Cardano (ADA) revealed a new paper on Jan. 27 in which the firm details how smart contracts will be implemented in the upcoming Goguen update. Though the system is unique, its release date is still uncertain in light of Cardano’s history of delays. How EUTXO works The Extended UTXO model was specifically designed as an improvement on Bitcoin’s (BTC) pure UTXO architecture. In Bitcoin, each transaction is based on the concept of outputs and inputs, representations of specific amounts of BTC. A specific transaction simply takes some Bitcoin in the…
Day: January 28, 2020
Kik Adviser to Face Deposition From SEC This Week
The US Securities Exchange Commission (SEC) has requested the deposition of a representative from Kik, the former messaging app that now focuses on cryptocurrency, in its longstanding wrangle, which claims that the Canadian company violated securities laws when it carried out an ICO in 2017. On January 23, a judge in the Southern District of New York ordered Kik to divulge information detailing how its business has changed since 2018, with the company shutting down its messaging service in order to focus on cryptocurrency. Initially hoping to hear from Kik…
Crypto-Related Deposits Drop by Half at Metropolitan Commercial Bank
Metropolitan Commercial Bank’s deposits from digital currency businesses have steadily declined for more than a year, a sign competition is heating up in a field where the bank was once one of the only games in town. Over the course of 2018, the New York-based lender’s deposits from the industry shrank by 52 percent, to $104 million on Dec. 31, according to an investor presentation the bank put out last week. Digital currency clients accounted for 4 percent of the bank’s total deposits at year-end, down from 13 percent a…
Montana Crypto Mine Back in Action Despite Owner’s Uncertain Legal Fate
A cryptocurrency mine in Butte Montana fired up its servers today, resuming business without its former owner, an alleged fraudster. After a legal appearance on the matter, part-owner Kevin Washington and operator Rick Tabish started up crypto mining business CryptoWatt once again, pulling the operation out of retirement, according to a Jan. 27 press release. Authorities closed down CryptoWatt after jailing its owner, Matthew Goettsche, on a separate fraud account totaling $722 million, the Montana Standard reported in December 2019. Shady ownership Although Goettsche owned more than 50% of CryptoWatt,…
Montana Crypto Mine Back in Action Despite Owner’s Uncertain Legal Fate
A cryptocurrency mine in Butte Montana fired up its servers today, resuming business without its former owner, an alleged fraudster. After a legal appearance on the matter, part-owner Kevin Washington and operator Rick Tabish started up crypto mining business CryptoWatt once again, pulling the operation out of retirement, according to a Jan. 27 press release. Authorities closed down CryptoWatt after jailing its owner, Matthew Goettsche, on a separate fraud account totaling $722 million, the Montana Standard reported in December 2019. Shady ownership Although Goettsche owned more than 50% of CryptoWatt,…
Lawyers Ramp Up Pressure to Exhume Quadriga CEO’s Body
Lawyers representing the former users of the QuadrigaCX platform are doubling down on a formal request to exhume the exchange’s founder’s body. “Today, Representative Counsel issued a letter to the Honourable Bill Blair, Canadian Minister of Public Safety and Emergency Preparedness, requesting an update on whether the RCMP will conduct an exhumation and postmortem autopsy on the alleged body of Gerald Cotten prior to Spring 2020,” the letter reads. The document notes that users can contact the minister directly via email “if they have further questions about the RCMP’s management…
Lawyers Ramp Up Pressure to Exhume Quadriga CEO’s Body
Lawyers representing the former users of the QuadrigaCX platform are doubling down on a formal request to exhume the exchange’s founder’s body. “Today, Representative Counsel issued a letter to the Honourable Bill Blair, Canadian Minister of Public Safety and Emergency Preparedness, requesting an update on whether the RCMP will conduct an exhumation and postmortem autopsy on the alleged body of Gerald Cotten prior to Spring 2020,” the letter reads. The document notes that users can contact the minister directly via email “if they have further questions about the RCMP’s management…
Fearing Revolt, Roger Ver’s Bitcoin.com Backs Down From Proposed BCH Mining Tax
According to a statement earlier today, Jan. 28, Roger Ver’s Bitcoin.com is backing down from the 12.5% mining tax on Bitcoin Cash they proposed along with other major BCH mining pools owing to the community’s overwhelming negative response to the proposal. Bitcoin.com’s position Last week, Bitcoin Cash (BCH) personalities proposed a 12.5% tax on mining rewards that would ostensibly go to funding network development. Now Bitcoin.com has rejected the proposed mining tax unless serious alterations are made: “As it stands now, Bitcoin.com will not go through with supporting any plan…
Ex-PBoC Governor Urges China to Join Global Conversation on Libra
A former senior official with the People’s Bank of China (PBoC) believes the nation should join a global conversation about regulating stablecoins, with a particular focus on the Libra stablecoin. Min Zhu, former deputy governor at the PBoC, said China should join other nations in regulating the Facebook-led Libra stablecoin, according to a report by South China Morning Post. “I think it’s critically important to join the discussions and take part in coordinated global regulation of Libra,” Zhu said, noting there is still no specific timeline to launching the digital…
Narrative Watch: The Future of Crypto FUD
We’re over $9,000! That means a lot of good things, of course. But any price increase brings with it increased scrutiny and, yes, increased FUD. The question for this time around is whether the “fear, uncertainty and doubt” is the same old same old or something new. In this episode, @nlw looks at three emergent (and continued) areas of FUD, including: 1) accusations the bitcoin community is rooting for calamity as the safe haven narrative takes hold; 2) an updated “crypto is for criminals” narrative with more emphasis on state-level…