Market Analysis Report (12 Jan 2018)

Venezuela Will Pre-Mine the Petro and Launch in 6 Weeks

One day after Venezuela’s oil-backed cryptocurrency was declared illegal, the government of President Nicolas Maduro announced plans to pre-mine the Petro. The new currency is expected to launch in six weeks. The Venezuelan Superintendent of Cryptocurrencies and Related Activities, Carlos Vargas, announced on Wednesday, as reported by El Universal:

“The petro will not be minable but pre-mined, that is, the complete emission will be under the control of the country. In addition, it will be assigned with a procedure similar to that of an auction. In a period of a month and a half, the sale of the petro cryptocurrency will take place and people will be able to create their digital wallets”

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MoneyGram to Pilot Ripple’s XRP Token

The international money-remittance firm, MoneyGram, is partnering with Ripple to test the startup’s XRP token for international payments. According to a press release, MoneyGram will test Ripple’s xRapid service due to its claimed speed and cost efficiency. The release noted that XRP transaction fees are significantly less than those of the Bitcoin network. Ripple chief executive, Brad Garlinghouse, said:

“The inefficiencies of global payments don’t just affect banks, they also affect institutions like MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information.”

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Overstock Glitch Mixes Bitcoin and Bitcoin Cash

Retailer Overstock experienced a glitch in their system that allowed customers to pay for goods using Bitcoin Cash rather than Bitcoin, which is valued at a fraction of what Bitcoin is. Overstock’s website gave customers the option to pay with either Bitcoin or Bitcoin Cash interchangeably. Although a seemingly small error, the two cryptocurrencies hold vastly different values. Customers taking advantage of this mistake would also have had the possibility of cancelling the order and being refunded in Bitcoin, making a profit as a result.

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