A Siberian crypto mining adventure, Tether destroyed, 51% attacks, regulation, and lawsuit news – all during another somewhat quiet day for bitcoin as it still sits around $6,500, according to real-time Blockmodo data. Let’s dive further into today’s action!
Adventures of the Bitcoin Conquistador in Siberia
In a land where winter lasts 9 months with snow as far as the eye can see, there’s a quiet revolution unfolding.
This story follows Gabriel Gutierrez’s travels through Siberia, learning a new language, adjusting to a different way of life, and diving head first into a brand new type of money.
During Gutierrez’s travels, he tapped into the culture, literature and business minds of the country. He was also introduced to bitcoin mining.
With a new found love for the crypto, and an opprtounity to on his hands to turn cheap electricity into bitcoin, Gutierrez transformed an old forgotten factory into a bitcoin mining operation.
Learn more about Gutierrez’s Russian mining adventures here!
Tether Just Burned 500 Million USDT Stablecoin Tokens
Tether announced today that is has destroyed 500 million Tether (USDT) tokens from an account called the Tether Treasury. Tether has made many headlines over the past few weeks with its price fluctuations. Price fluctuations are contrary to the goal of a currency that aims to have a 1:1 pegging to the U.S. dollar.
466 million Tether still reportedly sit in the Tether Treasury account for future need. Tether is supposedly transferred to the “Treasury as ‘redemption,’ a process that Tether described in its original white paper” as reported by CoinDesk.
Every USDT is supposedly backed by 1 USD, and therefore redeemable for that amount.
This College Freshman Is Out To 51% Attack Your Cryptocurrency
One college freshman has set out to prove that 51% attacks are not so difficult with many cryptocurrencies.
During a 51% attack, “a miner takes over more than half of a cryptocurrency’s mining power, which then allows them to erase a past transaction and replace it with another transaction – called a double spend” explained CoinDesk.
Attacking coins with smaller market caps are apparently happening more frequently.
The freshman goes by the name Geocold51. CoinDesk reports that “[f]or him, it’s about displaying that many coins are vulnerable and, therefore, perhaps vastly over-valued”.
South Korean Financial Regulator Says Crypto Funds Violate Capital Markets Act
According to information released today, the FSC (Financial Services Commission for South Korea) says that investors should be careful when buying into crypto funds.
The FSC warns that crypto funds are not properly approved, and therefore constitute a breach of South Korea’s Capital Markets Act.
“The Financial Services Commission further revealed its plans to hold consultations with relevant regulators in order to take action against crypto funds in a move to protect investors from risks of potential financial losses” explained CoinTelegraph.
Chinese E-commerce Giant Alibaba Wins Preliminary Injunction Against Alibabacoin
As per news announced today, popular entity Alibaba “won a preliminary injunction against Dubai-based Alibabacoin Foundation in a lawsuit over the misleading use of Alibaba in their name” reported CoinTelegraph.
The U.S. judge for the case stated that the Alibabacoin Foundation cannot include Alibaba in its name or brand in the U.S., “or at least until Alibaba’s larger court action claiming trademark infringement is decided”, based on a report by the Wall Street Journal.
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