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Satoshi&Co Daily Crypto Newsletter #6

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Satoshi&Co Daily Crypto Newsletter

September 12 · Issue #25 · View online
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(Based upon feedback from readers, we decided to do these daily bite-sized newsletter capsules, interspersed with the occasional massive tome once a week or so. We would love to hear from you - please share your feedback by replying to this email.)

Among the major cryptocurrencies, Ethereum witnessed one of the biggest pullbacks this year, with prices dropping by more than 87%, from an all time high of $1377 to $170 at the last count. Unsurprisingly, a lot of self-anointed crypto experts and media houses have been pronouncing Ethereum dead. One key reason for the current slump has been the broad selloff of ETH by a number of ICO projects. Another reason has been near-term scalability challenges that are not necessarily unique to the Ethereum blockchain.
The challenges ahead for Ethereum will weigh down on its price in the near term and if Ethereum fails to implement sustainable scaling solutions, the whole situation is going to aggravate further. However, investors would be wise to not throw in the towel on Ethereum just yet, especially given that it remains the leading smart contract platform and is supported by top-notch developer talent.
We have seen similar situations with Bitcoin multiple times in the past. According to 99bitcoins.com, Bitcoin has been declared dead 309 times since 2010, yet continues to bounce back.
Meanwhile in Crypto Wonderland....
“Prosecution by Securities”
In a recent ruling in New York, U.S. District Judge Raymond Dearie allowed prosecutors to apply US securities law to a criminal case involving cryptocurrencies. The judge ruled in a first criminal prosecution of its kind, involving Brooklyn businessman Maksim Zaslavskiy. Zaslavskiy is charged with fraud for raising money via ICOs for tokens which he suggested was backed by real estate and diamonds but prosecutors claim otherwise.
“Lights, Camera, SEC”
In another incident, the SEC doubled down on its stance of treating certain cryptocurrencies as securities by directly fining crypto hedge fund Crypto Asset Management and its founder, Timothy Enneking. The watchdog said that the firm had willfully not followed and tried to evade regulatory requirements by not registering with the regulators.
“I’ll Take That”
In another instance of industrialization of mining operations at scale, Nevada based cryptocurrency mining and operations investment company Wuhan General Group (China) announced that it is in talks to acquire a 55,0000 sq. ft US Defense Department facility to further expand its mining operations. The company said that it intends to take advantage of the lower energy costs in the US.
“No Star(s) in Shanghai”
According to Chinese news firm Sina News, Star Xu, the founder and currency CEO of OKex, the world’s largest cryptocurrency exchange by volume, was detained by Shanghai police while in transit. The arrest happened in relation to the WFEE coin - Star is a shareholder in the issuing entity of the coin, which has been accused of being a scam.
Crypto Twitter Pick
Johnny
One thing you can't scale is authenticity.

The more people you add, the worse it gets.

Editorial board, shareholders, co-workers; They all act as censors. They breed monoculture, creative conservatism & political correctness.

The ultimate headcount for a media company is 1.
What We Are Reading / Listening To
BCH is a fiat money by Jimmy Song
Tales From the Crypt  featuring Nic Carter
Overnight Performance of Top 10 Cryptocurrencies
In addition to this daily newsletter, you can find more stuff to read at our news and research portal, our crypto index token and our upcoming relayer.
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