What happened lately in the cryptocurrency world? Let’s see!
Buterin: Bitcoin Cash might be a temporary solution for Ethereum
For several months, the Ethereum community has been working on Ethereum 2.0 due to current network scalability problems that only processes 15 transactions per second. The second-largest cryptocurrency platform in terms of market capitalization is set to pass from the Proof-of-Work algorithm to Proof-of-Stake. Recently, in the Ethereum Research magazine, the creator of Ethereum, the famous Vitalik Buterin, proposed using the Bitcoin Cash blockchain network as a temporary solution to the scalability problem before introducing Ethereum 2.0. As the main argument, he said that BCH has a bandwidth of about 53 KB/s, while Ethereum only has 8 KB/s.
Let us recall that the main competitor of Ethereum – Ripple is the fastest blockchain and can process as many as 1500 transactions per second.
Bitpoint returns some of the stolen funds to users
A week ago, we reported that the hacked Japanese cryptocurrency exchange platform Bitpoint lost $32 million. According to local media, some of these funds have been found – specifically over 2.3 million dollars. They were located on foreign exchange platforms which used the trading system offered by Bitcoin Japan.
Later, Bitpoint announced that approximately 50,000 users who were victims of the attack would receive a refund in cryptocurrencies. The number of stolen funds was estimated at $28 million, 4 million less than initially thought.
Bitpoint (Japan) $30M hacked— Richard Yan (@Gentso09) July 16, 2019
Bitrue (Singaporean) $4M hacked
Bitsane (Ireland) vanished w/ funds (250k users)
These exchanges have one thing in common: Centralization.
And these all happened just in the last few weeks.#DeathToTheCEXs
Coinbase imposes a minimum deposit amount for UK users
The famous US cryptocurrency exchange platform, Coinbase, imposed a minimum £1,000 deposit for UK users. The FIAT deposit service has also been suspended through Faster Payments for citizens of that country; the standard international transfer option (SWIFT) is still available. Coinbase did not give reasons for the changes.
The British Bitcoin embassy has been attacked
A group of men invaded the Bitcoin embassy in Birmingham. Masked offenders tried to steal ATM-BTC using a rope attached to the car. According to the police, fortunately, they did not steal anything. According to the owner of the ATM, Adam Gramowski, thieves wanted to steal cash, not cryptocurrencies. There were no Bitcoins in the device because they are sent directly from the embassy server.
The Chinese are most interested in the new Facebook cryptocurrency
In recent days, there was a lot of noise in the cryptocurrency world about the US Congress hearing on the new Facebook cryptocurrency called Libra. Facebook experts answered the questions of members of the House of Representatives and senators, and after their unconvincing responses, the price of Bitcoin dropped. However, users in the United States are surprisingly rarely looking for information about Libra on Google. According to statistics from Google Trends, the percentage of such inquiries is highest in China, then in Uruguay, Trinidad and Tobago. The fourth and fifth place is occupied by Saint Helena Island and Argentina. The United States is on the 33rd position.
Last week, there was also information that for the second time the Chinese court considered Bitcoin virtual property. Even an official of the PBoC (People’s Bank of China), stated that “Bitcoin is a virtual property, but it is not FIAT money.” This is particularly strengthening the position of Bitcoin in China where in 2017 cryptocurrency transactions have been banned.
BitMEX allowed US citizens to use its services?
Under US law, BitMEX, which is registered in Seychelles, is one of the exchange platforms blocked for US citizens. The US regulatory body CFTC (Commodity Futures Trading Commission) has started an investigation into the breach of the law by BitMEX. The famous cryptocurrency exchange platform allegedly allowed Americans to use its service.
This information was provided by Bloomberg’s journalist; both CFTC and BitMEX have not commented on this yet. After giving information, Bitcoin price dropped by around $500 in a few minutes!
More details about the lunch with Warren Buffet
We recently reported that Justin Sun invited Donald Trump for lunch with Warren Buffet. We already know that in a lunch auctioned for an astronomical amount of 4.6 million dollars, not only the TRON CEO and the famous billionaire will appear, but also experts from the blockchain world. One of them will be the creator of Litecoin, Charlie Lee and Circle CEO, Jeremy Allaire. Lunch is scheduled for July 25 at the Quince restaurant in San Francisco.