India Lifts Crypto Ban, South Korea Given Greenlight
Calendar Week 10
India Lifts Ban On Cryptocurrency
India’s Supreme Court just lifted a two-year ban on cryptocurrency trading and activity, and it’s a big deal. India is home to over 1.4 billion people. Many are calling it a ‘historic moment’ for financial freedom. Companies that were previously shut down in 2018 after the central bank ban can now resume participation in the financial revolution. Exciting times for the country. Read More
South Korea Passes Crypto Reporting Act
The South Korean government just legitimized the holdings of cryptocurrency in a new amendment. Exchanges in the industry were now given clear standards on reporting and guidelines for how to handle their user base with regards to money transmission laws. This is great news for the industry in Korea, as many companies will now have an easier time gaining trust and confidence from all aspects of their businesses. Read More
Facebook Rethinks Libra Project
Rumor has it that Facebook is rethinking its Libra project scope. Apparently, Facebook is considering using the Libra Wallet to host stablecoins and central bank digital currencies, rather than their own Libra stablecoin. If true, it would seem that Facebook sees too many regulatory hurdles to pull off their own coin by the end of the year. The wallet is scheduled to launch this Fall. Read More
NY Power Plant Is Mining Bitcoin
A natural gas facility in New York has been quietly mining Bitcoin with cheap, surplus energy. They’re churning out about 5.5 BTC per day, and say they’re positioned well for the upcoming Bitcoin halving. Read More
Ripple’s Brad Garlinghouse Pushes Anti-Bitcoin Agenda
Ripple’s Brad Garlinghouse would like you to believe Bitcoin mining is a waste of energy and a detriment to climate change. If you need convincing that Bitcoin mining is anything but a waste, grab a copy of The Bitcoin Standard by Saifedean Ammous.
Bitcoin Hashrate At All-Time High Ahead Of Halving
The Bitcoin network is stronger than it has ever been, hashrate continues to climb even in chaotic conditions. “‘This has happened in the face of a potential pandemic, absolute chaos in the public markets, and helicopter money being distributed in Hong Kong,” Morgan Creek Digital co-founder, Anthony Pompliano, tweeted after hash rate hit 136 quintillion h/s.” Read More
Proof Of Stake Weakness Exposed
Last week, a very controversial event surfaced, supporting the common concerns about Proof of Stake (PoS) networks. What is PoS? The new owner of the Steemit network, Justin Sun, seems to have orchestrated a takeover of the network in collaboration with several exchanges. Since the exchanges hold the majority of the coins in existence, they have the most voting power. Apparently, Justin used these coins to vote in his own favor, going against the honest holders and voters of the network. He was able to do this because of the concentrated amount of coins held on exchanges, which are not distributed to their true owners. Justin then tried to chock it all up to ‘hackers’ gaining control of the network. Proof of Work networks, like Bitcoin, are resistant to this type of hostility due to the mining power needed to maintain the security of the network.
Week of March 2-6
The index ranged from 38-41, mellowing out from previous weeks.
The BTC price remained relatively stable, and rebounded slightly, ranging between $8,400 and $9,200. We’re now just 64 days away from the halving.
