Goldman Sachs executive quits after making millions from Dogecoin

The crypto asset is down more than 30% this week but is still up by more than 1,000% from the start of 2021

A senior manager at Goldman Sachs in London has quit the US investment bank after making millions from investing in Dogecoin, the joke crypto asset which has risen by more than 1,000% in value this year.

City sources said Aziz McMahon, a managing director and head of emerging market sales, had resigned from the bank after making money from investing in the digital currency based on the Doge internet meme.

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Bitcoin records biggest one-day drop for almost two months

Fall comes amid warnings over speculation by novice investors in cryptocurrencies such as dogecoin

Bitcoin has posted its biggest one-day drop in almost two months, amid warnings that novice investors could suffer heavy losses from speculating in crypto assets such as “meme coin” dogecoin.

Bitcoin tumbled more than 11% on Sunday, dropping from about $62,000 (£45,000) to $55,000 – its lowest level since the end of March. Last week, the cryptocurrency had hit fresh record highs at nearly $65,000.

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China’s vast bitcoin mining empire risks derailing its climate targets, says study

China powers nearly 80% of the global cryptocurrencies trade, but the energy required could jeopardise its pledge to peak carbon emissions by 2030

China’s electricity-hungry bitcoin mines that power nearly 80% of the global trade in cryptocurrencies risk undercutting the country’s climate goals, a study in the journal Nature has said.

Bitcoin and other cryptocurrencies rely on “blockchain” technology, which is a shared database of transactions, with entries that must be confirmed and encrypted. The network is secured by individuals called “miners” who use high-powered computers to verify transactions, with bitcoins offered as a reward. Those computers consume enormous amounts of electricity.

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Can anyone become an NFT collector? I tried it to find out

This year non-fungible tokens burst into the mainstream after several digital images and animations sold for absurd amounts – so I entered the world of NFTs myself

For years, I’ve kept an ever-growing record of interesting pictures I discover online in a folder entitled Images on my desktop: a fox sauntering through an art gallery; a pixelated rendering of a Tokyo streetscape; Jon Bon Jovi doing yoga. They’re sentimental reminders of things I’ve seen online, but I am under no illusion that I somehow own these images. They come from the internet and can be copied, shared and experienced by many people all at once. My collection really is worthless to anyone but me.

Related: Art, amulets and cryptokitties: the new frontier of cryptocurrencies

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Elon Musk changes his Tesla job title to ‘technoking’

Company’s financial chief has been rebranded ‘master of coin’ following £1bn bitcoin investment

Elon Musk, the billionaire chief executive of Tesla with a penchant for eccentric behaviour, has changed his job title to “technoking” of the electric car manufacturer.

In addition to Musk, who also retains his position as chief executive, the company’s financial chief, Zach Kirkhorn, has been rebranded as “master of coin”.

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What is cryptoart, how much does it cost and can you hang it on your wall?

When is a meme worth $600,000? When technology has created a ‘unique’ version that can’t be owned by anyone else

Pat, I keep hearing references to cryptoart which are all very … cryptic. What is this thing?

Hey Lucy! So you might have heard of it in context of the $US600,000 Nyan Cat gif or the more recent Kings of Leon NFT Album, both of which are examples of cryptoart. Cryptoart is a way of making digital art unique, and therefore – according to some people – valuable. Normally, digital art is very easy to replicate due to the very nature of digital information. So cryptoart is a way of making digital files one-of-a-kind.

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Electricity needed to mine bitcoin is more than used by ‘entire countries’

Bitcoin mining – the process in which a bitcoin is awarded to a computer that solves a complex series of algorithm – is a deeply energy intensive process

It’s not just the value of bitcoin that has soared in the last year – so has the huge amount of energy it consumes.

The cryptocurrency’s value has dipped recently after passing a high of $50,000 but the energy used to create it has continued to soar during its epic rise, climbing to the equivalent to the annual carbon footprint of Argentina, according to Cambridge Bitcoin Electricity Consumption Index, a tool from researchers at Cambridge University that measures the currency’s energy use.

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Nvidia’s new gaming software puts brakes on mining cryptocurrency

Artificial constraint highlights struggle to keep up with demand from cryptocurrency miners

The newest graphics cards from the gaming processor designer Nvidia will be artificially constrained in their ability to mine cryptocurrencies, the company has announced, as it desperately tries to manage a year-long inability to satisfy demand.

The RTX 3060, a high-powered PC peripheral designed to let gamers get the best performance from their machines, will ship with software that makes it half as effective at mining the cryptocurrency Ethereum as it could be.

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Are share-trading apps a safe way to play the markets?

After investors caused havoc on the markets last week in a battle over the shares of a video-game chain, we explore the promise and pitfalls of the apps they used

A year ago shares in struggling US video game store GameStop were worth just $3.25 a pop, yet at the end of last month they had reached $482. This stupendous surge was created by thousands of armchair traders, organising themselves on internet forums such as Reddit, who were attempting to outwit hedge funds who had placed massive bets on the chain’s decline in a process known as short-selling.

This has resulted in billion-dollar losses for some hedge funds, and big profits for traders who cashed out before the stock fell back to less than $100. Many of these speculators were using a new generation of share-trading apps, such as eToro, Robinhood and Trading 212. Have these services tipped the scales of financial power in favour of the little guy? Here we answer some key questions …

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The tyranny of passwords – is it time for a rethink?

They are elusive, infuriating gatekeepers that rule our lives. Easy to crack and hard to remember, forgetting them is pricey – it cost Stefan Thomas £160m in lost bitcoin

Modern life is the act of entering the third character of a long-dead family pet into an online form three times a week, getting it wrong, and speaking to a call-centre worker in India whose real name is almost certainly not Kenny, ad infinitum, until you die. Our ancestors lived short, brutish lives and died in childbirth, or were gored to death on the battlefield, but at least they didn’t have passwords, and that’s something.

The tyranny of passwords; it colonises modern life. These petty dictators deny us access to our bank accounts, our baby photos, our phone contracts, even our heating. They reproduce as endlessly as bacteria, and yet, like Tupperware lids, you can never find the one you need. They are our boyfriends, our girlfriends, our children, our pets. A talented and motivated adversary could probably work yours out in the time it has taken you to read this paragraph.

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Bitcoin hits record high on 12th anniversary of its creation

Cryptocurrency passes $30,000 as financial institutions express growing interest

Bitcoin has surged to a record high amid rising interest from investors and claims that the volatile cryptocurrency is on the way to becoming a mainstream payment method.

Having quadrupled in value during 2020, bitcoin began 2021 strongly by breaking through the $30,000 (£22,000) mark for the first time, less than three weeks after first trading above $20,000.

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US seizes $1bn in bitcoin linked to Silk Road site

DoJ is suing for formal forfeiture of funds after tracking down the person holding them

The US government has seized more than $1bn worth of bitcoins connected to the shuttered darknet marketplace Silk Road and is suing for formal forfeiture of the funds.

The case is the biggest cryptocurrency seizure in history, and explains why the bitcoins changed hands this week. Analysts had noticed the transfer on the public blockchain and speculated that it was either due to an unknown Silk Road co-conspirator attempting to cash out, or because the funds had been stolen by hackers.

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Investors who lost $190m demand exhumation of cryptocurrency mogul

  • Gerald Cotten, 30, died in ‘questionable circumstances’
  • Canadian company founder took crucial password to the grave

Lawyers for customers of an insolvent cryptocurrency exchange have asked police to exhume the body of the company’s founder, amid efforts to recover about $190m in Bitcoin which were locked in an online black hole after his death.

Miller Thomson LLP sent a letter to the Royal Canadian Mounted Police on Friday, requesting authorities “conduct an exhumation and postmortem autopsy” on the body of Gerald Cotten, founder of QuadrigaCX, citing what the firm called the “questionable circumstances” around his death earlier this year.

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Police arrest hundreds over international child sexual abuse website

South Korean-based site accepted digital currency for access to videos, with victims rescued in US, UK and Spain

Hundreds of people have been arrested in a worldwide operation over a South Korea-based dark web child sexual abuse site that sold videos for digital cash.

Officials from the United States, Britain and South Korea described the network as one of the largest operations they had encountered to date.

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Payment firms back out in painful blow to Facebook’s cryptocurrency Libra

Several large companies have announced their departure, including Visa and Mastercard, a week after PayPal exited

Nearly every payment firm that initially agreed to join Facebook’s cryptocurrency Libra has backed out, in a potentially fatal blow to the social network’s plan for a worldwide digital currency.

Visa and Mastercard said on Friday they would no longer participate in the Libra Association and Latin American payment system Mercado Pago announced it would back out as well. Several other large companies have announced their departures .

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Unicef now accepting donations through bitcoin and ether

Use of cryptocurrencies allows children’s agency to bypass fees of moving cash overseas quickly and increase financial transparency

The UN children’s agency, Unicef, has announced it is accepting and disbursing donations through cryptocurrencies ether and bitcoin.

Unicef’s new Cryptocurrency Fund is the latest in a series of efforts by aid organisations to experiment with “blockchain” currencies, which have the potential to transform charitable giving and increase financial transparency.

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Australian who says he invented bitcoin ordered to hand over up to $5bn

US court orders Craig Wright to share cryptocurrency haul with the estate of American programmer David Kleiman

The Australian man who claimed to have invented cryptocurrency bitcoin has been ordered to hand over half of his alleged bitcoin holdings, reported to be worth up to $5bn.

The IT security consultant Craig Wright, 49, was sued by the estate of David Kleiman, a programmer who died in 2013, for a share of Wright’s bitcoin haul over the pair’s involvement in the inception of the cryptocurrency from 2009 to 2013.

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$32m stolen from Tokyo cryptocurrency exchange in latest hack

Bitpoint suspends services after apparent theft of virtual monies including bitcoin

A cryptocurrency exchange in Tokyo has halted services after it lost $32m (£25m) in the latest apparent hack on volatile virtual monies.

Remixpoint, which runs the Bitpoint Japan exchange, discovered that about ¥3.5bn in various digital currencies had gone missing from under its management.

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Far-right fundraising not taken seriously by UK, report finds

Government ‘unwilling’ to engage with financing of extremists, says Whitehall thinktank

An “unwillingness” by the UK government to engage with the threat posed by far-right extremists is creating a vacuum in which such groups can flourish, according to a study by a Whitehall thinktank of their fundraising activities.

The report warns that the focus placed on Islamists has meant that counter-terrorist authorities tasked with looking into financing have made little attempt to understand how far-right individuals and groups raise funds.

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China’s state planning agency seeks to ban bitcoin mining

Cryptocurrency mining added to list of industrial activities Beijing wants to phase out

Related: Bitcoin and cryptocurrencies – what digital money really means for our future

China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector.

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