Coincheck: crypto's largest hack EVER. 🙀
In my humble opinion...
don't get caught up in the hype.
A commonality between this market and many others that $crypto traders may think is unique is how we react to news. aka sell the news.
Often times it doesn't matter if the news is good or bad - what matters is if its BETTER or WORSE than our expectations.
— Luke Martin (@VentureCoinist) January 29, 2018
Coin of the Day Switch blockchains with the flip of the switch
(CRYPTO: MTN) Metronome is the world’s first cryptocurrency to have cross-chain capabilities. Designed to be a store of value decentralized across various blockchains, Metronome offers its users the ability to export their tokens from one blockchain to another. By choosing a specific ledger that suits the management and security of the user, efficiency and longevity are some of the key foundations of Metronome. It also has advanced payment features such as mass pay, which allows users to make payments to multiple addresses simultaneously, and subscription, which enables periodic payments between users.
Here's the dealio with the Coincheck hack: it was bigger and more devastating than Mt. Gox, but the market's already recovered. Here's what you need to know:
500 million NEM tokens were stolen from 260,000 Coincheck users' digital wallets on Friday. This security breach stands as the largest hack in the history of technology, with the tokens taken worth $533 million at the time of the robbery (since the hack, the coin has devalued significantly, but is looking to bounce back). Coincheck is Japan's largest exchange that also happens to be unlicensed. One of the greatest upsides is that while this hack was significantly larger than Mt Gox, which totaled a mind-numbing $340 million, the overall cryptocurrency market cap is also much larger, which means the overall impact of this event is much smaller (and people didn't freak out nearly as much). On the plus side, the exchange is planning to compensate all users that were impacted. That's some pretty stellar customer service if you ask us.
Users suspected something odd when Coincheck suddenly halted most of its services (not a good sign), and had frozen all withdrawing and trading of the XEM token – the currency that runs on the NEM blockchain. While Coincheck isn't registered with Japan's Financial Service Agency, it's planning to do so (most likely as a future legal preventative measure that will...uh...help straighten some things out).The largest issue that Coincheck has right now is that their entire NEM stash was stored on a hot wallet (an account stored on the web) versus a secure multi-signature wallet (it requires multiple keys to authorize a transaction) – unlike many other exchanges. Don't worry, it seems that the funds may be able to be traced.
Even though Japan's crypto scene may be kind of melting down right now (gulp) the US and China seem to be getting their sh*t together.
Coinbase's sister exchange, GDAX, has recently partnered with the trading software provider Trading Technologies. Users of Trading Technologies' platform will be able to trade crypto on Coinbase while simultaneously viewing Bitcoin futures, access market data, charts, and automated trading tools (such as submitting orders) on GDAX. This shiny new feature provides access to 45 markets, including Nasdaq, CME Groube, and Cboe Global Markets Inc.
Meanwhile, China's central bank is looking for a way to create its own digital currency without blockchain technology...good luck with that. Naturally, China's communist tendencies wouldn't lend itself to a decentralized platform like blockchain, but the country seems to be adapting quickly to digital methods of payment, with popular app Weibo already offering the ability to pay using the WeChat Wallet. It's about time.
We all know Bitcoin ATMs exist globally, but what exactly does the distribution look like? Here's a map of the Bitcoin ATMs around the world.
Looks like Vietnam's striking digital gold in 2018, importing more crypto mining rigs in the first three weeks of January than in all of 2017.
Tether (UST) severed ties with its auditor, Friedman LLP. UST has been under fire for suspicion of running a fractional reserve system, with crypto personalities demanding a 3rd party auditor...take that as you will.
Coin to Watch
Qtum (QTUM) has been making waves recently and has been solidly holding up over the past month.
Spend your crypto on...
Thought process of new traders pic.twitter.com/WW0Y5yar9E
— Emptybeerbottle (@Fullbeerbottle) January 28, 2018