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Open hardware dream collapses as Prusa slams China’s subsidies, patents, and aggressive tactics that reshaped 3D printing from an open playground into a corporate battlefield

by admin August 25, 2025



  • State-backed rivals have made open source 3D printing nearly impossible
  • Chinese subsidies shift global competition in desktop 3D printer production
  • Cheap Chinese patents create obstacles far beyond Europe’s market borders

The open source movement in 3D printing once thrived on shared designs, community projects, and collaboration across borders.

However, Josef Prusa, head of Prusa Research, has announced, “open hardware desktop 3D printing is dead.”

The remark stands out because his company long championed open designs, sharing files and innovations with the wider community.


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Economic support and patent challenges

Prusa built his early business in a small basement in Prague, packing frames into pizza boxes while relying on contributions from others who shared his philosophy.

What has changed, he now argues, is not consumer demand but the imbalance created when the Chinese government labeled 3D printing a “strategic industry” in 2020.

In his blog post, Prusa cites a study from the Rhodium Group which describes how China backs its firms with grants, subsidies, and easier credit.

This makes it much cheaper to manufacture machines there than in Europe or North America.

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The issue grows more complicated when looking at patents. In China, registering a claim costs as little as $125, while challenging one ranges from $12,000 to $75,000.

This gap has encouraged a surge of local filings, often on designs that trace back to open source projects.

Prusa’s earlier machines, such as the Original i3, proudly displayed components from partners like E3D and Noctua, embodying a spirit of community, but were also easy to copy, with entire guides appearing online just months after release.

The newest Prusa printers, including the MK4 and Core ONE, now restrict access to key electronic designs, even while offering STL files for printed parts.

The Nextruder system is fully proprietary, marking a clear retreat from total openness.

Prusa argues Chinese firms are effectively locking down technology the community meant to share – as while a patent in China does not block his company from selling in Europe, it prevents access to the Chinese market.

A bigger risk emerges when agencies like the US Patent Office treat such patents as “prior art,” creating hurdles that are expensive and time-consuming to clear.

Prusa cited the case of the Chinese company, Anycubic, securing a US patent on a multicolor hub that appears similar to the MMU system his company first released in 2016.

Years earlier, Bambu Lab introduced its A1 series, also drawing inspiration from the same concept.

Anycubic now sells the Kobra 3 Combo with this feature, raising questions about how agencies award patents and who holds legitimate claims.

Meanwhile, Bambu Lab faces separate legal battles with Stratasys, the American pioneer whose patents once kept 3D printing confined to costly industrial use.

Declaring the end of open hardware may be dramatic, but the pressures are real.

Between state subsidies, permissive patent rules, and rising disputes, the foundation of open collaboration is eroding.

Via Toms Hardware

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August 25, 2025 0 comments
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Telegram founder Pavel Durov slams French case as 'absurd'
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Telegram founder Pavel Durov slams French case as ‘absurd’

by admin August 25, 2025



Pavel Durov, the billionaire founder of Telegram, criticized French authorities on Sunday, Aug. 24, over what he described as a baseless criminal investigation that has left him tied up in legal proceedings for more than a year.

Durov, who was granted temporary permission to leave the country for Dubai in March, faces multiple charges linked to allegations that Telegram enabled organized crime. In a statement posted Sunday, he argued that holding a CEO accountable for the actions of users on a global messaging platform sets a dangerous precedent.

“Arresting a CEO of a major platform over the actions of its users was not only unprecedented — it was legally and logically absurd,” Durov said.

According to Durov, French police made “a mistake” by failing to follow proper legal channels before August 2024 when submitting requests for user data. He said the company has consistently responded to every legally binding request and maintains moderation practices in line with industry standards.

Durov said he is still required to return to France every 14 days, with no appeal date set.

“Sadly, the only outcome of my arrest so far has been massive damage to France’s image as a free country,” he said.

The case against Durov highlights the growing tension between law enforcement and tech platforms over responsibility for online content, particularly as governments worldwide intensify their scrutiny of social media and messaging services.

This isn’t the first time Durov has criticized French authorities.

In September, he responded to his legal troubles in France by criticizing authorities for bypassing official EU channels and questioning him directly. He called holding a CEO liable for user crimes a “misguided approach,” especially under outdated laws.

Durov defended Telegram’s moderation efforts, noting its daily removal of harmful content and cooperation with NGOs, while reaffirming his commitment to the platform’s nearly one billion users.

As the case continues, questions remain over whether the legal battles will affect Telegram’s operations or the value of its crypto initiatives.

How TON powers Telegram’s blockchain vision

Toncoin (TON), the digital token linked to Telegram’s Telegram Open Network (TON), is currently down 6.4% over the last seven days. See the chart below.

Source: CoinGecko

The TON token, currently valued at $3.30, is down 60% from its all-time high of $8.25. Still, the coin is considered an integral part of Telegram’s blockchain initiatives.

Originally created by Telegram and now maintained by the TON Foundation, the token is designed to share, as Durov once put it, “the principles of decentralization pioneered by Bitcoin and Ethereum, but… vastly superior to them in speed and scalability.”

At its core, TON powers peer-to-peer payments. Users can transfer funds quickly and at minimal cost, a feature that dovetails with the platform’s push to integrate TON directly into its messaging app. Within chats, users can already send the token to friends, tip creators, or pay for services, highlighting Telegram’s role as a ready-made distribution channel for crypto adoption.

Beyond payments, it also secures the proof-of-stake network through validator staking, supports DeFi apps, NFT marketplaces, and games, and powers services like TON DNS and decentralized storage.

Telegram’s user base is roughly 1 billion monthly active users as of July 2025.



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August 25, 2025 0 comments
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Crypto
NFT Gaming

Illinois Governor Slams Trump’s Crypto Backers While Signing New Rules

by admin August 19, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Illinois on Monday approved two new laws that give state regulators stronger tools to police crypto businesses and curb scams at cash-to-crypto kiosks.

The governor used the moment to criticize US President Donald Trump for recent federal moves that, according to his office, loosen protections for consumers.

State Gives Regulator New Powers

SB 1797 hands the Illinois Department of Financial and Professional Regulation authority to supervise digital-asset exchanges and related firms.

“While the Trump Administration is letting crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers,” Governor JB Pritzker said.

While Trump lets crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers.

Today, I’ve signed into law first-of-their-kind safeguards in the Midwest for cryptocurrency and other digital assets.

We won’t tolerate fraudsters.

— Governor JB Pritzker (@GovPritzker) August 18, 2025

According to lawmakers, the measure forces companies to hold enough money, put up cybersecurity and anti-fraud systems, make clear investment disclosures, and meet customer service standards similar to other financial services.

The bill passed the state Senate in April and will make it clearer who answers to state rules and who does not.

Kiosk Rules Aim To Curb Scams

The second law, SB 2319, targets cryptocurrency kiosks and ATMs. Reports have disclosed several concrete limits: operators must register with regulators, kiosks must offer full refunds to qualifying scam victims, transaction fees can’t exceed 18%, and new customers face a $2,500 daily limit.

Those specific numbers are meant to slow down bad actors and give people a clearer path if they’re cheated. State lawmakers and consumer advocates have said those steps are long overdue.

BTCUSD trading at $115,077 on the 24-hour chart: TradingView

A Political Line Drawn

Pritzker used his signing remarks to draw a contrast with Washington. Based on reports from the governor’s office, he accused the federal government of stepping back from protections after an April signing that overturned a revised IRS rule about who counts as a broker in decentralized finance.

“At a time when fraudsters continue to evolve and consumer protections are being eroded at the federal level, Illinois is sending a clear message that we won’t tolerate taking advantage of our people and their hard-earned assets,” ​Pritzker said.

He framed the state laws as a direct response to growing fraud and a federal posture he sees as friendlier to industry players than to everyday users.

Featured image from ABC News, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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August 19, 2025 0 comments
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Ripple SEC XRP lawsuit news
NFT Gaming

Expert Slams XRP Lawsuit Delay Rumors: ‘2026 Not Happening’

by admin June 23, 2025


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Talk of the US Securities and Exchange Commission’s long-running enforcement action against Ripple Labs dragging on into 2026 flashed across X over the weekend, after the pseudonymous trader “Altcoin Bale” warned followers that “SEC v XRP final decision could be delayed until late 2026” — a claim that ricocheted through crypto-X in minutes.

Within hours, Australian solicitor and veteran XRP commentator Bill Morgan counter-punched. “This is not on the cards unless Judge Torres rules against the latest joint motion and rather that make the common sense decision to live with the summary judgement decision and the current penalty and permanent injunction, the settlement process breaks down completely and both parties run their appeals. An improbable outcome.”

XRP Lawsuit: Why 2026 Is A Stretch

Morgan’s confidence rests on hard procedural facts. On 13 June Ripple and the SEC filed a joint Rule 60(b)/62.1 motion asking Judge Analisa Torres to dissolve last year’s injunction and redistribute the $125 million civil penalty now sitting in escrow — $50 million would satisfy the SEC; the remaining $75 million would be returned to Ripple.

The filing also proposes that, if Torres signals she is inclined to grant it, both sides will seek a limited remand from the Second Circuit so the district court can enter a revised final judgment and terminate all appeals.
Critically, the Second Circuit has already paused those appeals and ordered the SEC to file a simple status report by 15 August 2025. That administrative date — now being mis-read as a litigation deadline, doesn’t mean the final decision will take until 2026.

Judge Torres’ July 2023 summary-judgment split the case, holding that institutional sales of XRP were unregistered securities offerings but programmatic exchange sales were not. After remedies briefing, she entered a $125 million penalty and a permanent injunction in August 2024. Both sides noticed appeals, but in March 2025 the SEC withdrew its challenge to the programmatic-sales ruling and signalling a broader retreat from crypto-first enforcement. The parties then began settlement talks that produced the current joint motion.

The renewed request goes further than the May version Torres rejected for procedural defects: it lays out “exceptional circumstances” — chiefly, the policy shift at the SEC and the parties’ mutual interest in ending the litigation — that courts require before modifying a final judgment under Rule 60(b)(6). If Torres issues the “indicative ruling” the motion seeks, the case would likely return to her docket on limited remand and close swiftly without full appellate briefing.

Morgan concedes that total settlement failure is “not impossible.” If Torres were to deny the joint motion and decline to dissolve the injunction, both sides would revive their cross-appeals. That procedural reset could indeed postpone a conclusive ruling into late 2026 — but only under that narrow, two-step scenario he deems “improbable”.

At press time, XRP traded at $1.99.

XRP price, 1-day chart | Source: XRPUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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June 23, 2025 0 comments
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Trump slams Powell’s rate stance as BTC price flatlines
NFT Gaming

Trump slams Powell’s rate stance as BTC price flatlines

by admin June 19, 2025



President Trump slams Fed Chair Jerome Powell for refusing to cut interest rates, leaving America’s monetary policy unchanged again. As a result, Bitcoin has seen minimal price movement ever since.

In a recent post shared to Trump Media & Technology Group-owned social media platform Truth Social, President Donald Trump did not hold back from harshly criticizing Fed Chairman Jerome Powell’s unwavering stance towards interest rates.

“Too Late—Powell is the WORST. A real dummy, who’s costing America $Billions!” wrote Trump in his post.

Not only that, he also included a link to an article published on the National Mortgage News site, which quoted an analysis from Fannie Mae’s and Freddie Mac’s regulator who called for the Federal Reserve Chairman to quit if he continues to maintain the current interest rate.

Although the decision to keep the interest rates steady at a range of 4.25% to 4.5% range, it has left Bitcoin (BTC) at a standstill. Ever since it was announced that the Fed unanimously voted to maintain its current policy in June, Bitcoin has been stuck around the $104,000 floating around the mark, seeing weak gains of only 0.28% to as low as 0.1%.

It appears that the Fed’s cautionary stance has triggered a pause in Bitcoin’s previous rally, much to the dismay of traders and the President of the U.S. himself. In the past two weeks, the largest cryptocurrency has seen a slight increase of 0.3%.

Price chart for Bitcoin after Jerome Powell’s interest rate speech, June 19, 2025 | Source: crypto.news

Why has Jerome Powell refused to cut interest rates?

On June 18, the Federal Reserve came to a unanimous decision to maintain a “wait-and-see” approach to the current monetary stance in June.

According to a CNBC report, Federal Reserve Chair Jerome Powell said in a press conference that policymakers are “well positioned to wait” before moving further on rates. He also said that the market is beginning to see the effects of Trump’s tariffs on inflation.

“We have to learn more about tariffs. I don’t know what the right way for us to react will be,” said Jerome Powell, as quoted by CNN Business from the press conference.

“I think it’s hard to know with any confidence how we should react until we see the size of the effects,” he continued.

Maintaining interest rates in the 4.25% to 4.5% is considered restrictive by many, considering that it led to a fall in investor confidence. Moreover, Bloomberg reported that the Fed has also revised its economic growth forecast, showing a decline for 2025. Lower GDP projections could suggest less consumer spending, weaker investment, or global headwinds.

The inflation forecast for 2025 has been raised to 3%, which is above the Fed’s 2% target. This signals that inflationary pressures may be more persistent than previously expected.

After the Fed refused to cut interest rates and foreshadowed a bleaker economic outlook, the U.S. stocks took a dive.

According to a report by Reuters, the Dow Jones Industrial Average fell by 0.10% compared to the previous day. Meanwhile the S&P saw a decline of 0.03%. In contrast to the two exchanges, the Nasdaq Composite actually rose by 0.13%.

However, overall stock prices were generally higher before the Fed’s announcement.

On the crypto side of the market, the overall crypto market cap fell by 2.3% in the past 24 hours. The current crypto market cap stands at $3.3 trillion, after major tokens like Bitcoin, Ethereum (ETH) and Solana (SOL) saw declines ranging from 1.6% to 0.2%.

Even the overall crypto trading volume suffered a 15% fall following the Fed announcement, from an initial $120 billion to $101 billion on June 19.

Additionally, the CBS reported that the central bank expects inflation to worsen in the coming months. It also foresaw two interest rate cuts by the end of this year. This prediction is the same as its previous projection back in March.

“For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” said Jerome Powell.

The Fed’s decision goes against increasing pressures from the White House to lower interest rated by two points. Just hours before the announcement, Trump said that “stupid” Fed Chair Jerome Powell will likely keep the rates at their current levels. The remarks were part of his ongoing attacks on the Fed.



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June 19, 2025 0 comments
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Coinbase, crypto, Gemini
NFT Gaming

Gemini Slams CFTC’s 7-Year Lawfare Campaign In New Letter

by admin June 18, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Gemini has accused the Commodity Futures Trading Commission (CFTC) staff of waging a “trophy-hunting lawfare” campaign based on “fabricated” statements and unfairly weaponizing the Commodity Exchange Act (CEA) against the crypto exchange for over seven years.

Gemini Slams DOE Staff Conduct

Last week, Gemini Trust sent a letter to the Commodity Futures Trading Commission’s Inspector General, Christopher Skinner, to raise multiple concerns and complaints about the agency’s Division of Enforcement (DOE) conduct against the crypto exchange over the past seven years.

The June 13 letter accuses the DOE staff of “selectively and unfairly” weaponizing the Commodity Exchange Act to “bring dubious false statements charges against Gemini Trust” and “taking a series of legal positions that are contrary to basic principles of due process and good governance.”

Gemini’s letter to Inspector General Skinner. Source: Eleanor Terret on X

In 2022, the CFTC sued Gemini, claiming that the exchange issued “false and misleading statements” regarding its actions to prevent market manipulation in Bitcoin (BTC) prices in 2017.  The complaint alleged that the crypto exchange gave deceiving information to the CFTC as it evaluated a possible self-certification for a BTC futures contract.

In January 2025, Gemini Trust agreed to pay $5 million to the CFTC to resolve the allegations. However, it claims in Friday’s letter that it didn’t settle because it had done anything wrong, but rather “because it had no other choice” at the time.

According to Gemini, the agency’s staff conduct over the past seven years shows that its “trophy-hunting lawfare” was not motivated by a desire to protect the commodities markets. Instead, it was allegedly driven by the DOE personnel’s “selfish desire to advance their careers by misusing their offices to obtain a high-profile ‘win.’”

Additionally, the company argues that the DOE ignored the fact that Gemini Trust was “the victim of fraudulent activity by multiple bad actors” or that the claims originated from a “lie-riddled whistleblower submission by a discredited former employee,” former CPO Benjamin Small, who reportedly embarked on a “vindictive campaign” after he was fired.

Based on this, the letter claims that the DOE Staff consistently abused their office and willingly burned millions of dollars of taxpayer money to sue an “innocent party” and “pursue fabricated and manufactured claims against Gemini Trust.”

CFTC To Restore Regulatory Clarity

The crypto exchange also claimed that “there is something deeply wrong with the DOE and its culture,” adding that it is well known that the division is “out of control” with a “toxic” philosophy.

They consider that the public statements and remarks from CFTC acting chair Caroline Pham have shown how the DOE “has lost its way.” Recently, she criticized the previous administration’s “regulation by enforcement” approach, affirming that the agency is working to restore regulatory clarity.

As reported by Bitcoinist, Pham slammed the Securities and Exchange Commission (SEC) and the CFTC’s previous reinterpretation of existing laws to persecute what they perceived as “bad” or “evil” sectors, like crypto and blockchain technology.

The agency’s acting chair claimed that the CFTC will no longer “twist the law to criminalize an asset class or a technology,” focusing instead on its “core mission” to catch bad actors and prevent fraud, manipulation, and scammers in the market.

However, she clarified that regulations won’t be easy on the crypto industry, or anybody, despite the agency’s new pro-innovation approach. As such, “restoring the well-settled legal precedents, how the CFTC has applied and interpreted the law for decades,” has been a priority under her leadership.

Gemini Trust concluded in the letter that the CFTC’s transformation “will require serious introspection and long-term commitment from the agency as a whole to ensure that this bad-faith behavior never happens again,” and offered to “assist the Commission and Inspector General in whatever capacity they would deem helpful.”

Bitcoin trades at $105,048 in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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June 18, 2025 0 comments
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Top Short Seller Slams Bitcoin Advocate Saylor
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Top Short Seller Slams Bitcoin Advocate Saylor

by admin June 10, 2025


Jim Chanos, one of the most famous short sellers, recently slammed Strategy founder Michael Saylor for promoting “complete financial gibberish.”

Chanos believes that justifying valuation through NAV changes is absurd. 

“This is, of course, complete financial gibberish. Mr. Saylor wants you to value his business based not only on the net value of his Bitcoin holdings (NAV) at market, but additionally with a multiple on the change in that NAV!” Chanos said in a recent social media post. 

James Chanos recently came up with a provocative idea of buying Bitcoin (BTC) as a hedge while simultaneously shorting Strategy (MSTR), the largest corporate holder of the leading cryptocurrency. 

During a recent appearance on Bloomberg, Saylor questioned whether Chanos actually understands what Strategy’s business model is. 

He stressed that Strategy is the largest issuer of Bitcoin-backed credit instruments in the world. 

Saylor has clarified that its Bitcoin purchases are being funded without issuing any common stock, pointing to the company’s trio of preferred stock offerings (“Stride,” “Strife,” and “Strike”).

“If the stock trades at a weak premium, we just gonna sell the preferreds,” Saylor said. 

Saylor has warned that Chanos will end up getting liquidated if the Strategy stock ends up rallying. 

Those who are attempting to value the company have to take into account its ability to generate Bitcoin yield. 



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June 10, 2025 0 comments
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Decrypt logo
NFT Gaming

Meta Oversight Board Slams Parent Company Over Viral Ronaldo Deepfake

by admin June 6, 2025



In brief

  • Meta’s Oversight Board said the company should have removed a deepfake ad of Brazilian footballer Ronaldo Nazário.
  • The post promoted a deceptive online game and misled viewers.
  • The decision highlights Meta’s inconsistent enforcement of fraud policies amid growing concern over AI misuse.

Meta’s Oversight Board has ordered the removal of a Facebook post showing an AI-manipulated video of Brazilian football legend Ronaldo Nazário promoting an online game.

The board said the post violated Meta’s Community Standards on fraud and spam, and criticized the company for allowing the misleading video to remain online.

“Taking the post down is consistent with Meta’s Community Standards on fraud and spam. Meta should also have rejected the content for advertisement, as its rules prohibit using the image of a famous person to bait people into engaging with an ad,” the Oversight Board said in a statement Thursday.

The Oversight Board, an independent body that reviews content moderation decisions at Facebook parent Meta, has the authority to uphold or reverse takedown decisions and can issue recommendations that the company must respond to. 

It was established in 2020 to provide accountability and transparency for Meta’s enforcement actions.

The case highlights a growing concern over AI-generated images that falsely depict people, portraying them as saying or doing things they never did. 

They are increasingly being deployed for scams, fraud, and misinformation.

In this instance, the video depicted a poorly synchronized voiceover of Ronaldo Nazário urging users to play a game called Plinko through its app, falsely promising that users could earn more than by doing common jobs in Brazil. 



The post garnered more than 600,000 views before being flagged.

But despite being reported, addressing the content was not prioritized, and it was not removed. 

The user who reported it then appealed the decision to Meta, where it was again not prioritized for human review. Finally, the user went to the Board.

Deepfakes on the rise

This is not the first time Meta has faced criticism over its handling of celebrity deepfakes.

 Last month, actress Jamie Lee Curtis confronted CEO Mark Zuckerberg on Instagram after her likeness was used in an AI-generated ad, prompting Meta to disable the ad but leave the original post online.

The Board found that only specialized teams at Meta could remove this type of content, suggesting widespread underenforcement. It urged Meta to apply its anti-fraud policies more consistently across the platform.

The decision comes amid broader legislative momentum to curb the abuse of deepfakes. 

In May, President Donald Trump signed the bipartisan Take It Down Act, mandating that platforms remove non-consensual, intimate, AI-generated images within 48 hours.

 The law responds to an uptick in deepfake pornography and image-based abuse affecting celebrities and minors.

Trump himself was targeted by a viral deepfake this week, showing him advocating for dinosaurs to guard the U.S.’ southern border.

Edited by Sebastian Sinclair

Generally Intelligent Newsletter

A weekly AI journey narrated by Gen, a generative AI model.



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June 6, 2025 0 comments
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Francisco Rodrigues
NFT Gaming

NYC Comptroller Slams Mayor Eric Adams’ Bitcoin Bond Plan as ‘Fiscally Irresponsible’

by admin June 2, 2025



New York City’s Comptroller has dismissed a plan by Mayor Eric Adams to back municipal bonds with bitcoin

, calling it “legally dubious and fiscally irresponsible.”

Comptroller Brad Lander, who co-manages the city’s debt issuance, rejected the proposal just days after Adams pitched the so-called “BitBond” to a crowd at a bitcoin conference in Las Vegas.

“Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing, or schools,” Lander said in a press release. He added that such a move could shake investor confidence and run afoul of federal tax law.

The idea is part of Adams’ broader push to position New York as a global crypto hub. Since taking office, he has converted paychecks into crypto and launched a digital asset advisory council.

But Lander pushed back against the bond, which could use some of the proceeds to buy BTC. He argued that the city’s borrowing system is grounded in the U.S. dollar, and any deviation would require mechanisms that the city doesn’t have, like converting bitcoin into cash for public spending.



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June 2, 2025 0 comments
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Peter Schiff Slams Fed-Backed Bitcoin Plan
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Peter Schiff Slams Fed-Backed Bitcoin Plan

by admin May 28, 2025


Popular Bitcoin critic and gold advocate Peter Schiff, in an X post on Wednesday, has raised serious concerns about the new Bitcoin acquisition bill issued by Senator Cynthia Lummis.

While Peter Schiff still holds firm in his belief that Bitcoin poses major risks to the global economy, the Bitcoin critic has expressed strong displeasure about the Fed-backed Bitcoin plan.

Americans are at risk, says Schiff  

The bill, which has received notable backing, proposes that the U.S. government expand its Bitcoin holdings with hundreds of billions of dollars from the Federal Reserve. 

While the move positions the price of the leading cryptocurrency for more ascent, Peter Schiff believes that the bill has only been issued to solely benefit people who already own Bitcoin at the detriment of the masses.

According to his analysis, the bill will only pose more threat to the U.S. economy as it will worsen the already persisting inflation that has forced the economy into distress.

The @CynthiaMLummis Bill, which proposes that the Federal Reserve create hundreds of billions of dollars out of thin air, substantially worsening the existing inflation problem, then use the newly created money to buy one million Bitcoin, solely to enrich the people who already…

— Peter Schiff (@PeterSchiff) May 28, 2025

Peter Schiff mentioned that the bill is a selfish attempt to enrich the pockets of a few at the expense of the majority of Americans who will be forced to buy the cryptocurrency.

While it is not certain if Peter Schiff has made these claims out of genuine concern for Americans, many believe that it is one of his regular oppositions to major Bitcoin buy attempts.

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Peter Schiff is known for his disbelief in Bitcoin’s long-term value. The Bitcoin critic has always preached that Bitcoin lacks the intrinsic value it needs to fuel the growth of an institution, not to mention an economy.

While the bill is still in its early stage and is yet to be passed into law, Peter Schiff is confident that the bill is highly unlikely to become law.

However, if the reverse becomes the case, Peter Schiff warned that no member of Congress who initiated the Bitcoin buy plan is worthy of re-election.





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May 28, 2025 0 comments
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