Daily News Digest Featured News

Monday November 5 2018, Daily News Digest

Ethereum smart contracts
Source: "Analyzing Ethereum's Contract Typology"

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United States

Coinbase Announces The Next Asset To Be Listed (Altcocoin Buzz), Rated: AAA

Coinbase has now listed another asset on their platform with the announcement of the listing of Basic Attention Token (BAT) on Coinbase Pro. BAT joins Ethereum Classic (ETC), ZRX (0X), and USD Coin (USDC) to be new assets listed on either Coinbase or Coinbase Pro this year.

Bitcoin Cash Surges 12% Prior to Hard Fork as Coinbase Announces Support (CCN), Rated: AAA

Over the last 24 hours, Bitcoin Cash (BCH) has increased by around 12 percent from $425 to $477 prior to its hard fork.

Bitcoin Cash
Source: Coinbase

Winklevoss Brothers Sue Early Bitcoin Millionaire (The Information), Rated: AAA

In a throwback to the drama of bitcoin’s early days (and a throwback to the lawsuit that first made them famous), Cameron and Tyler Winklevoss are suing the man who helped them acquire their massive cryptocurrency holdings. The Winklevosses contend that Charlie Shrem, one of the first bitcoin millionaires, bought them only $189,000 worth of bitcoin with the $250,000 they sent him in 2012—a discrepancy that, given bitcoin’s appreciation, is now worth around $32 million, according a federal lawsuit unsealed Thursday.

Crypto Hedge Funds are Still Raising $ 100 Million+ (CCN), Rated: AAA

On November 1, CCN reported that Grayscale Investments, a subsidiary company of cryptocurrency venture capital behemoth Digital Currency Group, raised more than $330 million from both existing and new investors.

After recording a 1,200 percent increase in the amount the firm had raised across three quarters in 2017, Michael Sonnenshein, managing director of Grayscale Investment stated that the substantial 69 percent drop in the price of Bitcoin had minimal impact on the company’s client base.

But, over the last several months, other major cryptocurrency hedge funds such as Pantera Capital and former Point72 portfolio manager Travis Kling-founded Ikigai Asset Management have raised over $100 million to invest in the asset class.

crypto market cap

Bitcoin Price By Christmas — A Bullish, A Bearish, And A Moderate Forecast (Forbes), Rated: AAA

The price of Bitcoin has been holding remarkably steady lately. For more than two months, the digital currency has been stuck around the $6500 mark.

Bitcoin USD price
Source: KOYFIN and Forbes

To find that out Greg Giordano, my co-author in a research paper on Bitcoins “intrinsic” value, performed a simulation to three econometric models, the Hayes’s model and the Wheatley models, and the Market Model (our own).

Bitcoin econometrics
Source: Forbes

Why Security Tokens Could Help Redefine What it Means to be an Accredited Investor. (Crypto Potato), Rated: AAA

Imagine for a moment that a construction worker who earns less than $20k a year is able to gain access to the same investment deals that fly across the desk of Jamie Dimon or Warren Buffet on a daily basis. Imagine a Banksy painting that cleverly depicts the age-old theme of class struggles, yet is ironically worth over $1million. What if this painting could be tokenized so that anyone with $50 in their pocket could own a piece of it? Security tokens are bringing us closer than ever to this reality.

Litecoin (LTC) Records Great Gains Amidst a Slew of Great News (Crypto Recorder), Rated: A

After trading below $50 for three consecutive days, Litecoin broke above the $50 mark, followed by a brief correction. Slowly but steadily, Litecoin continues to move higher above the $50 mark which it trumped just recently.

Over the last 24 hours, the value of Litecoin has risen by 2.73% and now trades at $51.40.

TRON reaches 990k transaction, almost 2X to that of Ethereum: Justin Sun (BCFocus), Rated: A

TRON, from the very beginning of their MainNet launch has claimed that it will try to beat Ethereum. In an attempt to do so, TRON had previously surpassed Ethereum’s transaction volume. In a recent tweet, TRON founder Justin Sun noted that it had reached 990K transaction on November 2 which is almost 2 times of that of Ethereum.

Bitly Blocks Certain Crypto Links: “Mastering Ethereum” Book Affected (Ethereum World News), Rated: A

Bitly

Bitly links
Source: @wagnersantana74 on Twitter

Bitcointopia: The cryptocurrency Utopia in the Nevada desert that wasn’t (San Diego Union Tribune), Rated: A

Morgan Rockcoons, 31, envisioned a new kind of community, one not dependent on the U.S. dollar, an experiment based on artificial intelligence and automation and technology. He has likened it to the futuristic city Walt Disney dreamed up as Epcot — Experimental Prototype Community of Tomorrow — decades ago in Florida.

This past summer, cryptocurrency enthusiasts began buying into the dream — and buying up parcels of land in Elko County to secure their own slice of Bitcointopia.

Problem is, Rockcoons didn’t own the land he was selling, federal investigators said.

Cryptocurrency millionaire is building his own city. From scratch. (Crypto News Review), Rated: A

Jeffrey Berns, who owns the blockchain company Blockchains LLC, spend some $170m on a large piece of land in Nevada, America. And he now intends to build on it what’s being described as an ‘experimental’ community, spanning over 100 square miles in space.

The new community will include schools, offices, homes, commerce, and that absolute essential for any idyllic new town, an e-gaming arena.

Berns has thus far pumped some $300m into the project, and has put together a staff roster of some 70 people.

AltLending Announces Its Innovative Line of Products Geared Towards Miners at World Crypto Con (PR Web), Rated: A

AltLending Inc, an alternative lending platform offering USD loans to companies looking to monetize their blockchain assets, announced the introduction of its two newest products for cryptocurrency miners, Mine. Secure. Borrow. and 360 Financing. The first new product, ‘Mine. Secure. Borrow.’ is designed to assist miners with their working capital needs.

THE FED’S LOOMING INTEREST RATE HIKE COULD HIT CRYPTOCURRENCIES HARD (Bitcoinist), Rated: A

In the interview, Leshner points out that cryptocurrency has so far only existed in a low interest-rate US economy. As this starts to reverse, a series of rate hikes by the Federal Reserve put crypto in uncharted waters.

Currently, the odds of an increase in interest rates by 200-225 bps at the next Fed meeting scheduled for November 8th is over 90%.

Leshner predicts an influx of stablecoins onto the market, claiming there could soon be more than 50.

SEC Releases End of the Year Score Card ICO Enforcements (Crypto Economy), Rated: A

The annual enforcement report released by the Securities and Exchange Commission shows that the agency has taken some punitive actions against some fraudulent initial coin offerings.

The report went on to narrate that a number of scam ICOs generated millions of dollars from investors stating specifically that there were 3 fraudulent fundraisers that raised more than $68 million. The report specifically mentioned a project that raised $32 million from thousands of investors but ended up a scam.

The report also said that the agency ordered some entities to disgorge $3.94 billion.

STUDENT TURNS $ 5K INTO $ 800K TRADING CRYPTO, BUT NOW OWES $ 400K IN TAXES (Bitcoinist), Rated: A

One college student turned his $5K investment into $880k but now says trading “ruined” his life as he’s facing $400k in cryptocurrency taxes. 

Coinbase 1099-K
Source: Bitcoinist

Buttrfly and the future of blockchain for marketing (Chepicap), Rated: B

CoinAgenda Global conference in Las Vegas has announced that the winner of their ICO contest was a startup called Buttrfly, according to BitsOnline. Buttrfly has already won the CoinAgenda Europe ICO contest, and presages the use of blockchain and crypto for applications in the marketing industry.

Butterfly’s product is essentially a cross between Tindr and Fiver for ‘influencers’- an app built on the EOS blockchain which allows advertisers to post campaigns and jobs which influencers can swipe to accept or reject.

IBM Files Patent for Blockchain-Based AR Helper System (CCN), Rated: B

IBM has filed a patent for a blockchain-based system which will prevent players of augmented reality games entering physical spaces that are undesirable.

The SEC to Rule on 9 Bitcoin (BTC) ETFs After November 5th (Ethereum World News), Rated: B

Back in late August, news broke that the SEC was reviewing nine earlier rejected Bitcoin (BTC) ETFs. What happened is that the rejections were as a result of the Commission delegating some tasks to its staff. The staff had acted on behalf of the Commission and followed through with rejecting the 9 Bitcoin ETFs. However, due to additional rules at the regulatory body, the Commission has the power to review such ‘delegated’ decisions.

Further scrutinizing the supporting documents provided by the SEC announcing the review of the ETF proposals by Direxion (5), GraniteShares (2) and ProShares (2), we find that they all have a November 5th deadline for all concerned parties to comment on the ETFs.

LAWSUIT FILED AGAINST RAPPER T.I. FOR PARTICIPATION IN ALLEGED CRYPTOCURRENCY SCAM (Bitcoinist), Rated: B

Rapper T.I. and businessman Ryan Felton now face a lawsuit from a collective of 25 investors who said the duo peddled a digital currency that was a get-rich-quick scheme.

According to TMZ, the rapper and businessman came up with a virtual currency called FLiK Token in August 2017.

Investors said they were convinced to pour $1.3 million into the cryptocurrency, with a token price of six cents each.

Felton reportedly told investors the virtual currency would have a price of $14.99 within 15 months.

International

Crypto Market Cap Adds $ 3 Billion Overnight; Bitcoin Cash, Litecoin and Stellar Lead (Hacked), Rated: AAA

The combined value of all cryptocurrencies peaked at$209.5 billion on Sunday, the highest in three days. At the time of writing, the total market was worth $209.1 billion, according to CoinMarketCap. Gains were associated with a 17% surge in trading volumes over the last 24 hours.

Cryptocurrency market cap
Source: CoinMarketCap

Bitcoin cash has rocketed nearly 30% since Friday, reaching a high of $582 on Bitfinex.

In the case of Litecoin, prices rose 7.4% to $54.74, a new three-week high. The XLM price jumped 5.8% to $0.2395. Lumens peaked above $0.2400 for the first time since Oct. 24.

Bitcoin Brought Us a New World We Could Have Only Imagined (CoinDesk), Rated: AAA

The introduction of a global, digital currency that can exist without a central authority opened our eyes to the possibilities of money – that it can be different from what we’ve known. As a community, we’re now wiser to the opportunities for a digital economy and discovered what it means to act as your own bank – and it’s incredibly liberating.

1. Bitcoin opened our eyes to the fact that we can change money

3. Time-stamping digital data

Bitcoin’s solution to the double-spend problem went beyond its network; it solves a virtual world problem by guaranteeing unique ownership of any piece of data.

4. Superior keys and locks

The use of cryptographic keys and locks gives us the best personal security measures for digital assets that we’ve ever had – they’re unbreakable.

6. No requirement for third parties

History shows us that third-party systems often fail.

8. Money for a global economy

Cryptocurrency is a new type of commerce; we’ve never had a form of money that can be effortlessly moved between borders.

Tokens Are “Decoupling From Ethereum” Signaling a Potential Bull Run (CryptoGlobe), Rated: AAA

Recently conducted analysis shows that ERC-20 tokens issued on the Ethereum blockchain are now seemingly decoupling from it, meaning their price is no longer mirroring that of ether. Instead, the tokens are creating their own platforms and communities.

According to Santiment, a popular data analytics platform, there are 10 ERC-20 tokens decoupling from Ethereum, and two of them have recently been listed on the popular San Francisco-based cryptocurrency exchange Coinbase.

In its report, Santiment cites three ERC-20 tokens that have decoupled from Ethereum: the Basic Attention Token (BAT), 0x (ZRX), and Maker (MKR). These three cryptocurrencies have, due to various factors, seemingly stopped following ETH’s price, and are now “dancing to their own beat,” the report states.

ERC-20 tokens
Source: CryptoGlobe

Bitcoinereum BTCM Token: Minable Bitcoin ERC20 Coin On Ethereum Blockchain? (Bitcoin Exchange Guide), Rated: A

Bitcoinereum is essentially a new version of Bitcoin. Its structure is strikingly similar to that of Bitcoin, but some of its key features are based on the ERC20 platform.

Like Bitcoin, Bitcoinereum will begin by generating 50 coins per user every 10 minutes. This cap is ensured by a limitation in mining resources – each miner gets only 50 calls per 10 minutes and each call is worth only 1 Bitcoinereum. Additionally, like Bitcoin, Bitcoinereum will halve its supply of coins after every four years in a bid to control supply and value. Finally, it has a total supply cap of 21,000,000, the exact figure as Bitcoin. This means that it will also take about 132 years to mine all available coins.

Ethereum Foundation Partners Filecoin to create ASICs Ahead of Proof-of-Stake (Smartereum), Rated: B

One of the highlights of the just concluded Ethereum DEVCON conference was the announcement that the Ethereum was working towards a specialized hardware for its future technology. To achieve this, the Ethereum Foundation which is responsible for the development of the ethereum blockchain and its ecosystem is partnering with blockchain data storage network Filecoin.

Crypto Investors, Here’s 8 Important Trading Facts About Decentralized Exchanges (Bitcoin Exchange Guide), Rated: A

Crypto is based on decentralization. However, of nearly 200 major exchanges, there are almost no decentralized exchanges.

Here are eight facts about decentralized exchanges.

1. They Might Help End Market Manipulation

2. The Deal With The Issue Of Custody

3. Hackers Find Them Unpalatable

4. They Offer Unprecedented Openness And Privacy

5. They Will Impact Society

6. They Are Not Efficient For Moving Fiat Into Crypto

7. Most Of Them Are Hybrids

8. The Quality Of Their Host Blockchain Is Important

List of Big ICOs in Early 2019 (Use the Bitcoin), Rated: A

1. Geon Network ICO

ICO Start Date: 31 January 2019
ICO End Date: 31 March 2019

2. MenaPay ICO

ICO Start Date: 15 January 2019
ICO End Date: 15 March 2019

3. HotCoin ICO

ICO Start Date: 21 January 2019
ICO End Date: 21 March 2019
PRE-ICO Start Date: 07 January 2019
PRE-ICO End Date: 21 January 2019

4. OCEAN Poseidon Foundation

ICO Start Date: 16 February 2019
ICO End Date: 24 March 2019

5. RAWG ICO

ICO Start Date: 1 March 2019
ICO End Date: 15 March 2019
Pre-Sale Start Date: 22/05/2018
Pre-sale End Date: 01/03/2019

6. AvailCom ICO 

ICO Start Date: 15 January 2019
ICO End Date:15 February 2019
ICO Token Supply: 835,000,000 AVL
Pre-sale Start Date: 15 November 2018
Pre-sale End Date: 15 December 2018
Pre-sale Token Supply: 70,000,000 AVL
Price: 1 AVL = 0.03 USD

7. HyperionX (TREE) ICO

ICO Start Date: 20 February 2019
ICO End Date: 2019-12-31
Token price: 1 TREE = 0.04 USD

European Union

OKEx Wins “Crypto Exchange of the Year” at Malta’s Cryptocurrency Conference (Ethereum World News), Rated: AAA

OKEx, the second largest Exchange in the world, has been named the “Crypto Exchange of the Year” during Malta Blockchain Summit’s Blockchain Awards.

According to a Press Release, the award was granted after a careful analysis by a panel of 32 personalities who served as jurors. OKEx managed to beat two significant contenders: Binance – the world’s most important Exchange – and BitBay – one of the most important European exchanges in the market:

Binance Announce Support of Upcoming Bitcoin Cash Hard Fork (NewsBTC), Rated: AAA

Binance, one of the biggest cryptocurrency exchanges on the planet, has announced full support of the upcoming Bitcoin Cash hard fork scheduled for November 15.

Binance has stated that it will be supporting both sides of the split.

The Binance Academy To Offer BNB For Translations Of Media And Content (Bitcoin Exchange Guide), Rated: A

The Academy will offer up to fifty dollars in BNB to have 1000 words translated.

Right now, the Binance Academy needs translations in Arabic, traditional and simplified Chinese, Dutch, French, German, Italian, Korean, Polish, Portuguese, Russian, Spanish, Turkish, and Vietnamese. The exchange will consider other languages as the need arises.

Lack of Diversity in Ethereum Smart Contracts Pose Risks to Whole Ecosystem, Report Says (CoinTelegraph), Rated: AAA

A lack of diversity of Ethereum (ETHsmart contracts poses a threat to Ethereum blockchainecosystem, according to research by a group of analysts from Northeastern University and the University of Maryland released on Oct. 31.

Ethereum smart contracts
Source: “Analyzing Ethereum’s Contract Typology”

Read the full report here.

Ethereum Creator Vitalik Buterin Reveals Plans for Ethereum 2.0 (The Daily HODL), Rated: A

“Ethereum 2.0 is this combination of a bunch of different features that we’ve been talking about for several years, researching for several years, actively building for several years, that are finally going to come together into one coherent whole. And these features include proof-of-stake, Casper, scalability, sharding, virtual machine improvements (EWASM), improvements to cross channel contract logic, and really the list goes on…

Ethereum
Source: The Daily HODL
Serenity
Source: The Daily HODL

Vitalik Buterin Claims He Isn’t Leaving Ethereum (CryptoGlobe), Rated: B

  • Earlier this week, a controversial article made the rounds claiming that Vitalik Buterin, creator of Ethereum, said he will be backing off from the project.
  • Buterin responded via Twitter, confirming he isn’t leaving.

Aragon Project (ANT Token) dApp Officially Goes Live On Ethereum Mainnet (Bitcoin Exchange Guide), Rated: B

The open source project, Aragon, which is under the Aragon Foundation, went live on the mainnet after the O.6 update. The project is running on the aragonOS V 4. The company revealed this in a blog post on October 30, 2018.

Ledger Nano S Announces Support for IOTA (Cryptoslate), Rated: A

IOTA Foundation, a non-profit organization focused on distributed ledger technology and permissionless ecosystem development recently collaborated with Ledger, the cryptocurrency and blockchain security leader, to integrate IOTA tokens with Ledger’s secure hardware wallets for cryptocurrencies.

United Kingdom

Bitcoin (BTC) Fractal Analysis Shows Striking Similarities Between 2014 And 2018 (Crypto Daily), Rated: AAA

Bitcoin (BTC) has entered a consolidation phase. The price has been trading in very narrow range for the past few weeks. However, this is not happening for the first time. As explained in our previous analyses, we believe that Bitcoin (BTC) completed one full cycle between 2014 and 2018. The next cycle is expected to last half the duration of the previous cycle i.e. a total of two years from 2018 to 2020.

Bitcoin fractal
Source: Crypto Daily

The above daily chart for BTC/USD shows the correction during 2014.

If we compare this BTC/USD chart to the one from 2014, we can see clearly how history always repeats itself. We are currently in the consolidation stage shown by the rectangle. If we compare fractals from 2014 and 2018, it is not hard to see what is going to follow next.

Bitcoin fractal 2018
Source: Crypto Daily
China

Taiwan targets anonymous cryptocurrency transactions (Asia Times), Rated: AAA

Taiwan has amended its laws regulating cryptocurrency transactions, Bitcoin.com reported.

The amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act give Taiwan’s Financial Supervisory Commission (FSC) the authority to crack down on anonymous virtual currency transactions.

DigiByte [DGB] on a roll as it gets listed on Bitfinex (BCFocus), Rated: A

DigiByte (DGB) token is up and over 4.66 % at the time of writing as it has been listed on Bitfinex.

The world’s best playground for AI and blockchain (VentureBeat), Rated: A

Imagine a country with an army of techies, a government that supports AI and blockchain by setting a mandate and investing billions, large scale tech companies that are rapidly experimenting and implementing at scale, and an abundance of data to feed the application of these technologies. This just about covers the AI and blockchain playground that is China. The gloves are off, and over the coming years some of the greatest advancements will emanate from the east. Here’s why.

An ambitious AI strategic plan was laid by the China’s State Council in July 2017, aiming to create a domestic 1 trillion yuan ($150 billion) AI industry by 2030.

APAC

Bitcoin Cash Rivalry Heats Up In Tokenization Race (Crypto Briefing), Rated: AAA

Bitcoin Cash isn’t normally thought of as a token platform, but a recent development might bring new tokenized assets to the fourth-most valuable blockchain. CoinGeek has announced the winners of its tokenization contest, potentially raising new possibilities for BCH-based ICOs, stablecoins, collectibles and games.

The five-million-sterling prize, paid in Bitcoin Cash, will go to “Team Tokenized,” a multinational team of developers from Australia and Singapore.

Digital Asset Platform Liquid Adds Circle’s USDC And Gemini’s GUSD Stablecoins (Bitcoin Exchange Guide), Rated: A

USDC is a controlled, US dollar-backed stablecoin governed by CENTRE, an industry consortium co-founded by Coinbase and Circle. One USDC is a 1:1 representation of a US dollar on the Ethereum blockchain. The first USDC trading pairs will be BTC and ETH.

GUSD Is also a regulated stablecoin that is pegged into the US dollar with a 1:1 value. The fiat currency that backs GUSD is held at the State Street Global Bank and is available for federal deposit insurance coverage.

HSBC India Completes Joint Blockchain-Enabled Transaction With India Holding Giant RIL (Coin Telegraph), Rated: B

The Indian subsidiary of major global banking and financial services firm HSBC and India’s holding giant Reliance Industries (RIL) have completed a blockchain-enabled trade finance transaction, Indian business newspaper The Hindu Business Line reports Sunday, Nov. 4.

Eurasia

Alleged Crypto Wallet Hackers Arrested by Turkish Police (CryptoGlobe), Rated: AAA

Turkish authorities have arrested 11 suspects in connection with an alleged crypto wallet hack that resulted in more than $80,000 losses for victims.

Azerbaijan Wants to Adopt Blockchain on Ministry of Justice Databases (NewsBTC), Rated: A

Osman Gunduz, Chair of the Azerbaijani Internet Forum (AMF), announced the country will start using blockchain on the information systems and registries of the Ministry of Justice.

MENA

“Currently, Bitcoin is gaining strength,” Report by OneAlpha says (Ethereum World News), Rated: AAA

A report published in October by OneAlpha revealed that Bitcoin’s market was gaining strength after the 2018 correction.

According to the report, the current bearish trend was necessary. This decline in the markets served as a “relief” and generated a “cleansing effect” on the ecosystem.

The facts seem to prove the OneAlpha team right. After the abnormal bullish streak of 2017, many people entered the market in an abrupt and immature way. The 2018 correction seems to have given Bitcoin back the stability needed to gain more credibility as a “market” instead of its previous “bubble” image:

Is XRP Compliant With The Islamic Law? (Token Tops), Rated: A

A major representative of blockchain payment firm Ripple has commented that many of the technological solutions his company offers are well compatible with the Sharia, or Islamic law. Global head for Infrastructure Innovation at Ripple, Dilip Rao, was very confident on this statement when he spoke at the Global Islamic Economic Summit, held in Dubai.

Africa

29 percent of South Africans own cryptocurrency – Luno (IOL), Rated: AAA

Luno commissioned Kantar TNS in October 2018 to conduct a survey across 10 countries including South Africa. The findings from the South Africa survey have been featured in a report titled, ‘Why do people buy cryptocurrencies? A South African perspective’.

In South Africa, 69% of respondents said in a survey that they were familiar with cryptocurrencies, while close to almost a third (29%) said that they owned a cryptocurrency.

Could blockchain be the answer to stamping out corruption in the public sector? (BusinessDay), Rated: A

Every year, SA loses billions of rand due to corruption in public procurement.

Conducting public procurement via a blockchain platform may make procurement more efficient, transparent and less likely to result in disputes, according to Prof Sope Williams-Elegbe from the department of mercantile law at Stellenbosch University, who delivered her inaugural lecture at the university in October.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

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Allen Taylor

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