This was a generous week for Bitcoin and an exciting time for the industry. Check the last updates from the crypto world!
Back in the last Weekly Update, we have commented about the blockchain industry’s reaction for the Brexit and some news concerning famous crypto-related lawsuits. Let’s see what stories this week has brought.
First, let’s start with a price update. Bitcoin managed to reach the cap of $10,000 per coin, proving that the current bull run is a serious business. Since the beginning of the year, the leading cryptocurrency performed very well. There are various theories pointing to reasons for this price growth. Most of them are seeking them in the last international events, like the coronavirus outbreak or tense situation between the USA and Iran. Nevertheless, the market appears to be in excellent condition – and let’s hope it will last long.
Charity against coronavirus
Since we mentioned the infamous disease, it is good to mention that the blockchain industry is also trying to help fight the outbreak of the coronavirus. Hyperchain, a Chinese company specialized in blockchain application, announced the launch of a charity initiative devoted to that goal. Alongside with Fuxing Group and Xiongan Group, they are going to gather funds for medical supplies.
The coronavirus outbreak coincided with the proclamation of the Chinese shift toward the blockchain. Decentralized technologies are believed to be a solution for better management of many systems, including healthcare. But Chineses government probably didn’t expect that the usage of blockchain may be useful in practice so quickly.
More details about Telegram’s blockchain
Messaging platform Telegram is already strictly connected with the blockchain technology, with many cryptocurrency firms actively communicating through its app. But Telegram’s relation with the industry doesn’t end here. Since 2017, the company is working on its own project called TON Blockchain, alongside with related currency, gram.
The project, however, has already caused some controversies, mostly by a lawsuit by the U.S. Securities and Exchange Commission. The reason for the legal fight was the alleged selling of unregistered securities during a pre-sale of grams. However, it doesn’t stop Telegram from the development of TON. Last works on it concerned tests over the blockchain and resulted in a white paper summarizing present progress.
Does Wright defend himself with defunct companies?
The case of Craig Wright’s legal problems is still pending, and every week brings some new updates. First, a short reminder: Wrights got sued over the rights to the $10 billion in bitcoin by the family of his former, deceased partner, Dave Kleiman. According to the lawsuit, Wright defrauded Kleiman of money and intellectual property.
New concerns are about the 11,000 documents, which could shed some light on the case. The papers are, according to Wright, unavailable to be provided in court due to attorney-client privilege. It caused a reaction of Kleiman lawyers, who believed that documents are considered privileged without any legal basis, since they come largely from defunct companies, and called for the court for a reaction.
North Korea stole funds on the realistic-looking website
The Democratic People’s Republic of Korea, widely-known as an international troublemaker, is frequently trying to use blockchain and cryptocurrencies to its advantage. The range of North Korean actions consists of both hackers’ operation and a blockchain conference, which caused some problems to former Ethereum developer, Virgil Griffith.
This time, Kim Jong-un’s regime managed to steal coins via a highly sophisticated method. As Chainalysis has reported, a well-known hackers group called Lazarus managed to create a realistic-looking trading bot, which fraudulently obtained about $7 million from traders. The sum may not seem big, but the website used to steal it is definitely worth attention.
A fake firm named WFC Proof had everything that a proper blockchain company should have: a legitimate website with a professional look and active social media, ironically pointing on the importance of the security. Such a high-level of fraud should be alarming.
Half a billion transactions on a Bitcoin blockchain
Reaching the $10,000 wasn’t the only Bitcoin’s success last week. The cryptocurrency has achieved a historical milestone of half a billion transactions. Since the first transaction between Satoshi Nakamoto and Hal Finney, the first cryptocurrency was pushing forward to reach this impressive number. You may find more details about the half a million Bitcoin transactions in our article dedicated especially for this event. And we hope there will be even more positive news like this one in the incoming weeks.
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Dimitra (DMTR) Listed On Kucoin
Dear Dimitra Community, We have some fantastic news to share with you. Dimitra is excited to announce the listing of the $DMTR token on KuCoin, recognized as one of the world’s leading crypto currency exchanges. The exchange’s user base is global and it is considered to be one of the leading trading venues for emerging […]
Dear Dimitra Community,
We have some fantastic news to share with you. Dimitra is excited to announce the listing of the $DMTR token on KuCoin, recognized as one of the world’s leading crypto currency exchanges. The exchange’s user base is global and it is considered to be one of the leading trading venues for emerging and established altcoins.
KuCoin is the first exchange to list $DMTR. This listing, to be followed by other centralized and decentralized listings, will facilitate and accelerate Dimitra’s goal of democratizing agriculture technology for farmers globally.
The Dimitra $DMTR token will be available for deposit initially with the DMTR/USDT trading pair.
– Deposits will open at 11:00am UTC on September 21, 2021
– Trading will start at 09:00am UTC on September 22, 2021
All trading execution is done through the official website at www.kucoin.com or within the KuCoin Android and iOS apps
Dimitra is grateful and fortunate to experience the growth of such an active and loyal community! We are looking forward to continuing to grow together.
📢 WORLD PREMIERE LISTING
🔹Deposit: now open (supported network: ERC-20)
🔹Trading: 09:00 am on September 22, 2021 (UTC)
🔹Withdrawal: 10:00 am on September 25, 2021 (UTC)
— KUCOIN (@kucoincom) September 21, 2021
Check out KuCoin’s listing announcement here: https://www.kucoin.com/news/en-dimitra-dmtr-gets-listed-on-kucoin-world-premiere?utm_source=twitterinfo
Dimitra (DMTR) is a blockchain platform that is democratizing the agricultural technology space for smallholder farmers globally. Dimitra provides access to the blockchain, machine learning, Internet of Things sensors, and Satellite Technology through a mobile platform that helps farmers globally increase their yield, reduce costs and mitigate risks. Current farming practices are not sustainable; creating an evolution of practices will contribute to solving some of today’s largest issues for farmers. Issues like poverty, hunger, global warming, carbon emissions, freshwater, and soil preservation are all impacted by the adoption of Dimitra. Dimitra’s platform provides utility by combining the crypto investment cycle with agricultural development practices within nations globally.
MiamiCoin Could Free Residents Of Tax Burden, Says Mayor
Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures. ICYMI my interview on MiamiCoin w/ @FoxBusiness ✅The revolutionary concept of @mineCityCoins ✅Understanding how it’s generated $5M+ for the City ✅How these benefits translate into a better quality of life for Miamians pic.twitter.com/ipewPwBMdw — Mayor Francis Suarez (@FrancisSuarez) September […]
The post MiamiCoin Could Free Residents Of Tax Burden, Says Mayor appeared first on CryptoCoin.News.
Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures.
ICYMI my interview on MiamiCoin w/ @FoxBusiness
✅The revolutionary concept of @mineCityCoins
✅Understanding how it’s generated $5M+ for the City
✅How these benefits translate into a better quality of life for Miamians pic.twitter.com/ipewPwBMdw
— Mayor Francis Suarez (@FrancisSuarez) September 20, 2021
MiamiCoin earns 2,000 USD every 10 minutes for the city
In February, Miami mayor Francis Suarez made first advancements to transform the city into a cryptocurrency hub. His plans were further cemented when the municipal cryptocurrency MiamiCoin launched last month with 30% of all mined coins going directly to the city.
In a recent interview with Fox Business, Suarez confirmed that the city receives roughly 2,000 USD every 10 minutes though MiamiCoin. Annualized, this transfers to a revenue of over 100 million USD, although Suarez has been more careful, estimating a yearly revenue of 60 million USD. The money is earmarked for specific projects, such as funding for underprivileged communities, crypto education, and climate change mitigation.
Crypto could revolutionize government funding, says Francis Suarez
In his interview, Suarez stated that MiamiCoin could theoretically abolish Miami’s already low tax burden altogether:
It’s interesting because it’s not an involuntary tax and it’s not philanthropy. It’s something that is completely different and could revolutionize the way governments are funded in the future.
It is still a long way to go for that though. In 2015, the City of Miami recorded a total tax revenue of roughly 240 million USD. Yet, the move towards municipal coins is a very natural development.
Using cryptographic tokens as a funding vehicle for developing DeFi platforms and other decentralized applications is a tested method and has specially made great advancements over the last year. It should be only a matter of time until this method will be tried on a municipal, or even nationwide scale.
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AMC Entertainment Could Include Dogecoin as a Payment Option
Following confirmation that AMC would begin accepting Bitcoin, Ethereum, Bitcoin Cash, and Litecoin for online payment, the company’s CEO has asked the Dogecoin community if AMC should add the meme coin among the cryptocurrency options.
Almost 80% Want to Pay for a Movie Ticket With DOGE
Adam Aron, CEO of the world’s largest movie theater chain AMC Entertainment, conducted a poll via Twitter on Tuesday (September 21st, 2021) to check whether the company should accept DOGE payment. The poll, which ends on September 22nd, has garnered a lot of responses, most of them wanting AMC to include the meme crypto.
According to Aron, the Twitter survey came amid calls from members of the Dogecoin online community to add DOGE to the list of crypto options.
“I hear from many on my Twitter feed we should accept Dogecoin too. Do you think AMC should explore accepting Dogecoin?”
Before the latest development, the AMC CEO announced that the movie theater giant will accept Ethereum, Bitcoin Cash, and Litecoin by the end of 2021. This was after Aron previously revealed during an earnings call in August that customers would be able to pay for movie tickets and concessions online with bitcoin, also at the end of the year.
The poll has so far seen 110,000 votes, with 70% responding positively to the idea of DOGE payment, while 8% also agree but say they would not use the meme coin for payment. Meanwhile, 22% of the voters were not in support of the motion.
Growing Support for Dogecoin Payment
Aron’s survey comes as the cryptocurrency market is experiencing massive price dumps, along with the global financial markets, mostly tied to the Evergrande saga. Bitcoin, which traded at $48k over the weekend, dropped to as low as $40k, with the price of other altcoins also plummeting. However, there has been a slight recovery.
Dogecoin is currently the 10th largest crypto by market capitalization and reached an all-time high (ATH) of over $0.7 back in May. Now, though, it’s down to roughly $0.2.
If AMC Entertainment goes ahead to include the meme token among the list of accepted cryptocurrencies, the movie theater giant would become the latest company to support DOGE payments. Some others who have adopted Dogecoin include American basketball team Dallas Mavericks and Newegg.
Apart from AMC’s Adam Aron, Tesla’s CEO Elon Musk also carried out a similar poll for his followers. Although many of the respondents voted in favor of the electric vehicle manufacturer including DOGE among payment options, the company is yet to make it official.
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