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Cryptocurrency Morning Brief

Jun 04, 2018

  • China Central Television (CCTV), made a comment over the weekend that said blockchain is 10x more valuable than the internet. An hour-long program aired which discussed the concepts and risks of blockchain technology. Notable speakers talked, such as: Don Tapscott - author of “Blockchain Revolution”, Chen Lei – CEO of cloud firm Xunlei, and Zhang Shoucheng – Stanford physics professor and founder of Danhua Capital. The speakers honed in on how blockchain will allow users to own their data
  • Slovenia’s commercial park is making efforts to become a Bitcoin City. The commercial park is named BTC City and the area contains 500 retail stores, some of which accept bitcoin. The Slovenian State Secretary, Tadej Slanik, recently used the Elipay cryptocurrency transaction system to purchase a cup of coffee
  • Japan’s Financial Services Agency (FSA) has granted 16 cryptocurrency exchange licenses to operate, and 16 more applications are pending. Cryptocurrency exchange Hitbtc has suspended its services for Japanese investors as the exchange is not yet authorized to operate in Japan. The exchange has the eighth largest cryptocurrency trading volume in the world. In the meantime, Hitbtc will be working with a Japanese law firm to open a subsidiary will allow the firm to receive licensing
  • ZenCash was recently exposed to a 51% attack yesterday morning. ZenCash’s team stated that they were ready for a situation like this to occur and as a result, the team contacted exchanges to increase confirmation times to disallow the chance of a double-spend. The team found that the hacker was able to double-spend their ZenCash and provide themselves with an extra USD$558,000. Recently, Verge (XVG), Bitcoin Gold (BTG) and Electroneum (ETN) have experienced double-spend attacks. Networks with materially larger hashrates like Bitcoin (BTC), Ethereum (ETH) and ZCash (ZEC) have been shown to be harder to initiate a 51% attack
  • Japanese financial giant SBI holdings announced that it launched an in-house cryptocurrency exchange. The firm expects to roll out the exchange later to the public in July of this year. The exchange is called VCTRADE and the exchange will focus on trading Ripple (XRP). The exchange will later support Bitcoin (BTC) and Bitcoin Cash (BCH), however it is unclear when. The platform registered with Japan’s FSA late last year
  • Indonesia’s Futures Exchange Supervisory Board has made the decision that cryptocurrencies are commodities and can be traded on the country’s futures exchange. This issue was studied for four months, and the announcement came early today. In contrast, the country’s central bank last year said it would prohibit bitcoin payments and that it does not recognize the cryptocurrency as a legal payment method
  • Major cryptocurrencies are moderately lower to start the week. Quantamize's Machine Learning Crypto Signals are on their third day of a rolling 3-day signal and currently 13 out of 30 cryptocurrencies are "Buys"

Sources:

https://www.coindesk.com/china-state-tv-blockchain-is-10-times-more-valuable-than-the-internet/

https://news.bitcoin.com/slovenias-shopping-center-btc-city-genuine-bitcoin-city/

https://news.bitcoin.com/cryptocurrency-exchange-hitbtc-suspends-services-japan/

https://www.newsbtc.com/2018/06/04/another-cryptocurrency-experiences-51-attack-following-bitcoin-gold-verge/

https://www.coindesk.com/sbi-launches-japans-first-bank-backed-crypto-exchange/

https://www.coindesk.com/indonesian-regulator-gives-green-light-for-crypto-futures-trading/