Month: June 2020

Blockchain technology crystallizes the rise of “algorithmic power” that today presents a major challenge to traditional forms of sovereignty, legal authority and state-led governance.  So goes the argument in a new post for the Oxford University Faculty of Law blog on June 1 by Kevin Warbach, a professor of legal studies and business ethics at the Wharton School, University of Pennsylvania. Professor Warbach’s forthcoming book, “After the Digital Tornado: Networks, Algorithms, Humanity,” will argue that blockchain technology could wreak unintentional Read more …

Despite once ranking as the fourth-most popular app in Venezuela, pioneering crypto wallet provider BreadWallet, or BRD, attributes its success in the country to local demand for crypto assets. Speaking with Cointelegraph on the topic of BreadWallet’s success in Venezuela, CEO Adam Traidman stated that local demand for crypto assets has been the principal driver of the app’s popularity in the country. “In all honesty, I would love to be able to tell you it was a result of our Read more …

The chief executive of crypto-friendly $13 billion custodian Kingdom Trust, Ryan Radloff, sees Bitcoin (BTC) as a manifestation of Austrian economics. In an interview with Cointelegraph, Radloff said that he first encountered Bitcoin toward the end of 2011, adding that he began “hodling and accumulating shortly after.” Bitcoin as Austrian Economics Unlike many early adopters, Radloff stated that it wasn’t the technology underpinning Bitcoin that attracted him to crypto, rather the economic principles that the nascent cryptocurrency embodied. “For me, Read more …

It appears Bitcoin missed a medium-term upside target above $11,500 after undergoing a significant sell-off in March 2020. The major northward move had appeared out of a Falling Wedge breakout. Bitcoin reentered the Wedge after the crash and followed it with a breakout towards a new bull target near $9,500. The cryptocurrency is still eyeing $11,500. Bitcoin is sending a buy signal. So shows a textbook technical indicator called Falling Wedge. The chart pattern started forming after Bitcoin surged to Read more …

Ethereum Classic, the twin sibling of the Ethereum network, performed its scheduled Phoenix hard fork on May 31, which included features from Ethereum’s earlier Istanbul fork. The upgrade means that the two networks share virtually the same protocol, and are thus fully intercompatible. The hard fork was scheduled for block 10,500,839, which was mined at 8:00 p.m. Eastern time on May 31. The fork is the third in a series of recent upgrades aiming to bring Ethereum Classic in line Read more …

Willie Breedt, a South African accused of stealing seven-figures from local investors through his VaultAge Solutions scheme, is believed to have fled the country for Mozambique. The story was reported by News24 on May 29, citing a representative of the South African Department of Home Affairs who indicated that he has not returned to the country since leaving for Mozambique on December 21. Despite allegedly attracting over 2,000 investors, VaultAge Solutions was not registered with South Africa’s Financial Services Conduct Read more …

Ever since the Bitcoin halving on May 11th, investors have been fearing a widespread “miner capitulation.” A miner capitulation is an event in the cryptocurrency market when many miners of BTC become unprofitable. This often happens due to one of three things: 1) price correction, 2) a network difficulty adjustment or 3) a block reward halving. In becoming unprofitable, miners are forced to liquidate the Bitcoin they mined en-masse to keep their lights on. This forces the market much lower Read more …

A paper recently published by the Law Faculty of the University of Oxford examines the legal risks of depositing cryptocurrency with custodians in the event of insolvency. The paper, featured in a June 1 blog-post by the faculty, also suggests ways that regulation and practice can help to mitigate this risk. Disintermediation failed Cryptocurrencies were initially created as a way to be free from the interference of governments, banks and other intermediaries. However, the reality is that a large proportion Read more …

Bitcoin eyes market growth heading into June as yuan falls to its lowest levels in eight months. Both assets have shown an erratic negative correlation in the past. Goldman Sachs sees yuan falling to its 2008 low, raising possibilities of an explosive price rally in the Bitcoin market. With halving in rearview, Bitcoin traders are now looking at their next potential bullish narrative: a weakening yuan. That’s because the cryptocurrency tends to move positively when the Chinese currency falls. Last Read more …

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Bitfinex’s Tether (USDT) stablecoin is now available on the OMG Network, a plasma-based Ethereum sidechain launched on June 1 by the project formerly known as OmiseGo. The integration, also announced on June 1, marks the first time that Tether integrated an Ethereum sidechain to boost its performance. Tether is by far the largest “gas guzzler” on the Ethereum network at 8,900 ETH (about $1.84 million) in fees spent last month, according to ETH Gas Station. This is more than the Read more …

World-leading mining hardware producer Bitmain launched its new Antminer T19 Bitcoin Mining application-specific integrated circuit (ASIC). According to a June 1 announcement, Bitmain’s new Antminer T19 features a SHA256 hash rate of 84 terahash/second with a 3% error margin and a power efficiency of 37.5 joules/terahash with a 5% error margin.  The new ASIC model will be sold on the producer’s official website starting today and shipments will start between June 21 and 30. The chips used in the new Read more …