📌 CoinSnacks 2018 Fall Recap, Iranian Crypto Hackers, and Winter Is Coming

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🍂 CoinSnacks: 2018 Fall Recap

There’s a lot going on in the world of crypto and it’s certainly tough keeping track of it all…

Fortunately for you, we’ve managed to stay on top of it.

As we wrap up another quarter here at CoinSnacks, we wanted to share a quick recap – a one stop shop for everything that went down over the past three months.

Put on your ugly Christmas sweaters, find some warm coffee, and jingle your way through our favorite fall soundbites.

 

Centralization vs. Decentralization

Fred Wilson and the entire team at Union Square Ventures is dedicated to educating policy makers and regulators on the dangers of centralization – a topic of conversation that holds great importance as crypto projects evolve.

In Fred’s latest post, he explains how regulators are unknowingly taking actions to slow the decentralized sector down, resulting in greater monopolies amongst the existing tech sector.

 

Why This Winter Will be Worse Than 2014’s

As if it couldn’t get any worse, Dovey Wan shares her thoughts on some likely factors that may fall in place this winter.

The thread chalks up a batch of negative catalysts including, institutional buyers still being far off, the market being too “speculation centric” and too much correlation between cryptoassets.

An interesting narrative to lookout for is that projects are finally beginning to liquidate more of their treasury balances.

🤞 Fingers crossed these don’t come true. But at least we’ll be prepared.

 

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DEEP DIVE


Corrections & Recoveries

Following up nicely to Dovey’s post above, our friend Boris tallies up some estimates on the amount of fresh fiat and volume needed to fuel a 100% recovery from Bitcoin’s current price.

(Fair warning: We’ve got a lot of catching up to do)

The main takeaway: we’ve been in this position before… but it gets harder and harder with every new correction.

 

New Data on Bitcoin Accepting Venues

The idea of bitcoin as “the new global currency” has been losing prominence as the primary narrative around the digital currency.

These days, you’re more likely to hear about bitcoin as “censorship resistant gold” than as a means of payment.

Nevertheless, this didn’t stop The Block from taking a closer look at which merchants are still accepting Bitcoin (ATMs, brick-and-mortar stores, services, restaurants, etc.) Find all the data and infographics here.

Interestingly enough, just take a look at that correlation. 👇👇

 

Special Report: Little Known To Many investors, Cryptocurrency Reviews Are For Sale

Nothing new here folks…

ICOs and other cryptoasset companies are paying for positive reviews of their tokens.

As we have stated before:

  • This news shouldn’t come as a surprise. In a world of hacks, exit scams, and fake ICOs, you should be skeptical of everything you read in crypto
  • You HAVE to do your own due diligence
  • Find a news outlet you can trust

On that note, we should also point out that this practice isn’t exclusive only to crypto. We see this practice with stocks, startups, and pretty much anywhere it is beneficial to a company for positive coverage.

Stay skeptical. 🤔

 

REGULATORY FRONT


U.S. Targets Iranian Hackers for Laundering Bitcoin in Connection to Major Ransomware Attack

Here’s one we missed last week: For the first time in history, the US, through the Office of Foreign Assets Control (OFAC), sanctioned 2 bitcoin addresses.

These addresses supposedly belonged to two Iranian men (one of which is already claiming he’s innocent) who have launched ransomware attacks over the past 5 years.

TL;DR – This will be an interesting case study to follow as regulators try to actually regulate Bitcoin.

 

Monumental: Federal Court Rules Case in Favor of Crypto ICO Against SEC

Last week, a US Federal Court held a case involving the blockchain startup Blockvest and the SEC, who recently ruled that Blockvest is a security and froze all of the company’s assets.

Blockvest in turn took the case to Federal court claiming that their token should not be considered a security… and won.

“The outcome of the case established a precedent for the market… some ICOs could potentially challenge the SEC in court and win a case if supported by sufficient evidence.”

Here’s a great breakdown of the entire chain of events from Marco Santori, the Chief Legal Officer at Blockchain.

 

SEC Chairman Jay Clayton Talks All Things Crypto With Andrew Ross Sorkin

SEC Chairman, Jay Clayton, recently sat down with Andrew Ross Sorkin to discuss cryptocurrency and the growing market impact of blockchain.

Since taking office in May 2017, Clayton has been outspoken on securities law issues related to virtual currencies. Watch this interview for an interesting perspective into the SECs thoughts surrounding cryptocurrencies, plus their potential next moves.

Then, Placeholder’s Chris Burninske gives us his TLDR of the interview for those short on time. In Chris, we trust.

 

TWEET OF THE WEEK


 

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