Crypto Dygest 06 Mar 2018

CRYPTO DYGEST 06 MAR 2018
Top 5 News For Today - 06 Mar 2018

Summary:

Ethereum genesis address holds $500mln in Ether and ERC20 tokens; PayPal receives a patent for super-fast crypto transactions, which technically are not transactions; Korean Officials are de-facto banned from crypto holding/trading; Switzerland published ICO guidelines; Iceland’s police on the hunt for 600 miners.

BONUS Thread of The Day

US city may put a moratorium on commercial mining

1.$500mln Rests on Ethereum’s Genesis Address

Due to various errors and typos, since it’s launch, Ethereum’s genesis address has received over $500mln in pure Ether and Tokens. It is not possible to redeem these tokens, as apparently genesis address does not have a private key. Or at least Vitalik doesn’t know one.

https://news.bitcoin.com/500-million-mistakenly-sent-ethereums-genesis-address/

2.PayPal Patent for Faster Crypto Payments

A couple of days ago, US Patent and Trademark Office published details on PayPal’s patent for faster crypto transfers. The idea is simple and is initially proposed for a vendor-buyer relationship. Buyer generates additional private wallet, inside his private wallet for a particular sum of money. Vendor does the same, but generates an empty wallet. Then system swaps these additional private wallets between, thus eliminating need for adding blocks on the blockchain.

https://www.coindesk.com/paypal-eyes-instant-crypto-payments-tech/

3.Korean Officials De-Facto Banned from Crypto Holding

South Korean Government has de-facto banned all government officials to hold or trade any sort of virtual currency, even if such actions do not relate to professional activities. This is apparently to eliminate any insider information trading, which saw rise in Dec 2017, where some officials made a good profit by knowing about upcoming legislations.

https://news.bitcoin.com/korean-government-officials-banned-holding-trading-crypto/

4.Switz FINMA published ICO guidelines

This is an official statement from Switz governmental body, which outlines ICO guidelines. Main point – ICOs are different and each one will be assessed differently with various option of token assessment proposed. Take a moment to dive in the papers as similar guidelines will duplicated in other nations.

https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/

5.Icelandic Police Searches for Miners

600 bitcoin miners were stolen, in a what appears to be an organized crime leading to the biggest thefts ever seen in Iceland. Eleven people arrested already and police are looking for more. 600 graphic cards, 100 power sources, 100 motherboards, 100 memory discs and 100 CPUs, equivalent to nearly $2mln.

https://www.ccn.com/grand-theft-rigs-icelandic-police-search-600-bitcoin-miners/

BONUS Thread of The Day

City of Plattsburgh could put an 18 month ban on commercial mining operations due to lack of electricity for ‘ordinary’ use.

https://www.coindesk.com/us-city-mulls-18-month-moratorium-bitcoin-mining/

This is it for today.

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See you tomorrow!