November 8th, 2017
In my humble opinion...
Ah, how the US likes to think they're in control.
Good luck with that lolol pic.twitter.com/Sv2a52xRAu
— $20kBTCRichard Heart (@RichardHeartWin) November 7, 2017
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In case you were in a vacuum today, someone "accidentally" locked away half a million Ethereum on a popular wallet service. Oops.
A "newbie" in the crypto sphere "accidentally" found a security flaw on Parity, the popular UK-based wallet service, and locked away around $280 million worth of Ethereum. To put it lightly, that's what we would call a "tremendous f*ckup". Apparently a bug in the code was triggered mistakenly which led to the finance freeze. To clarify: no Ethereum was lost forever, but is now locked behind doors that no one currently has the keys for. For now, the Ethereum community is attempting to figure out if the upcoming hard fork will free up and return the locked crypto to its owners.
Surprisingly, Ethereum's price didn't slide that much, which could possibly be due the frozen accounts. Bugs happen, but they're starting to create larger ripples in the community than before. While $90 million of the locked Ethereum belongs to Parity's founder and core developer, it looks like he's going to have to pay for more than just his frozen crypto. Parity is reinforcing their reputation as a relatively unsafe wallet, thanks to their previous blunder of hackers stealing $30 million from Parity...which happened after a coding error was discovered by these hackers. Yikes. The Ethereum Improvement Proposal (EIP) could be implemented in the Metropolis Constantinople fork, which Vitalik suggested could potentially assist in unfreezing funds due to a bug. Now, to prove who each wallet belongs to. There's a long road ahead.
*heavy sarcasm* For some weird reason, the government and financial institutions don't like anonymous payments – even though crypto is killing it as of late.
The State Bank of India (SBI) recently announced that they are implementing a system that manages Know Your Customer (KYC) protocols that relies on blockchain technology. It'll help with efficiency and security, and will put the tech to a test in a larger context. There's just one problem: India's not feeling the love for crypto. India has been researching a digital alternative to their current paper money – the rupee – and seems to be earnestly entertaining the possibility of state-backed cryptocurrency. Although the government stated yesterday that it is, "not comfortable" with cryptocurrency, they're seriously pursuing a fiat cryptocurrency for the time being.
SocGen CEO Frederic Oudea claims that Bitcoin's downfall will be it's anonymity, which when contextualized within the government's domain, makes sense. But we're talking about major decentralization; how far will a government go to control something that is not contained by borders? We've been hearing echoes of the infamous Jamie Dimon, who is not crypto's biggest fan...to put it mildly. He claimed that crypto would fail due to government regulation, and not market rejection; yet, he seems to forget that certain governments are seriously warming up to digital currency, like Australia, Switzerland, or Portugal. So, we'll wait and see.
Hedge funds are growing with the crypto industry (some say, fueling it). Will we ever be able to separate traditional investors from new money systems?
Fun fact: More people google search "Buy Bitcoin" than "Buy gold". You know what that means.
There's a general agreement that a recession is on its way in the next few years. But what will that look like for blockchain and crypto?
Coin to Watch
Zcash (ZEC) has been getting some love today, meander on over and glance at the chart if you'd like to feel some butterflies.
I'm surprised how well Christopher Nolan was able to capture the Parity Wallet pic.twitter.com/KVIjvDpvMc
— Charles Hoskinson (@IOHK_Charles) November 7, 2017