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Satoshi&Co Daily Crypto Newsletter #49

Join a growing list of crypto experts, leading investors and blockchain aficionados who have chosen t

Satoshi&Co Daily Crypto Newsletter

November 14 · Issue #68 · View online
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Ahead of the impending Bitcoin Cash hard fork, the two factions, led by Craig Wright and Roger Ver are busy slinging mud at each other and making efforts to influence miners to support their respective chains, Bitcoin Cash SV and Bitcoin Cash ABC, post the hard fork. It will interesting to see which chain attracts more hash power after the fork, but as far as pre-fork hash power is concerned, BCH SV has more hash power as per stats from coindance. However, Bitcoin Cash ABC has more nodes supporting it.
The period has also seen increased volatility in BCH prices; prices went up by around 40% last week, only to decline by 30% since the beginning of this week, and there was especially heavy trading in BCH out of Asia. Data from coinmarketcap shows that the IoUs of Bitcoin Cash SV and Bitcoin Cash ABC are trading at $233 and $249, respectively. For some more context, we covered the reasons behind the chain split in one of earlier issues.
Meanwhile in Crypto Wonderland....
“IMF says governments could set up their own cryptocurrencies”
Governments should consider offering their own cryptocurrencies to prevent the systems becoming havens for fraudsters and money launderers, Christine Lagarde, head of the International Monetary Fund said referring to the fast-growing fintech industry. Lagarde said central banks had to work quickly to establish digital cash for burgeoning networks of private financial transactions or risk their mushrooming into trading networks that were inherently unstable.
“Marshall Islands’ plan for a national cryptocurrency survives crucial vote”
Plans to launch a national cryptocurrency for the Republic of the Marshall Islands are still in motion after President Hilda Heine survived a vote of no confidence. The Pacific Island nation intends to issue a local cryptocurrency called the sovereign (SOV) as a second legal tender, alongside the US dollar, despite concerns being raised about the economic risks involved with such an endeavour. President Heine faced a vote of no confidence after eight senators accused her of damaging the reputation of the country by backing of the proposed currency.
“CFTC Fines Bitcoin Trader $1.1 Million for Crypto Fraud ”
The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme. According to a press release issued Friday by the CFTC, the trader, Arizona resident Joseph Kim, admitted to defrauding investors of hundreds of thousands of dollars after misappropriating more than $600,000 of his previous employer’s funds.
“Questions raised over Bitmain profits after IPO filing”
Bitmain Technologies, the world’s largest maker of cryptocurrency mining hardware, has stated significantly smaller profits in its initial public offering prospectus than in documents related to earlier funding round. In its IPO prospectus, Bitmain stated 2017 net profits as $701.4m. In documents published ahead of a $422m pre-IPO funding round, just one month earlier, Bitmain said that year’s net profits were $1.1bn.The Beijing-based group, whose machines are responsible for mining at least half of the world’s stock of bitcoin, filed to list its shares in Hong Kong at the end of September, and is aiming to raise at least $500m at an implied valuation of not less than $18bn, according to documents seen by the Financial Times.
Crypto Twitter Pick
nic carter
Table from IMF research on central bank digital currency (h/t @MustStopMurad). Some puzzling choices here, especially on scalability, settlement, and anonymity
What We Are Reading / Listening To
Overnight Performance of Top 10 Currencies
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