Image Of The Weekend, 18-19 Of August: The Next Web, Market Watch, Venture Beat and Others
We're presenting "the image of the weekend". Bitnewstoday.com chose the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this weekend in the most indicative quotes below!
1. THE “WHALERS” (The Next Web)
EOS community fights back against ‘whales’ controlling its blockchain
A petition that asks EOS creators to introduce a limit to the number of votes any one entity can control was created. This is due to the recent concerns over the influence of cryptocurrency brokerage firm Bitfinex, issuers of the controversial Tether stablecoin.
What makes EOS particularly unique is its election system, which asks users to use their tokens as a means of selecting who should be maintaining the blockchain. Users will lock their tokens up (stake them), and nominate candidates who they think should be trusted with the responsibility of maintaining the blockchain.
2. BREAKING THE LAW (News.Bitcoin)
Prolific Bitcoin Dealer ‘Blew a Giant Hole’ Through US Legal Framework
A Mexico-based “prolific bitcoin dealer” has been indicted and held without bond in the U.S. on a number of international money laundering charges. He used Bitfinex for his exchange needs after Coinbase had closed his account. His “activities” ‘blew a giant hole’ through the legal framework of the U.S. anti-money laundering laws,” the Department of Justice wrote.
According to the DOJ, the 31 counts in the indictment against Burrell carry different prison terms and fines. The first count carries a maximum of five years in prison and a fine of $250,000. The second carries ten years in prison and a $500,000 fine.
3. FBI SAID “NOPE” (Market Watch)
FBI didn’t let an alleged hacker use cryptocurrency to pay his bail
After being arrested by federal agents for allegedly hacking videogame giant Electronic Arts Inc.’s systems, Martin Marsich tried to post a $750,000 bond with cryptocurrency. That’s when Marsich, federal authorities, and the court ran into problems that show how difficult it can be to use digital currency in the real world, even as it becomes more prevalent online. In this case, making its way through federal court in San Francisco, there were concerns that selling a large stash of small and lightly traded coins could have caused severe fluctuations in their prices.
After trying to set up the bond — including taking steps to create a cryptocurrency wallet to facilitate the transfer — the government reversed course the next week and said it was not, in fact, able to take the digital money.
4. YOU HAVE FAILED ME! (Forbes)
Blockchain is failing corporates
Everywhere corporates are struggling to make money, keep people happy and implement new technologies according to new data from Forrester. The blockchain is proving more difficult than others. Why so hard? Two main reasons; most blockchain vendors don’t offer compatible software, and the distributed ledger technology is proving to have few use cases right now according to Nasdaq senior executives.
Lured by the promise and not the practical aspects, execs get excited, rush in and don't expect that revolutionary technology will be costly and hard to implement from the off.
5. THE HOMELAND-AS-A-SERVICE MODEL (Venture Beat)
How blockchain will disrupt the world order
With blockchain-based technologies promising to disrupt nearly all areas of the global economy, no wonder that it will have on the global political scene and how we interact with our governments.
The main functions of government include taxation to fund public services, protection of citizens, and social welfare. All of these functions will be transformed by blockchain technology because the distributed independent ledger and smart contracts provided by the technology will enable governments to dramatically improve how these functions are organized and performed.