reading newspapers
Bitcoin,  Litecoin,  Media

Must-reads for August 29, 2018: Surveys, stolen hotel data, faked trades, and more

The rise of crypto in higher education (Coinbase)
It’s a slow news week for the crypto space so this survey is getting a lot of press. Here’s the stat they keep talking about: “42 percent of the world’s top 50 universities now offer at least one course on crypto or blockchain.” That means 21 schools have at least one single class teaching a 9 year-old technology. Of 675 students surveyed, 9 percent said they’ve taken a cryptocurrency course, 18 percent said they’ve owned crypto at some point, and 26 percent said they want to take a crypto course. Did we mention this is a slow news week?

 

Data of 130 Million Chinese Hotel Chain Guests Sold on Dark Web Forum (Bleeping Computer)
For just 8 BTC (about $56,000) a pop, details on 130 million guests of China’s Huazhu Hotels were sold to sketchy people using sketchy websites. Who says Bitcoin isn’t used for transactions?

Researchers Find Discrepancies With Top Exchange Volumes (CoinDesk)
“Tallying up the volume numbers of the top 130 exchanges, it is estimated that over $6 billion dollars in daily trade volume is being faked with over 67% of daily volume being wash traded,” according to an outfit called the Blockchain Transparency Institute. In other words, there are a lot of scammy things going on with the crypto exchange. Quelle surprise, as the French say.

 

Thane gang dupes foreign nationals, asks them to pay ‘loan tax’ through bitcoins (Hindustan Times)
All those fake calls telling you that you owe back taxes made some people in India very rich—until the cops caught on to them. Seven men—mostly in their 20s—were busted for it. The criminals would get people’s loan and salary information and tell them they owe taxes. They were told the amount due could be paid in Bitcoin. Some people really fell for the scam.

 

Moscow’s Government to Use Ethereum to Promote Transparency In Commerce (CoinDesk)
Spots at farmers markets are recorded via blockchain. Sounds like a very Brooklyn thing but, in fact, it’s happening in Russia. In Russia, the market farms you or something like that.

 

Bank of America Applies for Blockchain-Based Encrypted Crypto Storage System Patent (CoinTelegraph)
Bank of America filed a blockchain-related patent with the USPTO and the cryptoverse is all excited. But, like, it’s a humdrum patent so don’t put a down payment on that Lambo just yet.

 

Canada Delays Regulation of Cryptocurrencies and Blockchain Companies (Bitcoin Magazine)
Canadian regulators are kicking the can down the road until next year when it comes to crypto. Sure enough, federal elections in Canada are slated for October 21, 2019. As it now stands, the government may likely look like it does now so it may not be a factor. In any event, depending on whom you ask, this is a good thing or a bad thing for the industry.

 

Litecoin founder Charlie Lee reveals what he sees for bitcoin (CNBC’s Fast Money via YouTube)
Former Coinbase employee and Litecoin founder Charlie Lee, when asked about whether he will get back into LTC, said, “I sold because of conflict of interest so I’m not going to buy back my litecoins any time soon or at all. But it’s always good buy on the way down to dollar-cost-average your buy-in. That’s what I would recommend people to do and as long as you don’t spend money you can’t afford to lose, I think that’s fine.”

 

Bitcoin hashrate hits new record with 35% gain in last two days (Bitcoinist)
“The Bitcoin hashrate, or the computing power of the Bitcoin network, has broken yet another all-time high of 62 quintillion hashes per second. This marks a 40 percent gain in the month of August with a whopping 35 percent gain over the past two days alone.” There are a lot of miners vying for bitcoins. They’ve paid their sunk costs and those machines need to make back at least some of it.

Bitcoin fanatics are storing their cryptocurrency passwords in DNA (CNet)
It’s surprisingly cheap to store a password, key, or other data using DNA. It’s also pretty cheap to put it in a kettle and boil it away.

 

Italian Football Club Makes History After Becoming First To Be Purchased In Cryptocurrency (Forbes)
A crypto company called Quantocoin just used its eponymous token to purchase a quarter of Rimini FC 1912. It’s not a major league soccer team. However, Italy is where Lamborghinis are made and those can be driven to the moon so obviously, this is totally a bullish sign for crypto bros.

 

Colorado Investigating Three Cryptocurrency Firms (Bitcoin.com)
Bionic Coin, Sybrelabs, and Global Pay Net are being investigated by the Colorado Department of Regulatory Agencies for promoting unregistered ICOs. Rule No. 1 on how to infuriate a regulator: “All three firms failed to show up at a hearing to present evidence as ordered by the Commissioner.”

 

Is Cryptocurrency Money? Depends on Your State (Long Hash)
Bookmark this page because it’s pretty useful: Attorneys Justin Wales and Arnaldo Rego break down each state’s rules regarding crypto. It’s general in nature but you get the gist.

 

The World’s Oldest Blockchain Has Been Hiding in the New York Times Since 1995 (Motherboard/Vice)
Stuart Haber and Scott Stronetta, the two Bell Labs scientists who famously invented the idea of a blockchain at a Friendly’s in Morristown, NJ (their research was cited in Satoshi Nakamoto’s Bitcoin white paper several times), have been putting hashes in the New York Times on behalf of their security company for decades.

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

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