Bitcoin is one of the most important inventions of the 21st century.

MrCoin

Weekly Crypto Recap

"I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party.” ~ Satoshi Nakamoto

Market State

BTC: €5,633.78 | 1.82% since last week

ETH: €181.90 | 5.83% since last week

BCH: €482.95 | 32.5% since last week

LTC: €46.48 | 8.24% since last week

Last week we celebrated the 10th anniversary of Satoshi Nakamoto’s Bitcoin Whitepaper. Since the release of Bitcoin Whitepaper, thousands of cryptocurrencies have launched, millions of people have transacted with cryptocurrencies and the crowdfunding has been fundamentally changed thanks to ICOs. Though Bitcoin received a lot of attention from stories such as Morgan Stanley recognising Bitcoin as a new asset class it was the altcoins that showed significant price actions.

Bitcoin is up by 1.82% to €5,633.78. While altcoins such Bitcoin Cash and Monero have increased by an impressive 30% and 7% respectively. Bitcoin Cash’s upcoming fork on the 15th of November will provide free coins to Bitcoin Cash owners. Monero’s Bulletproofs upgrade made cheaper and faster transactions available. As a result, Kraken exchange reduced Monero withdrawal fee to 0.00010 XMR, making Monero more accessible and liquid.

Quiz of the week

What is a full node?

A wallet that is also a miner
A wallet encrypted with a password
A wallet that stores the whole blockchain

Scroll down to see the answer at the end of the newsletter.

Top stories of the week

Bitcoin Whitepaper Turned 10 Years Old

On 31 October, 2008 Satoshi Nakamoto released the Bitcoin Whitepaper. Last week the crypto community celebrated the 10-year anniversary of the Bitcoin Whitepaper. If you haven’t read the 9-page-long Bitcoin Whitepaper we highly recommend you to do it. Despite the fact that it has been a decade many people still think this is just a fad. Lindy Effect suggests that the longer has something been around the more likely it is to continue to be around in the future as well. Bitcoin is one of the most important inventions of the 21st century. The technology is still very young, still growing. We still haven’t seen what Bitcoin is capable of and the impact it will have on our world. Bitcoin is here to stay!

Upcoming Bitcoin Cash Hard Fork

Bitcoin Cash surged 30% during the last week. This was due to a hard fork coming up on 15th of November, 2018. A hard fork is a change in a blockchain code that is not backward compatible. There is a disagreement between two development teams, Bitcoin ABC and Bitcoin SV on how to best scale Bitcoin Cash. This is why after the fork there will be two separate Bitcoin Cash blockchains. If you have Bitcoin Cash before the hard fork you are going to have balances on both chains after the hard fork. Coinbase and Binance have announced to support the hard fork. There will be no replay protection for this hard fork, so beware until there is a replay solution.

Coinbase Adds Support for BAT Token

Basic Attention Token (BAT) is launching on US cryptocurrency exchange, Coinbase. Traders can deposit BAT, but cannot place or fill orders. Trading will be enabled once there is sufficient liquidity established. BAT is the second Ethereum token listed on Coinbase after 0x Protocol token (ZRX). BAT is a utility token for a blockchain powered privacy-focused web browser called Brave. Brave is designed to allow advertisers to pay publishers for serving ads and pay internet users for viewing them. The price of BAT increased by 20% following the listing.

Morgan Stanley Recognizes Crypto As an Asset Class

Morgan Stanley, an investment bank released a cryptocurrency report which analysed the last six months of cryptocurrency trends. According to the report Bitcoin and other cryptocurrencies are no longer just a payment or financial system, but an asset class in its own right. Institutional interest in the crypto market is increasing. Some of the recent examples are Fidelity, Goldman Sachs, and Citigroup. The report also points out some of the challenges that the crypto industry is facing right now, such as regulatory uncertainty, slow progress in the development of custodial solutions and not enough financial institutions involved.

Tether Announces New Banking Relationship

Tether Limited, the company behind the Tether stablecoin (USDT), announced that it has established a banking relationship with Deltec Bank & Trust Limited based in the Bahamas. Tether uploaded a letter from Deltec Bank confirming its portfolio cash value which was $1,831,322,828. Tether also announced that it has burnt or destroyed 500 million USDT tokens which is 52.8% of their supply. One Tether is supposed to be equal to 1 US dollar. Last month Tether lost its USD peg and dropped below 0.9 USD. Though the new banking relationship sounds like a positive news people are losing confidence in Tether.

MetaMask is Coming to Mobile

Devcon IV the annual Ethereum conference was held in Prague last week. At the conference MetaMask, the most popular Ethereum and ERC20 token standard wallet announced its mobile app version. MetaMask is a bridge between internet browsers and the Ethereum blockchain. It has been only accessible via browser extensions on Chrome, Firefox, and Brave. MetaMask mobile beta will be available in early 2019 on iPhone and Android. With MetaMask mobile you will be able to browse through decentralised applications and stay up to date with your desktop MetaMask accounts.

Tweet of the week

Meme of the week

Crypto word of the week

When there is a disagreement among a crypto community (Bitcoin Cash ABC vs Bitcoin Cash SV) hard forks result in chain split. Transaction Replay is when a transaction is valid on both chains. For example, if you hold Bitcoin Cash before its hard fork you will own an equal amount of coin on both chains after the split. If you send Bitcoin Cash ABC after the fork, the person you sent it to can send the same amount of coin on the other blockchain (Bitcoin Cash SV). This is called a Replay Attack because your transactions are replayable. Replay Protection is something that makes transactions valid on one chain and invalid on the other chain. When a coin forks without replay protection, you can mix your coins with a transaction that exists on one chain but doesn’t exist on the other chain. By mixing your coins with unreplayable transactions will make your transactions unreplayable.

Upcoming Event

We are pleased to announce that we will be attending the upcoming Blockchain Budapest Conference this week. The two-day event will be held at the Bálna (Whale) Shopping and Cultural Centre by the Danube on 8-9th of November, 2018. The conference will provide a great opportunity to meet and network with industry leaders and top investors. The “Quiet Master of Cryptocurrency”, polymath Nick Szabo will be a keynote speaker at the Blockchain Budapest. We welcome you to this conference and look forward to your participation. You can get your ticket at https://blockchainbudapest.hu/

Quiz answer

What is a full node?

The correct answer is : “C”

Nodes are devices such as computers, mobile phones that run special software which connect them to a cryptocurrency network. A full node downloads and verifies new blocks from other nodes and saves a complete copy of the blockchain.

Thank you for reading :)

Have a great day!

MrCoin

MrCoin

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MrCoin will be more than happy to answer your questions at hello@mrcoin.eu

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