Crypto Gist Vol. 1 (May 14–18 2018)
We share some of the biggest stories and news from the cryptocurrency scene within the last few days.
Microsoft bans crypto Ads on BING; follows Google, Facebook and Twitter footstep
According to an official blog post on May 15, Microsoft-powered search engine Bing has joined other internet giants in announcing it will ban cryptocurrency-related advertisements on its network by July 2018.
“Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”
Bing’s crypto ads ban is the latest move in a search engine and social media crypto-boycott, initiated by Facebook in late January of this year. Google announced an analogous crypto ad ban in mid-March, and Twitter confirmed its own ban soon after.
BCH Hardforked finally
It is no more news that Bitcoin Cash a fork of BTC was hardforked on 15th May 2018 at around 5:54 am UTC. The network officially upgraded the blockchain protocol by extending the current block size fourfold from 8MB to 32MB. The change is believed to be one of the largest block size increases in blockchain history.
Few of the update brought about by the fork are:
- Block size increase from 8MB to 32MB.
- The OP_RETURN data carrier size is increased to 220 bytes. This will enable smart contracts.
- re-enabling previously disabled Satoshi OP_Codes.
The upgrade is the first step towards many of these innovations and visions that BCH proponents have been talking about for months. There is a couple of other developments being discussed, such as double spend notifications — which notify nodes when a double spend takes place and a new Proof-of-Work [PoW] target called Bobtail.
Full Details Here
SEC Launches Mock ICO website
According to news generating the space, it was said that SEC created a mock website to show investors warning signs of fraud which has been hallmark in the crypto space in recent days. According to a tweet on SEC official account.
Speaking further, SEC Chairman Jay Clayton emphasized that the agency supports the adoption of new technologies, but it also encourages investors to educate themselves and understand what fraudulent offers look like:
“We embrace new technologies, but we also want investors to see what fraud looks like, so we built this educational site with many of the classic warning signs of fraud. Distributed ledger technology can add efficiency to the capital raising process, but promoters and issuers need to make sure they follow the securities laws. I encourage investors to do their diligence and ask questions.”
Twitter CEO, Jack Dorsey wants to get Bitcoin adopted as Global payment means.
Jack Dorsey, the founder and CEO of Square and the co-founder and CEO of social media platform Twitter, while speaking at the Consensus conference in New York.
“This technology is a fundamental shift to our world and can have so many positive outcomes. We have to do the work to educate regulators and educate the SEC why this technology is important.”
“The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen. I don’t know if it will be bitcoin but I hope it will be.”
“If we were able to use it a currency today, we could release our apps in every app store around the world instead of the five we’re in.”
Disappointment as Block chain Consensus fails to live the Hype
The much talked about block chain consensus took place this week and there have been a number of people airing their voices on how the event went. The event was boycotted by Ethereum co-founder Vitalik Buterin due to a security slack pre event, OmiseGo also joined by not attending.
According to a Reddit user named korgijoe
I went to Consensus this week, and it sucked. By far the worst crypto conference I’ve been to. The networking was fine. Here’s why the actual conference sucked:
Talks were superficial, and they didn’t seem to know who their audience was. Sorry folks, normies are gone. Speak to your core enthusiasts.
The whole presentation vibe was, let’s bend over backward for bankers and discuss how we’re going to do it. I get that it’s in nyc, but come on. If the suits are here, let’s discuss using their money to lobby congress in favor of crypto instead of shorting the market.
Presenters rehashed cliche after cliche, “muh 90% of icos will fail.” Instead of delving into the fundamental problems facing crypto (real world usage by the average joe, scalability, centralization).
Not to mention how disorganized everything was.
It was embarrassing for crypto. The market spoke.
Another user even thinks the event is just another TED talk for crypto.
Full comments here
TrueUSD listing delayed on Binance
TrueUSD a stablecoin designed to match the US dollar’s valuation at a one-to-one ratio, meaning one TUSD roughly equates to one USD — at least in terms of value. According to a statement by Binance officials, Binance will no longer be launching TrueUSD (TUSD) trading on Friday, May 18th, at 4:00 am (UTC), as was originally planned. Instead, the hugely popular cryptocurrency exchange will start offering TUSD trading on May 22nd, at 4:00 am (UTC).
Due to popular demand, the TrueUSD (TUSD) project team requires more time than originally planned to prepare for sufficient liquidity. Binance will therefore postpone the trading start date to 2018/05/22 04:00 AM (UTC). Deposits for TUSD will remain open during this period. Thank you for your understanding.
Price Analysis
Bitcoin
ATH — $ 8,881.12
ATL — $8,054.12
Ethereum
ATH — $ 742.17
ATL — $ 668.83
Thank you for reading the first edition of crypto gist, we hope to hear your viewon how we can improve and serve you better. Don’t read alone remember to share with friends and other crypto enthusiast.
