Tuesday, September 11, 2018

New Stablecoins / Dogecoin Volume / Ripe.io Funding

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$BTC (1:37 p.m. EST): $6,282.34 (-0.45%) // 90-day high: $8,245.16 // 90-day low: $5,889.64/ / More

$BCH (1:38 p.m. EST): $445.96 (-5.15%) // 90-day high: $872.84// 90-day low: $455.96 // More

$ETH (1:38 p.m. EST): $183.29 (-4.63%) // 90-day high: $531.53 // 90-day low: $183.29 // More

$LTC (1:39 p.m. EST): $51.94 (-3.53%) // 90-day high: $107.31 // 90-day low: $51.94 // More

$XRP (1:39 p.m. EST): $0.26 (-3.62%) // 90-day high: $0.57 // 90-day low: $0.22 // More

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

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1. Gemini Trust and Paxos have received permission from New York State to launch stablecoins. Gemini Trust, the exchanged founded by the Winklevoss twins, will launch Gemini Dollar (GUSD), while Paxos will create Paxos Standard (PAX). The coins will be pegged at a 1:1 ratio with the US dollar. Tether was the first stablecoin when it was created in 2014, but since then other stablecoins have been created as well. They have come under criticism, though, as potential tools for money laundering. –BITCOIN MAGAZINE

Winklevoss twins, Paxos, create new stablecoins
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2. Dogecoin – yes, dogecoin – had the third-highest adjusted trading volume over a recent 24-hour period. The coin that started as a joke trailed only bitcoin and ethereum in volume. The surge came after developers released the coin's long-awaited ethereum bridge. During that period, dogecoin's volume was three times more than bitcoin cash, eight times more than litecoin and 13 times more than Dash. "Dogecoin may have started as a joke, but their community is now the envy of the crypto world," said cryptocurrency research Kevin Rooke. -BITCOINIST

Dogecoin dramatically jumps in trading volume
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3. Alibaba and IBM each hold close to 100 blockchain-related patents, the most of any private-sector company. Mastercard came in third on a list from iPR Daily, while Bank of America was fourth with 53 patents. IBM is likely to take over the top spot soon. The company recently signed a 5-year contract with the Australian government to integrate blockchain into security and automation, likely increasing the number of innovations it will want to patent. –INVESTOPEDIA

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4. Ripe.io recently closed a $2.4 million funding round. The startup wants to use blockchain and the Internet of Things to improve the transparency of the food system. The investment came from Maersk Growth, the capital venture arm of the Danish shipping container conglomerate Maersk, and Relish Works, a Chicago-based food innovation hub. –FORBES

Ripe.io closes $2.4 million funding round
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5. CoinIQ provides an in-depth look at zero fee exchanges like Robinhood and Abra. While these exchanges market themselves as not having fees, that is not really the case – they just do a good job of hiding them. –COIN IQ

6. Speaking of stablecoins, an analyst believes they are inherently flawed. Even though stablecoins are tied to an asset, they do not help the stability of the cryptocurrency market. –THE GUARDIAN

7. The human side of the bitcoin crash: CNN looks at a man that lost 96 percent of his initial investment. "It was devastating, quite traumatic, really," the story's subject, who tried to hedge bitcoin losses with investments in bitcoin cash, ethereum, and ripple, said. –CNN

8. Trading in bitcoin futures volumes has dropped significantly. Volume is down 29 percent in the past week and down more than 72 percent since last month. – MARKET WATCH

9. The drama over bitcoin core continues. Redditors discuss a recent "debate" between Jimmy Song and Roger Ver that didn't go well. –REDDIT

10. First Block Capital, Canada's lone regulated bitcoin fund, has obtained mutual fund trust status. This allows investors to put their fund unit in self-directed accounts. –COIN TELEGRAPH

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Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon.

Editing team: Lon Harris (editor-in-chief at Inside.com, game-master at Screen Junkies), Krystle Vermes (Breaking news editor at Inside, B2B marketing news reporter, host of the "All Day Paranormal" podcast), and Susmita Baral (editor at Inside, recent bylines in NatGeo, Teen Vogue, and Quartz. Runs the biggest mac and cheese account on Instagram).

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Bend it like...bitcoin?

Judge rules ICOs fall under securities laws; R3 and Ripple patch things up; soccer club to issue "fan token"
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September 11, 2018

PRECEDENT? A U.S. federal judge has ruled that a pair of allegedly fraudulent initial coin offerings (ICOs) fall under securities laws.

District judge Raymond Dearie ruled Tuesday that a criminal case against ICO promoter and Brooklyn, N.Y., resident Maksim Zaslavskiy would proceed, denying the defendant's motion to dismiss. Full story

RAPPROCHEMENT: R3 and Ripple have resolved their year-long legal dispute.

The terms of the settlement are confidential, but it’s put to rest all outstanding litigation between the two startups.

The spat concerned an option R3 had to buy a large block of the cryptocurrency XRP from Ripple at a preset price that was below market value. Full story

ADOPTION GOALS: PSG, the French soccer club, plans to issue its own cryptocurrency to increase fan engagement.

The team has partnered with Malta-based Socios to create the "fan token," which will enable holders to vote on things like jersey designs.  Full Story



What's been going on with EOS? Since the launch of its blockchain in June it has seen tepid transaction throughput: usually under one million per day.

However, that on-chain throughput rapidly increased in mid-July. It jumped 6,895 percent since July 9 to its peak on August 13. While it has been a little spiky, the overall trend has been a substantial rising trend of blockchain utilization.

Its price tells a different story and has been consistently decreasing over the same time period. It now rests at $4.76, which is drastically lower than its all-time-high of $21.64 in April. 

For more research insights check out the CoinDesk Research section here.
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WAIT AND SEE: After last week's sharp drop, bitcoin settled into a narrow trading range with neither the bulls nor bears having the upper hand. A decisive turn in either direction will set the tone for the next trend. Full Story
BEST OF THE BEST

BLOOMBERG: Not only is this a bear market for cryptocurrencies, it’s gone to the dogs.

Dogecoin, named after an internet meme featuring a Shiba Inu dog, was the lone crypto that managed to secure gains in the past 30 days, rising 160 per cent in a month, Bloomber’s Joe Weisenthal writes. The going theory is that dogecoin’s addition to the trading app Robinhood pushed up its value.

THE REST

QUARTZ: India’s Supreme Court is set to decide soon on the fate of the country’s cryptocurrency exchanges, with final hearings on the case set to begin tomorrow.

In April, the Reserve Bank of India instructed banks to cease doing business with crypto firms, citing the speculative market and fear of misuse. In response, the cryptocurrency exchanges went to the court to plea for interim relief, saying they welcome regulation but arguing that outright prohibition is unconstitutional.

THE GUARDIAN: In an op-ed, economic professor Barry Eichengreen weighs in on stablecoins, concluding that they don’t solve crypto’s volatility problem.

He notes that the most famous one, tether, is already the subject of controversy, given the doubts about its dollar backing. And the other types don’t offer much “stability,” Eichengreen writes, adding that the stablecoins are making the market vulnerable to speculative attacks which the developers don’t comprehend.
 


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