Greetings! Do you want to know what is going on inside the blockchain and the crypto industry? Then read our latest selection of news and stay tuned!
Yahoo Finance adds feature to help users to buy Bitcoin, Litecoin and Ethereum
Yahoo Finance is making its move into cryptocurrency by allowing its users to buy and sell Bitcoin, Ethereum and Litecoin.
Yahoo Finance uses Coinbase and Robinhood to act as third-party brokers for the transactions. Thus, Yahoo does not retain any user information, but users need an account from at least one of the two exchanges to access the digital assets through Yahoo.
As of now, the feature is only available to United States residents, but almost 70 percent of the traffic comes from the U.S. Hopefully, the feature will be extended to the rest of the 52 million monthly users in the future.
Joseph Lubin: Tether does not manipulate the price of BTC
Tether is a controversial subject in the cryptocurrency ecosystem. Various critics believe the cryptocurrency is used to pump the market, drawing parallels between the issuance of new USDT and bitcoin’s price rise. Some claim Tether itself doesn’t have $2.7 billion in the bank to back all USDT in existence, and creates them out of thin air.
Ethereum co-founder and ConsenSys CEO Joseph Lubin has revealed the questions whether Tether’s USDT has been used to manipulate bitcoin’s price last year, when it reached an all-time high near $20,000. Lubin stated he sees Tether as an interesting project, but isn’t completely certain the stablecoin, supposedly pegged to the US dollar 1:1, has been used to manipulate the market.
Based on our analysis, which involves just talking to a bunch of people in the space, we do believe that tethers are backed 1 to 1 by U.S. dollars in bank accounts… With respect to market manipulations, I’m not sure that market manipulations are related to Tether directly, if they do exist.
Stablecoins are future!
Another stablecoin is joining the arguably already crowded ecosystem. Terra has announced today it raised an initial $32 million in its seed funding round which included Binance Labs, Okex, Huobi Capital, and Dunamu & Partners (the investment firm of Upbit operator). The capital is meant for creating a stablecoin that can be used as a payment solution.
While we see many stablecoins coming out, Terra’s journey is especially meaningful as they are designing one of the few price-stable protocols with existing, working, and strong go-to-market strategy and usage. We are constantly impressed by the founders’ leadership and earnest commitment to the business, and excited to support the team.
Ethereum Hard Fork Every 8 Months?
The questions circulating around what Ethereum must do in order to stay ahead of mining efforts while dealing with its own internal issues such as issuance and the difficulty bomb has led some developers to one conclusion, that was reached during a meeting, which was conducted over Youtube on the 24th of August 2018: Commit to a hard fork of Ethereum every eight months.
Ethereum developers also decided that they would leave the decisions over block rewards to the community at large, which will set the stage for a more protracted battle between miners and investors that could lead to multiple forks of Ethereum to balance it out. Every Ethereum fork could lead to different versions of Ethereum splitting off, and now it’s going to be a regular occurrence every 8 months.
On the flip side, perhaps frequent forking can be conducive for Ethereum to evolve more rapidly than cryptocurrencies like Bitcoin which avoid forks.
With greater knowledge of the crypto community, however, slight changes to the code generally lead to debates and in-fighting that can otherwise prove quite damaging, let alone forks which are an even more extreme scenario. It’s perhaps some sort of crass irony that the coming Ethereum fork is named after the new capital of a decaying Roman Empire of the 4th Century AD.
The EU looks at further crypto regulation
Finance ministers from 28 member states within Europe will discuss placing further regulations upon cryptocurrencies due to concerns surrounding illicit activities and a “general lack of transparency” in Vienna on the 7th of September.
It is possible that further regulation could help growth.