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Recovery of Bitcoin prices next to network changes
The price of Bitcoin has returned from the edge of this week, reaching nearly $ 4000 on Sunday. Analysts were sometimes worried during the week that they would lose support around $ 3,400 and then fall below $ 3,000, but this did not happen.
At the same time, however, two important metrics of the Bitcoin network saw a reduction in performance over the week. First of all, the difficulty of mining – which indicates the number of miners on the network – decreased by 7% during the week. David Hundeyin explained:
In light of the reduced hahrate of the blockchain caused by the miners' withdrawal, the network is designed to automatically adjust the level of difficulty in order to avoid a situation where there is a huge backlog of transaction confirmation and high confirmation commissions. The 7 percent decline in difficulty could be the beginning of a similar difficulty adjustment model as bitcoins below $ 6,000 are increasingly becoming a prolonged reality.
Even the number of reachable Bitcoin nodes has decreased, which means that a number of people have interrupted their entire nodes. This number is more difficult to distinguish, since not all complete nodes are data mining nodes, but surely miners no longer represent mining in this figure. As the CCN writer David Hundeyin wrote:
A decreasing number of reachable nodes could theoretically lead to greater centralization of the network if an ever smaller number of entities control the remaining complete nodes. Extraordinary work, if not controlled, could at least on paper lead to 51% of the attacks and the nightmare scenario of double expenses that would destroy bitcoin's credibility. While this is obviously very far from occurring and realistically not very likely, it illustrates the impact of the bearish market continued on bitcoin blockchain.
Survey shows 3% of Americans ready for Blockchain Banking
A survey conducted by an ICO-funded blockchain banking solution found that 3% of US Internet users are ready to use blockchain banking. Over a third of respondents would be willing to try blockchain banking solutions if they felt ready, which they did not do at the time of the survey (at the beginning of December). More than 60% of respondents (over 3,000 people) were not interested in blockchain banking, seeing no value in it.
Elsewhere, a Bank of England poll showed users the preferred cryptocurrencies in remittances.
Six new Bitcoin ATMs installed every day in 2018
Alan Wass of CCN noted that an average of six new Bitcoin ATMs were installed every day in 2018:
One of the most surprising figures derived from Data Light statistics is that in 2018, six ATMs of cryptocurrency were installed on average. One of the main ingredients of broader cryptographic integration and adoption is the availability of cryptography for the masses and that is exactly what the increase in ATMs shows.
Ambassador secessionists give an exclusive interview to CCN
David Hundeyin of the CCN got an exclusive interview with Cameroonian militants who are trying to establish their own country called Ambazonia. Chris Anu, secretary of state of the militant communications and information movement, said:
Cryptocurrency is freedom! It takes away control from centralized power and empowers people and the private sector. It is independent of the control of a centralized government structure. Cryptocurrency is the next logical step in the evolution of legal tender!
Professor of NYU Nouriel Roubini Throws Twitter Tantrum
Nouriel Roubin, a professor of economics at New York University, has decided to unleash a multi-tweet rage on the topic of cryptocurrencies, of which he is an important critic. The professor frequently blocks anyone who does not agree with him on Twitter, including CCN writer Samantha Chang, who is the author of the tweet-storm coverage.
Global Regulatory Push
Many jurisdictions have had news on the regulatory front this week. In addition, former presidential candidate Ron Paul finally embraced Bitcoin and said the United States should move from a debt-sustained fiat.
Brian Armstrong commits most of his wealth to charity
The CEO of Coinbase and the billionaire scriptwriter Brian Armstrong have publicly announced that most of his wealth will be donated to charity during his lifetime. Armstrong said:
This year I started my first philanthropic effort, GiveCrypto.org, which transfers money directly to people living in poverty. I am excited about the potential that this organization can help people, but I am still at the beginning of my journey to discover how to get the maximum impact through philanthropy.
Bithumb Accused of Faking Volume
CCN has received and reported a detailed study concerning the South Korean bitcoin exchange Bithumb, which is presumably to have a false volume steadily during 2018. The false volume is an increasingly common affirmation regarding the crypto trade, but in the Bithumb case, the researchers went out of their way to justify their claims.
The vice denies the accusations of fraud
The allegations of fraud were brought against the High Representative of South Korea, but they are denying all the charges. As Mark Emem of CCN wrote:
According to the South Korea Financial Services Commission, Upbit executives used a bot to manipulate the data processing system that inflated trading volumes accordingly. Moreover, it was also stated that coins with poor performance on the exchange of cryptocurrency were targeted and this was with the aim of helping the platform and the issuer to save face making it look more popular and enjoying a demand very high than it actually was.
90% of All Monero has been extracted
Over 90% of Monero's fixed supply has been mined, which means that only 10% of the mining premium remains. Monero has a policy of "long-tail emissions" in which each block after the end of mining will produce a smaller amount of XMR than mining premiums. Yashu Gola of CCN reported:
For data available on MoneroBlocks.info, a Monero blockchain explorer, the privacy-enabled cryptocurrency issued approximately 16.6 million XMRs. Since the issue is the parity with the total offer, the Monero project will switch to a new procurement program, called a queue issue. Previous announcements of the project indicate that miners will get a mining premium of 0.6 XMR per block that will likely maintain the overall security and integrity of the Monero blockchain.
Images from Shutterstock.
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