The weekly report – week 45
Hello again! I’m getting a 2017 vibe. A special event to be exact. There was a fork that sparked a lot of things: Bitcoin vs. Bitcoin Cash (Yes there was a bunch of other “Bitcoins” as well, but we don’t need to mention them for obvious reasons). Now, it’s the same story again, although this is a further implication of what is wrong with the community and the crypto-movement itself. I think politics is a sad excuse and after recently reading about yet another ICO exit scam it’s pretty obvious it all boils down to one thing: money! It’s still too easy to get attention from reckless investors and it’s still too easy to fork a coin and print digital money.
Bitcoin Cash is forking soon and prices start moving due to investors speculating on getting free coins. It doesn’t sound like a technology that is about to change the world exactly!
The good news is that there is a lot of development going on behind the curtains and that’s why we are here. No matter how many unethical events are happening, we have to accept that crypto is still an infant and there are going to be plentiful ugly events before we mature into a world-changing product. Negative headlines are few and far between, but somehow they gather more attention. Ergo, stay positive folks!
So the Korean Crypto Exchange “Pure Bit” ICO scam is a reminder to all of us to be careful with our investments. https://bitcoinmagazine.com/articles/fraudulent-south-korean-exchange-pure-bit-nabs-28m-ico-exit-scam/ “Money grabs” will exist as long as there are people willing to throw money after them. By the way, the Bruno Block exit scam from last week is still ongoing. Looks like there will be a “fork” as well, but this time it’s not just about printing coins but more about surviving a shocking event and keeping the project alive. After all, an already working decentralized storage option on the Tangle is a lot more than many other projects can offer out there when we consider projects with a real-world use case. And while talking about use cases, Sirin Labs is getting really close to launching their Finney: The world’s first “Blockchain phone”! This is going to be an important step towards adoption since mobile phones play a huge part in all our lives. There are a couple more players in the same field and therefore blockchain phones are most likely going mainstream soon. https://cryptonews.com/news/sirin-labs-introduces-finney-smartphone-srn-skyrockets-2888.htm
Back to energy-related stuff, an Ethereum-based energy project called Lition is making headlines in Germany by saving 700 households 20% on their utility bills. https://theblockchainland.com/2018/11/07/lition-helps-700-households-in-germany-save-20-on-their-energy-bills/ There are also things happening in Singapore. Blockchain technology is used in renewable energy trading. https://bitcoinexchangeguide.com/how-blockchain-is-revolutionizing-singapores-renewable-energy-trading-sector/
The 3 weekly winners and losers in the energy sector are as follows:
Bittwatt BWT +95.96
Cryptosolartech CST +83.14
ElectrifyAsia ELEC +55.68
RusGas RGS -73.55
Cyclean CCL -55.37
KWHCoin KWH -31.54