Monday, February 4, 2019

QuadrigaCX / Jack Dorsey / Venezuela / India

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

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1. QuadrigaCX, a crypto exchange based in Canada, said it cannot repay most of its $190 million in client holdings after its founder, Gerald Cotton, died in December. Cotton's widow Jennifer Roberston said her late husband was the only person who knew the passwords to its cold storage account. When the 30-year-old died unexpectedly in India, those left at the exchange claim to have no way to access the locked funds. As a result, the exchange has filed for creditor protection. Roberston said she has her husband's laptop, but does not know the password. A technical expert brought in failed to get past the encryption. Of course, a case like this has fueled speculation of a conspiracy that Cotton's death was faked or the pretext for an exit scam. –GIZMODO

QuadrigaCX keys lost with deceased CEO
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2. Twitter CEO Jack Dorsey continued his support of bitcoin during an interview with podcaster Joe Rogan. Dorsey, who's payment company Square has been a long supporter of bitcoin, said that bitcoin is best positioned to become the internet's native currency, echoing a similar claim he made last May. "[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet," Dorsey said. The interview has gotten a negative reaction online with more than 49,000 dislikes on YouTube. –COIN TELEGRAPH

Dorsey continues to promote bitcoin
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3. Bitcoin set another volume record in Venezuela last week as the digital coin continues to show its value in the face of ongoing political turmoil. The bolivar, Venezuela's national currency, has suffered from hyperinflation along with a lack of foreign currency leaving residents with few options to hold wealth. Bitcoinist reporter Esther Kim references data from Coin Dance, a bitcoin statistics and analytics community that uses data from LocalBitcoins. Coin Dance, which does not list an owner (if anyone knows them please hit reply on this email and let us know), said that $17.1 billion in Venezuelan bolivars traded hands last week (worth about $170 million). This volume comes as the Venezuelan government has made it illegal for residents to use any cryptocurrency beside the Petrol, the government's own cryptocurrency. –BITCOINIST

Bitcoin set another volume record in Venezuela
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4. The Indian government has raised concerns that allowing cryptocurrency payments could devalue the rupee in the long term. The fears have some credibility. The Bank of International Settlements released a report last March claiming that digital coins might destabilize traditional currency if they are offered widely to the general public. These risks, though, are seen as more of a long-term issue opposed to something that could have an impact even in the next few years, according to the same report. The Indian government created a committee in 2017 to explore the use of cryptocurrencies. The committee is in the advanced stages of drafting regulations for the country. –QUARTZ

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5. Bitfury has partnered with Commons Foundation, a research and development firm based in South Korea, to launch a mining operation in Paraguay. –COINDESK

6. CoinGate, the popular cryptocurrency payment processor, has added support for XRP. –COIN TELEGRAPH

7. A writer makes that case that Bitcoin's launch more than 10 years ago turned out to give early investors an equitable opportunity to invest, especially when compared to more recent u​​​​ICOs. –BITCOIN EXCHANGE GUIDE

8. Bitcoin has found itself "paralyzed" at $3,400 per coin as most major coins saw slight losses early Monday. –FX STREET

9. A bill moving through the New Hampshire state legislature that would allow citizens to pay taxes in bitcoin took another major step toward becoming law. –AMB CRYPTO

10. Developers of online games continue to use ERC-721 tokens to incentivize gamers. –CRYPTO COIN SPY

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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) 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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