Asia & Australia,  Bitcoin,  Ethereum,  Media,  Tether

Must-reads for August 22, 2018

Here are the crypto stories you should be watching today

Bitcoin just spiked by $300 in one minute when a big trading platform went offline (Business Insider)
BitMEX went offline for a little bit so, of course, bitcoin prices rallied overnight. The exchange is now back online. In unrelated news, Tether granted $100 million of its “stable coin” tokens to its related exchange, Bitfinex.


Bets Against Bitcoin’s Price Are Nearing Record Highs (CoinDesk)
Short orders on Bitcoin are just 1,200 or so away from their record, according to data from Bitfinex. That means a lot of people are particularly bearish. It’s also an opportunity for a short squeeze. Such a squeeze could occur if someone had access to unlimited amounts of tokens “tethered” to the U.S. dollar and used those shady tokens to bid up the price of bitcoin on a huge exchange while another one was offline. Hmm… What are the odds of that happening and who would do such a thing?


How Bitcoin’s Crash Compares to History’s Biggest Bubbles (Bloomberg)
This piece is really just a chart. The chart shows Bitcoin’s bubble as being bigger than that of Tulipmania and the Dot-com bubbles. It’s a nice looking chart. The article is very short.


China shuts down blockchain news accounts, bans hotels in Beijing from hosting cryptocurrency events (South China Morning Post)
The Chinese government forced WeChat to squash eight accounts on the grounds that they were “suspected of publishing information related to ICOs [initial coin offerings] and speculations on cryptocurrency trading,” according to WeChat owners, Tencent. These weren’t small accounts, either; Huobi ran one of them. Meanwhile, the planned Modern Consensus: Beijing conference is now on ice because the Party also banned crypto conferences in the city.


Android app scams users out of €335 in return for an Ethereum logo (TheNextWeb)
The headline pretty much tells the story. Well, that and the fact that Google really doesn’t filter out fake apps on its Android platform. But we knew that already.


Hackers Made Half a Million Dollars Pretending They Watched You Watch Porn (Vice)
Kinda old news but still… We just can’t stop reading about it.


BlockShow Panelists Argue About Bitcoin’s Decentralization, Blockchain Pros and Cons (CoinTelegraph)
Nouriel Roubini really, truly doesn’t like Bitcoin.

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Lawrence Lewitinn, CFA was the founding editor in chief of Modern Consensus. Disclosure: Lewitinn owns no cryptocurrencies in his portfolio.