The new $500 million issuances of the dollar-pegged stablecoin Tether (USDT) are currently not related to the prices of the major cryptocurrencies such as Bitcoin, or smaller altcoins. This is what Bloomberg recently reported, after reviewing the market situation in detail.
As Bloomberg noted in the article, the current allegations that Tether is used to manipulate the price of Bitcoin (BTC) – initially put forward in a paper by the University of Texas – are definitely not what’s preventing the crypto market from a new rally.
The paper, which was published in June, claimed that Bitcoin reached the all-time high of $20,000 due to the price manipulation that involved both Tether (USDT) as well as the sixth largest crypto exchange Bitfinex, which is according to it “the only direct client” of Tether.
However, Bloomberg in June also noted that the research paper used 87 examples of the largest purchases of Tether – and found out that even though they accounted for “less than 1% of the time period examined, they amounted to about 50% of Bitcoin’s price return over the year.”
Bloomberg also noted that the findings made in a recent research paper by the blockchain research firm Chainalysis – which claim that Tether is increasingly impacting the prices of smaller altcoins such as EOS and NEO instead of the large-cap altcoins – are not true for August.
The business and market news giant said that “not even more than half a billion” is enough to make any impact on the price of EOS and NEO, citing that the altcoins have dropped 37% and 44% only this month respectively.
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Samsung Coin Is Being Trademarked By An Anonymous Company
If you are following our altcoin news section, you obviously know that there is no cryptocurrency such as Samsung Coin. However, it seems like after the popularity of Facebook’s long-expected cryptocurrency Libra, someone in South Korea appears to be trying to take advantage of Samsung and their blockchain networks - nabbing the “Samsung Coin” trademark.
As recent filings with the Korean Intellectual Property Office (KIPO) which is an application to register the trademark in both English and Korean show, an individual called Kim Nam-jin submitted them and wants to make the name ‘Samsung Coin’ official.
However, the filing was made under categories which were related to computer programs including “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”
When contacted by many best cryptocurrency news sites, a Samsung representative told the press that the tech giant is not behind any application of this kind. “We don’t work this way,” they said.
Now that the anonymous and fake Samsung Coin trademark application is in the news, it is important to mention that it does not specifically state whether it is related to blockchain or cryptocurrency. The filing follows our previous report that Samsung is developing its own blockchain using Ethereum tech and may eventually issue its own cryptocurrency which is called “Samsung Coin.”
Now, it is a possible clue to their motivation for the filing. The same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.
The KIPO database also shows that Kim Nam-Jin also filed an application on July 10 in an attempt to trademark the “ThinkQ Wallet.” He is obviously interested in scamming the companies into creating fake coins.
Based on the LG application details, the wallet would provide a variety of mobile services including a “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.” The Samsung Coin filing was initially covered by a lot of news sources that incorrectly indicated that Samsung is applying for the trademark.
Even though there is no official information about any link between Samsung and a cryptocurrency, the technology giant has always been viral in the news for its links to blockchain and interest in expanding the company in that behalf.
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Grin Cryptocurrency Just Executed Its First Hard Fork
“It was planned since way before Grin launched. We would do four hard forks in the first two years, at regular six-month intervals, to introduce new features.”The developer at Grin cryptocurrency was featured in the latest cryptocurrency news for stating that the upgrade did not result in a network split. Rather than that, the Grin network simply halted "in its tracks" which forced users to update their software. The upgrade was completed at 9:45 UTC.
“In a classical fork, the chain can split into two mutually incompatible continuations. … In Grin, there is no way to continue growing the ‘old’ chain since the old code refuses to accept any blocks past the [hard fork] height,” he explained.One of the most integral changes for the Grin cryptocurrency and the Grin network in general today has been a tweak to one of two mining algorithms. As we previously reported in our altcoin news, Grin supports a mining algorithm which is friendly towards both general-purpose computing devices (GPUs) and specialized hardware called ASICs. Another developer at the Grin cryptocurrency and a software engineer at the blockchain startup BlockCypher named Quentin Le Sceller, recently said:
“It’s not really forking ASICs from the network but ensuring that no one is building ASICs for the [GPU-friendly mining algorithm.]”Therefore, the Wednesday update ensures that the playing field remains free of ASICs for the short-term future of the Grin protocol, preventing a monopoly on the Grin mining industry. Many best cryptocurrency news sites report that additional tweaks to the newly implemented mining algorithm will be activated by the Grin cryptocurrency developers in the coming months. Tromp also affirmed that for the second Grin fork, developers will add payment channels to the network.
“[Payment channels are] a way for two parties to perform many off-chain transactions between them,” Tromp concluded. “[It requires] one on-chain transaction at the outset and one settlement at the end.”
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