'No country can have its own cryptocurrency' —? Weekly digest, June 4-8 ’18

All in this week’s news digest: Google Trends isn’t the leading indicator for Bitcoin, Bitfinex survives a cyber attack, Bitcoin Gold will improve its security, 94,000 BTC were found and $1,1 billion worth of crypto was stolen, Putin says 'no' & other news.

  • Huobi has plans to become a decentralized autonomous organization. The exact timeframe of migration is still unknown, the development of the Huobi Chain project will be gradual and will have 10 milestones to complete. As the whole project will be open-sourced, everyone interested in aiding its development will be able to join at any stage.
  • Crypto baskets are becoming more and more popular in 2018. Coinbase, Huobi and Okex already offer them to investors. Now even smaller services start to compose them, there’s a wide selection of baskets containing various coins and tokens.
  • A recent study shows that 68% of exchanges and wallets aren’t bothered to do any KYC check. It makes money laundering a lot easier for all sorts of criminals.
  • Tom Lee explained that Google Trends shouldn’t be viewed as an indicator of price for Bitcoin. Investor says that it should serve merely as a coincidence indicator of current price, and not as a prediction. He also said that institutional money are interested in entering the market and soon the market capitalization of crypto will rise up to $30 Billion.
  • Bitcoin Gold is going to switch to a new PoW protocol after the recent successful 51% attack. The upgrade will be implemented via a hard fork. The new algorithm is called Equihash-BTG and it makes ASIC mining impossible.
  • Bitfinex went offline for a few hours. Later it was revealed that it was caused by a DDOS attack. The source of the attack is still unknown.
  • One of Bitcoin early developers, Laszlo Hanyecz, gave an interview about his work with Satoshi Nakamoto. He told that the experience was mostly weird and he felt himself odd sometimes when he was receiving tasks from Satoshi.
  • A small Russian village has made its own cryptocurrency and uses it instead of rouble. It’s called Kolion, by the name of the village, Kolionovo, and it’s being used as a form of IOU to pay for good and services between villagers. The previous paper version of this currency was prohibited by the Russian court three years ago.
  • An address containing more than 94,000 BTC was found. This whale accumulated Bitcoin since the end of March, buying all dips. That makes it the 6th largest wallet, but all bigger wallets are owned by exchanges. The owner of this one is still unknown.
  • Surveys from South Korea give us the new interesting statistics. A survey conducted by Bithumb shows that more than 45% of South Korean crypto investors are long-term holders. That displays a strong confidence in the market from investors despite the bear times.
  • Coinbase announced it is very close to becoming the world’s first fully regulated broker-dealer exchange. After SEC approval it would be capable to offer security tokens for trading and even tokenize the existing stocks.
  • One of Swiss banks, Hypothekarbank, now provides bank accounts to cryptocurrency and blockchain-related companies. It’s the first bank in Switzerland to offer this kind of services to crypto companies.
  • John McAfee declares that he challenges the SEC to the debates on CNN. He wrote on Twitter that the SEC “have overstepped their bounds” by stating that all ICOs are securities. There’s no response from the SEC yet.
  • Putin says it’s highly unlikely that Russia could launch its own cryptocurrency. He explain that crypto by its nature is beyond any governmental borders. However he remarks that Russia definitely should explore the blockchain technology, and possibly use it to avoid many limitations and sanctions placed upon Russia during the last 4 years.
  • More than $1,1 Billion worth of cryptocurrencies was stolen during the first 6 months of 2018. Security experts remind everyone that dealing with cryptocurrencies requires caution, users must keep their funds safe and secure by themselves, as there’s no way to get your crypto back once it gets stolen.


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Huobi Token Price Rises as First Huobi Prime Listing Draws Near

As a new week dawns upon the cryptocurrency industry, one has to wonder if this Monday will be better than what happened through the weekend. Most of the markets are seemingly moving up once again, although there is still a lot of work to be done. As far as the Huobi Token price is concerned, it appears the value is rising primarily because of the first token listing on Huobi Prime will occur fairly soon. Huobi Token Price Accelerates as Expected The year 2019 has been primarily about exchange-oriented tokens rising in value, by the look of things. As Binance Coin continues to fire on all cylinders, Huobi Token has also begun making a name for itself. It appears to be a matter of time until KuCoin Shares will go down a similar path, assuming that exchange decides to venture into “select token listings” as well. Huobi is only the second major exchange to do so recently, and it seems that decision is already paying off for HT holders. Over the past few hours of the early Monday morning, it appears the Huobi Token price has risen by 7.3% in USD and ETH value. There is also a  6.9% gain in BTC value, which will please a lot of users in the process. With a current value of $2.55, or 63,376 Satoshi, it seems everything is progressing as expected. The overall trading volume of $82m is also pretty interesting to keep an eye on, as it could be sufficient to keep things going. The main reason for this HT value increase is the impending launch of the first token listing on Huobi Prime. As users will not need to meet the 500 HT requirement to participate, there will undoubtedly be high price expectations for HT. Depending on how successful this token sale proves to be, Huobi Token may effectively follow a path similar to Binance Coin. For now, a lot of questions are still waiting to be answered. Most people want to get treated like a big shot. You can with Huobi Prime, Our 500HT requirement will be waived for Prime's inaugural #launch of $TOP Network @topnetwork_top. More info here: https://t.co/HHxx9kylFv #HuobiPrime #HuobiToken $HT #DPO #Huobi https://t.co/WiAv5Texin — HuobiGlobal (@HuobiGlobal) March 21, 2019 There is also a chance the current HT price trend is materializing because of the recent Pundi X listing. While there may be no obvious correlation between the two, there will undoubtedly be an NPXS/HT trading pair sooner or later.  It seems a lot of things are coming together for Huobi Global in very quick succession, which usually tends to get a lot of traders excited in the process. For now, there is still some market uncertainty, Huobi Global has launched Pundi X ( $NPXS), the decentralized, offline cryptocurrency that allows users to make mobile payments all over the world. @PundiXLabs Learn more here: https://t.co/hnGA2QL60f#HuobiGlobal #HuobiToken $HT #Blockchain #cryptocurrency pic.twitter.com/OTcQZ7gWL1 — HuobiGlobal (@HuobiGlobal) March 25, 2019 For those who take a closer look at the HT price chart, it quickly becomes evident things can get pretty interesting over the next few hours and days. There is a good chance this market trend will collapse once again in pretty quick succession, although one never knows how all of these markets will evolve. Most of it will also depend on what happens to Bitcoin, which is always a mystery #Huobi #HT #HuobiToken #HTUsdt HUOBI H1 #Trading #Crypto pic.twitter.com/aPHNktUHnH — WarmaneTrade (@WarmaneT) March 24, 2019 As Bullish as Huobi Token may seem right now, nothing is ever set in stone. Cryptocurrencies, assets, and tokens often evolve in many different ways, which can make for interesting momentum down the road. While the trading volume for HT looks pretty significant right now, there is always a chance it can come back to haunt the market as well. Sustaining the $2.5 level will be the main order of business for this token. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. Image(s): Shutterstock.com The post Huobi Token Price Rises as First Huobi Prime Listing Draws Near appeared first on NullTX.

Bitcoin [BTC] and Bitcoin Cash [BCH] no longer payment options on streaming site Twitch

Twitch, the popular live streaming video platform, quietly removed the option to pay using Bitcoin [BTC] and Bitcoin Cash [BCH] from its platform. This piece of negative adoption flies in the face of a wave of crypto-adoption in several industries. Initially spotted by a member of Bitcoin’s Reddit community, the concerned user pointed out that subscriptions could not be paid for via virtual currencies. StreamLabs, a broadcasting software for live stream management, also removed the option to pay with virtual currencies. According to the Reddit post, the video streaming service was facilitating crypto payments through the Bitcoin payment service, BitPay. The post added, “They removed it in the last couple of weeks as a payment method for all countries. Negative adoption strikes again unfortunately.” Given below is an Imgur post detailing a user’s subscription cancellation, after he paid for it using Bitcoin Cash, Source: Imgur The development was met by a wave of disapproval against Twitch, with some calling for a boycott of the streaming service. While many have speculated about the reasons behind this development, the most realistic seemed to be a lack of awareness about the cryptocurrency payment option and its low transaction volume. Some users called this lack of awareness a “vicious cycle,” where companies introduce a cryptocurrency payment option quietly, without notifying the community. As transaction volume drops, the same option is then quietly removed. In May 2018, Twitch began accepting payments in cryptocurrencies. Initially, a slew of coins such as Bitcoin, Bitcoin Cash, Ethereum [ETH] and Litecoin [LTC] were accepted. The larger implications of this delisting must be noted. Twitch is a subsidiary of the e-commerce behemoth, Amazon, following the latter’s acquisition of the former in 2014 for around $950 million. As of February 2018, the video streaming service had 2.2 million broadcasters with 15 million unique viewers a day, and 140 million a month. Other notable websites that removed or suspended the cryptocurrency payment option from their respective platforms recently include, Expedia, the travel booking site and Chess.com, the online chess-portal. Bitcoin’s Reddit community was enraged by Twitch’s quiet listing and delisting of the crypto-payment option. SQLoverride stated, “With so many social platforms shadow banning and demonetizing, the conspiracy side of me thinks maybe it was done because it is more difficult to demonetize someone using crypto.” Many questioned the existence of the crypto-option itself, with anonymustanonymust asking, “Did the have Bitcoin Cash or Bitcoin (Core) on the website?” The boycott was advocated by TAPEWlRM, “Unsubbed and shut down Twitch stream. Bad call guys.” The post Bitcoin [BTC] and Bitcoin Cash [BCH] no longer payment options on streaming site Twitch appeared first on AMBCrypto.

Tim Draper is Trying to Convince Argentina to Make Bitcoin A National Currency

On his recent trip to Argentina, billionaire investor and Bitcoin advocate Tim Draper met personally with President Mauricio Macri. Draper presented a pretty bold idea to the Head of State. Make Bitcoin the national currency of Argentina. “I suggested that he make Bitcoin a national currency and to bring in 5G and let the market figure it out and build all the roads and everything else for him,” Draper said according to es.cointelegraph. Draper thinks a rush of new startups will flood Argentina if they are crypto friendly. “That could end up being just phenomenal and globally, people will start saying I’m going to Argentina to start my business.” As the blockchain movement grows so will the demand for decentralization. Draper realizes that the building of blockchain infrastructure along with killer apps is the key to money flowing into the crypto space. “It seems simple to me because all you’re doing is you’re flowing with the decentralization movement. And that movement turns out to be really important and all the geographic borders are gonna fall and we’re gonna be one big world.” Draper is known for making bold claims and suggestions, but many would see the adoption of BTC as a national currency as a mere impossibility. However, it’s hard to argue with the idea that crypto friendly rules and regulations, along with the recognition of Bitcoin and other cryptocurrencies as real money will go a long way for a country’s economic conditions. Startups are feverishly building the blockchain projects of tomorrow, and government clarity can only speed that process up. Fostering development is the most important thing for the entire blockchain sector. Only when great and useful applications are delivered will the space and all its tokens have real value. The countries that move early will wind up housing killer crypto startups. The post Tim Draper is Trying to Convince Argentina to Make Bitcoin A National Currency appeared first on ZyCrypto.

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