5 CommentsHere’s what happened this week in Bitcoin in 99 seconds.
Some market watchers blamed the bearish price action on news that Japan’s largest exchange, BitFlyer, was ordered to suspend new account registrations. Japan’s Financial Services Agency, which oversees crypto exchanges, has demanded that BitFlyer improve their KYC / AML processes.
Those who lost bitcoins in the Mt. Gox failure will receive a partial settlement of $450 per coin. This sum will be paid out mid-2019 in BTC, rather than fiat. This means that the Mt. Gox Trustee will no longer be dumping large volumes of BTC on the market.
The major South Korean exchange Bithumb was hacked and $31 million were stolen. It seems that the exchange’s Ripple wallet was targeted. Bithumb stated that affected clients will be compensated from the exchange’s reserves. The exchange also made assurances about the safety of user funds.
Tether announced that an inspection of their US Dollar bank holdings by a law firm has proven that full Dollar backing exists for all issued Tether coins. As of the 1st of June, Tether’s fiat holdings exceeded the number of Tethers. Although short of a full audit, this report should dispel some of the doubt surrounding Tether’s financial situation.
The central European nation of Slovenia is opening a so-called “Bitcoin City” in its capital, Ljubljana. The region will house over 450 cryptocurrency-accepting shops and span 250,000 square meters. Facilities will include bars, restaurants, a waterpark, cinemas and swimming pools.
That’s what happened this week in Bitcoin. See you next week.
In all I’ve read, counterfeit ing coins hasn’t been mentioned and relatively little this far on the federal reserve plans for 2020 about using XRP. Can you expand on these to help me legitimize to naysayers?
Federal Reserve to use XRP? Nah, this is probably just a wild rumour. XRP hasn’t seen much uptake so far even among banks using it to route value between themselves (interbank ledger). If the Fed was going to get involved, 2 things:
1) it’d be huge, huge news and everyone in crypto would know about it. I’ve never even heard of this rumour, so I think it’s pretty unlikely it has any backing.
2) the Fed would create their own coin for this purpose rather than massively enriching the Ripple company. By using Ripple, they would in effect make Ripple the Fed and put themselves in a dependent position, for absolutely no reason given the relative ease of creating their own coin.
Alexander Reed is really awesome and i really do learn a lot from every single video they have. Cheers to this guy and to the team!
The more I hear the dodgier Cryptocurrency appears. First I was Under the impression that Crytocurrencies were finite ie only X amount could be had.
Yet every day people talk of many millions of Dollars here multimillions there, it seems as though Cryptocurrency is indeed limitless=so very very suspect. (if they? purveyors, can just keep generating more).
The next issue is the amount and size of Fraud that appears to be every other month. In this newsletter its $31M here, $XM there and the attacks are major hitting “impenetrable” large targets= clearly high level organised crime at work robbing the easily rob able.
All very scary stuff when you conssider the attendant crimes that attach or also run with such fraud such as identity theeft, hacking malwaare and such.
Even the US TSA’s (airport security screeners) at one airport claimed they spottted Bitcoins in a boarders bag and wanted to detain him in case he was travelling with more than $10K haha His advice that bitcoin was only a digital currency fell on deaf eaars
Hey Bill,
Well, crypto is a high risk / high reward environment. Hacks are fairly common, which is why we advise people to store their own coins, off-exchange, and ideally in a hardware wallet. If everyone did so, only the active traders would be effected by these exchange hacks.