WeChat cracks down on ICO merchants

Wei Lin

By Wei Lin


If the ICO wasn't dead before, it is now.

Messaging Giant WeChat Bans Merchant Users From Crypto Trading

"The messaging giant updated its Payment Service Protocol on April 30, indicating that merchants using its service shall not, among other things, 'either directly or indirectly,' be involved in 'any initial coin offering activities or operating virtual currency trading.' With the new policy taking effect on May 31, WeChat will terminate its payment services for merchants that are found of violation. However, the policy update did not label crypto-related activities as 'illegal transactions,' a fact misinterpreted by various Chinese crypto media."

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How Manhattan’s District Attorney Prosecutes Cybercrime

"New York City may not literally be the center of the world, but it’s certainly a critical nerve in the world of finance. This makes it an attractive place to commit crime and fraud. That’s why the Manhattan District Attorney is one of America’s most crucial prosecutor’s offices, tasked with investigating high-profile corruption, terrorism, and cybercrime cases. "

Bitcoin Miners Send Message at Fidelity: We Run on Clean Energy, Not Dirty Coal

"Miners are constantly searching for cheaper energy, and this is why they will be a catalyst for renewable power development in the near future, said John Belizaire, CEO of Soluna. ... We’re going to go to places that have incredible renewable energy sites,' he said, predicting that the industry’s image will change as a result: 'In a decade we will start referring to bitcoin completely [differently].'"

Introduction to Central Bank Digital Currencies (1/2)

"We have previously identified Central Bank Digital Currencies (CBDC) as one of the more promising potential applications of Distributed Ledger Technology (DLT). As is made evident in Figure 1, a number of CBDC projects have been launched for purposes of evaluating the suitability of blockchain in future payment systems. Financial market infrastructures (FMIs) are critically important institutions responsible for providing clearing, settlement and the recording of financial transactions. ... A number of benefits are typically hypothesised for such future payment systems. It is speculated that financial sector back-office costs can be reduced via increased settlement automation. Further advantages are expected with regards to reliability and traceability of information, as well as shorter settlement times. However, CBDC DLT projects to date indicate that the technology is currently lacking the maturity to achieve these improvements."

Why Blockchain is Not the Answer

"There’s a persistent myth that blockchain tech is brand new and that if only given enough time, somebody will make something that’s useful for something other than money. This is what I call the 'blockchain, not Bitcoin' syndrome and in this article, I’m going to dispel the myth that uses for blockchain are just around the corner, that they’re going to add decentralization to all the things, and that it’s some revolutionary new tech."

Tron had a bug that could have made the entire network unusable

"Tron recently resolved a bug that could have made the entire network unusable, according to a report by hackerone. A single agent could have consumed CPU by carrying out Distributed Denial-of-Service (DDoS) attacks. The agent could have submitted smart contracts with 'several megabytes of bytecode,' and with enough of them sent—fill up the memory."

What is blockchain gaming?

"As a 'next generation computing platform', blockchain enables entirely new functionalities in the gaming world: first, the ability to trade digital assets between games, and, secondly, the ability to trade digital assets between gamers directly. These two new functionalities offer entirely new open marketplaces and ecosystems, allowing gamers and game developers to usher in a new era of inter-connected games. Since gaming, first and foremost, is about fun experiences and addictive gameplay, the blockchain games that will succeed will be the ones that successfully balance compelling gameplays with the new economics embedded via blockchain. The balance is tricky because the games have to be fun while also balancing new functionality, which shouldn’t detract from the fun gameplay itself."