Bitcoin Reaches $6k / ETH Test Net / FinCEN Crypto Regulations

Inside Bitcoin presented by Vettery.

Presented by Subscribe | View in browser $BTC (4:02 p.m. EST): $6,106.06 (2.87%) // 90-day high: $6,115.71 // 90-day low: $3,607.70 / / More… $BCH ABC (4:02 p.m. EST): $279.41 (-1.71%) // 90-day high: $342.87// 90-day low: $119.55 // More… $ETH (4:02 p.m. EST): $167.58 (-1.00%) // 90-day high: $184.38 // 90-day low: $117.11 // More… $LTC (4:02 p.m. EST): $73.23 (-1.19%) // 90-day high: $97.50 // 90-day low: $41.27 // More… $XRP (4:02 p.m. EST): $0.29 (-1.26%) // 90-day high: $0.37 // 90-day low: $0.28 // More…       1. Bitcoin crossed $6,000 per coin, reaching its highest level against the dollar since November 15.  This rise in price comes just two days after a massive hack on Binance saw $40 million in bitcoin stolen. Many are surprised the price of bitcoin did not tank following the hack and this price stability is seen as a positive note throughout the cryptocurrency market. Experts believe the increase in price can be tied to renewed interest and participation in the market from institutions, as well as continued positive speculation from retail investors. -CNBC       2. Ethereum 2.0 has launched on a public testnet. The next version of Ethereum, dubbed Casper, has launched on a testnet from Prysmatic Labs, one of the independent teams responsible for building the Ethereum 2.0 infrastructure. Casper switches the consensus mechanism from Proof-of-Work to Proof-of-Stake. Casper is meant to be more energy efficient, scalable, and more secure than its predecessor. To become a validator on the new network, participants must install the Prysm client and send 3.2 ETH from the Goerli test network to the new network. -FX STREET       A MESSAGE FROM VETTERY Hiring moves fast—stay ahead of the game with Vettery's 2019 Tech Salary Report As a tech leader, you're used to a day-to-day in flux. You're focused on the big picture—roadmapping, goals, and maintaining your vibrant company culture—time is money, as they say. So let us streamline things. Want the tools to help you achieve your goals and hire talent? Vettery has you covered. 3. Throwback Thursday: The recent Binance hack saw thieves make off with more than 7,000 bitcoin, making it one of the largest exchange hacks on record. Today we look back at some of the other major exchanges that were hacked. 1) Mt.Gox - June 19,2011. 750,000 bitcoin were stolen worth $350 million. This hack happened when Mt.Gox was handling almost 70% of worldwide bitcoin transactions. The exchange was shut down and all users lost their investment as a result. 2) Bitfinex - August 2016. 120,00 bitcoin were stolen worth $72 million. Hackers were able to exploit a vulnerability in the system architecture of Bitfinex's multi-sig wallet.  3) BitFloor - September 2012. 24,000 coins from BitFloor, one of the first bitcoin exchanges. The exchange was able to refund users, but later closed due to bank regulatory measures. 4) Bitstamp - January 4, 2015. 19,000 bitcoin were stolen worth $5 million. The funds were kept in an operational hot wallet and a hacker was able to access and withdraw the funds.        4. The Financial Crimes Enforcement Network, a bureau of the Treasury Department, released new guidelines that show how virtual currencies can be labeled as money transmitter services. Companies that operate as money transmitter services must abide by and obtain licenses for know-your-customer and anti-money laundering regulations in each state. The guidelines described decentralized applications as not being controlled by a single person or group, therefore, no single entity is an administrator of the dApp. It states, however, "if a dApp accepts or transmits value, it qualifies as a money transmitter." Regulators also wrote that users or operators of a dApp that transmits value would be considered money transmitters themselves and would fall under FinCEN regulations. -COIN DESK       A MESSAGE FROM MELISSA Are you addressing the elephant in your business? Ignoring it can cost 10-25% of revenue. The best way to deal with the elephant that takes up residence in every business – name it and tame it! Bad data is bad for business – and it only grows bigger. Melissa can help with address and data verification APIs to keep valuable customer data clean and standardized. Address the elephant today and we'll throw in a free pair of Elephant socks! Sign up for a demo account 5. Korean multinational electronics company LG Group and KB Financial Group signed a Memorandum of Understanding to launch new products on the blockchain to power payments and the automation of insurance compensation. -INVEST IN BLOCKCHAIN 6. Cryptokitties creator Dapper Labs released a new Ethereum smart wallet to make crypto and crypto collectibles easier to use. -COIN DESK 7. Samsung SDS CEO Hong Won-Pyo plans to add blockchain solutions to the companies enterprise IT solution packages. -COIN DESK 8. The Law on Tokens and Trustworthy Technology Service Providers, often referred to as the "Blockchain Act", was passed by the Liechenstein government to create a legal basis for innovative technology. -TOKEN POST 9. Malta's Registry of Companies, a public registry that holds official information pertaining to new and existing companies, will run on a blockchain-powered system. -COIN TELEGRAPH 10. Deloitte shared tips on blockchain use cases such as financial applications, supply chain logs and real estate records due to its transparency features. -THE NEXT WEB       Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny. Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside); Susmita Baral (senior editor at Inside, who runs the biggest mac and cheese account on Instagram); and David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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