The Indian Law Commission recognizes cryptocurrency as a means of payment

India has strict regulations on cryptocurrencies, but remains open. According to the report, the Indian legislature is considering legalizing the sports betting industry and recognizing cryptocurrency payment methods.
Although still awkward, India's cryptocurrency ecology may be alive.
As India prepares to legalize the sports betting industry, the report entitled “Legal framework: gambling and sports betting including Indian cricket” explores the use of digital payment mechanisms, including cryptocurrencies.
The report stems from police investigating millions of dollar betting allegations during the Indian Super League (IPL) cricket match. The survey found that many celebrities and politicians used "money money" to bet, and the government did not do much despite the crackdown.
After noticing this phenomenon, the Supreme Court of India proposed to legalize the sports betting market and designated the Lodha Committee to cooperate with the Indian Cricket Control Committee (BCCI) to further explore this proposal.
The committee said that there are subtle boundaries between the fake ball and the entertainment bet, the former undoubtedly infringes the law, while the latter can be used as a means of generating taxes after legal supervision.
Since the 19th century, the Indian government has regarded sports betting and other forms of gambling as illegal activities. However, over the years, people have flocked to the gaming industry to use cash for betting, thereby making the illegal gaming industry alive.
Nischal Shetty, founder of WazirX, a peer-to-peer cryptocurrency exchange, said in an interview with Quartz: “This is the first time a government-appointed institution has recognized that cryptocurrencies are valuable and available for trading. Therefore, this is a very positive sign, especially considering The report was published after careful consideration."
After the Indian central bank began to crack down on cryptocurrencies, cryptocurrency enthusiasts are waiting for the industry to continue to develop and the government's legal supervision. While peer-to-peer exchanges like WazirX and Koinex Loop can be cashed out, they cannot be withdrawn directly from cryptocurrency exchanges. India's most popular cryptocurrency, Ethereum, is the second most popular cryptocurrency.
CCN has reported that the long-awaited legality of cryptocurrency in July will be heard by the Supreme Court of India on September 11, 2018.

The number of bitcoin atm continues to increase worldwide

Currently, according to the statistics of coinatmradar, there are 3,443 Bitcoin ATMs in 73 countries around the world, and 79.75% of ATMs in North America, followed by Europe with 20.03%, and Asia with only 2%.

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At present, more than 3,000 Bitcoin ATM machines in the world are manufactured by 35 different hardware manufacturers. Machines such as Genesis Coin (1163), General Bytes (897), and Lamassu (389) are the most popular.
The main function of the Bitcoin ATM machine allows Bitcoin customers to convert their bitcoin into cash and convert cash into bitcoin. Bitcoin ATMs are very different from the ATMs we know so traditionally. Bitcoin ATMs are connected to the Internet, can receive cash, exchange bitcoins, and use the blockchain to sell bitcoins.
Using ATM trading is very simple and convenient
Buy bitcoin
Step 1: put cash into the ATM.
Step 2: ATM displays the QR code, opens the transaction client of the mobile phone, and logs in the account to scan the QR code.
Step 3: The equivalent BTC will be deposited into your account at the current price.
Sell bitcoin
Step 1: Log in to your trading account and choose the amount to be sold for BTC withdrawal.
Step 2: The mobile client will generate a number plus the number of the withdrawal code.
Step 3: Enter the withdrawal code on the ATM and the withdrawal is successful.
The process of buying bitcoin and bitcoin to convert French currency in French currency is the same as the steps, and it can be completed in 3 steps.

However, the transaction cost of the Bitcoin ATM machine is very high, and the average purchase price requires an additional 8.29% transaction fee, and the selling rate is 7.16%. Although the transaction cost of the Bitcoin ATM machine is very high, it still cannot slow down the global expansion of the Bitcoin ATM machine. There are now six new machines on the world every day.

Now, in addition to some companies that deploy ATMs for business reasons, some private organizations have begun their Bitcoin ATM strategic plans. Such as Deloitte and EY. Deloitte placed an ATM in the Rubix Blockchain office in downtown Toronto, and EY chose to install ATMs in its Swiss offices, both of which are designed to encourage its customers and employees to experience the process of buying and selling bitcoins.

Ethereum network congestion, its developers accuse eos

According to DApp developers, EOS is attacking Ethereum and is trying to raise the transaction fee to $1. Relevant developers accused EOS of causing Internet congestion in the Ethereum through random token airdrops. These tokens are not supported by any project.
One thing seems very obvious. Since the launch of the EOS platform on June 6, a large number of token "airdrops" have caused Gas prices to rise. These random tokens are huge, some are website templates that are designed in just a few hours, and some even have no website. However, these tokens consume hundreds of Ethereums every day, and tens of thousands of dollars are spent on these airdrops. It is worth noting that EOS tried an "Ethereum attack" when it officially launched the main network on June 6. It also caused the price of Gas to rise, but they quickly stopped, and then the price of Gas fell back to normal level. . On June 25th, the Ethereum network once again became crowded because of “a very special way”, which immediately led to the price of Gas exceeding the normal level.
According to Justo, he traced to one of the tokens, iFishYunYu, which had no function at all and was completely useless. And the funding support comes from an address that receives a lot of EOS tokens, and another random token agency, Hashcoin, is also consuming 20% of the Ethernet network. Currently, eos coin price usd is $8.54 and suspects that the “trash coins” on the Ethereum network are related to each other, and that those who have bought EOS tokens are funding the random tokens on the Ethereum network.
Is iFishYunYu really nothing?
Zhang Haihui, head of iFishYunYu, said: At this stage, iFishYunYu has access to more than a dozen casual games. In the future, iFishYunYu will access more games, and use the cloud game's own game chain in the payment links and props storage of these games. Multiple links. At present, iFishYunYu platform has reached a million attention, and active users are around 40,000 to 50,000.
In December last year, when the “Encryption Cat” game was popular, the Ethereum network needed to process about 1.4 million transactions per day, when the charge was less than $1. Now, there are only 500,000 transactions in Ethereum, and the cost has started to soar.
Here is 1 ethereum to usd chart

Decentralized exchanges are safer than centralized exchanges

The exchange has been the number one player in the cryptocurrency market. Every move of the exchange can affect the price trend of crypto. People have always suspected that there may be undersell to hammering the market within a centralized exchange.
Why they do that? Of course, in order to buy back at a low price, it can be said that the exchange takes the user's funds to earn the user's money.
The news that the exchange was stolen since the bear market this year has come with a price drop.
I believe that people who have been in the crypto community for a long time should still remember that there was a security incident in Mt. Gox, the world's largest bitcoin exchange in 2013, and stolen 850,000 bitcoins, equivalent to 4% of total bitcoin, while bitcoin prices Since then, it has also fallen into a bear market for three years.
However, the outcome of these security incidents is always the user. The awakened people gradually turned their attention to the decentralized exchange.
Ethereum founder Vitalik Buterin once said:
I definitely personally hope centralized exchanges burn in hell as much as possible!
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What is a decentralized exchange?
Decentralized exchanges are trading venues that do not rely on third-party custody and people use peer-to-peer trading.
The decentralized exchange is known for not keeping the user's private key. However, just a week ago, the decentralized exchange Bancor had an asset theft. In December last year, another decentralized exchange, EtherDelta, also had assets. Theft incident.
This has to be skeptical, is it really safe to decentralize the exchange? Let us review the theft of these two famous decentralized exchanges.

1. In December 2017, the stolen event occurred at EtherDelta, the most decentralized exchange on Ethereum. EtherDelta's domain name server was hijacked by malicious attacks. Domain Name Service (DNS) is a service that converts the website address (such as xxxxx.com) that people enter in the browser into the real IP address of the website server (such as 123.125.115.110). But the DNS server parses it into a fake website that hackers do exactly the same as EtherDelta. If the user logs in on the fake website by importing the private key, the private key is exposed to the hacker (using a third-party wallet) Tools such as Meta Mask, Ledger Nano S, login users are still safe).
In this incident, the hacker stole at least 305 ETH at the time worth about $240,000.

2. According to official information from Bancor, the security incident was due to the theft of a wallet used to upgrade smart contracts. The hacker used this wallet to transfer the 24984 ETH in the ETH reserve pool connected to BNT and transfer it through smart contract. gone 229356645 NPXS and 3200000 BNT, it was worth about $ 23 million. After that, the Bancor team urgently frozen the stolen BNT and actively positioned the stolen ETH and NPXS in the United States.

It can be seen that the DNS hijacking attack in the German incident is an attack against Internet vulnerabilities, and has nothing to do with the security of the German-based exchange itself based on smart contracts, and if the decentralized etheric name based on Ethereum is adopted, The service (ENS) system can also defend against such attacks.

In the Bancor incident, the user's digital assets are naturally safe because they are not the user's wallet.
When the Bancor exchange was down due to theft, the user's operation of his wallet was completely unaffected. If the centralized exchange is stolen, the user often faces the suspension of withdrawal and recharge, and can only wait for the final processing result of the exchange.
In addition to security, decentralized exchanges are anonymous because they do not require registration certification. However, despite all the advantages of centralized trading, decentralized exchanges do not seem to be widely accepted by the people in the currency circle. Currently, the most decentralized exchanges with the largest volume of transactions are still ranked behind the 50 rankings.

Bitcoin prices fell by 70% because of Impossible trinity

It is well known that the Impossible trinity exists in traditional economics, proposed by the American economist Paul R. Krugman. Impossible trinity means that when a monetary sovereign state establishes monetary policy, it is impossible to achieve a balance between its monetary policy independence, exchange rate stability and free capital flow. Usually only one of the independence of monetary policy, exchange rate stability and free flow of capital can be achieved. A maximum of two of them are guaranteed.
Blockchain technology also has Impossible trinity: “high efficiency, low energy consumption”, “decentralization”, and “security”. Combined with the characteristics of traditional currencies, Bitcoin may become the digital currency of the world's mainstream currency in the future. The core of its underlying technology architecture, blockchain technology, will be the focus.

First, the pursuit of safety and high efficiency and low energy consumption can not be decentralized
According to the concept of “decentralization” of Bitcoin, to achieve decentralized storage and management of all information, it is possible to avoid large problems caused by the failure of the central organization. However, the reality is that most of the business services and application ecosystems based on the Bitcoin application ecosystem are central. Many businesses that offer crypto business services and operations run at specific locations, specific devices, and specific people. And the important point is that the legitimacy of the platform is also worth considering. For example, monopolize the bitmain of Bitcoin mining.

Second, the pursuit of "high efficiency" and "decentralization" must sacrifice "security"
For example, a large number of video apps installed in mobile phones are facing high "security" risks while pursuing performance and decentralization. Assuming that there is an explosive topic in a video software, the flow of people on the website will increase dramatically, and the central server will face tremendous pressure, causing stagnation and sluggishness. The website usually chooses to download a video to a third party at the same time as downloading the video. Each node is both a downloading end and a server, so that the pressure of the central server can be alleviated and the video data is realized. "Decentralization." However, there is a risk of disclosure of various data.

Third, the pursuit of "decentralization" and "safety" can not achieve "high efficient"
In designing the overall structure of Bitcoin, Nakamoto chose a combination of “decentralization” and “safety” technology to weaken the efficiency. According to the characteristics of the data structure, Bitcoin adopts a time-stamped "block + chain", which ensures the traceability and tamper resistance of information and data, and also promotes the synchronization of distributed data. However, when the system verifies and queries the data, it needs to “traverse” all the data on the chain. Due to the redundancy of a large amount of data, this process brings a great workload and becomes “efficient processing”. Become a problem. Bitcoin has experienced about 10 years of development and there are still few transactions that can be processed per second.

I think that Impossible trinity cannot be overcome with current technology. This may be why bitcoin prices have fallen from $20,000 to $6,300. But we will continue to focus on the development of blockchain technology and cryptocurrency. Many ICO projects boast that their projects are free, safe and efficient. Before you invest, be sure to keep in mind Impossible trinity to prevent being deceived!
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