Israeli BTC holders take legal action | Inside Cryptocurrency - August, 20th 2019

Inside Cryptocurrency (Aug 20th, 2019)

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Market Watch: The market continues to change with prices dipping into the red during trading Tuesday over a 24-hour period.

  • Bitcoin: $10,672 (⬇️ 0.34%) // $190.8 billion market cap.
  • Ethereum: $197 (⬇️ 1.82%) // $21.1 billion market cap.
  • XRP: $0.275 (⬇️ 3.24%) // $11.7 billion market cap.
  • Bitcoin Cash: $317 (⬇️1.93%) // $5.7 billion market cap.
  • Top 100 Winner: Ethereum Classic: $5.94 (⬆️ 5.76%) // $670 million market cap.
  • Top 100 Loser: Egretia: $0.030 (⬇️ 14.29%) // $128 million market cap.

Prices are as of 10:50 a.m. EDT.


1. Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, have indicated that they are open to joining Mark Zuckerberg's Libra Association. The history between the three is hard to ignore given the legal battle with Zuckerberg over who invented Facebook. Yet, it seems that the twins are willing to let bygones be bygones. In an interview, Cameron said that there will be a day in the future where people "can't live without crypto." Whether or not they join, they both believe that Libra is a positive step forward for the industry. The Libra Association already has 28 founding members such as Mastercard, PayPal, and Uber. Interestingly, though, the founding members have, reportedly, yet to become official. In July, it was noted that while they had signed a "nonbinding letter of intent," communicating their interest in joining, not one member had officially joined. –CNN BUSINESS


2. A 39-year-old man has been sentenced after scheming to sell drugs through the dark web for cryptocurrencies. According to a U.S. Department of Justice notice, Sky Justin Gornik pleaded guilty to the charges. As part of his guilty plea, he agreed to forfeit "millions of dollars" in crypto assets including Bitcoin, Ethereum, Monero, and Stratis. This he had built up as part of his drug trading, which were held on the Bittrex and Poloniex exchanges. A police raid saw law enforcement seizing 1.7 grams of carfentanil and sheets of fentanyl gelatin tablets. He's reported to have bought and sold the controlled substances between 2014 and June 7, 2017. –COIN DESK


3. Erik Finman, who became the youngest Bitcoin millionaire after betting on the crypto asset when he was 12, has said that peer-to-peer payment app Metal Pay will kill Facebook's proposed stablecoin Libra. In partnership with Marshall Hayner, the former co-founder of Bitcoin wallet QuickCoin, the two are launching what they hope will become an "all in one" cryptocurrency banking platform. It will feature a 17 crypto asset digital exchange, a digital bank, and social features. Taking to Twitter, the 20-year-old - who offers advice to young investors - declared that they will "finally bring crypto to the people in ways that Facebook Libra only wishes they could." –COINTELEGRAPH


4. Glenn Fogel, the newly-appointed CEO of online travel platform Booking Holdings, has said in an interview that the acceptance of cryptocurrencies will continue to grow outside of the U.S. His response was in answer to where he saw the future direction of payment systems in travel. The CEO of Booking Holdings, which is one of the founding members of the Libra Association, said that he believes in a new form of global currency that is "protected and secure." Unlike the U.S., which has a well-established credit card system, Fogel notes, he said currencies with a blockchain base will be more widely accepted across the globe. –SKIFT


5. Jeremy Allaire, the CEO of Circle, has said that people are interested in "a non-sovereign digital asset like Bitcoin" because they have greater control over the movement of their capital. According to Allaire, it is the "digital gold thesis," and the concern for capital controls in different environments that has had an impact on Bitcoin for the past eight years. At the end of July, Allaire testified in front of the U.S. Congress to say that crypto assets should be considered a "new asset class." –CNBC


6. Israeli Bitcoin holders have taken legal action against local banks demanding that they provide policies regarding cryptocurrency accounts. According to a report, banks are refusing to open accounts where they can deposit money from cryptocurrency sales. A freedom of information act has been filed by the Israel Bitcoin Association asking the Bank of Israel to disclose copies of policies from each bank in Israel regarding cryptocurrency. –GLOBES


7. Another person claiming to be Satoshi Nakamoto has surfaced. According to a blog post published by PR firm Ivy McLemore and Associates, the so-called creator has three pieces of proof that confirm this. The first focuses on the origin story of Bitcoin, the second on the name Satoshi Nakamoto, while the third highlights that it will not only reveal who Satoshi is, but an improved version of Bitcoin called Tabula Rasa. –DECRYPT


8. A Supreme Court judge in British Columbia, Canada, has denied a motion to set aside an asset freeze that involved defendants in a $30 million cryptocurrency fraud case. Lisa Angela Cheng and Kevin Patrick Hobbs are accused of committing fraud, tax evasion, and money laundering. According to the report, the B.C. Civil Forfeiture Office seized a luxury Coal Harbour townhouse, two Range Rover SUVs, and funds in Bank of Montreal accounts as a result of crime proceeds. –THE PROVINCE


9. Amaten, a Japanese gift card platform, is teaming up with blockchain network provider Aelf to issue tokenized gift cards. The partnership will see Amaten build its blockchain framework on top of Aelf, helping to turn gift cards into digital assets, which can then be managed and exchanged on the blockchain. According to Amaten chairman Tom Kanazawa, this is the perfect use case for the blockchain and is bringing the gift card industry out of the 90s. –VERDICT


10. Mark Mobius, a veteran investor, has said that people should consider buying gold, which will rise in value as cryptocurrencies increase. He also said that those who invest in gold will reap rewards over the long-term and is convinced that central banks loose monetary policy will help to push the yellow metal's price up. –BNN BLOOMBERG


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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