Friday, February 28, 2020

HSI uses crypto program in cases / Bitfinex CTO to explain Tether story / Malta's junior minister talks about Binance

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Dear subscribers,

As of next week, Inside Bitcoin will be moving across to a premium model (and ad-free) five days a week. So if you want to keep up-to-date on the latest news in the Bitcoin/crypto space, you know what to do : )

Click here to upgrade to premium!

As we move forward only the Friday issue will be free to our non-paying subscribers but for less than $2 a week ($100 a year) you can get all the news you want without having to dig through the copious amount of information that this space generates, and there is plenty. Not only that but it means I can feed my one remaining chicken and two ducks!

Thank you to my readers who have responded thus far regarding the transition across (I will reply back : ) ) and thank you for all the support you have shown me! It's a delight to write these bite-size news pieces for you as you get your daily fix in your busy lives!

Rebecca

Market Watch: Prices are still down across the board today.

  • Bitcoin: $8,529 (⬇️ 3.30%) // $155.6 billion market cap.
  • Ethereum: $218 (⬇️ 4.35%) // $23.9 billion market cap.
  • XRP: $0.232 (⬇️ 2.38%) // $10.1 billion market cap.
  • Bitcoin Cash: $303 (⬇️ 6.32%) // $5.5 billion market cap.
  • Top 100 Winner: Swipe: $1.06 (⬆️ 20.59%) // $64 million market cap. 
  • Top 100 Loser: MonaCoin: $1.54 (⬇️ 10.36%) // $101 million market cap. 

Prices are as of 3:30 p.m. ET.

1. Al Giangregorio, unit chief at the Homeland Security Investigations (HSI's) National Bulk Cash Smuggling Center (BCSC), has explained that its Cryptocurrency Intelligence Program (CIP) is being deployed in every crypto case at the Immigration and Customs Enforcement's (ICE) agency. Giangregorio failed to explain what CIP is exactly; however, in an email, the chief said: "The CIP supports any HSI investigation involving virtual currency or blockchain technology." He went on to add that the program has assisted "diverse investigations" including human trafficking, darknet market drug vendors, and MDMA dealers. -COIN DESK

2. Paolo Ardoino, CTO of Bitfinex & Tether, is to reveal the story of Tether at London's CryptoCompare Digital Asset summit next month. Dubbed "The Story of Tether," Ardoino will "provide insight into how Tether has continuously innovated to consolidate its position as the world's leading stablecoin." Since its founding in 2014, Tether today accounts for around 75 percent of all Bitcoin trading volume. According to Ardoino, "through continuous innovation, Tether is stronger than ever." Last year, the CTO explained how the company had dealt with a lawsuit from the New York Attorney General, which accused the exchange of involvement in an $850 million "cover-up." Both Bitfinex and Tether called the lawsuit "meritless and mercenary." -CRYPTO COMPARE

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3. Follow Friday: Eberhard Scheuer

Scheuer is chair of the Health Information Traceability (HIT) Foundation, whose aim is to promote the digitization of health data. It does this via a blockchain-based online marketplace that allows users to digitize, maintain, and monetize their health data. Scheuer's main interest is the use of blockchain technology in healthcare.

He's also the founder of the Digital Health Forum, a Swiss conference on digital health, as well as managing director of the Swiss Digital Health Association (SVDG). Taking to Twitter, some of his tweets have focused on reshaping healthcare in a decentralized world, blockchain for better healthcare, and how crypto can improve treatment.

I would like to focus on more women in crypto/blockchain. I know there are plenty of women out there doing great things in the space but if there's anyone you think I need to highlight, let me know by sending me an email at Rebecca@inside.com.

4. Malta's Junior Minister for Financial Services and Digital Economy, Bartolo Clayton, has spoken about the legal status of crypto exchange Binance. According to Clayton, Binance has never been licensed to operate in the country by the Malta Financial Services Authority (MFSA). In an interview, the minister went on to say that "such statement has been further corroborated by Changpeng Zhao, CEO of Binance, on his personal Twitter account where he also stated that Malta has not changed its position." The financial regulator posted a public statement earlier this month, which reiterated that Binance was not authorized to operate in the country and that it wasn't "subject to regulatory oversight by the MFSA." Following the announcement, Zhao said that the exchange was not headquartered or operated in Malta and that this was "old news." He added that there was "FUD [Fear, Uncertainty, Doubt] turning this into a breaking story." -COINTELEGRAPH

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5. In a tweet, Roger Ver, an early investor in Bitcoin and a Bitcoin Cash advocate, has said that "Bitcoin maximalists only hold a single coin and want to pump it." He added that he holds dozens of coins and "just wants crypto to undermine the power of governments to control peaceful people." His comment comes after he gave an interview where he claimed that Bitcoin won't go up in value, arguing that it "committed economic suicide" when it refused to increase its block size. Talking more about Bitcoin, he said: "There's nothing that can ever be used as a store of value that doesn't have a secondary use case. It just plain doesn't exist in the entire world." -@ROGERKVER/TWITTER

6. The Litecoin Foundation has announced a partnership with MeconCash, which will enable the rollout of Litecoin in Korean won at more than 13,000 ATMs in South Korea. According to the announcement, the service will allow Litecoin holders to access money, in addition to sending remittances to Korea from overseas. Alan Austin, director at Litecoin Foundation, said: "The ability to access cash through Litecoin at over 13,000 ATM's opens the door to new opportunities within the Korean market and globally." -THE LITECOIN FOUNDATION

7. According to this article, Texas has become the new promised land for Bitcoin miners. Thanks to the state's cheap electricity and regulatory environment if projects come to anything in Texas there could be a "profound shift" in the amount of electricity a facility can provide. One such project that is drawing attention is Layer1 Technology, which is backed by investor Peter Thiel. Thiel was one of the venture capitalists that helped to raise $50 million for the project, which claims it will have 100 megawatts of electricity devoted to Bitcoin mining. Yet, while Texas may be a location for some Bitcoin miners, China-based Bitmain, a Bitcoin mining manufacturer, canceled its management agreement with Texas mining farm operator, DMG Blockchain Solution, at the beginning of the year. -MIT TECHNOLOGY REVIEW

8. Jimmy Song, a Bitcoin educator, author, and developer, has given some investing advice regarding Bitcoin on Twitter. In his opinion, the best investing advice for the past 10 years has been "free, actionable and online the whole time." The advice he gives? "Buy Bitcoin, hold for five years or more." One user tweeted, people should "hold forever" and "only sell what you absolutely must." -@JIMMYSONG/TWITTER

9. A report from intelligence firm IntSights has found that countries in Latin America are suffering from money laundering through cryptocurrencies. According to the report, criminal groups are turning to crypto assets to launder large amounts of money and to enter the dark web to find hackers for hire. Last April for instance, Brazil's Department of Narcotics Investigation apprehended a criminal organization that was running a crypto mining operation in Porto Alegre. Agents seized 25 cryptocurrency mining machines, which operated continuously, each of which were valued at approximately $65,000. -INTSIGHTS

10. Multi-platinum selling singer Akon has decided to build his Akoin cryptocurrency on top of the Stellar blockchain. Jon Karas, Akoin co-founder and president, said they chose Stellar due to sharing similar views, adding: "Akoin selected Stellar's distributed, hybrid blockchain due to a shared vision for creating global financial inclusion, particularly in areas such as Africa." The project was initially supposed to launch mid-2018; however, a revised timetable suggests that it will launch in early 2020. -CRYPTO SLATE

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 staff writer Elizabeth Barr.

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