TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Coca-Cola will use a blockchain system for supply management. Robinhood suffers borrowing glitch. Ethereum co-founder thinks Facebook shouldn’t be behind Libra. Almost 30% of Americans still believe the US dollar is backed by gold. Ripple has to answer for token sales, and Bitfinex postpones KimCoin offering.
Coca-Cola Will Use Blockchain for Order Reconciliation
Coca-Cola will leverage a blockchain-based system to speed up order reconciliation times. Coke One North America, the company tasked with management of the Coca-Cola supply chain, will use a system provided by SAP, a German software solution provider. With the implementation of the new system, the company expects to reduce reconciliation times from two months to less than a week, saving money and resources in the process.
Robinhood Suffers Borrowing Glitch
Robinhood, the zero-fee stock and cryptocurrency trading app, experienced a glitch that lets users borrow more money than they are entitled. The glitch was first reported in the Reddit WallStreeBets forum, where a user explained he received $1 million for trading for holding merely $4,000. Robinhood stated they are aware of this problem, clarifying these are “isolated situations,” and explained they are in direct communication with customers. It remains to be seen if the users leveraging the glitch will be charged with securities fraud.
Joseph Lubin Thinks Facebook Should not be Behind Libra
Joseph Lubin, one of the co-founders of Ethereum, has given his opinion about Libra, the Facebook-based cryptocurrency. While he affirms he is a “big fan” of Libra, Lubin says the social network behemoth should not be behind the project. “I don’t believe that Facebook … with the concerns that we have with respect to trust and personal identity in Facebook, should be driving that project,” he declared in an interview on CNBC’s Squawk Box, explaining the endeavor is suffering from its “greatest asset.”
Almost 30% of Americans Still Believe the US Dollar is Backed by Gold
A new poll by @GenesisMining found that 29.3% of Americans think the U.S. dollar is backed by gold.
— Kyle Torpey (@kyletorpey) October 30, 2019
A new survey conducted by Genesis Mining, a cryptocurrency mining company, found many US citizens still believe the US dollar is backed by gold. When asked, “What is the US dollar backed by?” 29.3% of respondents answered they believed the barbarous relic gave it value. The Bretton-Woods system ended in 1971, and since that time the dollar is not directly convertible to gold, leaving it to be a fiat currency. A much smaller, but still statistically significant percentage, 4.1%, of Americans surveyed think the dollar is backed by oil.
New Filing Claims Ripple Still has to Answer for Token Sales
A new filing in the battle Ripple is having against a group of investors claims the company is responsible for the ongoing token sales. Plaintiffs insist sales of Ripple’s treasury are ongoing securities, and cannot be judged as part of the first batch of Ripple sold. Ripple is facing this class action due to their frequent token sales. They are also believed to have caused several price drops as a result. A response from Ripple is due by December 4th.
Bitfinex Postpones KimCoin Token Sale
Regretfully we inform our community that the https://t.co/HM04y6rmef token sale has been postponed indefinitely. Both teams have decided the regulatory risks are simply too great for all stakeholders. Please see our announcement for more details https://t.co/3oRaeWLnQ6
— Bitfinex (@bitfinex) November 5, 2019
Bitfinex postponed the KimCoin token offering, the cryptocurrency publishing and rewards currency being promoted by the owner of Mega, Kim Dotcom. The exchange noted how “the risks associated with raising funds for the K.im token sale have become clear, and we must put our community’s best interest first and foremost.” According to the statement, the postponement of the token offering was product of a common agreement between the two parties.
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