Legacy fintech starting to make Bitcoin look good

Leo Zhang

By Leo Zhang

Infrastructure failures are not unique to the cryptocurrency market, as evidenced by screwups at large entities like Fidelity and the PBoC.

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News

Someone hacked China's central bank mailbox to email a bogus notice about Bitcoin crackdown
(SCMP, by Xie Yu, Enoch Li, and Alun John)

"A mailbox at the Hefei branch of the People’s Bank of China, the Chinese central bank, was hacked, and a bogus email was sent from the address, according to an official."

Web outages continue to dog investors
(WSJ, by Daisy Maxey)

"At the heart of the matter: When the market is spooked and activity picks up, millions of people seek to check their balances and execute trades, creating bandwidth problems."

A vocal crypto-critic says bot army got him suspended by Twitter
(Bloomberg, by Matthew Leising)

"The author, known only as @Bitfinexed, declines to identify himself, saying he’s worried about his safety. Since April, he’s accused Bitfinex and Tether of wrongdoing."

Commentary

I bought Bitcoin for the first time and it was annoying
(Medium, by Fox Van Allen)

"Once Coinbase actually had my cash, though, the process went downhill fast."

How two tiny volatility products helped fuel the sudden stock slump
(Bloomberg, by Luke Kawa and Tracy Alloway)

"Yet the popularity of these vehicles might have contributed to one of the most violent moves in U.S. equities in history: one that saw the Dow Jones Industrial Average slump more than 6 percent in a span of six minutes."

Comedian Jum Carrey urges people to delete their Facebook accounts and dump the stock
(CNBC, by Michelle Castillo)

"Carrey said:'Now, social media has created cyber-bridges over which those who do not have our best interest in mind can cross and we are allowing it. No wall is going to protect us from that.'"

Kerridale Capital's thesis on shorting KODK

Technical

Ethereum users are losing money and devs don't quite know what to do
(CoinDesk, by Rachel Rose O'Leary)

"While the DAO hack and Parity freeze comprise some of the more high-profile incidents, cases of lost funds among users are said to be relatively common.
A typo in a wallet address could permanently delete funds, and attacks on insecure smart contracts are fairly frequent."

The argument against quantum computers
(Quanta Magazine, by Katia Moskvitch)

"All physical systems are noisy, he argues, and qubits kept in highly sensitive 'superpositions' will inevitably be corrupted by any interaction with the outside world. Getting the noise down isn’t just a matter of engineering, he says. Doing so would violate certain fundamental theorems of computation."

Update

Decred announces that Cointopay, a currency payment provider, has integrated Decred. Twitter

Cardano releases an interview with the founder Charles Hoskinson on Proof-of-Stake. Youtube