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Every Sunday, Hodler's Digest will help you trace all the important news that has occurred this week. The best (and worst) quotes, the highlights on adoption and regulation, the main coins, predictions and much more – a week on Cointelegraph in one link.
Top stories of the week
Hearings on Libra: Hostility and criticism as Congress squeaks Facebook's executive
A boon for drug traffickers. More dangerous than September 11th. A global economic threat. Congress had two days to roast Facebook's Calibra wallet, David Marcus, about the upcoming Libra cryptocurrency, which did not stand up. Members of the Senate Banking Committee first went on Tuesday, as lawmakers called the social network "dangerous" and unable to process financial data because of past scandals. Politicians also demanded to know why Facebook had chosen to base Libra in Switzerland rather than in the United States. Wednesday was the turn of the House Financial Services Committee. In four hours of grilling, Marcus was asked if the tech giant would delay the launch of Libra until the regulatory concerns were resolved.
David Marcus: You do not need to trust Facebook, and I'll be paid in Libra
Surprisingly, Marcus did not upload the selfies of his trip to Washington on Instagram and did not tell his followers how fun he was. It was because he was probably navigating questions he did not want to answer – and was trying to convince Congress that Facebook would have "no special privilege" and no control over Libra and Calibra. Alas, this was easier said than done – politicians refusing or unable to hide their skepticism. Marcus insisted that Facebook was determined to cooperate with US regulators and stressed that the seat of Libra in Switzerland had "nothing to do to evade its responsibilities". And, after constantly marching in front of a senator, he declared that he would be ready to receive all of his salary. Stablecoin. In addition to the theatricality of all this, Marcus' main point was: if the US fails to adopt digital currencies, others – and their values "could be radically different". China will be delighted with this not so subtle search.
Bitcoin price recovers $ 10,000 after US lawmakers say BTC could not be killed
It's another tumultuous week for Bitcoin. From July 10th to 16th, prices dropped from $ 13,200 to $ 9,684. The main stock exchanges fell by 26.6% in just seven days. Some badysts have blamed the decline for technical problems, but others believe that the fall is linked to a seemingly endless criticism of Libra. But it's not quite dark. In an interview Wednesday, US representative Patrick McHenry said he felt BTC could not be eliminated – and companies like Facebook were doing their best to replicate the success of its decentralized open access network. On Saturday, the market briefly yielded $ 11,000 for the first time since Monday, which could indicate that thunderstorms are dissipating after a hectic week.
American regulator investigating BitMEX cryptocurrency – Report
The derivatives giant BitMEX is a naughty boy, according to Bloomberg reports. He said the Commodity Futures Trading Commission was investigating the exchange over allegations that it would have allowed US residents to use its Seychelles-based trading platform. This would go against current laws that prevent US citizens from using such encrypted financial services.. Earlier this month, Arthur Hayes, CEO of BitMEX, and Bitcoin naysayer Nouriel Roubini had a ding-dong at Tangle in Taipei – and the only thing they could agree on is that Libra is not a cryptocurrency. After a bitter fight to pull the tape out of this debate, Roubini, also known as Dr. Doom, said this week that BitMEX insiders had told him that the platform was "used daily for money laundering." 39, money on a large scale by terrorists and other criminals ".
The great idea of Buterin: integrate Bitcoin Cash to evolve Ethereum
Ethereum co-founder Vitalk Buterin has developed a new, short-term approach to solving network scalability problems: using the Bitcoin Cash blockchain to handle its backlog. An Ethereum 2.0 could be in several months, and good ol 'Ethereum 1.0 is currently able to handle only 15 meager transactions per second.. By contrast, rival Ripple could gather 1,500 people. The moment of Buterin on the road to Damascus did not necessarily attract the rave reviews he hoped for. Some crypto commentators have warned that this would accelerate the disappearance of Ethereum and Bitcoin Cash, while others said Buterin's comments were proof that his project had failed. Somewhat awkwardly, this idea has also put Buterin in conflict with its co-founder, Joseph Lubin, who recently said that Ethereum had "already evolved considerably". Taxi!
Winners and losers
At the end of the week, Bitcoin is at $ 10,590.46, Ether at $ 225.99 and XRP at $ 0.33. The total market capitalization is $ 289,810,601,474.
CyberFM, BitCoal and PWR Coin are the top three winners of the week in Altcoin. The top three losers of the week are the Decentralized Crypto Token, Regalcoin and Claymore.
For more information on the prices of cryptography, be sure to read Cointelegraph's market badysis.
Most memorable quotes
"We can agree that Facebook is no longer really a business, it's a country."
John Kennedy, Republican Senator for Louisiana
"Who can use a $ 20 bill? […] This $ 20 bill makes no distinction between everything you can be a murderer and say horrible things, you can say great things. This $ 20 bill can be used by anyone who owns it. Regarding your network, can Milos Yianopolous and Louis Farrakhan use Libra? "
Sean Duffy, Republican Congressman for Wisconsin
"If cryptocurrency is used to finance the next terrorist attack, 100 lawyers fighting for $ 200,000 an hour, will not protect his [Zuckerberg’s] back of the anger of the American people ".
Brad Sherman, Democratic Congressman for California
"Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illegal activities, such as cybercrime, tax evasion, extortion, random software, illicit drugs, the traffic of human beings […] This is indeed a national security problem. "
Steven Mnuchin, US Treasury Secretary
"I am for the least of regulation. I do not know what will happen to crypto-currencies. I think it's a great idea. "
Ron Paul, former Republican Congressman
"As far as search traffic for Bitcoin is low, I also think it's a good sign. This means that the rise in Bitcoin has not been accompanied by mbadive hype. "
Tom Lee, co-founder of Fundstrat Global Advisors
"After the technical collapse of 2001-2002, real value network companies exploded. The "alt" .com went bankrupt. "
Peter Brandt, veteran trader
"People behave badly! The Indian government has banned Bitcoin, a currency that offers great hopes for prosperity in a country that desperately needs it. Shame on Indian leadership. Pathetic and corrupt. "
Tim Draper, American investor and investor Tezos
Prediction of the week
John McAfee double on the $ 1M price forecast in 2020 for Bitcoin
"Laugh of my laughter". This is John McAfee's reaction to the pessimism surrounding BTC's performance on Monday. According to the American entrepreneur currently living in Cuba, cryptography enthusiasts should stop relying on weekly fluctuations and turn to the whole. Recalling the progress made by BTC in recent months, it has doubled its forecast of possible $ 1 million by the end of 2020. This would mean that Bitcoin only has 17 months to be worth 100 times more than today.. McAfee shared some of its predictions in an interview with Cointelegraph last week. In ten years, he believes that there will be no fiat in the world. […] Everything will be cryptocurrency. "Okay, John!
FUD of the week
Former Microsoft employee arrested for theft of $ 10 million
A former Microsoft employee who was arrested on suspicion of involvement in a $ 10 million crypto scheme, joined BitMEX this week. Volodymyr Kvashuk is accused of using ill-gotten gains to equip a $ 160,000 Tesla and a $ 1.7 million lakeside home. The investigators believe that the 25-year-old Ukrainian national was in possession of stolen, encrypted gift cards that could be exchanged for Microsoft products and then sold for profit on the Internet.
Report: Coinbase deposits for UK users now take 10 days must exceed 1,000 pounds
British crypto holders have scandalized their tea this week (I'm allowed to say so, I'm British) when it became apparent that the US Coinbase exchange had suddenly imposed a minimum deposit of £ 1,000 (about $ 1,250) . To speed things up, Faster Payments, a settlement system that allows faster payments, has been suspended. This means that the British will have to use (this is not the case) SWIFT, the standard international transfer option whose deletion takes up to 10 days. Coinbase says that faster payments will resume in the next few months, but we do not know exactly when.. We also do not know why this abrupt change has been made and, with Brexit on the horizon, new complications may be on the horizon. Another unexpected news, the main stock market suddenly announced Friday the end of its investment offer in the crypto investment Coinbase Bundle. (Fun fact: in chemistry, the element of surprise is ah!)
A gang of masked men raiding a bitcoin exchange in Birmingham
British crypto holders also needed a good dose of whiskey this week when it appeared that a gang of masked men had tried to search a Bitcoin embbady in Birmingham, England's second-largest city. Images show burglars looting the building while the sirens soundbut the local police eventually confirmed that they had left empty-handed. According to some information, novice thieves (short of alliteration) had tried to steal a Bitcoin ATM machine with the help of a rope attached to their car. Ooh! One more! Incompetent intruders! Ok, let's move on to something else.
Best features Cointelegraph
Social innovations and secret conversations (on the blockchain)
I love this title (I have not written it.) This week, Cointelegraph explained how coded conversations and secret languages, things that have existed for centuries, are being implemented in the world's leading blockchain . It goes much further than hodl, Lambos, FUD and Bitcoin. Take a look at how transaction signatures are used to initiate conversations under the radar.
Bitpoint hacking shows that controlling regulators does not equate to security
There has been a series of hacks targeting trade based in Japan. In recent days, Bitpoint, headquartered in Tokyo, has reportedly lost $ 32 million as a result of a security breach. But here's the kicker: Exchange was one of 16 local platforms allowed by regulators. Stephen O'Neal wants to know if this scrutiny could lead to trade being no longer focused on security, or if it is simply a thorny issue in a booming market.
Trump's Twitter encryption: what is the Bitcoin reference really about?
Deciphering the nursery rhyme and the reason behind President Donald Trump's tweets, and determining what they mean and if they are like politics, can be a hopeless task (we could say that it would be easier). if his tweets were written in Dalmatian, a Croatian language extinct since 1898). Nevertheless, we tried to understand the reason for his improvised words..
Coffee and crypto: Trump vs. Bitcoin, hacked Japanese exchange
Cappuccino, crypto problems, and Olivia Capozzalo and Molly Jane Zuckerman of Cointelegraph. What could be better? The first episode covers all the latest news. Watch out for Olivia's sarcastic response to Trump's tweets and stay for the epic story of her brother's adventures in Bitcoins. The very satisfying tinkling of their coffee cups and the soft instrumental music on the piano are also big benefits.
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