Top Five Stories from The Last Week
Charlie Lee: Next Month's Halving Will Be a 'Shock' to Litecoin Mining
What happened?
Litecoin creator Charlie Lee has predicted that miners may close up shop after the coin's upcoming halving this summer.
How did he explain that?
"When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine. If a big percentage does that, then blocks will slow down for some time. For litecoin it's three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust and everything will be fine," Charlie Lee said.
Trump Tweets Opposition to Crypto, Specifically Libra and Bitcoin
What is this all about?
The United States president Donald Trump declared that he isn't a fan of Bitcoin and other cryptocurrencies — telling his 61.9 million followers they fuel unlawful behavior. Trump also had Libra in his sights during the three-tweet tirade and warned Facebook's upcoming digital currency will have "little standing or dependability." He rounded off by reminding his followers that there's only one real currency in America, the U.S. dollar.
How did the crypto market react?
Bitcoin prices actually reacted positively to Trump's proclamations, as it's unclear whether this amounts to a policy of any kind. His tweets came two days after Libra co-creator and Calibra head David Marcus assured Congress that Facebook is willing to cooperate with its hearings — even though politicians' pleas to halt the project seem to have fallen on deaf ears at Menlo Park.
As Deutsche Bank Axes 18K Jobs, VanEck Exec Proposes a 'Plan ฿'
What happened?
Deutsche Bank taking an axe to 18,000 jobs and winding down its investment banking arm will entail exiting its equities sales and trading business — which had reportedly raked in €1.96 billion ($2.20 billion) in revenue in 2018.
What is the plan ฿ about?
The fact that DB's decision broke points to yet another Achilles Heel for traditional finance, according to VanECK digital asset strategist and MVIS director Gabor Gurbacs, who tweeted: "Crypto markets are at least open 24/7 to act on news. In traditional markets some just have to wait until market open to get hammered on news that are public information. To me this appears to be a serious market structure problem! It's time for plan ฿!"
US SEC and FINRA Issue Statement on Crypto Custody Issues
What is this all about?
In a joint statement on Monday, the Securities and Exchange Commission and the snappily named Financial Industry Regulatory Authority said they are unconvinced that crypto custodians can comply with strict rules designed to ensure that assets can be returned to customers if a company collapses.
What does it mean?
The Internal Revenue Service raise eyebrows when leaked documents suggested the taxman planned to force tech giants to check download histories and report on crypto activity by its users. And to round it all off, Bitcoin prices took a hit on Wednesday when Federal Reserve Chair Jerome Powell said he thinks Libra "cannot go forward" unless there is "broad satisfaction" that Facebook has addressed regulatory concerns.
Survey: Generation Z does not plan to buy cryptocurrency
What is this all about?
Generation Z, the young whippersnappers who are currently between four and 24 years old, doesn't seem that interested in what the crypto world has to offer. According to the SurveyMonkey Audience report, just 5% of the 13- to 21-year-olds polled said it was "extremely likely" they would buy a cryptocurrency in the next six months — and 52% said they had absolutely zero plans to get involved.
Is this really so bad?
Trying to strike an optimistic note, the researchers stressed that the survey was conducted before the recent bull run and suggested sudden price rises may have encouraged some of the crypto-cautious kids to reconsider.
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