The maximum number of Bitcoin cannot be changed and is agreed on by all of the network participants.

MrCoin

Weekly Crypto Recap

"Bitcoin is just a massive conspiracy to teach you about economics, finance, politics and computers.” ~ Leo Weese

Market State

BTC: € 5,781.49 | -0.10% since last week

ETH: € 188.86 | -1.14% since last week

BCH € 460.10 | -9.72% since last week

LTC: € 45.78 | -6.28% since last week

The crypto market barely moved since last week. There were some gains during the week but since then the prices decreased. Bitcoin and Ether are down by 0.1% and 1.14%. The price of Stellar Lumens continues to surge following the announcement of $125 million worth of airdrop. Bitcoin Cash price increased by almost 50% since the start of November in anticipation of upcoming hard fork on 15th of November. However during the last week Bitcoin Cash started to decrease and corrected itself from €571 to €460. As crypto community says “The crypto winter is a great time to build new things”. When the prices are flat, it’s actually beneficial to the industry. This is when developers build and make things better without being distracted by price movements.

Quiz of the week

How many Bitcoins will there ever be?

20 million
21 million
100 thousand

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

Top stories of the week

SEC Targeting EtherDelta Exchange

The U.S. Securities and Exchange Commission (SEC) has charged Zachary Coburn, the founder of EtherDelta, for operating an unregistered securities exchange. EtherDelta is a decentralized exchange for Ethereum Network. On EtherDelta you are able to trade Ethereum tokens right after their ICO, before they are even listed on any other exchange. The SEC claimed EtherDelta provided marketplace for ERC-20 tokens that the SEC deemed to be “digital asset securities”. Reportedly Coburn sold EtherDelta in 2017 for a few million dollars. Coburn has already settled the charges and paid $388k in total. The case of EtherDelta could inspire crypto companies to avoid having operations in the US or simply ensure that they do not list securities.

Blockchain Wallet Airdropping $125 Million Lumens

Stellar Development Foundation (SDF) is giving away $125 million in Stellar Lumens (XLM) to Blockchain wallet users. According to Blockchain wallet this is the biggest airdrop in the history of cryptocurrencies. Blockchain.com wallet has added support for Lumens and will distribute $125 million XLM to its 30 million users. It is estimated that people will receive around $25 worth of XLM. The aim of this airdrop is to make cryptocurrency more mainstream. The airdrop represents 2.6% of Lumens in circulation but just 0.47% of the total supply. The program will run over the next few months bringing many users into the ecosystem. To participate in the airdrop you will need to sign up at blockchain.com/getcrypto and verify your identity.

SendFriend Leveraging Ripple’s Xrapid

Ripple (XRP), the third biggest cryptocurrency by market capitalization continues to expand across the world. SendFriend, a cross-border remittance platform developed at MIT will utilize Ripple’s xRapid software solution to give Filipino workers a cost-effective way to send money back home. SendFriend platform is the winner of the MIT Media Lab Translational Innovation Alliance Award and is expected to launch later this year. Though Ripple softwares are designed for banks, there aren’t any major banks that have adopted Ripple. Ripple functions very differently than the other cryptocurrencies, like Bitcoin and Ethereum. The Ripple network doesn’t have blocks, instead, blocks are replaced by distributed ledgers which makes Ripple centralized.

Binance Launches Research Unit

Binance, the biggest cryptocurrency exchange announced it is launching a new division called Binance Research. Binance Research unit will provide in-depth analysis and institutional-grade research reports for investors in the crypto space. Previously Binance has launched two education initiatives. Binance Info provides market data and price actions of blockchain projects. Binance Academy is an open access learning hub where users can take lessons on blockchains and cryptocurrencies. Binance Research has already released two studies on Loom Network and GoChain. Binance aims to cover all the quality projects in the crypto space to improve transparency and the quality of information in the Blockchain world.

Fraudulent South Korean Exchange

Pure Bit, a South Korean cryptocurrency exchange, completely shut down and disappeared with more than €2.4 million worth of user funds. The exchange raised 13000 Ether through an initial coin offering (ICO). The team behind Pure Bit has shut down its website and deleted its social media with a closing note “Sorry” and “Thanks”. The Pure Bit’s ICO was expected to end on November 30 but the team decided to deliberately exit and scam the investors. Pure Bit team tried to send a portion of the stolen user funds to Upbit, the second biggest cryptocurrency exchange in Korea. Upbit disabled the account operated by Pure Bit and froze the funds.

eToro launches new cryptocurrency wallet

The Israel-based online trading platform, eToro, has launched its own cryptocurrency wallet for Android and iOS users. The wallet is available only in EU countries. Currently, the wallet only supports Bitcoin, Ether, Bitcoin Cash and Litecoin. eToro plans to add more cryptocurrencies in the future. The wallet provides an easy user interface and the use of multi-signature wallet. Also, eToro plans to integrate the wallet with the exchange and provide crypto-crypto conversion within the wallet itself. eToro announced that they would be adding support for XRP soon.

Tweet of the week

Meme of the week

Crypto word of the week

In a non-crypto context, the term “airdrop” refers to delivering food and supplies to inaccessible people. Airdrops are dropped from an airplane with attached parachutes so they land safely. In crypto context "airdrops" (free money) are when free tokens or coins are distributed to the crypto community by blockchain based projects.

Quiz answer

How many Bitcoins will there ever be?

The correct answer is : “B”

There will only ever be 21 million Bitcoins. This number cannot be changed and is agreed on by all of the network participants. In order to change the maximum number of Bitcoins, the majority of the participants must support the decision. Since increasing the number of Bitcoins would devalue the existing Bitcoins, Bitcoin hodlers would reject the change. The last Bitcoin will be mined around the year 2140, and after that no new Bitcoins will be created.

Thank you for reading :)

Have a great day!

MrCoin

PS: Thank you very much for everyone who subscribed to our newsletter during the Blockchain Budapest conference. Hope to see you all soon at the next crypto event.

MrCoin

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