The image of the day 2018/7/23

We're presenting "the image of the day". Bitnewstoday.com chose only the freshest and most important news about the digital economy and virtual currencies. Only the most valuable stories from only the proof sources. Each and every event from this list will change the world of the digital economy either way. The most important of today's stories in most indicative quotes below!

Ethereum - Power of the people! (BCFocus)

Vitalik Buterin, the co-founder of Ethereum is very outspoken about the ETH Blockchain and cryptocurrency. He spoke about Ethereum Blockchain’s decentralized nature at the TechCrunch: Sessions Blockchain 2018 held in Zug, Switzerland. Buterin explained about the advantages of eliminating single points of failure by decentralization.

“I’ll write up the code, I’ll publish it, and I’ll do everything they say. If I do this and publish a hard fork patch to delete a bunch of accounts, how many people will be willing to download the update, install it and switch to that update? This is called decentralization”

After Facebook Coinbase ads are now on google and Instagram (CryptoDaily)

After long absence one of the biggest cryptocurrency exchanges, Coinbase,ads are back on the  google and instagram One of the biggest cryptocurrency exchanges, Coinbase, is back on Google and Instagram ads. The news came soon after the Facebook crypto ad ban reversal took place. However ICO advertising ban is still in place.

Double fetched claim (Cointelegraph)

Bank of Canada in their research on the issue claimed that issue of double spending in the blockchain is unlikely. In the new BoC study focuses on a proof-of-work (PoW) protocol for blockchain technology, modelling the behaviors of a “honest miner” and a “dishonest miner.”

The study writes that the main innovation of a digital ledger technology like blockchain is to make the users within the system responsible for the guarding of the system itself. For blockchain technology, the system approves new transactions when an update is agreed upon by all users in the system.

G20 Summit - new deadline in set for crypto (coindesk)

After  a summit in Buenos- Aires, member countries of the big 20 are now looking at an October deadline for reviewing a global anti-money laundering (AML) standard on cryptocurrency.

“While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. ... We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets," member countries said in the document.

Survival chances are fairly slim (Boston college)

Survival rate of cryptocurrency startups at just 44 percent, according to the recent study of the Penned by Prof Leonard Kostovetsky and Hugo Benedetti, the study examined more than 4,000 Initial offerings of startups that raised a total of $12 billion in capital between January 2017 and March 2018, and it contains a number of interesting insights.

It concluded that Only 48 % of completed Initial offerings of startup companies included in the study sample declared figures higher than zero for capital raised. Of the remaining 52 percent, a number of projects raised capital and continued with the project without declaring how much they raised, and some raised capital without achieving their softcap goal, resulting in refunds to investors. Others were ICO scams with promoters who stole investor funds.

Fork over! (ccn)

Daniel Lacroix, the subject of initial offering fraud charges, transferred $3.7 million worth of bitcoins to a court-appointed administrator right in a Quebec City courtroom on July 6 as ordered by a judge.

Judge Raymond W. Pronovost on Thursday ordered Lacroix to give his bitcoins to the administrator and to come to the courtroom Friday to confirm the transaction. The attorney for the court-appointed temporary administrator for the couple’s assets, Hugo Babos-Marchand, had said the bitcoins could be transferred easily.

Lacroix said that it’s hard to do  because of the fact that his pc was seized. So officials then  brought a computer into the courtroom to allow Lacroix to make the transfer of said bitcoin, which he performed. Lacroix was facing jail if he did not completed the transfer of bitcoins.