Ethereum Drama, Lawsuits and Longer Bans: This Week in Crypto

Ethereum Drama, More Bans and Lawsuits: This Week in Crypto

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Published at Mon, 02 Apr 2018 02:02:08 +0000

Despite regular profits  this week, the market still ended down considerably from a week posting a second double-digit  loss. This was attributed to everything from child pornography  to promote manipulation  however, the most compelling reason suggested so far was the stocks markets. Whatever the event the bulls are still recommending everyone HODL on. Bitcoin cash is down 30% this week regardless of BitPay’s adoption of the technology.

  • Ethereum is down 27% this week in yet another of a long set of cost drops from it’s high of almost $1,500. This follows the trend we’ve seen over the last couple of weeks of correlated movements between both currencies. Some   have pointed to the correlation  for a sign of an immature industry.
  • The entire crypto marketplace is down 20 percent this week   completely retracing the 10% growth  observed a week. These figures are similar to the 20% price drop   we watched two weeks ago. Despite this, to a huge recovery is imminent. This follows a trend of countries opposing decentralized cryptocurrencies such as anxiety about money laundering. Leading the charge was the Russians when Putin declared earlier this month that law  will be arriving in March and plans to launch its very own money.
  • Yet another warning by Nigeria was issued this week to the use of cryptocurrencies. Nigeria took a tough stance yet again cautioned  against cryptocurrencies. Their points aren’t entirely unfounded using an history   of Ponzi schemes involving crypto from the region. The concerns of Denmark were focused on a lack of transparency around money laundering. They appear to have echoed the sentiments of the G20 summit a week and their concern is not unfounded.
  • Lawsuits over bans   were registered this week by The Russian Association of Crypto-Currency and Block-Finish (RACIB) and other industry associations after cryptocurrency advertising bans by many prominent companies. The team claims collusion among advertisers and calls the moves that a “particular indignation at the crypto community”. The litigation was filed against Google, Twitter, and Facebook. The move appears to be aimed more at deterrence to prevent different companies like MailChimp from continuing to follow suit. This really goes to prove that the issues  brought up at the G20 summit weren’t unfounded. While money laundering costs aren’t rare this is only one of the very first cases to be billed under Arizona’s brand new HB2417 law.
  • Reddit Disabled Bitcoin Payments this week among concerns around Coinbases capability to process payments. Coinbase has fought and revived its commerce platform. While not likely to possess a big material impact on each business, Reddit was an early client of Coinbase reporting processing $1 billion in transactions per month in 2013!
  • More Cryptojacking  was reported using a vulnerability revealed way back in 2013. While maybe not the initial, or greatest crypto jacking effort, the miners have gotten off with nearly 320 Monero ($63,000) so far.
  • The U.S.Treasury further legitimized crypto this week when it released a post   offering information to Government agencies looking to use cryptocurrencies. The post recommends adding skeptics on groups exploring blockchain saying that a group with “just  pro-blockchain individuals may be blinded by the hype and push a square peg into a round hole”. The notice comes among criticism aimed toward the CTFC chairman for talking blockchain, as critics say that in doing so he might legitimize it.
  • Ethereum Infighting was apparent that week as the community prepares to confront against ASIC miners. ASIC mining has been a touchy subject in the community, but this week a programmer has opened an Ethereum Improvement Proposal to discuss measures aimed at stopping the controversial practice. With assistance from customers, the community is expected to do it in the coming weeks.

 

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Be sure to check out last weeks post here, now let’s discuss what happened in crypto weekly.  

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