Is the Sec Dropping the Hammer on Bitcoin? Altered Carbon! Why You Should be buying Cardano!?
4:54 Nerd Thing!
8:45 Altcoin of the Week
Devin: Welcome to Bitcoin Arcade! My Name is Devin!
Johnny: I’m Johnny!
Devin: It’s 3/13/2018 This week we’re going talking about Poloniex, Coinbase, Mt.gox and Binance! We also cover the new Netflix series Altered Carbon! Finally, wait till the end to get the scoop on the altcoin of the week Cardano!
Johnny, what happened in the world of crypto this week?
Johnny: At the time of filming bitcoin is being traded around $9,200
Bitcoin currently is struggling to keep up above 9300. Earlier last week there was news that the lawyer handling the MT. GOX case was liquidating all of their assets to pay off shareholders missing money. Now for those of you that dont know MT.GOX was the first bitcoin exchange that existed and operated out of Japan way back in 2010. By 2014 this exchange was handling about 70% of all bitcoin being traded at the time. Over time someone hacked and stole coins out of the exchanges own wallet which led to the exchange filing for bankruptcy protection.
Devin: Wow That lawyer is wading through a mountain of Gox right now. And quite frankly goxing up this whole market.
Johnny: Today the lawyer Nobuaki Kobayashi, handling the MT. GOX case is the trustee of the remaining assets of the company which brings us back to news of the huge sell off. Kobayashi reportedly has been slowly selling off about 36,000 bitcoin & 34,000 bitcoin cash since last December to pay off its creditors and shareholders. At the time of filming Kobayashi still has about 165,000 Bitcoin and Bitcoin Cash valued at about 1.5 billion still in his control.
Devin:Looks like the MT Gox shareholders will be able to keep their houses with the view of MT Fuji. While the rest of us Holdor! Hold the door!
Johnny: In other news, COINBASE announced earlier this week that it was reportedly starting an index fund for its currently traded coins. The index fund is supposed to be similar to the S&P 500. Which allows investors to be invested in a group of assets rather than track one of them at a time. The index fund is only currently available to us based accredited investors which means people worth more than 1 million dollars or make 200 thousand annually have access to this new service.
Devin: So of course we here at Bitcoin Arcade are invested…. Chough… devin looks at johnny...well you are right…..Johnny shakes head raises hands no. both look off camera...Jordan? If you would like to be Bitcoin Arcades rich uncle please dm or follow us on Instagram: @bitcoinarcade shameless plug Tag us in a funny crypto meme and we will share it in our credits!
Johnny: Speaking of accredited investors, a company called CIRCLE bought THE ENTIRE exchange of Poloniex. Now, CIRCLE is a payment processing company that now deals with a peer-to-peer payment network using blockchain. The company is currently backed by GOLDMAN-SACHS, Baidu (The Google of china) and three major chinese firms. This could be good news to legitimize crypto for institutional investors.
Devin: This market needs good news like North korea Needs mechanised agriculture. Johnny what went down with Binance this week.
Johnny: BINANCE earlier this week was subjected to an attempted security breach which resulted in some people’s assets to be sold off at market value. The attempted attack was a well coordinated phishing scheme that was thwarted by the company’s automatic risk management system. The hackers tricked some users into logging a cloned version of the site effectively stealing their credentials. They used the stolen credentials to log-in and increase the price of an illiquid cryptocurrency Viacoin and took the returns into various accounts they controlled. Viacoin’s market cap surged from 64 million to 159 million in minutes. However, Binance detected the unusual activity and prevented further damage.
Devin: Indeede! BINANCE’s risk management system automatically disabled withdrawals which effectively froze the stolen assets. Additionally, the Viacoin’s deposited by the hackers were also frozen which meant that the hackers lost money and effectively failed to breach BINANCE. The exchange announced that it was fighting back by offering a bounty of 250 thousand dollars in Binance coins to anyone leading to the finding of the would-be thieves. So saddle up Hacker cowboys and get to Bounty Hunting! Pew pew pew
Johnny: Unfortunately the news about binance came out about the same time the Securities Exchange Commission announced that it would require exchanges to register with the SEC. This combined with the binance news caused bitcoin to tank from 11 thousand dollars all the way down to as low as 83 hundred dollars. Exchanges operating in the us that do not comply with the SEC’s demands will likely be forced to close.
Devin: It was a tough week for the market and we continue to watch as the plot thickens in the crypto universe! Speaking of thick plot lines up next Nerd Thing!