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Talking Crypto — Week in Review #1

This week’s top stories

This week I shared with you my vision for what TalkBitcoinTalk is. As part of that, we are launching a new weekly series, “Talking Crypto — Week in Review”. The goal of this Sunday article is to recap what happened during the week and share some insights into each story.

Layoffs get bigger

Last week we saw Steemit reduce their workforce by 70%, citing the weak market and the increasing cost of nodes as the main reason. This week we saw the main developement team behind Ethereum Classic cave-in to the economic pressures of the bear market and officially throw in the towel on the project — sending ETC plummeting down to $4. My take is that this is just the beginning of the end for many projects and we will see a few more close their doors before the end of the year. Who will be next?

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Coinbase Reveals Plan to Expand Supported Coins

Following their discussion to support 90% of the digital asset market (by market cap), Coinbase revealed a large list of projects they are currently exploring and considering for the platform. We can expect that they will add any “assets that meet our standards and are fully compliant with local law”. These guidelines are still a little hazy, but we expect that they will move forward in listing as many as they can. Considering the economic pressures the projects are feeling (with the lay-offs increasing too), this is a great time for Coinbase to try and help them out with some much needed awareness and liquidity. Hopefully their listings will help rather than hurt, as was the case with the Brave Token (BAT), which lost 20% of its value upon listing.

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Vertcoin hit with 51% attack

In the 4th such attack against Vertcoin, the attackers were able to succesfully double-spend (and therefore make) approximately $100,000. This attack exploited the fact that Vertcoin can be mined with general purpose hardware instead of ASICs, which basically means it can be mined without having purpose-specific hardware that professional mining pools use for Bitcoin. The reason behind this is to give more access to more people to mine, allowing the mining power to be more decentralized. However, as we saw with the attack, ASIC-resistance might not be the way forward, as it leads to a higher likelihood of attack.

from Mark Nesbitt article

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Binance Launches it’s DEX

Expanding into the decentralized exchange game, Binance revealed a preview of it’s DEX this week. The new exchange will run on Binance Chain and will give users more control over their assets, as the keys will not be under custodial protection like traditional exchanges. It’s interesting to see that the largest cypto exchange will also probably be the first to succeed in creating a successful DEX solution.

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DeanMachine

DeanMachine

Dean Pappas | Building Grape on Solana | Ex Marlin, Ethereum Classic, Zel, Taucoin | Ex GM at Zeta Global | Hearthstone and MTG

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