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“Crypto will help protect wealth in the next crash” ~ Ron Paul, former US Congressman and Presidential candidate

Market State

Over the last week the cryptocurrency market has slid back from $247 billion to $240 billion. Bitcoin has dropped below $9000 again. Currently it’s sitting at around $8790. Historically November has always been Bitcoin’s best performing month. Crypto community is waiting excitedly what will the next three weeks will bring. Most coins are seeing losses in the 2-5% range. Ether is holding its price around $186. Ethereum’s Istanbul network upgrade is scheduled on the 4th of December. Istanbul hard fork will change a few facets of Ethereum functionality, including the data storage process, mining algorithm. Many are expecting such upgrade will increase the computation cost thus the transaction fee will go up. Usually the price of a coin goes up in anticipation of the upcoming hard fork. Also the upgrade might increase the volatility in the prices of Ether as after the fork people tend to sell to take profits after price appreciation.

Stellar Lumens has soared up 25% last week. The Stellar Development Foundation (SDF) has burned a total of 55 billion Lumens (XLM) which is worth $4.4 billion. Coin burning is the process of permanently removing coins from circulation, reducing the total supply. Reducing the supply of a coin, makes the value of the remaining coins more scarce and therefore more valuable.

One after another, central banks are considering to issue their own national digital currency. The Central Bank of Tunisia has launched their digital currency, e-dinar. Turkey is also working on to issue a blockchain based national digital currency which will be tested and issued by the end of 2020. According to Reuters report The Finnish EU presidency has proposed a draft document which suggests issuing a digital euro and urges member states to develop a common approach to cryptocurrencies. The draft document has been reviewed and intended to be approved by EU finance ministers on the 5th of December and we will cover about the final version of EU document in our future newsletter.

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Quiz of the week

What is Proof of Keys?

  1. A way of linking your identity to your Bitcoin address
  2. A way of proving that Bitcoins have been sent from your wallet
  3. A way of protecting your Bitcoins by moving them off exchanges to your own wallet

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

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Top stories of the week
Tunisia Has Announced The Launch of Its Digital Currency, The E-dinar

Tunisia has announced the launch of its blockchain-based national currency e-dinar. The central bank of Tunisia has partnered up with a Russian startup Universa and issued a digital form of its fiat currency on the Universa blockchain. Universa blockchain claims itself to be a global decentralized network that offers fast interbank payment system. Alexander Borodich, CEO of Universa said “Each e-dinar is protected by cryptography and has its own digital watermark and the production of such a banknote is 100 times cheaper than wasting ink, paper, electricity for the printing press.” E-dinar will be state-owned and backed by paper money. The country will not issue a new currency. Instead, part of its reserves will be simply moved to the blockchain. Universa claims Tunisia could soon be followed by other countries such as China, Canada, Philippines, Argentina and Brazil. Citizens are now free to transfer e-dinars and can exchange their physical money for e-dinars.

Ron Paul Survey Reveals Bitcoin is The Most Preferred Long-Term Investment

Nearly 60% of approximately 80000 voters prefer Bitcoin as an investment choice for 10 years, according to a survey conducted by former US Congressman and former presidential candidate Ron Paul on Twitter. Paul asked his 650 000 followers how they would accept a $10000 gift that they couldn't touch for the next 10 years. Over 77000 people have voted, with 59% in favor of Bitcoin. Gold is in second place with 33%, followed by a 10-year treasury bond at 7% and only 2% of voters would choose Federal Reserve notes. In a recent interview Paul stated that government has responsibility which they are failing to do and has been causing depression and recessions. He is predicting a major economic crash that is inevitable. Savings and investment funds are no longer an option with negative interest rates looming and people really need to be aware of what the government is doing in order to protect themselves. He said gold will be the choice for many, but crypto and Bitcoin is emerging as number two, especially for younger generations who already mistrust the government and banking system.

Einstein Crypto Exchange Seized by Canadian Securities Regulator

A Vancouver-based cryptocurrency exchange, Einstein Exchange shut down last week. The exchange owes more than 16 million Canadian dollars to its clients, including about Can$11 million in cryptocurrencies and about Can$5 million in cash. Prior to the shutdown, the British Columbia Securities Commission (BCSC) had received numerous complaints from the customers of the exchange who claimed that they were unable to access their assets on the platform. Einstein Exchange was established in December 2017 by British Columbia resident Michael Ongun Gokturk who is the sole director of the exchange. Einstein offered the trading of 19 cryptocurrencies and accepted customer deposits in CAD, USD, and cryptocurrencies. Sammy Wu, lead investigator of BCSC believes that Einstein improperly used its customers’ assets. The company's website has been taken down. BCSC has seized control of the exchange and the Supreme Court of British Columbia appointed accounting firm Grant Thornton to take control of the Vancouver-based exchange’s assets. Einstein Exchange is the second Canadian crypto exchange to shut down this year, following the collapse of QuadrigaCX.

Call to Action Against Storing Your Cryptos On Exchanges

If you are still keeping your cryptocurrency on an exchange your investments are at risk. Just recently Vancouver-based cryptocurrency exchange Einstein has been seized by Canadian Securities Regulator. Cryptocurrency exchanges can freeze your account anytime and disappear or they can be hacked. Therefore Proof of Keys movement urges cryptocurrency holders to take control of their funds and stop storing their funds on an exchange. The movement was started by well-known crypto investor Trace Mayer in 2019. Trace has already given a reminder that there are just 60 days to go until the next ‘Proof of Keys’ event on the 3rd of January, 2020. He encourages cryptocurrency holders to move their funds off of exchanges even just for the day to prove that the reserves are there and to show that you are capable of holding your own coins and be in control of your own private keys. This also tests cryptocurrency exchanges of their financial solvency and encourages them to have the reserves required in order to pay out their clients.

China Removes Bitcoin Mining From Unwanted Industries List

While cryptocurrency exchanges and initial coin offering projects are completely banned in China, authorities have largely turned a blind eye to cryptocurrency mining. Chinese government has released "Industrial Structure Adjustment Guidance Catalogue" (which will enter into force in January 2020) and cryptocurrency mining is no longer in the list of industrial activities the government is interested in restricting or outright banning. This is actually good news as the draft of the catalogue released in April was looking to ban cryptocurrency mining. “However this doesn’t mean mining is legal in China, but it is still a safe activity in China” said a Chinese miner. Currently China accounts for roughly 60% of global Bitcoin mining. Cheap electricity and suitable climate have turned China into a hotspot for the crypto mining industry.

Volvo Implements Blockchain to Trace Ethical Sources For Cobalt

Volvo Cars, a Swedish carmaker has announced that it would become the first carmaker to use cobalt, recorded on a blockchain, for its car batteries. Cobalt is a metal that is used in lithium batteries in smartphones, notebooks, tablets and electric cars. Unfortunately cobalt mines have become notorious for using child labor. Carmakers are under pressure to source their batteries responsibly and ensure child labour is not used in the mining process. Technology firms Circulor and Oracle will operate the blockchain technology which will trace cobalt used in Volvo’s electric vehicle batteries. The data in the blockchain will include the cobalt's origin, attributes like weight and size, as well as the chain of custody. Volvo Cars has reached an agreement with its two global battery suppliers, CATL of China and LG Chem of South Korea who will supply batteries over the coming decade for Volvo models.

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Quiz answer

What is Proof of Keys?

The correct answer is “C”.

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