'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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