Friday, October 11, 2019

Hoskinson's thoughts / No fear from quantum / Erik Finman launches crypto fund

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Market Watch: Market prices remain relatively unmoved during Friday trading. Tether has, however, reclaimed fourth place again, pushing Bitcoin Cash back into fifth.

  • Bitcoin: $8,376 (⬇️ 1.71%) // $150.6 billion market cap.
  • Ethereum: $186 (⬇️ 1.57%) // $20.1 billion market cap.
  • XRP: $0.270 (⬇️ 0.10%) // $11.6 billion market cap.
  • Tether: $1.01 (⬆️ 1.03%) // $4.1 billion market cap.
  • Bitcoin Cash: $224 (⬇️ 2.80%) // $4.06 billion market cap.
  • Top 100 Winner: Jewel: $0.584 (⬆️ 36.33%) // $31 million market cap.
  • Top 100 Loser: Zilliqa: $0.005 (⬇️ 13.73%) // $49 million market cap.

Prices are as of 2 p.m. EDT.

     

1. Charles Hoskinson, the co-founder of Ethereum and the creator of Cardano, thinks that if Bitcoin fails the crypto industry could be in for a tough time. Speaking during an Off the Chain podcast with Morgan Creek Digital Assets co-founder Anthony Pompliano, Hoskinson said that Bitcoin was "the brand of cryptocurrencies " and that if it failed, altcoins would be in for a "hard time." He further stated that Bitcoin wasn't intended to copy the financial system and that Bitcoin Maximalists shouldn't take Satoshi Nakamoto's vision as "the gospel." –OFF THE CHAIN

Why It Matters: It illustrates the impact that Bitcoin has on the market and how other coins largely rely on it despite many have the view they could survive without it.

Hoskinson: If Bitcoin fails then the industry is in for a bad time
     

2. Bitcoin advocate Andreas Antonopoulos has said that Bitcoin has nothing to fear from Google's latest advances with quantum computing. Speaking during a Q&A session on YouTube, the author said that the impact of quantum computing on cryptocurrencies was zero. The thought of quantum threatening Bitcoin has been raised before; however, while Antonopoulos dismissed the idea, he did concede that Bitcoin becoming quantum-resistant, when it comes to signature algorithms, is a necessary step for the currency. –YOUTUBE

     
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3. Follow Friday: Ian Freeman

The host of Free Talk Live, a talk show that's heard on over 200 AM/FM radio stations in the U.S., Ian Freeman is also program director of LRN.FM - the Liberty Radio Network, a blogger at FreeKeene.com, and co-founder of the Bitcoin Embassy New Hampshire, located in the city of Keene.

No stranger to the crypto space, it was in 2011 that Freeman first heard about Bitcoin. Having moved to New Hampshire in 2006, upon hearing about the crypto asset, he started helping local businesses and others to accept cryptocurrency such as Bitcoin.

And Keene is one city which has seen a rapid rise in crypto use. According to an interview in February, Freeman put this down to an "intentional migration of libertarian crypto activists."

With just over 1,200 followers on Twitter Freeman is a regular. Some of his posts include the Elect Nobody campaign, cannabis civil disobedience in New Hamshire, and the importance of Keene and New Hampshire during Bitcoin's early days.

Ian Freeman
     

4. Marshall Hayner and Bitcoin millionaire Erik Finman are launching a $1 million investment fund for crypto startups. Called the Metal VC, it will focus on angel and micro-investments, in particular, early-stage companies with an emphasis on banking and decentralized finance. The fund will invest funding into between 25 and 100 startups at various stages of development with a minimum stake of $25,000 and a maximum of $250,000 for each project. –COIN DESK

Erik Finman to launch a $1m investment fund for crypto startups
     
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5. Malaysia's finance ministry has said that domestic and global adoption rates of cryptocurrency are low. In its Economic Outlook 2020 report, the MoF did note, however, that some companies were taking steps to embrace the market. Yet, it went on to say that digital currencies would either become part of the wider economy or disappear as a "novelty." –BERNAMA

Why It Matters: It shows that much still needs to be done to boost the adoption of the market for it to become more mainstream.

     

6. A Singaporean man faces over 30 years in prison after using a stolen credit card and identity information to mine crypto. Matthew Ho, 29, used the data to make purchases on AWS and Google for his illegal mining operation that occurred between October 2017 and February 2018. Mining for Bitcoin and Ethereum, he's reported to have amassed up to $5 million in unpaid cloud services bills. –THE NEXT WEB

     

7. Bank of America (BoA) has closed its job post searching for a project manager for its Ripple project. According to a report, this either suggests that BoA is warming up to the crypto space or has simply removed the posting. If the former, the person would be responsible for educating clients and the bank on its product as well as driving its growth. –DECRYPT

     

8. So-called members of an alternative to Facebook's Libra have said that their involvement has been misrepresented. OpenLibra was announced this week at Devcon, but according to some organizations and members, their involvement has been overblown. One such company is blockchain startup Tendermint. According to Sunny Aggarwal, a core developer at the company, he only attended one community call for OpenLibra and didn't really do anything after that. –COIN DESK

     

9. Bank of Ireland staff has pulled out of testifying against the OneCoin scam. Several members of the BoI involved in the case were expected to testify, but court documents show that they will only cooperate where it's compulsory to do so. OneCoin, headed by Konstantin Ignatov and Ruja Ignatov had promised to investors that it was launching a blockchain and cryptocurrency, but both turned out to be fake. –THE NEXT WEB 

     

10. Blockchain firm SimplyVital Health Inc. has won a $225,000 grant from the U.S. National Science Foundation (NSF) to research integration of the protocol Nexus with the Graphene protocol. The NSF awarded the grant, which is part of its Small Business Programs, which contributes $200 million each year to startups. –COINTELEGRAPH

     

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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