Thursday, August 29, 2019

Cryptos drop / Charlie Lee to support foundation / Group swim, run, bike for Bitcoin

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Market Watch: Industry prices have dropped over the last 24 hours. Speculation as to the causes behind it have been viewed, with some of the opinion that Bitcoin futures expiring tomorrow may be the reason.

  • Bitcoin: $9,480 (⬇️ 6.66%) // $169.7 billion market cap.
  • Ethereum: $169 (⬇️ 9.16%) // $18.2 billion market cap.
  • XRP: $0.251 (⬇️ 5.78%) // $10.8 billion market cap.
  • Bitcoin Cash: $281 (⬇️ 8.40%) // $5.06 billion market cap.
  • Top 100 Winner: Golem: $0.068 (⬆️ 13.56%) // $65 million market cap. 
  • Top 100 Loser: Ren: $0.064 (⬇️ 18.14%) // $51 million market cap.

Prices are as of 08:00 a.m. EDT.

     

1. The crypto market is a sea of red today. Bitcoin dropped nearly seven percent in 24 hours, falling to below $9,500. Litecoin, which has been on a slow decline from over $100 mid-June, dropped close to 10 percent to a low of $65. The reason for the sudden drop in industry prices is not known; however, that hasn't stopped many from speculating the causes behind it. According to Dave Balter, CEO of Flipside Crypto Inc., it was a sell-off to cash settle futures. Tomorrow, the Chicago Mercantile Exchange's (CME) Bitcoin futures are due to expire, with reports indicating that this is due to have an impact on the next Bitcoin price action. Jeff Dorman, chief investment officer at Arca, thinks it's down to thin trading volumes and that the decline was led by EOS, ETH, XRP, BCH, and LTC. –BLOOMBERG

     

2. Charlie Lee, creator of Litecoin, has said that he will continue to support the Litecoin Foundation financially. His comments come at a time when donations during Q1 2019 had dropped due to "market stagnation," which impacted daily operations for the foundation. As a result, employees had taken a voluntary pay cut. Now, in an interview, Lee said that the goal was to make the foundation self-sustaining from donations, partnerships, and merchandise sales. Until it gets to that point, though, Lee will continue to support it. Since 2017, donations made by Lee have accounted for 80 percent of the organization's funding. –COIN DESK

     
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3. Throwback Thursday: the Passing of Hal Finney

Five years ago yesterday, Hal Finney, a cryptographer, coder, and an early Bitcoin user who received the first Bitcoin transaction, worth 10 BTC, from Satoshi Nakamoto, passed away at the age of 58.

He was diagnosed with Amyotrophic Lateral Sclerosis (ALS) in 2009, which is a progressive neurodegenerative disease that affects nerve cells in the brain and spinal cord. By 2013, Finney, who many believe was Satoshi Nakamoto, became, essentially, paralyzed. Despite this, though, he continued to his work programming and pushing the cryptography movement forward.

At the time of his death in 2014, his body was prepared for cryonic preservation by the Alcor Life Extension Foundation in Scottsdale, Arizona.

During his time in the crypto world, Finney has been credited with helping to advance the industry as we know it today.

Back in 2009, he posted his first tweet on Bitcoin. He simply said: "Running bitcoin." And before environmentalists started decrying the impact crypto mining was having on the environment, Finney was already considering how to reduce CO2 emissions from "widespread Bitcoin implementation."

Whether he was the real Satoshi Nakamoto we may never know, but there are plenty who would like to think so.

     

4. If you're looking for something to do why not run, swim, and bike across Europe? And all in the name of Bitcoin. That's what a group of seven Bitcoin enthusiasts has recently done to promote the coin they believe is making a positive impact on the world. Known as Team Satoshi, the group undertook a 221-mile adventure that began in Zug, Switzerland and finished in Munich, Germany over four days. Running the first Satoshi Freeathlon on Bitcoin donations, which finished on Tuesday, the team embarked on creating a positive image of Bitcoin, which they believe is portrayed too negatively in the media. –COIN DESK

Group of seven take part in 221-mile adventure to promote Bitcoin
     
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5. Crypto scammers stole $4.3 billion worth of digital currency from investors in the first half of 2019, according to a report from Ciphertrace. The cybersecurity firm said that the money stolen was "outright thefts" from crypto exchanges and scams. The amount of money taken is an increase from 2018's $1.7 billion, and as per the report, challenges the view that cryptocurrencies are seen as being "as safe as gold." –THE TELEGRAPH

     

6. Bitcoin naysayer Peter Schiff has said that the coin is not a safe haven after it dropped nearly seven percent. In a tweet, he said that it had "failed the safe haven test." Schiff added that while Bitcoin fell lower than stocks, the Japanese yen, the Swiss franc, and gold all moved higher. His comments were rebuked by others though. One user questioned why Bitcoin would be considered a safe haven? "Bonds are the safe haven in the current paradigm," adding that gold wasn't a safe haven either. Another said that Schiff looked for every opportunity to spread Bitcoin FUD (fear, uncertainty, doubt) and that "nobody takes him seriously." –COINTELEGRAPH

     

7. Prominent Muslim scholars have concluded that Ether is, in fact, Shari'ah compliant. In a whitepaper, it was found that as the coin is used mostly as a utility token, laws around the currency don't apply. The scholars have reserved judgement on the Ethereum network though. For instance, they stated that if tokens were used to make profits from interest, then it wouldn't be Shari'ah compliant. –DECRYPT

     

8. Findings from crypto platform Coinbase show that 56 percent of the world's top 50 universities now offer at least one course on blockchain or crypto. This is an increase from 42 percent in 2018. Notably, 70 percent of crypto and blockchain classes are outside of computer science, such as economics, humanities, and law. Cornell University tops the list offering 14 classes on cryptocurrency and/or blockchain, up from nine last year. –COINBASE BLOG

     

9. The United States Air Force (USAF) is teaming up with blockchain startup Constellation Network to secure defense data. As part of the USAF SBIR (Small Business Innovation Research) Phase I program, Constellation aims to provide solutions while reducing bureaucratic overheads. According to Constellation, data sources from the USAF such as drones, planes, and satellites need to be secured. –THE BLOCK

     

10. A petition to free Silk Road founder Ross Ulbricht from prison has hit 200,000 signatures. Ulbricht is currently serving two double life sentences, without parole, for the creation of Silk Road, a website that became a hot spot for vendors to sell drugs and other items. His parents started the petition as a way of reaching out to President Trump to free their son. –CHANGE.ORG

     

This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

     
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