Cryptocurrency News Now!: 06/19/18

Tuesday, June 19, 2018

Daily Coin Update - Wednesday, June 20th 2018

Daily Coin Update

Wednesday, June 20th 2018

Coin	Value	24h Change	24h Volume	Mkt Cap
(BTC) Bitcoin	$6,643.24	-1.26%	$4b	$114b
(ETH) Ethereum	$521.36	+0.74%	$2b	$52b
(BCC) BitConnect	$0.4680	-7.66%	$232	$5m
(XMR) Monero	$122.96	-3.95%	$35m	$2b
(DASH) Dash	$255.69	-4.85%	$140m	$2b
(XRP) Ripple	$0.5293	-1.54%	$289m	$21b
(NEO) NEO	$38.30	-3.31%	$80m	$2b

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Rebound / BlockBox / EOS / Walmart

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Here are today's ten most important Bitcoin stories, efficiently ranked & summarized by smart humans, not algorithms:

$BTC (1:44 p.m. EST): $6,728.20 (0.30%) // 90-day high: $11,849.50 // 90-day low: $6,247.06/ / More…

$BCH (1:44 p.m. EST): $891.21 (1.22%) // 90-day high: $1,786.80// 90-day low: $608.37 // More…

$ETH (1:45 p.m. EST): $532.51 (3.22%) // 90-day high: $831.65 // 90-day low: $365.43 // More…

$LTC (1:45 p.m. EST): $98.41 (0.53%) // 90-day high: $251.03 // 90-day low: $93.45 // More…

$XRP (1:45 p.m. EST): $0.54 (1.14%) // 90-day high: $1.20 // 90-day low: $0.47 // More…

Here are the 10 most important stories about bitcoin and cryptocurrencies today

1. The value of cryptocurrencies continued to jump on Tuesday. Monday saw the cryptocurrency market gain $13 billion in value in just one hour and that growth has continued today. Bitcoin has jumped nearly 5 percent over the last 24 hours, while ethereum, bitcoin cash, and ripple have all seeing significant increases as well. Of the 10 largest cryptocurrencies, tron has been the biggest winner with a 16 percent increase in price over the last day. –COIN TELEGRAPH

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2. An Amsterdam-based company has seen revenue quintuple this year thanks to new container-size data centers that mine bitcoin. The company, BitFury, has made $450 million in revenue this past year thanks to its BlockBox data centers. There facilities can extract about 15 tokens per month. They are sold individually and can be placed anywhere in the world their owner wants to put them. Each box holds about a hundred thousand chips used for processing bitcoin transactions. -SCMP

3. The EOS blockchain froze after shortly launching this past weekend, igniting criticism on social media. The freeze came less than 48 hours after the network went live. The freeze ended a hectic period for EOS, which included last-minute code tweaks, an elaborate election of entities tasked with created transaction blocks, and the token sale. The network instituted a failsafe network freeze while developers corrected the problem. EOS was back online shortly thereafter. -COINDESK

4. Walmart has been issued three patents for blockchain-related systems. The patents include a system to obtain medical records on the blockchain, a way to manage demand on an electrical grid, and a way to control access to a locked place. Walmart also has two patent applications still out for blockchain-based systems, one that creates a vendor payment sharing system, and another for a courier shopping system. -CRYPTOVEST

5. Gamers can now play Pokemon on the blockchain. A developer has created Poketoshi, a platform that lets users play the game via the Lightning Network. Blockchain games typically work by reading commands entered into the chatroom by users. In Poketoshi, the commands are entered through a Lightning-enabled virtual controller. –THE NEXT WEB

6. Sergio Ermotti, CEO of UBS Group AG, called blockchain “almost a must” for business. Ermotti’s comments came Monday during a television interview. He said that, in general, technology can help firms free up resources but blockchain “is a great way” to increase those efficiencies even further. "Our industry will continue to be under pressure, in terms of gross margins. It's no doubt,” Ermotti said. “The only way you can stay relevant is not only by being strong in terms of capital, in terms of products, the quality of the people you have, advice you give to clients. You need also to be able to price it correctly." -COINDESK

7. Bitcoin’s notorious volatility has decreased in recent weeks. That could signal a bottom of the market, one analyst believes. -CNBC

8. The smallest nations have become havens for blockchain companies. Countries like San Marino and Gibraltar have welcomed these firms with open arms, promising loose, or non-existent, regulatory frameworks. –NEWS BTC

9. Mathematician Andrew Polestra wants to improve the privacy afforded by online money like bitcoin. Polestra has been writing code to hide bitcoin’s “trails,” little traces of personal information that can be gleaned when using bitcoin. -COINDESK

10. EOS is now live. Check out this guide that provides an overview of the coin, its history, and other information investors might want to know. -BITCOINIST

From the Forums

An AMA with the person who runs the most southerly bitcoin node in the world.

How the bitcoin and marijuana communities can work together.

An upcoming stress test for bitcoin cash.

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#64: Cryptocurrencies are bad at being money

Chain

Letter

Blockchains, cryptocurrencies, and why they matter

06.19: Empire state of mind

Welcome to Chain Letter! Great to have you. Here’s what’s new in the world of blockchains and cryptocurrencies.

The central bank for central banks wants to get beyond the cryptocurrency “hype.” The Bank of International Settlements has turned a critical eye toward Bitcoin and similar systems, in particular the “fragility” and “poor efficiency” of the decentralized way they process transactions. A new article (PDF) concludes that the technology is “a poor substitute for the solid institutional backing of money.”

Maintaining trust in systems that work like Bitcoin requires that every network participant download and verify every transaction, a cumbersome and energy-intensive process which. the authors say, renders cryptocurrency “inadequate” as an everyday form of payment. They write that if Bitcoin were used to process all of the digital transactions in a large economy like the US, China, or Europe, “the associated communication volumes could bring the internet to a halt.”

Some of the shortcomings “might be addressed by novel protocols and other advances,” but others, the authors argue, seem inherent to decentralized systems. “Ultimately, this points to the lack of an adequate institutional arrangement at the national level as the fundamental shortcoming.” It’s not surprising that the central bank for central banks would see it that way. But it should also probably go without saying by now that cryptocurrency enthusiasts see the lack of institutional arrangement as a feature, not a bug.

(See also: “Governments are testing their own cryptocurrencies”)

New York might be opening up for crypto business. BitLicense, New York state’s licensing regime for cryptocurrency businesses, has been “an absolute failure,” said Erik Voorhees, CEO of the popular cryptocurrency exchange ShapeShift, at last month’s Consensus conference in New York City. Voorhees and others on a panel of “BitLicense refugees” who had decided to take their companies out of the state lamented the fact that only four companies had secured licenses in the three years since the policy was adopted. Less than a month later, though, the number is up to seven, and payment app Square is the latest to receive the state’s blessing.

Square’s approval comes just a few days after Xapo, a company that stores its customers’ crypto-assets in highly-secure vaults located around the world, secured its own BitLicense. And New York’s department of financial services may not be done: Fortune reported last month that several more companies expect to get licenses soon. Perhaps it was premature to declare the regulations a failure?

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Loose Change

Fill your pockets with these newsy tidbits.

•

The CIA neither confirms nor denies that it has documents in its possession related to Satoshi Nakamoto. (Motherboard)

•

South Korea’s central bank says issuing a digital currency could pose a “moral hazard” by risking the destabilization of the economy. (CoinDesk)

•

Cryptokitties may be going bust. (Fortune)

•

The nonprofit Freedom of the Press Foundation now accepts donations in Bitcoin, Bitcoin Cash, Ether, Litecoin, and Zcash. (The Verge)

•

A Japanese village of 1,500 people is planning an ICO. (CoinDesk)

The Money Quote

“They fucked with the wrong nerds, is my take.”

—Kathleen Breitman, cofounder of Tezos. Breitman founded the yet-to-launch Tezos with her husband Arthur, and the project raised $232 million last year via an ICO. Then a rift began to form between the Breitmans and the Swiss foundation they had hired to manage the project’s development, and, as Wired has documented, all hell started breaking loose.