Byrne Hobart, a CoinDesk columnist, is an investor, consultant and writer in New York. His newsletter, The Diff (diff.substack.com), covers inflection points in finance and technology. The bull case for bitcoin as a store of value is simple: at first nobody owns it. Then it’s owned by people who are some combination of crazy and smart, but generally crazier than they are smart. Over time the craziness requirement drops, more investors buy it and it becomes dumb not to own a little. Since existing monetary systems are necessarily optimized for…
Day: May 19, 2020
Blockchain Bites: BlockFi Hacked, Block.one Sued, BitMEX Down
Today, BlockFi disclosed a SIM-swapping attack that revealed personal information related to a large swath of the firm’s clients. While customer funds are secure, BlockFi said, their names and addresses were compromised along with their activity histories. This security breach comes on the heels of a cryptojacking exploit targeting European supercomputers researching COVID-19. Elsewhere, class-action lawsuits have been brought against Block.one and chip-maker Nvidia, while the little-known firm BMA is suing BitMEX for allegedly orchestrating the largest financial crime in American history. Here’s the story: You’re reading Blockchain Bites, the daily…
Atari Partners With Litecoin Foundation — LTC Discount For Game Consoles
On May 19, the Atari Group announced a partnership with the Litecoin (LTC) Foundation, betting on the overlap of interests between the crypto and gaming communities. Atari has raised 74.19 Bitcoin (BTC), worth roughly $514,000 over the course of the presale stage of its ICO up to now. The funds came mostly from partners. Not only will Atari accept investments in Litecoin, Bitcoin and Ether (ETH), but gamers will be able to pay for its upcoming Video Computer System (VCS) with Litecoin and receive a discount. It will be available…
Base Layer Blockchain Harmony Adds Staking to Open Up Validator Set
Harmony announced Tuesday its mainnet has now incorporated staking, allowing users to earn ONE tokens for locking in their current holdings. Harmony is built to be a very fast base layer blockchain for transactions and smart contracts. “Staking is the mechanism that will allow us to trust participants in our network without knowing them. Now that staking is complete, we can take a huge step towards decentralization by opening the protocol to the public,” Nick White, a Harmony co-founder, told CoinDesk in an email. The blockchain is currently run by…
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Bitcoin News Roundup for May 19, 2020
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These Key On-Chain Metrics Indicate Bitcoin Nears a Steep Downtrend
Bitcoin has been going wild over the past few hours. Its price surged rapidly towards $9,900, but an internal issue on BitMEX caused this platform to go down affecting the flagship cryptocurrency. Following the incident, Bitcoin took a 3.5% nosedive erasing the gains made today. Data from Datamish shows that $11.4 million of long positions and nearly $6 million worth of short contracts were liquidated on the Seychelles-based crypto derivatives exchange in the past 24 hours alone. The last time BitMEX experienced a system outage was on March 13, which…
Crypto Is the Revolution Leading Developing Countries to Financial Inclusion
Back when digitized banking service evolutions such as debit cards, online banking and check imaging were sweeping the financial sector, one could have never imagined what was coming next. I certainly did not, having spent more than 10 years during this time advising executives of major global banks on the implementation of these game-changing technologies. The creation and digitization of new currencies, not owned by the government but by the people, has found its home in the global market over the last decade, starting with Bitcoin (BTC) and soon exploding…
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Covid-19 Economy Fuels Faith in Crypto: Trust In Bitcoin Over Banks Increased 3X Since 2017
The market research organization, The Tokenist, recently published a report called “Comparing Public Bitcoin Adoption Rates in 2020 vs 2017.” The study’s findings give a comprehensive look at the cryptocurrency ecosystem between 2017 and now. The researchers’ survey shows that since the post-Covid-19 economy is setting in, trust in bitcoin has grown 29% in the past three years. Faith In Traditional Banks and Financial Incumbents Is Waning A recently published study from the crypto think tank, The Tokenist, details that there is a growing trust in bitcoin over traditional investments…