As long as the transactions remain peer-to-peer, regulators won’t be able to block cryptocurrencies entirely.
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MrCoin

Weekly Crypto Recap

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To believe in crypto, you have to believe in math and software code.  ~Anthony Pompliano

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Market State

BTC: €5,464.46 | -14.18% since last week

ETH: €167.49 | -33.14% since last week

BCH: €405.66 | -26.68% since last week

LTC: €46.65 | -21.87% since last week

The crypto market sinked significantly last week falling below €170 billion. All cryptocurrencies fell to their lowest points over 10 months. Bitcoin was down by 14% to €5,464.46. The price of Ether has declined drastically by 33% to €167.49. Ether’s fall is due to ICO projects selling off their Ether holdings and exchanging them for fiat currencies to avoid a further fall in Ether’s price. Traders expect Ether to fall below €130 in the coming months as there is still a lack of certainty around Ethereum’s upcoming hard fork in October and ICOs still have large reserves of Ether to sell in their wallets. “Despite the current turbulence of the market the crypto market continues to grow. We see that crypto assets are here to stay” says Valdis Dombrovskis, EU Commission Vice President. The European Commission is planning to develop regulatory assessment on  cryptoassets to provide solid ground and keep monitoring developments in crypto space.

Quiz of the week

How many addresses does a wallet have?

  1. 10
  2. A very large number
  3. 1000

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

Top stories of the week

Coinomi

Local Bitcoin Price Hits $24,000 in Iran

Last week Bitcoin was briefly traded at 1,020,000,000 IRR (Iranian rial) on Iranian crypto exchange EXIR. This was equivalent to €21,000 which was more than four times above the current global Bitcoin price. Bitcoin spiked after the Iranian government legitimized cryptocurrency mining as an industry. Iran is currently under sanction that is reimposed by the US president Trump’s administration. Its main export crude oil production fell as trade partners stopped operations in Iran due to the sanctions. Iran is planning to launch a national cryptocurrency to bypass the economic pressures.  

Ethereum10

ETHstonia ID Card to Sign Ethereum Transactions

Estonia is the first country to offer e-Residency and it issues digital identity card to anyone in the world. Last week a new project called ETHstonia Identity was introduced at ETHBerlin. (Here you can see the full list of Ethereum projects launched during ETHBerlin.) The Estonian ID card has a built-in private key for signing legal documents. This card can be used to sign Ethereum transactions, as well. You can make transactions on the blockchain using a government-issued ID. Your Ethereum wallet is tied to your citizen ID, if you lose your ID card, you request a new one at the Estonian Embassy. Your wallet will automatically accept your new card.

Reddit

IBM Introduces a Cross-border Payment System

IBM introduced “Blockchain World Wire” which will enable financial institutions to settle cross-border payments in seconds. World Wire operates on the Stellar blockchain. To make transactions via World Wire two transacting financial institutions will use a bridge asset between any two fiat currencies. The first fiat currency is converted into the bridge digital asset then World Wire converts the digital asset into the second fiat currency. All transaction details are recorded onto an immutable blockchain. Stellar fans are excited as they are hoping that Lumens, the native currency of the Stellar blockchain will be used as a bridge currency most of the time. World Wire does sound like Ripple, as both of them offer instant cross-border payments.

Telegram

Painting Sold for Millions on Maecenas Blockchain

Andy Warhol’s “14 Small Electric Chairs” has been sold to over 100 individuals on Maecenas blockchain for €1.46 million. Maecenas is a decentralized auction platform that allows users to buy up to 49% of valuable art collectibles using Bitcoin, Ethereum or the platform’s native ART token. It is the first time that a high-profile artwork has been tokenised and auctioned successfully using blockchain technology. The Maecenas platform runs on the Ethereum blockchain and the auction was run entirely by a smart contract. Maecenas tokenised the artwork by converting it into tamper-proof digital certificates that represent a fraction value of the artwork. Owners of the artwork can sell their certificates at any time via the Maecenas marketplace.

Bitcoin Mining

Chinese traders use VPN and Tether to bypass the crypto ban

Chinese traders are still investing in Bitcoin despite the government’s cryptocurrency ban. In August, the Chinese government blocked access to 124 offshore cryptocurrency exchanges. These exchanges still serve Chinese citizens. Traders convert their fiat currencies into stablecoin Tether, which is always equal to one US dollar and use VPN to access crypto exchanges. The government hasn’t taken any actions on blocking VPNs. The beauty of a decentralized peer-to-peer cryptocurrency is that there is no one in control. As long as the transactions remain peer-to-peer, regulators won’t be able to block cryptocurrencies entirely.  

ShapeShift Requires Personal Information

ShapeShift is a cryptocurrency exchange that lets users instantly swap between a variety of cryptoassets but fiat currencies cannot be used. ShapeShift is considered as one of the most private crypto exchanges on the market as you don’t need to register and set up an account. ShapeShift now offers a membership programme that will collect user information. The membership programme is optional today but will become mandatory by the end of the year. Crypto enthusiasts are disappointed at the news that ShapeShift is implementing KYC requirements to prevent anti-money laundering.  

Tweet of the week

Bitcoin Network

Meme of the week

Bitcoin Network
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Crypto word of the week

Bitcoin Network

HD wallet stands for Hierarchical Deterministic wallet. These wallets are introduced by BIP32 and later by BIP44. HD wallet is a wallet structure that contains private keys that are derived from a single seed. A single seed is used to create a master private key. From which private keys are derived in a tree structure.

A master private key is used to derive parent keys, which can derive child keys. Each child key can derive grandchild keys and so on. A single seed (recovery phrases) is enough to backup and recover all the derived keys. Also you can import and export your seed to another wallet.

Since your addresses are derived from your private keys HD wallets can generate an infinite amount of addresses every time a crypto transaction is made. Nowadays most wallets are HD wallets and these wallets generate 12-24 seed phrases which you can use to recover your wallet.

Quiz answer

How many addresses does a wallet have?

The correct answer is : “B”

Wallets can generate addresses from your private key on demand and the number of new addresses is infinite.

 

Thank you for reading :) 

Have a great day!

MrCoin

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