Crypto Corner: #Bithumb Acquitted in Hacking Case, #Bitmain and #Huobi Announce Layoffs, Chinese Scientists Turn Copper Into 'Gold' and Litecoin Partners with UFC
December 27th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch
Point Roberts, WA and Delta, BC - December 27, 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: #Bithumb Acquitted in Hacking Case, #Bitmain and #Huobi Announce Layoffs
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Bithumb Acquitted in Hacking Case, Bitmain and Huobi Announce Layoffs, Chinese Scientists Turn Copper Into 'Gold' and Litecoin Partners with UFC
CCN reports that a South Korean court has acquitted crypto exchange Bithumb after a client accused the company of losing thousands of dollars in a hack. 30-year-old Ahn Park claimed that a lack of security measures enabled hackers to steal 400 million won ($355,000 USD) of his funds. Bithumb, however, argued that it was not responsible, as it is not classified as either an electronic financier, a financial company or an electronic financial assistant. The judge appears to have agreed, ruling that Bithumb had carried out its fiduciary duty by sending Park 10 SMS messages notifying him of the transactions that had taken place on his account. CCN argues that this could set a dangerous precedent for future hacking victims on crypto exchanges in South Korea.
The South China Morning Post reports that crypto mining firm Bitmain and crypto exchange giant Huobi are laying off staff. Part of Bitmain's statement said that the company is undergoing:
"...some adjustment to our staff this year... A part of that is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the new year we will continue to double down on hiring the best talent from a diverse range of backgrounds."
The reasons for layoffs in both companies is believed to be the prolonged crypto bear market putting pressure on firms in the space.
Also reported by the South China Morning Post is that scientists in China have turned copper into ‘gold'. Peer reviews in the journal Science Advances, the researchers have turned cheap copper into a new material "almost identical" to gold. Senior market analyst at social trading platform eToro Mati Greenspan commented on the speculation that this development could lead to crypto replacing gold.
"Some on social media were quick to point out that they've figured out a way to "fork gold" and that this could have implications for bitcoin.
The headline here is rather misleading though. Yes, they found a way to chemically alter copper so that it produces a substance that has similar properties to gold but it is not gold itself.
The idea is that with some fine tuning, copper may be able to step it up a bit in the manufacturing sector. Still, there's little indication of how efficient this would be to do on a mass scale and no matter what, gold retains its status as the premier store of value.
In my mind, it is possible that someone figures out how to reproduce an ounce of gold in a lab, but it's equally possible that someone figures out how to reproduce a bitcoin. Neither scenario seems very likely but both are certainly within the realm of possibility. This is why we diversify."
And Litecoin (LTC) has announced that it has partnered with the UFC to promote UFC 232: JONES vs. GUSTAFFSON 2, will take place this Saturday, December 29 at the Forum in Inglewood, California. An excerpt from the statement from Litecoin reads:
With UFC events like this receiving millions of viewers, having the Litecoin logo displayed on the Octagon's canvas gives LTC global awareness that can spark interest and drive engagement with people from all walks of life who may have never heard of Litecoin or cryptocurrency before.
Sam Mowers, Investorideas
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Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (<NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations. https://www.fliptopay.com/
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