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Monday, 24 February 2020

CoolBitX Raises $16.7M to Make Crypto More Bank-Friendly

In 2020, the startup’s focus is on new products and features that comply with new rules from the Financial Action Task Force.

via CoinDesk

Secretive Digital Fiat Project Emerges With New Partner as CBDC Chatter Grows

Fnality, a high-profile digital fiat project backed by 14 big-name financial institutions, is teaming with the ConsenSys-backed Adhara.

via CoinDesk

Bitcoin’s Coronavirus Selloff Throws Cold Water on Safe-Haven Argument

As U.S. stocks tumbled on Monday by the most in six months amid renewed coronavirus fears, bitcoin barely budged - at least in terms of the notoriously volatile cryptocurrency’s trading history.

via CoinDesk

Bitcoin Magazine: Bitcoin's Solvency, Security and Singularity with Coinfloor's Obi Nwosu & Blockstack's Muneeb Ali

In this episode, Dave Hollerith speaks with Coinfloor's Obi Nwosu and Blockstack's Muneeb Ali, two leaders who have run companies in the community since 2013. Coinfloor is the U.k.'s largest cryptocurrency exchange while Blockstack is a developer platform and network trying to build a new internet. Though different in what types of product they offer, both companies are taking innovative and even perhaps opposing strategies for how they can and should successfully leverage Bitcoin.

Obi Nwosu Interview:

  • Proof of Reserves
  • Why Coinfloor delisted Eth
  • Obi's take on why users have more power than exchanges.
  • Why Coinfloor wants Bitcoin buying to be safe, easy and without b.s.

Muneeb Ali Interview:

  • How the stacks 2.0 will relate to Bitcoin
  • Addressing the skepticism around Blockstack's milestone growth
  • The more private internet Blockstack is building
  • Blockstack is pretty much the real Pied Piper from the HBO series Silicon Valley




DISCLAIMER: The following content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this presentation constitutes a solicitation, recommendation, endorsement, or offer by BTC Media, The Let's Talk Bitcoin Network, or any third party service provider to buy or sell any securities or other financial instruments.

via The Let's Talk Bitcoin Network

Caitlin Long on Coronavirus, Crypto Custody and Building a Bank

A new crypto bank tries to address some of the most fundamental issues for institutions who want to get into the space.

via CoinDesk

Infographic: An Overview of Compromised Bitcoin Exchange Events

This article was originally published in Bitcoin Magazine‘s 2019 print issue. It is periodically updated as exchange compromises occur.

This infographic visualizes some of the most significant bitcoin exchange compromises (occurring through hacks, mismanagement, etc.) as if they all happened with a standard bitcoin price, to provide a better understanding of their relative magnitude.

The x-axis plots the price of bitcoin at the time of each compromise, while the y-axis plots the amount of BTC lost in each compromise. The size of each compromise circle also represents the amount of BTC lost without adjusting for the specific price at the time.

Below, we’ve included brief summaries of each compromise event pictured.

Astronomical object - Astronomy

Mt. Gox

Date: June 2011 (then continuously until February 2014)

Amount Lost: 790,000+ BTC

In March 2014, Mt. Gox declared bankruptcy due to a series of hacks and thefts that went unreported for over three years, which were later documented by blockchain analyst Kim Nilsson. The final collapse resulted in a crash of bitcoin in 2014. Below is a summary of all meaningful hacks that occured:

On March 1, 2011, 80,000 BTC were stolen from Mt. Gox’s hot wallet, as thieves were able to make a copy of the wallet.dat file. In May 2011, hackers stole 300,000 BTC temporarily stored in an off-site wallet, which was on an unsecured, publicly accessible network drive. However, shortly after, the thieves got nervous and returned the stolen funds with a 1 percent (3,000 BTC) “keeper’s fee.” In June 2011, a hacker was able to get into Jed McCaleb’s administrator account and manipulate prices, temporarily crashing the market. After the ordeal was over, the hacker managed to steal 2,000 BTC.

In September 2011, a hacker was able to get read-write access to Mt. Gox’s database. The hacker created new accounts on the exchange, inflated user balances and was able to withdraw 77,500 BTC, after which they deleted most of the logs containing evidence of such transactions. In October 2011, a bug in Mark Karpelès’s new wallet software caused 2,609 BTC to be sent to an unspendable null key. The largest hack occurred by 2013, when a hacker was able to obtain a copy of Mt. Gox’s wallet.dat file and stole 630,000 BTC.

Date: July 27, 2011

Amount Lost: Approximately 17,000 BTC

During a server restart, the remote Amazon service that housed’s wallet was wiped. No backups were kept and Mt. Gox later bailed out Ultimately, neither the exchange’s customers nor the original owners suffered any loss from the incident.


Date: October 2011

Amount Lost: 1,000 BTC

Eastern European hackers penetrated Bitcoin7’s servers, giving them direct access to Bitcoin7’s primary hot wallets. 


Date: March 1, 2012

Amount Lost: 43,000 BTC (and then another 18,457 BTC)

Web hosting provider Linode’s servers were hacked, granting access to the bitcoin stored on pioneering exchange Bitcoinica. The incidents ultimately led to the demise of Bitcoinica.


Date: September 2012

Amount Lost: 24,000 BTC

BitFloor was compromised when a hacker was able to access unencrypted backups of the exchange’s wallets and transfer out the funds.


Date: May 2013

Amount Lost: 1,454 BTC

The jury’s still out on Vircurex — literally. Former users of the exchange are currently suing its operators after they mysteriously shuttered the company in 2013. Citing that they had been hacked and lost most of their funds, the exchange froze all accounts, filed for bankruptcy and closed down.


Date: November 2013

Amount Lost: 484 BTC

No, not Bcash; BitCash was an exchange located in the Czech Republic back in the day. This relatively small compromise was orchestrated via a phishing attack that gave the attackers access to individual accounts. 


Date: March 4, 2014

Amount Lost: 97 BTC

In March 2014, Poloniex announced that it had been the victim of an attack due to a previously unknown vulnerability in its code. As a result, the exchange told all of its customers that it would have their account balances reduced by 12.3 percent.


Date: July 2014

Amount Lost: 13,000 BTC

In early 2016, Cryptsy collapsed following the July 2014 theft of 13,000 BTC (and 30,000 LTC) from customers’ wallets.


Date: October 2014

Amount Lost: 3,700 BTC

MintPal’s case has an air of true crime to it. The exchange announced that it had been hacked in October 2014 and was purchased soon after by upstart Moolah, which subsequently folded. MintPal accounts were locked, and one of Moolah’s operators, Ryan Kennedy, allegedly drained these accounts before being arrested by U.K. authorities on charges of rape. He is currently facing prosecution for the MintPal debacle, as well.

796 Exchange

Date: January 2015

Amount Lost: 1,000 BTC

In the first month of 2015, hackers wormed their way into 796 Exchange’s servers. Thankfully, the exchange covered the losses.


Date: January 2015

Amount Lost: 19,000 BTC

Hackers were able to access Bitstamp’s hot wallet. As a result of the theft, Bitstamp began to keep 98 percent of its bitcoin in cold storage.


Date: February 2015

Amount Lost: 7,170 BTC

BTER supposedly had its cold wallet compromised in this hack, though community members were skeptical that this was the case, given the relative robustness of cold storage (which, it should be noted, is not impenetrable). 


Date: February 2015

Amount Lost: 3,000 BTC

KipCoin was compromised after its server provider, Linode, was hacked. The result would be a month-long tussle to regain control over the exchange.


Date: May 2016

Amount Lost: 250 BTC

Hackers breached Gatecoin’s hot wallets to steal some $2 million in bitcoin and ether. 


Date: August 2016

Amount Lost: 120,000 BTC

Attackers were able to exploit a vulnerability in the multisig wallet architecture of Bitfinex and blockchain security company BitGo.


Date: April 2017

Amount Lost: 3,800 BTC

Yapizon had its servers compromised and its hot wallets drained. Shortly after this episode, the exchange would rebrand to Youbit (only to be compromised two more times).


Date: April 2018

Amount Lost: 438 BTC

The details are murky surrounding this case, but this “hack” is believed to be an inside job orchestrated by the exchange’s chief security officer, who was arrested after the fact.


Date: September 2018

Amount Lost: 5,966 BTC

Zaif filed a case with Japanese police to solve this $60 million hack, but it has not disclosed to the public details of how the hack occurred.


Date: October 2018

Amount Lost: 913 BTC

This Canadian exchange announced that it had been hacked and that it was closing its doors at the tail end of 2018, but some believe that the whole thing looks, feels and smells like an exit scam.


Date: December 2018

Amount Lost: 26,350 BTC

The co-founder of QuadrigaCX died on December 9, 2018, allegedly as the only person with access to the exchange’s keys. Courtroom proceedings have revealed fund mismanagement and potential fraud on the part of the exchange.


Date: May 7, 2019

Amount Lost: 7,000 BTC

Through phishing, viruses and other techniques, hackers obtained a large number of Binance user API keys and 2FA codes, allowing them to withdraw 7,000 BTC in one transaction.


Date: July 12, 2019

Amount Lost: 1,225 BTC

Hackers compromised Bitpoint without its operators noticing until funds were already on the move. The exchange managed to corral some $2 million of these when they ended up on other exchanges and have promised to reimburse users.

The post Infographic: An Overview of Compromised Bitcoin Exchange Events appeared first on Bitcoin Magazine.

via Bitcoin Magazine

New Jersey Lawmaker Wants to Create a Crypto License

New Jersey Assemblywoman Yvonne Lopez has introduced a licensing regime for crypto businesses, authorizing the state banking regulator to oversee the space.

via CoinDesk

CME Bitcoin Futures Daily Trading Volume Hits 2020 Low – That’s a Bullish Sign

Daily trading volume in bitcoin (BTC) futures listed on the Chicago Mercantile Exchange (CME) dropped to year-to-date lows on Friday.

via CoinDesk

Crypto News Roundup for Feb. 24, 2020

With the price of bitcoin repeatedly breaching and then retreating from the psychologically important $10,000 level, Markets Daily is back with another time crypto news roundup.

via CoinDesk

G20 Urges Countries to Adopt Tough FATF Rules on Cryptocurrencies

FATF's guidance compels crypto exchanges to share user data with one another.

via CoinDesk

Blockchain Pioneer Caitlin Long to Build Crypto Bank in Wyoming

A Wyoming corporation founded by Caitlin Long is preparing to apply for a special purpose depository institution (SPDI) charter with the state’s division of banking.

via CoinDesk

SEC to Decide the Fate of Another Bitcoin ETF Proposal This Week

The SEC is poised to rule on another bitcoin ETF application this week. Wilshire Phoenix is hoping its novel fund structure might help it succeed where others have not.

via CoinDesk

How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

What happens to your bitcoin after you die? Lightning developers think a "dead man's button" could be a new tool to passing your crypto to your heirs.

via CoinDesk

Blockchain Can Help UK Savers Recover $48B in Unclaimed Pensions, Says R3

Blockchain solutions based on R3's tech will make it easier for users to verify their identities and claim lost pensions, the firm says.

via CoinDesk

4 Minute Crypto - All the Banks Are Broke Speech Goes Viral

During a speech, Godfrey Bloom, former member of the European Parliament said, All the banks are broke.He continued by asking, Why are they broke?Answering, It isn't an act of God.It isn't some sort of tsunami.They're broke because we have a system called fractional reserve banking.

DISCLAIMER: This article should not be taken as is, and is not intended to provide, investment advice.

via The Let's Talk Bitcoin Network

‘Crucial’ for Central Banks to Consider Digital Currencies: Bank of England Exec

Governments need to research digital currencies so they can strike a balance with private issuers, said the BoE's chief cashier.

via CoinDesk

$10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

Bitcoin needs to break past the session high of $10,028 to revive the immediate bullish setup.

via CoinDesk

Binance Now Supports Deposits and Withdrawals in Hong-Kong Dollars

The exchange has opened a fiat gateway for Hong Kong dollars, serving a jurisdiction in which banking services for crypto firms are notoriously tough to find.

via CoinDesk

China Has Many Strategic Reasons To Invest in Blockchain

From stopping double-lending in its credit industry to an escape from dollar hegemony, China has every reason in the world to invest in blockchain.

via CoinDesk

New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

The latest episode of The Simpsons has tried to break down the complex world of cryptocurrencies, with some success.

via CoinDesk

How the Ethereum Foundation Got UNICEF to Embrace Blockchain

A donation to UNICEF may be the Ethereum Foundation’s shrewdest investment yet.

via CoinDesk

In Defense of Justin Sun

People mock Justin Sun and TRON. But, by several metrics, it's a successful business. Time to get over the snobbery, says VC Alexander Blum.

via CoinDesk

Sunday, 23 February 2020

Central Bankers From Canada, Netherlands, Ukraine Call Blockchain Unnecessary for Digital Fiat

Central bank digital currencies have been a hot topic in blockchain circles recently, but central banks are lukewarm about blockchains.

via CoinDesk

On EOS Blockchain, Vote Buying Is Business as Usual

Buying votes is a big no-no in traditional democracies, but on the world’s eighth-largest blockchain it’s become an accepted way of doing business.

via CoinDesk

Let's Talk Bitcoin! #428 Decentralization Philosophy '" Does Crypto Still Need Catalysts?

The best Sundays are for long reads and deep conversations. Earlier this week theLet's Talk Bitcoin! Showgathered to discuss catalysts and CEOS in the world of blockchain projects, the organizational and organic structures of decentralization and to wonder whether crypto even needs Satoshi-like catalysts now that the fire of blockchain burns bright.


On today's podcast we continue the discussion, applying concepts and stories from"The Spider and the Starfish: The Unstoppable Power of Leaderless Organizations", a formational book on pre-blockchain decentralization written in the early 2000's, as the centralized US military struggled to effectively dispatch a much smaller decentralized force in Afghanistan. While the battlefield is different, the insight is perhaps even more relevant to the world of blockchain projects, their decentralized origins and ambitions.

Want more?Catch up on 7 years of Let's Talk Bitcoin!

Credits for LTB#428

This episode of Let's Talk Bitcoin! is sponsored

This episode featuredStephanie Murphy,Andreas M. Antonopoulos,Jonathan Mohanand Adam B. Levine for a hot minute.

Today's episode was produced by Adam B. Levine, edited by Jonas with music provided byJared Rubens,From Ether Musicandgeneral fuzz.

Would you like to Sponsor a future episode of the Let's Talk Bitcoin! show? Do you have any questions or comments?

via The Let's Talk Bitcoin Network

Decentralization Philosophy – Does Crypto Still Need Catalysts?

Andreas M. Antonopoulos joins this week's discussion of catalysts and CEOS in the world of blockchain projects, the organizational and organic structures of decentralization and to wonder whether crypto even needs Satoshi-like catalysts now that the fire of blockchain burns bright.

via CoinDesk

Saturday, 22 February 2020

CryptoQuikRead_354 - Why Proof of Reserves is Important to Bitcoin [Mauricio Di Bartolomeo]

"Bitcoin is a movement founded on individual monetary sovereignty, transparency and peer-to-peer auditability enabled by a breakthrough in technology. [...] The technology to provide auditability and transparency for bitcoin held in custody has been inherent to the protocol from its inception. However, the industry has been slow to incorporate"

-Mauricio Di Bartolomeo

Bitcoin, as a new asset class, provides us with one of the most powerful tools for financial security in a custodial context: cryptographic proofs of reserve. We would be foolish to not make use of it. Let us not repeat the mistakes of the past.

Another great piece from Bitcoin Magazine to shine light on a critical issue for a future with sustainable sound money. Don't miss the short article and Guy's take to follow! Link to the original below:

A huge thanks to the LTBNetwork. Don't forget to check out the tons of other great shows on their platform!

Other's mentioned in the show:

via The Let's Talk Bitcoin Network

Chain Reaction - RockTree's Omer Ozden and Kevin O'Brien: China's Mammoth Blockchain Market Opportunity

Host Tom Shaughnessy talks to Omer Ozden and Kevin O'Brien, CEO and Managing Director of Rocktree Capital, respectively. They discuss the China blockchain market versus the US, tech innovation, the move to cashless economies, and more.

Key Points

  • US tech innovation is stifled by regulatory restrictions as compared to China.
  • It's of the utmost importance to be sure you're legally compliant from the beginning to avoid huge problems later.
  • China is at the forefront of a global movement towards cashless economies.

Episode Highlights

  • Rocktree Capital's biggest presence is in China.
  • Presence in China is important for liquidity and capital.
  • If New York is the fastest market in the US, China moves even faster.
  • Rocktree Capital aims to be a bridge to unite the US and China blockchain markets.
  • All Western companies need to have a China strategy.
  • The best innovators come from the US but our regulatory systems are prohibitive and are making us lose to China in tech.
  • Analysts in the US get very little of their research and analysis from China; maybe only 15% is reliable information.
  • Bitcoin is just as important in Asian countries as it is in the US.
  • DCP is the legal digital currency of China with P2P settlement, and Omer doesn't predict it will take long for widespread adoption because China is already a primarily cashless economy.
  • Other Asian and African countries will move in the cashless direction over the next few years.
  • There will likely be some government investment in blockchain but there will be more private investing.
  • What does coronavirus mean for crypto in China?

Support The Show:

  • ZenLedger is the official tax software of Chain Reaction for crypto investors and accountants. Get a 15% discount when you use code Chain15.

  • Check out eToro to Create Your Perfect Crypto Portfolio

Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom Shaughnessy owns tokens in ETH, BTC, XTZ, STX, SNX, RUNE, sUSD and HNT. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product or service.

via The Let's Talk Bitcoin Network

‘Pandora’s Box, but for Freedom’: Author Isaiah Jackson on Bitcoin’s Impact

Leigh Cuen is joined by author Isaiah Jackson to talk about financial discrimination and the value bitcoin can offer minority communities.

via CoinDesk

Here’s Why Interest Rates on Cryptocurrencies Could Be a Game-Changer

The growth in crypto lending platforms is giving birth to a new type of valuation metric: interest rates.

via CoinDesk

When Money Becomes Programmable – Part 1

We may be moving us toward a model of programmable money that incorporates an automated internal governance of common resources and encourages collaboration among communities.

via CoinDesk

Friday, 21 February 2020

Proof of Love Ep. 47 Being a Good Ex: Dr. Stephanie Murphy & Lauren Kaszovitz

How do you talk about an ex gracefully?

What do you do when a friend begins dating an old flame and asks your advice?

How can you come off not looking like the crazy ex who still has feelings?

On this episode of Proof of Love, co-hosts Dr. Stephanie Murphy and Lauren Kaszovitz have a Q&A session on how to handle discussing ex's and what or what not to say to friends who are dating former partners. The ladies share some real life examples from their past when they've been confronted with these issues.

What To Listen For:

Is it your place to tell a friend that their partner is bad for them or unfaithful? If you know they have a checkered past, is it your responsibility to inform them?

Is it better to allow people to make mistakes and learn the hard way or attempt to offer them guidance?

Stephanie and Lauren also dish on their recent romances and how trusting your gut instincts could be the solution to relationship issues.

Do you have a burning question, or a show idea for us? Please email us at!

More Info:

Friends and Sponsors of the Show:

Remember, this is a new show, so if you like it, please be sure to tell 3 friends! Leave a good review on Itunes, and be sure to follow us on our socials!

*You have been listening to Proof of Love. This show may contain adult content, language, and humor and is intended for mature audiences. If that's not you, please stop listening. Nothing you hear on Proof of Love is intended as financial advice, legal advice, therapy or really, anything other than entertainment. Take everything you hear with a grain of salt. Oh, and if you're hearing to us on an affiliate network, the ideas and views expressed on this show, are not necessarily of the those of the network you are listening on, or of any sponsors or any affiliate products you may hear about on the show.

via The Let's Talk Bitcoin Network

Sweden’s Central Bank Finally Embraces DLT – But Only in Simulation Mode

Riksbank's e-krona pilot will run on distributed ledger tech, but the entire project will be operated as only a simulation through at least 2021.

via CoinDesk

Alleged Crypto Capital Operator Faces New Wire Fraud Charge

Reginald Fowler, an alleged operator of Crypto Capital, was indicted on wire fraud Friday, adding to four previous charges he already faced.

via CoinDesk

Things You Need to Know about the Bitcoin Halving, Ethereum’s Competitors Nearing Launch, and…

Things You Need to Know about the Bitcoin Halving, Ethereum’s Competitors Nearing Launch, and other Crypto News

Coinbase Around the Block sheds light on key issues in the crypto space. In this edition, we reveal key takeaways from the upcoming Bitcoin halving as well as Ethereum’s newest competition.

A Lead Up to the 3rd Bitcoin Halving

To date, Bitcoin has undergone two halvings (2012 and 2016), and we are quickly approaching the third.

For background, Bitcoin pioneered a deflationary economic model by setting an upper limit of 21 million bitcoins. In order to spur adoption, issuance was initially set at 50 BTC per block (every 10 minutes), and set to decay in half every four years as the network presumably grows more valuable. This event is now colloquially dubbed the halving.

Today, 18M Bitcoin have already been mined (86% of the final supply), with 12.5 new BTC (~$125K) issued every block. This will drop in May 2020 to 6.25 BTC (~$63K).

In inflationary terms, this moves Bitcoin from ~3.6% annual inflation to 1.7%, less than USD’s target inflation (2%) and roughly on par with Gold, potentially strengthening the narrative of Bitcoin as digital gold — a new kind of store of value.

Bitcoin Monetary Inflation and Halvings

Graph from

Following simple supply and demand analysis, each halving decreases supply, and is commonly believed to be a driver for increased price. But what has happened in past halvings, and what can we learn?

BTC’s Momentum After Past Halvings

Bitcoin’s 1st halving occurred in early 2012, when the Bitcoin ecosystem was small, fragile, and volatile.

Following a long sideways market in 2012, the 1st halving itself was anticlimactic but was followed a few months later by a significant bull market. Smashing new all time highs and setting Bitcoin up for an explosive end to 2013, crossing $1300.

Fast forward 4 years, once again Bitcoin was in a long sideways market after falling from the $1300 peak in 2013. The halving itself was again nondescript, but bitcoin began to build strong momentum ~6 months later leading to the unprecedented 2017 run.

3rd Halving on the Horizon

Following the first two halvings, we note that most of the exponential growth occured after the halving. In fact, in each circumstance the halving itself was more of a non-event and any possible impact took ~3–6 months to appear.

Today, for a 3rd time we are in the midst of a long sideways market leading into the halving (although 2019 did see a mini run in the middle, but has since tapered off).

But notably different from past halvings, the crypto ecosystem has significantly matured. Crypto services have made it simple to buy, hold, and use Bitcoin, giving easy access to anyone who wants exposure. On the other hand, it’s also much easier to bet against Bitcoin and go short (via margin, futures, and derivatives). This was difficult in 2016, and completely absent in 2012.

Compared to 2016, crypto has also gained widespread notoriety. Most people have at least heard of bitcoin, and a number of institutions have (at minimum) developed an internal perspective on this asset class.

So is the halving priced in? There are generally two schools of thought:

  1. Yes. The halving is a byproduct of Bitcoin’s public and well-known economic model. All public information is priced-in to efficient markets, and this is no different.
  2. No. The halving is a narrative more than anything else, and may influence demand more than supply by driving increased awareness and adoption.

Key Takeaways for the upcoming BTC Halving

Studying prior Bitcoin halvings is a fascinating insight into market behavior and the evolution of Bitcoin as a new asset class. What will happen during and after the next halving? Anyone predicting the future is ultimately guessing, so we’ll have to wait and see. At minimum, the coming halving should produce a strong current of Bitcoin press, opinions, and theories.

Overview on Ethereum Competitors Nearing Launch

Throughout 2015–2017, several projects raised funds to develop general purpose smart-contract blockchain platforms, owing to 1) perceived market demand; 2) technical differentiators they might develop; and 3) expected challenges Ethereum might encounter.

It quickly became apparent that building novel smart-contract platforms is exceedingly complex, and nearly all platforms experienced significant delays (including ETH 2.0). Today, some of the most anticipated platforms are finally on the cusp of deployment.

Here’s an overview of some upcoming projects:


DFINITY aims to build a decentralized “Internet Computer,” where they would enable the public Internet to natively host backend software, transforming it into a global compute platform. Internet services would then be able to install their code directly on the public internet and dispense with all servers, cloud services, and centralized databases.

There are many implications to this idea, notably revolving around decentralizing the web and enabling open innovation, but also creating a path to autonomous software such as open versions of Facebook or LinkedIn. As a side-effect, it may also carry potentially improved security models and remove IT complexities and costs, among other things. If successful, this would be a powerful paradigm shift in how the internet operates.

To accomplish this, DFINITY has assembled a strong team of technologists and published some breakthroughs in consensus mechanisms to enable larger throughput (Threshold Relay).


Polkadot targets building an interoperability network, aiming to enable blockchain projects to:

  1. Trustlessly transfer assets between different chains;
  2. Enable cross-chain smart contracts that can interact with each other; and
  3. Provide a framework to quickly spin up application-specific chains that can be used by other blockchains.

Interoperability is a key building block for the crypto ecosystem. By way of example, it could enable crypto-kitties to create a specific blockchain with massive throughput (so you can breed those kittens as fast as you want), but your crypto-kitties could be accessed by Ethereum, and your platform could use ETH, Dai, or any other ERC-20 token (or possibly ETH infrastructure) natively.

The early days of web servers may be a helpful analogy. Back then, a single server hosted several web pages. If any page exploded in popularity, it slammed the whole server and took down all other web pages with it. The internet evolved to segregated, application-specific servers enabling each web page to scale as needed, without impacting anyone else. Replace web pages with blockchains, and this is just one aspect of what interoperability and application specific chains might do for crypto.

Polkadot is led by Gavin Wood (co-founder of Ethereum) via Parity. Their approach is conceptually similar to Cosmos, but differentiated in how their interoperability network handles security.

NEAR Protocol

NEAR is similar in vision to Ethereum 2.0: A proof-of-stake, sharded blockchain with smart contract functionality, but with a twist in consensus design that better protects composability — or the ability for smart contracts to seamlessly interact with each other across shards. Coinbase Ventures is an investor in NEAR.

The NEAR team, a collection of ICPC medalists, believe targeting dapp developers is critical to long-term traction and are emphasizing the developer experience. Their goal is to launch a truly scalable chain with seamless developer tooling and with a built-in ETH → NEAR bridge so end-users can still use ETH tokens (and possibly ETH infrastructure), which would lower barriers to adoption.

In essence, NEAR is similar to ETH 2.0 but built on a new chain and new environment, thus forfeiting some of the significant network effects ETH has acquired. NEAR is planning a launch in Q2 this year.


Each ETH competitor also faces an uphill climb competing against the strong network effects Ethereum has accrued around infrastructure, tooling, distribution, and mindshare.

In the end, each new protocol’s launch is simply the beginning of a much longer journey. And in the long run, these networks could add new functionality to the wider crypto protocol layer, broadening the crypto design space and increasing the potential for impactful dapps.

This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

Unless otherwise noted, all images provided herein are by Coinbase.

Things You Need to Know about the Bitcoin Halving, Ethereum’s Competitors Nearing Launch, and… was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

via The Coinbase Blog - Medium

Why Today’s Crypto Exchange Leaders Are Powerful, but Not Inevitable

As crypto asks why prices shot down, the power and influence of exchanges are at the center of the conversation.

via CoinDesk

Wikipedia Co-Founder Says Crypto Integration Would be ‘Completely Insane’

Wikipedia co-founder Jimmy Wales said Friday he has not seen a crypto use case convincing enough to integrate one into the platform.

via CoinDesk

Bitcoin & Co. '" Pascal Huegli on Today's Problematic Monetary Colonialism

Pascal Hƒgli is a journalist working with financialmedia AG. He focuses on the topic of finance and economics. As such he considers himself as a life-long student trying to get a real understanding of the world. He's the author of 'œIgnore at your own risk: the new decentralized world of Bitcoin and Blockchain'. He is also a lecturer at HWZ and moderates as well as debates in public.

We talk about:

  • Bitcoin is a social phenomenon
  • Problems with banking
  • Credit expansion and the next crisis
  • Bitcoin's capped supply
  • Financial oppression is growing
  • Bitcoin as a check
  • Human mankind's mind is maybe not made for bitcoin
  • Facebooks Libra is Fiat 2.0
  • Monetary colonialism
  • Tokenization and local currencies
  • Can Stablecoins be stable?
  • Central Bank Digital Currencies
  • MMT Modern Monetary Theory

via The Let's Talk Bitcoin Network

The Internet Is a Luxury Not a Right: 30 Percent of Americans Still Don’t Have it

Ex-FCC senior staffer Gigi Sohn thinks that broadband connection is a right, not a privilege. But that doesn’t mean that she’s on board with all technological advancements.

via CoinDesk

Bitcoin News Roundup for Feb. 21, 2020

With the price of bitcoin bouncing in a range below $10,000, Markets Daily is back with another time saving crypto news roundup.

via CoinDesk

Companies in Pharmaceutical Supply Chain Develop System to Track Counterfeit Drugs

By Reuters via NYT Technology

FCC Commissioner Jessica Rosenworcel: Restore Net Neutrality and Expand Internet to all

Jessica Rosenworcel, one of the five FCC commissioners, is fighting for the restoration of net neutrality and the expansion of broadband access for all those who want it.

via CoinDesk

‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

Could bullish comments on Reddit serve as a momentum indicator for bitcoin? That’s what a recent graphic by startup ChartStar suggests.

via CoinDesk

Shopify Joins Libra Association

Shopify has joined the Libra Association.

via CoinDesk

Binance and Others Are Rushing to Provide Stablecoins to Nigerian Crypto Users

Here's how crypto exchanges are on-boarding unbanked users in Nigeria.

via CoinDesk

JPEG on the Blockchain: Image Format Creator Believes Tech Can Fight Copyright Theft

A blockchain-based system might better flag fakes and prevent copyright violations, technical committee JPEG says.

via CoinDesk

The Domain Startups Building an Uncensorable Internet on Top of Ethereum

Last weekend at ETHDenver, decentralized internet alternatives were on display from projects leveraging blockchain’s censorship-resistant nature.

via CoinDesk

Binance Is Not Under Our Jurisdiction, Says Malta Regulator

The Malta Financial Services Authority has denied reports that Binance has ever fallen under local jurisdiction.

via CoinDesk

4 Minute Crypto - How Many People Have At Least 1 Bitcoin?

Bitcoin has consolidated above $10,000 this week and that's a nice amount for one Bitcoin, so you might be wondering how many people actually hold at least 1 Bitcoin.

DISCLAIMER: This article should not be taken as is, and is not intended to provide, investment advice.

via The Let's Talk Bitcoin Network

Fidelity International Invests $14M in Hong Kong Crypto Exchange Operator

Fidelity International, a spin-off of the U.S. financial services giant Fidelity Investments, has invested $14 million in Hong Kong-based BC Group, which operates crypto exchange OSL.

via CoinDesk

Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

Bitcoin's daily money flow index has turned bearish for the first time since early January, supporting the case for further price losses.

via CoinDesk

New Settlement Layer to Offer Asian Crypto Institutions Local Alternative to Silvergate Bank

The new settlement layer is intended save Asian institutional traders from taking the "scenic route" via U.S. banking regulations.

via CoinDesk

Insolvent Exchange FCoin Had Bitcoin Outflow Problems Just Two Months After Launch: Report

The exchange, which revealed its insolvency this week, may have already had issues as early as July 2018.

via CoinDesk

Riot Blockchain Plans Sale of Crypto Exchange as It Invests More Millions in Bitcoin Mining

The Nasdaq-listed company is installing thousands of new Antminer devices from Bitmain at its Oklahoma facility.

via CoinDesk

Thursday, 20 February 2020

Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

Bitcoin's lightning network is growing "increasingly centralized," making it more susceptible to attacks, asserts a new paper by security researchers.

via CoinDesk

Citizen Bitcoin - Adam Back: Bitcoin's Past and Future

Dr. Adam Back is a cypherpunk pioneer. His work on hashcash, a is cited in the Bitcoin whitepaper and, lesser known among bit coiners, but just as cool, his work on telescoping circuits is cited in the TOR white-paper. - these among many more contributions to the field of applied cryptography. In this episode we discuss cypherpunk history, bitcoin's history and future, bitcoin privacy and Adam gives us an overview of the state of bitcoin tech. This was a great one, hope you all enjoy it.

Citizen Bitcoin on Twitter

Citizen Bitcoin Podcast

Citizen Bitcoin Lightning Shop

Citizen Bitcoin Layer One merch collection

Music: Moon in the Sky by Hobotek

Links from the episode:

Adam on Twitter


via The Let's Talk Bitcoin Network

Why We Should Stop Thinking of ‘Crypto’ as a Single Industry

Enterprise blockchains, central bank digital currencies, digital collectibles, DeFi, and bitcoin. How much do they really have to do with one another?

via CoinDesk

WATCH: Vitalik Buterin Explains the New Tech Behind Eth 2.0

Where do things stand with the tech overhaul of the world’s second-largest blockchain? We asked Vitalik at ETHDenver.

via CoinDesk

Morgan Stanley Buys E*Trade in $13B Deal

Morgan Stanley is acquiring E*Trade for $13 billion, hoping to target its 5.2 million-strong client base.

via CoinDesk

You Are the Product: A Three-Step Plan to Take Back Control of Personal Data

Personal data is monetized, giving us, the providers, nothing of the pie. Entrepreneur Jennifer Zhu Scott has a three-step plan for taking back control.

via CoinDesk

Oil Prices Are Now More Volatile Than Bitcoin

For skeptics and traditional market investors, bitcoin is synonymous with extreme bouts of price volatility. However, in recent times, oil has become a relatively risky asset.

via CoinDesk

$100K in Early Prizes Looks to Lure the NFT-Curious to Decentraland

Decentraland opened for gameplay today, delivering on promises of bringing an NFT-based "metaverse" to ethereum.

via CoinDesk

Bitcoin News Roundup for Feb. 20, 2020

With the price of bitcoin diving nearly 7 percent in the last 24 hours, Markets Daily is back with another time-saving bitcoin news roundup.

via CoinDesk

Officials Arrest US Resident for Allegedly Laundering Drug Proceeds With Crypto

A "large-scale" money laundering organization is allegedly using cryptocurrency to wash the proceeds from drug sales, according to a DEA agent's complaint.

via CoinDesk

Sweden Starts Testing World's First Central Bank Digital Currency

By Reuters via NYT Technology

Never Mind Hodlers, Crypto Needs More Opportunist Investors

The crypto markets need more investors who come and go and who aren't solely crypto investors, says CoinDesk columnist Jeff Dorman.

via CoinDesk

Paxos, Credit Suisse Claim First Blockchain-Based Settlement of US Equities

The Paxos Settlement Service has gone live, allowing for the simultaneous exchange of cash and a select number of U.S.-listed securities on the firm's own private version of ethereum.

via CoinDesk

Norwegian Air Could Allow Customers to Pay for Flights in Crypto This Spring

Norwegian would accept cryptocurrency payments via its sister firm, crypto exchange NBX.

via CoinDesk

Investor Fortress Raises Buyout Offer for Mt. Gox Creditor Claims By 71%

Fortress is now offering creditors a "premium price tier" of $1,300 on every bitcoin held by the defunct exchange's estate.

via CoinDesk

Chain Reaction - Tlon CEO Galen Wolfe-Pauly: Urbit Is The Personal Operating System For The 21st Century

Host Tom Shaughnessy talks to Galen Wolfe-Pauly, CEO of Tlon, which is building out Urbit. Galen discusses his vision for Urbit, how developers can work with it, what's on the horizon for Urbit in the near future, and more.

Episode Highlights:

  • Galen learned programming really young and was interested in web and app design.
  • Urbit functions like an operating system rather than an app and provides a better user experience.
  • Urbit is the platform from which you contact the blockchain, and Galen sees them as two systems working cooperatively.
  • Galen's vision for Urbit is for it to be the ultimate productivity tool.
  • Tom summarizes Urbit as a general-purpose code base that people can use as their own personal cloud computers.
  • Galen hopes this is the technology that you are able to use less because you don't have to think about it as much and doesn't incentivize them by mining their data.
  • There will be a finite number of users on the platform to retain its security and value, through address blocks.
  • Developers will own pieces of the system through these address blocks, incentivizing them to improve the system.
  • Urbit is designed for digital communities to shape their own environments.
  • The most important thing with new technologies is their stickiness.
  • Many Bitcoin users have adopted Urbit because it has an authenticated digital identity through which you can communicate with people and transact.
  • As people adopt Urbit, either platforms will develop to run on Urbit or they'll simply go away, like AOL did when the Internet grew.
  • Galen wants an actual archive of his data that won't go away when the company folds, which most things will.
  • Now that the Urbit infrastructure is stable and reliable, they're now shifting to think about it as a product.
  • Galen most worries about Urbit's current shift towards wanting users who don't care about the technology.

Key Points

  • A big reason more people haven't adopted blockchain technology is that it has terrible user experience and is too difficult to operate.
  • The most important thing for new technology's longevity is its stickiness with a particular population of users.
  • All technology will eventually go away and be replaced by something else.

Tweetable Quotes:

'œIf you're a developer it should be easy to build on top of this whole stack. You ship to the network & when people install it, they can easily port their data from one thing to the next. So you have more fluid competition between different alternatives.' '"Galen Wolfe-Pauly

Resources Mentioned:

Support The Show:

  • ZenLedger is the official tax software of Chain Reaction for crypto investors and accountants. Get a 15% discount when you use code Chain15.

  • Check out eToro to Create Your Perfect Crypto Portfolio

Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom Shaughnessy owns tokens in ETH, BTC, XTZ, STX, SNX, RUNE, sUSD and HNT. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product or service.

via The Let's Talk Bitcoin Network

Bitcoin Traps Buyers With Biggest Daily Price Loss in Three Months

Bitcoin took its biggest daily fall in three months on Wednesday, but prices remain in the bullish zone for now.

via CoinDesk

National Stock Exchange of Australia Plans DLT Platform to Compete with ASX

National Stock Exchange of Australia owner NSX Ltd. and financial institution iSignthis are forming joint venture to offer a digital securities trading platform.

via CoinDesk

Brazil’s Central Bank to Launch Near-Instant Payments as a Response to Cryptocurrencies

The PIX payments system is coming to Brazil next winter, promising almost instant transfers for individuals and businesses.

via CoinDesk

Wednesday, 19 February 2020

Dutch Authorities Arrest 2 in Million-Euro Crypto Money Laundering Investigations

Dutch tax enforcers with the Netherlands’ Fiscal Intelligence and Investigation Service arrested two men Monday for laundering millions of euros in cryptocurrency.

via CoinDesk

No, Concentration Among Miners Isn’t Going to Break Bitcoin

Bitcoin's resilience doesn't depend on widely distributed mining power. It just requires self-interested miners, says CoinDesk columnist Hasu.

via CoinDesk

South Korea’s Central Bank Is Building a New Blockchain System for the Bond Market

The Bank of Korea is reportedly looking to build a blockchain system for the Korean bond market.

via CoinDesk

Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off

Bitcoin has dipped back below the psychological area of support near the $10,000 level amid a 20 minute bearish sell-off.

via CoinDesk

Kyber Network (KNC) is launching on Coinbase Pro

On Monday, February 24, transfer KNC into your Coinbase Pro account ahead of trading. Support for KNC will be available in Coinbase’s supported jurisdictions, with the exception of New York State and the United Kingdom. Per previous launches, transfers will open during business hours, Pacific time.

On Monday, February 24, we will begin accepting inbound transfers of KNC to Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling full trading. Trading will begin on or after 9AM Pacific Standard Time the following day if liquidity conditions are met.

Once sufficient supply of KNC is established on the platform, trading on the KNC/USD, and KNC/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. Support for KNC will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State and the United Kingdom.

KNC is an Ethereum token used for paying fees on the Kyber Network, a protocol that aims to make swapping digital assets and cryptocurrencies simple and efficient. The Kyber protocol aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.

Please note that KNC is not yet available on or via our consumer mobile apps. We will make a separate announcement if and when this support is added.

The Stages of the KNC Launch

There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

We will send tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:

  1. Transfer-only. Starting on Monday, February 24, customers will be able to transfer KNC into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for approximately 24 hours. We will communicate the exact timing for this phase via Twitter closer to the date.
  2. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
  3. Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
  4. Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.

You can sign up for a Coinbase Pro account here to start trading. For more information on trading KNC on Coinbase Pro, visit our support page.

Kyber Network (KNC) is launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

via The Coinbase Blog - Medium

EU Official: We Can’t Regulate Libra Without More Details

The European Union is still trying to figure out what to do about Libra, according to a new memo.

via CoinDesk

Chainlink’s Sergey Nazarov on What DeFi Can Learn From Early Exchange Hacks

A breakdown of the role of price oracles in the recent DeFi attacks, plus what DeFi can learn from early exchange hacks.

via CoinDesk

The Flash Loan Attacks Explained (For Everybody)

Today we're breaking down the flash loan attacks that rocked the DeFi community in a way even your grandpa can understand, presented in both audio and full-text format.

via CoinDesk

Financial Services: The Coming Cataclysm

The next era of financial services will pit Wall Street against Silicon Valley against open protocols, like bitcoin, says author Alex Tapscott.

via CoinDesk

ICO Project Enigma Settles SEC Charges Over $45M Token Sale

The SEC settled charges with Engima MPC alleging it raised $45 million in an unregistered securities sale with its 2017 ICO. Engima will refund investors and pay a penalty.

via CoinDesk

Tim Draper Buys 2.5% of Aragon Tokens, Becomes Governance Whale

Venture capitalist Tim Draper now controls about 2.5 percent of ANT, the token behind Aragon Network’s digital court system.

via CoinDesk

Openfinance Lists New Security Token in Charity Fundraising Effort

Openfinance recently announced that’s LDCC security token is now available to investors.

via CoinDesk

Bitcoin Around the World - Colombia: Bitcoin, Regulation and Ties to Venezuela with Mauricio Tovar Gutierrez & Alejandro Beltran Torrado - WBD193

Location: Bogota, Colombia

Date: Tuesday, 11th February

Project: InTiColombia & Buda

Role: Co-Director & Country Manager Colombia

The use case for Bitcoin can vary from country to country. How people use Bitcoin in New York will differ from on the border of Colombia and Venezuela. Where speculators may have access to the best hardware wallets and sophisticated security, those in the developing world may have to share a phone and have limited data connectivity.

As part of my series covering Bitcoin Around the World, I am going to visit the far reaches of our planet, to look at how different communities are using Bitcoin and the challenges they face.

In this interview, I speak to Mauricio Tovar Gutierrez & Alejandro Beltran Torrado, part of the Bitcoin community in Bogota, Colombia. We discuss the politics and economics of Colombia, Bitcoin regulation and their close ties with Venezuela.

via The Let's Talk Bitcoin Network

Blockstation Builds Disclosure Tool for Security Token Issuers on Jamaica Stock Exchange

Blockstation, a digital asset trading systems firm, has built a streamlined disclosures filing tool for companies seeking an STO with the Jamaican Stock Exchange.

via CoinDesk

Crypto Exchange Binance Suspends Trading Over ‘Systems Messaging Error’

The Binance exchange said an outage was due to system maintenance prompted by a problem with a data feed.

via CoinDesk

Italian Soccer Giant Juventus Inks Deal for Ethereum-Based Player Collectibles

The top Italian soccer team is launching digital collectible "cards" of players via a partnership with blockchain-based game platform Sorare.

via CoinDesk

4 Minute Crypto - Should you Buy Bitcoin on Fridays and Sell on Mondays?

A comprehensive study analyzed 2 years' worth of Bitcoin buying and selling data and the findings were pretty surprising. The research took a look at the average weekly market cycle to find the best day of the week to buy, and also to sell.

DISCLAIMER: This article should not be taken as is, and is not intended to provide, investment advice.

via The Let's Talk Bitcoin Network

Korean ICO Project Shuts Down, Says ‘Negative Perceptions’ of Crypto Made Business Impossible

Contents Protocol will refund approximately $7.5 million-worth of ether back to investors.

via CoinDesk

Don’t Obsess Over Crypto End-Users, We Still Need Developers to Build the Back End

It’s not all about the needs of end-users. Let's focus on the wants of the developers and dreamers who build crypto infrastructure.

via CoinDesk

UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

The exchange, which dropped ethereum to focus solely on bitcoin, is launching a simplified buying service for crypto newbies.

via CoinDesk

Coinbase becomes a Visa Principal Member

Coinbase becomes a Visa principal member

Coinbase becomes the first pure-play cryptocurrency company to receive Visa membership.

Today we’re announcing that Coinbase has become the first pure-play crypto company to be approved as a Visa principal member. Visa membership will enable us to further improve the customer experience, making it easier to spend cryptocurrency in everyday situations.

Our journey with Visa began in 2019 with the launch of Coinbase Card in the UK, a Visa debit card that allows customers to spend their crypto as easily as the money in their bank account. Nine months later, Coinbase Card is available to customers in 29 markets who are able to spend 10 cryptocurrencies in millions of merchant locations.

From funding holidays abroad to trips on public transport, Coinbase Card customers are making their crypto work for them in everyday situations. Over half of customers who’ve signed up to Coinbase Card use it regularly, with its usage peaking in the UK, followed closely by Italy, Spain, and France.

Following the success of Coinbase Card, we are proud to be the first company in the crypto ecosystem to be granted Visa principal membership. This membership will enable us to offer more features for Coinbase Card customers; from additional services to support in more markets — all elements that will help to evolve and enrich the cryptocurrency payment experience.

Today’s announcement is another significant milestone in the mainstream adoption of crypto as a genuine utility. We will continue to build on this relationship with further initiatives which make interacting with crypto as seamless as possible for our customers.

Coinbase becomes a Visa Principal Member was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

via The Coinbase Blog - Medium

Coinbase Becomes First ‘Pure’ Crypto Firm Approved as Visa Principal Member

The San Francisco-based cryptocurrency exchange will have the power to issue payment cards with the new status.

via CoinDesk

Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K

Bitcoin has crossed into bullish territory above $10,000 alongside gold's rally toward seven-year highs.

via CoinDesk

Policymakers Shouldn’t Fear Digital Money: So Far It’s Maintaining the Dollar’s Status

U.S. policymakers are worried that CBDCs and crypto will harm the dollar's reserve status. But maybe they have it backwards, writes CoinDesk columnist Nic Carter.

via CoinDesk

Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network

An old debate is resurfacing in the bitcoin developer community, underscoring one of the critical challenges confronting decentralized systems.

via CoinDesk

Tuesday, 18 February 2020

Crypto Industry Lauds Token Safe Harbor, But Warns of Risks

Crypto advocates are praising SEC Commissioner Hester Peirce’s token “safe harbor” proposal, though not without questioning the details.

via CoinDesk

Samsung Continues Support for Crypto with New Flagship Smartphone

Users will still be able to hold cryptocurrencies on Samsung's newly launched Galaxy S20 range.

via CoinDesk

The IRS Is Inviting Crypto Firms to a ‘Summit’ in DC Next Month

The IRS will hold a summit to better inform its thinking around taxing cryptocurrencies next month.

via CoinDesk

The Beginner's Guide to Bitcoin Part 11: Bitcoin and the Macroeconomy with Travis Kling - WBD192

Location: Skype

Date: Tuesday, 4th February

Project: Ikigai Asset Management

Role: Chief Investment Officer

Welcome to the Beginner's Guide to Bitcoin:

Bitcoin can be intimidating for beginners. The protocol is complicated, the community can be aggressive and unforgiving, silly mistakes can lose you money, and it is easy to succumb to altcoin marketing.

Bitcoin does though, offer you the opportunity to hold a new type of monetary asset, one which can't be seized by the government and is censorship resistance and It has the potential to change the way the world.

The goal of What Bitcoin Did has always been about making things simple; there are no stupid questions, and the show is here to help beginners navigate this new world. To kick off 2020, we are launching a special series to help beginners understand Bitcoin. We will be looking at the basics from breaking down the protocol to explaining the economics and discussing the potential societal shift.

Beginners Guide Part 11 -Bitcoin and the Macroeconomy with Travis Kling

Bitcoin was born in the wake of the 2008 global financial crisis, the worst economic disaster since the great depression. A bubble born out of years of cheap credit and poor government oversight, Satoshi recognised this.

In 2009 as the UK's Chancellor of the Exchequer was preparing to bail out the UK's failing banks, for the second time, Satoshi Nakamoto was releasing Bitcoin to the world.

Bitcoin's monetary policy is the antithesis of the central banks, by removing centralised decisions and forcing the market to fix itself. Further, It is a non-sovereign, global, immutable, digital, decentralised, hard money.

Twelve years on from the global financial crisis, some economists believe we may be heading towards a global recession. If this is correct, can Bitcoin become a hedge or insurance? Could it even emerge as the global reserve currency?

In Part 11 of the Beginner's Guide to Bitcoin, I talk to Travis Kling, Chief Investment Officer at Ikigai. We discuss the great big fiat experiment, monetary and fiscal policy, social unrest and where Bitcoin fits into all of this.

via The Let's Talk Bitcoin Network

Is It Exploitation Season for DeFi?

Are two recent attacks taking advantage of "flashloans," low liquidity and price oracle issues the first of more to come?

via CoinDesk

CoinDesk’s New Opinion Section: The Future of the Financial System Is Up for Debate

Announcing CoinDesk’s new opinion section, a place for discussion on the future of money and all the interesting questions that surround crypto and blockchain as ideas.

via CoinDesk

A Safer Harbor: Improving Hester Peirce’s Proposal for Regulating Token Sales

Hester Peirce's safe harbor proposal would benefit from greater protections for token holders, say two law professors.

via CoinDesk

BitGo Acquires Harbor in Surprise Expansion Beyond Crypto Custody

Digital asset custodian BitGo is building a “full stack” security token services provider by acquiring tokenization platform Harbor, including its broker-dealer and transfer agent.

via CoinDesk

The Blockcrunch - The Missing Pieces in Crypto UX - Chris Winfrey (Co-founder, Authereum), Ep. 88

This week, I'm joined by Chris Winfrey, co-founder of Authereum, which aims to bridge the gap between Web 3 and Web 2 user experiences. We dive into:

  • The missing UX components in Web 3
  • What Metamask & Coinbase wallets lack
  • The risks of contract-based accounts
  • Building a moat around crypto wallet businesses
  • Why Authereum puts Dai first

Subscribe or miss out!

Host: Jason Choi

If you enjoyed the show, consider tipping! This show is not financial advice.

  • BTC: 3EFSLnPpme6Lo6DynN1bVV9owooueFvEmJ
  • ETH: 0xdec40AA30B9C562aB4b839529BfC290C1B5Da61E


Disclaimer: Jason Choi is an investor at Spartan Capital, the hedge fund arm of The Spartan Group. All opinions expressed by Jason and podcast guests are solely their own opinions and do not reflect the opinion of The Spartan Group and any of its subsidiaries and personnel. This podcast is for information purposes only and should not be relied upon as a basis for investment decisions. The Spartan Group and its clients may hold positions in assets described in the episode. Detailed‚disclaimers are available at and‚

via The Let's Talk Bitcoin Network

Why FOSS Development Is Crucial for Bitcoin’s Mainstream Acceptance

Crypto likes to see itself as disruptive, just as Apple disrupted mobile phones (and the camera), Tesla disrupted automotive (and also sustainable energy), Twitter/Facebook/WhatsApp disrupted media and communications (and also digital community building). At OKCoin, we embrace this industry because we also believe that bitcoin and subsequent cryptocurrencies represent a paradigm shift in both our financial system and social fabric. While it’s unclear what this shift will look like, or if it will ever be static, there will always be a need for a technical and financial infrastructure that allows people to easily and safely buy, sell and keep their bitcoin and digital assets in an open, inclusive and free global market. It is this belief that led to the creation of OKCoin in 2013 and has kept us in it for the long haul. 

As someone with a previous life on Wall Street, however, I’m also suspicious of buzzwords like “disruption,” “transformation” and “paradigm shift.” I’ve heard those buzz words more than I care to during my more-than-a-decade experience on the “dark side.” Entrepreneurs use them to get funding for their startups or in preparation for taking a business public. But when it is no more than a buzzword, generally it doesn’t take a long time for the market to catch up.  

The cryptocurrency industry faces the same challenge. During the ICO boom of 2017, large amounts of capital flooded in for the first time. I was still living my happy investor life and had already invested in OKCoin, then the largest crypto exchange in China. Naturally, there was an influx of ICO white papers in my inbox.

That made me anxious. As an investor, you balance two types of risk. The first is reputational risk: You don’t want to miss out on a good deal. The second is capital risk: You don’t want to lose money by putting any of your eggs in the wrong basket. It took me some time to filter through all the noise. I went through the white papers (which didn’t help), did more research and consulted engineering gurus (which did help). 

Ultimately, I’m happy that I didn’t invest in any of those projects. The blockchain technology was not ready. And the bubble went bust. (I did invest in bitcoin and hold onto it still, which has since gone through several price cycles, continued to attract the largest number of developers and remained the biggest and most dynamic asset within the crypto industry.)  

So key lesson learned: When you have no real technological breakthrough, you have no real disruptors.

The Cryptocurrency Ecosystem Needs FOSS Developers to Be Disruptive 

The cryptocurrency ecosystem is home to two types of developers. First-layer developers are responsible for the foundational work of improving the underlying code of different crypto protocols. Second-layer developers build on these foundations, finding unique solutions for entrenched real-world problems like payments, energy distribution and even measuring climate change. Both types of developers are crucial innovators who drive advancements in our industry. 

Without developers, there is no technological breakthrough. Without a breakthrough, there is no disruption. As such, we recently created the OKCoin Independent Developer Grant that embodies three tenets we believe are crucial to supporting crypto developers: focus on free or open-source software (FOSS), protect independence and encourage decentralization.

FOSS Development First: Free and open-source development is critical to technological breakthroughs in crypto. Going beyond the fact that FOSS aligns with its the founding ethos — that participants need unfettered access to the system — to create a sweeping change, you need a variety of opinions and skills that are not constrained by any corporate agenda.  

Independence and decentralization: Independence and decentralization are the soul of crypto — it’s why crypto has captured the attention, imagination and resources of so many. OKCoin began as a centralized exchange, not because we dismissed decentralization, but because it’s what our industry currently needs. The key word in “centralized crypto exchange” is “crypto,” not “centralized.” We want to make sure our industry’s genesis spirit is honored and upheld. 

This means two things for our Independent Developer Grant. 

  1. Our support is no-strings attached: Developers work independently toward what they believe is necessary for the advancement of crypto. 
  2. We prioritize decentralized protocols, like Bitcoin: Our goal is to provide direct and ongoing contributions to independent developers behind leading and decentralized crypto projects. These grants are awarded on merit without compromising the freedom of their work — we want developers to pursue their own projects, finding solutions to problems we haven’t even imagined yet.

Our Social Responsibility to Support FOSS Development

As a global cryptocurrency exchange focused on providing an easy and safe fiat on-ramp and off-ramp to end users and investors, we also have a special responsibility to support FOSS development and its developers. 

Long-term value creation. Investors come to our platform to buy bitcoin and other crypto assets, but it is the developer community that continues to work on the underlying protocols, validate the value proposition of crypto projects, and make them more relevant, secure and easy to use. The quality of their work can decide long-term value creation for the investors. 

Mainstream awareness. As the progenitor of all decentralized cryptocurrencies and the first to break into the mainstream consciousness, bitcoin has both the clout and the brand awareness to create real, meaningful change in our society. When bitcoin first entered the public consciousness, the narrative was heavily oriented toward developers because the field was so technical. As exchanges emerged to facilitate trading of the bitcoin and other crypto assets, public attention naturally centered around price volatility and speculation. 

As a bridge between cryptocurrencies and traditional finance, we are well-positioned to serve as an industry ambassador, further support research development, foster dialogue around it and help promote awareness for further adoption in the mainstream. 

Industry Foundation. We are also among the heaviest users of blockchain networks. We’ve run many bitcoin nodes since OKCoin was founded. We also rely on the stability of the network to ensure secure and seamless deposit, trade and withdrawal of bitcoin for our users. This makes contributing to the technical soundness of the network of even higher importance. 

We Are Just One of Many 

We hope that initiatives like our Independent Developer Grant will continue to remind all of us that we are all in this together. We have started our grant with Bitcoin Core developers because Bitcoin, the largest crypto asset as it stands today, has always been a community-driven cause and will continue to prosper as such. We are just one of many in this community.

The best way to enable continued progress and real disruption is to stay connected with the community and enable more software engineers to work on the open-source protocols independently and in a decentralized manner. We cannot do much on our own, but together we can hopefully create an exciting new decade for our industry. 

This is an op ed contribution by Hong Fang of OKCoin. Views expressed are her own and do not necessarily reflect those of Bitcoin Magazine or BTCInc.

The post Why FOSS Development Is Crucial for Bitcoin’s Mainstream Acceptance appeared first on Bitcoin Magazine.

via Bitcoin Magazine