TWEET OF THE DAY
“Apparently Ethereum’s already switched to PoS but no one except @Forbes knows this.”
Uh-oh. Forbes should probably hire Ant as their resident crypto fact-checker. That, or this article on Ethereum is from the future. More on Vitalik’s plan to eventually switch to a Proof-of-Stake system (from its current Proof-of-Work algorithm) right over here.
TLDR IF YOU ONLY READ THE HEADLINE
⚠️ Why Telegram might cancel its public ICO. Tough to believe, but it looks like raising $1.7 billion (via two private sales) might be enough to start building a blockchain. Jokes aside, Telegram is considering scrapping its public ICO sale since the Telegram Open Network (Telegram’s blockchain) hasn’t been built yet. So, Telegram has effectively been selling securities — the equivalent of handing out IOUs for future Telegram tokens (grams) via a SAFT. Which can’t be sold to non-accredited investors aka “the public.”
⚖️ JPMorgan sued over ‘surprise fees’ for crypto purchases. You probably haven’t heard of Brady Tucker from Idaho, but JPMorgan’s legal team definitely has. Brady is suing the bank after being hit with $143.30 in fees and $20.61 in surprise interest for five cryptocurrency transactions he made earlier this year. On what grounds? Brady’s claiming that the charges violate the U.S. Truth in Lending Act (which says credit card issuers have to notify customers of significant changes in charges and terms). And how much is Brady suing for, exactly? $1 million. Remind us to never get on Brady’s bad side.
💰 Ripple invests $25 million in a blockchain fund. Can we have *two* tweets of the day? Because Jill’s take on this investment deserves all the retweets. What happened? Today, the Ripple team announced that they’ve invested $25 million in XRP to Blockchain Capital Parallel IV (the first fund to accept capital calls in digital assets). Why is this especially interesting? Blockchain Capital, which manages the $150 million fund, also invested in Ripple’s Series A and B rounds. Hmm….
🌏 22 European nations form a new blockchain partnership. Yup, you read that right. 22. The group, creatively named “the European Blockchain Partnership,” signed a declaration that helps them do a few things: share blockchain-related information and regulatory expertise amongst each other, create ways to promote blockchain applications across the EU-wide Digital Single Market, and help with the implementation of blockchain services. The goal? To avoid “fragmented approaches” to blockchain. Oh, and here’s the full list of countries involved.
QUESTION OF THE DAY
A useful resource from Dogecoin creator Jackson Palmer which provides data around the decentralization levels of different crypto projects. 15 crypto projects to be exact.
THING TO KNOW
✨ Bitcoin dust
If you’ve ever seen .00001 BTC sitting in your wallet, there’s a name for it. What creates Bitcoin dust exactly? When users send bitcoin back and forth, the bitcoin protocol sometimes needs to generate tiny output coins — coins so small in value they require higher fees to send than they’re actually worth. So, how do you get rid of Bitcoin dust? We’re glad you asked.
TOMORROW’S DEEP DIVE
Garry Tan, MP at Initialized Capital: Have crypto questions? Fire away!