This is our weekly recap of the crypto world. In these recaps we’ll mention the top 5 most interesting news from the past 7 days and link to more in depth resources about them.
The popular exchange Coinbase announced on Monday that it’s planning to add support for ERC20 based Ethereum tokens. Most altcoins today are based on the ERC20 standard, so it’s no surprise to see Coinbase trying to grab a bigger piece of the pie.
It is not yet known which tokens they intend to support, but Coinbase does say they’ll first need to be approved by their GDax exchange which currently requires additional regulation for increased transparency.
Ticking Time Bomb in Switzerland
According to Handelszeitung, one of the biggest and most controversial exchanges in the world, Bitfinex, is moving its headquarters from Virgin Islands to Switzerland. The reason is allegedly a departure from the wild west of cryptocurrency and a more encouraging crypto future in Switzerland.
The company says they’re trying to be the most transparent exchange in the world due to Switzerland’s regulatory framework, which is probably a good move considering their connections to the extremely suspicious Tether.
Last week 300 million more USDT were printed, and the Tether company still claims they’re fully backed by American Dollars. An audit still hasn’t been done since the moment Tether opened. The new injection of USDT did pump the price of BTC to 9000 USD, but was not enough to keep the whales from dumping long into this week.
How long the Tether saga can still continue remains to be seen, but the usual critics are traditionally skeptical.
The Red Week
New accusations are blanketing Nobuaki Kobayashi, the man who allegedly owns the 200,000 BTC from Mt. Gox’s bankruptcy. The claims that his sell-off of 18000 BTC caused last week’s red market were somewhat debunked by the emergence of ASIC miners for Ethereum – a blockchain thought to be ASIC-proof until now – some new attention being shed on Monero’s alleged privacy issues, as well as the shuttering of two Japanese exchanges because they wouldn’t be able to conform to regulations.
What’s really behind the market’s decline seems to be much more sinister, however, as it appears it’s the big holders doing the sell-off, not just these unconnected incidents.
The partnership between Coingate, a payment platform which lets you accept payments in cryptocurrencies, and the free online webshop provider Prestashop makes it possible for 80000 merchants all over Europe to accept cryptocurrencies for their goods.
The aim of this move, apart from profit, is bringing cryptocurrency into the mainstream while at the same time providing people with a safe way to spend their cryptocurrencies on more than just speculation. For now they’re planning to support 50 different currencies alongside fiat payments.
Ethereum’s co-founder, Vitalik Buterin, came up with a suggestion on charging for data rent on the blockchain. In his post, he suggested a formula for calculating the price based on the rent’s lifetime.
Adding this type of fee into the blockchain is under consideration because of Ethereum’s rapidly growing size and its storage needs, particularly from ICOs. But does this mean data would expire after a while and the blockchain would no longer be immutable? Not really, we’ll explore this issue in an upcoming post – stay tuned.
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