Wednesday, October 2, 2019

Planet 9 may not be a planet at all

MIT Technology Review

What's trending in tech this week?

Is "Planet 9" actually a primordial black hole?
Astronomers think there's another planet in our solar system, but no one has been able to see it. That could be because it's not a conventional planet at all.

Read more →


We can't trust AI systems built on deep learning alone

Read more →


YouTube is experimenting with ways to make its algorithm even more addictive

Read more →
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October 2, 2019

UNIVERSAL TOOLS: Ripple’s Xpring is launching a platform allowing developers to integrate fiat and cryptocurrency payments into any application. The suite includes an Xpring software development kit (SDK) that enables programmers to integrate XRP apps in multiple programming languages. It also includes a variety of new tools for working on both XRP and Ripple’s Interledger Protocol (ILP). Xpring is targeting crypto and non-crypto developers alike with the platform, the firm’s senior vice president Ethan Beard told CoinDesk. Full story

COLD FEET? Major Libra backers Visa and Mastercard are second-guessing their participation in the Facebook-led digital payments project, the Wall Street Journal reported Tuesday. Against a global regulatory blasting of the proposed cryptocurrency, the financial giants and unnamed other companies are balking at Facebook’s call for a unified front. The Journal says few companies want to boost the project publicly, leaving Facebook to defend Libra by itself. David Marcus, who co-created Libra, defended the crypto project on Twitter and said “commitment to the mission is more important than anything else.” Full story

COIN WOES: In a little more two weeks, Hedera Hashgraph’s HBAR cryptocurrency has dipped from a high of $0.36 cents to around $0.03, as of press time. The blockchain-like network’s CEO now says he will re-evaluate the token’s economic model and potentially change HBAR’s distribution schedule to give the company time to reassess. “We are thrilled with the technical performance of our platform,” Hedera Hashgraph wrote in an amendment that was shared in the network’s Telegram channel on Monday. “We also believe that there may be an opportunity to make improvements to Hedera’s coin model.” Full story

BANK BACKERS: Binance and Polychain Capital are among the backers of the crypto-friendly Founders Bank, scheduled to open in Malta next year. Co-founder Paula Pandolfino said the bank raised $10 million so far and is looking to raise $30 million more. “Crypto will take over the world, and we need full banking services,” she told CoinDesk. “We want to be that pillar of banking for the ecosystem to support how it gets done.” Full story

TOKEN INVESTMENT: Pantera Capital led a $5 million seed round in a protocol built to put financial middlemen out of business. The Vega Protocol will enable people anywhere in the world to spin up markets for derivatives (futures, swaps, options, etc.) that can interact with each other and abide by relevant regulations. Other key investors included Ripple’s Xpring, Hashed and KR1. Participants purchased an as-yet-unnamed ERC-20 token that will power staking and governance services on the blockchain, according to Vega CEO Barney Mannerings. Full story

POOR START: October hasn’t kicked off well for traders looking to capture the rebound to $8,511 on Tuesday, as prices were swiftly rejected back below $8,300 in the Asian trading hours this morning. The top crypto is currently changing hands at $8,240, representing a 1.5-percent decline over the last 24 hours. Further price drops are likely, should the bulls fail to push BTC back over previous resistance at $9,400. Full story

SAXONY'S SURPRISE: A German state was surprised to learn that bitcoin it seized from criminals has increased nearly 58 percent in value, reports the German news site Heise Online. The State of Lower Saxony confiscated €410,000 in bitcoin from criminals accused of cyber blackmail and ransomware attacks, but instead of auctioning the stockpile, they decided to hold it. Now, the crypto is currently valued at about €650,000, according to the Ministry of Justice in Hanover. Attorney Frank Lange from the public prosecutor’s office said the state plans to use the cryptocurrency for public welfare purposes and that it may start holding periodic auctions of the stash. 

WHO WON #CRYPTOTWITTER
 

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Libra members waver / Bakkt futures drop 79% / BitPay to add support for XRP

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Market Watch: The market is still recovering from last week's sharp decline in value. The launch of the Bakkt Bitcoin futures contracts isn't helping either, with reports stating that contracts traded were down 79% yesterday.

  • Bitcoin: $8,310 (⬇️ 0.69%) // $149.3 billion market cap.
  • Ethereum: $178 (⬇️ 0.87%) // $19.2 billion market cap.
  • XRP: $0.248 (⬇️ 2.75%) // $10.7 billion market cap.
  • Tether: $1 (⬆️ 0.06%) // $4.1 billion market cap.
  • Bitcoin Cash: $225 (⬇️ 1.16%) // $4.06 billion market cap.
  • Top 100 Winner: Zilliqa: $0.005 (⬆️ 14.15%) // $50.7 million market cap.
  • Top 100 Loser: Crypterium: $0.643 (⬇️ 18.31%) // $54.5 million market cap.

Prices are as of 10:50 a.m. EDT.

     

1. Mastercard, PayPal, Stripe, and Visa are questioning their future with Facebook's Libra. According to people familiar with the matter, the four are hesitating over whether to officially sign on to the Libra Association, which is projected to meet in Switzerland on October 14. The association is asking for the 28 founding members to reaffirm their commitment to the project; however, the four companies are unsure whether to proceed fearing to do so could impact positive relationships with regulators. Since Libra was announced in June, it has faced major backlash from global regulators. As a result, Facebook has said that the proposed stablecoin won't be "made available in a timely manner, or at all." –BLOOMBERG

Four founding Libra members are wavering over their future commitment with the project
     

2. The number of traded contracts on the Bakkt Bitcoin futures exchange dropped by 79 percent yesterday. Posting a summary on Twitter of the platform's traded contracts that occurred yesterday, only 28 BTC were reported. This is compared to 132 the previous day. It's all-time high, so far, has been 166. These less than promising figures come at a time when there was plenty of hype around Bakkt prior to its futures launch. Now, though, rather than bringing in large institutional money, it appears that the exchange is struggling to maintain the momentum is previously had. –BE IN CRYPTO

     
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3. Blockchain payments provider BitPay plans to add support for XRP by the end of this year. In order to implement XRP, BitPay is working with Ripple's Xpring unit. The goal is to encourage businesses and merchants to accept the altcoin. According to Xpring senior vice president Ethan Beard, they are hoping to target crypto and non-crypto developers with the platform. The addition of XRP joins support for the likes of Bitcoin, Ethereum, and Bitcoin Cash. BitPay also supports stablecoins USD Coin, the Gemini dollar, and the Paxos Standard Token. –THE BLOCK

     

4. Leaked documents from an internal Facebook meeting that took place in July show CEO Mark Zuckerberg answering questions from concerned employees regarding its future and its new payment network Libra. During the closed-door meeting, Zuckerberg stated that while the proposed stablecoin had generated strong negativity, behind closed doors talks around it had been straightforward. He added that private discussions with regulators had been "more substantive and less dramatic" than the public hearings. –THE VERGE

     
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5. A fire at a Bitcoin mining farm in China has seen the loss of $10 million worth of crypto equipment. The incident, which took place at a data center operated by Innosilicon on Monday, saw images posted on Twitter of the mining facility engulfed in flames. According to reports, there were some who speculated that the fire was to blame for the drop in Bitcoin's hash rate. –THE INDEPENDENT

Fire at a Chinese Bitcoin mining farm to blame for drop in hash rate
     

6. Crypto platform Binance and hedge fund Polychain Capital are a few big names that are helping to fund a crypto-friendly bank in Malta. Scheduled to open in 2020, the Founders Bank is aiming to provide full banking services for the crypto space, an area many crypto projects struggle to receive. So far, the bank has raised $10 million, but it is hoping to raise a further $30 million in the future. –COIN DESK

     

7. Munich-based bank BayernLB has published a report on Bitcoin vs. gold, predicting that Bitcoin will jump to $90,000 in 2020. According to the bank, unlike gold, which has had to earn its high stock-to-flow ratio the "hard way," Bitcoin will most likely succeed in the next year. The bank believes this will take place around May after the next halving. –COINTELEGRAPH

     

8. Madrid buses are turning to the blockchain. Banco Santander is teaming up with blockchain company Vottun to develop a system that will connect all of the city's public transport under one application. Powered by the blockchain, it will mean that the 30 businesses that offer transport services - which require separate registration and payment details - can function under one system. Hoping to streamline the city's transport, the app also intends to improve data security for users. –INTELLIGENT TRANSPORT

     

9. Icelandic retailer Nordic Store has used the Ethereum blockchain to settle an invoice with e-money after making a purchase through IKEA Iceland. The e-money was issued by Monerium, an Icelandic fintech company, while the transaction used Tradeshift, a global supply chain payments service. However, rather than settling the payment in crypto, it was done with Iceland's Krona. –DECRYPT

     

10. Altcoin trading platform Coinexchange.io has announced that it's shutting its doors due to financial problems. In an announcement, the organization said that the decision was purely business-related and not the result of a security breach or any other incident. It added that it was "no longer economically viable" for them to continue offering marketing services as the costs involved were now outweighing what it was earning. Trading and deposits will suspend October 15. The website and withdrawals will remain operational until December 1 of this year. –COINEXCHANGE

     

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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