Daily News Digest Featured News

Wednesday November 7 2018, Daily News Digest

Bitcoin shorts
Source: CoinDesk

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United States

The Number of Bitcoin Short Positions Just Hit a 3-Month Low (CoinDesk), Rated: AAA

The bearish sentiment around bitcoin sank to three-month lows earlier today as short positions placed on crypto exchange Bitfinex fell to their lowest level since August 5th.

At approximately 11:00 UTC, the number of short positions dropped to 21,434, which represents a 33 percent drop in the past eight days alone. During the same time, longs – or positions that are betting on an increase in bitcoin’s price – also witnessed a notable increase of 10 percent, the current number of which (24,410) marks a three-week high.

Bitcoin shorts
Source: CoinDesk

This Bitcoin Price Chart May Give Early Warning of Next Bull Reversal (CoinDesk), Rated: AAA

That bitcoin (BTC) has likely found a bottom around $6,000 is now generally accepted, so the challenge for investors and traders is to spot the early signs of a long-awaited bullish reversal.

Bitcoin
Source: CoinDesk

Ripple (XRP) Leaps Higher As Bitcoin Falls — Again Overtakes Ethereum (Forbes), Rated: AAA

Ripple (the informal name for the XRP tradeable token) has powered higher over the last 24 hours, again knocking ethereum off its perch as the world’s second largest cryptocurrency and gaining more than 20% at the time of publication.

Ripple (XRP) now boasts a market capitalization of $22.5 billion, above ethereum’s $22 billion, according to CoinMarketCap data. Bitcoin, the original cryptocurrency, still holds the top spot by a wide margin, however, with a total market value of $112 billion.

Bad News Day for Bitcoin: It’s Destroying the World and Bank Accounts (Entrepreneur), Rated: AAA

From January 2016 to June 2018, the Oak Ridge Institute for Science and Education in Cincinnati monitored how much energy it took to mine Bitcoin, Ethereum, Litecoin and Monero on a daily basis.

The researchers found that Bitcoin, Ethereum, Litecoin and Monero respectively consumed 17 million, 7 million, 7 million and 14 million joules of energy to get $1 worth of each cryptocurrency.

After ‘Taking out’ $ 6,800, Bitcoin Will Hit ‘New Highs’ In 2019, Says Galaxy Digital’s Novogratz (CoinTelegraph), Rated: A

Galaxy Digital CEO Michael Novogratz delivered a fresh bullish price prediction for Bitcoin (BTC) Nov. 5. Novogratz told U.K. business publication Financial News that the leading cryptocurrencycould hit highs of “$20,000 or more” in 2019.

Speaking to the publication, Novogratz, who is well known for his optimistic outlook for Bitcoin prices, forecast BTC/USD to end this year at around $8,900.

This May Be The Time To Buy Cryptos While Blood Is Still In The Streets (Forbes), Rated: AAA

The U.S. stock market fell under intense pressure during the month of October while bitcoin continues to hold support above $6,000. The Dow Jones Industrial Average was down over 8% from its previous all-time high during October but is now down by 5%. This is in stark contrast to bitcoin, as the crypto asset holds steady around $6,400 above major support of $6,000. This could be a sign that investors are using the cryptocurrency as a hedge to their portfolios as equities continue to get hit amid a highlighted earnings season.

crypto market
Source: Coinmarket.com, @naeemaslam23 on Twitter

Posing as Elon Musk nets hacker about $ 180,000 worth of bitcoin so far (MarketWatch), Rated: A

Knowing that, enterprising hackers in recent days took over several “verified” accounts, tweaking their profiles to look like Elon Musk’s account. They then urged users to send a small amount of bitcoin BTCUSD, +1.37%  in exchange for the promise of more bitcoin to be sent back.

The kicker: People fell for it. Really, guys?

Bitcoin hacker
Source: MarketWatch

How Crypto Investors Can Prepare for a BCH Split? (Bitcoin Exchange Guide), Rated: AAA

History repeats itself. The BCH community is now again faced with the same issue. The community is not in agreement of the next step of upgrades. The upgrade is due on 15th of November and the argument this time is not on the upgrade, but the typeof upgrade. The disagreement is down to two main communities, the Bitcoin Cash ABC and nChain.

Bitcoin Cash ABC’s proposal for the upgrade is to introduce Canonical Transactional Ordering.

nChain, the other community, sees upgrades of ABC as slow and wants to immediately implement a block upgrade from 32MB to an astounding 128MB.

Could Blockchain Voting Fix Democracy? Today, It Gets a Test Run (SingularityHub), Rated: A

For this midterm election, overseas citizens and members of the military from twenty-four counties in West Virginia have the option to vote using an app called Voatz.

Blockchain-based elections would be a disaster for democracy (Ars Technica), Rated: A

If you talk to experts on election security (I studied with several of them in graduate school) they’ll tell you that we’re nowhere close to being ready for online voting. “Mobile voting is a horrific idea,” said election security expert Joe Hall when I asked him about a West Virginia experiment with blockchain-based mobile voting back in August.

But on Tuesday, The New York Times published an opinion piece claiming the opposite.

Cybersecurity, Blockchain And The Industrial Internet Of Things (Forbes), Rated: A

On September 28, California’s SB 327 was signed by the governor, making it the first such law in the U.S. mandating internet of things (IoT) device manufacturing security provisions (a similar, though more extensive, federal billknown as the Internet of Things (IoT) Cybersecurity Improvement Act of 2017 still sits with the Committee on Homeland Security and Governmental Affairs, and I have not seen any recent activity on its development).

Substratum (SUB) Users Notice Bloated Code and Smart Contract Risks (cryptvest), Rated: A

Substratum (SUB) drew closer scrutiny of its code base after a member of the team boasted of reaching more than two million lines of code in a recent tweet. Reddit commenters also pointed out a potentially fatal flaw in one of the project’s smart contracts.

Did you know that the development team has merged in 173 feature commits and with nearly 2 MILLION lines of code to our public code repository since since open sourcing on March 12th? (Source)

Substratum
@bjalllmon on Twitter

eXo Wallet : A Blockchain-Based Digital Wallet for Enterprise (BusinessWire), Rated: A

eXo Platform, an enterprise collaboration software vendor, announces the availability of its built-in digital wallet solutioneXo Wallet. This secure wallet is based on the Ethereum blockchain technology and allows any user of the eXo Platform solution to send and receive payments in any currency or utility token that follows the ERC20 format.

Friends accused of torturing pal to steal his cryptocurrency (The New York Post), Rated: A

A group of young professional men ransacked their pal’s luxury apartment after a night of drinking and forced him to cough up his cryptocurrency account login information, the Manhattan District Attorney’s Office charges in a new complaint.

Defendant Stephen Orso, 25, allegedly demanded that Nicholas Truglia “provide him with login information for his cryptocurrency accounts while holding his head underwater in the bathtub, punching him in the stomach and throwing hot wax on him,” court papers charge.

Orso, the son of a wealthy venture capitalist, and three pals, David Leica, 19, Steven Dorn, 29, and Chris David, 25, escorted a soused Truglia to his high-rise apartment on West 42nd Street at about 2:50 a.m. on Sept. 7, according to a criminal complaint.

US SEC Shifts Focus to Crypto Investment Advisors (Coin Pedia), Rated: A

The US Security and Exchange commision is shifting its major focus in the cryptocurrency on crypto investment advisors. In the United States, any Hedge Fund manager controlling more than $100 million is directly controlled by the SEC. SEC now wants to know how these cryptocurrency hedge funds store cryptocurrency. Additionally, the commission is investigating any possibilities of price manipulation and cybersecurity issues.

Omni Fund: Insuring the Uninsurable With Blockchain (PR Newswire), Rated: B

On Bitcoin’s 10 year anniversary, Silicon Valley-based Omni Fund released the world’s first blockchain platform for decentralized peer to peer insurance funds. Omni uses a blockchain technology called “smart contract” to replace human-run insurance companies as the trusted fund holder, reducing the cost of operations by several orders of magnitude. The savings in operational cost is then passed on to customers in the form of significantly lower premiums.

International

Bitcoin’s share of crypto market slides to 5-week low (MarketWatch), Rated: AAA

Major cryptocurrency prices were moving higher Tuesday, led by XRP, the coin that runs on the Ripple protocol, which is showing double-digit gains in Tuesday trading.

Meanwhile, the underperformance of bitcoin, the No. 1 digital currency, has pushed its share of the overall cryptocurrency market to a 5-week low of 51.8%.

Top Crypto Hardware Wallet Maker Trezor Informs Users it Will Follow the Bitcoin ABC Proposal (Bitcoin Exchange Guide), Rated: A

The popular cryptocurrency wallet Trezor has provided valuable information about the upcoming Bitcoin Cash (BCH) hard fork. In a recent tweet, Trezor informed its users that its servers run Bitcoin ABC. That means that they will be following the ABC Bitcoin Cash proposal.

DTCC enters test phase on DLT project for credit derivatives with 15 of the world’s largest banks (Cryptoninjas), Rated: A

The Depository Trust & Clearing Corporation (DTCC), a post-trade market infrastructure for the global financial services industry, today announced that it has advanced to the testing phase of its project to re-platform its credit derivatives Trade Information Warehouse (TIW) on distributed ledger technology (DLT) and cloud.

In this phase, 15 of the world’s largest global banks are conducting end-to-end, structured user acceptance tests, leveraging simulated use cases and test data and validating the interaction between systems, firms and other key market infrastructure providers, including MarkitSERV and its new platform for credit, TradeServ.

Why Blockchain is a good solution for KYC verification (Finextra), Rated: A

With the creation of blockchain technology, many traditional systems have become outdated and are due for an upgrade. Blockchain has demonstrated its capabilities with the conception of virtual currencies such as Bitcoin and Ethereum, which have completely revolutionised the global currency system. By linking blockchain-based applications, Dapps (Decentralised Applications), to smart contracts, you are able to greatly improve the efficiency and security of an existing system, which in turn reduces the overall costs for companies.

The Average Initial Coin Offering (ICO) has Security Flaws (Bittpress), Rated: A

A recent audit report by Positive.com indicates that the average ICO has more than five security flaws in their system. These vulnerabilities affect the image of the company. In fact, of all the companies reviewed, only one passed in terms of security quality.

You Can Now Use Crypto to Take out a Real Mortgage on Virtual Land (CCN), Rated: A

This phenomenon has been made possible through a partnership between Decentraland, an Ethereum-based virtual reality platform, and Ripio Credit Network (RCN), a borderless peer-to-peer cryptocurrency lending network.

Decentraland virtual property sells for record $ 215,000 (Chepicap), Rated: A

Decentraland has once again broken its previous record for the biggest acquisition of virtual land on the platform, topping $215,000. 

The latest purchase has seen someone pick up a 126-parcel of LAND in a single purchase totalling 2.7 million $MANA tokens.

A Clash of Old and New: Forex vs. Cryptocurrencies (Finance Magnates), Rated: A

Statistics show that around 90 percent of retail traders will lose their entire account balance within the first six months of trading. Many of said traders will feel an overwhelming urge to re-deposit on several occasions in a desperate attempt to win back the money they’ve lost – only to find themselves even deeper in the red.

Cryptocurrencies offer a far more transparent, and in many ways “fairer” option for speculative traders as well as investors. But before I delve into crypto, let’s go through what the problem is with Forex.

Half of health orgs working on blockchain? PwC says it’s true (Healthcare IT News), Rated: A

Blockchain has gained more traction than it might appear. That’s the top takeaway from a new PwC report, whose most telling statistic is that 49 percent of global healthcare companies are already undertaking blockchain initiatives.

blockchain healthcare
Source: PwC
European Union

EOS Opens A Bancor Bridge To Ethereum (Crypto Briefing), Rated: AAA

Insularity is the biggest barrier to crypto adoption. For newer blockchain projects, those faster and cheaper transactions tend to be outweighed by the network costs; it’s impossible to jump-start an ecosystem without users. Projects like EOSTron, and Tezos have huge moats which prevent most users from trying, much less using, their new dApps. 

That might be changing for EOS, after the launch of a new decentralized exchange to bridge the moat to the Ethereum ecosystem. The Bancor Network, an Ethereum-based protocol for decentralized exchanges, has teamed up with an EOS block producer to create a new DEX, allowing seamless trades between the two multi-billion-dollar dApp platforms. 

Swiss Financial Watchdog Recommends Banks Set Crypto Risk Coverage at 800% (CoinTelegraph), Rated: A

The Swiss Financial Market Supervisory Authority FINMA has advised banks and other financial institutions to estimate risk coverage for cryptocurrencies at 800 percent of current market value, Cointelegraph auf Deutsch reports today, Nov. 5.

German youth are far more interested in cryptocurrencies than senior counterparts (Coin Insider), Rated: A

According to the German Consumer Centre, over half of internet users (55%) claimed to know about cryptocurrency, but only one-third of that group was able to explain the concept in their own words. Furthermore, 11% of the group said that they would be willing to invest while another 11% claimed to be undecided about crypto-markets. A whopping 77% of the group said that they could not imagine putting funds into the cryptocurrency market.

When it came to the demographics of the study, younger people (individuals between 18 and 29 years) seemed to be more on board the idea of buying digital assets. In this age group, almost one third (28%) of the group could imagine buying cryptocurrencies.

CryptoCare: Ethereum-Powered Crypto Collectible Social Platform? (Bitcoin Exchange Guide), Rated: A

CryptoCare is a social impact platform based on Ethereum, which gamifies philanthropy through crypto collectables. The platform seeks to become an Ethereum platform that is both interesting and has a positive impact in world. CryptoCare achieves this through encouraging the use of decentralized technology by the crypto community when donating to organizations with positive global impacts.

Backup your crypto wallet passwords using Phrasekeeper (Geeky Gadgets), Rated: A

German designer Martin Gauer has designed a functional cryptowallet password storage system aptly named the Phrasekeeper which allows you to punch your cryptocurrency wallet passphrase or private key into sheet-metal to keep it safe and off-line.

Hublot is making a luxury Bitcoin watch you can only buy with Bitcoin (The Next Web), Rated: B

Swiss luxury watchmaker Hublot is celebrating Bitcoin’s tenth birthday by issuing a very special Bitcoin-themed watch: the BIG BANG MECA-10 P2P.

As you might expect, the new Bitcoin $BTC▲1.54% watches are only available for purchase using Bitcoin.

United Kingdom

Blockchain Announces $ 125 Million ‘Airdrop’ of Stellar Cryptocurrency (Fortune), Rated: AAA

The crypto wallet provider Blockchain on Tuesday said it will distribute cryptocurrency to millions of its users in what appears to be the largest such giveaway of its kind.

The giveaway—known in crypto parlance as an “airdrop”—will see recipients each get about $25 worth of the cryptocurrency commonly known as Stellar as part of an overall distribution worth $125 million.

Stellar is currently the sixth largest cryptocurrency with a market cap of around $5 billion.

China

Hong Kong exchange shuts down cryptocurrency mining pool after 4 years (The Next Web), Rated: AAA

What was once the second largest cryptocurrency exchange in the world by volume, BTCC, is shutting down its mining pool later this month.

The Hong Kong-based exchange issued a notice today(spotted by CoinDesk) stating that it will shutdown its mining pool on November 15, and bring an end to its operations entirely on November 30.

Bitcoin Mining Behemoth Bitmain Releases New 7nm Antminer Hardware (CoinTelegraph), Rated: A

Bitcoin (BTC) mining giant Bitmain has officially released two new 7nm (nanometer)  “Antminer” crypto mining machines, according to an official tweet posted Nov. 5.

Genesis Mining talks new crypto wallet (Coin Rivet), Rated: B

“I’m very excited that we’re coming out with the Genesis (crypto) wallet, which will give everyone, all our users, the possibility to receive their coins directly into centre coins in a very convenient way,” said Streng. “A wallet that is capable of various cryptocurrencies and very easy to use.”

Australia

5 Must-Read Books to Understand Blockchain and Cryptocurrencies (Bitcoin.com.au), Rated: B

1. Mastering Bitcoin by Andreas Antonopoulos

2. Blockchain Revolution by Don Tapscott and Alex Tapscott

3. Digital Gold by Nathaniel Popper

4. Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction by Arvind Narayana

5. The Bitcoin Bible by Benjamin Guttmann

Asia

Seoul Consults Experts over Possible End to ICO Ban (Cryptonews), Rated: A

South Korea’s Ministry of Science and Technology has held consultation talks with the members of leading domestic blockchain associations over the status of the country’s initial coin offering (ICO) ban.

EB3coins Looks to Be Another Bitcoin Scam In India, Two Arrested For Duping Crypto Investors (Bitcoin Exchange Guide), Rated: A

India has been a breeding ground for crypto-related scamswith multiple large-scale events unfolding this year. Now, EB3coins seems to be the next on the list.

Thai Revenue Department to Track Tax Payments Using Blockchain (CoinTelegraph), Rated: B

The Thai Revenue Department has revealed its plans to track tax payments using blockchain and maсhine learning, local news outlet Bangkok Post reported Nov. 5.

MENA

The First Official Cryptocurrency Exchange to be Registered in UAE (NewsBTC), Rated: AAA

According to local media Al Zarooni Group and Crypto Bulls have joined together to launch the Crypto Bulls Exchange which is slated to be one of the biggest game changers for Dubai in the financial world.

eToro Rolls Out Crypto Wallet (The Independent Republic), Rated: A

eToro, the global investment platform with over 10 million registered users, today confirms the roll out of its crypto wallet.

BoI team recommends against issuing digital shekel (Globes), Rated: A

The team, set up by outgoing Governor of the Bank of Israel Karnit Flug, finds that a central bank digital currency is not currently relevant for Israel.

Canada

Ontario Securities Commission Releases Colourful New “Cryptoasset” Educational Website (Crowdfund Insider), Rated: AAA

The Ontario Securities Commission, regulator of capital markets in Canada’s most populous economic-powerhouse province, have created a colourful new website to educate investors about cryptocurrencies: GetSmarterAboutCrypto.ca

According to a release announcing the initiative, 5% of adult Ontarians, or around 500 000 individuals, now own “crypto assets,” but public understanding of these “complex” instruments is still low.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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