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Are Stablecoins the Future? The Winklevoss Twins Seem to Think So!

Are stablecoins the future of crypto? Cameron and Tyler Winklevoss, Bitcoin bulls and Gemini Exchange founders, seem to think so. This morning, an interview was published by Fortune where the twins discussed their first marketing campaign for Gemini.

Stablecoins and Gemini

The famous twins feel digital currency has a bright future, but there need to be banking-style regulations in order for investors to trust it.

“The idea is that companies that build on top of things like Bitcoin should have regulation that’s thoughtful and that doesn’t stifle innovation,” said Tyler on Fortune’s
‘Balancing the Ledger.’ “People believe in the dream of crypto, they just don’t know how to engage in it without getting burned. We’re here to say Gemini’s a place you can do that.”

The newly launched Gemini campaign encompasses just that and is called ‘Revolution Needs Rules.’ The Winklevoss Twins have the ad spread all across Wall Street and have even purchased a full-page in the New York Times.

Crypto has been in quite the bear market the past year, and the twins believe that stablecoins (digital currencies pegged to a fiat currency) are a bright spot for this downturn. It just so happens that the twins have created their own stablecoin for their platform named the Gemini Dollar, pegged to the US dollar. Stablecoins seem to be the new trend among the crypto community, as crypto’s high volatility seems to be its biggest deterrent.

>> Ethereum-Based “Stock” Exchange DX Plagued with Security Issues

However, like Tether (USDT), it is hard to tell if the coin is really pegged to the dollar and how that process even works. The Winklevoss twins explained in their interview that at least 60% of US 100 dollar bills are held overseas. They think this practice could be simplified if the holders just used stablecoins, instead of actual dollars.

With so many new stablecoins in circulation now, it will be difficult to keep up with them all, but the fakes can easily be exposed since they all should hold the same value.

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Ethereum Classic Attack | Gate.io Will Return Most Funds

On Sunday, rumors spread around the community that there had been a double-spend attack on Ethereum Classic. The team behind the project immediately responded to the rumors, to ease investors.

Since Sunday, the Ethereum Classic attack has been confirmed, and the culprit has fessed up. During the week, the devs behind the project asked exchanges and pools to significantly increase their ETC confirmation times. Many in the community felt the Ethereum Classic team was trying to downplay the extent of the situation.

Ethereum Classic Attack Uncovered

The devs behind the project have officially responded with all the information they’ve dug up on the matter and expanded it into two posts.

The other post released most recently and can be seen below.

Donald McIntyre wrote a long blog post via Medium regarding the attack and details of the ‘post mortem’ meeting. The blog post by MacIntyre covers the majority of the information on the attack, including the dates, amounts, and who was affected.

The double-spend attack occurred from January 5th to January 7th. The Ethereum Classic attack included at least 15 double spend transactions that had at least 219,500 ETC stolen. Coinbase was the exchange that originally found the attack.

>> TRON (TRX) Up Almost 50% This Week: What’s the Deal?

SlowMist, a team focusing on security of the blockchain identified the culprit addresses that originated from Gate.io and Bitrue.

Gate.io has already confirmed it will cover 40K ETC losses for all of its users that had ETC stolen.

During the meeting, the team behind Ethereum Classic discussed how to prevent this from happening again and steps to take if it does occur. There was no monitoring system in place to alert the team of the double-spend, and the team has deemed this a top priority.

In addition, the devs behind Ethereum Classic have asked exchanges to increase their confirmation times on the digital token.

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Monero (XMR) Now Accepted at Fortnite Merch Store!

Just as 2017 was the year of cryptocurrency, 2018 was the year of Fortnite. And now those two worlds are colliding. Recently word spread that the Fortnite merchandise store is accepting Monero (and XMR alone) as a form of payment.

Monero Accepted At Fortnite Merchandise Store

Fornite became immensely popular last year, enough to open up Retail Row, an official supporting retail store. And while some are questioning the choice (XMR has previously been subject to crypto jacking), it’s an overall win for the crypto space. After all, the more crypto adoption from universally recognized companies, the more traction the crypto industry will gain, not to mention the attention individual virtual currencies will gain.

Monero (XMR) broke the news on January 1st, 2019, via Twitter. The tweet garnered 183 retweets and 659 likes.

Many were in favor of the news.

Things to Note

For those who want to purchase Fornite merchandise using Monero (XMR), Riccardo Spagni says you have to “go to the regular checkout,” and not to use “Apple Pay or PayPal’s checkout.”

>> DX.Exchange: Nasdaq-Powered Crypto Exchange Offers Tokenized Stock

Impacts on XMR

Two days after the news was announced, XMR is down 3.97%. However, that might not have anything to do with the news, as the majority of cryptocurrencies are in the red zone today, January 3rd, 2019.

Monero
Source: CoinMarketCap

The Takeaway

Whether you are a fan of Monero (XMR) and Fortnite or not, it’s difficult to argue that this isn’t a monumental move for the crypto space. After what was a relatively dismal year for the industry (in comparison to 2017), this integration may be what the industry needs. And who knows, maybe other official stores will follow in Fortnite/Retail Row’s footsteps.

What do you think? Are you going to purchase any merchandise? Moreover, would you have rathered Retail Row accept virtual currencies like Bitcoin (BTC) or Ripple (XRP)? Let us know what you think in the comments below! And happy gaming!

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1 USDT to 1 US Dollar May Actually Be Accurate

According to Bloomberg, cryptocurrency stablecoin Tether (USDT) has enough fiat dollars to back its tokens in circulation. No doubt, many readers will scorn that this is just another rumor as Tether is synonymous with controversy.

What’s going on?

Tether has Fiat Dollars

The original stablecoin has faced a myriad of controversy since the middle of this year when investors began questioning the validity of its purported 1 for 1 token value.

A stablecoin works by having enough fiat reserves to equal the number of tokens issued. This means that 1 Tether would be equal to 1 dollar. The idea is that it offers a safer form of crypto trading for investors who could cash in their Tether tokens at any given time and be assured that they would receive the exact same amount back in dollars. Stablecoins also act as a safety for trading with other crypto coins.

But Tether faced controversy when investors didn’t believe it had the same dollar amount as it had in its USDT coin.

However, today’s reported suggests otherwise.

Bank Statements

Bloomberg cited “bank statements” it had “reviewed,” and concluded that Tether did, in fact, have a combined fiat bank balance equal to the USDT in circulation. The period in question is between September 2017 to July 2018.

>> Coinbase Improves and Adds Crypto-to-Crypto Trading

The report also claims that the company made $6.6 million in interest in the first half of 2018.

Despite its design of being pegged 1:1 with USD, USDT has in fact been fluctuating heavily in recent months. At the time of writing, each Tether is worth $1.01 USD. So its value is over par currently. This reflects the increasing popularity of stablecoins in recent weeks, specifically as Bitcoin and other altcoins have fallen dramatically in value.

The controversy over Tether has been such that the company, along with cryptocurrency exchange Bitfinex, received subpoenas from US authorities at the end of 2017. Last month they added a price manipulation probe.

What do you think about Tether?

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EOS, Litecoin (LTC), and Cardano (ADA) Get a Boost!

This morning, the cryptocurrency market has received a boost and most major digital currencies are trading green! This time last year, Bitcoin (BTC) hit its all-time high, nearing $20,000. 2018 was quite different than 2017 in the cryptocurrency space. Today, we’ll take a closer look at EOS, Litecoin (LTC), and Cardano (ADA).

EOS

The fourth-largest digital currency by total market cap, EOS, is leading the top digital currencies today in most percentage growth. According to CoinMarketCap, EOS is trading at $2.37 a coin, up 21.73%. This time last year, EOS was trading above the $12 mark.

Earlier today, Block.one announced the grand prize winners of their EOS Global Hackathon.

GeneOS was crowned the winner!

“It was like a dream to me,” reflected Jens shortly after GeneOS’ triumph had been announced at the EOS Global Hackathon Grand Finale in Cape Town, South Africa. “We had all kind of worked together before but were not really in close contact. I always wanted to do more with blockchain, so this was a great chance for us.”

It remains unknown at this time why EOS is booming today.

Litecoin (LTC)

Litecoin, the seventh-largest digital currency by total market cap, is also trending today. At the time of writing, LTC is trading at $30.06 a share, up 14.89% in 24 hours. Last year around this time, LTC was trading just above $390 a coin.

>> Bitrue: Crypto Exchange Holds 2% of XRP Market in Only Four Months

There doesn’t seem to be any big news regarding Litecoin either, and it may just be investor confidence that’s driving up the prices of these digital currencies. The latest announcement comes from Charlie Lee’s Twitter page.

Cardano (ADA)

Cardano, the world’s 11th-largest digital currency by total market cap, is also trading high today! At the time of writing, ADA is currently trading at $0.033 a coin, up 13.84% in 24 hours. Last year, ADA was trading at $0.50 a coin.

Charles Hoskinson, Cardano’s co-founder, recently just put up an end-of-year update for Cardno.


Hoskinson often gives video updates on the project every few weeks, and this year the wrap-up was quite a lengthy one. This update may be the reason why ADA is doing so well on the crypto market today. It remains unknown at this time why Litecoin and EOS are booming.

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