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Inside Bitcoin

Inside Bitcoin (Aug 8th, 2019)

Market Watch: Bitcoin is closing ranks on the $12,000 mark, but will it be able to make it before the week's out? Bitcoin Cash remains in fourth place and has so far put over $300 billion between it and Litecoin's market cap.

  • Bitcoin: $11,849 (⬆️ 0.92%) // $211.6 billion market cap.
  • Ethereum: $225 (⬇️ 1.15%) // $24.1 billion market cap.
  • XRP: $0.308 (⬇️ 1.33%) // $13.2 billion market cap.
  • Bitcoin Cash: $334 (⬇️ 0.84%) // $6 billion market cap.
  • Top 100 Winner: 1irstcoin: $9.40 (⬆️ 41.36%) // $57 million market cap.
  • Top 100 Loser: U Network: $0.006 (⬇️ 23.35%) // $63 million market cap.

Prices are as of 08:20 a.m. EDT.

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1. A U.S. judge has ruled that crypto exchange Coinbase must face a negligence lawsuit from customers regarding its Bitcoin Cash listing during the 2017 bull run. U.S. District Judge Vince Chhabria of the Northern District of California has found that it's "plausible" that Coinbase "breached its duty to maintain a functional market." The platform will now have to prove that it applied a standard of reasonable care to users when it promoted the Bitcoin Cash launch. –COIN DESK

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2. A report has found that a new class of "institutional investors" are helping to fuel a revival in Bitcoin's price. The report, from London-based Coinshares, looked at data over the first six months of 2019. It found that the "long-awaited entrance of institutional money" from the likes of financial asset manager Fidelity Investments, which announced last year its intentions of launching institutional-grade Bitcoin custodial grade services, is helping to lead the way. Others include the Boston Consulting Group, the Intercontinental Exchange (ICE), Microsoft, and Starbucks, who are planning to launch the Bakkt exchange. –DECRYPT

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3. Throw Back Thursday: Registration of "Bitcoin.org"

Back in August 2008, the domain name Bitcoin.org was first registered marking the beginning of what has become a billion-dollar industry.

According to the website, it was originally registered and owned by Bitcoin's first two developers, Satoshi Nakamoto and Martti Malmi.

Two months later and the widely read whitepaper, "Bitcoin: A Peer-to-Peer Electronic Cash System," was passed around a crypto mailing address.

When he left, Nakamoto handed over responsibility to other people to prevent the system from being controlled by any one person. From 2011 to 2013, Bitcoin.org was primarily used for releasing new software versions of what the industry now calls Bitcoin Core.

Today, the site has become an independent open-source project that has contributors from around the world.

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4. A Bitcoin scammer who tried to con a Bitcoin educator found themselves getting scammed with the results of the swindle being donated to charity. Canadian crypto enthusiast Ben Perrin hosts a Bitcoin show on YouTube. He's also posted videos on Bitcoin scams. Yet, after being contacted by the fraudster, who promised to double his investment if he sent $1,000 worth of Bitcoin, Perrin decided to play along. He provided a fake Bitcoin wallet statement and even said someone else had contacted him with a better offer. Promising to invest $20,000 with the real scammer, Perrin asked for $100, which would then be returned, to ensure everything was above board. The scammer decided to meet him halfway and sent $50. Perrin then came clean, called the scammer out, and said the money had been donated to Bitcoin Venezuela. –CBC

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5. Researcher Coin Metrics has found that only 318 addresses control 80 percent of the controversial Tether token with over $1 million held in the coin. It noted that the high ownership concentration of the token raises the level risk for the entire crypto market as it is used as a channel for trading on many exchanges such as Binance and Huobi. –BLOOMBERG

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6. The Malaysian electric company, Tenaga Nasional Bhd (TNB), has raided 33 illegal Bitcoin mining facilities, which resulted in the loss of $760,736 worth of electricity. According to distributing network general manager, Siti Sarah Johana Mohd, the illegal mining had been in operation for six months, near the city of Kuantan in the state capital of Pahang. –MALAY MAIL

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7. A crypto tax bill that is seeking the exclusion of gain or loss on the "like-kind" exchange of virtual assets for virtual assets has been introduced in the U.S. House of Representatives. The bill, Virtual Value Tax Fix Act of 2019, wants to introduce a change to the Internal Revenue Code of 1986. It hopes to make the amendments so that the exchange of virtual currency for virtual currency is considered the same as "the exchange of real property for real property of like kind." –COINTELEGRAPH

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8. Stock and crypto investing app Robinhood has received the green light from the U.K.'s Financial Conduct Authority (FCA) to operate as a broker in the country. The company said this will enable it to bring its investing platform to U.K. customers and moves it one step closer to "democratizing finance for all." –THE BLOCK

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9. Seoul is planning to have a native digital currency in place by November as it works toward becoming a blockchain smart city. Called the S-coin, it will be redeemable for rewards and will be given to members of the public after they use public services, pay their taxes, and take part in opinion polls. –FINDER

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10. The Chinese city of Shenzhen has issued around six million blockchain-based invoices a year after the first invoice was issued. According to the Shenzhen Municipal Taxation Bureau, the average daily issuance of invoices is 44,000, with the total value of them amounting to $553 million for transactions covering 113 sectors. –XINHUA

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This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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