Day: May 22, 2019

Until Bitcoin Moves Above $20,000, BTC At $1,000 Is Still Possible

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At long last, Bitcoin (BTC), in the eyes of many investors and analysts, is finally in a “bull market”. As Fundstrat’s Tom Lee noted in a recent tweet, BTC rebounding by $1,800 off the Bitstamp crash, the Misery Index passing 89, growth in on-chain transactions and volumes, and Bitcoin’s chart forming a golden cross are just some of the reasons why “crypto winter is over”. Some aren’t all too sure though. Leah Wald, a former economist for the World Bank and a popular cryptocurrency analyst, recently took to Twitter to…

Worst Investment of All Times? Bitcoin Pizza Guy Could Have Had $800M Today

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Photo: Marco Verch / Flickr Do you remember the story about the pizza that cost 10,000 Bitcoins? To be more precise, there were two Papa John’s pizzas and it happened in 2010. The hero of the event was Laszlo Hanyecz, who is now more widely known as the “Bitcoin pizza guy”. And just recently he has given his first televised interview since that moment. Laszlo is a software engineer who became one of the earliest investors in Bitcoin. And, like many other people who had joined that game early, he…

EOS Developer Block.One Attempts 10% Private Buyback of Its Stock

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EOS developer Block.one is attempting a 10% buyback of its stock, offering backers a share repurchase price that will return as much as 6,567% on their initial investments. The news was reported by Bloomberg on May 22. According to Bloomberg, the buyback values the company at around $2.3 billion, up from about a $40 million valuation in the 2017 seed round. The repurchase price being offered is $1,500 per share — up 6,567% from the original price of $22.50. As Bloomberg notes, investors who ostensibly stand to benefit from this…

How to Buy Pizza With Bitcoin Cash

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Every year on May 22, the cryptocurrency community marks this day in 2010 when Laszlo Hanyecz purchased two pizzas for 10,000 bitcoins. To help you celebrate Pizza Day, here are a variety of options to buy to pizza with bitcoin cash (BCH) in different countries around the world. Also Read: How to Check Median BTC and BCH Transaction Fees How to Buy Pizza With BCH on Bitcoin Pizza Day 2019 One of the simplest ways to pay for pizza with bitcoin cash (BCH) in the U.S. is to get a…

Brazil Shuts Down Cryptocurrency Pyramid Scheme That Defrauded 55,000 of $200 Million

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Brazillian police have arrested ten people suspected of operating a cryptocurrency pyramid scheme worth 850 million reals ($210 million), local news media outlets including Correido Do Povo reported on May 21. As part of Operation Egypto, a swoop dedicated to unearthing unsanctioned financial schemes, Brazil’s tax agency joined police in orchestrating a crackdown on the figures behind Indeal, who they say amassed funds from 55,000 investors. They lured victims with the promise of a 15% payout in the first month after investment in the crypto scheme. In total, the investigation…

USD Stablecoins Hit Spot Trading Volume Record Highs, With USDT Still Dominating Market

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Cryptocurrency research firm Diar indicates that the market capitalization for USD stablecoins has hit all-time highs and exceeded $4 billion, according to its latest weekly report published on May 21. Stablecoins tied to the greenback have broken through to a market cap of almost $4.3 billion, according to Diar’s data. The report also reveals a surge in USD stablecoin trading volumes, with Circle and Coinbase-backed USDC posting a 130% uptick in volume between April and May, so far this month hitting $3.6 billion (as compared with $1.6 billion in April).…

Hackers Steal $100,000+ Worth of BTC From Engineering Manager at Crypto Custodian BitGo

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Sean Coonce, engineering manager at cryptocurrency custodian BitGo, announced that he has fallen victim to a SIM swapping hack in a Medium post published on May 20. According to the post, Coonce had over $100,000 siphoned out of his account on cryptocurrency exchange Coinbase in under 24 hours. In his post, Coone details SIM swapping, a practice that sees the attacker maliciously requesting a telecommunications carrier to redirect the traffic of a mobile phone number to a device over which they have control. This device is then used to obtain…

Ethereum Foundation to Invest $30 Million in the Development of Ethereum 2.0

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On Tuesday, May 21, the Ethereum Foundation made an important announcement regarding the development of its Ethereum 2.0, Plasma platform. The non-profit organization said that it would be investing $30 million over the period of next 12 months. While all of the committed the fund will be spent on key projects, $19 of it will go to towards “building the ethereum of tomorrow”. This majorly includes developing the “layer 2” scalability project like the Plasma, besides other research and developmental tasks. The Ethereum Foundation also plans to fund the research…

Bitcoin-Based Smart Contracts Platform Adds “Third Layer” Scaling Solution

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RIF Labs officially launched their Bitcoin scaling solution at Consensus 2019. The RIF Lumino Network is comparable to the Lightning Network in its scalability potential, but as it’s built on top of the RSK protocol, there are many differences. RIF Labs CEO Diego Gutierrez Zaldivar walked through these differences as well as the ambitions of the technological potential of smart contracts on Bitcoin. The Most Secure Smart Contracts Platform The idea behind a third-layer scaling solution deserves a bit of unpacking. Despite coming across as a savvy turn of marketing…

Circle Sheds 10% of Workforce as CEO Blames Restrictive US Regulatory Climate

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The CEO of Goldman Sachs-backed crypto finance startup Circle blamed a hostile regulatory climate in the United States as he confirmed layoffs of 30 staff on social media May 21. Following a blog post in which he described the difficulties operating in the U.S., Jeremy Allaire said that executives had taken the decision to release roughly one in ten of Circle’s employees. “Today we made organizational changes at Circle and eliminated approximately 30 positions, which is about 10% of our employees,” he wrote. Allaire stated: “We made these changes in…