Weekly, May 21-25 ’18

All in this week’s News Digest: McAfee still has a lot of faith in crypto, Robert Shiller explains the roots of this faith, more new exchanges are coming, an investigation into Bitcoin price manipulation, and Verge is hacked again.

  • The US Justice department has begun an investigation on Bitcoin price manipulation. Tether influence will also be investigated. There's a high probability that some Bitcoin whales drive the price down for their own benefit.
  • Verge blockchain was attacked again. This attack was similar to the previous one, but this time the attack used two algorithms instead of one. The attacker mined more than 1.7 million XVG in USD equivalent.
  • Russian parliament, the State Duma, approved reading of the first Russian law regulating crypto space. Now cryptocurrencies are a property, but not a payment method, in Russia.
  • Poland continues its campaign against cryptocurrencies. Poland holds a tender order of $170,000 to plan and conduct a social media campaign that clearly shows the risk of investing in crypto to Polish citizens. This is not the first campaign of its kind conducted by Poland.
  • The Irish revenue service has published a very detailed manual covering all aspects of taxation of any operations with cryptocurrencies. Now, anyone who deals with crypto can find their answers in this document.
  • Argentinian BMV bank is going to let its customers make cross-border payments in Bitcoin. This is possible thanks to a new partnership with Bitex, a blockchain-based financial services provider which operates in more than 50 countries.
  • Deutsche Börse AG, the owner of the largest German stock exchange, is considering moving into the blockchain space. They are working hard, says Börse representative Jeffrey Tessler, to try to understand the underlying technology. Meanwhile, their German rivals, the German stock exchange #2, announced their plans to launch a cryptocurrency trading app.
  • Daniele Bianchi from the University of Warwick published a research paper. This paper states that the price in crypto markets is affected more by the sentiment of traders than by any other complex factors that affect FOREX or stocks markets.
  • Circle launches a new product for retail investors. This investment product is called 'Buy the Market' and its allows customers to buy seven cryptocurrencies simultaneously: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Zcash, Monero, and Ethereum Classic. The minimum investment sum is $1 while the maximum weekly limit is $10,000.
  • Three out of ten salaried workers in South Korea have invested in cryptocurrencies at least once. 80% of these workers have made some gains. South Korea is the world's third largest Bitcoin trading market, and there are more than 2 million crypto investors.
  • The Central Bank of Singapore sent warnings to 8 crypto exchanges for allowing security token trading. The Central Bank of Singapore requires these exchanges to cease the trading of such tokens, or to register as an officially authorized exchange.
  • Robert Shiller, an Nobel prize laureate in economics, explained why cryptocurrency users keep their faith while constantly being reminded that all crypto is just a scam. He compared crypto with previous attempts to reshape international government operations. He concluded that cryptocurrencies have some sort of a revolutionary aura, even though nobody can explain how they work. Shiller stated, however, that it might not be enough to have a compelling story and a faith in cosmopolitan entrepreneurs for crypto to succeed.
  • IBM is going to hire more than 1,800 specialists for its tech initiatives, including blockchain technologies development. These jobs will be created in France in cooperation with the French government.
  • John McAfee continues his bullish predictions, says the rally is near. McAfee stated that a lot of institutional money is entering the market, so the prices will increase very soon.
  • While many big banks in America still avoid any crypto services, small banks are making a ton of money. Silvergate’s funds increased from $978 million to more than $1.9 billion. Metropolitan Bank’s 2017 revenue more than tripled the earnings of 2016. The trend of small banks supporting crypto also exists in Europe.
  • A new acquisition of Paradex by Coinbase will allow its customers to trade ERC20 tokens on a decentralized exchange. Hundreds of tokens will be available for buying and selling directly from users’ wallets.

BTC

3,992 USD
0.10%

ETH

136.00 USD
-0.53%

XVG

0.006827 USD
-2.89%

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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.
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