"Silence of the lambos" means better future for Bitcoin

Leo Zhang

By Leo Zhang

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Editor's note

The market sentiment in the past week can be perfectly summarized in one tweet:

As cryptocurrency enthusiasts descend into pessimism, it's important to recall that just a year ago Bitcoin was still lingering around $2,000. Today, the industry is much better equipped to innovate: more mining manufacturers, more media coverage, more mainstream capital support, and most importantly, more talent. The "silence of the lambos" is a good thing because it removes the froth created by unrealistic ICO hype to make room for serious infrastructure. This is just the beginning.

This week's news recap

Monday: Interests in mining increase despite the bearish price sentiment in Bitcoin
Wednesday: The importance of experimenting on-chain governance
Thursday: The war on anonymous cryptocurrency
Friday: Censorship in "decentralized" blockchain governance?

Further readings this week

Atomic on-chain LTC to off-chain BTC swap
(Jason Wong)

"Submarine Swaps is an atomic on-chain to off-chain swap service created by Alex Bosworth. It receives your on-chain BTC and pay for your off-chain BTC lightning invoice. It is an atomic swap which means if your invoice is not paid within a specified time period you can get back the on-chain BTC that you sent."

State of cryptocurrencies" Summer 2018
(Hackernoon, by Adam Taché)

"The Lightning Network (LN) is a peer-to-peer network of trustless payment channels built using Bitcoin smart contracts, and is one proposed scalability solution to increase transaction throughput without sacrificing decentralization. Using the malleability fix from a 2017 update called SegWit, smart contracts enabling payment channels are now more easily implemented."

BitAssets- A digital assets sidechain
(Truthcoin, by Paul Sztorc)

"There is undeniable investor interest in non-money blockchain tokens (what I call 'BitAssets'). These tokens predominantly take on two forms: [1] a 'crypto-art' form, with immutable characteristics; and [2] an 'asset-backed token' form, which can have administrators who interact with owners on an ongoing basis."

A very high percentage of EOS Block Producers are on AWS, Google Cloud, and Alibaba

A very high percentage of EOS Block Producers are on AWS, Google Cloud and Alibaba. from r/CryptoCurrency

Mt. Gox creditors get new avenue for recovering Bitcoin losses
(Bloomberg, by Lily Katz)

"The Tokyo District Court on Friday approved the start of civil rehabilitation proceedings, meaning the bankruptcy process that’s been underway since 2014 will be put on hold, according to a document posted on mtgox.com. This may mean traders will finally get their Bitcoins back."

Alibaba v. Tencent: the battle for supremacy in China
(Fortune, by Adam Lashinsky)

"Both have market capitalizations that hover around half a trillion U.S. dollars. Both command sectors of the rapidly growing Chinese digital landscape: Tencent owns the leading gaming and messaging platform, while Alibaba rules e-commerce. Both are aggressive investors inside and outside China."

Thermostats, locks and lights: digital tools of domestic abuse
(NYT, by Nellie Bowles)

"For victims and emergency responders, the experiences were often aggravated by a lack of knowledge about how smart technology works, how much power the other person had over the devices, how to legally deal with the behavior and how to make it stop."