Grayscale CEO Says U.S. Regulators Have No Power Over Bitcoin
Repost @thecryptograph
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Grayscale CEO Barry Silbert believes the United States is past the point where regulators have the support to ban crypto assets like Bitcoin.
Barry Silbert, CEO of cryptocurrency investment firm Grayscale Investments and Digital Currency Group, believes the United States is past the point of no return for banning Bitcoin.
In a Grayscale investor call on July 16, the CEO said he was “cautiously optimistic” about the chances of regulations in the U.S. improving or at least not getting worse for the cryptocurrency.
“For the first time ever, we are past the ‘ban bitcoin’ perceived risk,” Silbert said. “There’s enough support in DC from policy makers and regulators that Bitcoin has a right to exist and ultimately you can’t shut it down.”
The CEO said relationships with regulators are much better off due to the effort made by groups including the Blockchain Association — a group speaking out in favor of many blockchain and crypto companies in front of the SEC — and Coin Center, a non-profit crypto advocacy group.
“As an industry, we’re just much better off than we’ve ever been from a relationship perspective out in DC. [These two groups are] educating policy makers around the benefits of this technology in this asset class. The catastrophic regulatory policy risk that maybe would have existed previously in DC is behind us.”
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Twitter Hack Results In A Surging Interest In Bitcoin Searches
Repost @thecryptograph
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After a coordinated attack caused hundreds of high-profile Twitter accounts to be compromised yesterday, mentions of cryptocurrencies on social media skyrocketed.
According to data from cryptocurrency analytics company LunarCrush, social mentions of Bitcoin increased by 343 percent in the past 24 hours, while social engagement Bitcoin has seen on various networks increased by 658 percent.
Twitter has been ablaze in the past 24 hours, as news about a major hack spread through the platform like wildfire. It first began when a number of Bitcoin traders and cryptocurrency exchanges saw their accounts hijacked, tweeting about a Bitcoin scam called “CryptoForHealth.” The scam quickly spread beyond crypto Twitter, with Elon Musk, Kanye West, Jeff Bezos, Joe Biden, Barack Obama, and Bill Gates all sharing the scam.
As most similar scams do, this one called on users to send Bitcoin to an address in order to qualify for a 5,000 BTC giveaway.
Hundreds of high-profile verified Twitter accounts were targeted by the scam, which Twitter Support called a “coordinated social engineering attack.” The hackers most likely targeted some of Twitter’s own employees and managed to gain access to internal systems and tools that allowed them to hijack the accounts. As of press time, the hackers managed to steal away just over $100,000 worth of BTC.
Many believed that the bad publicity will certainly do more harm than good to Bitcoin, as the mainstream media still has a tendency to see the crypto market as dangerous and unreliable. However, the immediate consequence of the hack seems to have had an overall positive impact on Bitcoin adoption.
Judging by the data provided by LunarCrush, the Twitter hack turned out to be an overall positive event for Bitcoin. While Twitter will be dealing with the aftermath of such a hight-profile security breach for weeks to come, it seems that the only outcome for Bitcoin was a turbo-charged increase in awareness in the mainstream media.
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Bitcoin.com Add New Service To Send Crypto Using Email
Repost @thecryptograph
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A new service from Bitcoin.com lets users send Bitcoin Cash to anyone with an email.
Bitcoin.com introduced a new service that allows users to send any amount of Bitcoin Cash (BCH) via email.
Bitcoin.com founder Roger Ver told press that in his opinion, this service is unique in the sense that high fees make similar Bitcoin (BTC) services unrealistic. Ver also pointed out that the service is transnational and preserves user privacy: “It doesn’t matter what nationality they are, what country they reside in, or anything else. If they can access email, they can access their Bitcoin Cash. Bitcoin.com never keeps a copy of the private key.” In addition, if the intended recipient does not claim the funds within a specified period of time, the coins will be transferred back to the sender: “We do keep a signed transaction to refund the BCH back to the sender after the specified number of days have elapsed. That way, if the recipient never claims their Bitcoin Cash, the sender will automatically get it back.” As governments around the world are trying to exude more control over cryptocurrency transactions, this service may likely find a substantial user base within the space.
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Crypto Industry Is Now In Post-Bubble Territory But Growing
Repost @thecryptograph
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Hosting a booming period of online creation and technological advancement, the late 90s saw the tech bubble expand to staggering heights, only to pop shortly after the new millennium began. Speculative investments and trading facilitated rapid market gains, for a time, until the party ended in the early 2000s. The cryptocurrency industry saw a similar bubble in 2017. Was 2017 and early 2018 crypto’s dotcom boom, or is it still coming? “We are in a market state similar to the post-dotcom boom where there are higher quality projects and companies building for the long term,” Paul Eisma, head of trading at XBTO Group, told me in an email on May 20, 2020.
With bitcoin leading the charge, 2017 yielded incredible price gains for the crypto markets. Between January and December 2017, bitcoin rose from less than $1,000, all the way up to almost $20,000, based on TradingView.com data. Crypto’s total market cap also saw dramatic rise between January 2017 and January 2018, spiking from approximately $14 billion, to above $750 billion.
Bolstering the hype, initial coin offerings (ICOs) gained popularity as a new method of fundraising. Many ICOs raised millions of dollars on speculation and marketing. Crypto’s major bubble began to burst in January 2018, however, with the entire market suffering significant losses by the end of that year.
Similarly, the latter half of the 90s also saw rising stock prices as speculative investors piled into the latest early-stage website businesses offering online solutions.
The ‘irrationally exuberant’ 2017 speculative coin bubble was followed by the painful, necessary cleansing of the ecosystem in 2018. Riding the fad and hype of blockchain and cryptocurrencies in 2017, many startups looked to apply the technology wherever they could, regardless of feasibility.
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