Coming every Sunday, Hodler's Digest will help you keep track of every single important news that happened this week. The best (and worst) quotes, the salient points of adoption and regulation, the main currencies, the forecasts and much more – a week on Cointelegraph in a single link.
Top Stories This week
Swiss Crypto Firm X8 AG receives the certification of Islamic finance for Stableecoin in conformity with Sharia
The Swiss fintech company X8 AG received a certification from the Shariyah Review Bureau (SRB) for its Ethereum-based stablecoin. According to the director and co-founder of the X8, the cryptographic asset based on ETH is supported by a basket of eight fiat and gold currencies, which allows to allay the concerns of the Islamic consultants about the 39; excessive volatility and speculation. The debate if the cryptography can be in conformity with the Sharia, it has focused on their compatibility with the Islamic ban on pure monetary speculation.
Christine Lagarde of the IMF: the digital currencies of the Central Bank could have a legitimate "role"
The head of the International Monetary Fund (IMF), Christine Lagarde, said this week that the international community should examine the digital bank-approved banknotes (CBDC). Lagarde, while being "not entirely convinced" of the crypto concept in general, said that countries should issue government tokens or similar assets in a speech. The comments arrived the next day The IMF has published a dedicated report on the CBDC, examining what it considers the pros and cons of the financial instrument.
Consequences of Bitcoin Cash Fork Cause expensive "Hash War" Between Camps
This month's Bitcoin Cash (BCH) fork has led to a so-called "hash war", which has led to results mining at a heavy loss on both sides. BitMEX Research wrote on Twitter that "although the SV SV division is fun, we estimate that the SV miners are burning $ 280,000 a day by extracting the SV chain". On the other hand, it is estimated that the ABC BCH miners are making even greater losses than the SV field. BitMEX Research estimated these numbers based on SV miners using Antimaer's Bitminin S9 machines, their ability to sell SV coins at the current spot market price ($ 100 at the time of the tweet) and energy costs of 5 cents per / kWh.
Blockchain Protocol EOS Decentralization in discussion after reversing transactions
EOS blockchain protocol has raised doubts about its decentralization this week as evidence emerged on Reddit that seems to show a moderator who has reversed the transactions that had already been confirmed. Based on the screenshots posted on the site, a dispute over a registered EOS account was sent to an EOS "umpire", which in turn has reversed transactions without the owner's permission, citing the EOS constitution for actions.
The US Man inflicted $ 1.1 million on fraudulent Bitcoins, Litecoin Schemes
US citizen Joseph Kim of Phoenix, Arizona, was sentenced to 15 months in prison and fined $ 1.1 million for misappropriation of Bitcoin (BTC) and Litecoin (LTC) by several people. The United States CFTC (Commodity Futures Trading Commission) found that Kim abused his employer by about $ 601,000 of BTC and LTC in his accounts in 2017. After Kim was fired, he reportedly then he has defrauded private investors to return the funds to his employer, attracting approximately $ 545,000 of encryption from five individuals before losing funds in a high-risk bet.
The most memorable quotes
"Every time there are hard forks, things tend to get strange and weird, so I think people are trying to risk from the table" – Meltem Demirors, CSO of CoinShares
"Few remember that Satoshi incorporated the genesis block with a Times title from January 2009 on bailing out US banks In more than one way, Bitcoin is the evil spawn of the financial crisis" – Benoit Coeure, executive board member of the European Central Bank (ECB)
Laws and taxes
Rules of the judge in favor of the Canadian bank in case of 5k encryption
A judge ruled in favor of the Canadian Imperial Bank of Commerce (CIBC) in the judicial process that involved a controversial sum of $ 19.6 million between the bank and Canada's largest cryptic exchange quadrigaCX. On October 8, the exchange reported that it had difficulty accessing its funds since January, when CIBC froze five accounts belonging to the exchange payment processor, Costodian Inc., and its owner, Jose Reyes, for its alleged inability to identify fund owners. This recent court ruling delivers the disputed sum to the custody of the Ontario Superior Court in such a way that the the court can identify the owner of the money.
The lawyers of Ripple suggest to sue the federal courts
Lawyers representing the initiation of payment Ripple in its current lawsuit lawsuit are attempting to move the case to a US federal court, a move that a legal commentator described as "tactical brilliance". Judicial records confirm the application to move the case, which would potentially allow the result to prove that its XRP token is not a US security security. In the filing, litigation partner Peter Morrison noted that the case meets the requirements for the transfer.
The Malaysian MP asks the government to draw up crypto regulations before approving the political funding currency
A Malaysian MP (parliamentarian) asked the country's government to do so develop comprehensive cryptocurrency rules before going further with the Harapan currency (Crypto Project). The project claims to be the first political fund-raising platform in the world, with the goal of raising funds for the opposition party in Malaysia and potentially becoming an official currency. The deputy said this week that it was important to have adequate crypt regulations before they are used to fund campaigns and political initiatives.
The Ohio Congressman drafted a bill to let the "Sidestep" ICOs read the securities laws
Ohio Congressman Warren Davidson made clear plans this week to introduce a bill that would allow Initial Coin Offerings (ICOs) to "circumvent" US securities laws. The Republican deputy for the eighth district of the state of Ohio wants to propose a law that classifies ICOs as products, rather than titles, both at federal and state level. Reportedly, the bill indicated "Eliminate" the supervision of the SEC (Securities and Exchange Commission) of the SEC.
The main SIX stock exchange in Switzerland lists the first ETP Multiplier in the world
Last week, the leading Swiss stock exchange, the SIX Swiss Exchange, announced that it would list the world's first multi-encrypted multi-encryption (ETP) product. The ETP will be supported by the Swiss startup Amun AG, will be listed under the HODL index, e will follow the five main criptos: BTC, XRP, ETH, BCH and LTC. The Amun AG index will be managed by the German index unit of the VanEck investment management company. Each crypt will have a certain market share in the next ETP, with Bitcoin accounting for about half of ETP's assets.
Microsoft presents the cloud-based Azure blockchain development kit
Microsoft announced the release of a blockchain-based serverless Azure development kit, dubbed "Azure Blockchain Development Kit." improves the capabilities of Blockchain Workbench from Microsoft Azure, with features such as off-line identity and data, monitoring and messaging application programming interfaces (APIs) in a format that can be used to develop blockchain-based apps. The announcement also notes that the release will focus on key objectives such as "connecting interfaces, integrating data and systems and implementing smart contracts and blockchain networks".
Bank of America receives the patent for storing client cryptography in company accounts
The leading bank in the United States, Bank of America, has won a patent for a system that allows companies to store their customers' encrypted deposits. The repository outlines different interactions between the cryptographic properties of the customers and a company account, with a configuration allowing the company account to conduct transactions on behalf of clients, debit and credit the account as appropriate. The document also touches fiat-crypto conversions, outlining a system to determine the optimal exchange rates for an "essentially simultaneous" conversion.
Chinese Insurance Giant Ping An, the city of Sanya builds "Smart City" with Blockchain
One of the largest insurance companies in the world, the Chinese Ping An Insurance Group, has signed an agreement with the Sanya Municipal Government to build a "Smart City" supported by blockchain, artificial intelligence (AI), big data and cloud computing. Cooperation in the field of financial investment and construction of "Smart City" will play a role in the greater urban strategic development in China.
Mergers, acquisitions and partnerships
South Korean Kakao messaging app, Stablecoin's Tether partner for the blockchain payment system
South Korea's main conglomerate and Internet service provider Kakao Corp (which owns the KakaoTalk messaging app) and the new Tether stable collaborated on the development of the latter's blockchain-based payment system. The new agreement will do it applies blockchain platform technology from the former Klatyn, of the subsidiary X of Kakao, to a payment system based on blockchain. Cooperation plans to work to improve "the fundamental requirements for payment services, such as speed, stability and reliability".
OmiseGo ETH-Payment Platform, Singapore Ride Hailing App Partner for Blockchain Tech
The Ethereum OmiseGo-based payment platform and Mass Vehicle Ledger (MVL) blockchain protocol have announced that they will collaborate on blockchain technology research. The two companies will do it develop a proof of concept (PoC) to check if the decentralized OMG network could work for the MVL data storage system, recording the data collected by TADA on the OmiseGo platform. OmiseGo and MVL will also collaborate on further technical and research collaborations on possible blockchain applications in TADA services.
Bosch electronics company works with IOTA for the new IoT data device
The electronics and engineering production giant Bosch has partnered with IOTA, with the intention of integrating the new Internet of Things (IoT) data collection device with the decentralized IOTA data market. The new connectivity device, Bosch XDK (Cross Domain Development Kit), is "a programmable sensor device and Internet of Things prototyping platform" that also functions as a sensor node solution. The device combines sensors, data storage and network technologies a allow users of all levels of programming to collect data in real time and sell it on the IOTA market.
Important Spanish telecommunications operator and IBM partner for the management of international calls with blockchain
The Spanish telecommunications company Telefónica has collaborated with IBM to apply blockchain technology to the management of international mobile phone calls. Telefónica, the seventh largest telecommunications company in the world by market capitalization, is valued at $ 51 billion according to Forbes. The partnership is to streamline some of Telefónica's business processes, including the reliability and transparency of information recorded by various networks during international call routing. The telecommunications company will use the IBM Blockchain Platform to track every international call and data such as origin, destination and duration.
German Holding Company Bitcoin Group SE acquires 100% of the Investment Bank Tremmel
Bitcoin Group SE, a German holding company, has acquired a 100 percent stake in the investment bank Tremmel Wertpapierhandelsbank GmbH. Bitcoin SE manages what is reportedly the only encrypted exchange in the county, Bitcoin Deutschland AG (Bitcoin.de). With the acquisition, the encryption will come now obtain the use of the Tremmel banking license, allowing the company to "significantly expand" its crypto-related offers and to manage ATMs for cryptocurrencies in Germany.
Hong Kong Crypto Exchange KuCoin collects $ 20 million in the financing round
Hong Kong-based international encryption exchange, KuCoin, closed a $ 20 million round of Series A funding this week. The round was led by IDG Capital, Matrix Partners and Neo Global Capital, and the exchange noted this the funds will go towards the release of the KuCoin 2.0 platform as well as expanding into new markets.
Winners and losers
The cryptographic markets were successful this week, with a total capitalization of about $ 185 billion, the bitcoin traded around $ 5,599, ripple at $ 0.52 and Ethereum at $ 176 for the press.
The first three altcoin gainers of the week are ZeusCrowdfunding, GoHelpFund and Coupecoin. The three best losers of the week are Etheera, Vivid Coin and Olive.
The three best losers of the week:
For more information on cryptography prices, be sure to read Cointelegraph's market analysis.
FUD of the week
"Crypto Hangover": the third-quarter results of Nvidia show the lack of request for cryptographic units GPU
Nvidia, an American manufacturer of GPU, released third-quarter earnings this week, showing a lack of demand for Nvidia GPUs among cryptographic miners. The cryptic frenzy at the end of last year raised the prices of Nvidia game cards, but with the bear market, the pthe rice has not diminished quite rapidly to attract customers waiting for cheaper cards, according to Nvidia's founder and CEO, Jensen Huang. Huan told Reuters that "the crypt hangover lasted longer than we expected."
Analysis: bear market, falling Hashrates makes the mining unprofitable
A report of global trade and US technology firm Susquehanna found that etereum mining (ETH) using a graphics processing unit (GPU) is no longer profitable. The analysis shows that monthly profit for ETH miners using GPU facilities is now $ 0 as of November 1, unlike the $ 150 a month of July 2017. Susquehanna notes the reasons for the decline in earnings include the decline in prices of Ethereum, but adds that in July 2017, the miners' profit was $ 147 even if the ETH had been exchanged approximately around the current price.
The official Google G Suite Twitter account has been reported compromised to promote the BTC scam
The official Twitter account of the Google G Suite appeared to tweet a Bitcoin (BTC) scam this week to its over 800,000 followers. The tweet in question asked his followers to participate in a fraudulent 10,000 BTC gift, also announcing that Google G Suite now accepts encryption as a means of payment. News News Next Web subsequently reported that the account has been compromised by a third-party marketing app authorized to publish content on behalf of G Suite. The scam also targeted the main US Department retailer.
WSJ Report: SEC Opened Inbe in Erik Voorhees, Crypto Loans Firm Salt over Token Sale
The Wall Street Journal reported this week that the US Securities and Exchange Commission (SEC) opened an investigation in February against the mortgage lending company Salt Lending Holdings, once associated with Erik Voorhees, the crypto-industry . The probe involves if the $ 50 million Salt token sale was a supply of non-compliant securities and the potential involvement of Voorhees, which could break the laws because he was effectively forbidden to raise funds in private markets after an agreement with the SEC in 2014.
US SEC imposes "first" civil sanctions against two ICOs for "unregistered" securities
The US Securities and Exchange Commission (SEC) imposed civil sanctions on two Initial Coin Offerings (ICOs) this week for not registering their token sales. CarrierEQ Inc. (Airfox) and Paragon Coin Inc. both have reached the settlements with the SEC, agreeing to "return funds to damaged investors, register the[ir] tokens as securities, to submit periodic reports to the Commission and to pay penalties "of $ 250,000 each." Both companies made token sales last year as a result of the SEC's announcement that ICOs could be considered as stock offers. .
Prediction of the week
Bloomberg analysts predict that the price of BTC will drop to $ 1,500
Bloomberg Intelligence analysts have predicted this week Bitcoin "still has to fall" emphasizing that money is no longer boring. Hedge Fund founder Travis Kling told Bloomberg that he "did not sleep well" in response to Bitcoin Cash's recent fork, adding that it could affect the entire cryptography market.
The best features of Cointelegraph
Why did the Crypto Market experience a $ 27 billion Wipeout? Experts discuss the factors
After the market has seen several cryptocurrencies hit the lows since the beginning of the year, Cointelegraph has examined some of the reasons behind the $ 27 billion "wipeout".
Opposing Bitcoin ABC and Bitcoin SV Factions debates are getting stronger as Bitcoin's forex Hard Cash approaches
This week saw a volatile market between November 15th Bitcoin Cash hard fork, which divided the community into two factions "at war": Bitcoin ABC by Roger Ver and Bitcoin SV by Craig Wright (Satoshi & # 39; s Vision).
Along the Great Wall, Part Three: The paradox of cryptocurrencies in China
In the third part of the Cointelegraph series on the Chinese cryptocurrency regulations (read the first part – here, and the second – here), the article examines the cryptographic interventions of the People's Bank of China (PBoC), as well as the role of China judicial system in cases concerning the crypt.