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SET SUPPLY: Wladimir van der Laan, the lead maintainer of bitcoin's most widely used software, has harsh words for those engaged in an ongoing debate about whether the cryptocurrency's finite supply will ever be increased.
The normally soft-spoken developer from the Netherlands responded fiercely to the idea on Twitter last week. Specifically responding to allegations that bitcoin’s developer team was planning to increase the supply, he declared: “This is bullshit. It’s sad that this needs to be said, but no one in their right mind proposes changing bitcoin’s monetary policy.”
Despite the fact that the software is programmed to issue 21 million bitcoins, deliberately making it a scarce asset, that hasn't stopped speculation over the years that an adjustment might be needed.
In an interview with CoinDesk, van der Laan said: “[Raising the supply] is anti-economic, [and it] goes against human psychology. I don’t think people will generally choose to deliberately devaluate something they own. Let alone when the price is already at a low.” Full Story
FIRST LOOK: A hands-on preview of Samsung's just unveiled flagship phone, the Galaxy S10, reveals new details of the device's upcoming crypto features.
The first official specs of the phone were announced in the U.S. on Wednesday, but only a brief mention was made of its ability to store cryptocurrency private keys. However, CoinDesk Korea managed to review the device at Samsung’s flagship D’light store in Seocho-Gu, Seoul.
The phone’s“Blockchain Keystore” app broadly allows three features: payments to merchants, digital signatures and crypto storage and transfers, so far at least. One of the screens however shows a menu option for decentralized apps (dapps), meaning third-party services will likely be integrated in the future.
It also has a wallet app that the review indicates supports bitcoin and ether by default and has an “add” button for other cryptos that are yet to be confirmed.
If the phone is lost or stolen, users can (perhaps controversially) access the device and delete the key through Samsung’s Find My Mobile service. Further, if a private key is accidentally deleted, users can restore it via the service. There’s also a hint in the T&Cs that, in future, the Keystore app might link to Samsung Pay. Full Story
TRADING BOOM: Patrick Byrne, the CEO of Overstock, believes a market boom for its security trading platform tZERO lies just around the corner.
Speaking to CoinDesk in an interview Wednesday, Byrne said he expected volumes to soar after the year-long lock-up period for the tZERO Preferred (TZROP) token ends in August and the platform opens up to retail investors to register and trade. Right now, only accredited investors can do that.
So far, the daily volume on the platform has been fluctuating between 7,000 and 30,000 units of TZROP – the sole listed asset for now. At current prices, that amounts to less than $200,000 a day, hardly Nasdaq levels.
TZERO is also looking into getting more broker-dealers to work with, other than Dinosaur Financial Group, which is maintaining the trading exclusively now. For that, the firm will have to get approvals for each one with U.S. regulators, Byrne said, which could slow down the process.
“FINRA and SEC made it clear that they want to see this work with one broker. We’re into an incremental disruption, not like you millennials that want everything burned down tomorrow,” Byrne told CoinDesk. Full Story
CRYPTO INVESTMENT: The University of Michigan, which has an endowment valued at about $12 billion, is considering further investing in Andreessen Horowitz’s crypto fund, a16z.
According to a board of regents meeting agenda published Tuesday, the university previously committed $3 million to Horowitz’s $300 million crypto fund in June 2018 and is now looking at follow-up investments. It did not disclose how much might be invested.
The meeting agenda further added that “as opportunities related to crypto networks transition from being undefined to becoming more visible and sharply defined, the need for a separate thematic fund may recede.”
Andreessen Horowitz launched the $300 million fund last year to focus on investing in cryptocurrency-related technology companies at different stages. The fund also reportedly attracted participation from Yale University. Full Story |
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| BREAKOUT BUILDING? Bitcoin's low-volume price consolidation in the last few days has taken the shape of a bull flag on the 4-hour chart. A break above $3,930 would confirm a flag breakout and open the doors to $4,330 (target as per the measured move method). With the momentum studies on the longer duration charts having turned bullish, a flag breakout looks likely. That said, another rejection at $4,000 could yield a pullback to the 100-day MA, currently below $3,800. Full Story |
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BEST OF THE BEST
KOREA HERALD: South Korea is waiting for the U.S. SEC’s decision on bitcoin exchange-traded funds (ETFs) before making any move on the issue itself, according to a report from The Korea Herald. An anonymous official from the country's main stock exchange operator Korea Exchange told the news source: "The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of bitcoin ETFs within the market – which is why we are observing the progress and response of the [SEC]'s decision on bitcoin ETFs." The Korea Exchange has also been discussing providing the “solid” index required for a crypto ETF launch when the time comes, the official added. Local experts quoted in the report believe that eventually institutions will find a way to build a safe platform for bitcoin ETFs in the country, given the interest in the blockchain technology.
THE REST PAGE SIX: Famed ex-madam and columnist Heidi Fleiss says she’s lost millions by allowing her former friend Elizabeth Keatinge take charge of her bitcoin investments, according to a report from Page Six. Keatinge traded the cryptocurrency on Fleiss’ behalf and is claimed to have lost roughly $1 million that Fleiss inherited from her father. Fleiss is now suing Keatinge for $4 million – the original investment, plus lost profits – claiming that Keatinge stopped returning her calls and disappeared. Fleiss called crypto her “best move and worst move all in one, financially,” because she bought bitcoin at $600, and it later rose to around $20,000. ECONOMIC TIMES: Blockchain startups in India are facing a local talent crunch and hiring experienced freelancers from other countries as a result, according to The Economic Times.
Only 200-400 blockchain professionals out of 1,500-2,000 are reportedly fully skilled in the core architecture. "With around 1,000 job openings, if only 400 are employable, the mismatch in supply and demand is clear," Akshay Aggarwal, who runs a community of blockchain enthusiasts, said in the report.
“You will get a number of developers who can build smart contracts, but to find someone who can start from scratch is where the real issue is,” he added.
Blockchain startup Chainex, for instance, has hired freelancers mostly from Russia and China, its founder Alay Mehta told the news source. An additional issue, he said, was that local talent costs more to hire because of the shortfall. |
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