Wednesday, June 19, 2019

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Mr. Libra Goes to Washington

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June 19, 2019


CONGRESS VS LIBRA?: The newly-debuted digital currency from Facebook, dubbed Libra, is already drawing the ire of lawmakers and regulators , particularly those in the halls of the U.S. Congress. In addition to calls for hearings into the bigger implications of Libra -- that is, its potential risk to the financial system -- one influential Congresswoman, Maxine Waters, has called on Facebook to halt work on the project entirely until further discussion is had. Facebook, for its part, says it plans to work with regulators on the initiative. What's more, some analysts are already predicting that this week's pushback is only the beginning.

ETHEREUM 2.0 ON THE HORIZON?: Conversations among developers who are working on ethereum's next iteration -- dubbed ethereum 2.0 -- are starting to lay the groundwork for a possible launch next January. The idea is that "phase zero" could roll out in early 2020, though there's a big caveat: that date might not stick depending on how further testing of the software goes. But as ethereum founder Vitalik Buterin put it in an email to CoinDesk: “From my experience with [ethereum 1.0], I’d definitely say [end-of-year] 2019 / Jan 2020 is a feasible target." 

HARD CORE FUNDING: According to venture capitalist Dovey Wan of Primitive Ventures, finding sustainable funding for bitcoin developers is the biggest challenge facing the ecosystem in 2019. To bridge that gap, she’s helped gather 50 BTC — an amount worth just north of $450,000 at press-time prices — that are now up for grabs. Wan partnered with Bitmain alum Pan Zhibiao to create the nonprofit Hard Core Fund in 2018, then started supporting Bitcoin Core contributors Luke Dashjr and Ben Woosley last fall. While many contributors have donated anonymously to the fund, known benefactors include entrepreneur Kevin Pan of Poolin and others from China’s crypto ecosystem.

THE SNAP: Bitcoin’s (BTC) price closed on a negative note on Tuesday, snapping the longest daily winning streak in 11 months. The leading cryptocurrency by market value fell 2.87 percent yesterday, having scored 2-5 percent gains in each of the preceding six days. That was the longest stretch of daily price gains since July 2018. Back then, the price had advanced for seven successive days – from July 13 to July 19 – to hit highs above $7,500, as per data source CoinMarketCap. The latest six-day winning streak saw bitcoin rise from $8,120 to $9,366. Full story.

LIBRAS AGAINST...LIBRA?: Facebook may have made an unforeseen enemy in its push to create a cryptocurrency: those born under the astrological sign it used to name its Libra project. As the Washington, D.C.-based publication The Hill reports, "people who identify as Libras took to social media to say they don’t care for Facebook using their sign as the name for an alternative financial system." And while this CoinDesk editor (a Libra) doesn't feel quite as virulent on the subject, others seem to be saying that Facebook -- itself a subject of ire for its past privacy practices -- is seeking to appropriate a symbol of harmony, justice and balance. 

WHO WON #CRYPTOTWITTER

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Iceland is hoarding computing power

Bitcoin miners and data scientists love cheap, green Icelandic processing power. Maybe a little too much.

Tuesday, June 18, 2019

CryptoWeekly #109

CRYPTO WEEKLY
June 18, 2019 | #109
The Gram Token Sale Is Coming to Liquid
Liquid has partnered with Gram Asia for an exclusive sale of Telegram's Gram tokens. Available for public sale for the first time, only on Liquid.com
SPONSOR
Facebook's new cryptocurrency, Libra, has just officially launched
Today saw the official unveiling of Facebook's much-hyped cryptocurrency, Libra. Backed by some of the biggest names in tech and finance, the open-source stablecoin will initially be targeted at emerging markets for international remittances and will be governed by the Libra Association - a network of key backers like Uber, Mastercard, and others. The social networking giant also announced Calibra, a crypto wallet with Facebook integration that will see its rollout early next year.

Binance has announced a brand-new Bitcoin-pegged token on Binance Chain
In a Periscope announcement earlier today, Binance CEO Changpeng Zhao announced the crypto exchange's next big project - a new token called BTCB that will be 100% backed by Bitcoin. Binance believes that this new token will give DEX users access to other tokens outside of Binance Chain, and even tokens that don't yet have their own blockchain. This also gives token usage additional transparency, given that transaction activity can easily be viewed through the public blockchain explorer.

Here's why Wyoming has become the newest haven for crypto companies
Over the past two years, the US state of Wyoming has rolled out more than a dozen blockchain-related laws that make it easier than ever to run a crypto business (or transact in crypto). The shift in regulatory openness is a reflection of the state's values, and crypto companies have been flocking to set up shop in recent years.

Jack Dorsey on Bitcoin, Facebook's crypto, and the end of cash
In Dorsey's eyes, blockchain and cryptocurrency will be two of the most transformative trends in tech over the next several decades. In his eyes, Bitcoin has the best chance of becoming the world's digital reserve currency, on account of its resiliency and consistent innovation over the past decade.

Ripple is taking a $50M stake in MoneyGram in a bid to accelerate adoption
In its biggest move yet for Ripple adoption, the crypto startup has invested $50M in MoneyGram, which will now be using Ripple's XRP as the digital currency driving day-to-day operations at the company. Ripple will be taking a roughly 10% stake in MoneyGram itself, and will be investing $20M in cash over the next several years.

Primitive Ventures thinks China's crypto ecosystem is more promising than ever - here's why
Eric Meltzer is a founding partner at Primitive Ventures, a VC fund that's focused on investing in promising blockchain projects in Asia, and in this piece he explains how China's crypto scene has evolved from being mainly centered around crypto mining to being more focused on innovative, blockchain-driven platforms.

The rise of smaller rivals is throwing up a fresh challenge to Bitcoin
Even as Bitcoin has maintained its momentum, more than 2,000 altcoins are now posing the biggest challenge yet to its dominance. Many are high-volatility and few are being used for any mainstream use-cases yet, but at the same time, their promising vision is appealing to investors. 

This is a great intro to Bitcoin futures, and how to trade them
Bitcoin futures are little-understood outside the institutional investing community, but they hold appeal for retail investors as well. The great thing is, it's now easier than ever to trade Bitcoin futures, with dozens of exchanges supporting the investment instrument. This piece provides a great rundown of which exchanges are best for trading futures, and why.

Stonewalled by FINRA, up to 40 crypto securities wait in limbo for launch
Around 40 crypto startups have filed applications to handle customer assets, but FINRA has been slow to act, with many applications delayed by months. It seems that for now, there's a moratorium of sorts on new approvals for crypto securities startups in the US as regulators await the latest rulings from the SEC on the matter.
 
COMMUNITY NEWS
  • A new bitcoin exchange on the Colombian-Venezuelan border will help refugees. Link
  • Ethereum 2.0's launch date is confirmed for January 2020. Link
  • Google is integrating its crypto project with a new smart contracts tool. Link
  • Untold Stories is an excellent podcast on crypto with Bitcoin pioneer Charlie Shrem. Link
  • Bitbond plans to raise $3.9M in Germany's first regulated STO. Link
  • Bitcoin has topped $9,000 as crypto's rally trumps stocks, bonds, and gold. Link
  • New evidence points to Russian hackers of last year's $530M theft of Coincheck. Link
  • Square has just hired an ex-Google Director as its first member of its new crypto team. Link
  • Apple may be preparing to turn your iPhone into a crypto wallet. Link
  • John McAfee's crypto trading portal, Magic, has just launched. Link
  • Binance is planning to restrict US customers ahead of its regulatory-compliant exchange launch. Link
UPCOMING EVENTS
Edited by KintuLabs. Reply to this email with any feedback and/or suggestions. Nothing shared or published by CryptoWeekly constitutes an investment recommendation, nor should any data or content published by CryptoWeekly be relied upon for any investment activities. CryptoWeekly strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions. Copyright © 2019 CryptoWeekly. All rights reserved. Unsubscribe here.