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Cryptocurrency Morning Brief

May 29, 2018

  • Cryptocurrency App, Taylor, has suffered an attack which has completely drained the startup of its cryptocurrency store. The attack equated to USD$1.5mm and an investigation into the attack has begun. The firm says that security measures were in place to prevent such attacks, but these appear to have failed. The company currently only has USD$25,000 and the future of its business is currently unknown
  • Bank of England Head, Mark Carney has suggested the prospect of a central bank digital currency. Mr. Carney layed out the possible financial risk and instability issues using a CBDC in a recent speech. He stated that he does not believe adopting a central bank digital currency would negatively impact the UK economy, specifically private credit or liquidity provisions
  • Peter Thiel has recently changed his views on Bitcoin (BTC) and believes that there is a 50% to 80% chance that bitcoin’s price will decline to a point where the cryptocurrency will effectively be useless. Thiel believes other digital currencies like Ethereum (ETH) will surpass BTC in value. Thiel’s initial views were to be long Bitcoin (BTC) and neutral to skeptical on altcoins. Now he believes BTC may end up being treated like digital gold and other Altcoins may be worth betting on
  • Just 15 months after hitting 1,000 global Bitcoin (BTC) ATMs, the total outstanding BTC ATMs stands at 3,000 as of 5/28/18. The pace of opening BTC ATMs is accelerating and is at 6.15 installations daily. Of the 3,000 total ATMs, ~36% are two-way ATMs, meaning that BTC can be bought and sold at the location. Only 50% of machines currently support altcoins, with Litecoin (LTC) being the most popular altcoin
  • In China, the Hangzhou Blockchain Industrial Park (BIP) has issued six types of funding to attract new businesses as it seeks to expand its reputation. The industrial park subsidizes high quality projects in the blockchain industry. Masters & PhD students are provided with living allowances and equity investment guidance. The BIP opened with ten blockchain companies signed up
  • Olga Skorobogatova, a senior official form the Central Bank of the Russian Federation has stated that additional research and exploration is needed to fully grasp the benefits of blockchain technology. During her address at the SPIEF conference in St. Petersburg, she mentioned that blockchain is still unable to scale to necessary levels and it is lacking security. Additionally, she mentioned that it is still not mature enough
  • Block.one, which founded EOS in 2017, is on track to raise more than USD$4bn through a yearlong sale of its digital tokens. The company, has been selling its token, EOS to investors. EOS is competing with Ethereum to create a mass adoption system backed by software it provides on its blockchain. Block.one will also be investing more than USD$1bn in startups building on its platform, and the company has said it has not decided what it will do with the remainder of the funds

Sources:

https://www.zdnet.com/article/all-of-cryptocurrency-trading-app-taylors-funds-have-been-stolen/#ftag=RSSbaffb68

https://www.express.co.uk/finance/city/966127/bitcoin-latest-cryptocurrency-news-ethereum-mark-carney-bank-of-england?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+daily-express-citybusiness+%28Daily+Express+%3A%3A+City+%26+Business+Feed%29

https://www.investopedia.com/news/peter-thiel-believes-bitcoin-may-be-outs/?utm_campaign=rss_headlines&utm_source=rss_www&utm_medium=referral

http://bitcoinist.com/now-over-3000-bitcoin-atms-worldwide/

https://www.newsbtc.com/2018/05/28/millions-in-subsidies-offered-by-chinese-blockchain-industrial-park-to-new-companies/