Square processed $148M in Bitcoin sales during Q3 / Crypto and terrorist activities / Bitcoin isn't a currency

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Presented by Subscribe | View in browser Market Watch: Industry prices remain relatively unmoved during trading today, with Bitcoin still within the $9,000 bracket. Bitcoin: $9,256 (⬇️ 1.57%) // $166.9 billion market cap. Ethereum: $188 (⬇️ 1.95%) // $20.4 billion market cap. XRP: $0.297 (⬇️ 1.58%) // $12.8 billion market cap. Bitcoin Cash: $296 (⬇️ 2.45%) // $5.3 billion market cap. Top 100 Winner: DxChain Token: $0.0009 (⬆️ 31.59%) // $49.4 million market cap. Top 100 Loser: Chiliz: $0.0135 (⬇️ 12.32%) // $50.9 million market cap. Prices are as of 12:30 p.m. EDT.       1. Payment platform Square reportedly processed $148 million in Bitcoin sales during Q3 2019. Revenue published by founder Jack Dorsey, between July 1 and September 30, amounted to $1.27 billion. Furthermore, an investor note stated that "first time Bitcoin buyers have approximately doubled." Year-over-year, Square's Bitcoin revenue represents a 244 percent increase. In 2018, the platform brought in $43 million in revenue during the third quarter of 2018. Notably, though, the past quarter saw Bitcoin costs totaling $146 million, resulting in just $2 million in Bitcoin sales for the second quarter in a row. –COIN DESK Why it Matters: Despite a rise in usage, Square is struggling to make a profit on Bitcoin.       2. Peter Dutton, the Australian Minister of Home Affairs, has warned that terrorists are using cryptocurrencies to "fund their deadly missions." Dutton was making his comments during a counter-terrorism conference in Melbourne today. He went on to argue that the anonymity that they provide was allowing "terrorist financiers to obfuscate their activities." He further stated that the increasing use of online payment systems and store value cards was giving rise to new channels where terrorism could be financed. Dutton, who leads the Department of Home Affairs -- which is responsible for immigration, border control, domestic security, and law enforcement -- said that countries need to stay ahead of modern financing measures, but did warn that terrorists were also continuing to use traditional methods such as ransom money. –SBS       A MESSAGE FROM CATALINA CRUNCH What happens when a startup founder reinvents the cereal business? You start eating Catalina Crunch every morning. It's Keto-Friendly, Low Carb, Gluten/Grain Free has Zero Sugar and is packed with 10g Plant Protein and 6g Fiber. Catalina Crunch comes in 4 tasty flavors: Dark Chocolate, Cinnamon Toast, Maple Waffle & Honey Graham. Get 10% off your first order with code INSIDE10. Shop Now 3. Throwback Thursday: Bitcoin's market capitalization drops below $100 billion Back in November 2018, Bitcoin saw its market value drop below the $100 billion mark for the first time since October 2017. The price of the crypto asset also dropped to $5,500. According to reports, the drop in value came amid a major sell-off in the crypto market. Others, such as BKCM founder and CEO Brian Kelly, noted that it was down to Bitcoin Cash, which had forked off from Bitcoin in August of the same year. Around the same time, former International Monetary Fund (IMF) chief Christine Lagarde stated that countries should explore the potential for crypto assets, but that they should look at central-bank-backed digital currencies and not Bitcoin-style ones.       4. David Marcus, head of Facebook's Calibra and Libra projects, has said that he doesn't see Bitcoin as a currency. Speaking at the New York Times DealBook Conference in New York yesterday, Marcus added that the number one crypto asset wasn't a "great medium of exchange because of its volatility." Instead, he sees Bitcoin "as digital gold." Going further, Marcus said that it's more like gold simply because you can hold on to it like an investment just as someone would with gold. However, when it comes to sending remittances across borders, the use of Bitcoin is "a bad option" due to its varying price swings. –CNBC       5. The Hong Kong Monetary Authority (HKMA) has declared that it's researching applications for a central bank digital currency (CBDC). According to reports, the HKMA is hoping to release its report into its findings during Q1 2020. The announcement comes at a time when China's central bank, the People's Bank of China (PBoC), has revealed that its own CBDC is ready to launch, but it has yet to do so. –COINTELEGRAPH       6. Russia's police may be able to confiscate Bitcoin if new laws are put into place in 2021. The country's interior ministry is, reportedly, planning on creating new legal statutes, which would target digital assets such as cryptocurrencies. Nikita Kulikov, head of a dedicated committee at the Russian parliament, said that the growth trend in crimes using virtual assets was calling for the need for "legal regulation and control" of them. –RBC       7. According to professional services company PwC, the biggest hurdle for companies such as Walmart and Nestlé who are adopting the blockchain is not technology-related, but the "sticky tape that puts the label on the package." In the opinion of Craig Heraghty, agribusiness leader at the company, companies should think "like a fraudster" to "see where you can copy a label or a QR code." He added that the technology gives the "illusion of traceability." –TECH WIRE ASIA       8. Trading and investment platform eToro has bought cryptocurrency portfolio app Delta for an undisclosed amount, however, it's reported that it cost around $5 million. Delta, which tracks 6,000 different cryptocurrencies and tokens on 180 exchanges, will be integrated with the eToroX platform, a blockchain subsidiary of the investment platform. By doing so, users will be able to trade from within the app. –ETORO PRESS RELEASE       9. David Marcus, head of Calibra, has stated that it's considering the use of an auditor to ensure data protections. Speaking in New York, Marcus said that they have "built very strong firewalls between Calibra and Facebook." He added that if someone is on the side of Facebook, no one will have access to that data. –COINTELEGRAPH       10. Crypto exchange Coinbase has opened staking access for cryptocurrency Tezos. Announced yesterday via a blog post, the platform said that staking rewards will be on every Tezos held on Coinbase by eligible U.S. customers. The annual reward for staking on Tezos on the exchange is around five percent. Once the holding period is over - around 35-40 days - holders will see rewards in their account three days later. –COINBASE BLOG       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. Edited by Inside Dev and Inside Deals editor Sheena Vasani, a freelance journalist based in California.       Ad The first Keto-friendly, Zero Sugar, Low Carb Cereal brand. Get 10% off today with code INSIDE10.

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