Hands off our international money cartel, says the BIS

The Chief of the Bank of International Settlement Agustin Cartsens has spoken out against cryptocurrency before, and now he's on again: calling Bitcoin "young people trying to create money from thin air." Mr. Cartsens predicted a bad ending for cryptocurrencies, and stated without any apparent irony that "creating gold or money from nothing has been a regular obsession. It never worked." The BIS is co-owned by major global central banks and serves as a "bank for central banks." In September 2017 the BIS released a working paper on its own version of a central bank cryptocurrency.

BIS Chief to crypto coders: 'Stop trying to create money!'
(CoinDesk, by Wolfie Zhao)

"In an interview with a Basel-based media outlet on June 30, Agustín Carstens took aim at cryptocurrencies and reiterated his belief that they represent 'a bubble, a Ponzi scheme and an environmental disaster,' according to a transcript published by the BIS on Wednesday."

Swiss banks seem to view cryptocurrencies differently:

Swiss banks set to welcome cryptocurrencies
(CoinFrenzy, by Aayushi Dhawan)

"The biggest roadblock for Switzerland to allow the use of cryptocurrencies is the fear of money laundering. The problem has to be resolved effectively and as quickly as possible to allow the growth of the crypto industry. Zug has adopted various technologies to take the initiative of developing crypto forward. It has recently announced the success of blockchain technology in voting systems."

Technical Updates

Building on Bitcoin - Day 2

Bitcoin dominance and the emergence of "Others"
(Hackernoon, by Gokul N K)

"Nevertheless Bitcoin will always have the first mover advantage and even today for many people Cryptocurrencies means Bitcoin. So if Bitcoin addresses its scaling issues and if second layer protocols like 'The Lightning Network' become successful, Bitcoin will surely give many new cryptocurrencies a run for their money."

Decred's hybrid protocol, a superior deterrent to majority attacks
(Zubair Zia)

"A similar attack on Decred is more complicated to pull off. To help explain, let’s take the current staking participation of the Decred network and calculate hashpower requirements. At the time of this writing, the active stake of the network is converging at around 46.77% and the hashpower is around ~ 40712.58795 TH/s."

Introduction to ‘Non-Interactive Proofs of Proof-of-Work’

Smart Contract attacks (Part 1)-3 attacks we should all learn from The DAO
(Hackernoon, by Pete Humiston)

"A reentrancy attack occurs when the attacker drains funds from the target by recursively calling the target’s withdraw function, as was the case with the DAO. When the contract fails to update its state (a user’s balance) prior to sending funds, the attacker can continuously call the withdraw function to drain the contract’s funds."

News & Commentary

Do not trust anyone in crypto

The false dichotomy of utility and Store of Value
(Qiao Wang)

"An increase in utility also leads to a better SoV. It does so by increasing liquidity, security, decentralization, and intersubjective belief, all of which are important qualities of a good SoV."

A guide to "sustainable" crypto business model


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