It has been over 10 years since the creation of cryptocurrencies, and while clear narratives have emerged to justify their existence, none are decisively supported by data. For example, charts suggest bitcoin’s use case as a store of value is taking hold among some new investors, who have been shown to hold the asset through price run-ups. However, other metrics such as bitcoin’s correlation to gold suggest that, across the entire body of bitcoin investors, most are using the asset as something far different from “digital gold.” On ethereum, DeFi…
Month: January 2020
OKEx’ Lennix Lai Makes Presence Felt at Davos, Roots for 100% Financial Inclusion with Blockchain
The changing landscape of the global economy due to the technological progress in the cryptocurrency and blockchain sector is not lost on anybody. As the countries of this world look at ways to embrace this technology without treading on the toes of the well-established financial systems, some of the industry leaders from the crypto space are making their presence felt at gatherings of international importance to give insights into the blockchain space to ministers, bureaucrats and heads of financial institutions from all over the world with the intent of helping…
Disgruntled Employee Stole Bitcoin from Japanese Project Vipstarcoin
Two men have been arrested in Tokyo on suspicion of defrauding IT firm Vipstar Inc. from hundreds of thousands of dollars in Bitcoin (BTC), Mainichi reported on Jan. 23. One of the suspects is a former employee who used his access to steal money from a trading fund. Yuto Onitsuka and Takuma Sasaki are accused of stealing 78 million yen (approximately $712,000) from Vipstar, a blockchain project. They are also suspected of committing computer fraud and contravening a government act on the control of criminal proceeds. The police alleges that…
Has Quebec Missed the Ship for Attracting Cryptocurrency Miners?
The results of a 300 megawatt (MW) energy allocation for cryptocurrency miners, run by Canadian provincial utility provider Hydro-Québec, has failed to attract expected demand from the local industry. A Request for Proposals (RFP) for power allocation was opened in June last year, supposedly based on huge demand of around 16,000MW from miners around the world that wanted to take advantage of Quebec’s hydroelectric power. Bid submissions closed on Oct. 31, 2019. According to a Jan. 22 report from Radio Canada, the results of the RFP or only released recently…
Genesis Ecology Announces Its Blockchain Network That Makes Bitcoin and Existing Blockchain Networks Seem Redundant
The blockchain and cryptocurrency are an undeniably clever invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater. The community welcomed new technology and it must never stop. It continues to develop, in fact, we’re already embracing the new buzz ‘Blockchain 3.0.’ Bitcoin, Ethereum and other Cryptocurrencies have mainly been used for trading. However, the core idea was for them to act as a replacement of the traditional financial systems, mainly to decentralize finance…
Bitcoin Cash Miners Propose Controversial Soft Fork for Zcash-Style Development Fund
A group of bitcoin cash miners is preparing a soft fork to redirect some of the block rewards into a new zcash-style development fund. In a medium post Wednesday, Jiang Zhuoer, CEO of mining pool BTC.TOP, said that a group of some of the largest bitcoin cash mining pools were preparing to soft fork the network to implement a “short-term donation plan” that would cut block rewards by 12.5 percent in order to fund network development. “Investment in software and commons is crucial to secure a bright future for Bitcoin…
Binance Invests in Taiwanese Blockchain Data Monetization Startup Numbers
Major cryptocurrency exchange Binance has invested an undisclosed sum in blockchain data monetization startup Numbers. According to a post published on Binance’s official blog on Jan. 21, Numbers aims to create an open, transparent and traceable data sharing, verification and management system. The firm’s open source application reportedly allows individuals to own and monetize their personal data. Since last year, Numbers has reportedly worked with nonprofit Shoah Foundation, the Stanford University and IBM to develop data traceability and verification systems to preload on the Exodus, the blockchain smartphone of tech…
XRP, Ethereum and Bitcoin Cash Dive in Altcoin Purge: What’s Triggering It?
Top bitcoin rivals suffered major losses on Thursday after bulls failed to extend the last week’s wild upside price rally. Bitcoin SV’s BSV, after its stupefying climb before mid-January session, led the march downwards. The token fell by more than 9 percent on a 24-hour adjusted timeframe. Stellar’s XLM and Binance’s BNB followed suit, dipping by more than 6 and 5 percent, respectively. The least affected coins included Ethereum, XRP, and Bitcoin Cash, all of which fell in the range of 2-3 percent. Collectively, the ongoing altcoin purge prompted the…
Bitcoin Price Is Declining, BTC Is Trading Below $8,500
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex. BTC/USD tech analysis BTC miners earned $5 billion in 2019 In the Bitcoin network, a $1.1 billion transaction took place On W1, the Bitcoin quotations return to the previously broken resistance level of 50.0% Fibo. Such a pullback should be interpreted as short-term, meant just for testing the positions taken from above. In the mid-term, the quotations are growing to the resistance line of long scale at $11500.00. At the same time, the Stochastic and MACD are looking down, which means bearish prevalence.…
Pornhub Adds Tether Stablecoin as New Crypto Payment Option
Adult entertainment website Pornhub has added a new cryptocurrency payment option after PayPal had abruptly stopped servicing its models in late 2019. According to a Jan. 23 blog post, Pornhub now supports Tether (USDT) — a major United States dollar-pegged stablecoin — to allow instant and zero-fee payments via the crypto wallet and browser extension TronLink. Pornhub supports Tron-based USDT TronLink is a native wallet for Tron (TRX), the 12th largest cryptocurrency by market cap that is backed by the Tron Foundation. The USDT token became available on the Tron…