on. In a new video update, Nicholas Merten, the host of DataDash, tells his 511,000 YouTube subscribers that he believes the king crypto will drop t...

DFI.money price	$1,075.96
Low - High 24H	$1,063.95 - $1,112.49
Market cap	$42.83M
Volume 24H	$7.87M
All time high	$9,251.70 -88.39% September 1st 2020
All time low	$97.84 997.95% August 3rd 2020
Genesis date	N/A

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