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Shiny(il) Gold Coins

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This is The Block. Did you hear the one about the Korean salvage firm who discovered a sunken Russian
 

The Block

July 24 · Issue #57 · View online
Weekly curated #cryptocurrency news and commentary.

This is The Block. Did you hear the one about the Korean salvage firm who discovered a sunken Russian battleship filled with $130 billion in gold bars and now are raising money for the salvage operation? The punchline: they are launching an ICO to do it.
Shinil Group, which dubs itself as a treasure-hunting company, plans on launching an ICO for their own digital gold, which will be backed by the gold found onboard the Dmitii Donskoi, a battleship scuttled during the Russo-Japanese War in 1905. It was rumored to have been carrying 200 tons of gold coins and 5,500 boxes of gold bars.
But there could be troubled waters ahead. South Korea’s Ministry of Maritime Affairs (just have your affairs on land, already!) and Fisheries said that Shinil Group didn’t apply for salvage rights. Might want to get on that.
Shinil Group hasn’t released any details about the token they plan on creating. It does not have a website, social media account, or really any web presence–and I’m talking about the company, not the ICO–so information is rarer than a Russian doubloon (is that a thing?). The ICO is supposed to drop July 30th, in which one Shinil Gold Coin will be worth 10,000 won (about $8.87). Of course, there’s also no whitepaper available either, so this whole thing might be a case of chasing the white whale, or some other tortured metaphor.

Shortcuts
Gonna be a bit more than usual today, because crypto is starting to heat up again. First up, let’s get the fintech/regulatory/government oversight stuff out there, because this is a continuation of the trajectory I called back in February.
U.S. Congressperson Brad Sherman calls for a ban on crypto mining and purchases. Perhaps not coincidentally, Mr. Sherman’s largest corporate donor is Allied Wallet, a credit card processing company. Definitely not coincidentally, Allied Wallet had to forfeit $13.3 million to the US Government for because the funds were “property involved in money laundering… traceable to proceeds of the operation of an illegal gambling business and traceable to property used to operate an illegal gambling business.” That’s what I call rich.
New Goldman Sachs CEO David Solomon is keen on crypto. The implications of a bright, ambitious, and (relatively) young CEO of a legacy banking institution being bullish on Bitcoin can’t be overstated.
And the Heritage Foundation (a conservative think tank) is calling for Congress to put an end to capital gains taxes on cryptocurrency, and wants the government to make rules in favor of innovation and discovery.
“The federal government should not step in and tilt the playing field. It should treat cryptocurrency, and all other forms of money, neutrally.”
And finally, it looks like BlackRock is getting into Bitcoin. TLDR; BlackRock = BigMoney.
I tend to be pretty iffy on the merits of TA (technical analysis). Hindsight is easy. So it’s with great reluctance that I link to this possible fractal duplication for XRP. Whatever that means, Ripple and XRP are definitely doing their part to make crypto adoption happen. And hey, the IMF is bullish on XRP, so that’s something.
Links of Note
Bitcoin Market Dominance at 45 Percent and Altcoin Prices Begin to Decline
The 'Bitcoin Archeologists' Recovering Passwords with Brute Force and Hypnosis
Silk Road Founder Ross Ulbricht Tweeting from Prison
The Digest: Ripple Is Giving Away Its Cryptocurrency to Get People to Use It
Was Ripple (XRP) Really Ineffective for Western Union?
Ethereum (ETH) Transaction Numbers Go Parabolic, 3x XRP
Here’s what happened to the cryptocurrencies that celebrities vouched for
Bonus
This is a 45 minute podcast, but Vitalik demonstrates a canny (or would it be uncanny?) awareness of economics and human behavior–which may not be surprising given his status as Ethereum co-creator, but nevertheless should still impress.
Vitalik Buterin on Cryptoeconomics and Markets in Everything
That’s it for today! Thanks for reading.
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