Hey Noozzlers, we hope everyone is having a great day! We’re happy to share a few highlights about what happened previous week in crypto. As always, there are many interesting stories; both bullish and some worrisome alike.
Rallies in the streets of India’s largest cities in support of cryptocurrency legalization.
We start off by continuing a story from last week out of Bangalore and the impending regulatory decision by the Royal Bank of India. There have been massive rallies held in the streets in Delhi, Mumbai, and Hyderabad, with the biggest march that happened March 30th. The rallies organized by Akshay Aggarwal, the co-founder of Blockchain India each had a slightly different flavor, but a similar goal: demonstrate intellect and rebellion. Undoubtedly the decision by RBI will have a massive effect on adoption within the country of close to 1.4 billion people for the foreseeable future.
Tron founder Justin Sun decides not to give away Tesla promised as part of a “global appreciation campaign.”
The story that is sure to produce mixed emotions; a sense of amusement and disappointment as hordes of enthusiasts continue to pay interest and attention to company mired in controversy. The drawing that was posted by Sun on his Twitter page on March 28th showed a video selecting a random user who was selected to win the Tesla. Shortly after, Sun deleted the tweeted video for having “technical problems” but the vigilant community had already archived the video. Sun withdrew his offer of the Tesla and instead offered a ticket to the Tron summit 2020 including a round-trip ticket to the event.
Stellar Lumens admits to bug allowing unknown hacker to print 2.25 billion XLM.
We continue with more disconcerting news from a currency most of us are familiar with, Stellar Lumers. Bombshell news broke on 3/28 about a bug in the code which allowed an unknown attacker to create 2.25 billion Lumens in April of 2017 representing 25% of the total supply, but the news was quietly swept under the rug. To “true up” the supply and protect stake holders, Stellar decided to burn an equivalent number of tokens in their reserves, essentially eating the loss. The main question is would Stellar have approached a $1/ token evaluation in late 2017 if this news had been more wide spread? We’ve seen how significantly some bad news can affect a project or exchange before, case and point: MT Gox..
Vietnam gets their first cryptocurrency exchange
Coming to Vietnam from Switzerland, Kronn Ventures has signed a memorandum of understanding with Vietnam based Linh Thanh Group. The news comes as a result of a coalition formed with five countries in the area for Bangladesh, Sri Lanka, Philippines, Cambodia, and Vietnam – to build a blockchain-based international wiring system. This will certainly be an interesting story to watch as many of the countries grapple with how the governments will regulate the new technology.
Fake Volume Plague could increase odds of ETF approval
It might sound counter intuitive, but there are several factors that play into the SEC’s decision to approve or not the possibility of a crypto ETF. However, many of the factors produce a chicken or the egg problem with aspects such as: the majority of crypto demand coming from within the USA with companies like Coinbase and Gemini, 35% of trading volume for bitcoin futures in the USA, and other governments designing frameworks to prevent manipulation. The fake volume news has increased calls
for regulation and transparency in the industry, however there is still no timeline for if and when the ETF will occur.
What do YOU think about this week, was it a net positive or negative? Amongst the number of stories, bitcoin keeps chugging along, and development continues to be thriving. One thing is for sure: there is never a lack of news and controversy.
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