The Reserve

in #bitcoin7 years ago

27 November 2017 | SUBSCRIBE

// TETHER TROUBLES

Whilst Tether has struggled to prove it has fiat safely stored for every issued Tether, we can now know one thing with certainty: it has $31m less Tether after suffering an attack this week. 

Interestingly, Tether was transparent and forthcoming about the issue - interesting because, the potential fraud and malpractice surrounding Tether is perhaps the most common concern I hear. There is wrife speculation the founders have - amongst other things - simply used it as a license to print money, issuing Tether as they please.

Efforts to validate the corresponding USD holdings have been less than ideal - how hard is it to get an auditor to validate you truly have access to distribute a certain amount of USD? Very, actually, when you are having your banking services withdrawn.

It highlights two issues: despite the transparent nature of some blockchains, there is a distinct lack of transparency in how the organisations issuing tokens are run and leveraging their cash stockpiles - far less transparency than traditional venture backers might expect for investing in early stage companies. 

Second, if Tether is acting in good faith - which, there is certainly not indubitable proof that it isn’t - then, it is merely a good example of just how dependent crypto is on the real world to do, say, simple things like store money.

// MUST READS

// PRICING SUMMARY

// DISASTER OF THE WEEK

Tether suffered a cyber attack in which $31 million was stolen, and created a temporary hard fork in an attempt to isolate the funds. Although the platform has been able to identify the hacker address and is working on preventing that thestolen tokens are being used, they still don't understand how this it occurred.Separately, there is still no proposed plan to deal with the $160m currently ‘locked up’ from the Parity hack 3 weeks ago. 

// TRACTION

// ROAD TO REGULATION

// ICOS

Last week highlights:

  • Trade raised $10m for a blockchain trading platform.
  • Utrust raised $21m for a payment platform that allows merchant to accept crypto transactions but receive fiat.

Upcoming:

  • Bankera - November 27, 2017 - Regulated bank for the blockchain era.
  • Mytracknet - November 28, 2017 - Global lost and found network using blockchain technology to incentivise participants for their contribution.
  • Bitdegree - December 1, 2017 - Blockchain-powered online education platform with token scholarships & tech talent acquisition.

// OTHER

Bitcoin cash sent to regular bitcoin wallet addresses is beginning to be recovered. STARKS: Thank goodness it’s FRI-day by Vitalik Buterin. Delivering Liberty, at Scale. Using blockchain for biomedical research, healthcare and surfacing the value of health data.

// EVENTS

Blockchain Summit - London, UK - November 28, 2017

ICO Event Amsterdam - Amsterdam, NL - November 29, 2017

Blockshow Asia 2017 - Singapore, SG - November 29-30, 2017

Blockchain Expo: North America - Santa Clara, U.S.A - November 29-30, 2017

Cryptocurrency World Expo - Warsaw, PL - December 1-2, 2017

World Blockchain Forum: Investments & ICOs - Dubai, UAE - December 3-4, 2017



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© Copyright 2017 Blockchain Reserve Limited.

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