Hodler’s Digest, June 11-17: A Regulatory Win for Ethereum and a Falling Market

Almost Memorable Quotations

Brad Garlinghouse

"Bitcoin is really controlled by Prc. There are 4 miners in Red china that control over 50 percent of Bitcoin. How do we know that China won't intervene? How many countries want to use a Chinese-controlled currency? Information technology's but not going to happen,"— Brad Garlinghouse, Ripple CEO

Baiju Bhatt

"[Bitcoin] has this tenacity to it which information technology just keeps coming back. There are times when in that location are big run ups in the cost, and the price goes down and its relevance in social club seems to fade back. And it keeps coming back," — Baiju Bhatt, Robinhood co-founder and co-CEO

Changpeng Zhao

"We endeavour very difficult to not be number ane all the time," — Changpeng Zhao (CZ), Binance CEO

Laws And Taxes

Lithuania Presents Comprehensive ICO Guidelines

The government of Lithuania has released a new prepare of ICO guidelines that officials herald as a move towards "certainty and transparency" in cryptocurrency regulation in the country. The guidelines, which cover crypto taxation, accounting, and AML, focuses on an ICO token's "granting profits or governance rights" as the determining factor in classifying it as a security.

International Financial Activeness Task Force Reported To Prepare Crypto Substitution Rules

The Financial Action Chore Strength, a grouping that combats money laundering and terrorism financing, will begin developing binding rules for crypto exchanges in June, co-ordinate to reports from a Japanese official. The new guidelines would involve requirements for exchanges in regards to anti-money laundering measures and reporting suspicious trade action, and the organization would reportedly likewise await into how to work with countries that are working on banning cryptocurrencies.

Proposed Bills In Michigan Allocate Blockchain Tampering As Criminal offense

2 bills currently proposed in the Michigan state legislature would make altering the public digital record on a blockchain with intent to defraud into a felony punishable by up to fourteen years in prison, besides as adding definitions of distributed ledger technology to the Michigan penal code.

Adoption

Irish Foreign Investment Gov't Bureau Announces Blockchain Initiative

IDA Ireland, which is responsible for alluring direct foreign investment into Republic of ireland, will be leading an initiative promoting blockchain investment and innovation in the land. "Blockchain Ireland" will work on collaboration with international companies on blockchain tech and will include an online platform touting Ireland'south "ideal location" for int'l blockchain firms. The initiative was developed by the Irish Blockchain Skilful Group (IBEG), an IDA Ireland-led forum, the Section of Finance, Enterprise Ireland, and Consensys.

Second Largest Crypto Exchange To Offer Fiat-Crypto Trading Through Republic of malta Substitution

Binance will be offering euro-cryptocurrency trading pairs through a separate substitution based in Republic of malta, showtime with mainly euro-BTC pairs. The cryptocurrency substitution had opened both an office and a bank account in Malta this bound after receiving a alarm alphabetic character from Japanese fiscal regulators.

Chrome Adblock Plus Extension Uses Blockchain To Spot "Faux News"

Adblock Plus developer eyeo GmbH will be using blockchain for its beta Trusted News browser extension that labels fake news media while marker the trustworthy sites. When opening a site, the extension will bear witness whether the news source is "trustworthy," "unknown," "clickbait," or "satire."

CBOE President Says SEC Calling ETH Non A Security Paves Way For ETH Futures

The president of CBOE--which released the first Bitcoin futures last December--said that the SEC'due south recent decision that Ethereum will non be regulated every bit a security has removed a big "stumbling block" from the possibility of offer Ether futures.

Walmart Receives Patent For Crypto-Powered Electric Grid

U.Southward. retail giant Walmart has been given a patent for developing an electrical grid that would be powered by cryptocurrencies, helping companies manage energy consumption and regulate demand by using a publicly distributed transactions ledger. The blockchain-based organization will show which devices consume the near ability, assuasive the networks to support each other if one consumes less energy.

Mergers, Acquisitions, And Collaborations

TRON Founder Acquires Software Firm BitTorrent

Justin Dominicus, blockchain entrepreneur and TRON platform developer, has reportedly caused BitTorrent for an unspecified sum. Sun had reportedly first entered into negotiations with BitTorrent last September, but the deal was then suspended when BitTorrent started negotiating with other bidders against the letter of intent. The now allegedly completed conquering was reported by Variety this week, with BitTorrent employees purportedly advised to not share any data about the conquering.

IOTA, Volkswagen Demonstrate Autonomous Car Proof-of-Concept

Cryptocurrency IOTA and car manufacturer Volkswagen displayed their Proof-of-Concept using IOTA's Tangle organization for autonomous cars this week at the Cebit '18 Expo in Deutschland. The POC entails IOTA'due south Tangle architecture transferring software updates "over-the-air" as part of Volkswagen's new "Connected Machine" systems.

Russian Corporate And Gov't Giants, Gazprombank Create Articulation Fintech Venture

Russian telecom company Megafon, Gazprombank, government corporation Rostec, and the USM Group have formed a $450 mln joint venture—MF Technologies—that will develop blockchain and Net of Things (IoT) innovation.

VeChain Partners With Deutsche Bahn For Chinese Logistics Industry

Singapore-based blockchain startup VeChain (VEN) has collaborated with global logistics provider DB Schenker--a division of Deutsche Bahn--for a blockchain-based supplier evaluation organisation. The new DApp will employ the VeChainThor blockchain with DB Schenker's tertiary-party logistics partners in Cathay for supplier direction purposes.

Digital Bailiwick of jersey Signs MOU With Binance To Create Crypto Exchange

Digital Bailiwick of jersey, an independent organization that represents the digital industries of Jersey in the Channel Islands, has signed a memorandum of agreement with crypto commutation binance to create a compliance base and commutation on the island. Every bit role of the agreement, Binance will provide training in digital skills in the goal of promoting the blockchain manufacture in Jersey, and Digital Jersey will assist in establishing licensing and banking regulations on the island.

Winners And losers

Winners And Losers

Chart

The crypto markets are withal down this calendar week, with Bitcoin far below $vii,000 and Ethereum barely in a higher place $500.

Summit three altcoin gainers of the week:

Dragonchain (12.81%)
ReddCoin (9.06%)
Mithril (seven.38%)

Top three altcoin losers of the week:

Vertisaeum (-five.00%)
Fusion (-4.69%)
Bones Attending Token (-4.21%)

For more than info on crypto prices, brand sure to read Cointelegraph'southward market place analysis.

FUD Of The Calendar week

EOS Mainnet Freezes Subsequently 48 Hours

Two days later on its launch, the EOS mainnet "paused," according to reports on Twitter and a Steemit mail by the top 21 EOS block producers. Although the cause of the freeze is equally of yet unknown, mainnet is reported to have gone back online after near four hours, according to an EOS-dedicated Telegram channel.

Courtroom Orders Italian Authorities To Seize BTC From Bitgrail Wallets

An Italian court has ordered the seizure of Bitcoin from the wallets of hacked crypto exchange BitGrail, with the corporeality of Bitcoin taken unspecified. The court social club comes amidst pre-bankruptcy proceedings for the commutation, following a court petitions by victims of the February BitGrail hack.

Tether Blamed For Bitcoin Price Manipulation In New Report

A paper from the University of Texas has pointed to purchases with Tether every bit responsible for Bitcoin price manipulation in 2022. Co-ordinate to the researchers, Bitcoin'due south December cost rise to $twenty,000 was due to Tether and its issuer Bitfinex, as purchases with Tether were timed with market downturns, thus causing Bitcoin's price to go upwards.

Reports Finds Around $xx Mln ETH Stolen Due To Misconfigured Ethereum Clients

Chinese cybersecurity house Qihoo 360 Netlab has institute that most $18.1 mln in Ethereum has been stolen by various "threat actors" using the Remote Procedure Calls interface to gain access to Ethereum data similar private keys. The cybersecurity house outset reported this vulnerability in March, when around $2,000-$three,000 was siphoned off into port 8545—and evidently the siphoning never stopped, bringing the figure closer to $20 mln.

Dutch Financial Authority Has "Serious Doubts" About Crypto Entities Following Laws

The Netherlands Authority for the Financial Markets sent a letter to market participants offering crypto investment opportunities this calendar week, noting that it has "serious doubts" about whether they are conforming to licensing obligations. The letter too stated information technology doubted whether the managers of crypto investment institutions tin can even meet the licensing requirements due to the risks associated with crypto.

Prediction Of The Calendar week

Geopolitical Annotator Predicts Blockchain Volition Become "Obsolete"

George Friedman, a geopolitical annotator for online publication Geopolitical Futures, told CNBC this week that he predicts blockchain technology volition be "obsolete" in the hereafter. Co-ordinate to Friedman, since all encryption technology that has e'er existed volition someday exist broken, blockchain is " ane of those hypes" that could be decrypted by either Russian, Chinese, or American intelligence services.

Best Features

The Truth About Smart Contracts

Bitcoin proponent and programmer Jimmy Song delves into why smart contracts are actually "pretty dumb" and how it'due south their execution really makes them powerful.

Prepare Yourself! The Security Token Tsunami Is Well-nigh To Hit

Lou Kerner, partner at CryptoOracle.io, discusses why side by side twelvemonth is about to see a whole lot of security token issuance. His reasons? Wall Street is moving into crypto, most people prefer liquidity, and securities regulations have been around for a while, making it easier to piece of work with regulators.