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Stephen Moore, a financial expert, well connected to Donald Trump, is ready to launch a stablecoin that will compete directly with the Federal Reserve. Moore was picked in March by President Trump as a potential governor for the Federal Reserve, but he withdrew his nomination after a slew of personal attacks. The stablecoin is called Frax and will be to the US dollar with an innovative system. Instead of having a one-to-one pool of reserve dollars, Frax will use algorithms to loan its reserve and collect interest. Everything will be recorded on the blockchain, and it will provide a private alternative to central banks.
The US government has recently become markedly anti-crypto. The SEC is mostly engaged in fining companies and blocking ICO’s rather than providing clear frameworks. It actually capitalizes on the lack of rules to make them on the go and collecting fines. The IRS has published a confused and dangerous new directive on crypto taxation. Finally, the government itself is planning to launch its own cryptocurrency. All the while, other countries are defining pretty liberal regulations around crypto.
The central banks and governments of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States are scared of crypto. They just published a document smearing Bitcoin once again and highlighting their worries about stablecoins. A new round of crippling regulations is expected along with the creation of national stablecoins. HTC launches Exodus 1S, the first smartphone capable of running a full BTC node allowing full control of your Bitcoin transactions.
Eighteen million Bitcoins have been mined, and only 3 million are left. They will be mined over a time span of 120 years. This is likely to change the evolution and dynamic of mining. Roughly 3 million the coins already mined have been lost forever. Only a limited amount is actually in circulation. In the mid-next year, the mining reward will halve, and this is likely to change the evolution and dynamic of mining. At the same time, Stafford Masie, ex-CEO of Google Africa and general manager of WeWork South Africa, considers Bitcoin a “gift” that will change humanity. He believes that it is the most impacting technology of all time. The ability to make a transaction without intermediaries is going to change society profoundly.
The Brave Browser uses a crypto-token to reward content creators for publishing material on the Web and content consumers for absorbing it. Its Basic Attention Token is gaining traction to the point that now it attracts 8 million monthly users and 2.6 million daily users. It is opening a new way of distributing content and marketing products. The browser allows sending targeted and brief advertising messages that can be turned off by users. It also automatically blocks any popup or unwanted message. The creators of the Telegram Open Network have filed a motion to the court in New York requesting it to deny the preliminary injunction demanded by the US Securities and Exchange Commission. The SEC’s action was filed at the last moment and blocked the long-planned launch of TON and its associated token, Gram, in the USA.
Big funding round for Layer1, a cryptocurrency infrastructure platform, for developing a full-stack mining system. It will be based on proprietary liquid-cooled containers and ASIC chips. The chose location will be West Texas in order to leverage the local crypto-friendly regulations and low energy costs. The launch of Gram by Telegram, the biggest ICO ever seen, has been postponed for at least 6 months, pending the resolution of legal issues suddenly emerged with the Security Exchanges Commission.
Weakness In Ethereum Smart Contracts Opens Door To Exploits. Uncertain Future Relationship Between Eth1 And Eth2 & MoreCryptoEnsemble Crypto Reports
Bumpy road ahead of Ethereum: Poorly written smart contracts open the door to exploits and the potential loss of funds The new Ethereum 2.0, to be launched next year, will coexist with the current Ethereum 1 for years, creating a confusing relationship and possible different prices for the same coin. The existing Ethereum blockchain works on a Proof of Work consensus protocol, similar to the one used by Bitcoin. In 2020 it will shift to the Proof of Stake (PoS) Beacon protocol, which works completely differently. This will mean the creation of a completely new blockchain that will operate completely independent from the original one. Both will continue to exist, and coins will have to be transferred from the old to the new with a complex system that has been yet fully defined. The uncertainty of the evolution and the existence of two tokens, ETH1, and ETH2 (or BETH) will likely introduce confusion in the market.
The proposed launch of Libra by Facebook has stirred global concerns by politicians and central banks. The idea that a private company would be able to launch a currency immediately available to billion of users creates a sense of urgency and emergency. To the point that several central banks and politicians have already attacked the Libra project publicly. Several major sponsors have already left. Central banks are also accelerating plans for issuing their own cryptocurrencies. But the Pandora’s box is open and several other stablecoins areas already available on the market. They are called stablecoins because their value is somewhat pegged to the dollar or other official currency. Yet they allow faster, cheaper, and more complex transfers as compared to the existing financial infrastructure. Ripple and its coin XRP are a clear example in this direction.
SEC Ambushes The Launch Of Telegram Open Network. It Is Going To Be The Biggest ICO Ever. TON Fighting Back.CryptoEnsemble Crypto Reports
The Telegram Open Network is slated to be the biggest competitor of Ethereum with the capability of running Smart Contracts and Distributed App and lightning speed. It has collected $ 1.7 billion of funding from high-profile investors, some of which in the USA. Their names include Benchmark, Sequoia, and Lightspeed. After 18 months of no-response to the company’s inquiries, the Security Exchange Commission has suddenly decided to classify the GRAM token, issued by TON, as security. It just filed for a temporary emergency restraint order in New York, a few days before the official launch was scheduled. TON is fighting back, and a court hearing is now scheduled for October 24th.
SEC Blocks TON Launch Over Token Sales To 31 US Citizens. Bakkt Explodes With 212 Contracts In A Day & MoreCryptoEnsemble Crypto Reports
The Security Exchange Commission has blocked the launch of the Telegram Open Network in the US. They claim that 31 US citizens bought a value equivalent to $ 424.5 million in its tokens before launch. They regard the GRAM token, connected to TON, as a security, and therefore they want to control it. It was going to be the largest private Initial Coin Offering in history. The platform is controlled now by offshore entities, and it is quite advanced. It allows for creating payment applications as well as Decentralized Applications. It is a new generation competitor to Ethereum, compared to which it allows much greater scalability. The processing speed will be comparable to Visa. In the meantime, the Bitcoin futures exchange Bakkt is finally taking off after a lukewarm launch some days ago.
Google Will Not "Vanquish" Bitcoin. Antonopoulos Downplays Quantum Computing. Facebook Sued On Libra Logo.CryptoEnsemble Crypto Reports
Google states it has built a quantum computer that can process calculations faster than any other computer. This might lead to decrypting complex data in the future. It has been described as the main antagonist to cryptocurrencies and Bitcoin. Yet crypto opinion leader Andreas Antonopoulos doesn’t buy into it. The classes of problems that are being solved by Google’s quantum computer are different from the ones required to violate Bitcoin. And even with future more powerful quantum computers, the Bitcoin community will be able to upgrade and remain inviolate. The nature of Bitcoin addresses and the practice of using a different one every time you make a payment can beat quantum computing any time. Facebook has been sued for trademark infringement on Libra’s logo.
Ethereum has been classified as a commodity by the chairman of the Commodity Futures Trading Commission. It is the same classification that has already been granted to Bitcoin. It opens the door to trading on Ether futures sometime down the line. In the meantime, the first Bitcoin futures market, Bakkt, is finally taking off after a slow start. Ethereum is striving to get 1 million developers to build applications on its platform in the next 12 months.
The IRS has just published a new tax guide for cryptocurrencies and virtual currencies. It is the first document of this type released since 2014. It is a mixed bag of regulations ranging from airdrops and hard forks, to how to calculate fair market values. The consensus within the crypto-community is that it is a mess and creates further confusion in the field of US taxation as it applies to virtual currencies.
Luxemburg is blazing the way in regulating cryptocurrency trading and investing. A new set of regulations called the Token and TT Service Provider (TVTG) Act, will provide civil protection to users and assets. The CEO of Bitcoin Suisse commented on the new law with these words: “The positive decision without dissent from the Liechtenstein government shows the importance of the ‘Blockchain Act’. “The TVTG not only creates legal certainty for all market participants, but also heralds a new era, the token economy. With its pioneering role, Liechtenstein proves once again that it is the ideal location for fintech and blockchain companies and thus for us too, in the heart of Europe.” Similar steps are underway in Hong Kong to provide safe access to crypto for the Chinese and international markets.
The Libra association starts falling apart. CoinFLEX is even accepting “bets” on its possible demise by launching a derivative platform. The initial price of Libra futures will be set at $ 0.30, which indicates a 30% chance of Libra being launched. A class action has started against Tether and Bitfinex for market manipulation. The suit claims that Bitfinex and Tether have caused the “biggest financial bubble in human history”.