Crypto Flipsider News – Taproot Launches Tomorrow, Binance Freezes DOGE, Discord Drops ETH Plans
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- Taproot Upgrade Scheduled for November 13, Investors HODL Bitcoin in Anticipation of Rally
- Binance Halts (DOGE) Withdrawal, Users Asked to Return DOGE
- Indonesian MUI Outlaws Crypto as Currency, Miami to Receive “Bitcoin Yield” from MiamiCoin
- Discord Drops and NFT Integration, Sotheby’s Will Accept ETH Bids
Bitcoin Taproot Upgrade Scheduled for November 13, Investors HODL Bitcoin in Anticipation of Rally
After nearly five months of waiting, the Bitcoin community could be getting the Taproot Upgrade on Saturday, November 13. Taproot has been hailed as one of the biggest upgrades since the Bitcoin network launched.
Taproot will bring programmable scripting similar to Ethereum smart contracts. This will translate to improved privacy, speed, efficiency, and programmability of the Bitcoin Network.
Although Bitcoin dominates 43% of the crypto market, it is bested by smart contract networks in terms of functionality. However, the upgrade would bring programmability to Bitcoin as well as multi-signature transactions for better performance.
While Bitcoin has broken its all-time highs every other week, a report shows that many investors continue to HODL, expecting BTC to keep climbing. According to Glassnode, only 12.9% of the Bitcoin supply remains on exchanges.
- While Bitcoin’s popularity soars, many captains of the industry believe that the government and regulators will kill the digital asset if it succeeds
Why You Should Care
Being the most significant and hyped Bitcoin network upgrade, the launch of Taproot has been predicted to start a Bitcoin rally, setting it up to break a new all-time high.
Binance Halts Dogecoin (DOGE) Withdrawal, Users Asked to Return DOGE
The meme coin season continues to distend, with Dogecoin reclaiming its throne from as the biggest “DOGE” on the block. Feeding the Doge populace, Binance announced on November 10 that it had completed DOGE Network’s Dogecoin Core 1.14.5 version update.
However, a day after the update was announced, Binance temporarily suspended withdrawals of DOGE. According to Binance, there was a minor issue in the new update.
The issues seem bigger than Binance wants to acknowledge. According to a November 12 report, some Chinese users have allegedly received DOGE from transactions that failed years ago. Dogecoin Developers wrote;
4) Yesterday we were notified that previously stuck transactions (insufficient fee) had suddenly relayed successfully, post 1.14.5 update – likely because minfees have been lowered in 1.14.5…
— Dogecoin Developers (@dogecoin_devs) November 11, 2021
Other users have complained that Binance initiated the withdrawal of Dogecoin without their consent. Some users have complained that the exchange is asking them to return the Dogecoin that they do not currently have in their Binance accounts.
- While the issue persists, Binance has announced that it is actively working with the DOGE project team to resolve the issue.
Why You Should Care
Dogecoin Developers have provided technical advice for those worried about their failed transactions.
Indonesian MUI Outlaws Crypto as Currency, Miami to Receive “Bitcoin Yield” from MiamiCoin
While cryptocurrencies are enjoying unprecedented adoption, the asset class has had several fallouts with governments and organizations. In Indonesia, the world’s biggest Muslim majority country, the Indonesian Ulema Council (MUI) has banned the use of crypto as a currency.
According to Asrorun Niam Sholeh, MUI’s head of religious decrees, cryptocurrencies are forbidden as a means of payment because they carry elements of uncertainty and harm. On the contrary, trading and investing in cryptocurrencies are allowed in the country.
- Although banned in Indonesia, cryptocurrencies are receiving continuous support in Miami, thanks to a pro-crypto mayor, Francis Suarez
- After the successful launch of a city coin, Mayor Suarez has announced that Miami will share with its residents some of the gains from the MiamiCoin launched in August
- Since its launch, the city has generated over $21 million, of which 30% has been allocated to the residents of the city
Why You Should Care
The contrast between Miami and Indonesia shows how important regulatory policies will be in shaping the future of cryptocurrencies. Favorable policies will foster greater adoption of crypto.
Discord Drops Ethereum and NFT Integration, Sotheby’s Will Accept ETH Bids
Just days after teasing a possible integration with the Ethereum Network, the CEO of Discord, Jason Citron, has been forced to drop his plans of integrating Ethereum and NFTs into the popular community messaging app.
Citron was forced to go back on his earlier plans after thousands of Discord users called on him to abandon the project, with some threatening to cancel their Nitro subscriptions. As a result, on November 11, Citron announced that the features had been moved from “pre-release” mode to “no release” mode.
- After being dropped on one end, the iconic auction house, Sotheby’s, has announced that it will accept live bids in ETH for two Banksy pieces of artwork: Trolley Hunters and Love Is In The Air (2006)
- According to the announcement, a cryptocurrency will be used as the standard currency for bidding on physical artwork. Sotheby’s has been accepting cryptos since June.
Why You Should Care
The obvious dissimilarity between Discord and Sotheby’s shows that although crypto adoption is at an all-time high, not everybody is ready to integrate the technology.
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