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Crypto Corner: Bitmain Shuffles Board as IPO Nears, BCH Hard Fork Sees ABC Token with Most Nodes, Michigan Sec. of State Bars Crypto in Political Donations

November 13th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch

 

Point Roberts, WA and Delta, BC - November 13, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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Crypto Corner

Bitmain Shuffles Board as IPO Nears, BCH Hard Fork Sees ABC Token with Most Nodes, Michigan Sec. of State Bars Crypto in Political Donations and Marshall Islands' President Prevails in No Confidence Vote Despite Controversial Crypto Position

8btc reports that bitcoin mining firm Bitmain has undergone a significant personnel change as the company prepares for its coming IPO. According to a "securities authority close to Bitmain", four out of six have quit the board, and includes company CEO and co-founder Jihan Wu. An unnamed lawyer is quoted in the piece explaining Wu's changed status with the board.

"As a director, Jihan had the right to vote when the board makes decisions. However, after changing to a supervisor, his power becomes smaller that he can no longer vote. As thus, Wu will be unable to participate in the business decision-making but only serve as a supervisor."

The Bitcoin Cash (BCH) hard fork is expected to happen on November 15, and crypto data platform Coin Dance shows that Bitcoin ABC has far more nodes than rival Bitcoin SV. At press time, the summary indicates that ABC has 1082 nodes while SV only has 171. The somewhat less talked about new token, Bitcoin Unlimited, falls between the two with 792 nodes at press time. For background, Bitcoin ABC is favoured by Roger Ver, as well as Bitmain, Binance and Coinbase, while Bitcoin SV (Satoshi Vision) is favoured by Dr. Craig Wright, who has claimed to be Bitcoin creator Satoshi Nakamoto, as well as CoinGeek and Bitcoin.org.

Michigan's Secretary of State has formally come out against the use of cryptocurrencies in campaign donations in a letter to state legislature candidate William Baker. The letter reasoned that crypto's tendency toward volatility in price made it unreliable as a valid form of currency.

Cryptocurrency is not a mere transfer of controlled funds deposited or withdrawn through a financial institution, but rather is traded anonymously through an electronic platform. As with stocks and commodities, Bitcoin's worth fluctuates daily, there is no way to ascertain the precise monetary value of one Bitcoin on any particular day. Further the Act requires that committees deposit funds in an account in a financial institution, which is not an option for cryptocurrency.

Nikkei Asian Review reports that Marshall Islands President Hilda Heine has prevailed through a no confidence vote on her presidency that was based in part on her position on cryptocurrency. Holding on to power by one vote, Heine will pursue her controversial plan of implementing a digital currency known as the Sovereign for the Marshall Islands. Once created, the Sovereign will have equal status to the U.S. dollar in the country.

Sam Mowers, Investorideas

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