Our weekly SA Crypto News Digest hit your inbox on Sunday, 11 August 2019, and we’re sharing it below for you:
This week’s newsletter is proudly sponsored by CryptoFest 2019!
Finance Media Hailing Bitcoin As Safe Haven
With the US Federal Reserve lowering interest rates for the first time since before Bitcoin was launched, most global financial markets in correction, and European countries offering negative interest rates; the media are changing their perspective on Bitcoin. Precious metals have long been the “safe havens” for investors in tumultuous times, but for the first time in history, a digital asset is being explored for the same reason. Leading business newsletter, The Morning Brew, tentatively alluded to Bitcoin as a safe haven asset, while Bloomberg penned a piece hailing Bitcoin as an “unlikely sanctuary”. This aligns with Bloomberg’s prediction from 2013 that Bitcoin was either a hoax, or it would become the Global Economy’s last safe haven! All we know is: these are interesting economic times, and with Bitcoin being released off the back of the global financial crisis in 2008, it is perfectly positioned (and designed) to face the next downturn.
Market Analysis Compares Interest Rates
Based on these turbulent financial times, we’re watching Bitcoin’s movement very carefully. In this week’s Market Analysis with Financial Analyst Graeme Tennant, we review a good trade Graeme made in the week previous, and also compare America’s interest rates with the Gold and Bitcoin prices. This week’s edition was a fascinating analysis…
Meanwhile, SA Crypto contributor Jarryd Vissick drafted this bullish case for Bitcoin’s mid-term price.
Women in Blockchain
It’s Women’s Month, and Friday, 09 August, was Women’s Day in South Africa. A day commemorating the Women’s March of 09 August 1956 when 200,000 women marched to Pretoria’s Union Buildings in protest of the Apartheid Pass Laws for black women.
Women’s rights have long been a subject of intense dialogue, and we at SA Crypto are passionate about societal equality. The tech space is an industry, like far too many, dominated by men. So when successful women come along who buck the trend and inspire other women to chase their dreams, they are to be celebrated.
Which is why we put together this list of five inspirational women in the Blockchain Industry.
Binance KYC Leak
The world’s largest cryptocurrency exchange is again in the news for the wrong reasons. This week, Binance revealed that an extortionist had threatened to release 10,000 user images used for KYC verification in 2018. The extortionist is demanding 300 BTC in return for the files not being leaked to the public, but the company aren’t bending to their wishes. The hacker created a Telegram group sharing hundreds of the KYC photos as a way to confirm their possession of the files, but CZ strongly discredited the Telegram Group on Twitter, going on to offer a $290,000 reward for info on the malicious actor.
Coinbase Foil Hacker’s Attempts
Meanwhile, Coinbase, the USA’s largest exchange, was fighting off a hack of its own. The San Francisco-based exchange reported in a blog post on Thursdaythat hackers had begun an elaborate attempt earlier in the week to trick staff and breach security protocols. The attempt included a carefully constructed phishing email from Cambridge University to Coinbase staff, which was only the introduction. A week later, a follow up email contained a URL that led to malware being installed on the user’s computer, giving the hacker full control of the machine if they used Mozilla Firefox to click the URL. One employee clicked the link, infecting their machine, but not before Google’s Project Zero had discovered the vulnerability, allowing Coinbase to jump into action and isolate the machine, and implement strict emergency security procedures.
New Jersey Governor Announces Blockchain Task-Force
In an attempt to drive economic growth, Gov. Phil Murphy has announced the repositioning of New Jersey as a State to foster technological innovation. First on the agenda is to create an “Innovation District” with relaxed tax burdens and municipal economic rebates, incentivizing tech startups to relocate to the area. Second is the establishment of a Task-Force of 16 members to study all the possible ways the New Jersey government can implement Blockchain technology to increase government transparency and efficiency.
What Else Is Happening?
- Blockstream reveals massive mining facility, and Fidelity are an early customer
- These were the Blockchain projects with the most developer activity in July
- Stolen Binance funds being laundered in complex manner
- AltCoinTrader officially launches live trading of digital Gold and Silver
- Chinese digital Yuan a threat to USA
- Crypto entrepreneur to launch elaborate crypto reality TV show on prime networks
- Disgruntled crypto investor sues Israeli bank for not servicing crypto clients, in $22.5 million lawsuit
- New York City bank gives Bitcoin to all its staff, now taking on crypto clients
- Apple Credit Card no longer allowing purchase of crypto
This tweet from a seemingly obscure Twitter user “AfriBCC” passionate about Cryptoassets, is remarkably provocative. It highlights that Bitcoin, with all of its unique features, is the 11th largest supply of base money in the world. Behind Gold, Silver, the US Dollar and GB Pound, but ahead of the currencies of South Korea, Canada and Australia!