The main events of the week in the bitcoin and blockchain-industry (20.08.2018 — 26.08.2018)
Traditional Sunday digest ForkLog — “indecisive” denial of the SEC, meeting the developers of Ethereum, fearful of legislative initiative in Russia, pessimism Nvidia and other notable events of the week.
The price is under control of bulls
During the week the price of the first cryptocurrency in General showed a moderate recovery:
However, other top cryptocurrencies at the end of the week remains in the “red zone”:
This situation could not be reflected in the index of dominance of bitcoin, which has reached 53.6 per cent. This suggests that investors prefer high volatility aldonas more predictable “digital gold”.
I’m sure many newcomers to the cryptocurrency market (especially included in it at the turn of 2017-2018) are dissatisfied with the protracted recession in the market. Realizing this, the head of the largest crypto currency exchange Binance recently decided to encourage novice investors. He expressed the opinion that the price of cryptocurrencies will soon be restored and the trend will drastically change the direction and the market will come back speculators.
A few more specific forecast was made ex-CEO of bitcoin exchange BTCC Bobby Lee. He is confident that within the next few years, the price of bitcoin will win $60 000, the capitalisation will reach $1 trillion.
Currently, the “digital gold” is trading around $6700, and its market capitalization is around $115 billion Figure is the 30-day volatility of bitcoin is of 3.04%, which is quite a low value.
Recently, the Commission on securities and exchange Commission (SEC) rejected the request to open a Bitcoin ETF and ProShares ProShares Short Bitcoin ETF. In addition, received a waiver of the company Direxion and GraniteShares. They have also applied for opening of exchange traded investment funds on the basis of bitcoin.
In the official reply of the Commission noted that the exchange failed to demonstrate that its proposal meets the provisions of section 6(b)(5) of the exchange Act, in particular regarding requirements for the prevention of manipulation in the market.
However, the very next day the SEC announced its intention to reconsider its decision on refusal to run these ETFs, causing surprise to many members of the crypto community.
The time within which the Commission intends to make final decisions on the proposed ETF, is still unknown.
Meeting the developers of Ethereum
On Friday, August 24, held a teleconference with the participation of developers and other key figures in the Ethereum ecosystem.
One of the main topics of discussion was the upcoming hard forks Constantinople. The parties also discussed the implementation of the client and test patterns enterprise application integration (EIP). One of the developers said that the testing process in order to avoid potential difficulties with community consensus does not need any modifications.
This week saw the release of several new software components were observed instability of a major modification of the code responsible for the mining process. It is expected that the problem will be fixed for the next release.
The developers announced the elimination of several bugs, but also it became known that the EIP-1211 in the upcoming upgrade of Constantinople would not be included. In addition, it was decided to continue to hold hardforce every eight months, including new features. Part of the discussion was devoted to the question of resistance to ASIC chips that are put in unequal position of many miners.
The participants of the conference failed to agree on many issues, so it was decided to hold the 31st of August another discussion.
In addition, earlier in the week, the Creator of Ethereum, Vitalik Buterin made a proposal to change the system of commissions for transactions in the public block chain from auction to fixed.
“If the last block was full at 50%, then leave the Board unchanged. If it was filled for 10%, will reduce the Commission of 10%, but if it was full at 90%, we will increase Commission by 10%”, — explained Buterin.
The proposal does not specify how it will be recorded the size of the Commission.
Criminal penalties for… bitcoin transaction
The Ministry of internal Affairs of the Russian Federation, apparently, a very peculiar notion of bitcoin and other cryptocurrencies. Recently it became clear that the Agency is considering the introduction of criminal liability for illegal circulation of cryptocurrency and open source.
According to security officials, to legalize the turnover cryptocurrency is required by the “mandatory registration in the state bodies implementing financial and tax regulation”.
In the letter to the Ministry of Finance, the head of the Main Department on control over drug trafficking (GUNK MIA) Andrey Khrapov asked to Express an opinion on the implementation of these measures and the appropriateness of such legislative changes.
In turn, the Ministry of Finance believe that the determination of measures of responsibility for violation of the procedure for transactions with scriptactive must be considered subject to the provisions on the revision of the draft law “On digital of financial assets”. The Ministry also specified that at the moment the status of cryptocurrencies in Russia is still not defined.
Bitcoins for painted in photoshop Fiat
Another cryptocurrency Scam victim was a South Korean businessman. Two criminals from Serbia bought bitcoins in the amount of € 2 million ($2.3 million). However, the hapless owner of the bills were drawn in photoshop.
The final part of the deal was held in a five star hotel in nice, where he was invited entrepreneur. Having lulled the vigilance of the South Korean attackers instead of real money handed him printed on the printer of banknotes of 500 euros each.
The businessman has addressed in police, and soon one of the crooks arrested in Cannes. By the time he had already purchased a watch worth 100 thousand euros and a luxury car. His accomplice is still on the run.
Graphics card manufacturer Nvidia has decided to exclude video cards for mining of the priority directions of its business.
The main reason for this decision representatives of the company called a low income, which brings this direction. Nvidia CFO Colette Kress noted that before the end of 2018, the company does not expect sales growth in this segment.
“We believe that we have reached a normal period and focus on cryptocurrencies in the future do not intend. We expected that the profit from cryptocurrency related products will drop to about $100 million, but it fell to $18 million,”she said.
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