Headlines
Curve Finance will provide compensation to users affected by hacker attacks
Curve Finance announced plans to compensate users affected by the recent hack, which resulted in $62 million in losses. The company said in a recent X post that the investigation is progressing well and 79% of the funds have been successfully recovered.
Quotes
As of press time, according to coinmarketcap data:
The latest transaction price of BTC is 26181.7 USD, with a daily change of +0.29%;
The latest transaction price of ETH is 1683.8 USD, with a daily change of +0.75%;
BNB's latest transaction price is $216.52, with a daily change of +0.08%;
XRP's latest transaction price is $0.5388, with a daily change of +0.02%;
DOGE’s latest transaction price is $0.0638, with a daily change of +0.19%;
ADA’s latest transaction price is $0.2704, with a daily change of +0.58%;
The latest transaction price of MATIC is USD 0.58, with a daily change of +0.87%.
policy
▌Gemini’s attorney: The US SEC is having a hard time proving its case against the exchange
Gemini attorney Jack Baughman claimed in an August 19 post that the U.S. SEC is working to prove its case against the exchange. According to the SEC’s lawsuit, Gemini’s crypto lending product, Gemini Earn, offers unregistered securities in violation of securities laws.
Baughman noted that the SEC is in a bind. They can’t even decide what a security is. The crux of Baughman’s legal challenge to the SEC’s lawsuit is that the SEC must establish two key elements: the existence of a security and the sale of the security.
Baughman believes that the SEC has failed on both counts. In addition, Baughman also disputes the SEC's definition of a sale in this context. He noted that the SEC has never successfully identified a sale. Instead, the SEC resorted to broad claims that Gemini and Genesis sold their promises to pay interest in exchange for crypto assets. Baughman refuted this claim, emphasizing the difference between sales and loans. Baughman said that this is not only untrue, but also ridiculous. Sales and loans are two different things. At some point, words must have a certain meaning.
Baughman published his article one day after Gemini filed a reply brief seeking to dismiss the SEC's allegations against it.
Russia begins consumer testing of digital ruble
Russia has begun consumer testing of the digital ruble, becoming the 21st country in the world to test digital currency. The Russian Central Bank said the test was conducted at 30 sales points in 11 Russian cities, with 13 banks and 600 individuals participating. VTB, Russia's second largest bank, said it successfully tested digital ruble transactions on its mobile app. The central bank hopes to officially launch the digital ruble around 2025 to 2027, but promised not to force people to use it.
Blockchain Applications
▌Xinhua Winshare: The company's subsidiary "Zhixin Chain" platform mainly uses blockchain technology to provide copyright certification, online publishing and other services
Xinhua Winshare (601811.SH) stated on the investor interaction platform on August 18 that its subsidiary "Zhixin Chain" platform mainly uses blockchain technology to provide copyright certification, online publishing and other services. At present, the overall scale of the business is not large, accounting for a small proportion of the company's operating income and profits. The company will continue to study the trend of industry and technology integration and development, improve the mechanism of technological innovation, promote the upgrading of the industrial chain, and promote integrated development.
Cryptocurrency
Gryphon Digital seeks court dismissal of Sphere 3D lawsuit
Cryptocurrency miner Gryphon Digital is seeking to dismiss a lawsuit filed by its former partner Sphere 3D over a spoofing attack that resulted in the theft of 26 bitcoins.
According to a preliminary complaint filed by Sphere 3D in April, Gryphon CEO Rob Chang allegedly wired 18 BTC to a scammer posing as Sphere 3D’s chief financial officer in January through a spoofing attack. Within days, another eight bitcoins were sent to the same address, resulting in a total loss of more than $500,000 at the time.
However, according to Gryphon’s court filing on August 18, Sphere’s complete lack of attention to the protection, security, and control of its technological systems caused Gryphon to send over $500,000 worth of Bitcoin to the scammers, which Gryphon was unable to recover.
▌Lyn Alden: Bitcoin is highly positively correlated with the expansion and contraction of the global M2 money supply
Macro analyst Lyn Alden said Bitcoin is highly positively correlated with the expansion and contraction of the global M2 money supply.
▌Dogecoin Chief Developer: If we seek to transition to PoS consensus, we may withdraw from the development of Dogecoin
Mishaboar, a prominent contributor and lead developer of Dogecoin (DOGE), has publicly hinted at the possibility of quitting the development of Dogecoin if a transition to PoS consensus is sought. In the statement, Mishaboar drew attention to his overall concerns about the PoS mechanism. He stated that many PoS chains have not lived up to expectations, exhibited centralized tendencies, or suffered catastrophic failures, or became difficult to use. In addition, Mishaboar also highlighted the potential difficulties that the PoS approach may bring when a large portion of the token supply is held by cryptocurrency exchanges and the regulatory challenges that may arise.
▌Crypto KOL: In the next six weeks, there will be some unexpected and unforeseen consequences for cryptocurrencies
According to X Crypto KOL AP_Abacus on social media, in the next six weeks, there will be some unexpected and unforeseen consequences for cryptocurrencies: 1. Binance, 2. DCG, 3. ETH futures ETF, 4. Grayscale, 5. BlackRock, 6. Spot BTC ETF, 7. "Influencers".
▌Joe Burnett: Bitcoin is in line with the core values of American freedom
Joe Burnett, chief analyst and product manager of BlockwareTeam, said on social media, "Update my Twitter background to show 'Bitcoin is freedom'. Why? Because Bitcoin is in line with the core values of American freedom. Just like the pioneers who sought economic and political independence, Bitcoin gives personal financial sovereignty.
Important economic developments
▌Supply and demand are recovering faster, and outbound tourism is stimulating consumption potential
Since August, there have been a lot of people handling entry and exit related matters. First, there are many international students at this time; second, many people are rushing to apply for passports and Hong Kong and Macau passes to prepare for outbound travel during the National Day holiday. Experts said that consumers' willingness to travel abroad continues to rise, which is conducive to releasing the potential of tourism consumption. With the increase in outbound travel destinations and the continuous enrichment of related products, the market dividends of further liberalization of outbound travel will continue to be released. Yu Na, an analyst at Capital Securities, analyzed that looking forward to the second half of the year, with the accelerated recovery of international flights, the expansion of outbound travel group destinations, and the catalysis of the upcoming Mid-Autumn Festival and National Day holidays, the demand for outbound travel is expected to be further restored. From the demand side, the National Day and Mid-Autumn Festival Golden Week will take over the summer vacation, which is expected to add momentum to outbound travel. From the supply side, the expansion of the scale of group travel countries will drive tourism companies to accelerate product research and development and layout, further enrich consumers' travel options, and thereby promote the accelerated recovery of both supply and demand. (China Securities Journal)
Golden Encyclopedia
Blockchain-blindness
UTXO cannot see the data of the blockchain, such as random numbers and the hash of the previous block. This defect deprives the scripting language of its potential value based on randomness, and severely limits its application in other fields such as gambling.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
