Bad News on Cryptocurrency’s Security, Regulation, and Knowledge Gaps

October 5, 2020

Reading Time: 2 minutes

Bitcoin finishes the week up about 6%, still below $11,000 but above $10,000 having set a record of 63 days after which the protection of the digital coin is beginning to be considered boring by some traders. They are hungry for more hype, in Altcoins and DeFi tokens.

“Perhaps the decrease in extraction will inject some enthusiasm back into the coin and just 2.5M mining coins left; half will be mined in the coming four years,” ChartBTC stated.

Bitcoin also finds Jack Dorsey, at least, exciting. He has an important role that the coin and its blockchain technology will play in securing Twitter’s content. Decentralization will ensure the content lasts forever, he argues. He’ll have to justify this change to the users of Twitter, though. A study found wide gaps in mainstream awareness of the cryptocurrency industry.

Yet plenty of people are having it. IoTeX, a networking firm, has collaborated with camera maker Tenvis Technology to make an indoor surveillance camera operated by the blockchain. Ucam uses a decentralized, private key system to allow users to monitor all their own databases.

An improved Consumer Protection Technology Act has been passed in Congress by the House of Representatives. The Act includes legislation that defines digital terminology and allows the Federal Trade Commission (FTC) to identify the importance of the blockchain in consumer protection.

The European Commission has gone forward to provide the crypto industry with a better legal structure. A new digital finance package introducing the first crypto asset legislation has been introduced by the EC.

You can do worse than pursue Tim Draper if you’re looking to cash in on the success. His crypto-portfolio has been described by the venture capitalist. He holds coins such as Ripple Tezos and Bitcoin Cash.

He didn’t note if any of the tokens on Kucoin were owned by him. Analysts have now determined that during that hack, hackers might have taken around $280 million. However, around $129 million worth of ERC20 tokens are now considered stable.

According to the Board’s member and Chairman, Sögur is a digital coin is constructed to provide a currency that is self-sustaining, democratic and global. It is designed to integrate crypto markets seeking volatility, while also using stability mechanisms to minimize the risk of volatility when market dynamics are rapidly evolving and unpredictable.

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