Hodler’s Digest, May 20–26: Top Stories, Price Movements, Quotes and FUD of the Week

Hodler’s Digest, May 20–26: Top Stories, Price Movements, Quotes and FUD of the Week

Coming every Sunday, the Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This Week Copyright Registrations Do Not Recognize Craig Wright as Satoshi Nakamoto Although self-proclaimed Satoshi Nakamoto Craig Wright, an Australian computer scientist, filed United States copyright registrations for the bitcoin white paper and the bitcoin (BTC) source code, that does not mean that the U.S. Copyright Office recognized Wright as Nakamoto. A spokesperson for Wright had told the Financial Times (FT) this week that the office was the first government agency to recognize Wright as the creator of the leading digital currency, a claim that has been met with skepticism by the cryptocurrency community. However, the office told the FT that it does not investigate whether there is a connection between a claimant and a pseudonymous author, and that registering the source code does not protect the intellectual property of bitcoin as an invention. USD Stablecoins Hit Spot Trading Volume Record Highs, With USDT Still Dominating Market Cryptocurrency research firm Diar reported this week that the market capitalization for USD stablecoins has hit all-time highs, exceeding $4 billion. The data shows specifically that stablecoins have a market cap of around $4.3 billion, revealing a surge in USD stablecoin trading volumes in regard to the USDC’s 130% uptick between April and May, as well as TrustToken’s TrueUSD $3.8 billion in volume in May. Controversial stablecoin tether still remains in the lead, the report notes, with trading volumes this year to date exceeding $1.3 trillion — already $200 million higher than the whole of 2018. However, Diar additionally states in the report that the overall broad use case of stablecoins has been slow to gain traction. Tether Says It Invested Some of Its Reserves Into Bitcoin and Other Assets Stablecoin issuer Tether said this week in a court filing that it had invested some of its reserves in BTC. According to the documents, an attorney for Tether’s associated firm Bitfinex stated that Tether had invested “a small amount” of Tether’s reserves into bitcoin, specifying that “prior to the April 24th order […] Tether…

Massive Growth by P2P Exchange and AT&T Accepting BCH in the Weekly Update From Bitcoin.com

Massive Growth by P2P Exchange and AT&T Accepting BCH in the Weekly Update From Bitcoin.com

An upcoming peer-to-peer (P2P) exchange sees massive growth and U.S. telecom giant AT&T now accepts BCH payments. Watch these and other developments discussed in this week’s video update on Bitcoin.com’s Youtube channel. Also Read: How to Easily Find a Bitcoin Cash ATM Near You Massive Growth by P2P Exchange in Bitcoin.com’s Weekly Update This week’s edition presents the impressive growth experienced by the upcoming privacy-focused P2P bitcoin cash trading service Local.Bitcoin.com. More than 1,896 accounts and 790 orders were created within the first week of registration for the platform with the official launch coming up in less than 10 days. You can still sign up now for an account and earn 20% on all transactions completed by those who signed up with your referral link. The weekly update also covers the recent news that American telecom giant AT&T now allows its clients to pay their bills with BCH. Customers who wish to use cryptocurrency for their online payments to the company can do so by selecting Bitpay as a payment option when they log on to their online accounts or using AT&T’s app. Other topics mentioned in the episode include the Elipay payment processing system enabling payments in BCH at over 300 retailers throughout Slovenia, a newly developed plugin that will further strengthen bitcoin cash privacy and Cryptospace partnering with Bitcoin.com to grow adoption in the American market. Cryptospace recently rolled out Bitcoin Cash ATMs to Simon Malls across the United States, where users can now buy gift cards, send international money remittances, pay bills and top off cell phone minutes. Make sure to subscribe to the Bitcoin.com Youtube channel and leave a comment on the latest video. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. Avi Mizrahi Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

Top 5 Crypto Performers: BSV, BNB, LTC, BCH, DASH

Top 5 Crypto Performers: BSV, BNB, LTC, BCH, DASH

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Instant messaging service Telegram reportedly plans to launch its Telegram Open Network (TON) in the third quarter of this year. It has created a new programming language called Fift, which will help develop and manage TON blockchain smart contracts and interact with the TON Virtual Machine. On the other hand, Facebook is allegedly planning to launch its own cryptocurrency in early 2020. The company expects its large user base to start using its cryptocurrency in a dozen countries for making purchases, transferring money and more. Mark Zuckerberg, the founder and chief executive of Facebook, has reportedly discussed the project with U.S. Treasury officials along with Mark Carney, the governor of the Bank of England.   Bitcoin bull Michael Novogratz believes that one of the crypto assets created by the above-mentioned companies is likely to be successful and can even have a “chance to be a real currency.” He also reiterated that the “crypto winter is over” in comments this week. And, according to token rating platform ICObench, the ICO sector is showing a higher success rate as the sentiment improves. BSV/USD Bitcoin sv (BSV) was the best performer among the major cryptocurrencies with a rally of above 60% in the past seven days. The boost came amid the news that nChain founder Craig Wright had filed United States copyright registrations for the Bitcoin white paper and the original code used to build Bitcoin. However, the bitcoin community and a few experts do not consider this to be an important event that can alter the fortunes of bitcoin sv. But what do the charts project? Let us find out. The BSV/USD pair skyrocketed this week and reached the overhead resistance of $134.360. However, profit booking and selling just above this resistance resulted in the pair giving up a large part of its gains. The cryptocurrency should find some support at the current levels, failing which, the drop can extend to $82.489 and lower. While the sharp up move from…

Buysellhodl Aggregates Price Predictions From Traders Like You

Buysellhodl Aggregates Price Predictions From Traders Like You

Any transitional period is characterized with uncertainty and crypto investors would appreciate to have some clues as to where the markets are going from here. Often the expectations of other traders are the best indicator. Buysellhodl is a platform that can give you predictions based on the opinions of people like you. Also read: Determine Which Coins Can Bring You Profit With RSI Hunter App Ranks Cryptocurrencies Based on User Sentiment Buysellhodl has developed a free mobile app for both Android and iOS devices. It is quite popular and enjoys mostly positive reviews from cryptocurrency holders. The software aggregates sentiment data and produces price predictions based on the inputs of its users, including experienced community members. When you download and install the application on your mobile phone, you’ll be able to get real-time price predictions for numerous cryptocurrencies including bitcoin cash (BCH). It classifies the assets in three categories depending on the user forecasts – buy, sell and hodl. At the time of writing, 57% of its users are advising you to buy BCH, 23% are in favor of hodling and only 20% would sell. Based on these numbers, the platform produces an aggregate rating which has been determined as “hodl” for bitcoin cash. 55% of the investors believe BCH will be worth more in the next three months and almost 60% say its price is going to rise even further within a year. Buysellhodl also shows statistics for the predictions during past periods. A Lerner Crypto Prediction Index is also produced for each cryptocurrency. It represents a sentiment indicator calculated by splitting the percentage of hodl ratings evenly between the Buy and Sell numbers and then dividing these updated percentages. The higher the result, the more positive the user sentiment. 1.0 indicates neutral sentiment and BCH is currently at 2.17. The application provides information about the current prices of all tracked digital coins as well as the price change during the past 24 hours which is displayed in percentage points. Cryptocurrencies are also listed according to their market capitalization. The Ratings page shows each coin with its current user consensus, price target for the next 12 months and how the crypto ranks among traders’ top picks. You can also use Bitcoin.com’s Bitcoin Markets to…

Bitcoin Dips Below $8K Again as Top Altcoins See Mild Losses

Bitcoin Dips Below $8K Again as Top Altcoins See Mild Losses

Sunday, May 26 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) falls under the $8,000 mark again. Market visualization courtesy of Coin360 Bitcoin is down less than one percent on the day, trading at $7,990 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin has seen almost no net change, up about a fraction of a percent. Bitcoin 7-day price chart. Source: CoinMarketCap Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.5 billion. The second-largest altcoin, XRP, has a market cap of $16.2 billion at press time. CoinMarketCap data shows that ETH is down a little over half a percent over the last 24 hours. At press time, ETH is trading around $250. On the week, the coin has also seen its value decrease by about two percent. Ether 7-day price chart. Source: CoinMarketCap Ripple’s XRP is just under one percent down over the last 24 hours and is currently trading at around $0.384. On the week, the coin is down a more notable 5%. XRP 7-day price chart. Source: CoinMarketCap Among the top 20 cryptocurrencies, the one reporting most notable price action is bitcoin SV (BSV), which is over 17% up at press time. Earlier this week news broke that BSV proponent Craig Wright has filed United States copyright registrations for the bitcoin white paper authored by Satoshi Nakamoto. At press time, the total market capitalization of all cryptocurrencies is $249.1 billion, about the same value it reported a week ago. Total market capitalization 7-day chart. Source: CoinMarketCap As Cointelegraph reported earlier today, following its hard fork on May 15, bitcoin cash (BCH) appears to have experienced a two-block chain reorganization resulting in a 3,392 BCH (about $1.35 million at press time) double spend.

Crypto-Italy: Institutions, Politics, Business and Society

Crypto-Italy: Institutions, Politics, Business and Society

Between May 23 and 26, 2019, the European Union’s citizens are renewing their continental parliament. Among the countries that will participate in the poles is Italy (voting on May 26) — one of the founding members of the EU, alongside France, Germany, Belgium, Netherlands and Luxembourg. Due to the very nature of cryptocurrencies, it’s tough to get a correct figure of the actual penetration of these technologies in a single country. However, relying on some proxies — as in the chart below — it is likely that the Bel Paese (the Beautiful Country) would fall outside the leading European group. Yet, since a couple of years ago, crypto and blockchain have become relevant topics for Italian institutions, political movements, business world and public opinion. This interest has been raised during the last few months, and it’s very likely that these issues will become more and more relevant during the weeks immediately after the European elections, when some significant novelties are scheduled. Unknown by the law No specific regulation prevents Italian citizens from owning, buying or selling, or using cryptocurrencies as a means of payment. However, cryptocurrencies are still a somewhat mysterious entity for Italian legislation and fiscal practice. The Italian central bank, Banca d’Italia (the Bank of Italy), issued a first warning about “virtual currencies” at the beginning of 2015, defining them as “digital representations of a value […] created by private subjects who operate on the Web.” The risks that the bank pinpointed, for instance, included: the lack of information about these tools, the absence of any specific regulation, surveillance or guarantee, high volatility, and the possibility to be involved in illicit activities (such as international terror or money laundering). Besides these, Banca d’Italia underlined that the tax authorities didn’t recognize the specific nature of the digital currencies, creating serious concerns about the perspectives that were open to the owners. Agenzia delle Entrate, the Italian agency in charge of interpreting and applying tax regulation, tackles the topic only in two of its documents. First, in September 2016, the agency stated that companies offering professional services trading fiat versus crypto (and vice versa) could be equated, for fiscal purposes, with subjects trading among different traditional currencies (the agency applied to Italy a previous judgment of the Court of…

BCH May Have Sustained $1.3 Million+ Double Spend: BitMex Research

BCH May Have Sustained $1.3 Million+ Double Spend: BitMex Research

Following its hard fork on May 15, bitcoin cash (BCH) appears to have experienced a two-block chain reorganization resulting in a 3,392 BCH (about $1.35 million at press time) double spend. The claim was made in a report released by the research arm of cryptocurrency derivatives exchange BitMex on May 24. Per the report, the recent BCH hard fork experienced three interrelated issues. Firstly, an apparent bug evidently exploited by an attacker right after the hard fork. The attacker was able to “broadcast transactions which met the mempool validity conditions but failed the consensus checks.” Miners attempting to produce blocks with said transactions were not able to, instead producing empty blocks. The empty blocks reportedly resulted in concern among miners who “may have tried to mine on the original non-hardfork chain, causing a consensus chainsplit.” The third interrelated problem was that the consensus chainsplit reportedly prevented a system meant to recover funds accidentally sent to SegWit addresses from functioning. According to BitMex Research, “[t]his failure may have resulted in a deliberate and coordinated 2 block chain re-organisation.” The report claims: “Based on our calculations, around 3,392 BCH may have been successfully double spent in an orchestrated transaction reversal. However, the only victim with respect to these double spent coins could have been the original ‘thief.’” As BitMex Research reports, the above three issues during the hard fork resulted in 25 transactions (moving 3,392 BCH) not being included in the reorganized chain, which constitutes a double spend. As Cointelegraph reported at the time, the bitcoin SV (BSV) blockchain — the result of a previous BCH hard fork — struggled with its large block size following a series of block reorganizations in April. In January, a deep reorganization of the ethereum classic (ETC) blockchain, which reportedly included double spending, involved more than $1.1 million worth of crypto.

Franck Muller Releases Luxury Watch With Bitcoin Cold Wallet Functionality

Franck Muller Releases Luxury Watch With Bitcoin Cold Wallet Functionality

High-end Swiss watchmaker Franck Muller has partnered with alternative assets investing firm Regal Assets to release the bitcoin (BTC) storage watch “Encrypto,” according to a report by Cointelegraph Brasil on May 23. In addition to being a high-end fashion accessory, with a price ranging from $9,800 to $50,600, the watch reportedly also functions as a cold wallet for BTC. The watch is reported to be engraved with a public address on its dial and comes paired with a private key on a USB drive. According to the firm, the “deep cold storage wallet” is unhackable and uses “offline generated, non-deterministic TRNGs (True Random Numbers Generated).” In a press release from Regal Assets, regional director of Franck Muller, Erol Baliyan, commented on the leading cryptocurrency, saying “Bitcoin is the millennial gold.” He added: “Bitcoin is the […] perfect marriage between innovation and personal choice.” The Encrypto can be bought with BTC or traditional payment methods. The company is reportedly considering the production of functionally similar timepieces that support other top-five cryptocurrencies, such as ether (ETH) and Ripple’s XRP. As reported May 24, another Swiss luxury watch and clock manufacturer, Vacheron Constantin, will start using blockchain technology to track its timepieces. Last year, Cointelegraph reported that Hublot — yet another Swiss luxury watch maker — released a limited edition model commemorating the 10th anniversary of the bitcoin white paper. The watch, Big Bang Blockchain, could only be bought with BTC and only 210 copies were made, a reference to Bitcoin’s fixed supply cap of 210 thousand (21 million) coins.

What Will It Take to Regulate Crypto Exchanges?

What Will It Take to Regulate Crypto Exchanges?

Konstantinos Stylianou is an assistant professor at the University of Leeds School of Law, and a visiting scientist at the Brown University Department of Computer Science. Shortly after Bitcoin SV was delisted from Binance, CoinDesk advisor Michael Casey published an insightful op-ed discussing whether the delisting amounted to censorship (it doesn’t), whether exchanges should be held to high standards of neutrality (they should) and whether regulation is necessary to achieve this result (it is). The idea is that because major exchanges play such a crucial role in the industry (Casey claims that “[t]hey are the cryptocurrency industry) they should not be allowed to arbitrarily discriminate between crypto assets — rather they should be regulated to operate as neutral platforms. But ask any regulation expert and they will tell you that, absent Goldilocks conditions (hold that thought), neutrality is neither the natural state of markets, nor the natural instinct of regulators. If that’s the case, regulation of the kind that would have saved Bitcoin SV and of the kind Casey advocates for – while possible – might not quite be around the corner. Neutrality is rare and regulation even rarer That neutrality is not the natural state of markets, we’ve known for a while. It is hard to notice when there is an abundance of choice and people get what they want, but when there is too little of something, the owner of that bottleneck resource often becomes partial and does not treat everyone the same. When the first telephone networks were rolled out, they suppressed devices and services from competitors and even arbitrarily refused call service. Microsoft saw Netscape as a threat and sabotaged it. Apple and AT&T similarly blocked Skype in the early days of the iPhone. There are countless other examples of platforms disfavoring complements or customers. Were regulators called in to save the day in all these cases? They were indeed. Telephone networks were designated as common carriers, which came with the obligation to provide non-discriminatory service; Microsoft was forced by antitrust regulators to abandon the practices that squeezed Netscape out of the market; and Apple and AT&T dropped their restrictions against Skype after the Federal Communications Commission threatened them with net neutrality action. It may seem that regulation came to the…

Beacon Chain Contracts: A New Way to Deploy Dapps on Ethereum 2.0

Beacon Chain Contracts: A New Way to Deploy Dapps on Ethereum 2.0

The core infrastructure behind ethereum 2.0 might be in for a major redesign. Dubbed the beacon chain, a new proposal by ethereum founder Vitalik Buterin suggests radically modifying the blockchain’s role in a new iteration of the ethereum network based on proof-of-stake consensus. “The idea here is that basically on the beacon chain, you’re going to be able to deploy these little worlds that summarize how a blockchain works, how a state transition works, [and] how a smart contract works,” Raul Jordan, co-lead at non-profit Prysmatic Labs, told CoinDesk. Prysmatic Labs is one of a dozen or so teams building software to support a highly-scalable and energy-efficient version of the world’s second largest blockchain based on proof-of-stake consensus. According to Jordan, the proposed beacon chain design by Buterin “makes it a lot easier for application developers, people building on [ethereum],” to leverage the new network without having to re-learn the parameters of an entirely new blockchain platform. This is welcome news to many application developers on the world’s second largest blockchain platform, who for years have been anticipating the ethereum 2.0 upgrade without fully understanding what it will entail. “How do we get to proof-of-stake? How do we implement sharding? How do we get there safely? And what does it really mean for the ecosystem and developers in the ecosystem?” asked CEO of crypto wallet application MyCrypto Taylor Monahan in a past interview with CoinDesk. While many aspects of ethereum 2.0 are still highly subject to change and further research, the latest proposal by Buterin suggests interesting new dynamics to simplify how decentralized applications (dapps) are deployed on the estimated $26 billion network. And it all begins by understanding the beacon chain. Custom blockchain worlds The beacon chain is a central blockchain that coordinates hundreds of other ethereum blockchains, called “shards,” in the envisioned ethereum 2.0 network. “Instead of having one giant machine run transactions one at a time…we can split it up across tons of machines across the world and run them in parallel,” Jordan explained to CoinDesk. Originally, the beacon chain was to act strictly as the coordinator – or, in the words of Buterin, as the “heartbeat” – of ethereum 2.0, tracking all the data in shards and compiling summaries of that data…