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Crypto Space Over The Past Week From 18 To 24 of February, 2019

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At the end of the week, we resume everything that the crypto community talked about over the past seven days. This week Ethereum creator, Vitalik Buterin, announced his cryptocurrency funds, Samsung to support blockchain apps, and Jack Dorsey appreciated the Tippin extension, which allows Twitter users to send micropayments through Lightning Network.

Opinions And Ratings

Elon Musk spoke positively about Bitcoin more than once, but he said that his company would not deal with cryptocurrencies. According to Musk, the world's leading cryptocurrency is “interesting” and is able to serve as an “excellent way” of remittances, but not for Tesla. Although Musk emphasized such advantages of Bitcoin as the ability to bypass currency regulation and serve as a substitute for fiat money.

Facebook CEO Mark Zuckerberg gave a good assessment of the blockchain technology potential which is able to allow Internet users to log in to various services with just one set of credentials, without relying on third parties. According to him, this is a good alternative for applications such as Facebook Connect, which also allow you to use uniform data when you log in.

According to billionaire Tim Draper, after about five cryptocurrencies will be able to cut fiat money out the market. Draper believes that the last period in history is approaching when the fiat currency retains its dominant position in the market.

Alexis Ohanian, the co-founder of the popular Reddit website, describes the current market downturn as a “painful phenomenon,” but disappointed investors should focus on long-term profits.

According to the partner of the venture company Blockchain Capital Spencer Bogart, investors should take advantage of the current situation in the cryptocurrency market and start buying Bitcoin. The businessman stressed that the current market situation may signal the preservation of the “bullish” trend in the market for a long time.

According to Andreas Antonopolus, the growing influence of Bitcoin threatens the development of the global crypto sphere. In one of his recent interviews, he stated the main cryptocurrency is constantly strengthening its position in the market, which poses a real threat to the formation of a decentralized financial system.

The co-founder and partner of the investment company Morgan Creek Digital, Anthony Pompiano, believes that Bitcoin could turn into a global reserve currency.

Commissioner of CFTC, Brian Quintenz, proposed to the cryptocurrency enthusists to create a self-regulatory structure. Quintenz said that since the CFTC is unable to adequately supervise cryptocurrencies, he suggests that “cryptocurrency platforms jointly create a self-regulatory structure within which they can lead discussions, innovate, learn technologies and conduct audits.”

Trader Max Kaiser believes that Warren Buffet is a “fraudster”, and Bitcoin is the future. According to Kaiser, Buffett’s letter, which he sends to Berkshire Hathaway shareholders every year, demonstrates the investor as “a fraudster and a cheater who relies solely on government financial assistance and accounting fraud”. Buffett criticized Bitcoin, calling it "rat poison" and "dummy asset". "He's right. And there is no rat bigger than Warren Buffet, ” said Kaiser.

Stablecoins will play an important role in the mass adoption of cryptocurrency technologies, the California startup report said. The authors believe that countries that have hyperinflation, such as Venezuela and Angola, may be the first to accept stablecoins, and others will follow. In addition, the stablecoins promise to become a market with a multi-million dollar income, the report says. The report also speaks of the positive role in the mass adoption of such large companies as Facebook.

According to analysts from Cambridge Associates, now is the best time to buy cryptocurrency for investors. Experts published an article in Bloomberg, which listed the main advantages of Bitcoin and Altcoin and recommended investors to analyze the potential of the crypto market in the long term. The article emphasizes that despite the great risks that cryptocurrency investments carry, some digital assets have enormous potential and can turn the whole modern financial system.

Cryptocurrency Exchange

Binance Exchange has launched public testing of a decentralized cryptocurrency exchange, built on the company's own blockchain. The new platform Binance DEX is now available for public testing - users can create their own wallets and test the exchange interface.

An auditor appointed by the court, Ernst & Young, published a report according to which all QuadrigaCX cryptocurrency assets were transferred under its management. The auditor is also trying to gain control of the exchange's fiat assets.

The Israeli cryptocurrency exchange Coinmama fell victim to hackers took advantage of its vulnerability and stole data of 450,000 users - mostly email and encrypted passwords.

The Chicago Mercantile Exchange (CME) reported a sharp increase in the number of transactions in Bitcoin futures in the first two months of 2019. If to compare with the data for the fourth quarter of 2018, the volume of trade increased by more than 20%.

Technology

The developers at Blockstream presented a new bitcoin signature scheme called MuSig, and added code to their test crypto library, which is available for public testing on GitHub. The proposed digital signature scheme can improve bitcoin privacy and scalability.

The team of developers of the Streamr platform introduced a new system improving the Ethereum blockchain scability. The Monoplasma system is designed to solve the problem of cryptocurrency network scalability, which continues to show growth against the backdrop of a hardfork approach.

Telegram co-founder Pavel Durov will refund to investors if the TON blockchain platform would not be launched by the end of October 2019. This is stated in a document appearing on the Scribd website and supposedly compiled by Pavel Durov. It notes that if until the end of October, the release of the token does not take place, then the agreement between investors and developers of the TON platform is canceled.

Mining

In the 3Q of 2018, the losses of the Chinese mining giant Bitmain were approximately $ 500 million. These data were provided to the administration of the Hong Kong stock exchange in preparation for the IPO. The main reason for the increase in loss-making enterprises was the dominance of the negative trend in the cryptocurrency market.

The investor will finance a project for the construction of a complex for mining and data storage in the special economic zone in the Pskov region, Russia. The company for the extraction of cryptocurrency and data storage will be built with the participation of the company Global Technology, which is registered in a special zone of industrial type "Moglino". The project will be financed by the Swedish company Swedblock AB, Global Technology will also allocate funds and direct them to the construction of the complex.

Regulation

On February 19, the government of India established the National Cryptocurrency Cyber ​​Laboratory, the purpose of which is to carry out an analysis of cryptocurrencies. At the same time the Delhi Police Anti-Cyber ​​Crime Unit is established, which will investigate crimes related to cryptocurrency.

Bahrain, which was once the financial center of the Middle East, is trying to regain its position and, as an experiment, allows cryptocurrency companies to work in the country and then consider their regulation.

Taking into account the current state of the market and the developing regulatory regime, the Bank of Lithuania revised its attitude towards virtual currencies and ICO. The country's central bank replaced the term “virtual currency” with the expression “virtual asset” and explained how and when virtual assets can be used for payments. It was also decided that foreign investment funds that completed the registration process can operate on the Lithuanian market.

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