The Reserve
26 December 2017 | SUBSCRIBE
Coinbase decided to surprise launch the 4th asset in its app this week - Bitcoin Cash - actually acting against the expectations it had set for the market that this would occur in the new year. An irresponsible move.
Coinbase and its trading platform GDAX have also continued to intermittently be down, with trading often suspended and buy/sell functionality often failing. And it looks likely employees have been using their knowledge of the imminent launch for personal gain - Coinbase has launched an internal investigation into insider trading. Even if no evidence is uncovered, it is wrife in the sector.
It’s worth reflecting on the irony: a majority of crypto users do not hold their own funds, instead trusting third parties - like coinbase - that blockchain was designed to remove, to do so. In the process these banks charge exceedingly large fees, have centralised control and risk, and have made themselves the middleman.
Happy holidays!
// MUST READS
- Crypto in 2018 by Vinay Gupta.
- Thoughts on governance and network effects.
- MIT setting the record straight on IOTA.
// PRICING SUMMARY
// DISASTER OF THE WEEK
A South Korean exchange, Youbit, has declared bankruptcy after suffering an attack, the second this year, in which 17% of all assets were lost.
// TRACTION
- Bitcoin futures can also be traded on Chicago Mercantile Exchange.
- E*Trade Financial Corp will let its users trade bitcoin futures from CBOE.
- Goldman sachs is moving into cryptocurrencies.
- North Korea is looking at bitcoin to avoid its international sanctions for using flying missiles.
// ROAD TO REGULATION
- Germany welcomed the proposal by french minister to consider joint regulation for bitcoin.
- The SEC suspended trading in the stock of a small business called The Crypto Company due to concerns of insider trading.
- NYSE Arca has filed with the SEC for a proposed rule change that would allow for the listing of two exchange-traded funds tied to bitcoin futures.
- South Korea’s central bank chief warned investors about Bitcoin risks.
// ICOS
Last week highlights:
- Theta raised $12m for a blockchain powered video streaming network.
- Neufund raised $12.6m for a community-owned fundraising platform.
Upcoming:
- Skara - January 23, 2018 - An existing blockchain gaming economy.
- Chainium - 25 Dec, 2017 - Equity market based on blockchain.
- Car vertical - Dec 26, 2017 - A blockchain-based car history registry.
// OTHER
The tax nightmare of bitcoin forks. Coinbase released bitcoin cash into many customers accounts earlier than expected.
// EVENTS
Dubai International Blockchain Summit - Dubai, United Arab Emirates - January 8, 2018
d10e Exploring the Future - Cayman Islands - January 27-30, 2018
World Crypto Economic Forum - San Francisco, USA - January 15-16, 2018
CoinFestUK 2018 - Manchester, United Kingdom - April 4, 2018
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