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BOLD CLAIM: Charles Hoskinson, CEO of IOHK, the team behind the cardano blockchain, says he's found a solution to the problems that have long bedeviled proof-of-stake (PoS) systems. Whether he's right is a matter of debate among crypto experts that may only be settled when his Ouroboros consensus mechanism is eventually added to the eighth-largest cryptocurrency. Believers in the concept say it will finally enable users to claim blockchain rewards without owning special hardware, while critics think it is doomed from the start. Full Story
MORE CHOICES: Robinhood, the U.S.-based mobile stock trading app, just added two new cryptocurrencies — litecoin and bitcoin cash — to its free crypto trading service. The move comes as a result of strong demand from customers for crypto assets beyond the current options of bitcoin and ethereum. Meanwhile, the company also proclaimed it has over 5 million users following the expansion of its crypto trading service to 17 U.S. states. Full Story
100 TOKENS BY 2020: Ledger, the France-based wallet and custody startup, is expanding the number of cryptocurrencies it supports to meet the growing demand for multi-coin solutions, particularly from institutional investors. The company is set to add new crypto assets on the first Tuesday of each month, starting from August onward, with the goal of supporting over 100 crypto assets by the end of 2019. Full Story
RESEARCH BLAST
CoinDesk’s cryptoeconomic compass provides a snapshot of exactly how bitcoin behaved in this bear market. While price dropped (-11%), on-chain transactions (-28%) and off-chain exchange activity (+0.26%) tell the story of a listless Q2 even better. The good news: developer activity fell only slightly, while social buzz recorded from twitter, Facebook, reddit and Google rose 13% compared to the start of the quarter. More research
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SPONSOR SECTION
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HOLDING PATTERN: Bitcoin traded largely sideways over the last 24 hours, though a late dip may threaten a developing bullish chart pattern if the price moves below $6,000. Full Story
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BEST OF THE BEST
FINANCIAL TIMES: Crypto miners have recently been hit by a string of extreme weather conditions, including floods in Sichuan, a province located in southwest China, and heatwaves in Europe, the U.K paper reports. The storm in Sichuan has left hundreds of thousands of people homeless and destroyed mining farms in the region, according to photos on social media and cryptocurrency websites. Morgan Stanley analysts estimate that the floods could impact up to 8 to 10 percent of global bitcoin mining activity.
THE REST
ARS TECHNICA: The technology media outlet offers some colorful details on the previously reported case of a Los Angeles bitcoin trader who was sentenced to prison after admitting to operating an unlawful money transmission business. Theresa Lynn Tetley, who went by the name “Bitcoin Maven,” allegedly bought and sold millions of dollars worth of bitcoins. She faces 366 days in federal prison, three years of supervised release, and a $20,000 fine.
CNBC: Despite bitcoin's recent price rout, Square's mobile payment app, Square Cash, is still growing nearly three times faster than Paypal's Venmo, with just about 2 million downloads per month in May and June, CNBC reports, citing a Nomura analysis. The analysis states that Square Cash, which officially launched crypto trading in late January, managed to "decouple" from bitcoin.
QUARTZ: Recent comments from Indian government officials suggest that the country may not completely ban cryptocurrencies. A government panel established to study the matter is considering treating cryptocurrencies as commodities to better regulate the market and trace the flows of money, Quartz reports, citing a senior official acquainted with the discussion.
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WHO WON #CRYPTOTWITTER  |
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