News of News For Bears and Bulls

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Russia has apparently overtaken China in gold hoarding following US sanctions, with the question remaining: when bitcoin?

Some Russian cryptonian with apparent ties to Kremlin said soonish. Others said the claim was fake news. Welcome to 2019 where opinions are aplenty, but facts less so.

And welcome to this addition of News of News. Packed session starting with the growing bitcoin infrastructure.

Americans can now exchange their penny coins for bitcoin at Walmart or other supermarkets where kids bring their piggy bank.

This is now live with Coinstar allowing Americans to buy up to $2,500 worth of bitcoin by receiving a voucher which is then redeemed after going through AML/KYC.

One place where you don’t need AML is Decentraland where there appears to be a mini “scuffle” after DistrictX seemingly threw in the towel.

Apparently they were expecting the virtual world to launch with better graphics and animations and adult content is illegal in some countries anyway, they seemingly said.

Something no one cares about except for those who may have bought some land near the adult town. Apparently some patches were sold for relatively cheap before this throwing-in of the towel was announced. Insider trading, someone shouted. Who knows.

If you have no clue what we just said, you’re not alone. Devs will defuse the bomb during the forking of Constantinople on the 27th of February must be one sentence that probably has some NSA guy rolling his eyes over yet another false alarm.

Not a real bomb guys, but a bomb of sorts might be the fact that nChain has filed 48 patents for blockchain technology in 2017.

China apparently leads, with businesses there filing 32% of all global patents. Merica second with 92 global patents (29%), followed by Australian businesses with 40 patents (13%). UK then forth with 11% of all global patents for blockchain technology.

How Australia is grabbing all these patents, or China which has banned crypto exchanges, is not clear. Yet what may be a bit more clear is that Polkadot is coming.

They’ve announced proof of concept number three and this has a granddaddy. That being 2/3rd Byzantium Fault Tolerant Proof of Stake that appears to be a modification of Casper The Friendly Ghost.

Aaaaaa, ethereans may be screaming right now. Muh Casper! With names like Polkadot, however, and Grandpa, maybe there’s no reason to worry.

Apparently they’re planning to launch by the end of the year. Pol, cus kadot is too long, might be scalable at launch with their “your own blockchain” approach which is sort of like sharding.

Whether it will be good for eth we don’t know but with price at $114, you’re probably broke anyway so go sell some donuts at Uniswap which now gives eth for them?

“Part of the reluctance of some companies and other entities to engage deeply with the technology is the lack of clarity from government bodies and the accompanying fear of building on shifting regulatory sand,” Sheila Warren, Head of the Blockchain project at the World Economic Forum’s Center for the Fourth Industrial Revolution told Trustnodes before adding:

“Wyoming’s move mirrors that of several emerging economies, who are trying to provide regulatory and legal clarity. We expect to see similar clarifications of legal status from other government bodies. More crypto asset bills will follow in 2019.”

That’s the same WEF as the one putting the Davos show. Jeremy Allaire of Circle will apparently be there. We’re told he’ll “be on a panel with economist and crypto-skeptic Ken Rogoff.” There will be a livestream.

Tis sort of the crypto Davos this year. Globalization 4.0. Fourth Industrial Revolution. How automation is starving the poor and can take all the blame cus who wants to give peasants a real say in national governance through a jury style peoples’ parliament or citizens referendums. Blame the bots instead before they rise to demand BOTS RIGHTS NJOOOWWWW.

“If you aren’t familiar, Kadena was founded by Stuart Popejoy and Will Martino in 2016 after leading JP Morgan’s blockchain group.

The pair went on to raise $15M from Devonshire (Fidelity), SV Angel, SIG, and Asimov Ventures in order to create a full stack blockchain platform that leapfrogs existing smart contract blockchain solutions like Ethereum.

Kadena’s platform is already being used by several Fortune 500 companies to improve operational efficiencies and data management in the healthcare and insurance industries, along with new solutions being developed for asset management, construction and energy sectors.

One of the biggest problems for enterprises adopting the blockchain is that despite all the hype, it’s incredibly difficult and complex to get projects off the ground. On January 23rd, Kadena is tackling this issue with a frictionless private blockchain-as-a-service (BaaS) made available on AWS marketplace for free.

Rather than all the complication and expense associated with buying hardware, installing it in a data center, buying expensive licenses and and figuring out how to install the software, Kadena will enable everything in three clicks and at no cost.

Kadena’s ScalableBFT: Community Edition will be free to use and supports up to 4 nodes and 2,000 transactions per second.”

The title of this was: “JP Morgan Blockchain Spin-Off Kadena Launching New Enterprise Solution on AWS Marketplace.”

So the only noteworthy bit here might be that JP Morgans’ billionaire CEO talks all sorts about crypto, but then funnels plenty of money towards trying to incorporate the technology so as to remain competitive.

“This Friday, Dash, the leading e-commerce and payments-focused cryptocurrency, will celebrate its fifth birthday. Dash is amongst the top 15 most valuable cryptocurrencies, and is one of the very few that presents a real world use case to end users, particularly populations with limited access to financial services, and those demanding cheaper, faster payments alternatives to today’s flawed credit cards.”

2014 was that long ago huh. Feels a bit like yesterday with all these bitcoin clones launching in a then primarily bitcoin only world.

Plenty vanished. Some did well though. Litecoin! Who would have thought. Anyway, there’s a December 2018 Exchange Review and we’re going to paste the summary they sent:

  • “Binance is still the dominant exchange comprising 10.6% share of total volume. The top 25 exchanges captured 89.7% leaving 10.3% for the remaining 75 exchanges included in the exchange review.
  • TFM (Trans-fee mining) and No-fee exchanges have gained market share from fee exchanges.
  • Order book and web traffic analysis continues to show TFM exchanges are unstable and volumes are not organic.
  • Bitfinex, Kraken and Bitstamp maintained the most stable markets in December, while exchanges CoinBene, Bitforex, IDAX showed thin markets combined with high volumes.
  • Average order book depth down for the top 5 markets across all exchanges has fallen steadily, decreasing 22% since November.
  • Crypto-to-crypto exchanges have considerably higher average volumes than fiat-to-crypto exchanges, likely due to lower friction and regulatory oversight
  • USD is bitcoin’s dominant fiat pair. BTCKRW volumes have declined sharply due to Bithumb’s sharp drop in volume last month
  • USDT is slowly but surely losing market share to a host of competing stablecoins
  • BitMEX volumes are up month-on-month since October despite a recent report from SCMP claiming that they are losing approximately 15% of users from the US and Quebec.”

We’re told we should ident when quoting at length, but, it would probably appear as just one or two lines on smartphones so, just watch out for where the quote opens and closes.

“Perhaps you’ve been following, at least in passing, Michael Terpin’s $224 million lawsuit against AT&T, initially filed last summer, alleging the company’s gross negligence in allowing for a SIM swapping-based theft.

Now, there’s been a new development in the case: Terpin and his legal team believe they have identified the primary person who initiated the SIM swap, and are filing a new civil suit, including a RICO Act claim, against that person, Nicholas Truglia, 21, a New York City resident.

Truglia allegedly lived high on the hog before being arrested last November on charges related to another SIM swapping case. The suit also makes allegations against Truglia’s unnamed confederates in the infamous “OG Users” gang, which has been responsible for many other SIM swaps and cryptocurrency thefts this past year.”

Well, we’re kind of done. Although we could talk a bit about what exactly they’re planning to do in regards to the Beacon chain and that Ethereum 2.0 roadmap because it isn’t very clear.

From what little we understand, they’re launching a new blockchain that kind of has nothing to do with PoW eth except that the two are linked through what can be described as Proof of Burn.

As in there’s a planned mechanism whereby you can send your eth to the beacon and well now you have beacon eth, you can’t get back to PoW. Nor can you really move the beacon eth until sharding which is expected god knows when.

So why on earth was Hybrid Casper ditched – or why it isn’t going live now – when it has nothing to do with this beacon stuff, does remain a puzzle. As is now a puzzle just how exactly this uprooting is meant to work or be incentivized.

PoW obviously has the difficulty bomb, but that’s to make mining impossible. Not to make the movement of eth funds impossible by individuals who maybe have it locked up in a ten years smart contract or whatever.

It just appears to be getting messy and the time-line for a full transition may well be a decade. In addition to obvious complexities of how does a wallet keep up with  beacon eth and PoW eth. How do smart contracts, which now have to move. In which case, why should they move to the beacon instead of somewhere else if they’re forced to move anyway.

It just appears the whole thing hasn’t been quite thought through or communicated, except for through whispers or reading between the lines.

Like when the Metropolis devs were basically: oh, we didn’t know it was going to take so long. Let’s then get rent storage and pruning out and improve the PoW chain because – – –  – presumably because they wanted to say it’s going to take forever.

Well, we’ll see. We’re called Trustnodes. Not eth nodes. Not crypto nodes. Not bitcoin nodes. So if eth can or can not keep up doesn’t quite matter as far as we’re concerned, but it would be nice to have a bit more transparency so that ethereans can better understand whether devs are just lost or whether there’s a clear way of getting somewhere.

Copyrights Trustnodes.com

 

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