November 6, 2018
QUOTE OF THE DAY
"You learn more from failure than from success. Don't let it stop you. Failure builds character."
- Unknown
| COIN | PRICE | 24H |
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| BTC | $6,446.29 | + 0.02% |
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| ETH | $214.43 | + 1.99% |
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| XRP | $0.536797 | + 13.10% |
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| BCH | $601.68 | + 6.25% |
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| EOS | $5.68 | + 3.34% |
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*Information as of 10:00 AM EST
SEC Promises 'Plain English' Guidance on ICOs
Crypto vs SEC
The U.S. Securities and Exchange Commission (SEC) has been one of the biggest enemies of the cryptocurrency community. The industry has grown upset with the SEC due to its lack of clarity regarding regulations on cryptocurrencies and it has led to beliefs that the Commission is hindering innovation.
While crypto enthusiasts have been upset, the SEC has continually reiterated its only goal is to protect investors, not slow innovation. It has cracked down on over a dozen fraudulent ICOs in the past year.
Finally, the SEC will deliver
On Monday, William Hinman, the director of Corporate Finance for the SEC promised regulatory clarification in regard to cryptocurrencies soon. Hinman made these remarks at the D.C. Fintech Week conference.
The information to be supplied by the SEC will help token creators determine if their token is a security and therefore needs to follow security guidelines. If creators are still uncertain if their token is a security, they will have the option to meet in person with an SEC official at the Commission's new FinHub to get further clarification.
Hinman gave no firm date for when the SEC will deliver this guidance. But, it should be expected relatively soon.
The director's direct quote from the conference was:
"We also will be putting out more guidance, the idea is a plain English instrument that people can look at and they'll bring together sort of my Howey-meets-Gary speech, and that analysis ... We'll elaborate on that in a very plain English way, so 'do I think I have a security offering,' look at that guidance and you should be able to sort things out."
Bitmain Releases New 7nm ASIC Mining Chips
7nm is here
Just over a month ago, Bitmain, the Chinese mining giant, unveiled the newest addition to its product lineup: the 7nm (nanometer) ASIC chip.
Now, in a tweet posted yesterday, the 7nm ASIC chip is set to launch on Thursday, November 8th.
Although price information is yet to be released, Bitmain CEO Jihan Wu did reveal some specs for the mining company's new baby.
So what's new?
Two words: faster and more efficient. At least that's the short version of what Wu explained to the World Digital Mining Summit audience this September.
On a deeper level, the new mining chip utilizes one of the most advanced models in semiconductor manufacturing: 7nm Finfet.
This unique model provides a dense structure that allegedly "integrates more than a billion transistors." Because of this, the new mining chip is boasted to use less power with an estimated energy consumption to mining capacity ratio getting as low 42J/TH - a measurement used to determine a chip's mining efficiency.
It's a race
As part of the launch remarks, Wu explained that as the blockchain industry encounters "exponential growth" from new users, hardware manufacturers will need to play a big role to keep pace.
It's no secret either. Last month Bitfury, another mining hardware manufacturer, revealed its own ASIC chip to compete with Bitmain and just last week the semiconductor manufacturer AMD partnered with seven different companies to bring eight new mining rigs to market.
💡 What does ASIC mean?
ASIC means application-specific integrated circuit. This means the mining chip is built to solve one cryptocurrency's algorithm really well rather than being used for a general purpose.
China Extends Crypto Ban to Airdrops
Widening the blanket ban
In a report recently published by the People's Bank of China (China's central bank), the government mandated that cryptocurrency airdrops are now illegal. The bank characterizes airdrops as 'disguised' initial coin offerings.
Also in the report, the bank reiterated its stance on cryptocurrency in general. It once again stated that performing an initial coin offering is an illegal form of fundraising and any cryptocurrency trading is not allowed in the country.
Clarifying China's laws
The legality of cryptocurrencies in China is complicated. Hopefully we can clear things up for you if you are confused.
Currently, it is illegal to trade cryptocurrencies, raise funds via an initial coin offering, or distribute coins by airdrop.
However, it is legal for Chinese citizens to hold cryptocurrencies. A recent court case in the country confirmed that Bitcoin is protected as property. The court stated:
"There is no law or regulation that explicitly prohibits parties from holding bitcoin or private transactions in bitcoin, [only warnings to] the public about the investment risks. The contract in this case stipulates the obligation to return the bitcoin between two natural persons, and does not belong to the [Sept. 2017 ban]."
A Scammer Just Nabbed $180,000 From Twitter Users
$180,000 in a day
Yesterday, many verified Twitter accounts were hacked and updated to represent Elon Musk as part of a Bitcoin giveaway scam.
Most prominent among the hacked accounts was @patheuk, the official account of the UK-based film studio Pathé UK.
Allegedly, after hours of control, the hackers grabbed a massive amount of Bitcoin in such a short period of time with one address attracting over $180,000 worth.
Twitter...fix it
Perhaps one of the most disturbing parts of the event was that scam tweets were promoted across Twitter using the social media giant's paid advertising platform.
Twitter's problem with scammers has been no stranger to the crypto community with many calling for immediate action from Twitter CEO Jack Dorsey.
Earlier this year Cornell professor Emin Gun Sirer took a stab at Dorsey tweeting:
"These scams are getting out of hand. Jack, Twitter, if you can't detect this kind of brazen scam, what hope do you have of improving your platform?"
To which Dorsey responded: "We are on it."
And they actually have been "on it" since Twitter has drastically improved its algorithm to protect Twitter users from scams in the last year, however, having crypto scams promoted to users through their paid advertising platform is inexcusable.
But wait, there's more...
- Famous actress Gwyneth Paltrow posted an intro to cryptocurrency investing guide on Twitter yesterday.
- Bitcoin futures trading hit record low levels of volatility in October.
- Bitfury Group has just closed an $80 million funding round led by venture capital firm Korelya Capital.
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