Monday Crypto Recap by Blockgeeks - 10/15/18

Updated on: July 26th, 2019
This content has been Fact-Checked.

Monday Crypto Recap by Blockgeeks-10/15/18

When you thought that the worse for Ethereum in terms of bugs and security loopholes was over, last week Spank Chain was hacked for an amount of 1165.38 ETH exploiting the same re-entrancy bug that brought DAO. Want to Google this news? Wait! Recently Google has been full of surprises, and this time it surely made people laugh when it displayed names of various other eminent personalities on searching for the phrase “Bitcoin CEO.”

Adding to the mystery is an unknown Bitcoin Whale that moved 22,100 Bitcoin in one huge transaction. Whales, surprises, and of course the market hiccups, this week has been a roller coaster ride. Why don’t you sit back and enjoy this ride with a sip of coffee while we take you through “what made news” this week!

  • As if the ongoing market turmoil was not enough, Nouriel Roubini a proclaimed crypto critic tweetedDecentralization is a myth: miners, exchanges, developers are centralized & the inequality coefficient of BTC is worse than North Korea that has the worst inequality on earth.(Source: TWITTER)


  • On contrary, people who are not from the mainstream crypto verse, like Jack Ma, are favouring the Blockchain technology. The chairman of Alibaba said that he gives special attention to Blockchain as it is a powerful innovation and can be utilized to enable a cashless society.


  • Kindling the Blockchain fire, Flow Pilots together with The Studio has developed a new digital platform for the municipal school’s children in Bonheidon.  It will allow the children to collect digital currency every time they walk or cycle to school which can be utilized to make payments at local partners.


  • Likewise, the Australian government is taking a step towards the Blockchain adoption by testing a Blockchain application to create “smart money” for the country’s National Disability Insurance Scheme (NDIS). Its main purpose is to make it easier for the citizens with disabilities to settle insurance payments


  • Another government, Thailand’s ministry of commerce has launched two new feasibility studies to inspect the implementation of Blockchain technology in trade finance and registration of intellectual properties


  • And how can ‘The Blockchain city’ be behind than any other government. Dubai will be giving its citizen the option to pay their fees, bills, and utilities via Dubai digital currency – Emcash. Dubai’s official government credit bureau and Pundi X are together in this project.


  • The era of the Bitcoin is not over yet! Samson Mow – the chief strategy officer of Blockstream heeded the call of investors, exchangers, and market makers by announcing Liquid Network, a Bitcoin sidechain that allows fast, secure and confidential transactions. Apart from enhancements in Bitcoin’s functionality, Liquid Network will enable the tokenization of fiat, gold, securities, and even other new crypto assets.


  • The so-called super intelligent algorithm of Google made it look like a fool. “Google’s blunder – a joke or madness?” This was the reaction of the world when the phrase ‘Blockchain CEO’ was searched recently, and the result was a list of big names like Jamie Dimon, Roger Ver, Warren Baffet who are nowhere related to crypto verse.


  • And the week of mysteries continued, as an unknown Bitcoin whale moved 22,100 Bitcoins in one huge transaction. The worth of the moved Bitcoins is USD 137.6 million.


  • Ethereum taking another hit as Spankchain, an adult entertainment platform been hacked for an amount of 1165.38 ETH which is worth $40,000, exploiting the same re-entrancy bug that took down DAO. Emin Gün Sirer, the co-director of the cryptocurrency research initiative – IC3 said that this isn’t the last episode of this bug. (Source: TWITTER)


  • But all is not lost for Ethereum, as a recent survey by Jupiter Research, a UK based research company has revealed that companies prefer Ethereum platform for the implementation of Blockchain technology in their business.


  • Another Blockchain start-up building decentralized network for identity and credit, Spring Labs has recently announced the joining of John Cohn – Ex Donald Trump adviser, in their board of Advisor.


  • Next joining is the list is of Lon Wong, the CEO of ProximaX and the founding member of foundation. He joined the Blockchain Over the Top (OTT) as Chief Technology Advisor for their new project ‘Sportfix.’


  • And in the partnership department, we have VNX Exchange – the world’s first marketplace and trading platform for tokenized venture capital assets joining with NEM Blockchain. The two will be developing standards and protocols for operating security tokens on the NEM Blockchain.


  • Speaking his mind out, Marcus Zhao – the technical manager for the Tron project in a recent interview with Youtube channel said that in his opinion Tron is perhaps the best cryptocurrency for the ordinary users as it is cheaper, faster and allows for better integration and software development.


  • According to a recent poll by Weiss ratings on Twitter revealed that users consider Ripple XRP to be the best coin to buy under $1. In this poll, almost 50% of Weiss ratings followers participated which are 5,726 twitter users.


  • Alarming the crypto world, a website named 51crypto released a report estimating the feasibility and the cost of running a 51 percent attack on proof-of-work (PoW) cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc.


  • Changpeng Zhao, Binance CEO showed his excitement on Twitter with a brief Tweet “Wow thanks” as Propy Inc – a real estate firm, has announced on Twitter that they will accept payment in BNB (Binance Coin) for real estate purchases. He further added “Will introduce you all the Chinese buyers.  They buy like crazy.” (Source: TWITTER)


  • More on trading, Dokascopy has launched CFD (Contract for Differences) on Ether for trading. It has started trading operations on Ethereum to US dollars, ETH/USD trading follows the same conditions as Bitcoin to US dollars (BTC/USD).


  • U.S. Patent and Trademark Office (USPTO) awarded a patent to Mastercard for a method to partition a Blockchain. This allows the Mastercard to store transactions of multiple types and formats. The partition is termed as ‘subnet’ and would be internally consistent as well as interactive in a wider yet in a single system.


  • Ofcom – the UK national telecom regulator has received a grant of $912,000 from the Department of Business, Energy, and Industrial Strategy. The aim of the grant is to explore solutions for managing UK landline numbers through Blockchain technology.


  • In the other part of the globe, Tari Labs, a South African Blockchain start-up has announced a free online university for local and international Blockchain developers that makes training easily accessible to them.


  • Likewise, Everest – a biometry-based value transfer company and 1000 alternatives – a leader in social impact development are joining to accelerate economic development and Blockchain innovation in countries like Kenya, Nigeria, and Rwanda. They will utilize 1000 alternatives incubators in each country to educate entrepreneurs to build dapps on top of the Everest platform.


  • Christie’s – the world’s leading art business, in a joint venture with Artory – a leading independent digital registry for the art market, announced that it will pilot encrypted registration of art transactions on a Blockchain in their fall auction.


  • More on adoption of Blockchain – A Swiss-based HIT Foundation is utilizing Blockchain for tokenization of health care. This can give patients a greater ownership over their data and enables them to monetize as well as share it securely.

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David Jennings

It was stated that 1165 ETH is worth about $40,000. That is incorrect, it’s worth closer to $235,000.

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