Crypto Space Over The Past Week From 25 of February To 3 Of March, 2019
At the end of the week, we resume everything that the crypto community talked about over the past seven days.
In the first half of 2019, the Facebook will be able to release its own digital asset. This was reported by the newspaper New York Times, citing four anonymous sources. The publication notes that, at present, Facebook Coin developers are negotiating simultaneously with several cryptocurrency exchanges for the subsequent listing of the coin. What will it be used for? There are no exact answers.
Also this week hard fork Constantinople/St. Petersburg, the scandalous mining service Coinhive announced the termination of its activities, and the accounts and cards of one of the clients of Tinkoff Bank were blocked after the operation with cryptocurrency.
Crypto analyst and trader Peter Brandt predicted the imminent disappearance of altcoins. He compares the current situation on the cryptocurrency market with the period of 2013-2016. After this stage is completed, Brandt predicts a resumption of aggressive growth of Bitcoin or the so-called “dead cat” effect, that is, a slight increase in the value of the asset.
According to Apple co-founder Steve Wozniak, the Bitcoin drop in 2018 made it possible to determine its true value. Wozniak admitted that he did not buy Bitcoin for investment, but for experiments with cryptocurrency when paying for goods and services. In January, he announced that he had sold all his BTC.
One of the largest financiers, Warren Buffett, has criticized the main cryptocurrency again . On CNBC, he called Bitcoin "delusion" and "charlatans' weapons." In his opinion, Bitcoin and the entire cryptocurrency industry have no prospects.
JPMorgan CEO Jamie Dimon said that the stablecoin JPM Coin binds to US dollar, which the company plans to issue, may eventually become "consumer". To begin with, the coin will be very useful only for mutual settlements between banks and partner companies. Almost two weeks after JPMorgan announced the launch of its own cryptocurrency, the Japanese financial giant Mizuho announced the launch of its own digital currency called J-Coin.
Venezuelan economist Carlos Hernandez admitted that he "stores all the money in Bitcoin." Hernandez explained that he does not own a single Bolivar, the official fiat currency, since its inflation rate reaches 3.5% per day, while the annual rate is 1.7% million. The economist says that he “does not have a bank account abroad and considering currency control in Venezuela, and there are no easy ways to use more stable fiat currencies. ”
According to BitInfoCharts data , the activity of Bitcoin users has been growing rapidly since the beginning of 2019. During February 2019, there was a tendency for steady growth in the number of transactions in the Bitcoin network, which reached approximately the same level as in January 2018, when Bitcoin was trading at the highest mark in its history.
The Square platform reported a sharp increase in the volume of BTC transactions in 2018. The company's annual report states that last year service users made operations with the main cryptocurrency totaling more than $ 166 million. The big share of all transactions fell on the BTC purchase.
According to a survey conducted by the auditing company KPMG, about half of the heads of technical companies believe that the blockchain will radically change their business in the next three years. 48% of company executives believe that in the next three years, blockchain can fundamentally change their business. 27% said that the technology will not affect them at all, while the remaining 24% could not say anything about this.
According to the Cayman Alternative Investment Summit survey, 45% of the 100 surveyed investors who work with precious metals or objects of art speak critically about digital currencies and believe that this asset class is a “bubble”.
Cryptocurrency exchange Bitfinex announced that the US government was able to return 27.7 of the 120,000 BTC, which in 2016 were stolen as a result of hacking the exchange. This represents only a very small fraction of the stolen funds, but the assistance provided by the US government is an unprecedented step in itself.
Diar researchers believe that Ripple violated the Coinbase listing rules, despite the fact that its Coinbase Pro platform included the XRP project token in the list of serviced trading positions. According to Coinbase rules, token developers do not have to control the lion’s share of an asset, and Ripple actually controls up to 60% of the XRP coins, which makes the company dominant among the holders of this digital asset.
Kraken Exchange announced in its blog that it is ready to pay $ 100,000 (in Fiat or cryptocurrency) for information that can help return Canadian cryptobirge assets to QuadrigaCX, which lost access to $ 190 million (in Fiat and cryptocurrency) after the sudden death of Jerry Cotten, the founder of the exchange . Also, analysts from Zerononcense said they found traces of the lost cryptocurrency assets of the Canadian exchange QuadrigaCX in the amount of $ 90 million.
The oldest Ukrainian cryptocurrency exchange Kuna announced the launch of a new service called Kuna Code Pro. The head of the exchange, Mikhail Chobanyan, noted that the new service can be integrated into third-party products or platforms, which developers can use.
The South Korean cryptocurrency exchange Coinbin has declared its bankruptcy due to millions of losses and theft. The exchange has posted on its website a notice stating that it is forced to cease its activities as a result of the “increase in debt” and “government regulation”.
Ebang, one of the leading Chinese manufacturers of bitcoin miners, plans to produce 400,000 ASIC miners (ASICs) in 2019. In a statement on February 22, the company noted that this plan could expand significantly during the financial year.
February 25, the British company Electroneum, which specializes in digital payments, announced the release of a smartphone capable of producing cryptocurrency. The Electroneum M1 smartphone, priced at $ 80, will allow users to mine ETN through an application, while mining is reportedly available offline.
A group of scientists from Stanford University has developed a confidentiality mechanism for smart contracts on the ethereum network. The decentralized privacy system of smart contracts is called Zether. Every smart contract launched on a digital currency network will be able to maintain an account balance in an encrypted form and carry out money transfer and withdrawal operations.
The Verge publication, citing its sources, reported that Samsung's Galaxy S10 smartphone will have a built-in cryptocurrency wallet that will allow users to store Bitcoin and the broadcast, as well as a cryptocurrency called Cosmo Coin and ethereum-token Enjin Coin, focused on the gaming industry.
Rosseti, the largest power grid company in Russia and in the world, plans to use artificial intelligence and blockchains as part of pilot projects for the digitalization of the power grid complex until 2030.
Russian President Vladimir Putin has set deadlines for the adoption of a law on regulation of relations in the cryptocurrency industry. The parliament should adopt a bill before July 1, 2019. The last "deadline" in the form of July 2018 was, by and large, ignored. Earlier, Putin set July 2018 as the deadline for the development of legislation in the field of Bitcoin trading, ICO, blockchain and mining. These regulations have not been born.
The Central Bank of Ukraine has completed a pilot scheme of the draft national digital currency, electronic hryvnia (e-hryvnia). This was announced by the director of the department of payment systems and innovative development of the National Bank of Ukraine, Alexander Yablunivsky. According to him, the “expanded project” has been completed, and now the bank continues to study the prospects for using the appropriate tool.
The deputies of the Abkhaz parliament addressed the Cabinet of Ministers of the republic with a recommendation to cancel the decree adopted at the end of 2018 “On temporary measures to limit the consumption of electricity by certain types of subscribers”. As we reported earlier, by a decree of December 29, 2018, the Cabinet of Ministers of Abkhazia temporarily banned mining of cryptocurrencies on the territory of the republic.
The Kingdom of Bahrain has completed the development of cryptocurrency legislation. According to the website of the Central Bank of Bahrain, from now on the country is a safe place for the business of cryptoactive assets.
The Ban of the Reserve Bank of India on cryptocurrency transactions in the environment of regulated entities (banks and other financial institutions) remained in force. On February 24, the Supreme Court refused to lift the ban, which will come into force on July 6.
Problems With Law
A bitcoin trader from the Netherlands was attacked in his home by a group of robbers who were disguised as police officers. Thierd H., 38, who had previously worked in Italy and then in Thailand, was the victim of a forced visit to his home of three people in bullet-proof vests and police clothes who threatened him with a firearm. In the eyes of his 4-year-old daughter, the criminals put a electric drill on the man’s chest and turned it on, causing him serious injuries.
The scandalous cryptomillionaire from Hong Kong, who organized the so-called "money rain", is accused of fraud. Billionaire Wong Ching was first detained back in December last year after he threw Hong Kong dollars from the roof of an apartment building. The police arrested a Bitcoin popularizer for hooliganism. In January, it was reported that this person was involved in several other questionable schemes. This week, sources reported the arrest of Wong Ching on charges of economic crimes.