The Intrepid Report Issue #39
This week in the Intrepid Report: The BIS, which acts as a bank for central banks, has published an economic report on how Bitcoin can halt the internet, and Korean crypto exchange Bithumb was hacked. We’ve got insights on errors in the BIS report, as well as a non-technical guide to how the blockchain works from the Blockchain Review, and much more. Check it out below.
Bitcoin Could ‘Bring the Internet to a Halt,’ Says Banking Oversight Firm BIS
If the Bitcoin blockchain were to be used in processing all non-cash retail transactions in the U.S. today, the volume of transactions could “bring the internet to a halt,” the Bank for International Settlements (BIS) wrote in an scathing economic report. Read on for their rationale behind this argument.
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Bithumb $31 Million Crypto Exchange Hack: What We Know (And Don’t)
Last Wednesday, roughly 35 billion Korean won (around $31 million) in cryptocurrency was stolen by hackers from the South Korea-based exchange Bithumb. While more details about the heist have surfaced in the hours following the event’s confirmation, some important questions about the hack still remain unanswered.
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Bitcoin’s Price Was Artificially Inflated, Fueling Skyrocketing Value
A concentrated campaign of price manipulation involving Bitfinex may have accounted for at least half of the increase in the price of Bitcoin and other big cryptocurrencies last year, according to a paper released on 13 June by an academic with a history of spotting fraud in financial markets. The new paper helped push down the already sinking price of Bitcoin and other cryptocurrencies on Wednesday.
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South Korea to Invest $239M in Blockchain Technology Development
In an attempt to further the development and advancement of blockchain-based technology, the Korean government plans to nurture over 10,000 industry professionals and 100 companies. The country plans to streamline the investments into a few different directions, with the overall aim being to increase the country’s competitive edge in blockchain technology.
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Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate
Quebec, a province in eastern Canada, offers one of the lowest power rates in North America. It has reportedly decided to charge cryptocurrency miners up to roughly three times the current price after they flooded utility Hydro-Quebec with requests for mining operations. In addition, several crypto-related proposals have been submitted including one that requires crypto firms to bid for power.
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EOS Locked 7 Accounts and This Has Implications for Everyone in Crypto
In an effort to stop several thefts, seven accounts on the EOS blockchain were frozen on June 17. At face value, many will see this move by the 21 block producers (BPs) in charge of validating transactions on the newly live blockchain as a success in stopping malicious actors from bilking several users out of more than $20,000 in EOS. But others are concerned that such a decision will have far-reaching implications.
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How Does Blockchain Work?
This is for anyone still getting to grips with blockchain technology. “Blockchain is a bit like gluten. Everyone is talking about it, but no one knows what it is.” It doesn’t have to be this way. If you want to know what blockchain technology is, how it works, and it’s potential impacts on business and society, without all the technical lingo, this one is for you.
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3 Key Errors in the BIS Report on Bitcoin
The Bank for International Settlements (BIS) released a report (covered above in the What’s In The Media section) on cryptocurrencies over last weekend as a part of their 2018 Annual Economic Report. The intention of the report was to look “beyond the hype” and figure out if there are any real-world economic problems that can be solved by cryptocurrencies or blockchain technology. In their analysis, the BIS made a number of errors. Here are just 3 of them.
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The Truth about Smart Contracts
Much like the words “blockchain”, “AI” and “cloud”, “smart contract” is one of those phrases that get a lot of hype. In this article, smart contracts and the engineering reality that goes with it will be examined (spoiler: it’s not so simple and very hard to secure).
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Fragmentation in the Cryptocurrency Community
The original purpose of blockchain technology was based on the tenet of decentralization. Unfortunately, it seems that, over time, the cryptocurrency community has been veering ever closer towards centralization policies and is increasingly beset by political problems and base greed more typically associated with the financial system it is intended to replace.
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18 Digit Number Mesmerizes Crypto Community
When an average person sees an 18 digit alphanumeric code, they don’t think much of it. When a member of the cryptocurrency community, however, sees that code, they lose their minds. Ever since the release of this 18 digit number, the community has been talking about things like time travel, the return of Satoshi, and quantum computing breakthroughs. What’s the story behind this number? Let’s take a closer look.
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Blockchain 3.0 Demystified
We’ve been getting a lot of questions about Metabase like why we’re building it, how it’s different from Ethereum and other “blockchain 3.0” platforms, and how developers can monetize their code, etc. Metabase is a high performance blockchain and smart Op-Codes platform to build next generation businesses. We put this post together to share with you everything you need to know about Metabase, without reading the white paper.
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Learn more about Metabase, a high performance blockchain and smart opcodes platform we’re building.
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Want to learn more about blockchain? Check out our new micro-site How Does the Blockchain Work, a clear and non-technical guide on how blockchain, Bitcoin, and Ethereum works, and more. Check it out.
Interested in learning from leading entrepreneurs in the blockchain world? Check out our Founders in Focus interview series on YouTube. A show where we uncover the personal stories and journeys of founders and innovators from the crypto sphere.
Julien Breteau is Head of Content Marketing at Intrepid Ventures, a blockchain venture studio. He’s focused on championing Intrepid’s mission, delivering thought-provoking, high-quality content, and engaging with Intrepid’s growing communities around the world.
Originally published at blockchainreview.io.
