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Inside Bitcoin (Jan 12th, 2018)

$BTC (1:45 p.m. EST): $13,770.40 (-0.75%)

90-day high: $20,089.00// 90-day low: $6,049.17 // More

$BCH (1:45 p.m. EST): $2,541.78 (-1.05%)

90-day high: $4,002.87// 90-day low: $324.58 // More

$ETH (1:46 p.m. EST): $1,250.26 (+2.07%)

90-day high: $1,417.00 // 90-day low: $282.41 // More

$LTC (1:46 p.m. EST): $232.85 (-1.43%)

90-day high: $371.39// 90-day low: $50.12 // More

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South Korea’s presidential office said Thursday that a ban on cryptocurrencies has not been finalized and is just one of several proposals being considered. The announcement clarifies earlier reports that a ban was imminent, which sent the cryptocurrency market crashing Thursday morning. Joyce Kim, the founder of Stellar, said the country would look to more strictly regulate bitcoin exchanges, instead of outright banning them. “Exchanges will have 6 reasonable requirements on KYC/AML, key storage, separation of fiat into 3rd party accounts, consumer warnings abt trading, transparency of orderbook. GOOD NEWS!” Kim tweeted. -CNBC

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Wenatchee, Washington has become the epicenter of bitcoin mining in the United States thanks to low-cost electricity and a cool natural climate. The 30,000-person town, about a three-hour drive east of Seattle, is home to about a dozen of the largest bitcoin miners in the nation. Steve Wright, the head of the local power utility, has said another 75 have inquired about coming to the town since the price of bitcoin surged at the end of last year. Power costs about 2 to 3 cents per kilowatt hour because of a series of dams on the Columbia River that provide abundant hydroelectric power. The town also has great internet capacity for its size. -CNBC

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Ethereum appears to be the only major cryptocurrency to escape this week unscathed. The prices on most cryptocurrencies took a hit this week after CoinMarketCap removed South Korean averages from some totals and the South Korean government mulled a ban or stiffler regluations on cryptocurrency trading. Ethereum, though, has risen 19 percent in the past seven days. One of the reasons may be the optimistic predictions of ethereum co-founder Steven Nerayoff, who believes ethereum’s wider adoption and lower transaction fees could see it overtake bitcoin in market value. "What you're seeing with ethereum is exponential increase in the number of projects — there are billions of dollars being poured into the ecosystem right now — maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year,” he said. –BUSINESS INSIDER

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Dot Blockchain Media wants to use the blockchain to replace the music industry’s many, old, incomplete rights-holders databases to ensure musicians get paid properly. The company wants to create a music file format that contains rights information along with records that could, theoretically, solve the problem of streaming services not being able to identify the correct owners of songs they play. "The same real-time update and tracking capabilities that make blockchain attractive to the financial industry also make it an attractive option for the music industry, where accurate, real-time ownership data will grease the wheels for the money to flow to songwriters and copyright owners with less overhead," says Elizabeth Matthews, CEO of the American Society of Composers, Authors, and Publishers. -BILLBOARD

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KFC has already sold out of its “Bitcoin Bucket,” a special promotion where Canadian customers could purchase chicken with bitcoin. The restaurant chain did the promotion as a way to jump on the bitcoin bandwagon while playing dumb about cryptocurrency. “Sure, we don’t know exactly what Bitcoins are, or how they work, but that shouldn’t come between you and some finger lickin’ good chicken,” the company tweeted. The promotion allowed customers to purchase a 10-piece bucket of chicken with bitcoin. The chicken, which cost about $20 Canadian dollars, would then be delivered. –INTERESTING ENGINEERING

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