Crypto News, July 5 2018: Red Day

Highlights: Waltonchain launches a high-end retail solution, Malta & Uzbekistan begin to lay legal groundwork for blockchain sectors, the moon accoutrements you didn’t know you needed, and more fist-shaking at crypto from a bygone era.

Launch: WTC-Garment

Source: Twitter

Waltonchain has launched WTC-Garment, a supply chain solution for high-end clothing. According to the release video, Garment provides everything from automated production orders to document management, and can be used to trace and verify authenticity of unique or luxury retail items.

Syscoin Post-Mortem

Source: SludgeFeed

As promised, Syscoin published a detailed account of the irregular activity we reported on yesterday, which caused Syscoin to request that exchanges temporarily cease trading activity with their coin. According to the statement, the irregularities seen on the Syscoin blockchain were due to a recent forced upgrade with a new fee policy feature. In short, the largest nodes had their fees set above the default, resulting in a mempool backup of cheaper transactions. The backed up transactions were processed in batches, resulting in the unusually high outputs. Per Syscoin, these events incidentally took place at the same time Binance began experiencing issues. TL;DR - They’re claiming coincidence. It’s certainly possible, even if it isn’t sitting quite right.

Release: Dash v12.3

Source: Invest In Blockchain

The latest upgrade for Dash is now available to all users on the network. The upgrade includes improvements to the InstantSend features and lays the foundation for future implementations of multiple devnets and named accounts.

Dutch Trader to Offer Crypto-Backed ETNs

Source: Bloomberg

Flow Traders, the EU's largest trader of ETFs, will be offering exchange-traded notes (ETNs) backed by cryptocurrencies. They are the first firm to do so publicly with notes listed on regular stock exchanges. Their regulatory authority, the Dutch Authority for the Financial Markets (AFM) is meanwhile holding a position in opposition to licensed exchanges having any dealings with digital currencies, citing risk and volatility.

Malta Passes Blockchain Legal Framework

Source: Malta Today | 1 | 2 | 3

Malta has passed a series of bills establishing a regulatory framework for their blockchain sector. The Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act were hailed as “the first of their kind” and further establish Malta as one of the world’s most welcoming places for blockchain projects. You can read the full text of the three laws above.

Thailand ICOs Must Apply for Government Approval

Source: CoinDesk

Effective July 16th, ICOs must apply for government approval before launching in Thailand. The applications will be filtered through “ICO Portals,” in which private businesses will screen ICO applications and forward along acceptable entries to the government for a final decision. No criteria were specified for the screening process.

Uzbekistan to Develop Blockchain Sector

Source: CCN

The new Uzbekistan president has issued a decree calling for, among other things, the development of a regulatory framework for blockchain projects, including cryptocurrencies, and professional training for public sector implementations. Two of the country’s project management and technological agencies will be tasked with developing and implementing blockchain protocols by 2020.

IBM Becomes Australian Technology Partner

Source: Bloomberg

IBM will partner with the Australian government to bring blockchain and other tech services to the nation’s public sector. The $1 billion effort will largely focus on addressing cost inefficiencies associated with traditional bureaucracies, as well as maintaining data integrity and privacy for Australian citizens.

The Times Account of Crypto Non-Adoption

Source: Twitter

The New York Times has published an article arguing that cryptocurrency isn’t being used. Or rather, it’s being used for speculative trading, but not for, you know, actually buying things. Using Ripple (XRP) as an example, the Times chronicles the drop in price over the last several months as well the large amount of XRP currently held by Ripple itself. The article was promoted by frequent op-ed contributor Paul Krugman in the tweet linked above.

Third Lawsuit Filed Alleging Ripple Is A Security

Source: CoinDesk

A third class-action lawsuit against Ripple has been initiated, again claiming that XRP is a security (a classification its CEO has consistently disputed). There have been no rulings yet on the previous two lawsuits filed, though the class in the original suit is represented by two former SEC officials.

Phil Helmuth, As Always, Makes an Entrance

Source: Reddit

In what we’re going to call the world’s first crypto cosplay, poker star Phil Helmuth showed up to the game’s biggest event, the World Series of Poker, as a head-to-toe walking advertisement for VeChain and Decent.bet. Bonus points: His Thor hammer is apparently the same one used at the rebranding event.

Vitalik on a Unicorn, and Other Necessities

Source: MoonStuff

If you, like me, have always wondered what successful entrepreneurial endeavor is really complete without a giant foam finger, fear not: MoonStuff has you covered. Prepare for your upcoming lunar adventures with one of 6 novelty items currently for sale, including a 3-pack of the BCH Whitepaper (2-ply!) and a $120 Roger Ver bobblehead. They’re not getting my money, but they can certainly have my daily supply of LOLs.

Central Bank Manager Issues “Get Off My Lawn” Directive To Youth In Crypto

Source: CCN

The newly-minted (pun emphatically intended) GM of the Bank for International Settlements (BIS), Agustín Carstens, issued a directive for “young people” to “stop trying to create money” via the cryptocurrency sector. Likening it to Isaac Newton’s fascination with alchemy (while conspicuously avoiding his more useful contributions to scientific progress), he encourages the youth of today to focus their efforts elsewhere and insists that decentralized systems will not replace “trusted” central banks.

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Written content adapted by @thepinkfreudian.