Cryptocurrency News Now!: 07/05/19

Friday, July 5, 2019

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Crypto Derivatives Ban / Binance Lists Dogecoin / Libra Spending

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Market Watch: Only two coins in the top 25 have seen positive movement over the past 24 hours. Litecoin and Bitcoin lead the decline in the top 25 with both coins being down 5+ percent.

Bitcoin: $11,230.30 (⬇️ 5.19%) // $199.90 billion market cap.
Ethereum: $291.26 (⬇️ 1.52%) // $31.00 billion market cap.
XRP: $0.38 (⬇️3.84%) // $16.24 billion market cap.
Litecoin: $118.48 (⬇️ 5.14%) // $7.40 billion market cap.
Top 100 Winner: Next: $1.60 (⬆️ 26.03%) // $80 million market cap.
Top 100 Loser: VestChain: $0.01 (⬇️ 9.67%) // $106 million market cap.

Prices are as of 2:30pm EDT.

1. The Financial Conduct Authority in Britain proposed a ban on selling crypto derivatives. The ban would cover the sale or marketing of derivatives and exchange-traded notes linked to cryptocurrencies and other digital assets. Christopher Woolard, executive director of strategy and competition at the FCA, said, "Most consumers cannot reliably value derivatives based on unregulated cryptoassets. Prices are extremely volatile and as we have seen globally, financial crime in cryptoasset markets can lead to sudden and unexpected losses." - WALL STREET JOURNAL

2. Binance announced that it would list Dogecoin and the cryptocurrency jumped 37 percent following the news. Binance CEO Changpeng "CZ" Zhao tweeted, "This one is an exception, as there isn't much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous "ex-CEO" (cough @elonmusk) helps!" Binance will offer trading pairs for DOGE against Binance coin and Bitcoin, as well as the stablecoins Tether, Paxos Standard, and USD Coin. - COIN DESK

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3. Follow Friday: Dan Zuller is a partner at Vision Hill, a leading digital asset focused fund of funds. Dan continually tweets original thoughts about the cryptocurrency industry. In his latest tweet storm, he created a three-part thread on the current state of distributed consensus and the engineering tradeoffs in PoW & PoS for anybody (particularly non-technical folks) seeking to enhance their technical expertise within crypto. A few of his tweets from that thread are below.

5/ Historically, in distributed systems engineering, we have not been able to reach consensus in an asynchronous & byzantine fault tolerant ("BFT") manner. Those look like extremely scary terminologies, so let's break them down:
— Dan Zuller (@danzuller) June 29, 2019

6/ "Asynchronous".

Synchrony = simultaneous action/occurrence.

Asynchrony = opposite of synchrony; absence or lack of concurrence in time

Synchronous systems assume a perfect network where nodes are organized & deliver messages within a defined time bound. This isn't reality.
— Dan Zuller (@danzuller) June 29, 2019

7/ This isn't reality b/c distributed systems lack a global clock. They need a way of determining the order/sequence of events happening across all computers in the network. There are ways to resolve this, most notably:

1) partial synchrony

2) asynchrony
— Dan Zuller (@danzuller) June 29, 2019

8/ Partial synchrony. This lies somewhere between synchrony + asynchrony. Partial synchrony introduces the ability to make certain time bound assumptions, but limits their impact. This enables consensus to be reached regardless of those time bounds being known.
— Dan Zuller (@danzuller) June 29, 2019

9/ Asynchrony. In a nutshell, consensus is not reached in a fixed time (no fixed upper time bounds exist). Basically, it is assumed that a network may delay messages infinitely, duplicate them, or deliver them out of order. This is often closer to reality for real-world systems.
— Dan Zuller (@danzuller) June 29, 2019

10/ Finally, byzantine fault tolerance (BFT). For those unfamiliar with the Byzantine Generals' Problem, I recommend some light research on the topic in CS. Byzantine failure inherently implies no restrictions, and makes no assumptions about the kind of behavior a node can have.
— Dan Zuller (@danzuller) June 29, 2019

Follow Dan if you'd like to get easy-to-digest crypto breakdowns.

4. Facebook Libra's ease of use could cause consumers to overspend. Because of its proposed ease of use Bruce McClary, vice president of communications for the National Foundation for Credit Counseling, said, "For a number of users, that ease of access for a tool that can be used for purchases and retail consumer activity could be dangerous, especially for those who already have a difficult time keeping control of their budget." Tyrone Ross Jr., an investment advisor specializing in cryptocurrency said, "Libra could make it easy to overspend because it will be easy to access. Knowing how humans are, if it is easy to do something, they're going to have at it." - CNBC

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5. Flexa added Litecoin support enabling 39,000 more merchants to accept the cryptocurrency. Litecoin joins four cryptos including Bitcoin, Ether, Bitcoin Cash, and the Gemini dollar. Litecoin is the first cryptocurrency to be added to the list of supported coins within Flexa network since its launch on May 13. Explaining the listing, Flexa stated that Litecoin enables low transaction fees, fast confirmation times, as well as an active community of avid supporters and payments enthusiasts. - COIN TELEGRAPH

6. Brewdog, a Scotland based brewery, is accepting cryptocurrency for its crowdfunding campaign. You can buy shares in the company using Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Litecoin, OmiseGO, Qtum, Augur, Ripple, and 0x. Brewdog created a new beer for the occasion called Cryptonite and anyone that invests with cryptocurrency will get a six-pack. Investors can buy a share in the company for as little as $31 and there are currently over 114,000 community shareholders. - THE NEXT WEB

7. Nouriel Roubini and Arthur Hayes, CEO of BitMEX, debated about cryptocurrency in Taipei City at the 2019 Asia Blockchain Summit. Roubini argued that the world doesn't need cryptocurrencies as the revolution is already happening in the fintech space and artificial intelligence, big data, and the Internet of Things will be the cure to fix things. Arthur Hayes stated, "In 50 years, if Alibaba, Facebook, and Google control everything, people will like that thing that isn't controlled by the large companies. Bitcoin won't be a niche market." - THE BLOCK CRYPTO

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), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who's always on social media).

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