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    Saturday, May 4, 2019

    Cryptocurrency Daily Discussion - May 4, 2019 (GMT+0)

    Cryptocurrency Daily Discussion - May 4, 2019 (GMT+0)


    Daily Discussion - May 4, 2019 (GMT+0)

    Posted: 03 May 2019 05:14 PM PDT

    Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Disclaimer:

    Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

    Rules:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
    • Discussion topics must be related to cryptocurrency.
    • Comments will be sorted by newest first.
    submitted by /u/AutoModerator
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    Crypto technology - what new developments/features are you anticipating?

    Posted: 03 May 2019 05:18 PM PDT

    The whale responsible for all market manipulation.

    Posted: 03 May 2019 06:36 PM PDT

    I’ve always loved coin market cap but this shit is not ok, when you click close it takes you to a shitty looking “Apple” page, what makes it worse is that you have to open a whole new tab to remove the fucking ad.

    Posted: 03 May 2019 11:05 PM PDT

    What is your opinion on this altcoin?

    Posted: 03 May 2019 07:51 PM PDT

    How does cryptocurrency become usable by the 99.9% of people who cannot be trusted to keep their money safe?

    Posted: 03 May 2019 10:05 PM PDT

    This has always been my biggest concern with cryptocurrency. We talk about banks being evil, yada yada yada... but most people need banks to look after them.

    The vast vast vast majority of people cannot be trusted with their own money. They will have their private keys lost or stolen, and have no way to get their life savings back when it's gone.

    They need institutions like banks to keep their money 'safe' and refund them when they get phished/hacked/scammed/whatever.

    The only way I can imagine normal people safely using crypto is through a BTC/ETH/etc account with a regular old bank... which is ridiculous, as that's no change from how things are now.

    So.... how does crypto move forward and overcome this?

    Obviously we can have great phone apps that use biometrics, passwords, etc to access accounts... but the PKs still need to be stored somewhere, and people cannot be trusted to store this safely. Where/how will they be able to store them, and recover them if they forget/lose everything? If you can get it back by showing sufficient ID, that's an avenue for people to have their identity stolen and used to get their PKs.

    submitted by /u/crunchywetleaves
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    The Integration of Artificial Intelligence and Blockchain

    Posted: 04 May 2019 12:55 AM PDT

    The Integration of Artificial Intelligence and Blockchain (self.CryptoCurrency)

    submitted 10 minutes ago * by gazstevens73

    Neurochain aims are to create a completely new, sustainable ecosystem based around the technologies of blockchain and AI by developing and unlocking cutting edge technology.

    I would hope you all have a good understanding of what blockchain technology is by now, simply put, a digital filing system using distributed ledger technology to encrypt data and thus creating a tamper proof database which can only be updated by those with permissions via private keys.

    Artificial Intelligence however may not be so obvious to some. From Neurochains perspective it is seen as creating an ecosystem that will utilize machine learning, neural networking and big data processing using bots(nodes) to seemingly learn and perform tasks effortlessly and efficiently. The more data they are fed the more they will learn and the more intelligent they will eventually become.

    Distributed ledger technology due to its cryptography is an inherently secure way of storing data however it is currently very slow and requires the brute force approach to confirm any transaction, even POS by comparison is relatively slow.

    Neurochain is aiming to solve this issue, and, may have already solved it using its unique consensus method Pii and Proof of Workflow. The algorithms behind it are quite complex and can be thoroughly investigated in the whitepaper, but it is clear to see that the technology is there and with Main net just weeks away the proof will be in the pudding as they say.

    Running on bots (Neurochains equivalent of nodes), Neurochain is able to reach consensus using a lot less power, so much so that a bot will be able to run on something as simple as a mobile phone. "Bots are made up of four layers.... communication layer, security layer, a layer which is the copy of the neurochain blockchain, and a creation layer for creating new blocks. With those 4 layers we have a wallet which holds the ncc token. The ncc token allows you as a bot owner to buy business applications on the network just as you would with an app type store. Bots are open source and can be downloaded by anyone.

    All the Bots are connected, and they can leverage information coming from the other bots. In this way the concept of machine learning is producing a collective intelligent network. When all these components begin communicating with eachother the information becomes more and more intelligent because of all the collective being collected by the other bots.By combining AI with DLT the Neurochain bots are able to become much smarter and provide much more convenience and value to any applications using them, for example within the medical field they may be able to determine accurate diagnosis for a patient based on the data held about that patient combined with the data collective that has been learned." Source: Neurochain Telegram Channel

    Neurochain is attempting to target initially six industry sectors where they believe AI will play an important future in transforming these areas to become more efficient and secure.

    AI and • Banking • Insurance • Public sector • Retail • Logistics • Healthcare

    Conclusion Artificial intelligence and blockchain are new and exciting technologies in their own right, but when combined they have the potential to completely revolutionize all aspects of industry. Both together serve to enhance the capabilities of the other and Neurochain aims to be a fore runner in this field.

    This is of course my own personal opinion of the project and I am invested, of course as always you should DYOR but for me long term this project will rock the crypto world.

    https://neurochaintech.io https://www.neurochaintech.io/pdf/NeuroChain_White_Paper.pdf

    submitted by /u/gazstevens73
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    User banned from Coinbase in 3 minutes

    Posted: 03 May 2019 08:18 PM PDT

    This really clears up the misinformation about DAG's (Directed Acyclic Graphs)

    Posted: 03 May 2019 08:28 PM PDT

    Two nomenclatures to first clear up;

    1. Blockchain the category
    2. Blockchain the structure

    A blockchain is a DAG.

    Directed (moves in one direction only) Acyclic (you can't return to a node from the current node) Graph

    All blockchain (structures) are DAGs. A DAG can be a blockchain (category)

    That out of the way, there are lots of DAGs already; ethereum, even has leaf nodes (uncles).

    So I don't get the DAG vs Blockchain argument.

    Also, when looking at DAG, what implementation?

    You get storage DAG (like Avalanche, where the UTXO are stored in DAGs) You get block DAG (ghost / spectre/ phantom) You get consensus DAG (Fantom / Hashgraph and derivatives, where the output can still be a normal blockchain (structure) or it could be another DAG (structure)

    There are account level DAGs (Nano) and transaction level DAGs (IOTA).

    So you can't really say DAG vs blockchain.

    But what I will infer, is the "Are DAGs more scalable than blockchains". And that answer is entirely dependent on your network graph and consensus architecture.

    In a POA / permissioned / consortium solution, DAGs are definitely more scalable. In a completely unpermissioned environment blockchains are more secure.

    It's a very difficult question to answer because there are so many variables at play.

    Personally, I think DAG's are fantastic for aBFT consensus, so I like them there, but I think traditional blockchain is the better structure for time based sequences. So most of my research work is focused on how to order a DAG to output a blockchain

    So how do a lot of these other projects achieve high TPS? Not as a function of the output structure, but instead as a function of consensus.

    An easy example, let's take Ethereum right now. Currently it's Proof of Work at ~13s block time @ 9 TPS, but what if we simply decrease the block time to 1s? Would we then get ~117 TPS? (Here we need to look at data transmission, I will cover that a bit later).

    Next let's look at consensus, if we change from PoW to PoS and keep the block time the same, does anything change? No, since proof of work is just the security, not the scalability. If we change block size (or gas limit in ethereum) or block time then we can achieve more throughput.

    So what options do we have to achieve more throughput? Let's look at traditional technology scaling, if you have a single threaded process that does 1 action per second, and you want to increase it, you simply add more threads, 10 threads equals 10 actions per second. But what if all of these threads at some point need to share the same data? This is called a dead lock, where the system needs to make a decision. Normally fairly easily resolved in centralized systems, first come first serve for example (but here you don't have any malicious actors).

    So the problem we are trying to solve is one of ordering, which event happened first? This is done in proof of work based systems because the proof of work is essentially a timer that makes sure to only allow events to trickle in and not cause a deadlock.

    But let's assume we could get rid off that time limit, but still achieve scalability, you could do this via standard BFT, but that increases message complexity (since you need at least 3 rounds of messages x the amount of participating nodes and the delays on messages can be unbounded). So a lot of systems use BFT but they limit the amount of validators (for example only selecting 9/12/21/... validators out of thousands - dPoS with BFT).

    Another solution is sharding, an easy example is namespace sharding, group 1 handles all accounts that start with the letter A, group 2 handles B and so forth. Now you could essentially have one PoW network that handles all the A accounts and another all the B accounts etc. You could also do this based on some namespace, for example ETH could have a consensus layer per ERC20 (all separated for parallel / concurrent throughput).

    So it's less blockchain vs DAG and more storage / consensus / abstraction considerations.

    submitted by /u/Bitbaby11111
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    Gemini.com Releases New ActiveTrader Interface!

    Posted: 03 May 2019 05:35 PM PDT

    Ocean Protocol IEO Disaster

    Posted: 03 May 2019 12:51 PM PDT

    I wanted to take the time to write a post about the dangers of IEOs and the responsibility that you as an investor need to take when you do your due diligence.

    Ocean Protocol (edit: not to be confused with OceanEx) is a project that's been talked about in high regard for some time. They have a solid and experience background in big data, showing previous success outside of the crypto/blockchain space. They have identified a clear market and use case for blockchain used in a decentralised manner.

    Fragmented data held by multiple parties means that we lose out on vast amounts of analysis potential due to the fact that the data is not able to be shared. In short they overcome this with their protocol. Their white papers have been some of the best that i have read, and there is clearly something there that's worth pursuing. That's all i'm going to say about them as a project.

    I first discovered them about 8 months ago when doing bear market research. Now, remember many coins/tokens are down up to 95% from their peak bull price.

    It just so happens that their pre-sale was in Feb 2018... and funding using ETH, which at the time had a price of approximately $1000. At this time they pegged the token value at 12c.

    Moving on to IEO time, on an illiquid exchange - Bittrex - they decided to peg the value also at 12c per token and a fund raising total of $31.6m. The same as the pre-sale. Seed for what it's worth was 10.6c

    You may have already started to see the problem here. Presale investors are massively up in terms of BTC value over the period essentially getting their investment protected during the bear market.

    When you start to combine this with the ICO tendency that they dump on launch due to general investor uncertainty, you have a hot mix evolving. Yes IEOs have been hot recently, but you do have to question whether they really can work on low liquid exchanges. You need buyers and hype, and unfortunately there is only a few exchanges that can legitimately provide that. Yes, i'm looking at you Binance.

    So what happened to Ocean Protocol today? You guessed it. -70% or so right away and their Telegram and social channels are a mess. They've gone to ground it seems.

    You have to ask questions of Bittrex here. IEOs came about to provide a token a place to be traded after launch, but they are also supposed to be doing due diligence on behalf of their investors. A big dump like this, whilst really is on investors for not doing research, should also be partly on Bittrex.

    It was been pretty clear for a while that this was going to happen. I made as firm a point as i could in the Ocean Telegram with official team members that this was un-investable and it was inevitable, but they did not listen (and to be fair why would they listen to some guy on Telegram, in crypto, while they're trying to run a business).

    The simple fact is that they have been as greedy as it gets. They raised at a launch market cap of nearly $40m, where other recent projects such as LTO have launched at 3m cap with a working main net and clients. They also only released 15% of tokens in the launch leaving a total supply of around 1.4 billion tokens.

    Wasn't the writing on the wall with this? Why did Bittrex not advise where necessary? Questions need to be asked and answered if this space is going to be taken seriously.

    How do we end up with such a disparity in this space?

    EDIT:

    I just wanted to add a couple of takeouts and additions for people who want to invest in ICO or IEO

    1. have they done a pre-sale? If so, when was it and what valuation was BTC/ETH at when they did it.
    2. How has the market responded since they did a pre-sale
    3. During the ICO/IEO what are they valuing their project at looking at it at a circulating supply basis.
    4. What's the risk in new liquidity coming on to the market? (locked tokens from the team, general team funds, marketing fund, business growth fund)
    5. How much % of total supply does the team hold. You can tell if they're being greedy.
    6. How much of the project have they built already? Most startups fail. Have they genuinely shown something that might indicate real world use?

    Edit 2:

    The below was shared as a statement by a key team member just now. I think it's important to provide their take now there is one. However, for me this is inadequate. The valuation should be in serious question. However the adage goes... something is worth what someone is willing to pay for it...

    From Ocean Protocol official Telegram:

    Bruce Pon, [03.05.19 21:42]

    The team and I have been reading all your comments over the last few hours and we want to address many of the concerns raised. Today we hit an important milestone by listing at exchange after almost two years of constant building.

    1. Why did Ocean decide to do an IEO?

    We have always been transparent that we would conduct fundraising at each stage of the project. All proceeds have been used to build the protocol and network. The most recent fundraising from the IEO will be used to continue the work and on-board ecosystem partners.

    1. Why use Bittrex for the IEO?

    Bittrex is a reputable, top 10 exchange who provide a platform for tokens and projects to list. They have been professional and competent in helping us to launch.

    1. What's the plan to make up the loss for our investors?

    We have been working for almost 5 years as pioneers in the blockchain and crypto space. Our commitment is that we will continue to build the protocol and network so that the community and enterprises will adopt it.

    1. Has the token price been manipulated?

    Ocean will never engage in price manipulation tactics. Of the tokens distributed to the Founding teams, more than 99% remain locked and unsold. We think that the majority of sellers are those that are willing to take a loss on their Seed, Pre-Launch and IEO contribution.

    Please know that we are here and will continue building. If we are successful in gaining broad adoption from developers, data scientists and enterprises, Ocean Protocol can become the de facto data sharing protocol.

    submitted by /u/whippersnapperUK
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    What's the best way to cash out to Fiat?

    Posted: 04 May 2019 12:39 AM PDT

    I'm in the UK. Let's say I have some BTC I want to sell but don't want to get out of crypto altogether.

    What's the best way to cash half out to Fiat?

    What's the best stable coin to use so I can buy back in when the price retracts?

    I've already got accounts set up for Binance, Coinbase and Uphold.

    Edit. Spelling

    submitted by /u/ImNotKent
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    Someone didn't test their changes before they merged to master...

    Posted: 03 May 2019 03:10 PM PDT

    Random Ledger Nano S in mail?

    Posted: 03 May 2019 02:58 PM PDT

    Today I got a random Ledger Nano S in the mail. It arrived in an Amazon mailer.

    It had a random name on it "John W." (it has the full last name, but I probably shouldn't share it), and my actual street address. I don't recognize the name from anywhere. My street address is quite obscure, and would be difficult to "accidentally" use.

    I did open the package, guessing it may have been a gift from someone (something that I would recognize as such). No notes were in the mailer though, and it was a Ledger! Weird. I called Amazon to see if I could somehow get it to the right person. They informed me they couldn't even give me a return label, because they can't tell what the order number is with just the package. They told me it was probably a gift. The USPS tracking doesn't seem to tell much, (only looks as if it came straight from St Paul, MN, making it likely it was indeed FBA and direct from a fulfillment center).

    I am guessing it is an attempt to steal my crypto or hack my computer. My real name is tied to this account (I am a developer in the Stellar community, and want to be held personally accountable for my work), and it would be trivial to find my address. One might guess I have significant holdings due to my contributions and my job, but that's not true).

    I know the typical scam is to have it preconfigured. Nothing was written on the recovery paper though. I proceeded to plug the ledger in via a powered USB hub (not hooked into my computer). The Ledger fired up through the typical welcome/configure screens. I have not configured it.

    The skeptic in my refuses to plug this into my computer. Call me paranoid but beware of hardware of unknown origins. If anyone in the Minneapolis area wants to take a look, I'd be happy to chat. If Ledger wants to take a peek and have me send it to them, I'd be happy to do that too. If the mysterious "John" can come forward, I'd appreciate that as well :)

    Just something interesting to share and a word of caution!

    Pics or it didn't happen

    submitted by /u/LuminaWallet
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    We are a team of two using Ethereum to fight back against corporate centralization of the Internet. Today we are launching alias.earth. Feedback appreciated!

    Posted: 03 May 2019 10:21 AM PDT

    The basic idea is that identity should be universal and not tied to big social media platforms. Create an alias, post content, syndicate others: https://alias.earth/

    Our vision: https://medium.com/@alias.earth/delete-facebook-claim-your-identity-on-the-ethereum-blockchain-d6ac284ddf8e

    submitted by /u/lovvtide
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    NEO April 2019 Update - Da Honfgei now CEO of NGD - NGD Restructuring, progress and events!

    Posted: 03 May 2019 05:25 PM PDT

    Seeing as the venerable mods of /r/CryptoCurrency have refused to whitelist neonewstoday (the best and most informative NEO news site) and even the official neo.org website I will simply just copy and paste the update text below.

    I encourage everyone to view the full report on the official neo website here : https://neo.org/blog/details/4144

    NEO Global Development (NGD) has released its April 2019 monthly report, which announced that NEO founder Da Hongfei is going to assume the role of NGD CEO. In an open letter that preceded the report, Da states that he will be responsible for the strategy and operations of both the NGD Shanghai and NGD Seattle offices.

    In addition to the announcement, NGD has restructured the format of its monthly reports to incorporate progress the NGD Seattle office and various other global developer communities.

    NGD restructuring

    In addition to Da assuming the role of CEO, the April report announced several other changes. In an open letter to the public, Da states "adjustments to the NGD organizational structure have been made to more effectively align with the NEO Foundation's long term strategic goals."

    As part of the restructuring, Peter Lin, director of research and development (R&D), and Johnson Zhao, general manager of NGD, will leave their current positions to "take on new initiatives in the greater NEO community." Further, NGD marketing specialist, Grace Gui, and R&D engineer, Steven Liu, have joined the NEO Foundation to assist with technical community coordination.

    The Eco Fund, which was previously managed by NEO Global Capital (NGC) has been integrated into the NGD Ecosystem Growth Fund "to provide more direct support to ecosystem projects and partners."

    Da also promoted the NEO 3.0 roadmap, which NEO co-founder Erik Zhang recently outlined and released. Da stated, 3.0 "will be a robust blockchain implementation with high throughput, enhanced stability and security, an optimized smart contract system, and a feature-packed infrastructure set for diverse business application scenarios."

    Additionally, Da mentioned, "the long-awaited financial report will soon be released."

    NGD Shanghai: Development progress & events

    NEO's delegated Byzantine Fault Tolerance (dBFT) 2.0 was launched onto the NEO TestNet in April, in preparation for the MainNet upgrade. Further, NGD released version 2.10.1 of its node client neo-cli, and pre-released v2.10.2 on GitHub. Lastly, improvements to the performance of the NeoVM and bug fixes were applied, among other developmental progress updates.

    The report also highlighted various events attended throughout the month. Among these was NGD's first workshop in Zurich, which was followed by a three-day training event joint organised by NGD and Swisscom, also in Zurich.

    Another notable event was NEOJOY 2019 which took place in Beijing, China. The half-day event featured discussions on the value of the blockchain gaming industry and aimed to convey a deeper understanding of the NEO ecosystem to its attendees.

    NGD Seattle

    NGD Seattle's efforts to integrate itself into the blockchain community of the Pacific North West in the US were highlighted in the report. NGD Seattle was invited to become a founding member of the Cascadia Blockchain Council, as well as serve on the steering committee. The Cascadia Blockchain Council covers Washington and Oregon in the USA, and British Columbia in Canada.

    With a focus on improving the developer experience, NGD Seattle is also packaging up a NEO toolkit for VS Code and a NEO Express Node demo, which the team plans to exhibit at Consensus 2019 in New York, US.

    Global developer community updates

    While NEO News Today delivers quarterly development summaries, NEO's monthly reports have begun to include monthly updates. April's report includes progress from NEO SPCC, NeoResearch, COZ, Neow3j, NEXT, NewEconoLabs, O3 Labs, and NEO-ONE.

    Progress highlights can be seen on the infographic below.

    The full monthly report can be found at the below link:https://neo.org/blog/details/4144

    submitted by /u/Kazium
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    Brave adoption is accelerating on the publishers side, in the past 24 hours, the following publishers signed up

    Posted: 03 May 2019 11:43 AM PDT

    imore.com - Alexa rank: 3517

    windowscentral.com - Alexa rank: 2476

    androidcentral.com - Alexa rank: 2300

    planetatvonlinehd.com - Alexa rank: 11648

    Youtube channel: Windows Central - Subscribers count: 359,598

    Youtube channel: MrMobile [Michael Fisher] - Subscribers count: 773,279

    Youtube channel: Oh My Goal - Subscribers count: 1,589,842

    Youtube channel: Max Lee - Subscribers count: 439,243

    Twitch channel: harddrop - Views count: 1,460,837

    submitted by /u/BoyScout22
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    DNVGL migrating over ALL certificates onto VeChain's blockchain.

    Posted: 03 May 2019 05:00 AM PDT

    Bitcoin fees now at $0.81 to have your transaction confirmed in 10 minutes.

    Posted: 03 May 2019 05:24 AM PDT

    Will Bitcoin Rebound? Time to Buy Crypto as Price Up: Fundstrat

    Posted: 03 May 2019 07:28 PM PDT

    I just released Auga, a new simple portfolio tracker that I have worked on for a couple of months!

    Posted: 04 May 2019 02:59 AM PDT

    I've been working on it for quite a while because I wanted an easy way to bring together all of my different wallets in one place and see my tokens and coins. It currently supports Bitcoin, Ethereum (erc20) and you can also add your account from exchanges like Binance, Bitstamp and Coinbase. More coins and exchanges are ofc soon to be followed.

    Im an independant developer so would appreciate any feedback!

    App Store

    submitted by /u/reakan
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    Disbelief stage: "This is a sucker's rally". Markets surge when everyone LEASE expects it to.

    Posted: 03 May 2019 07:50 AM PDT

    Cryptocurrencies on today french tv game "Tout Le Monde Veut Prendre Sa Place" at noon

    Posted: 04 May 2019 04:00 AM PDT

    Carlos Matos has just released a video detailing his experience with Bitconnect.

    Posted: 03 May 2019 05:42 AM PDT

    Ever since that whole fiasco ended, he's been trying to run a health channel focused on the betterment of his life, he just released this video a few hours ago. I have no idea how to link it in the post because of this weird rule so I'll post it in the comments.

    submitted by /u/Tm23246
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    When the bull run begins..

    Posted: 03 May 2019 03:43 AM PDT

    CHEAP ELECTRICITY SENDING CRYPTO MINERS TO CANADA?

    Posted: 04 May 2019 03:09 AM PDT

    CHEAP ELECTRICITY SENDING CRYPTO MINERS TO CANADA? Canada aims to lure cryptocurrency miners by offering cheap electricity in Quebec. The leading power provider Hydro-Quebec had previously set aside 368 megawatts of discounted energy for crypto miners. Due large in part to China on the verge of stopping mining all together! U.S. taxpayers can receive all or part of their federal and state tax refunds in bitcoin. This is being made possible through a collaboration between blockchain payments processor BitPay and Refundo, a provider of tax-related financial products. Taxes may be boring, but they're a part of everyone's lives. Payment platform Square saw a new revenue high from bitcoin sales through its Cash app, while profits from Bitcoin sales remained low, according to a letter to shareholders outlining first quarter (Q1) 2019 financial figures. In its recently published letter on earnings, Square revealed that in the Q1 2019 the company's total net revenue grew 43% year over year, but revenues are way down when it comes to BTC. The Great State of Washington has passed a bill that recognizes and protects the legal status of electronic records pertaining to distributed ledgers like blockchains. The bill, substitute senate bill 5638, was signed into effect by Governor Jay Inslee in recent days. The government transportation department in the city of Austin, Texas partnered with nonprofit Iota Foundation to develop a better transportation ecosystem. In recent meeting speakers on the issue describe their visions of a system in which every transit system can interact with the same payment app and a single digital identity. Enjoy the show!

    submitted by /u/CryptoGNT
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