Daily News Digest Featured News

Monday August 26 2019, Weekly News Digest

Bitcoin halving
Source: PlanB on Twitter

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United States

International

European Union

United Kingdom

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News Summary

United States

Governor of Bank of England Proposes a New Digital Currency (CryptoNewsZ), Rated: AAA

In an important announcement which could possibly have a far-reaching impact on the cryptocurrency sphere, Mark Carney, governor of Bank of England has opined that reliance of the world on the US dollar as a primary Fiat currency is not a good indicator and could possibly spell trouble for the global economic situation. Carney proposed that a new digital currency could possibly replace the over-emphasis on the US dollar. The announcement can be easily considered as an indication of the world’s more positive attitude towards digital currencies and widening acknowledgment about the merits of digital coins.

The Faketoshi Circus: Even Bitcoin Can’t Escape the Politics of Money (CoinDesk), Rated: AAA

In case you missed it, a new self-proclaimed Satoshi Nakamoto came out of the woodwork last week, this one brandishing a “proof” based on numerology and an obsession with BCCI, the scandal-ridden bank that collapsed in 1991.

The widely debunked “reveal” from Bilal Khalid, aka James Caan – Khalid officially changed his name to that of the American actor – followed a host of equally absurd developments in a Florida court case against the other “Faketoshi,” Craig S. Wright. These included a hand-written note to the judge in which yet another person, one Debo Jurgen Etienne Guido, also laid claim to being bitcoin’s secret progenitor.

Bitcoin & Ripple Gains Overnight, But It Can’t Support Their Ambitious Targets (CryptoNewZ), Rated: AAA

26th August 03:09 UTC Bitcoin (BTC) Ripple (XRP)
Rank 1st 3rd
ROI (Return on Investment) 7,595.84% 4,582.96%
Coin Circulation 17,897,337 BTC 42,909,539,227 XRP
Market Cap 186,217,787,739 USD 11,802,124,837 USD
Value in USD 10,424.27 USD 0.2744 USD
All-Time High 20,089 USD 3.84 USD
24h Volume 17,191,454,847 USD 1,091,127,681 USD
Bitcoin XRP
Source: CryptoNewsZ

Bitcoin Poised To Break Out Big (Forbes), Rated: A

Since late June, Bitcoin’s meandered between the recent peak around $13,850 and recent low around $9,150 and trading around an increasingly narrow range. Technically, this has formed a symmetrical triangle, reflecting a rough balance between bulls and bears, without a lot of conviction either way, as the chart here shows.

bitcoin breakout
Source: Forbes

Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit (Yahoo! Finance), Rated: A

Bitcoin fell by 2.44% on Saturday. Reversing most of a 2.89% gain from Friday, Bitcoin ended the day at $10,154.

A particularly bearish morning saw Bitcoin slide from an early morning intraday high $10,427 to a mid-morning intraday low $9,893.8.

The Winklevoss Twins Made A Serious Wall Street Bitcoin Warning (Forbes), Rated: A

Now, the Winklevoss twins have warned Wall Street banks have been “asleep at the wheel” on bitcoin and cryptocurrencies—something that’s helped bitcoin retail investors.

“It’s still a retail-driven market, from day one. And a lot of people have done really well. Wall Street has been asleep at the wheel,” the twins warned.

Model: Bitcoin (BTC) Price to Surge 100% to $ 20,000 by May (NewsBTC), Rated: AAA

In just around nine months, Bitcoin (BTC) will see its next block reward reduction — dubbed “halving”. Despite this rapidly approaching bullish event, however, the cryptocurrency market has stagnated, establishing a trading range.

But a model from PlanB suggests that should history repeat itself, the Bitcoin price has lots of room to rally ahead of the halving. In fact, the statistician’s chart hints that BTC will be up 100% by May next year.

Bitcoin halving
Source: PlanB on Twitter

Bitcoin as the New Safe Haven (Yahoo! Finance), Rated: A

The ever increasing debate over whether Bitcoin has or is about to become a preferred safe haven continues to draw attention.

An unavoidable outcome to all of this is a currency war that the U.S President himself may ultimately be held responsible for.

Ripple surprises with $ 130 million dollar transaction (Coin Insider), Rated: AAA

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 865,434 transfers added was about 29% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Over the past 24 hours, the largest transaction across all blockchains occurred on Ripple, coming in at a value of $130,902,493 US dollars.

Ripple Investors Not Happy with ‘XRP Dumps’ by the Company (Tron Weekly), Rated: A

The XRP holders are very insecure about the behavior of Ripple, as the blockchain firm allegedly keeps on manipulating the market claims the investors. A recent donation of 1 billion by Ripple to Coil has raised a FUD among XRP holders.

US authorities block Bitcoin and Litecoin addresses on drug activity (Cryptopolitan), Rated: A

In the latest turn of events, the United States, US authorities block Bitcoin and Litecoin addresses owned by a group of three unidentified Chinese nationals dealing drugs in the country.

Litecoin Records 3% Downtrend Within a Day Trading Below $ 72 (CryptoNewsZ), Rated: A

As on August 25, 2019, at 05:58:38 UTC, the price of LTC token is noted to be $72.81, and it has recorded a downtrend of over 3% within a day dipping from $75.66 to its current value. The trading pattern of the coin was just a normal one between today and yesterday with 3 changing points. The first one was noticed yesterday when LTC fell from $75 to $71 almost steeply with 2 turning points. The second one was when LTC made a comeback to rise as high as $73 just before the start of today but then again slowed down a bit to trade at the current value.

Litecoin today
Source: CryptoNewsZ

A new report claims that Telegram’s TON network could prove disastrous for U.S. counterterrorism efforts (Decrypt), Rated: A

A 253-page report detailing how terrorists use cryptocurrencies concludes that the imminent release of Telegram’s TON (Telegram Open Network) blockchain network and associated Gram cryptocurrency is a major security threat to the U.S. government.

U.S. lawmaker says still concerned about Facebook cryptocurrency after Swiss meetings (WTVBam), Rated: A

The chair of the U.S. House Financial Services Committee said on Sunday she remained concerned about Facebook’s plans for a digital currency after meeting the government officials in Switzerland that Facebook has said will regulate it.

The teenager who made millions on Bitcoin is staking it all on this obscure token (VentureBeat), Rated: A

Metal (MTL) is the token behind Metal Pay, a wallet that lets users store multiple coins and exchange them for USD seamlessly. Finman bills it as “an all-in-one” application for cryptocurrencies. The Venmo-like app lets its users send dollars to each other and earn MTL for their activity on the app (those reward tokens come out of the app’s “PoPP pool,” a trove of 26,000,000 tokens that represents a little over a third of the entire MTL supply).

Erik Finman was 12 years old when he bought $1,000 worth of Bitcoin in the summer of 2011. The world’s first digital currency was just two years old and trading for $10, a time when most folks, if they knew about Bitcoin at all, associated it with the dark web drug trade or its fringe fanbase of libertarians, anarchists, and cypherpunks.

Man pleads guilty to running an unlicensed cryptocurrency exchange business (Silicon Angle), Rated: A

Kunal Kalra, 25, who went by the online names of “coinman” and “shecklemayne,” is said to have operated an exchange business that offered bitcoin for U.S. dollars and vice versa between May 2015 and October 2017.

In that business, which was primarily run through LocalBitcoin but also a company called Paxful, Kalra offered exchanges of cash for bitcoins to criminals, including those who sold narcotics on the darknet, a part of the internet reachable only through special software.

Crypto means cryptotheology (TechCrunch), Rated: A

Cryptocurrencies are a religion as much as they are a technology. They almost have to be, given their adherents’ gargantuan ambition of fundamentally changing how the world works. This means they attract charlatans, lunatics, frauds, and false prophets, and furious battles are waged over doctrinal hairspliitting; but it also means they inspire intransigent beliefs which can, and do, unify many thousands of wildly different people across continents and time zones.

Is Overstock’s Innovative ‘Keiretsu’ a Pioneering Enterprise Blockchain Play? (Forbes), Rated: A

If we start to talk about significant enterprises buying into blockchain, and even Bitcoin for that matter, it is hard not to start with the online discount store, Overstock. Formerly led by Patrick Byrne, a libertarian with a Ph.D. in philosophy and a great belief in the revolutionary power of this space, Overstock became the first major retailer to accept bitcoin in 2014.

Overstock’s commitment to cryptocurrencies is unfailing despite CEO Byrne’s exit (Cryptopolitan), Rated: B

Overstock has confirmed that its commitment to cryptocurrencies remains undeterred even after its pro-cryptocurrency CEO, Patrick Byrne, chose to end his close to two-decade-old association with the American online retailer.

What To Know Before Trading In Cryptocurrency (The Crypto), Rated: A

Cryptocurrency has been making waves in the trading world in the past few years. If you are thinking of making an investment and growing your money, this could be one of the options for you. However, there are a lot of strategies you need to learn when you’re trading. You can read great crypto currency trading tips via Learn to Trade or you can do some networking so you can talk to experts and pick their brains. Those who are into trading like talking about trends and strategies so you will learn a lot from them.

How to Reduce Your Crypto Tax Bill by Taking Out a Crypto-Back Loans (Betmatch), Rated: A

The crypto lending market has been experiencing an increasing interest in the past 12 to 18 months. More and more HODLers are using their digital asset holding as collateral for fiat currency loans. While the reasons to take out loans are myriad, one of the biggest arguments for taking out a crypto-backed loan is that it can help investors reduce their crypto tax bill.

Renowned Crypto Custodian BitGo Now Supports EOS Multi-Signature Custody Wallet Services (Bitcoin Exchange Guide), Rated: B

Cryptocurrency custodian and wallet provider BitGo has announced the launch of multi-signature wallet and custody services for EOS, the eighth largest cryptocurrency by market capitalization.

Blockchain – Fair Is Fair, Even in a Decentralized World (Jaxenter), Rated: A

Even savvy investors often misunderstand what happens when they confirm a transaction on an online trading account. Many people believe that placing an order or bid results in that order being processed and recorded immediately. In fact, any number of things can delay an order, impacting both the transaction cost and the price paid for the service. With a global financial system dominated by centralized applications and data servers, intermediary services, and long periods of ‘shut-down’, the fair ordering and recording of transactions is anything but guaranteed. Participants in the financial system have no choice but to take these centralized players’ words on faith.

From Bitcoins to blueberries (Capital Press), Rated: A

Blueberry harvest may be winding down across Oregon’s Willamette Valley, but there is still plenty of activity at the Curry & Co. processing plant north of Salem.

Aaron Ensign, president of Curry & Co., said it can be difficult to track so much produce through such a large supply chain. That’s why the company recently partnered with technology giant Intel on a pilot project to test a new logistics platform using blockchain technology — the same tool responsible for tracking cryptocurrencies like Bitcoins.

International

Bitcoin’s 90% Market Grip Makes It Most Dominant Digital Asset (Business Times), Rated: AAA

Bitcoin’s influence covers almost 70 percent, increasing from 31 percent since January 2019. At least, that’s what CoinMarketCap said. A new report, however, by Arcane Research points to a more convincing value near the 90 percent mark. Forbes, in its August 22 report, said Bitcoin dominates over 90 percent of all cryptocurrencies.

Facebook’s dream of a global cryptocurrency raises political stakes — for the regulators themselves (CNBC), Rated: AAA

Global privacy regulatorscentral bankers and finance ministers have voiced concerns with the proposed Libra cryptocurrency because it could, at least in theory, drastically change or even undermine their jobs. As a result, investors, crypto enthusiasts and regulators themselves say Libra has raised the stakes for financial authorities, forcing them to take a more serious look at digital currencies.

The digital human: the cyber version of humanity’s quest for immortality (The Conversation), Rated: AAA

Although the future evolution of humanity is much discussed and conjectured, perhaps nobody had taken it quite as seriously as this. In its infancy, Virternity seemed concerned with the launch of a new digital currency, the Virie, by which it proposed to fund its endeavour.

An interesting point is that the creators of Virternity were so concerned with ensuring public ownership that very few people even know or knew who exactly they were. Their reasoning was apparently to prevent governments and their agencies subsuming their interests with corporate and other less desirable aims. But being anonymous also has its advantages if a company wants to slide into the shadows, as appears to have been the case.

IOTA and Ethereum Classic fly the bullish flag high (FX Street), Rated: A

Contrary to the general trend in the market dominated by low buying activity, IOTA and Ethereum are breaking the glass ceiling to record considerable gains. IOTA (MIOTA) is trading 6.83% higher on the day.

On the other hand, Ethereum Classic is extending the winning streak with impressive gains on Sunday. While the crypto market retreated this week, ETC broke several barriers including $7.00. Following the remarkable 6% upward correction, ETC/USD is trading at $7.26.

Meet Miniscript, A Smart Contract Language That Makes Bitcoin Coding Easier (Analytics India Mag), Rated: A

Bitcoin, the virtual currency has been surrounded by controversies since its appearance in 2009. There has been a rise in the Bitcoin prices after the first fed rate cut since 2008. In India, currently, one Bitcoin is equal to ₹7,26,523. However, the Reserve Bank of India has imposed several instructions including barring banks from extending any services to the crypto community.

In countries like Morocco, Egypt, Pakistan, China, and Nepal, cryptocurrencies are classified as illegal and are not recognised as a legitimate form of currency. Numerous businesses like Dell, CheapAir and Overstock, who use Bitcoins for several important transactions.

Here is a list of Miniscript symbols given below

Miniscript
Source: Analytics India Mag

Electron Cash Wallet Gets ‘Mecenas’ Recurring Payments Plugin for BCH (Bitsonline), Rated: B

The Electron Cash BCH wallet now has a new easy to use plugin called Mecenas. Mecenas means “Patron” and it allows BCH users to make payments that execute automatically at set times.

BitPay Partners with Blockchain.com (iHODL), Rated: B

BitPay, the popular cryptocurrency payment provider, has entered into a partnership with crypto wallet Blockchain.com.

According to the official announcement, now Blockchain.com users can pay for products and services from an extensive network of merchants without ever giving up control of private keys.

MEDSiS partners Ternio to launch Maxwell stablecoin in US (Verdict), Rated: B

MEDSiS International has formed an alliance with US-based blockchain and payments firm Ternio for the launch of Maxwell stablecoin in the country as well as in Europe.

European Union

Binance to give KYC hack victims VIP accounts (The Next Web), Rated: AAA

4. Cryptocurrency exchange Binance has said it will give users affected by the alleged KYC document leak earlier this month VIP accounts. While the investigation is still on going, the exchange has said that some leaked images match ones that were processed by a third-party used by Binance between December 2017 and February 2018. I guess that’s one way to say sorry.

Binance Blames Third-Party KYC Vendor For Leak, Offers Compensation to Users (Inside Bitcoins), Rated: A

Binance, one of the world’s most famous cryptocurrency exchanges, is owning up to its responsibility and is offering VIP promotions for the victims of the well-publicized hack, for which it blamed a KYC vendor.

The platform explained today that while the probes of the leak are still ongoing, the widely known crypto exchange will offer victims a lifetime VIP membership as a way to compensate them for the inconveniences.

Binance Coin (BNB) Price Drenched in Blood; Huge Setback for the Traders (CryptoNewsZ), Rated: A

Yesterday, the BNB coin started at $26.9. The price took a steep walk from $26.9 to $26 by 3.24%. The coin kept hovering at the same level. The coin closed at $26.3 with an intraday loss of 2.20%. Today, the coin is again falling. Today BNB opened at $26.3 and is now dealing at $25.8. The loss marked on the chart is of 1.69%.

Binance Coin
Source: CryptoNewsZ

Surprise! Binance Researchers Prefer Binance Chain (CryptoBriefing), Rated: B

The report, titled “The World of Tokenization,” recognizes Ethereum’s success as  “the most used blockchain worldwide for developers to issue new tokens.” As the dominant network, Ethereum has introduced a large variety of fully developed token standards, including newer innovations such as security tokens and non-fungible tokens.

But despite Ethereum’s large range of offerings, Binance Research says,  the “vast majority of these tokens are worthless,” and tokens on other blockchains also hold little value. The big exception is Binance Chain, which has “the second largest amount of positively-valued tokens,” after Ethereum.

blockchains
Source: Binance Research

Lombardy Region Adopts Blockchain in Public Administration (Coin Idol), Rated: A

The Municipality of Cinisello Balsamo in the Metropolitan City of Milan, Lombardy, Italy, has started adopting blockchain tech in public administration (PA). Now, a maximum of 10 minutes is needed for the whole administrative procedure. This has made the Lombardi region to the vanguard of blockchain and cryptoasset implementation.

United Kingdom

British judge orders confiscation of US$ 1m in cryptocurrencies from jailed hacker (IT News), Rated: AAA

A London judge ordered on Friday the confiscation of bitcoin and other digital currencies worth nearly US$1 million from a prolific computer hacker, in the first case of its kind for Britain’s biggest police force.

At Southwark Crown Court, judge Joanna Korner ruled that the state could confiscate £922,978.14 (US$1.13 million) worth of cryptocurrencies from Grant West, 27.

Facebook’s cryptocurrency Libra risks falling apart before it has even started (The Telegraph), Rated: A

At the start of this summer, Facebook invited me to the old San Francisco Mint, a building that symbolised the original California Gold Rush, for an early look at the company’s plans to enter finance.

It had been rumoured for months that the social network was planning to release its own cryptocurrency, digital-only money designed to pounds and dollars as a means of exchange. But the plan that Facebook’s crypto chief David Marcus laid out was not what many people had been expecting.

It Has Been Three Years Since I Joined Steemit! (CryptoDaily), Rated: A

On Tue, 27 August 2019 15:00:00 UTC, the Steem blockchain will undergo a network upgrade in the form of a hardfork. This is Steem Hardfork 21 or Steem HF21.

Hardfork 21 And What It Means To Steem Blockchain Users.

  1. The pool of Steem given out daily to content creators will be lowered by 10% in order to accommodate a new DAO (Decentralized Autonomous Organization). This will be a new Steem Proposal System for the community.
  2. The rewards for content creators will decrease by 25% to 50% of the total reward.
  3. Content curator rewards will increase by 25% to 50% of the total reward.
  4. A new downvote pool that will allow users to downvote without draining their voting power.

Brexit to provide profitable opportunities to crypto investors says OKEx (Cryptopolitan), Rated: A

Brexit or Britain’s exit from the European Union (EU) is expected to have its toll on the kingdom’s economy; however, according to OKEx, it may also provide profitable opportunities to crypto investors.

China

Tether To Launch New Stablecoin Named ‘CNHT’ (Altcoin Buzz), Rated: AAA

Stablecoin operator, Tether, has announced that all is in place to launch a new stablecoin, CNHT, attached to CNH, foreign Chinese Yuan Renminbi.

Australia

ASX ropes in cloud computing giant VMware for its blockchain-based settlement system (Yahoo! Finance), Rated: AAA

The Australian Securities Exchange (ASX) has signed a deal with cloud computing giant VMware to ramp up the development of its blockchain-based equities clearing and settlement system.

Announcing the news on Monday, ASX said that the new deal with VMware and its existing blockchain partner Digital Asset (DA), will help support its distributed ledger technology (DLT) initiatives in Australia and New Zealand.

Asia

Cryptocurrency futures exchange CoinFlex targets Asia traders with physical delivery of bitcoin contracts (SCMP), Rated: AAA

New cryptocurrency futures exchange CoinFlex, which claims to be the world’s first exchange that offers physical delivery for bitcoin futures contracts, wants to ramp up business from Asian retail investors who want to avoid falling victim to price manipulation that it says is rampant in cash-settlement contracts.

Hashed CEO on New Trend In Crypto Startup Investing: Money Wises Up (Cryptonews), Rated: A

Simon Kim, CEO of South Korea-based blockchain accelerator Hashed, says that the days of passive investors handing over cash in exchange for a fistful of tokens are gone.

“Now they’re wising up,” says Kim. “Investors are realizing that it’s far better to spend time and money on building real products with real value.”

Eurasia

Waves DEX Now Supports Ethereum-Based ERC-20 Tokens (Coin Telegraph), Rated: AAA

Blockchain platform Waves has added support for Ethereum-based (ETH) ERC-20 compliant tokens to its decentralized exchange (DEX).

Latin America

We process 1,000 transactions with cryptocurrencies in our stores in Venezuela: Tariki (Our Bitcoin News), Rated: AAA

One of the news that has caused the most sensation in recent weeks in the cryptocurrency environment in Latin America, is the celebrated adoption of payments with cryptocurrencies in Traki, one of the largest retail stores in Venezuela. The company created a department, called CriptoTraki. CryptoNoticias spoke with its main analysts and developers, as well as with its CEO.

Africa

In Sierra Leone, new Kiva Protocol uses blockchain to benefit unbanked (devex), Rated: AAA

On Wednesday, the government of Sierra Leone launched its new national digital identity platform.

The platform runs on the Kiva Protocol, a digital identification system that uses blockchain, a distributed ledger technology, to address two major barriers to accessing financial services: a lack of formal identification and a lack of verifiable credit history.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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