Thursday, July 5, 2018

Ethereum Congestion / South Korea / Dead Coins / Insurance

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

$BTC (1:15 p.m. EST): $6,682.04 (-0.25%) // 90-day high: $9,927.71 // 90-day low: $5,755.25/ / More

$BCH (1:15 p.m. EST): $752.13 (-2.61%) // 90-day high: $1,786.80// 90-day low: $608.37 // More

$ETH (1:16 p.m. EST): $475.43 (0.33%) // 90-day high: $831.65 // 90-day low: $365.43 // More

$LTC (1:16 p.m. EST): $84.87 (-2.53%) // 90-day high: $251.03 // 90-day low: $73.12 // More

$XRP (1:16 p.m. EST): $0.48 (-2.16%) // 90-day high: $1.20 // 90-day low: $0.43 // More

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

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1. FCoin, a new Chinese exchange, has been blamed for bottlenecks on the ethereum network. FCoin has been holding votes to determine what coins will be traded on the exchange. Instead of a standard poll, the exchange is making the determination by the number of a certain type of coin that gets deposited. As a result, creators of more obscure coins are flooding the site and the ethereum network with transactions, in an effort to get listed. The end result is slowing the entire network, something ethereum co-founder Vitalik Buterin has already proposed to fix. -BITCOINIST

New exchange causes issues on ethereum network
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2. South Korea will now recognize cryptocurrency exchanges as legal entities. By doing so, the South Korean government has cemented its place in the local economy. The exchanges will receive a new business classification: “cryptoasset exchanges and brokerages.” Before, they were treated as “communications vendors.” The government will create subdivisions to further specify the type of exchange, but those details are not expected until later this month. -BITCOINIST

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3. More than 1,000 cryptocurrencies have already failed this year according to two sites that catalog failed crypto projects, Coinopsy and DeadCoins. The coins have failed for many reasons, including true abandonware or outright scams. Most cryptocurrencies are started either as a scam or simply as a joke. Coins are considered dead when they are abandoned, scammed, lack nodes and social updates, have too low a volume, or developers have walked away from the project. -UPI

More than 1,000 coins have died in 2018
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4. The RiskBlock Alliance, a group of major insurance companies, has decided to build a use case for blockchain using R3’s Corda platform. This comes just weeks after B3i, a European insurance consortium, switched to Corda as well. R3 now counts almost all the major insurance blockchain consortia among its portfolio. R3’s platform allows insurance companies to create proofs of insurance with the goal of weeding out uninsured drivers, among other projects. -COINDESK

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5. An estimated six million bitcoins are currently inaccessible because of lost or theft, said Jameson Lopp, former lead engineer at BitGo. These coins have either been lost or stolen, and their inability to be used raises an interesting question: Should they factor into the price of bitcoin? After all, as Lopp said, there is a finite supply of bitcoin, so if a large portion – 28.5 percent to be exact – are gone, should that factor more into the price? Kim Grauer, senior economist at Chainalysis, said both yes and no. Grauer explained that in the long-term, as the fixed supply of BTC maxes out, it is possible that an increase in demand could push the price of bitcoin higher, but not yet. -CCN

6 million bitcoins lost
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6. New Era Energy, a Singapore-based company, has developed a blockchain-based framework intended to help other blockchain companies offset emissions. The company’s flagship product, the Carbon Grid Protocol, can be used to offset the carbon emissions of almost any kind of business. New Era Energy is targeting blockchain firms because each transaction is easy to track and tends to have a high footprint. –GREENTECH MEDIA

7. An analyst gives three reasons that point to a bullish future for bitcoin. The top reason, he speculates, may be bitcoin’s inverse reaction to Wall Street. When there is uncertainty in the stock market, more money tends to make its way to crypto. -FORBES

8. Spanish lawmakers have pushed to bring blockchain into the country’s government. One-hundred thirty-three members of the Popular Party, the government’s ruling political party, submitted a blockchain-related proposal. It recommends the government introduce blockchain to bring “traceability, robustness and transparency” to decision making. -COINDESK

9. Here’s a timeline of cryptocurrency regulation in India. The country has taken a strict stance on cryptocurrency over the past year. -QUARTZ

10. Fundstrat’s Tom Lee cut his year-end bitcoin price target 20 percent. Lee, a longtime bitcoin bull, lowered his project from $25,000 per coin to $20,000. -CNBC

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From the Forums

A funny bitcoin find.

A new ethereum language.

Litecoin blackjack.

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📰 CoinSheet - July 5, 2018 📰

July 5, 2018
If you would not be forgotten as soon as you are dead, either write things worth reading or do things worth writing.
-Benjamin Franklin

CoinSheet #210

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COIN BULLETIN

Malta Passes Blockchain/DLT Bills Into Law

I think this means Malta is now officially blockchain/DLT island.
Notice how I wrote blockchain & distributed ledger technology, and not cryptocurrencies. This is because I do not like blockchain/DLT's, but I like cryptocurrencies.

Give me a few days to actually read these bills and I'll come back to ya'll.

Look, I'm a skeptic, but something has to be going on over there. I mean, several exchanges, including OKex, Binance, and BitPay have set up operations in Malta.

Anyways, you can read more about this Malta thing here.
 
Yup.

Thai regulator confirm July 16 as the start date for regulated ICOs.
South Korea legitimizes blockchain industry with major new classification standards.

What else is going on...

  1. Former Jefferies Asia CEO to Lead $1 Billion EOS VC Arm
  2. Bitmain Is Now One Of The 21 EOS Block Producers
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The Lightning Network

I've been really impressed with lightning development over the past few months. I'll write a more detailed post soon.

In the meanwhile, you can check out the state of the lightning network here.
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