Blockchain Daily News – Edition 262, 02.08.2018
August 2, 2018
Blockchain Daily News – Edition 264, 06.08.2018
August 6, 2018

Blockchain Daily News – Edition 263, 03.08.2018

Today’s Highlights: Bitcoin whale’s bad trade leaves counterparties holding the bag, The Stuttgart Stock Exchange pushes into digital assets, long-secret cryptocurrency project Handshake revealed, Monero was riddled with security vulnerabilities & Indian police bust $4M ‘ripple future’ cryptocurrency scam.

Editors’ thoughts today:

Editor-in-chief Florin Adrian Oprea (FAO): Stuttgart stock exchange pushes forward with its crypto trading plans! Congrats! Now we know why they named their previously announced crypto app BISON…to lead the charge in the sector maybe? Or maybe I am just too metaphoric today…

***

Time for your daily blockchain dosis brought to you by Editor-in-chief Florin Adrian Oprea (FAO) & Editor Decebal Nicolaie Todarita (DNT)! 6 hours of our work for 6 minutes of your time! We have read the Blockchain news for you, so scroll down to read the best (STILL FREE) daily newsletter in this industry!

Keep in close contact:

– install the DIGI CAP NEWS mobile app for Android – here and for iOS – here

– follow our Blockchain Daily News FREE ARCHIVE

– follow our social media profiles on Facebook, Twitter and Linkedin

– join the DIGI CAP NEWS community on our Facebook, Linkedin & Telegram groups

Breaking News

Bitcoin Whale’s Bad Trade Leaves Counterparties Holding The Bag

Benjamin Robertson, Andrea Tan & Yuji Nakamura – Bloomberg (subscription)

A massive wrong-way bet on Bitcoin left an unidentified futures trader unable to cover their losses, burning counterparties and threatening to dent confidence in one of the world’s largest cryptocurrency venues. The long position in Bitcoin futures listed on OKEx, a Hong Kong-based exchange, had a notional value of about $416 million, according to an OKEx statement and data compiled by Bloomberg

The Stuttgart Stock Exchange Pushes Into Digital Assets, Will Support ICOs & Trading In Cryptocurrency

JD Alois – Crowdfund Insider

The Stuttgart Stock Exchange has announced it is launching infrastructure necessary to trade and manage digital assets including the trading in cryptocurrencies, an ICO platform, custody and wallet. This follows the launch of cryptocurrency trading via the BISON app.

DNT: The launch of smartphone app BISON was announced in May – details here Exchanges & Trading Venues section. The app has been developed together with fintech startup Sowa Labs.

Deals & Investments

Handshake Revealed: VCs Back Plan To Give Away $100m In Crypto

Pete Rizzo – CoinDesk     

Handshake, backed by top venture capitalists and some of the most well-known blockchain developers, has raised $10.2m for an attempt to replace the digital entities that today authenticate web payments, in the process rewarding those who built the essential infrastructure for the internet itself.

Brokers’ Cryptocurrency Deals Are Focus Of SEC Review

Benjamin Bain – Bloomberg (subscription)

Wall Street’s main regulator is boosting its scrutiny of brokerages that deal in cryptocurrencies, according to two people familiar with the matter, the latest sign that authorities want to know more about a burgeoning market that they fear might be full of misconduct.

Exchanges & Trading Venues

Bringing Cryptocurrency Into The Institutional Order Flow

Traders Magazine

With more than 500 cryptocurrency exchanges in the world today and about 1,500 cryptocurrencies, digital assets are truly a global market that has grabbed the attention of everyone from the retail investor to major institutions. But with a market that has literally pulled in millions of individual accounts globally, it has brought in a small percentage of traditional institutional players.

CEX.io Crypto Exchange Reopens Fiat Bank Transfers For USD, EUR & GBP

Bitcoin Exchange Guide

CEX.IO started offering their users the option of transacting with US dollars, euros, and British pounds between their crypto wallets and bank accounts. The option was made available in December 2017, and the user had to use SWIFT or SEPA to perform the transfer.

Cryptocurrencies

Monero Wallet Vulnerability Made It Possible To Steal XMR From Exchanges

Luckily, It’s Been Fixed

David Canellis – The Next Web

It appears popular cryptocurrency Monero, often praised for its privacy functions, was riddled with security vulnerabilities – one of which allowed hackers to steal coins directly from the wallets of exchange desks. Utilizing old-fashioned social engineering, inventive hackers could forge transaction data and use it to trick support staff into crediting their account manually with extra XMR. (…) The good thing is that the flaw has since been patched.

Before the ‘Bomb’ Hits: Why the Race Is On To Alter Ethereum’s Economics

Rachel Rose O’Leary – CoinDesk

At press time, a total of six ethereum improvement proposals have emerged, each hoping to alter the project’s code ahead of an upcoming software update (scheduled for October). Driving the debate is ethereum’s so-called “difficulty bomb,” a piece of code locked into the $45 billion platform that makes it so a steadily increasing amount of computing power is needed to mine its blocks and unlock its rewards.

Vendors

Sony Patent Filings Hint at Work On Crypto Mining Hardware

Madeline Meng Shi – CoinDesk

Sony wants to patent two hardware approaches for hosting and maintaining blockchains, newly published documents show. Sony’s two filings are entitled “Electronic Node and Method for Maintaining a Distributed Ledger” and “Device and System,” revealing for the first time that the company is working on blockchain-related hardware concepts.

Cryptocurrency Miners Are Building Their Own Electricity Infrastructure

Motherboard

Canadian company DMG Blockchain is expanding its mining operation in British Columbia with its own electrical substation. Access to cheap electricity can make or break a cryptocurrency mining operation, and firms angling to strike it rich in an industry where delays can and will cost digital money will do just about anything to get it, as soon as they can.

BitPeople

Indian Police Bust $4M ‘Ripple Future’ Cryptocurrency Scam

Neer Varshney – The Next Web

The Reserve Bank of India ruling may have killed legitimate cryptocurrency businesses in the country, but it seems the regulatory clampdown hasn’t deterred local fraudsters and con artists. In the latest crypto-bust, Indian police arrested two suspects for allegedly duping 300 million Indian Rupees ($4 million approximately) from 1,800 people, Press Trust of India reports.

DNT: That Ripple? On, thanks God, no..It’s not the Ripple you were thinking about! The accused were running a fake cryptocurrency company named ‘Ripple Future,’ which promised to triple investor money in 250 days, and also ran daily and weekly payment scheme – as the story informs.

Sponsors

Want your banners, press releases, event details or news published in Blockchain Daily News? Send us your queries here.

Latest Developments & Agreements

Chinese Media Mogul Building Out $300 Million Crypto Hub

Frank Chaparro – Business Insider

A Chinese billionaire named Bruno Wu is building out a nearly $300 million crypto innovation hub in an unlikely place — Hartford, Connecticut. Part of the plan includes a fintech college, according to documents reviewed by Business Insider.

FAO: My eyes popped out since I first read $30m…

Regulation

America Needs A Blockchain Strategy ASAP

Anja Manuel & Leo Carter – Foreign Policy

The technology behind cryptocurrency can keep the United States safe—but only if the country takes advantage of its head start.

FAO: Head start? What head start?

Korea’s Financial Regulator Wants To Use the Blockchain For Stock Trading

Annaliese Milano – CoinDesk

South Korea’s financial watchdog is advocating for a blockchain-based stock trading system.

The Financial Supervisory Service’s appeal was part of a new study published by the agency. The study reportedly encourages South Korean regulatory agencies and companies to collaborate on the development of the proposed system, and also examines the use of the blockchain by stock operators around the globe.

FAO: Did they mean South Korea’s head start? Or Japan’s?

Events

Tickets Now On Sale for San Francisco’s First ‘Blockchain Music Festival’

Ada Hui – Coindesk  

Tickets for the first music festival set to be powered by blockchain technology are now on sale. Scheduled for this fall, the Our Music Festival is launching its own virtual currency — the OMF token — at its inaugural event in San Francisco’s Civic Center Plaza. The festival plans to develop on the ethereum network and hopes the event will appeal to the city’s tech crowd.

DNT: This will be the first musical entertainment experience to process booking fees on a live blockchain application, the story informs.

FAO: Now they are putting music festivals on the blockchain?…OMG. Sorry, OMF, that is………..

Want your event details published in Blockchain Daily News? Send us your queries here.

Analysis

Bitcoin Vs. Gold Revisited

Andrew Hecht – Seeking Alpha

A bad year for gold. A worse year for Bitcoin. Two means of exchange with different target audiences. When will central banks go digital? Gold continues to capture the human condition.

The Blunt, Off-the-Cuff Truth About Blockchain Technology

Sean Williams – The Motley Fool

Last year was truly something special for cryptocurrency investors. According to data from CoinMarketCap.com, the aggregate value of all digital currencies soared from $17.7 billion to end the year at $613 billion — a gain of more than 3,300%. Even though hundreds of new coins went public, this was predominantly an organic, investor-driven rally. And it’s likely the single greatest year we’ll ever witness for any asset class.

Other news

Data Shows US Dollar, Not Japanese Yen, Is Dominating Bitcoin Trade

Adam Hart – CoinDesk  

Japan may not be quite the cryptocurrency powerhouse that the world thinks it is.

A deep dive by CoinDesk has found methodological flaws in widely-cited bitcoin exchange data that appear to overstate the importance of the Japanese yen as a trading pair. Our analysis of trading data collected from July 26-30 suggests that the U.S. dollar, not the yen, is the dominant currency traded for bitcoin by a wide margin.

FAO: Did I read well? Trading data collected from July 26-30??!?? How relevant is this interval?

Opinion

This New Blockchain-Based Betting Platform Could Cause Napster-Sized Legal Headaches

Mike Orcutt – MIT Technology Review

Augur lets people bet on events and pays whoever gets it right—so of course they’re wagering on the deaths of Donald Trump and Jeff Bezos.

Bitcoin Needs To Hit $213,000 To Replace Money Supply, UBS Says

Olga Kharif – Bloomberg (subscription)

Bitcoin Is Still Too ‘Unstable’ To Become Mainstream Money, UBS Says

Kate Rooney – CNBC

The world’s largest and most popular cryptocurrency is still a far cry from playing the role of real money, according to global investment bank UBS.

 

 

FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News