Tryptomer for the week: the Growth of Ripple, breaking Zaif, the “whales” in bitcoin
At the end of the week we summarize what wrote these seven days, and collect everything that is relevant for fans of the cryptocurrency and decentralized technology. This week, the cryptocurrency XRP showed unprecedented in 2018, growth in Japan is again hacked cryptocurrency exchange, and the SEC has begun to review applications to launch a bitcoin ETF.
The founder of litecoin Charlie Lee stated that “crypto is thriving bad journalism”, referring to the headline of one of the media that have submitted sell litecoin as a “dump”. Then jokingly said, “glad I dumped” their LTC, otherwise he would need to look for another job and he couldn’t take a whole day to its creation or to help the Litecoin Foundation. The journalist completely distorted this review. The position of Lee was that he wanted to continue working on the project, not participating in price speculation, and it seemed to him that the sale of savings Lytkina do will prevent a conflict of interest.
Olaf Scholz, Minister of Finance and Vice— Chancellor of Germany, during the recent “civil dialogue” in the location of the German— Dutch corps in münster compared the current hype around the cryptocurrency with the Tulip mania speculative bubble that happened in the Netherlands in the XVII century. In particular, he said, “a Great danger that such Tulip inflation will happen again.”
The Commissioner of the Commission on securities and exchange Commission (SEC), Esther Pearce, which in the cryptocurrency community with love called “cryptomonas”, once again called on the government and regulators to accept and recognize digital assets. She believes that the current technological revolution in the field of financial services has enormous potential and will have long term positive results. This week the SEC announced that it has started consideration of applications to launch a bitcoin ETF.
In an interview with CNBC at the summit in Singapore, the Chairman of the Commission on trade commodity futures (CFTC) and Christopher Giancarlo said in favour of a softer approach to the regulation of cryptocurrencies, not to restrict their development. Giancarlo was comparing cryptocurrencies with the Internet, which, according to him, was able to develop thanks to the fact that the regulators sought to harm him.
iBankCrypto, analyst with years of experience in stock markets and a consultant in the field of cryptocurrencies, believes that bitcoin has the scope for further falls: the remainder of September looks very disturbing. However, a miracle can happen.
Researchers from the company Diar found that more than 55% of all bitcoins are now under the control of the so-called “whales”. Each of these giants of the cryptocurrency market keep in their wallets of more than 200 bitcoins worth nearly $1.3 million And the researchers note that about one-third of the total number of coins in whales, it was not used for the transaction after purchase.
China has published a monthly blockchain— rating in September. Cryptocurrency EOS continues to be number one, whereas bitcoin has fallen to 16th position. The ranking is published for the sixth month. The evaluation is based on criteria such as the parameters of the underlying technology, the scope and creativity (innovation).
According to a recent study conducted by Greenwich Associates, a global leader in the field of Analytics service quality and consulting services, 72% of institutional investors believe that cryptocurrencies will be long. Experts interviewed 12 executives of financial institutions working in Asia, North America and Europe.
Trader Dennis Sahlstrom draws attention to the fact that Bank of America charges $30 for outgoing domestic wire transfers and $35 for international outgoing transfers in foreign currency. And it is about 300 times more expensive than sending a bitcoin transaction, despite the fact that the system of money transfer in real-time Fedwire, the Federal reserve allows banks to charge just $0.25 per transaction.
A month ago a study was published on Tether (USDT), which the authors tried to prove that stablon was used to manipulate the price of bitcoin and other cryptocurrencies. However, the new work does not confirm this statement and presents new arguments.
XRP, a cryptocurrency company, Ripple, this week has become the undisputed market leader on news of a partnership with the largest Bank Saudi Arabia National Commercial Bank. The credit institution will use the decentralized Ripple network to exchange data with other banks. In addition to information transfer National Commercial Bank through RippleNet will be able to transfer funds to their customers at any point of the globe. Ripple also plans to present in October its new product to speed up the banking sector called xRapid. Due to the unprecedented this year, with growth in publishing TheNextWeb has a story about why Ripple could become “the next bitcoin”.
For the month of Hasrat Ethereum decreased from 294 of teruhisa per second to 246 of teruhisa per second — a level that was observed in February 2018. This is probably the biggest drop Hasrat over the last year. Mining Ethereum for many became unprofitable. This is due to the fact that over the past month the price of air has decreased significantly, from $400 to a low of $167 before to improve a little bit — to $220.
The Creator of Ethereum, Vitalik Buterin in his Twitter presented a draft Lighthouse client Ethereum 2.0, open source, written in the programming language Rust. According to the plans of developers, Ethereum 2.0 will be a multi-level decentralized system with more capacity compared to the existing, respecting the balance between decentralization and security.
The team of cryptocurrency TRON, on trade which declared platform BitPay, burned the fifth set of tokens TRX. 4,917 billion coins was burned on September 13, they all meet the standard ERC20. The elimination of tokens produced in the form of sending them to a special address, which can not continue to receive or send anywhere these tools. Such a scheme of destruction of assets ensures that the process is irreversible elimination of coins and maintaining stable operation of the blockchain network.
Team Tezos Foundation September 17 officially launched a blockchain network of their own cryptocurrency. According to supporters of the launch of the platform, the number of Internet users now expected to grow significantly.
A forthcoming update calls into question the survival of Bitcoin Cash. The proposed update team advances Bitcoin ABC, which produces software used by many operators of the nodes. Mining giant Bitmain supports future changes, but not all miners pleased with this update.
Team Dash has announced the beta launch of the new cryptocurrency of the Dash Text. The main advantage of this product is the ability to send funds via SMS messages.
The creators of blockchain— Fund Xiong’An (Grandshores) for $1 billion, supported by the authorities of the Chinese city of Hangzhou plan to launch a secured Japanese yen stablon. One of the founders of blockchain— Fund Yao Yongji said that work on the project has already begun and the team hopes to launch steamcon at the end of this year or early next.
Another stablon launches Swiss startup Eidoo. The coin is called Ekon will be provided with pure gold, one gram at a token standard ERC20. Precious metal will be in the vault of the company, and will be able to see everyone.
The financial services Agency of Japan (FSA) announced that it is now about 160 companies want to get the status of cryptocurrency exchanges. In recent times the regulator has reviewed the applications of 16 companies, which meanwhile had been allowed to provide services for cryptocurrency trading. Of these, only three were able to pass the test.
Binance exchange plans to launch trading platform in Singapore for transactions with Fiat and cryptocurrencies. In testing the beta version of the platform will be able to participate only those who will receive a special invitation. No additional information was received, but it is possible that the user can access the operation with the Singapore dollar. CEO of crypto currency exchange Binance, Chanpen Zhao at a conference in Singapore stated that the company aims to gain market shares in all markets.
Cryptocurrency exchange IronX — new joint venture global online broker IronFX Group and EmurgoHK, the Creator of the blockchain Cardano, announced that it has received a license from the Estonian financial intelligence Agency (FIU). Through the license, IronX will be able to function as a fully adjustable exchange digital currencies. It will be one of the first companies in Europe seeking to set an industry standard in the conduct of the business of the cryptocurrency.
A former top Manager of the company SpaceX Joshua Greenwald announced the launch of its own cryptocurrency exchange. Now Greenwald has led the company LXDX, providing products for the exchange sphere. Users of the new trading platforms can become all interested persons, including smaller players. The terms of trade will fully comply with the measures to combat money laundering through digital assets. Greenwald did not specify what kind of digital currencies can be traded on its platform.
Also its own cryptocurrency platform plans to launch the top management of the largest brokerage company in Brazil, Grupo XP.
Coinbase continues to attract professionals who previously held high positions in large technology companies. So, the new employee was Michael Lee, who is in Coinbase, the position of Vice President according. Lee has spent the last seven years at LinkedIn as head of Analytics and data science.
Press the center of the cryptocurrency exchange Poloniex announced the impending delisting of the group of little-known digital assets.
September 18 was published a 42— page report of the attorney General of new York Barbara underwood on the work of cryptocurrency exchanges. The report says that several cryptocurrency exchanges are subject to conflicts of interests, and their clients have lower guarantees compared to traditional financial markets and can become victims of market manipulation. According to the report, three crypto currency exchange (Binance, Kraken and Gate.io) can work in the state illegally. In response, Coinbase has denied the information about prop— trading.
The people’s Bank of China, performs the functions of the financial regulator, has published another notice about the risks of crypto-currency investment. The Central Bank of China issued a statement in which they called on the Chinese individual and corporate investors not to succumb to the promise of a gigantic income from participation in cryptocurrency projects. This time the notification was released by the Shanghai office of the Central Bank of China.
Mthuli Ncube, recently took the post of Minister of Finance of Zimbabwe, supports the idea of more active introduction of cryptocurrencies. For this reason, shortly before his appointment as head of the Finance Department Ncube came into conflict with the Central Bank, acting against the use of bitcoin and other digital assets.
Government officials and representatives of major cryptocurrency companies, led by Congressman Jason of Suem created a self-regulatory organization of the blockchain and cryptocurrency Taiwan (TCBSRO) designed to establish standards and to adopt industrial practices.
According to the Monetary authority of Singapore, performing the functions of the financial regulator, the operations tokens can not be adjusted in accordance with the provisions of the securities act. So it will adopt a separate law to regulate cryptocurrency trades.
A group of British lawmakers urged to strengthen the control and to take measures on regulation of the cryptocurrency industry. It is stated in a new report released on September 19. The authors argue that scriptaction no self-worth that they are especially risky for retail investors and subject to manipulation. The report also stated that the introduction of regulation must be addressed urgently.
Venezuelan authorities plan to use your public crypto-currency in international trade. This broadcast of a television said the country’s President Nicolas Maduro.
The spread of cryptocurrencies and blockchain technology in the US received another boost in the form of three bills proposed by U.S. Congressman Tom Emmer. New bills on the development of cryptocurrency and the support of the Finance industry.
The Verkhovna Rada of Ukraine registered the draft law “On amendments to the Tax code of Ukraine regarding the taxation of transactions of virtual assets.” In the explanatory note to the draft law, the deputies pointed to the need to give the cryptocurrency a clear legal status. They also recalled that in 2014, about 30% of the world’s bitcoin mining accounted for Ukraine, but because of the lack of legal basis and instruments for the protection of ownership of the Ukrainian miners now prefer to do business in other countries.
The authors of the Russian draft law “On digital assets” have changed the document before passing to the second consideration in the state Duma. The new variant does not regulate transactions with cryptocurrencies and mining becomes activity is not mining of virtual currencies and to attract capital. Each token will certify the right to participate in the company or to share in any property. According to experts, the updated draft of the law effectively puts an end to the possibility of the legalization of electronic money in Russia. Also in the framework of the conference on the Moscow stock exchange held on 20 September, Russian banks have expressed willingness to serve transactions with digital currencies. In a conference on problems and prospects of the cryptocurrency market, took part representatives of the largest credit institutions.
The Foundation of the world economic forum (WEF) are increasingly involved in programmes aimed at solving global environmental problems. In its latest report published on 14 September, the Forum identified 65 cases of possible use of blockchain technology.
The data presented Esticast Research and Consulting, saying that by 2024, the global market of the blockchain could grow to $10 billion In 2016, it was estimated at $26.1 million over the next five years, the industry will grow; the compound annual growth rate (CAGR) amounts to 60.8%. Although the public sector of the block chain will continue to grow exponentially, the market will begin to dominate private blackany: they have more than 50%.
According to a joint press release, published on 20 September, the British company Coinform and the largest Bank in Poland, PKO Bank Polski sa, in the coming days, partners will start the blockchain is the solution that will enable you to control the document flow of the credit institution and to strengthen the protection of data of its customers.
In the Swiss “Cryptocoryne” there is a new blockchain incubator CV VC that will invest $125 000 in a number of promising startups in exchange for their shares or tokens. Seed financing will start in the winter.
Telecom company LG UPlus, a member of the South Korean giant LG will launch the international payments system based on the blockchain network. The system was created in partnership with the Japanese company SoftBank, as well as with the American TBCASoft and Taiwanese Far EasTone Telecommunications. The new payment system will give the opportunity to make transactions through the networks of telecommunication operators.
The command of the aviation forces of the Navy (NAVAIR), which provides material support for aircraft and airborne weapon system for the Navy, on September 21 issued a press release in which it announced that it was examining the blockchain.
20 Sep Japanese licensed exchange Zaif said about the loss of 6.7 billion yen (about $60 million) in bitcoin due to hacking. Immediately after the publication of the official statement of the exchange Zaif about the theft of funds of the bitcoin began to rapidly fall in price. The coin has fallen to $6100, but then began to rise in price, since almost all major sites investors rushed to buy the asset. When you see the news about another robbery cryptocurrency exchanges in Japan, the country’s police has published figures showing an increase in the number of such episodes this year.
American company Cybereason dealing with cybersecurity, reported that its customers suffered from the program Wannamine. The latter was able to infect more than 1,000 machines in the network of an unnamed international company. According to the representative of Cybereason Amir Serper, Wannamine enters the computer system through a vulnerability in the SMB Protocol. Then “is distributed across the network, increasing efficiency and getting the opportunity to run arbitrary code on the maximum number of machines”.
Cryptogenic and got to India. Local newspaper the Economic Times reported that the official government sites are the main targets of the hackers involved in the illegal mining of cryptocurrencies. The group of experts on cyber security have reviewed the more than 4,000 websites running on their pages code, allowing to recognize the presence of the script cryptogamia. The results showed that the affected script official sites of the municipal administration, Andhra Pradesh and Tirupati municipalities and Macherla.
Police service of the European Union published a report for the current year, which is one of the main topics was the use of crypto by criminals to Finance their operations. The authors note that in recent times, cybercriminals often prefer zcash for and Monero. The main reason is the enhanced privacy protection of these altcoins. However, as stated in the report of Europol, in the course of investigations, law enforcement agencies are still the most confronted with the use of bitcoin.
On September 18 released the latest version of software bitcoin wallet Bitcoin Core 0.16.3. It eliminates a critical error from double-spending, which can lead to a breakdown in all versions of Bitcoin Core that contains this bug. Bitcoin Core is the wallet software that is used by 94% of all bitcoin nodes, so updating to the latest version, it is important for the entire network of the main cryptocurrency.
British football clubs “Newcastle United” and “Cardiff city” plan to attract investments by issuing their own cryptocurrency. At the expense of borrowed capital management of the clubs plans to solve financial problems and to recruit new players to boost the competitiveness of the teams in the British football League.
Articles of the week
What can you expect from the cryptocurrency market in Russia, says the Executive Director SONM Oleg Lyubimov.
Samuel Leach, CEO and founder of Samuel&Co Trading, made millions in 26 years, organizing international training courses. We offer you a translation of his article on ITProPortal, in which he analyzes the main aspects of the security of cryptocurrency investment.
The cryptanalyst John Block criticizes the idea of bitcoin as a store of value, drawing attention to the fact that he has always been and remains primarily a digital money, and comes to the somewhat ambiguous conclusion.
Pedro Febrero — economist and engineer by training, founder of the platform Bityond. In his expressive article on CCN he explains what, in his opinion, the blockchain is different from the DLT and also shows how the cash incentive in the form of cryptocurrency is able to create value networks, which should be distributed among the people.
Theresa Mick from Seattle, the expert with 15 years of experience in the field of communications, prepared for Forbes brief overview of the history of remittances and the corner of his eye he looked into their future.
Phil Chen, head of development of blockchain— smartphone Exodus from HTC, Wired shared their vision of the future of the blockchain in the industry of production devices on Android.
Bitcoin in the Gaza strip: will cryptocurrencies for the Palestinians ‘lifeline’.
Greenhouse gas Ethereum: the Role of the blockchain in the fight against pollution.