Weekly Report – week 3
Hello again. Last week was full of news. A lot of positivity and progress, although some negativity always slips through. The worst one was maybe the Cryptopia hack. Once again we are reminded that if you rely on third parties to store your funds, prepare for the worst. Storing crypto is the safest by storing it on your own terms: control your own keys. Hackers could come after careless individuals as well, but as long as huge funds are stored in one single place, such as an online exchange, they are going to be tested first.
Regarding the exchanges, there are problems on the inside too, and one is the “fake volume” issue. Two executives at a Korean exchange, Komid, are going to jail for earning $45 million in fees for faking volume. Coinstar, on the other hand, is pushing for adoption. With their 20000 machines worldwide, you might soon be able to buy Bitcoin at your local grocery store. More here. Bakkt is postponing its launch date, but early 2019 still looks like a possibility and the US government shutdown is not going to affect the SEC decision regarding the Bitcoin ETF’s. February 27 is the deadline for approval.
Bittrex has launched an OTC trading desk. 200 digital assets are available for trading for a minimum of $250,000. HSBC has announced that with the help of distributed ledger technology they have settled $250bn of FX transactions over the last year. I must say things are looking good in terms of volume and adoption!
Ethereum hard fork was postponed after a last-minute security flaw was exposed, Bitmain is cutting down on staff and offices as a result of decreased profitability of BTC mining and “Bitcoin is not the new Enron”. Now for the energy sector…
The solar sector is booming. Plants are being built on a global scale, microgrids are popping up and private roofs are being covered with panels. Many projects are still in the application process but the trend is clear. Tesla Model 3 sales for 2018 trump all other plug-in hybrids combined. The energy sector is moving in the right direction and so is the auto industry. Now we just need blockchain technology to tag along and the future is bright and green! Here is a nice read from Forbes.
Power Ledger continues to make headlines, and here is another article about co-founder Jemma Green and her journey as a working mom and pioneer for women in tech. Spain-based Iberdrola uses blockchain to guarantee that the energy supplied to consumers comes from renewables and more to read about blockchain+solar can be found here.
That rounds up this report and see you guys again next week!