Story – Tether Official Update
They make it clear that no Tether users lost any money here. The $30m that was stolen was taken from the company treasury after someone hacked into the hot wallet.
They say here that they are confident they have found the hole in their system that was used to steal the coins and are upgrading their systems now.
With regards to their solvency they say another audit is underway by Friedman LLP and while it’s taking longer than they’d like, this accounting firm has issued an interim report showing Tether has enough money to back the Tethers they have issued.
Overall this auditing process is far too slow because it means Tether could be insolvent for any three months between audits and no one would know. I’m not sure what the solution is there.
With regards to who they bank with, they say they cannot reveal this in order to protect their customers. It is true that when some US banks find out your account is dealing with Bitcoin, they go so far as to close your account.
Let’s say we believe everything they say. I’m going to agree with what that fellow from the Crypto Investor YouTube channel has said.
The US government is just not going to tolerate a private company using its own dollar backed currency without their permission. We saw what happened to Bernard Von Nothaus and his Liberty Dollar.
Story – A Quick Bit Of Good News For Bitcoin Mining Decentralisation
In March 2018 a new manufacturer of Bitcoin mining hardware is due to release the Dragonmint 16T which claims to perform 30% better than it’s rivals.
The reason this is good news is because many people in the community complain about how much power Bitmain has due to the size of their market share in Bitcoin mining hardware.
As ever, the more competition there is the better.
Story – Bitstamp Considering Support For Bitcoin Cash
This is most likely why the price of Bitcoin Cash got pumped yesterday.
Bitstamp was the first Bitcoin exchange to be legally recognised and hence licenced within the European Union.
The BTC Manager.com headline says by December but then nowhere in the article does the word December appear again.
All we have is a bit of a quote from the Bitstamp CEO
Whenever a coin gets listed on a new exchange it often gets pumped because a new batch of capital is able to flow into it.
I also saw this Tweet from Jeffrey Tucker, which I’d be interested in getting everyone’s view on.
So let me know your view on that in the comments below.