Binance unveils its own project to rival Facebook’s Libra, Bitcoin’s dominance may not be what we all conceive, and WhatsApp plans digital fees launch.
Coming every Sunday, Hodler’s Digest will assist you trail every single important news story that happened this week. The best( and worst) excerpts, following and regulation highlights, conducting coppers, predictions and much more — a few weeks on Cointelegraph in one link.
Top Stories This WeekBinance discloses “Venus” — its own project to rival Facebook’s Libra
With Facebook tangled up in regulatory tape and putting Libra on ice, others are seizing the chance to leapfrog the social network and launch their own stablecoins. Walmart’s at it, the People’s Bank of China’s at it, and Binance is now throwing its hat into the ring. The crypto exchange says Venus is an open blockchain project that will focus on developing localized stablecoins worldwide. Binance believes it’s in a strong position because of its existing public series engineering and wide user basi. The bold go will employ the exchange toe to toe with Mark Zuckerberg’s tech behemoth — and although Venus could end up enjoying a headstart in the sprint to launch a stablecoin, Facebook will easily be able to recoup lost foot where reference is opens. Or, er, if it launches .
Facebook-owned WhatsApp reviews to propel digital payments in Indonesia
Even as Libra languishes, Zuckerberg is continuing to pursue digital payments far away from intruding politicians in the U.S. Over in Indonesia, Facebook-owned messaging service WhatsApp is in early stage talks with fintech houses and a state-owned bank to support payments through digital purses in those areas. The tech whale has gingerly confirmed that dialogues are currently taking place but refused to share any more specifics. Beginnings told Reuters that negotiations are currently underway with the transportation booking work Go-Jek, portable payments provider DANA, fintech startup OVO and state-owned bank Mindri, which operates a digital wallet service. A service is expected to launch in 2020 — that said, this was when Libra was supposedly going to be unveiled to the masses.
Bitcoin dominance is actually above 90%, brand-new study intimates
In news that’s likely to send a shiver down the prickle of altcoin missionaries, new study therefore seems that Bitcoin’s( BTC) true market preeminence may only be drastically underestimated. While mainstream crypto data aggregators claim the world’s biggest digital money has a 70% slice of world markets, commentators at Arcane Research accept BTC dominance is actually more than 90%. It says marketplace capitalization is a “meaningless measure” when liquidity isn’t taken into account, and boffins exploited trading volume in order to making such a recalculations. This doesn’t look good for other cryptocurrencies hoping to compete with Bitcoin — and it could have ramifications for investors , not to mention those developing infrastructure for payments.
Andrew Yang wants to manufacture U.S. ballots fraud-proof using blockchain
Democratic presidential campaigner Andrew Yang is fed up of stand in queues and waiting to vote in elections. The blockchain counselor has vowed to implement blockchain-based mobile voting if he triumphs the 2020 scoot, with ledgers used to verify the results. Yang shrugged off impostor concerns by pointing out that the old-fashioned ballot box can evenly be suggestible to manipulation — and he said blockchain referendums have the potential to “revolutionize true democracy and increase participation to include all Americans.” The politician sees his cutting-edge solution running alongside humble polling places. But given the fact that Yang’s support level currently stood at 1.8%, according to RealClearPolitics, U.S. voters might be standing in those pesky threads for some time yet.
Bitcoin tolls in and out of four digits on relatively depressed week
Although BTC has diverged into the $9,000 s several times over the past few weeks, it has managed to consolidate $ 10,000 assistance. Prices briefly flirted near $11,000 before tossing again — and bullish sentimentality at the start of the week fizzled with it. Bitcoin impelled increases as the weekend approached, potentially helped by the fact that the U.S.-China trade war has risen yet again, with President Donald Trump planning to raise tariffs on Chinese importations value hundreds of billions of dollars. Some psychoanalysts believe that financial uncertainty in traditional marketplaces facilitates hoist BTC’s status as a collect of value — spurring its comparison to “digital gold.”
Winners and Losers
At the end of the week, Bitcoin is at $ 10,141.93, Ether at $190.96 and XRP at $0.27. The total busines cover is at $ 265,628, 172,936.
The top three altcoin gainers of the week are Vsync, bitqy and Decentralized Asset Trading Platform. The top three altcoin losers of the week are SounDAC, SealBlock Token and BitBall.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“Scalability is a big bottleneck because the Ethereum blockchain is almost full.”
Vitalik Buterin, Ethereum co-founder
“It’s stupid that in 2020 we are still standing in line for hours to vote in antiquated electing kiosks. It is 100% technically feasible to have fraud-proof voting time our mobile phones today consuming the blockchain.”
Andrew Yang, Democratic presidential candidate
“I think there is a day in the future where we can’t live without crypto, or imagine a world-wide before crypto.”
Cameron Winklevoss, Bitcoin bull
“You have all these currencies, brand-new monies coming into play. […] I call them’ psycho monies, ’ because it’s a matter of faith whether you believe in Bitcoin or any of the other cyber-currencies. I thoughts with the rise of that, there’s going to be a demand for real, hard assets, and that includes gold.”
Mark Mobius, frontier markets investor
“We’re at a tipping quality now where Bitcoin is here to stay. It’s going to end up being in every institutional investor’s portfolio.”
Anthony Pompliano, Morgan Creek Digital Assets co-founder
“When Bitcoin became was aware, many questioned its legitimacy, and while the jury is still out on the future of Bitcoin, I do imagine monies with a blockchain base will continue to surface and may become more widely accepted across the globe.”
Glenn Fogel, CEO of Booking Holdings
“The risk with anonymous business are something that we all know well. We know this from 9/11 and fright pleasure that has just taken place in the 15 times preceding that where we didn’t have good tracking, we didn’t have the capacity to understand money spurts and who was moving money.”
Mike Pompeo, U.S. Secretary of State
“When you think about genuinely severe catastrophes taking place, a liquidity crunch, another global financial crisis, I think that Bitcoin will is difficult to do very well from a price perspective.”
Spencer Bogart, general spouse at Blockchain Capital
Prediction of the WeekTwitter spat broke out between amber bug and Bitcoin enthusiast
The handbags were out in force as amber defect Peter Schiff and crypto advocate Tom Lee faced off on Twitter. A crabby exchange began when Schiff wrote that CNBC’s Joe Kernen was wrong to be bullish on Bitcoin. That inspired the CNBC host to prompt the crypto skeptic that his long-held prediction of gold being worth $5,000 has yet to materialize — with Fundstrat Global Advisors co-founder Tom Lee heap in to describe this forecast as hysterical. Down but not out, Schiff got his claws out and replied: “My gold foreshadow came a lot closer than your Bitcoin forecast. Plus at least gold will eventually touched 5k. Bitcoin will never make 50 k.” Bemused spectators uttered their embarrassment given that Schiff owns BTC and admits it as a payment method in his gold business.
FUD of the WeekCryptocurrencies used to buy illicit drugs, says White House
“The United Regime is in the midst of an unparalleled epidemic of addiction and death.” That was the White House’s stark reminder in advisories to financial institutions and digital payment scaffolds warns that fentanyl and other synthetic opioids are being purchased employing major cryptocurrencies. The documents said “convertible virtual currencies” — such as Bitcoin, Bitcoin Cash, Ethereum and Monero — are popular payment methods for illicit substances, many of which are sourced from China. Given how crypto transactions “generate a significant variety of information aspects that may be extremely useful to law enforcement, ” financial institutions are being urged to collect items linked to suspicious transactions and pass them on to the authorities.
Two thieves caught on tape stealing Bitcoin ATM in the U.S .
CCTV footage has shown two people stealing a Bitcoin ATM in Washington, D.C. The camera caught the pair entering a plaza, taking the machine, carrying it into a van and driving apart — with passersby apparently compensating little attention. Although the believes had duration their fraud so encircling storages were closed, the plaza was still open. It made a week for someone to notice that the machine was missing. This is the latest incident in a recent spike in Bitcoin banditry — but that said, it was more successful than some of the other aims. In July, a gang of bungling burglars raided a Bitcoin exchange in the British city of Birmingham and tried to steal a Bitcoin ATM use a line attached to their car. Alas, they left empty-handed.
India: Supreme court imparts central bank two weeks to justify crypto bank
The Reserve Bank of India is feeling the hot over how it handled a ban targeting cryptocurrency business. The country’s Supreme Court has ruled that the central bank inadequately responded to the industry’s concerns when it boycotted banks from servicing crypto adventurers in July 2018. Justice Rohinton Fali Nariman has given the RBI two weeks to explain what was going on at the time. This comes as the country’s government is considering making crypto illegal for all citizens — with possible penitentiary expressions of up to 10 times proposed for those who flout the law.
Best Cointelegraph FeaturesBinance Venus aims to outshine Libra and Chinese national crypto
Stablecoins are evolving from a niche expectation to the next big-hearted payment procedure. Henry Linver explores how Binance’s Venus differs from Facebook’s Libra.
As coordinated sell-offs strike altcoins, how do exchanges greeting ?
Beaxy exchange was forced to suspend trading after some users deliberately disintegrated the price of XRP. Now, Nikolai Kuznetsov examines what more established crypto stages are doing to banish such bad behavior.
Mike Tyson vs. Fight to Fame: Is onetime champ involved in crypto ?
Media reports recommended Mike Tyson was supporting a blockchain-based platform for boxers. Then, the legendary boxer disclaimed having any involvement in the initiative, which is allegedly fraudulent. Now, Cointelegraph’s Julia Magas disentangles the circumstances behind the furore.