DeFi News Daily Official TheBitTimes.com

Any casual observer of blockchain dashboards might have been impressed with Solana last week as its 355 million transactions seemingly outpaced all other blockchains across that seven-day period. Supporting the view that Solana needs extra capacity to accommodate demand, engineers implemented SIMD-0207 to increase the blockchain’s block size by 4%.  However, the headline that its transactions surpassed all other blockchains drastically overstates Solana’s meaningful usage . In contrast to Solana’s mostly computational, non-financial transactions, transactions on other blockchains are predominantly authorizations to move actual money.  For example, in contrast to the Bitcoin blockchain, where the overwhelming majority of transactions involve the movement of funds, Solana’s blockchain is mostly filled with “program interactions.” These non-financial voting actions among proof-of-stake participants are tantamount to computers sending commands to one another.  ...

Although they sometimes disagree on issues like Bitcoin (BTC), the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ Robert Kiyosaki, and a popular economist and gold bug, Peter Schiff, do agree on one thing – that the United States is looking at a massive financial collapse. Indeed, Schiff explained that the “fiat-based monetary system is on the verge of implosion” as the “dollar collapses and the world returns to the gold standard – just without the dollar,” as he joined Kiyosaki for an episode of his The Rich Dad Channel podcast streamed on June 26. Devastating consequences According to the economist , returning to the gold standard under such conditions would lead to devastating consequences for the already declining American standard of living, which he believes is “going to collapse,” and the US Federal Reserve might make the inflation worse by issuing Fedcoin. ...

The Australian financial regulator has canceled the financial license of FTX Australia, a local subsidiary of the failed crypto exchange. The Australian Securities and Investments Commission (ASIC) announced the cancellation on July 19. It went into effect on July 14. The exchange will be allowed to offer limited financial services until July 12, 2023, while wrapping up its dealings with clients. ASIC has cancelled the Australian financial services licence held by FTX Australia https://t.co/Gsmsg9XcYj — ASIC Media (@asicmedia) July 19, 2023 During this period, FTX Australia must also make arrangements for compensating its clients, as the regulatory authority specifies. Before the cancellation, FTX Australia served around 30,000 retail clients and provided services to 132 local companies. The troubles for FTX Australia began in mid-November last year when ASIC suspended its Australian Financial Services (AFS) license, which permitted the creation of derivatives and for...