Glitched Consensus Node Briefly Cripples NEO Network: The failure of one node has taken down NEO temporarily in the past few days. The network was at a standstill until it could be restarted and fixed showing the dangers of centralization. NEO eventually plans to roll out changes that further decentralize the network, but for now centralization is core until they can get everything they desire out first.
Belgian Tax Authorities Hunting Down Cryptocurrency Speculators: Belgium is hunting down its crypto users. It is cooperating with foreign tax entities and trying to get in touch with exchanges. Expect more countries to get hungry for their perceived owed money from your crypto activities. A few cases are already being pursued to get owed taxes out of a few individuals.
Australia’s Tax Office Targets Bitcoin Investors: Australia is also looking to collect its taxes. However, their statement seems to give people the benefit of doubt. They see it as people don’t know they have tax obligations and are seeking to remedy that.
Icelandic Police Are Hunting for Hundreds of Bitcoin Miners: Arrests were made, and the search is still on for the missing miners. It isn’t surprising that criminals are starting to target mining operations. Not only is the equipment itself valuable, but it isn’t difficult to move around and produces things of great value. Miners should take care to have ample physical security to support cyber security measures.
PayPal Is Seeking Faster Crypto Payments Tech: PayPal is patenting a way to utilize a secondary wallet that host private keys for buyers and sellers to avoid transaction time wait. Personally, it sounds like a security nightmare waiting to happen. Seems like if a user is concerned about losing crypto value between the trade then they should just use another service or fiat.
Blockchain Needs Centralization, Says Chinese SEC Official: Makes perfect since that the PRC sees the value of blockchain, but would rather see it centralized. I’m sure other governments are thinking this. I can agree that not every blockchain be public, but decentralization must exist in some form. All current blockchain/ crypto relies on the assumption that one entity doesn’t control and can’t attempt to move the network in their desired way. I’m sure a lot of flaws would be discovered in an organization that used this tech in a completely centralized way and not even attempt to spread control to at least different entities in the organization.
Major Blockchains Are Pretty Much Still Centralized Research Finds: University of London found that most coins are still centralized. After reading it, their definition of centralized isn’t exactly good. It focuses too much on who is contributing to the code and direction of the coin. Ethereum was an obvious example since everyone knows how important Buterin is to its survival and it shows in his 20% contribution compared to other devs. I’d argue that the 7% that the primary Bitcoin dev contributes isn’t too bad. I think Buterin gives a good example to what a coin shouldn’t be in this realm. The disappearance of that Bitcoin dev would be like a drop in the ocean compared to Buterin disappearing. My primary beef with this research is the lack of the most obvious discussion. How decentralized is the network itself. It was acknowledged that Ethereum is more decentralized than Bitcoin in this aspect. This is entirely due to the major difference in start up cost to contribute to Ethereum compared to Bitcoin and the advantage early movers had in Bitcoin.
Member of China’s Main Political Advisory Proposes National Crypto Trading Platform: Some people in China aren’t opposed to hosting crypto. However, they see it needs a centralized entity of control. It seems more like an attempt to control how crypto capital flows more than anything. Since if a company needs to be approved first, the PRC knows where and how to get their cut. They can also minimize Chinese investors from investing in foreign blockchain companies by just not approving them.
Coincheck’s $534M of Stolen NEM Found By Blockchain Forensics Firm: BIG has tracked the hackers to a Canadian exchange. In the future these companies may offer some automatic tracking for large transactions leaving exchanges. For now, they prove the point that if you wanna do something bad pick a privacy coin. Because every other coin will be successfully tracked eventually.
ICO Exit Scams after Listing Ryan Gosling as Graphic Designer: An ICO with an entire fake team raised around $800k. It’s crazy how ICO fever is in its downturn but people are still investing in random crap. Twitter user @CryptoShillNye discovered Miroskii and noticed Ryan Gosling as one of the team members. People need to do research before throwing money at something. This is a project that seems like it could be under the category of money laundering than a scam ICO since it is so absurd.
MasterCoin+ May Be the Next BitConnect: Basically STAY AWAY.
Bitconnect Lawsuit Saga Continues: Legal Fees Pass $750,000: Bitconnect is getting suits from everywhere. The most interesting thing is that promoters are getting knocks on their door by uncle Sam too. Trevon James confirmed that he has a court date soon about Bitconnect. That’s why I’m with what I take as a Sponsor. With these new SEC attitudes, accepting anything from unregistered ICOs will be a risk a promoter takes that may have future repercussion.
Bitcoin Transaction Volume Hits Two-Year Low, Despite Rock-Bottom Fees: Without the exchanges clogging the mempool, transactions are getting shallow. Especially since prices are hitting a slump and less people are interested in Bitcoin. I wouldn’t expect much from this market.
‘No Decision’ on New Assets, Coinbase Says Amid Ripple Rumors: A lot of rumors of the next coin on Coinbase would be Ripple. This are very much only rumors and have be confirmed to be such. With the current climate, Coinbase must be careful with anything they add since it can have major blowback being a US entity.
European Commission to Release Bloc-Wide Blockchain Framework, Says Draft Document: An EU wide regulatory ruling will appear soon. It seems like regulation will be the tone of 2018 to temper the wild west of last year. It is worth seeing how tolerant the EU is compared to the US. If Germany or France is at the lead, it may be like how the US tone has changed.
Bitcoin’s Tokyo Whale Sold $400 Million and He’s Not Done Yet: There is a lot of talk that he Trustee for Mt. Gox’s exchange is the reason why the Bitcoin market is down. While ETH has been stable, Bitcoin has seen a massive downtrend these past few months. The trustee admits to selling very large chunks of bitcoin. This could be the main factor of the market dying considering 400 million is a massive pile and he still has more left to dump. With this and legislation, the market for 2018 is looking poor.
Possible Hack Of Third-Party Tools Affects Binance Exchange Users: There has been an exploit using bots and API’s that allowed hackers to drain users accounts and attempt a heist. It failed to leave Binance, but there is reports of users who didn’t even utilize the API getting their accounts drained. This is just another proof that you shouldn’t keep your crypto on an exchange or you will risk your coins disappearing.