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Friday October 26 2018, Daily News Digest

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United States

Coinbase Bitcoin Cash Lawsuit Dropped by U.S. Court (Ethereum World News), Rated: AAA

According to motion, plaintiff Jeffrey Berk of Arizona did “not sufficiently articulate the legal bases for his claims” in the lawsuit, leading the Judge to dismiss the case ahead of going to trial. In a decision that could have broader implications for other lawsuits against Coinbase, the judge believed that the exchange had conducted appropriately according to the conditions available,

Bitcoin Cash Ruling a ‘Mixed Bag’ for Coinbase (CCN), Rated: A

While some had initially characterized the ruling as a “win” for Coinbase, Stephen Palley, a litigator who leads legal firm Anderson Kill’s blockchain and cryptocurrency group, said that the order was actually a “mixed bag” for the company.
Coinbase lawsuit

CNBC’s Ran NeuNer Hints At “Coinbase IPO,” Confusion Ensues (Ethereum World News), Rated: A

NeuNer, who goes by “CryptoManRan” on his socials, claimed that he would reveal the specifics of the Coinbase’s IPO on the next installment of CNBC Africa’s Crypto Trader, which the investor hosts.

In two images, which are slated to be fully premiered during his show’s next episode, the crypto-friendly venture capitalist noted that Coinbase has surpassed the milestone of 25,000,000 accounts, which comes just months after the CEO Brian Armstrong claimed that Coinbase was adding 50,000 per day at the peak of 2017’s bull run.

Would the Coinbase-BlackRock ETF Be the Industry’s ‘Magic Bullet’? (Finance Magnates), Rated: A

In order to understand whether or not a crypto ETF formed by these two firms would be viable–and whether or not the companies are likely to move forward with an application–it’s important to understand the landscape they would be entering into.

Coinbase Crypto Company Officially Launches USDC Stablecoin on Coinbase Pro (Bitcoin Exchange Guide), Rated: B

Starting today, October 25, 10:30 mp PT on Thursday, Coinbase Pro will be supporting USDC, Circle’s new stablecoin. This means that users will be able to deposit normal USD and convert it to USDC without paying any fees at all.

Has Bitcoin (BTC) Become the New ‘Stablecoin’? (Ethereum World News), Rated: AAA

As the crypto-verse welcomes multiple stable coins pegged to the USD and the Australian Dollar, the King of Crypto – Bitcoin (BTC) – has particularly been one of the most stable cryptocurrencies in the markets for close to a month now. Looking at its market performance since late September, we find that BTC has only dropped once to levels below $6,300, and for a time period of less than a week. All other times, the digital asset has been oscillating at levels above $6,400. Below is a chart from coinmarketcap.com to give a better visual cue of the situation.

Bitcoin Stablecoin
Source: Ethereum World News

If you invested $ 1,000 in bitcoin 5 years ago, here’s how much you’d have now (CNBC), Rated: A

While the value of one bitcoin hit highs of around $1,000 and lows below $600 during December 2013, when the cryptocurrency began to go mainstream, it hovered around $1,000 early in the month. A bitcoin purchased at $1,000 would be worth about $6,400 Thursday, or over six times as much, and your total gain would be over $5,000.

If you bought bitcoin at its high near $20,000, $15,000, or even at $10,000, though, you would have lost money: around $13,600, $8,600 or $3,600, respectively.

Ripple Says XRP Cryptocurrency Sales Doubled in Q3 2018 (CoinDesk), Rated: AAA

In its Q3 2018 XRP Markets Report, released Thursday, Ripple announced it sold $163.33 million in XRP, up from $75.53 million in the second quarter. Most of the increase came from institutional direct sales, where Ripple subsidiary XRP II sold $98.06 million, compared to only $16.87 the quarter before. It saw a much smaller increase in programmatic sales quarter-over-quarter, going from $56.66 million to $65.27 million.

That being said, Ripple has yet to match its first-quarter sales of $167.7 million.

XRP can solve the global liquidity problem, but over-regulation is a major threat (AMBCrypto), Rated: A

More so, the leader admitted that the industry has failed to acknowledge the shortcomings and potential threats that can arise from digital assets.

Next, he put forth the idea that one needs to work within the system to recognize the real obstacles and concerns associated with the industry.

He then spoke about XRP, by citing it as an example for solving the problem of global liquidity. He mentioned that digital currencies can keep the world from experiencing another financial collapse.

SEC Expected to Rule that Ripple XRP is Not a Security (The Independent Republic), Rated: A

The Securities and Exchange Commision (SEC) has waited to regulate this sector because they don’t want to stunt potentially useful innovations. Labeling cryptocurrencies as securities would greatly restrict their distribution, and impose heavy tax burdens to blockchain companies and their investors. For this reason, the cryptosphere has been hoping for a different conclusion.

Ripple and XRP (The Daily HODL), Rated: B

Meanwhile, a member of the the Ripple community has released a new blockchain explorer for XRP called XRPScan. It’s designed to imitate the look and feel of traditional platforms like Etherscan.

XRPScan

Litecoin [LTC] Technical Analysis: Bear’s presence sends token into a downward spiral (AMBCrypto), Rated: AAA

Litecoin [LTC] seems to have fallen into the bear’s pit along with top coins like Bitcoin [BTC], Ethereum [ETH] and XRP and has been trying to climb back up ever since, but to no avail. Litecoin has taken a combo-attack to the gut as a result and is performing far worse than other coins, but the community is optimistic about the recent Core 0.17 release and is hoping for a slight bull run if not a trend reversal.

Litecoin 1 hour
Source: AMBCrypto

Litecoin [LTC] seems to have fallen into the bear’s pit along with top coins like Bitcoin [BTC], Ethereum [ETH] and XRP and has been trying to climb back up ever since, but to no avail. Litecoin has taken a combo-attack to the gut as a result and is performing far worse than other coins, but the community is optimistic about the recent Core 0.17 release and is hoping for a slight bull run if not a trend reversal.

Charlie Lee Speaks On Cryptocurrency Privacy And Future Of Litecoin (LTC) (Bitcoin Exchange Guide), Rated: A

Moving forward, Lee talked on the importance of privacy in the contemporary world. Specifically, he discussed the fungibility of various digital currencies. Charlie mentioned that Bitcoin is not fungible because the origin of its transactions can be easily traced. Moreover, when a person sends Bitcoin, they can see the amount of Bitcoin owned by the recipient. In comparison, lesser coins such as Monero and Zcash have invested heavily in enhancing the privacy of their transactions. According to Lee, these altcoins are toppling the crypto industry.

Despite of lauding the privacy of Monero, Lee pointed out that the Monero network is likely to face scaling issues because of its large block size. In the recent ‘Bulletproof’ hard fork, Monero reduced its block size by 90%. However, they are still larger than Bitcoin block sizes.

Meet ‘Spedn’ — A Smart Contract Programming Language for Bitcoin Cash (Bitcoin.com), Rated: A

On Wednesday, a developer called Tendo Pein announced the launch of a new smart contract programming language for the Bitcoin Cash network. Pein said “Spedn,” a BCH-based language, is designed for explicitness and safety while having a syntax similar to the C programming environment.

Crypto Wallet Edge Announces Integration of Changelly, Stellar, and More (Coin Journal), Rated: A

The Version 1.4.0 update integrates exchange platforms Changelly and ShapeShift for additional currency support, and offers users a decentralized crypto price comparison service. It also adds support for Stellar, the sixth largest cryptocurrency by market capitalization meaning that Edge now supports eight of the top ten largest cryptocurrencies by market capitalization.

Sony Unveils ‘Multiple Application’ Contactless Cryptocurrency Hardware Wallet (CoinTelegraph), Rated: A

The research arm of Japanese technology giant Sony announced it had created a contactless cryptocurrency hardware wallet in a press release Tuesday, Oct. 23.

The advantages, according to developers from Sony Computer Science Labs (SCSL), lie in dispensing with the need to attach the wallet to a host device via USB, as is the current standard for the industry.

What can blockchain actually do for journalism? (Columbia Journalism Review), Rated: A

THE TECHNOLOGY THAT POWERS CRYPTOCURRENCY, called blockchain, has captured the attention of newsrooms in dire need of better business models, even as societies debate the value of currencies like Bitcoin and Ethereum. Last week, a group of technologists, journalists, legal experts, and academics gathered at the Brown Institute and the Tow Center for Digital Journalism for a series of discussions about what blockchain’s uses in journalism have taught us about this trendy new technology, and what it may hold for the media industry of the future.

Nasdaq Wins Patent for Blockchain-Based Newswire Service (NewsBTC), Rated: B

The United States Patent and Trademark Office (USPTO) has granted Nasdaq a patent for a blockchain-powered newswire service.

The platform aims to use smart contracts to incorporate encryption and workflow features as well as maintaining a log that becomes more difficult to change over time.

SALE FOR ALGORITHMIC STABLECOIN PROJECT LAUNCHES (BlockAsia), Rated: B

Kowala, creator of the kUSD stable cryptocurrency designed to algorithmically track the value of one US dollar, has launched a sale for qualified investments in their stablecoin project.

International

How Bitcoin (BTC) is 10,000 Times More Efficient Than Banks (Ethereum World News), Rated: AAA

The US Banking system consumes 9% of GDP.

When you consider 9% of GDP and compare that to the 600,000 Antminer S9or equivalent around the world securing bitcoin you will see many orders of magnitude difference between what Bitcoin consumes and what the banking system consumes.

The cost of electricity at crypto mines is about $0.04 per kWh which makes the 600,000 mining machines consume $198 Million of electricity per year. This is only 0.01 % of the resources consumed by the banking system. This means that Bitcoin is 10,000 [times] more efficient than the banks.

An In-Debt Look at Bitcoin Lending: Is It Worth It? (Coin Central), Rated: A

The primary goal of Bitcoin lending platforms is to provide users with more leverage in their trading endeavors. Leverage is an investment strategy in which you multiply the effectiveness of your trades via borrowed money. It’s a common strategy in the stock market.

In theory, the concept sounds fantastic. You get a loan for USD 10,000, buy Bitcoin, the price rises, and you laugh all the way to the bank. In reality, the process is much more difficult than this, and in most instances, investors find themselves with huge piles of debt.

A January report revealed that as much as 18.15 percent of recently purchased Bitcoin were acquired using credit. These statistics also showed that around 22 percent of these debts are not getting paid off.

As Tether flails, cryptocurrency exchanges launch rival stablecoins (TechCrunch), Rated: AAA

The promise of Tether,  the digital currency pegged 1:1 to the US dollar, was that it could provide the benefits of a cryptocurrency while providing a fiat -backed peg against price fluctuations.

But the currency has fallen below the $1 in recent weeks, right as a range of competing currencies are becoming available to meet the growing interest in the so-called “stablecoin” sector. It’s certainly not a coincidence.

Among the latest movers, crypto exchange Gemini  issued the Gemini Dollar and financial blockchain solution Paxos issued the Paxos Standard.

OKEx, one of the top three cryptocurrency exchanges by volume, listed TrueUSD, along with Paxos Standard, Gemini Dollar and Circle’s stablecoin USD Coin. Huobi,  another top ranked exchange by volume, followed with the same listings.

Huobi also listed its own stablecoin solution, called HUSD, which initially is launching by being the stablecoin replacement on its own exchange. And just on Tuesday this week, Coinbase backed Circle in forming the new CENTRE Consortium, and announced the support for USD Coin (USDC).

HitBTC, OKEx, Binance and Huobi Lead in Trading Pair Stakes (U.Today), Rated: AAA

A research into the top 10 cryptocurrency exchanges has revealed that four — Binance, OKEx, Huobi, and HitBTC — are leading the way in terms of offering trading pairs with HitBTC by and far the biggest offerer.

crypto exchange trading pairs

ETHEREUM, EOS AND CARDANO DOMINATE WORLDWIDE MEETUP NUMBERS FOR ALTCOINS (ICO Examiner), Rated: A

In September, it reported a 1500% increase in social media activity surrounding Ripple in the same week that XRP doubled in price.

As of writing, the Meetup platform reports 245 regular Ethereum Meetups worldwide, far outstripping the equivalent number for Bitcoin which sits at 102.

Litecoin, the seventh largest cryptocurrency by market cap, currently registers no more than six regular Meetups worldwide.

EOS, on the other hand, which sits only two places above Litecoin in the absolute rankings by market cap, currently attracts visitors to 145 regular Meetups across the globe, and like Ethereum its numbers also surpass those of Bitcoin. Cardano (54) and IOTA (40) are the next highest entries. Monero – whose hardcore following is largely composed of privacy advocates  – registers a more modest 16, behind Stellar (24) but ahead of Ripple / XRP which sits on 15.

Blockchain to open up global retail banking system (Coin Rivet), Rated: A

Blockchain has the potential to provide a universal distributed system that can be used by several retail banks to drive efficiency and bring systems together allowing improved quality of service, opening up options for new products and services, according to GlobalData.

The technology could potentially transform the global retail banking system in the following areas: smart contracts, know your customer (KYC), payments, fraud reduction and customer management.

Cyrpto requires a more transparent blockchain to fight laundering (PaymentsSource), Rated: A

Cryptocurrencies present a new and promising frontier for the future of digital payments; however, they also represent an unknown for many people and traditional institutions. With the movement to cryptocurrency well underway, governments in many nations are driving the creation of new regulations surrounding these new forms of payments.In most places, these regulations are still being determined.

Blockchain And Climate Change (NPR), Rated: A

According to a U.N. climate report that was released earlier this month, the world has only about 12 years to roll back carbon emissions and avoid the worst impacts of climate change. Silicon Valley has been at work on a solution for years, often promising quick fixes. Blockchain, the technology behind cryptocurrencies like bitcoin, is the latest solution coming from big tech. Member station KQED’s Sam Harnett has more.

HARNETT: McCauley says blockchain could help with things like counting carbon credits or keeping track of, say, how many trees a company is planting to suck carbon out of the air. Katharine Mach, a climate scientist at Stanford, agrees. But she says it’s dangerous to believe blockchain will be some kind of miracle cure.

European Union

Ethereum Price Analysis – ICO activity continues to be relatively strong (Brave New Coin), Rated: AAA

Ethereum (ETH) has remained relatively stable over the past week, despite two days of heavy volume. Overall, the crypto asset remains down 86% from the US$1,420 record high on January 13th. The market cap stands at US$20.85 billion, with US$960 million traded in the past 24 hours.

On the network side, the current number of transactions per day on the network (line, chart below) stands at 530,000, up from a yearly low of 500,000. Average transaction value (fill, chart below) has plummeted to ~US$740, down from a high of US$20,000 in April 2017. Pending transactions are currently rising and above 90,000 with average transaction fees declining near yearly lows at US$0.19 (not shown).

Ethereum
Source: CoinMetrics.io

Ethereum Blockchain Network is Benefitting from the Stablecoin Boom: Why? (Bitcoin Exchange Guide), Rated: A

You can get all the big stablecoin names in the market right now: TrueUSD( TUSD), Circle Coin (USDC), Gemini Dollar(GUSD) and Paxos (PAX) are all based on the Ethereum blockchain. They are all fully audited, regulated and more transparent than Tether, which has been made them more useful for customers all around the world.

Bitcoin [BTC] and Ethereum [ETH] worth $ 500,000 donated by Binance towards flood relief in Japan (AMBCrypto), Rated: AAA

Recently, the devastating floods in South-Western Japan resulted in 8 million people being advised to evacuate and 225 people dead. Binance’s Blockchain Charity foundation took the initiative to donate 56.7 million JPY worth of cryptocurrencies [63.03 BTC & 169.85 ETH] to help West Japan.

Binance has raised over $ 1.4 million USD (Coin Insider), Rated: A

The cryptocurrency exchange revealed that they had managed to raise approximately a total donation of $1,410,000 USD. The donations consist of various types of ERC20 Tokens.

5 Reasons To Keep HODLing Binance Coin (BNB) (Invest in Blockchain), Rated: A

BNB is used for discounted trading fees, meaning that trading BNB pairings can save high-frequency traders a lot of money. Currently, using BNB for trading saves traders 25% on Binance’s already relatively low (0.1%) trading fees. There is a newly released vesting schedule for this, outlined here, which presents a reduction of the trading discounts over the next 5 years and also indicates that users with large BNB token holdings will be granted specific perks.

United Kingdom

Facebook gets maximum fine for the catastrophic Cambridge Analytica data breach (Business Insider), Rated: AAA

The UK’s Information Commissioner’s Office (ICO) fined Facebook £500,000 ($645,000), the highest punishment it can dish out for a data breach.

China

Users To Own Their Digital Identity With The New HTC Blockchain Smartphone (Market Exclusive), Rated: AAA

The HTC executive adds that social media giants of today like Facebook flourish because they hold a lot of data. Therefore, the phone tries to change that narrative by giving every user a control over their data.

“And the reason why you do a blockchain phone is … for everybody just to own their own keys. Everything starts there. When you start owning your own keys, then you can start owning your own digital identity, then you can start to own data,” Chen tells CNBC.

Taiwan Prepares Itself For ICO Regulatory Framework (NewsBTC), Rated: A

The comments regarding the imminent introduction of an ICO regulatory framework came from Wellington Koo, the chairman of Taiwan’s Financial Supervisory Commission (FSC), who said that they are currently in the process of drafting ICO regulations that would make them as liquid and safe as retail stocks.

Zichain Enters Into a Strategic Partnership With Major Chinese Investment Funds (Fox 5 Ozarks), Rated: B

Zichain, a Switzerland-based blockchain finance company, providing solutions for cryptocurrency trading and digital asset management, has announced today that it has received investments from Bitblock Group and Fiat Capital – two leading Chinese funds specializing in digital assets.

All interested parties view this deal as a strategic partnership that also involves a joint marketing effort to promote Zichain’s unique range of products to Chinese clientele.

Australia

Australia Post Ventures into Digital Currency (Ethereum World News), Rated: AAA

Australia-based postal service, Australia Post, has provided customers with the opportunity to register on virtual currency exchanges in minutes on its digital identity platform, Digital iD. According to Micky, users do not have to provide documents nor wait many days to be verified.

Australian Woman Docked for Stealing $ 450,000 Worth of Ripple Cryptocurrency (Ethereum World News), Rated: A

New South Wales Police have arrested a 23-year-old woman in connection to a case of theft involving over $450,000 worth of Ripple cryptocurrency.  The theft incident occurred in January when 100,000 XRP were illegally removed from the online wallet of a crypto owner.

No Need For Central Bank Digital Currency In Australia, Says RBA Assistant Governor (BlockTribune), Rated: B

Michelle Bullock, Assistant Governor of the Reserve Bank of Australia (RBA), said that the bank has yet to find a convincing reason to create a national cryptocurrency settled on blockchain.

Asia

Japan just gave its cryptocurrency industry legal power to police itself (Technology Review), Rated: AAA

Japan’s Financial Services Agency has granted the Japan Virtual Currency Exchange Association, a self-regulatory organization made up of representatives from cryptocurrency exchanges, authority to create rules aimed at protecting consumers, preventing money laundering, and standardizing how exchanges should operate. The agency also gets the power to sanction exchanges for breaking those rules, reports Reuters.

North Korea Allegedly Backed Two Cryptocurrency Scams This Year (CoinTelegraph), Rated: A

According to a new report from U.S.-based security firm Recorded Future published on Oct. 25, the North Korean government has sponsored at least two scam coins.

The first scam coin allegedly backed by North Korea is called Interstellar coin, and was found by Insikt Group in June 2018. The coin has reportedly been rebranded a number of times, going by various names such as HOLD, HUZU, or Stellar. The latter should not be confused with the XLMtoken.

The second scam coin dubbed Marine Chain coin was detected in a “couple of Bitcoin forums” in August 2018. The coin, which supposedly enabled the tokenization of maritime vessels for multiple users and owners, was claimed to be fraudulent by the state of Ontario, Canada.

XRP, Bitcoin (BTC), Ethereum (ETH) ATM Seized By Indian Authorities (Ethereum World News), Rated: A

Along with arresting Harish, authorities from the Central Crime Branch reportedly seized the physical teller, two laptops, one smartphone, three credit cards, five debit cards, a passport, a cryptocurrency hardware device, and $2,500 worth of INR.

While crypto-to-crypto exchanges are still permitted, the number of active Indian traders has plummeted, with volumes all but drying up. Data indicates that the number of consumers entering the Indian cryptocurrency space has fallen to 25,000 a month, which is a far cry from December 2017’s 300,000 new users.

The private coin offering round was led by Dr. Charlie In from Raffles Financial (Yahoo! News), Rated: A

Singapore-based stocks trading platform Spiking today announced it has raised US$30 million in a private initial coin offering (ICO) round led by Dr. Charlie In from Raffles Financial—an associate of diversified financial company Raffles Capital.

Cryptocurrency ‘Illegal’ In India Says Trade Organization Head (CoinTelegraph), Rated: B

The head of an Indian nonprofit trade organization said cryptocurrency is “illegal,” and urged businesses to obey the law, local news daily the Hindu reported Thursday, Oct. 25.

NuMoney to support Indonesian startups with US$ 10M funding via ICO incubator (Yahoo! News), Rated: B

Cryptocurrency marketplace NuMoney Indonesia introduces its incubator program that seeks to facilitate local tech startups called NuMoney Initial Coin Offering (ICO) Incubator. Together with Venture Capital, NuMoney will work alongside the startups in their development.

The registration for 30 startups has been opened for next year’s funding round worth up to US$1 million.

The Global Medical Care Industry Smart Contract Collaboration Platform ‘Leben’ (AP), Rated: B

On October 24 th, 2018, South Korea time, Prof. Haogang Zhu, Member of Advisory Board, E-Goverment Committee, China, was invited to attend the Regional Symposium on ‘Strengthening Capacities of Public Institutions and Developing Effective Partnerships to Realize the 2030 Agenda for Sustainable Development’. The regional symposium was jointly sponsored by United Nations Department of Economic and Social Affairs and Incheon Metropolitan City Ministry of Interior and Safety. Prof. Haogang Zhu introduced ‘Leben’, the medical smart contract operation platform, for the first time in public as the experience to extend the capacity of healthcare public service.

MENA

SafeBlocks builds first smart contract firewall (The Times of Israel), Rated: AAA

SafeBlocks has developed the first decentralized application firewall (DAF) to protect blockchain smart contracts from value attacks and unauthorized transactions. Analysts for top research firm Gartner estimate that the market value for blockchain transactions will reach $176 billion by 2025, up from $339 million in 2017.

Canada

Air Canada to Integrate Blockchain-Based Travel Distribution Platform (CoinTelegraph), Rated: A

Canada’s largest airline Air Canada has announced its participation on a blockchain-based travel distribution platform developed by Swiss blockchain startup Winding Tree, according to a press release published Oct. 24.

Eurasia

Ukraine Introduces Plan for Legalization of Cryptocurrencies (U.Today), Rated: AAA

There will be two stages of legalizing cryptocurrencies. First, decentralized digital assets, as well as local crypto-oriented businesses, will be granted legal status. During the next stage, the Ministry of Economic Development will draft a set of rules defining how cryptocurrencies should be regulated.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

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Allen Taylor

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