Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. So let's get started!
New EU Law Will Make it Impossible for Banks to Ban Cryptocurrency-Related Transactions
The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other. You can read more about the new law by clicking here.
Are Cryptocurrency Staking Rewards Today Just Like the Masternode Fad of 2017?
In 2017, masternodes were popular among many altcoins and seen as insurance against losses. Some commentators are saying the same thing is happening today with staking.
Binance CEO Changpeng Zhao recently retweeted a tweet comparing masternodes to staking rewards. “We are doing that masternode thing again!!” the user writes, in response to Binance announcing support for Algorand (ALGO) staking. If you want to read the full analysis, you can do so by clicking here.
DeFi Apps Represent 24/7 Multi-Million Dollar Hacker Honeypots
A recent smart contract exploit resulted in the loss of 1,193 ETH. The incident has prompted questioning of the security of the rapidly evolving DeFi sector.
Over the weekend, the exploitation of a smart contract vulnerability forced developers at Ethereum-based app Fulcrum to partially disable its smart contract. A recent postmortem of the security breach shows that the attacker used a series of complex trades across multiple applications to exploit the vulnerability. [bZx] This caused researchers to conclude that the attacker possessed an “extremely in-depth knowledge of every DeFi protocol.” To read more, click here.
Tether Prints $60M to Replenish Inventory for Next Demand Wave
Tether is expecting a new wave of demand. The largest stablecoin minted another 60,000,000 USDT, which will be entering markets shortly.
Tether Treasury has just done an ‘inventory replenish’ to meet upcoming demand. The cash injection may further bolster bulls as the market continues its choppiness. Whale Alert (@whale_alert) is reporting that another 60,000,000 USDT will be entering the market shortly. According to Bitfinex CTO Paolo Ardoino, the purpose of the newly-issued USDT is to meet future demand. It was be used as an “inventory for the next period issuance requests.” To read the full article, you can click here.
Irish Drug Dealer Misplaces Fishing Rod Case With His £46M Bitcoin Fortune
Drug dealer Clifton Collins thought it was best to hide his massive Bitcoin (BTC) fortune in a fishing rod case. Now, it’s probably lost forever.
There have been multiple horror stories of individuals losing all their Bitcoin (BTC) over misplacing their paper wallets. The most famous example is the case of James Howells, who accidentally threw out his drive with 7,500 BTC on it. [CNBC] However, a recently-published story just might top that one. As the Guardian reports, an Irish drug dealer lost his entire Bitcoin fortune worth £46M. [Guardian] Clifton Collins hid his private keys in a fishing rod case. Printed on an A4 piece of paper, it was stashed in the aluminum case as early as 2017. To read the full article, click here.
Tesla and Bitcoin Racing to be 2020’s Best Performing Asset
In the cryptocurrency investment space, a lot has been made of the gains that Bitcoin has experienced since the turn of the year. January saw a 30 percent increase and February has seen the coin cross the sentimental $10,000 mark a number of times. However, the prize for the best investable asset of this year may just go to the innovative electric car company, Tesla.
At the same time that Bitcoin tests the waters above and below $10,000, Tesla has seen surge which took its stock price to over $900. This is yet another jump in the company’s stock that has been climbing impressively from its $418 price tag on Dec 31. To read the full comparison, click here.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article.Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!
