Elon Musk Says Lightning Network 'Needed' to Scale Bitcoin for Now
Elon Musk has jumped into the bitcoin (BTC, -10.24%) scaling debate on Twitter, saying the layer 2 payments Lightning Network is “needed” for now.
"Layer count depends on projected bandwidth & compute, both rising rapidly, which means single layer network [e.g. Bitcoin alone] can carry all human transactions in future imo," the Tesla CEO tweeted Friday.
Until then, however, Lightning will be necessary to provide the required bandwidth, he argued.
The Lightning Network is a layer atop the Bitcoin blockchain designed to enable faster and cheaper transactions by enabling user-generated channels for sending and receiving payments.
Musk has also been responding to a Twitter discussion about bitcoin's energy usage, the reason cited for Tesla's recent U-turn on accepting the cryptocurrency as a method of payment.
He proposed that the top-10 mining organizations post audits of the amount of renewable energy used in their operations as one way to tackle the issue.
Horizons ETFs Canada had to “put in place all the business continuity plans,” its CEO said.
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May 21, 2021 at 7:23 p.m. Updated May 22, 2021 at 12:14 a.m.
Canadian Bitcoin ETF Provider Went on High Alert as Crypto Crash Halted Futures Trading
Two funds run by Horizons ETFs Canada were on “high alert” after the Chicago Mercantile Exchange halted bitcoin (BTC, -10.24%) futures trading amid crashing crypto prices on Wednesday, the firm’s CEO said.
The exchange-traded funds had to send alerts that they would be unable to fulfill buy and sell orders if the futures price remained at its low level, the Financial Times reported Friday.
Bitcoin tumbled as low as $30,200 at one point on Wednesday, triggering curbs designed to relieve panicked trading.
That caused alarm for the two funds, which launched in April, allowing investors to take long and short positions on bitcoin.
“We were on high alert at 9 a.m.,” said CEO Steve Hawkins. “We had to put in place all the business continuity plans for these ETFs.”
The situation eased as bitcoin’s price recovered, but Hawkins believes it “opened the eyes of the retail investing public to understanding how volatile this asset class is.”
Source - CoinDesk