Forward to a friend.
In my humble opinion…
patience is a virtue.
— ListenDestro (@listendestro) February 13, 2018
Coin of the Day
using smart contracts
Ground control to Major Tom. WTF is going on with the newest Bitcoin fork? (Yes, more forks!)
Remember when the crypto community’s favorite leader to love/hate, Vinny Lingham, said that 2018 was going to be the year of forks? Well now, we’re living it. UnitedBitcoin is the latest fork sweeping the internet, which hopes to do what so many Bitcoin forks have attempted to execute previously: make transactions faster and cheaper (thanks to the Lightning Network), but with the added function of smart contracts. Founded by the renowned trader (and Bitcoin Core developer) Jeff Garzik, the project is getting some serious buzz. They’ve even got a documentary series about the fork (yeah…we know).
There are some key issues that have the crypto world a bit..puzzled. One example is how only two miners currently hold 70% of the entire network’s hash power (power tightly held by the project’s coordinators). Another is that in order to receive the airdrop, BTC holders must give up information about themselves (it’s called an opt-in airdrop); something pretty contradictory to Bitcoin’s ethos of intense privacy. Thus far, the lack of solid infrastructure and community consensus (which has historically been a make-or-break moment for forks) may prove to be their biggest challenges to overcome. It’s all very dramatic!
(Remember to do your research before investing in any token, fork, or ICO. Just a reminder).
Monero’s getting the short end of the stick with illegal cloud mining, while the EU may not care about regulation as much as we’d thought.
Monero (XMR) has always had a bit of an issue with illegal mining. It seems to be one of the favorites when criminals overtake online devices to mine crypto from afar. Anyone remember the UFC fight debacle? The trend of ‘crypto-jacking’ has increasingly become popular, with a recent “drive-by” mining campaign redirecting millions of Android users to a page requiring them to solve a CAPTCHA in order to verify their identity. While waiting for the CAPTCHA, their device was used to mine XMR. Apparently, this is becoming increasingly common with free apps in the Android ecosystem (and Coinhive has been a perpetrator before). Monero’s had a bit of a rough week, declaring a preemptive strike on any ASIC miner that’s built to mine XMR. They’re not particularly pro-mining; at least, for now. What does this mean for you? Be careful about your online searches, and keep an eye out for new mining developments in the future.
Ha! The president of the European Central Bank, Mario Draghi, said yesterday that it’s not their job to regulate cryptocurrencies. While he wouldn’t necessarily purchase Bitcoin on a whim thanks to its volatile nature and lack of a centralized banking system backing it (some would argue that this is where the appeal stems from), this is still great news.
Did you hear about that 16 girl who made a crypto ticker, but got a ton of unnecessary online hate for it? Disappointing.
Fun fact: fewer than 100 Americans paid their taxes on crypto gains in the past year. Did you guys not learn from Coinbase, or are you just dense? Pay your taxes, everyone.
Coin to Watch
Kyber Network (KNC) is on our watch list, and is one of the few decentralized exchanges that get talked about (they’re out there, we promise).