Market Analysis Report

17 June 2019

Jihan Wu Confirms Backdoor Claims in Bitcoin Miner Bitmain

The bitcoin community is abuzz with news that Bitmain bitcoin miners allow for remote code execution which can shut down Antminers, which represent 70% of the clobal hashrate. Bitmain has responded to this issue throughn a public statement and Jihan Wu, CEO of Bitmain, himself has addressed this issue. He said:

“IT is a bug that we have leave a incomplete feature in the code base. It is supposed to be a feature to help our customers to track their mining rigs when they host rigs in some service providers with uncertainty. The feature development was incomplete due to some technical problems, but sadly the code is still there. The testing server has been shuttled down long time ago. We would suggest our users to upgrade to new firmware, or simply block the DNS of auth.minerlink.com.”

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Nevada Senate Votes to Recognize Blockchain Tax Ban Bill

Senators in the state of Nevada have fully supported a blockchain bill, SB 398, that would prevent a local government from taxing or imposing restrictions upon the use of a blockchain. The SB 398 was first filed by Ben Kieckhefer on March 20 and month after, the bill was first introduced, senators in the state of Nevada advanced the bill with full backing with a 21-0 vote.

According to public records, the bill states:

This bill prohibit[s] a local government from: (1) imposing a tax or fee on the use of a blockchain; (2) requiring a certificate, license or permit to use a blockchain; and (3) imposing any other requirement relating to the use of a blockchain.

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Ripple Signs Up Another 10 Banks As Blockchain-Based Payments Grow

Ripple signed up another 10 banks: MUFG, BBVA, SEB, Akbank, Axis Bank, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com. Ripple Labs continues to grow its client list with small and more substantial banks, engaging clients in the payment service provider market. Ripple CEO Brad Garlinghouse is confident in the technology and views the customer base acceleration logical, stating:

“People know Ripple is the only Blockchain solution for payments that is proven in the real world and it’s driving demand from financial institutions of all kinds and sizes because they want to stay ahead of the curve.”

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Japanese Banks Trial Virtual Currency For Funds Transfers

Members of a Japanese bank consortium, including Bank of Yokohama, Mizuho Financial Group and Resona Bank focused on blockchain, including Bank of Yokohama, Mizuho Financial Group and Resona Bank are set to test a virtual currency-based funds transfer system. The test is the latest from the unnamed consortium, which is led by financial services firm SBI Holdings and a joint venture between that firm and distributed ledger startup Ripple, first launched in January 2016.

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State of the Crypto

Bitcoin is up 2.03% at $1,333.94 with a volume of Ƀ 71k - $96M on the USD pairs.

Litecoin is down 1.03% against the dollar for the day at $14.47 and down 2.94% to Ƀ 0.01092 on volumes of 31k BTC.

Ether is up 18.57% against Bitcoin at Ƀ 0.05083 per Ether and up 20.39% against the dollar to $67.95 with average volume 108k BTC on the ETH/BTC pair. 

Dash is up 8.73% at Ƀ 0.05993 with 11k BTC volume and up 10.48% against the dollar at $78.10.

Zcash is up 13% for the day to 0.06304 BTC per ZEC and up 15.83% against the dollar to $83.99 with an average volume of 5.9k BTC for the 24 hour period.

Monero is up 11.7% against the dollar at $21.88 and up 10.77% against Bitcoin at Ƀ 0.01645 on volumes of 7.5k BTC. 

Ether Classic is down 4.72% to Ƀ 0.003670with volumes of 13.9k BTC and down 2.78% against the dollar at $4.90.

Waves is up 0.38% to Ƀ 0.0004278 on 266 BTC volume. 

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