TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Paxful CEO suggests burning Satoshi’s bitcoin. Tether to appeal NY Supreme Court ruling. SEC charges ICO Rating with promoting undisclosed securities. Ethereum accumulates most developers in the cryptosphere. Deloitte launches plug-and-play blockchain showcase tool, and US government whistleblower Edward Snowden thinks privacy coins should be a human right.
Paxful CEO Ray Youssef Suggests Burning Satoshi’s Bitcoin to Expose Him
Lets burn all of Satoshi’s 980,000btc. Will be a softfork but if no one comes forward to stop it then the coins are lost and so is Satoshi. Lets end this with some closure by fire 🔥 Whomever is with me, reply “burn” https://t.co/K6sTWNvrnM
— Ray Youssef (@raypaxful) August 20, 2019
The CEO of Paxful, Ray Youssef, proposed a convoluted measure to take care of the mystery surrounding the creator of Bitcoin, Satoshi Nakamoto. According to the proposal made on Twitter, this would have the objective of getting the real Satoshi Nakamoto to expose his identity to save his coins from being “burned” otherwise. Hypothetically, this could be done with a soft fork, but would need near-unanimous consensus from the community and devs.
Tether to Appeal NY Supreme Court Ruling on Bitfinex Case
Tether, the company behind the USDT stablecoin, declared it was going to appeal the recent ruling of the NY Supreme Court, stating the Attorney General’s office did have jurisdiction over the Tether/Bitfinex case. Tether lent close to $800 million to Bitfinex to cover the loss of funds from a third party payment processor called Crypto Capital. If the appeal fails, Tether and Bitfinex will have to explain their relationship clearly and produce any documents the NY Attorney General’s office might require to clarify the issue.
SEC Hunts ICO Rating for Promoting Securities Without Disclosure
The US SEC issued a cease and desist letter to the popular initial coin offering site ICO Rating for promoting securities without proper disclosure. According to the organization, the site got over $100K by ICOs to get favorable ratings without informing users they were being paid to do so. ICO Rating will have to cease and pay “disgorgement of $100,572, prejudgment interest of $6,426, and civil money penalty of $162,000,” according to the letter.
Ethereum Still Has the Most Devs of All Cryptocurrencies
Ethereum, even being an old cryptocurrency project by today’s standards, is still accumulating devs and commits. According to a report from Electric Capital, a crypto investment firm, 18% of all the open-source developers in the crypto space are focused on the Ethereum ecosystem. Ethereum still accumulates four times more developers than its closest rival, Bitcoin.
Deloitte Launches Plug-and-Play Blockchain Solution
Deloitte, one of the “big four” service firms, created a custom plug-and-play solution to make it easier for other companies to showcase their blockchain projects. The product, Blockchain In A Box, will let companies show their blockchain-based platforms just by inserting an SD card with their data and loading in the system. Deloitte stated: “Our mobile demonstration is practical, tactical and most importantly, tangible to clients.”
Snowden Thinks Privacy Coins Should be a Human Right
Edward Snowden, the famous NSA whistleblower, expressed his opinion about the role privacy coins could play in the future for everyone. To him, a “fundamentally anonymous currency to be able to engage in private trade” should be a basic human right. However, KYC measures are being implemented and generalized by institutions like the FATF, and the popularity of privacy coins such as Monero and Zcash are still small compared to other big cryptocurrencies.
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