Perhaps we are witnessing a modern miracle.
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Weekly Crypto Recap

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“We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle”.  ~Rostin Behnam, Commodity Futures Trading Commission (CFTC) Commissioner

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Market State

BTC: €5,752.42 | -11.59% since last week

ETH: €449.16    | -13.10% since last week

BCH: €792.13 .  | -18.47% since last week

LTC: €91.28       | -12.85% since last week

The crypto market has been stagnant over the last week until Sunday’s sharp drop when the market lost around €12 billion in just a few hours. The overall market cap has dropped by 14% to €250.83 billion. Bitcoin is down almost by 12% to €5,752.42, while Ether price decreased by 13.1% to €449.16.

The market crashed after South Korean exchange Coinrail was hacked. Coinrail is not a major exchange, most Koreans have never used it. It ranks 88th in 24 hour volume, so the hack of Coinrail shouldn’t have had much impact on the market.

Another major news that might have had impact on this market correction is that the US CFTC has launched an investigation on Bitcoin price manipulation on the Bitcoin futures market and has requested information from four different exchanges. CFTC is not investigating the people who are manipulating the price of Bitcoin. They are looking for transparency whether the exchanges themselves are involved in anything related to futures trading.

Quiz of the week

Which one is the least safe place to keep your cryptocurrency?

  1. On an exchange
  2. On a hot wallet
  3. On a paper wallet

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

Top stories of the week

Coinomi

South Korean Exchange Was Hacked

Coinrail, a small South Korean exchange was hacked, as a result of which 30% of the coins (€34 million) traded on the exchange was lost. According to their website “70% of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet”.

Ethereum10

China’s President Endorses Blockchain

The US CFTC has requested trading data from crypto exchanges Bitstamp, Coinbase, itBit and Kraken. The four exchanges provide Bitcoin spot price used to settle futures contracts at the Chicago Mercantile Exchange (CME). CFTC wants more transparency from the exchanges on the spot BTC price.

Reddit

Coinbase Adding Ethereum Classic

The US based exchange Coinbase announced that it would add Ethereum Classic (ETC) to its platform in the coming months. ETC was created as a result of a hard fork in June 2016, it’s the original chain of the Ethereum network. The price of ETC increased by 25% after Coinbase announced to list it.

Telegram

We are witnessing a ‘Modern Miracle’

US Commodity Futures Trading Commission (CFTC) Commissioner Rostin Behnam said last week that “We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle that will one day be a part of every national economy.”  The positive news stayed unnoticed due to current market downtrend.

Bitcoin Mining

Switzerland Conducting The First Blockchain-Based Vote

The Swiss city, Zug, known as “Crypto Valley” will use the city’s digital ID system (E-ID) to conduct blockchain-based trial vote this summer. The residents will download a mobile app to register to vote from June 25 to July 1. The results of the votes will not be binding as it is only a test.

More Women Are Interested in Cryptocurrency

A recent research shows that 13% of women or one in every 8 women would be interested in investing in cryptocurrencies. Last year this number was around 6%. The growing female interest came largely from millennials, with 20 percent of millennial women showed interest in cryptocurrency investing.

Bitcoin Mining

Bitcoin Borrowing Program

Japanese cryptocurrency exchange Bitbank announced that it would allow its users to lend their Bitcoins to its lending service for a fixed interest up to 5%. Their goal is to increase liquidity and attract users. Currently the program is only available for Bitcoin holders but in the near future Ripple, Ether, Litecoin, and Bitcoin cash will also be added.

Whales Hold 1/3 of All Bitcoin

Data by Chainanlysis shows that 1,600 investors collectively hold about one-third of the Bitcoin in circulation. These investors are known as whales, each of them hold over 1000 Bitcoins. “This concentration of wealth means that Bitcoin is at risk of volatility as the moves of a small number of people will have a large price effect.” said Chainalysis chief economist Phillip Gladwell.

Tweet of the week

Bitcoin Network

Meme of the week

Bitcoin Network
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Crypto word of the week

Bitcoin Network

Delegated Proof of Stake (DPoS) is a governance mechanism of a cryptocurrency where stakeholders vote to elect delegates, who then validate blocks on behalf of stakeholders. Some cryptocurrencies use Proof of Work (Bitcoin) and some use Proof of Stake (Dash) to validate transactions. Delegated Proof of Stake is the third kind of consensus algorithm that is currently being used in EOS, Bitshares, Lisk and Steemit. In Proof of Work (PoW) anyone can join the network as a block validator if they have mining rigs. In Proof of Stake (PoS) anyone can be a block producer if they hold a large amount of a given cryptocurrency. Delegated Proof of Stake is a bit different from PoW and PoS. Only elected block validators can produce a new block. They are called witnesses, who secure the network and make sure no one is double spending. Anyone who owns any amount of a stake can vote to elect witnesses. There is no minimum coin requirement to vote, stakeholders have proportional voting right to choose the next witnesses. In EOS’s case there are 21 witnesses (delegates) who are elected by the EOS holders to validate transactions. If witnesses misbehave, they will be removed by the voters (stakeholders). Users are incentivized to become witnesses as witnesses are paid for their service. Cryptocurrencies that have DPoS consensus algorithm can process thousands of transactions per second.

Quiz answer

Which one is the least safe place to keep your cryptocurrency?

The correct answer is : “A”

The correct answer is A. An exchange or an online wallet is the least safest option to keep your cryptocurrencies as your private keys are stored on a server by a third party. Basically you are asking someone to hold your cryptocurrencies on behalf of you. It is not safe to store a large amount of cryptocurrency on an exchange.

 

 

Thank you for reading :) 

Have a great day!

MrCoin

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