Bad Crypto News of the Week

Another good week for Bitcoin last week. The dollar price rose more than 5 percent, taking it to around $11,700. That rise wasn’t smooth. A flash crash took $1,500 off the price at one point, although investors remain bullish and the VIX volatility index, which is based on the S&P 500, is “extremely bullish.” Other volatility measures, though, suggest another drop to $10,000 before a new rally, while the Winklevoss twins think that the amount of infrastructure and capital in the crypto markets will make this bull run very different…

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BTC and ETH Crypto Derivatives in Demand, Market Expected to Grow Further

The crypto options market has been evolving rapidly over the second quarter of 2020. According to TokenInsight’s recent crypto derivatives industry report, trading volumes are seeing a 166% year-on-year increase compared to Q2 2019.  The derivative products driving these volumes are futures and options. While futures grow with traders betting on a bullish price sentiment, both open interest and volumes of options have reached all-time highs. All-time highs  On Wednesday, open interest in Ether (ETH) options hit an all-time high of $351 million on Deribit and $37 million on OKEx.…

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Ethereum Developers Discuss Potential Ways to Avoid ETC’s Fate

In a Core Devs meeting on Friday, Ethereum (ETH) developers discussed potential measures that could be taken to prevent successful 51% attacks from occurring. The discussion was inspired by this week’s 51% attacks on Ethereum Classic (ETC) — a network that represents the original state of Ethereum where the consequences of the DAO hack in 2016 were not reverted. The original attack, which occurred between July 31 and Aug. 1, was revealed to be a carefully orchestrated attempt at a double-spend that netted over $5 million in ETC to the…

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Some ICOs Funded Useful Research Despite Being Unethical

Adam Back recently took to Twitter with controversial comments on many of the industry’s largest crypto projects — including Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Stellar (XML). His tweets placed these projects in the same category as a number of bonafide scams, which he considers to have been orchestrated as “premines”. We interviewed Back in order to clarify his position on the matter, starting with questions of how he feels about Satoshi Nakamoto essentially premining over one million Bitcoin. Back responded that “Bitcoin has no premine”, adding that he…

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Bitcoin Price Continues Rally, Positive Sentiment Is Off the Charts

In the past couple of weeks, the Bitcoin (BTC) price has resurged after months of apparent monetary stagnation. Since July 23, the value of a single Bitcoin has risen by around 20%. Not only that, after trading sideways since its supply squeeze in early May, the premier currency broke through its all-important $10,000 psychological threshold, thus leading many casual investors to once again jump back on the crypto hype train. Bitcoin’s recent price hike has also resulted in a retail boom, with a whole host of trading platforms across the…

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IRS Tax Warnings on Ethereum’s Fifth Anniversary

As important as Ethereum has become, even eclipsing Bitcoin (BTC) in some circles, it is no wonder that its fifth birthday has prompted comments — some prophetic, others nostalgic. Few, however, will mark the occasion by thinking about taxes, but that could be shortsighted. The last five years have seen near-tectonic shifts in how investors, exchanges and government agencies see cryptocurrencies. The Internal Revenue Service, or IRS, is at the top of the heap when it comes to tax enforcement. This is plainly true in the United States, and it…

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Ethereum 2.0 Devs Discuss Medalla Issues as Network Stabilizes

Following the successful but imperfect launch of the Medalla testnet, the first community testnet for Ethereum 2.0, developers spoke on the issues and needed improvements highlighted by the event. In an Eth 2.0 Dev call held on Aug. 6, the network’s client developers discussed what initially went wrong. As Cointelegraph previously reported, it took some time for the Blockchain to achieve finality, with only 57% of the stake participating in consensus. Generally, 70% is the minimum for a network to be healthy, as outlined in a community explainer. Participation is…

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Ethereum’s Rise is Speculative While Bitcoin’s Price Is Based on Fundamentals

In its August crypto outlook, Bloomberg remained unimpressed with Ethereum, calling its rally “speculative”. The publication contends, however, that Bitcoin’s (BTC) rise is based on solid ground: “Ethereum has extended last year’s highs and leaped to one of the top-performing major crypto assets in 2020, but we view its rally as more speculative vs. the favorable demand vs. supply conditions supporting Bitcoin.” Ethereum’s competition The report points out that Ethereum faces “plenty of competition from similar crypto platforms and about 6,000 tradable coins.” On the other hand, Bloomberg has remained…

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Blockstream’s Adam Back Slams Ethereum as a Ponzi-Scheme

Computer scientist and Blockstream CEO, Adam Back, has compared Ethereum and other high cap altcoins Ponzi-schemes in a Twitter tirade today: “Bitconnect, Charles Ponzi, Ethereum, Onecoin, Cardano, Ripple, Bernie Madoff, Stellar, Dan Larmer. All looking very similar grade to me.” Charles Ponzi and Bernie Madoff are two of the most famous creators of Ponzi-schemes, while Bitconnect and OneCoin are famous cryptocurrency projects that were revealed to be Ponzis. Back likened such schemes to altcoins Ethereum, Ripple and Stellar, along with ‘Dan Larmer’, which was presumably a reference to Bitshares and…

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Ethereum.org Gets Redesigned With New Content and Doge Illustrations

The official website for the Ethereum Foundation updated some of its under-the-hood infrastructure and refreshed much of its look. According to a development update from ethereum.org released on Aug. 5, the website is now running on the Gatsby framework after ditching Vuepress. This serves as the “phase 0” of a new strategy for the website, which would focus much more heavily on educational content. The team already released educational material, such as “What is ETH” and “Get ETH,” to guide newbies in their discovery of Ethereum. In the future, the…

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