TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Libra users won’t have to trust Facebook, project leader David Marcus claims. Bitcoin uses more energy than Switzerland. Australian banks to test blockchain platform to facilitate guarantee process. Monero’s dangerous vulnerabilities disclosed. Chuck E. Cheese says Bitcoin is fake currency, and TipBitcoinCash platform grows immensely in just a week.
Chuck E. Cheese Calls Bitcoin Fake Currency
To each his own fake currency…
— Chuck E. Cheese (@ChuckECheese) July 2, 2019
Chuck E. Cheese, the popular fast food & arcade franchise, has thrown down the gauntlet to the cryptocurrency community by declaring Bitcoin is fake currency … just like their own Chuck E. Cheese tokens. While some cryptocurrency fans were offended by the statement, others answered jokingly the company’s tokens at least had a fixed value compared to the main cryptocurrency.
Libra Users Won’t Have to Trust Facebook
David Marcus, head of the Libra project team, declared people won’t have to trust Facebook to use Libra, as it is a decentralized network with many companies being a part of it. Marcus declared that “Facebook, through its subsidiary Calibra, is just one of the initial 28 Founding Members that are coming together to form the Libra Association,” clarifying they “won’t have any special responsibility over the Libra Network.”
Bitcoin Uses as Much Energy as Switzerland
A new online tool called the Cambridge Bitcoin Electricity Consumption Index, created by Cambridge University, is a platform that shows a real time estimation of the total electricity load and consumption of the Bitcoin blockchain, created with a methodology derived from a model used by Mark Bevand, a Bitcoin researcher. The whole Bitcoin network consumes 0.27% of the world’s energy, using 59.19 TWh per year, a little more electricity than that used by Switzerland
Australian Banks Will Trial Lygon Blockchain to Ease Bank Guarantee Process
Three of the most important banks in Australia will trial a blockchain-based solution called Lygon to ease the bank guarantee process. Programmed by IBM, the test will be conducted by the Commonwealth Bank of Australia (CBA), Westpac Banking Corp, and Australia and New Zealand Banking Group, running for eight weeks. According to the CBA, Lygon “represents an industry solution that the participants could not have individually implemented,” facilitating processes and minimizing possible fraud and errors.
Monero’s Dangerous Vulnerabilities Come to Light
Monero, a privacy-oriented cryptocurrency, is not immune to bugs and vulnerabilities. In fact, several key vulnerabilities were disclosed to the public recently in the HackerOne portal, where hackers gain bounties for finding vulnerabilities. Nine of them were revealed, and among them two were really dangerous: one could allow attackers to withdraw Monero from a cryptocurrency exchange, and yet another that could take the entire network down with a denial of service attack.
TipBitcoin.cash Grows Immensely in One Week
~1 week since launch, and we now have 36 streamers signed up, with nearly 200 tips made! pic.twitter.com/ouwPsclUZJ
— tipbitcoin.cash (@tipbitcoincash) July 3, 2019
The online tipping platform tipBitcoin.cash, a service that allows fans to tip and support content creators and streamers, has shown enormous growth during its first. The creator, Pokkst, who also built the Crescent Cash wallet, reported 36 streamers are already registered with almost 200 tips having been delivered through the service.
CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.