Crypto News May 23rd 2018 – Verge Hack, Monero Upgrade, Bitcoin Market Crash, Paypal Buys BTC, MIT

Hey guys, oh hey Maddie here back with another daily morning crypto news on May 23rd We will be discussing a number of topics today such as verge being hacked the recent Bitcoin Downtrend and a number of other topics. So if you’re interested in hearing about what’s going on in the news this morning Stay tuned Hey guys, oh hey Matty back again here with the daily news for crypto Bringing you my insight into what’s happening in the world of crypto from a more macro broader level You want to apologize with me today? I am still sick with whatever the fuck I caught up a consensus I spoke with a friend of mine who said that 80% of the consensus goers are most likely sick at this moment I don’t think I’ve talked to anyone that I met up again census that wasn’t sick with some sort of shit I sure if it’s the flu or the common cold.

Oh But you’ll hear me coughing him and all that good stuff, but the news must go on as they say a small brief disclaimer Everything mentioned here is not financial advice not a financial advisor. Make sure you make your own opinions and due diligence Understand that I’m not taking your personal situation into account. Everything set on here is not by holding cell recommendation Make sure you check out the SE C’s websites for memos related to the space Do your own D D and also understand and I’m not paid compensation for anything. I’m discussing in this video. All right So now that we got that out of the way let’s hop into our Man, that’s gonna suck Let’s hop into our first topic of conversation Verge has been hacked again the second time in a few months They’re apparently lose lost about million dollars as hackers doubled down on Vulnerabilities just coming from news BTC calm Just a couple notes from what I chocked up from the article. So Virg was hacked back in April I was dubbed the small hash attack 51% wiped out about 22% of X VG’s value according to news BTC Bitcoin talk has a user on there called OC OC minor mostly minor operates a altcoin mining pool Which somebody might be familiar with called supernova.

I’ve used supernova in the past for my mining endeavors when I was a younger Crypto lad if he would he reports that April’s that he also reported April’s attack as well in which Virge And this attack yesterday which first lost million? the thing is that In in April Virge heart forked in a response to what had happened, but they failed to remove the exploit this just seems very Immature, but I guess it might be difficult to fix whatever is happening In regards to that.

I think we’re the the immaturity and the responsibility comes from on verges part I said they put out a statement saying the company is downplaying the hack as a DDoS attack Affecting some minor pools and this was just not the case. Also. There’s been some news source reported That there was a reversal of some pornhub transactions as most of you know verge has recently partnered with pornhub Charlie Lee has taken to the advocate streets and has called on pornhub to accept quote real cryptocurrencies in the light of the attack, so nothing like Nothing, like kicking a crypto lights down But Virg obviously not handling the situation very well just by opinion You know number one. They should acknowledge the hack number two when they forked in April. They should have forked with the intention of applying some sort of fix Post for ID to prevent this from happening again The fact that they just let this vulnerability Sit there for two months. So another attacker come along and exploit it It’s not responsible of them as a cryptocurrency and I agree with Charlie Leo that fact that Port home should probably go find some better Better competitors.

I’m not sure what they’re specifically getting out of Virg maybe where it’s just happened to have a way with the tongue but If I was them, I would find a cryptocurrency Then they had a little bit more stability moving on to our next article we have Manero aetherium killer. So Manero is putting out a protocol they called tari it’s essentially going to be their protocol version of tokenized assets similar to ethereal from the Articles that I had read I Didn’t see much of a difference. It seems like they’re kind of presenting. Mist. Tari protocol upgrade As more solid use cases than aetherium Obviously the privacy factor which they introduced just being all Manero is a plus but But a theorem is working on privacy themselves with –zk snarks which should be done with the acropolis finalization hopefully late 2018 early 2019 so I don’t really think Manero has much of an argument on that and at the same time I don’t really understand the solid use cases Are they going to be more centralized similar to how neo is with the fact that? They kind of decide the ebb and flow of who launches the token on their platform and even then we’ve seen some of those Aren’t necessarily solid use cases per se Yes, so not really seeing you know I’m not seeing a differentiator between Manero and other tokenized assets I think manera is just catching up with the times and being one of the now ten Platforms that is trying to launch tokens, um on their crypto since they are at a disadvantage.

I’m thinking of in the future everyone It’ll almost be like a standard toolkit that you can launch tokens on your network Otherwise you won’t be able to survive because how will you attract? Adapts and platforms onto your network. It would just almost be impossible. So we’ll see how that flushes out All right. So the big news is the Bitcoin market is down. A lot of people have different theories on what’s going on the one that I’ve seen floated around the most is the fact that the SEC just came out recently with their Approval of some crackdowns on icos and we’ll get into that Briefly, I have some articles that I want to discuss in relation to that in my opinion And what’s going on with the market? But just from a technical analysis when looking at : base and a few other articles essentially the five-month moving air average has gone bearish and looks set to cut the 10 month moving average which will cause a bearish crossover not seen since June 2014 obviously Coinbase in point Telegraph and all these other people are all part of the FUD army Whenever something is happening like this, they’re like, oh it hasn’t been seen since June 2014 I’ve been kind of setting my own opinion out there that we’ve been in a consolidation phase Bitcoin went up to its all-time high of 20,000 it then dropped to about 60% It’s gonna go a little bit above a little bit below but it’s mainly been sticking in that 50 to 60 percent.

I’ll somewhere in the 8 to 10 K range That’s where an average of most of the action has happened. There’s definitely been some volatility slightly above and slightly below that at times But this is just a natural market correction in my opinion not a financial adviser one thing to note I Do think that coin? coin desk Yeah I do think that coin desk has a has a point That the fact that the crossover is happening does leave room to move down to 7500 7600 also They had mentioned the RSI is below 50, but not over 30 Indicating that there’s still room for a sell-off toward 7k we never truly saw that double bottom when Bitcoin hit 6400 we would have had to have seen Bitcoin at 6,000 for the double bottom that truly continued So that never ended up happening either some Bulls were looking for the reverse Head & Shoulders that was happening But the Bulls failed to break out on that on that trend also It’s important to note that the weekly acceptance below the 50 week moving average I think is down here yeah, the acceptance blood the 50 week moving average at 76 20 would only confirm a continuation of the bearish trend which is Coin dese’s I guess hypotheses that will be going to 7k Bitcoin as of right now Bitcoin See here is sitting at 7,900.

So we’re looking at a reversal right now. I think was at 7800 before I started the video So we’ll see how it plays out There’s definitely a support somewhere around 70 50 last time. I looked at the charts So we’ll see how it plays off. Looks like it bounced off that support So hopefully this this bearish call from coin desk is is just more of some fun And not actually the norm, but we’ll find out our next coming days and obviously do your own due diligence and prepare for Armageddon Prepare for the prepare for the worst that being said PayPal a CFO kind of a Disingenuous title says PayPal should definitely support Bitcoin to the CFO That’s not actually what he says in the video.

He sits down with Jim Cramer from Mad Money on CNBC he essentially goes on to say that uh Because of the volatility of crypto currencies actually read the quote that he specifically says here because of the volatility of cryptocurrencies if you are a merchant you have let’s say a 10% margin on the product that you sell and you accept Bitcoin for example in the next day You’re still holding that Bitcoin and there’s a fifteen percent move you are now underwater That’s a little extreme I think that you could definitely set up a scenario where the was liquidated at USD price like right away with us It was a small volatility. I don’t think that there’s As I think the use case for that is a little insane. I Understand the point that he’s making though that being said Really? The only news that comes out of here is that according to Rainey PayPal was about to abandon the idea of Bitcoin right now But we don’t see a lot of interest from our merchants. But if it’s something that stabilizes in the future and there’s a better currency Then we’ll certainly support that so it’s like this is nice to see that PayPal is open to the idea of supporting Bitcoin but right now and once the point to bitcoins Volatility as the reason why it doesn’t want to support it straight out So apparently PayPal sitting on the sidelines.

Hopefully they’ll be able to Come together in some sort of fashion This was pretty interesting. So MIT is testing a smart contract powered by the Bitcoin lightning Network So if you remember there were some articles about last week of them or last month of the month before that that MIT was actually able to create its own version of lightning Network on the Bitcoin blockchain test net called lit and It’s now introducing a smart contract Oracle, which will allow for Smart contracts on the blockchain there is a company called RSK, which is already doing this In the business sense and they’ll be doing I think they’re think they’re their network is like one tenth of all Bitcoin transactions now are able to have smart contracts built in so they’re already going towards this MIT admitted that a theory of dev language is much richer for smart contracts, which is absolutely correct But with some workarounds that BTC can do the same thing, so they’re optimistic that they can actually make this vision happen They’re also introducing a model on which Oracle’s would not be aware of who is using the data they’re using introducing essentially a privacy layer So I think this is pretty exciting mit is definitely a thought leader in the space and technology for as far as we can remember You know, they put out their own version of the Lightning Network they they put their proposal forward Now they’re running smart contracts on that proposal.

So it’s very exciting times for Bitcoin. I think with positive news like this we should see Some sort of rally in Bitcoin itself enough financial advice. Obviously. I’m sorry. I want to talk about the Apologies again I wanted to talk about the SEC Chairman’s support for the National crypto suite which some people believe It’s kind of baked into the price of why we’ve seen the recent decline in Bitcoin price over the last few days instead of this kind of sideways action that have Caused the all coin market the kind of boom My take on this is essentially Nothing new here Ray the goal of the nasa crafter sweep was to target scams and fraudulent offerings in the crypto space Over 40 US canadian regularly regulators united with the goal of renting the space of fraudulent ICS and other crypto opportunity or opportunities And essentially Jake Lane put out a is the SEC chairman put out a statement on the FCC’s website applauding the efforts, right? So it’s nothing new For us as investors that we’re not like we’re aware that the fact that the SEC has actually been ramping up its Its prosecution of fraudulent icos that they have jurisdiction over People who are scamming people in the space.

This is nothing new So this is just more of a like concerted Focused effort between US and Canada to be able to bring people, you know till to light So I’m not sure why this is actually shaking investors confidence. I think sometimes in the space Fudd will come out or or things like this that kind of like Shake the foundation a little bit be like, okay, this is like we don’t know what’s happening with this There’s not a lot of information out on this yet. And then that causes a movement and people take advantage of that movement And then once the dust settles we find out is just a bunch of bullshit. So My take on this is number one. This should be instilling confidence in investors. The fact that the SEC is willing to prosecute fraudulent icos Is good Because that means that they’re not going to be in the space so that means more solid projects It means that the SEC is actually giving a fuck about something going on. So it could invite institutional level investors to say Hey, the space is being monitored, but it’s not being monitored in a way where the SEC is stifling innovation there They’re specifically going after There’s specifically going after a ce o–‘s and people in the space that are acting in the various ways So the one thing that does cause a little fear and some people is okay Well, what determines you know nefarious are they going after people that are quote unquote offering securities offerings which the SEC is at Point said is almost every token and almost every offering are they specifically going after those true bad guys like the confines of the world, you know the people who are specifically trying to steal your money or what have you so I think that’s what caused a little bit of a sell-off I I’m hoping that this is actually what caused us Elif because that means that we won’t actually go lower Once people wake up and smell the coffee this morning.

They’ll probably be moving into a space where they’re like, okay Well, this is actually a good thing. Let’s move on from it And I think that’s what we’re seeing right now with the 7904 tradesmen So hopefully that keeps going it looks like it is at the moment getting into the And I do apologize for being sick guys I know I said that I think jillion times but I’m sure it’s annoying with me coughing in your ear. I Wanted to touch on some of the bonus stuff, which was a cool segment, I think from before The first bonus article is that stiva announces over 1 million users on its platform Congratulations steam it I remember when you were just a small child looking for money The second one is that the world celebrates the eighth anniversary of the first Bitcoin transaction Where someone used I think it was 10,000 Bitcoin to buy two Papa John’s pizzas it was a monumental event and I thought that we should celebrate that think that happened yesterday And then you another one May 22nd.

So yes yesterday Laszlo Henny X a programmer and an early adopter Bitcoin based in Florida Purchased two Papa John’s pizzas for just 10,000 Bitcoin worth about $30 back then well Congratulations, Laszlo. You are official poor. All right, so moving on the final article I want to touch on is that Walmart has officially started another blockchain adventure more specifically They want to be able to record their purchases on the blockchain This allows them to use This record as a receipt to resell the product in the future Since the customers often don’t utilize projects products they ordered the solution has a lot of Merit Yes, that’s kind of the breakdown that I thought that was pretty cool as well doesn’t say what blockchain technology they plan on using It looks like they just filed for a patent to create their own which makes sense I think we’ll be seeing a lot more of that in the future. All right, guys I hope you enjoyed the news and that it was informative for your What’s today Wednesday morning? Losing track of the days I selected Skipped down on yesterday’s news.

Just been so sick Really trying to get back into the swing of things I got a ton of stuff backed up as most of the people in the way over but now I’m just super busy at the Moment But if you like the content make sure you hit that subscribe button Make sure you interact with the poll that you’re probably seeing right now on the screen Make sure you hit that notification bell to get future videos. Also, make sure you join the telegram There’s a lot of awesome information out there including our ICO spreadsheet Access to our discord application access to me.

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