Top Stories This Week
Nvidia Faces Class Action Lawsuit Over Losses After Lower GPU Mining Demand
Graphics processing unit (GPU) producer Nvidia is currently facing a class action lawsuit over losses that the company reported when lower crypto prices lowered demand for GPUs by miners. The Schall law firm announced the lawsuit this week, with the complaint alleging that Nvidia made false and misleading statements to the market. Schall noted that since the GPU producer claimed that drop off in demand for GPU on miners would not negatively affect the business, the lawsuit has merit.
Altcoin Bitcoin Private Team Confirms 2 mln Additional Coins Were Secretly Premined
The development team for altcoin Bitcoin Private (BTCP) has confirmed this week that 2.04 million units of BTCP were created that were never intended to exist on the altcoin’s blockchain. Following a report in late December from a digital asset analytics website that revealed the discrepancy, the BTCP team launched an investigation that eventually found that the extra coins had been mined, but they do not yet know who created the coins and for what reason.
South Korea Rules in Favor of Bithumb After Investor Lawsuit Over $355,000 Hack
South Korean court has ruled in favor of crypto exchange Bithumb in a lawsuit in which an investor had sued the exchange for his loss of around $355,000 in an alleged hack. Ahn Park alleged that he had been the victim of a hack of his Bithumb account on Nov. 20, 2017, which resulted in the aforementioned loss, and cited Bithumb’s lack of security safeguards as befit a financial services firm. However, the court did not find Park’s claims that Bithumb’s activities were similar to that of services offered in the financial sector to be true, and ruled against him.
– Vitalik Buterin Defending the Lightning Network
New Indian Governmental Committee Supports Crypto Legalization, Media Reports
Local India media reported this week that a governmental committee has suggested that cryptocurrencies be legalized within the country. An unnamed senior official who reportedly attended the panel’s meetings on cryptocurrencies stated that there was a “general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.” The government reportedly set up this panel after the Reserve Bank of India’s ban on banks dealing with crypto businesses and persons in April this year.
Major US Magazine Time Column Reports on the Freeing Potential of Bitcoin
Time magazine published a column this week that praised the liberating potential of Bitcoin, mentioning Venezuela as an example of a country where the citizens can benefit from the cryptocurrency. According to the article, Bitcoin is a valuable financial tool for avoiding censorship, specifically noting that Bitcoin can help Venezuelans avoid inflation, as a government cannot simply print more Bitcoin. The currency can also be used to bypass mass surveillance in places like China.
Winners and Losers
The crypto markets are looking steady today, with Bitcoin trading around $3,874.67, Ripple around $0.37 and Ethereum at $138.85. Total market cap is around $130 billion.
The top three altcoin gainers of the week are SoundDAC, Bitspace and HondaisCoin. The top three altcoin losers of the week are RabbitCoin, Accelerator Network and CatoCoin.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“Block-chain [sic] technology. No joke. Super powerful stuff, and the first one to figure out how to hack it, manipulate it or bring it down wins.” — Andrew Bustamante, reportedly a former CIA intelligence officer, speaking of the biggest threats to national security
– Andrew Bustamante on the Future of U.S. National Security
“Once there are new issues, then Ether will rebound aggressively. When the ICO market returns, Ether will quickly test $200. The timing of the ICO rebirth is 12 to 18 months out,” — Arthur Hayes, BitMEX CEO
“Yeah no, I have my disagreements with the Bitcoin roadmap, PoW, etc but they’re trying to do something that’s genuinely cool tech. BSV is a pure dumpster fire,” — Vitalik Buterin, Ethereum (ETH) co-founder
“At some point, yes, it will drive a profound shift in how we communicate and collaborate, but we’re not there yet,” — Lance Braunstein, E*Trade Financial Corp. CIO, speaking about “blockchain” as a buzzword
FUD of the Week
Hackers Steal Almost 1 Million in Phishing Attack on Electrum Wallet
A hack that reportedly took place this week against cryptocurrency wallet Electrum allowed a malicious party to steal almost 250 Bitcoin (BTC), commentators on social media reported. The hack was then confirmed by Electrum, which explained that it consisted of the creation of a fake version of the wallet that fooled users into providing password information. Affected users reported on social media that they failed to log onto their wallets after providing…