News of News for Bears and Bulls

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Ethereum almost overtook $140 today as the crypto turns a bit bullish, rising by about 10% with most cryptos up in this near spring Tuesday where trading volumes have again jumped to $33 billion.

Packed day with much news backlog to go through in this table chat, so first off is Melon, an interesting decentralized assets management “fund” where anyone can send some eth or tokens to a fund set-up by anyone, with your assets now traded by perhaps wiz kids rather than sitting there doing nothing.

This has just launched on main-net, with it deserving a testrun if time permits. Naturally bugs are to be expected. Any surprise would be if none are found. They say:

“The protocol codebase is very dense and complex, especially by smart contract standards. Comments from our auditors indicate that the Melon protocol is one of the most complicated projects to ever go live on Ethereum. After several audits, the last auditors still found security-critical issues. The assumption must be made that there will be more bugs.”

You might struggle to find any eth devs today because they’re all at the Ethereum Community Conference (EthCC) in Paris which is ongoing.

The agenda is stupendously packed with some six events going on in any given day for three days. No speech by Vitalik Buterin, however, nor can one see any prioritization of speeches for the casuals, but there are at least four concurrent livestreams if you fancy cloning yourself because how anyone can follow what’s going on, isn’t very clear.

We did however stumble on a semi-interesting paper which is quite “heavy” with some claims of reducing trusted set-ups in zk-SNARKs.

Ah, Tether is coming to Tron. Laugh all you want, but Jean-Louis der Velde, Chief Executive Officer of Tether and Bitfinex CEO, says:

“We are pleased to announce this collaboration with the Tron Foundation. This integration underlines our commitment to furthering innovation within the cryptocurrency space as we continue to anticipate the needs and demands of the digital asset community.”

Another non laughing matter is the launch of a crypto remittance service by the Venezuelan government. The not at all funny part is their conversion to Venezuelan money at the official rate which is completely detached from the real rate in the ground.

The one thing we did want to cover is flash-lending, which is sort of a smart contract based decentralized “bank” that quickly lends assets for the purpose of arbitrage in decentralized exchanges (dex).

It looks like the project, however, is not being maintained with their smart contract not seeing any transactions. Presumably it didn’t reach the GUI stage, with our attempts to find why, unsuccessful at this stage.

Nor could we easily find out why some exchanges have a significant bitcoin premium, but for at least one of them, WEX of likely former BTC-e, a PwC report suggests it’s due to Iranian and Russian related money laundering.

PwC has now seemingly taken down this report. Google cache is of no assistance. Nor the internet archive.

Right, that’s the main ones. Ah, is dai a taxable event or not? Big mystery. We might even find the time to ask IRS about it, but so complex, you have to wonder whether they’ll have any clue.

Anyway we managed to get some sort of expert opinion from ZenLedger, a tax software for cryptocurrency investors. They say:

“DAI is a stablecoin. That means it’s value is meant to equal $1.00 at all times. So, if you held 100 ETH and wanted to take out a loan against it, you could do that. You could take out a loan in USD or DAI or anything else you wanted to based on what the other party agreed to.

This would be smart in that you would avoid selling your ETH holdings to free up cash. This would avoid a taxable event and any capital gains.”

Well… we’re not very sure. The matter is probably a bit more complex than that with opinions seemingly differing.

Off to South Korea where the government is apparently investing in blockchain tech in cooperation with private industry:

“Major corporations, financial industries, and blockchain industry are planning to start on a blockchain project worth $7.72 million (8.7 billion KRW). This project is for Ministry of Science and ICT (MSIT) to apply blockchain technology to various industries such as finance, telecommunication, and education…

‘It is urgent for us to create a blockchain industry ecosystem that is led by private companies to secure competitive edge in blockchain technology and industry.

South Korean Government will play a role of priming water through political support to create a positive cycle where technologies, manpower, and companies can grow together,’ said Kim Jung-won, who is an officer for MSIT’s Internet Convergence Policy.”

Meaning this space is kind of entering big league. On that point, the Samsung blockchain phone apparently only supports ethereum, at least for now.

Bitcoin gets to be at the Rio De Janeiro carnival though, where the featured image was taken from. So maybe it doesn’t mind.

Copyrights Trustnodes.com

 

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