Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’

The Australian entrepreneur who claims to be the inventor of bitcoin has suggested he might take legal action against the cryptocurrency’s developer team over claimed infringement of his intellectual property. In a blog post published last Thursday, Craig Wright said while forks of bitcoin would be allowed under the open-source MIT license under which bitcoin was released, copying the database would not. “As the sole creator of Bitcoin, I own full rights to the Bitcoin registry. People can fork my software and make alternative versions. But, they have no rights…

Speculation Undermines Crypto Prices and Utility, Says Bank of England Senior Economist

Speculation creates congestion on the blockchain that harms a cryptocurrency’s utility and overall value, a senior economist at the Bank of England (BoE) has said. Peter Zimmerman, who has been a senior economist at the U.K. central bank since 2007, argued in a working paper published Friday that speculation undermines the effectiveness of cryptocurrencies to function as a means of payment. Because blockchains have a limited processing capacity, periods of high usage make transactions slower and more expensive, the paper observes. Assuming a cryptocurrency’s value derives from its utility as…

Crypto Exchange FCoin Insolvent After Revealing Up to $130M Bitcoin Shortfall

FCoin, a crypto exchange that adopted the controversial “trans-fee mining” model, has paused trading and withdrawal as it reveals a shortage of crypto assets worth up to $130 million. Zhang Jian, the former Huobi CTO who launched FCoin in May 2018, wrote a lengthy post on Monday, saying the exchange is now unable to process users’ withdrawal demands as its asset reserve has fallen short of its liability – and the gap is estimated to be about 7,000 to 13,000 bitcoin. The post, first published in Chinese and later translated on…

London-Based Crypto Custodian Copper Raises $8M for Expansion Overseas

Crypto custody provider Copper has raised $8 million in a Series A round – an investment it plans to use launching in new markets. Participants in the Series A included two U.K.-based venture capitals, LocalGlobe and MMC Ventures, as well as the Berlin-based Target Global, which specializes in investing in European companies so they can fund global expansion, according to a Monday announcement. The London-based startup said it aims to develop a presence in key regional areas, like Asia and North America, as well as enhance its offering to feature…

Chinese Blockchain Startup Hires VC Exec to Lead North American Expansion

Blockchain startup Conflux has hired Eden Dhaliwal, the former head of crypto at Outlier Ventures, as a managing director to lead its expansion in North America.  The Beijing-based firm is set to open an office in Toronto within two weeks. It is assembling a ten-person team to conduct research and seek local investors and business partners, Dhaliwal said.  “Generally, our network is going to be a pathway and conduit into the China market for our partners in North America, given our traction in the country,” he said.  The startup’s global…

Bitcoin Mining Unit Manufacturer MicroBT Nibbles at Bitmain’s Market Share

Bitcoin miner maker MicroBT has rapidly expanded market share by selling over half a million units in 2019, chipping away at rival Bitmain’s dominance. MicroBT sold about 600,000 units of its flagship WhatsMiner M20 series last year, Vincent Zhang, sales head of the Shenzhen-based company, said in an online panel hosted by Chinese mining pool Poolin on Thursday in a WeChat group. These products generate a computing power of about 60 terahashes per second (TH/s) on average, he said. That means the newly delivered 600,000 units may have contributed over…

We Think 10-Minute Settlement in Crypto Markets Is Slow but That’s Crazy

CoinDesk Head of Research Noelle Acheson joins the Amun State of Crypto crew to discuss the advantages, disadvantages and eccentricities of crypto markets, exchanges, settlement and more. In this deep-dive conversation, the group discusses the differences in the market microstructure between the crypto asset industry and traditional capital markets. The guests drew from their experience within traditional capital markets to explain the intricacies of the crypto market micro-structures and price discovery. Disclosure Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic…

When Corporations Violate Privacy, They Do Concrete Harm

Lindsey Barrett, a staff attorney at Georgetown Law, does not hold back when she sees bad actors in the tech space. She recently vehemently opposed the Sprint-T-Mobile merger in Slate, warning that “further consolidating an already anti-competitive sector” would make “it easier for those companies to gouge their customers.” Social media companies are making our lives a privacy hell, she says. And Democrats aren’t much better than Republicans when it comes to standing up to Big Tech.  Part of the Institute for Public Representation (IPR) Communications & Technology Clinic, Barrett…

Hedera’s Token Price Spikes Prematurely After Google Cloud Joins the Network’s Governing Council

After Hedera Hashgraph announced Google Cloud would be joining its governing council on Tuesday, the price of the network’s native token HBAR rose above 5 cents for the first time since the network’s launch and above 2 cents for the first time in a month. As part of the body of advisers who oversee software changes for the network and ensure the hashgraph’s decentralization, Google Cloud will run a node and make hashgraph analytics available alongside Google’s other public DLT datasets, Google Cloud developer advocate Allen Day wrote in a…

TON Developers, Investors Back Telegram in SEC Fight

Undeterred by the U.S. Securities and Exchange Commission (SEC)’s lawsuit against Telegram, developers and investors in the company’s blockchain project have formed a nonprofit for community governance. One of the TON Community Foundation’s first actions was to defend Telegram in the case, filing a friend of the court brief Friday in the U.S. District Court of the Southern District of New York.  The brief claims that the “community has about 2,000 active participants,” and “the TON Blockchain is fully operational and could be launched on a 5-second notice.” The reason it…