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Bitcoin Retakes $11,000 Following Turbulent Week in Crypto

Charts Courtesy of Coin360.com July 20 — Bitcoin (BTC) has retaken the $11,000 price point on the heels of a turbulent week.  Charts Courtesy of Coin360.com After a bull market at the end of June brought the price of BTC to almost $14,000, the coin had largely been maintaining between $10,000 and $13,000 for most of the past month, briefly cracking $11,000 on July 15 before slipping below the $10,000 price point on July 16. For the past three days, BTC has been in the $10,000 range, but had faltered…

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Another Indian Crypto Exchange Shuts Down Operations

Founder of Indian cryptocurrency exchange Cryptokart Gaurang Poddar announced that his company is shutting down in a LinkedIn post published last week. In his post, Poddar described the shutdown of the exchange as “difficult, given the hard work we’ve put in” but concluded that overall the experience was positive and that he was proud of the platform and seemed intent on remaining in the field, asking “If you know anyone interested in launching their own exchange, please let me know.” Poddar announced that he was looking for opportunities in product…

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BitMEX Research Confirms Lightning ‘Justice’ Works

The Lightning Network, as Bitcoin’s second layer for instant payments and greater transaction privacy, requires a matching degree of security robustness. However, due to the differences in its architecture from Bitcoin, the means to guarantee the honesty of participants can’t rely on the same Nakamoto Consensus design. The intricacies of payment channels and network synchronization must punish malevolent operations in an efficient way which deters such behavior.   This is exactly why section Pi (3.1.4) of the Lightning Network white paper introduces a game theory mechanism through which malevolent parties who…

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Can Graphite Replace Google Drive and Google Docs?

Big Brother, in its governmental and corporate forms, has been watching us for many years. One of its most aggressive ongoing forms started with the USA PATRIOT Act of October 2001, which laid the foundation for an unprecedented mass surveillance apparatus which extends beyond American borders. Meanwhile, companies like Google and Facebook have built multi-billion dollar business models out of the sale and collection of user data. Under this framework, being watched, located and data mined all across the internet seems to be inescapable.  Thankfully, there is a counter-movement which…

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KPGM to Work With Microsoft, Tomia and R3 on Blockchain Telecom Solutions

Business advisory firm KPGM has partnered with tech companies Tomia, Microsoft and R3 to create a blockchain-based settlements solution for the telecom industry, in anticipation of 5G network services. KPMG announced the partnership and product plans in an official blog post on July 16. As per the report, the planned blockchain solution intends to make use of smart contracts in order to reduce disputes between carriers and mobile operators. Such smart contracts would reportedly include critical information for this purpose, by providing details such as correct rates, destination and bilateral…

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Chiliz to Provide Official Crypto of Football Club AS Rome via Socios

Italian football club AS Roma will join blockchain-based voting platform Socios through a partnership with sports and entertainment blockchain firm Chiliz. In an official announcement published on July 19, Chiliz revealed that AS Roma is joining Socios, a sports platform powered by Chiliz, in order to launch an AS Roma fan token. The dedicated tokens are set to provide fans with the right to vote in certain club-delegated decisions. The post further explains that “the more fans vote and interact with the club through the app, the more rewards they…

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St. Louis Fed Chief Pessimistic on Crypto as Non-Uniform Currency

St. Louis Fed Chief James Bullard reportedly views cryptocurrencies as part of a global currency competition that is ultimately unhealthy. Bullard presented his views at the Central Bank Research Association 2019 annual meeting in a talk entitled “Public and Private Currency Competition.”  Presentation slides have subsequently appeared on the official Twitter account for The St. Louis Fed on July 19. In Bullard’s slides, he noted that there is historical precedent for certain key features of cryptocurrency. One of his bullet points reads: “Global currency competition is nothing new, nor is…

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Tether’s Trouble With New York Attorney General — Will Crypto Cope?

Are Bitfinex and Tether in trouble? Maybe, but the thing is, we don’t know just how much trouble, because the stablecoin issuer has challenged the New York State Office of the Attorney General’s (OAG) case against them. In claims filed in April, Attorney General Letitia James asserted that Bitfinex defrauded its customers, having lost $850 million in client and corporate funds, and then having attempted to cover up this loss by secretly helping itself to around $900 million of Tether’s cash reserves.  Serious charges, but they’re denied by Bitfinex and…

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Bitcoin an ‘Unstoppable Force,’ US Congressman Tells Crypto Hearing

Bitcoin’s (BTC) plight in Congress has seen attention focus mainly on naysayers, but this week’s hearing also saw United States politicians accept it was always beyond their control. ‘Governments cannot stop this innovation’ During testimony on July 17, U.S. Congressman Patrick McHenry, who represents North Carolina’s 10th District, told lawmakers directly that attempts to stop Bitcoin were futile. “The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force,” he said. McHenry runs in sharp contrast to other Congressmen making the headlines…

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In Senate Hearing, Facebook’s Iffy Reputation Looms Over Libra Plans

Today, Libra project head David Marcus testified in front of the United States Senate Banking Committee on Facebook’s incipient “cryptocurrency.” The discussion was largely overshadowed by Facebook’s tarnished reputation for user privacy and the mistrust its business practices have engendered.  Facebook announced Libra a little less than a month ago, but the idea of it has already captivated lawmakers and regulators around the globe. From the day of its unveiling, officials have raised concern over consumer data integrity/privacy, anti-money laundering (AML), terrorism financing and the fact that Facebook has proposed…

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