Around the Block is a daily dose of crypto news sent directly to your phone. We breakdown the top five stories in five sentences or less. No BS. No Bias. https://aroundtheblock.news/
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1) Bitfinex announces “improved fiat deposit system,” reportedly switches from HSBC to Bank of Communications
Following last week’s fiat freeze, Bitfnex announced in its blog that they are accepting fiat deposits again in USD, GBP, JPY, and EUR through a “new, improved and increasingly resilient fiat depositing system for sending fiat currencies to Bitfinex.”
“We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better,” they wrote. Meanwhile, according to a report from the Block, a source claims Bitfinex has switched from banking with HSBC to Hong Kong-based Bank of Commerce.
2) Bitcoin SV goes live
Bitcoin Satoshi Vision (SV), an open-source software that would facilitate business use cases on the Bitcoin Cash (BCH) blockchain, is live.
“It’s time for Bitcoin to professionalize. Therefore, Bitcoin SV is targeted at business users, primarily miners but also cryptocurrency exchanges and merchants. By eliminating unnecessary features, we can keep the development focused on what really matters to our core user base,” says Steve Shadders, the Technical Director of the SV Project.
3) $152 million lawsuit against Augur “settled”
Court records show that the $152 million lawsuit filed by former CEO Matthew Liston against Ethereum-based oracle and prediction market Augur has been taken “off calendar” by the court of San Francisco. Responding to an email from Forbes, Liston has confirmed that “the case was settled.”
4) CFTC Commissioner Commissioner Brian Quintenz talks about dangers in prediction markets, and coordinating with smart contract developers
In his remark at the the 38th Annual GITEX Technology Week Conference, CFTC Commissioner Brian Quintenz talks about applying “existing legal paradigms to novel technologies not contemplated when those laws were adopted.” He raises the question of accountability when smart contracts are used for illicit activity. Citing prediction markets as an example, he asks who should be held accountable if an event contract executed by a smart contract happens to be “based upon war, terrorism, assassination, or other similar incidents may be contrary to the public interest.”
“They invented a code upon which any number of applications can run and, in my view, it seems unreasonable to hold them accountable for every subsequent application that uses their underlying technology, without further evidence of knowledge or intent. They may not even be aware that this particular type of smart contract has been deployed,” he wrote. “The appropriate question is whether these code developers could reasonably foresee, at the time they created the code, that it would likely be used by U.S. persons in a manner violative of CFTC regulations.” He adds that collaboration between smart contract developers and the CFTC is key to mitigating such loopholes.
5) Hong Kong exchange BTCC expanding to Korea
China’s first Bitcoin exchange BTCC announced in a new website that they are expanding to South Korea — which holds a large market for cryptocurrency trading. “The world’s first cryptographic exchange BTCC is preparing to open in Korea,” a rough translation of the website says.
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