News Summary: June 22-28
Overstock making strides again with Bitcoin adoption! Unlike many companies that use Bitpay and Coinbase as a processor and immediately convert to fiat, Overstock actually holds 10% of Bitcoin received as Bitcoin. In fact, according to Patrick Byrne when he delivered his keynote address on Saturday at the Bitcoin in the Beltway conference, 3% of Bitcoin sales from Overstock will be used to spread awareness of it. Also, Patrick is hard at work on trying to get Overstock internationally (Bitcoin is only accepted in US as of writing) to accept Bitcoin. As if you cannot tell, Patrick is a....
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Cryptocurrency supporters all around the world are celebrating the fact that today is the 12th anniversary of the Bitcoin white paper, a summary of the invention created by the pseudonymous inventor Satoshi Nakamoto. Bitcoin’s inventor published the paper on metzdowd.com’s Cryptography Mailing list and ever since then, the financial world hasn’t been the same. 12 years ago, Satoshi Nakamoto decided to let the world in on Bitcoin, the peer-to-peer electronic cash system that took the world by storm. The very first time Nakamoto published the paper was at 2:10 p.m. Eastern....
Greg Foss takes a deep look at the conditions surrounding the global credit market in this executive summary.
On Monday afternoon, Judge Beth Bloom, from the District Court of Florida, denied Craig Wright’s summary judgment and the infamous billion-dollar bitcoin lawsuit will go to trial in January. The court published a 93-page decision on the matter, as Judge Bloom detailed that “a genuine dispute of material fact exists” for a number of the complaints. Since Valentine’s Day in 2018, Craig Wright, the Australian who claims he invented Bitcoin, has been involved in a billion-dollar lawsuit. The case concerns the rightful ownership of an alleged 1.1 million BTC worth....
A US court has ruled in favour of the US SEC after the regulator’s filing of a motion seeking summary judgment against Kik for violating the country securities laws. Kik, which raised $100 million from 2017 ICO, had filed its own motion of summary judgment but the court refused to grant this. In his judgment, US District Court Judge Alvin Hellerstein agrees with the US SEC’s contention saying “undisputed facts show that Kik offered and sold securities without a registration statement or exemption from registration, in violation of Section 5.” In a suit filed on....
Although the airdrop took place less than two weeks ago, problems have already arisen for the vaunted layer-2 scaling solution’s team and market maker. The honeymoon period for the Optimism layer-2 scaling solution has been cut short as an exploit in its market maker’s smart contract led to the loss of 20 million OP tokens.The exploit took place May 26 but has only just been reported to the community. One million tokens valued at about $1.3 million were sold on June 5. An additional one million tokens valued at about $730,000 were transferred to Vitalik Buterin's Ethereum address on....