Subject: 🚀 888,888 Ether sent with 5 cents?

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888,888 Ether sent with 5 cents?

An ether transaction amounting to $181 Million USD was sent out of a Binance wallet, by paying only 5 cents on fees. The transaction is likely from Binance moving funds around their wallets, judging from similar transactions made on the Bitcoin Blockchain and statement from Binance CEO Changpeng Zhao.

"We will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and BACK TO an existing wallet, then a large transaction. No need to be alarmed.", he tweet last Saturday. 

Source: Etherscan
Monero transaction fee plummets by 96%

The recent Monero "Bulletproof" hardfork has proven to lower fees to "unfairly cheap" levels, as described by Monero Core Developer Riccardo Spagni. Currently transaction fees averages at 2 cents, as compared to upwards of 50 cents just last week.

The Bulletproof hardfork aims to decrease transaction size as well as perform "PoW Tweak" to remain ASIC resistant.

Source: AMBCrypto
BOJ Deputy Governor Doubts Digital Currency Will Enhance Monetary Policy

In an interview by Reuters, Bank of Japan's Governor Masayoshi Amamiya expressed doubt on the role of central bank issued digital currency in enhancing nation's monetary policy.

While some academics said that digital currencies can overcome the "zero lower bound" - a situation in which they lose tools to stimulate the economy once interest rates fall to zero, Amamuya said it would only work by eliminating cash from society.

However Amamiya said there was "quite a high hurdle" for crypto-assets to overcome sovereign currencies - or currencies issued and backed by central banks - as the main means for payment and settlement.


Source: Nytimes
📤 Cryptocurrency Regulation Update (October 2018)

United States
  1. On 11th September, a federal judge ruled that U.S. securities laws may cover an initial coin offering, potentially giving securities regulators the legal purview to regulate the large initial coin offering market.

  2. Chris Giancarlo, Chairman of the CFTC, advocated on 14th September for avoiding regulation that may unnecessarily hamper the growth of the cryptocurrency industry.

  3. A group of cryptocurrency industry members met with members of Congress on 25th September to express the collective desire for greater regulatory clarity in the industry.
Rest of the World
  1. European Union officials are not in a rush to regulate the cryptocurrency market. As reported by Fortune on 8th September: “Finance ministers gathering in Vienna agreed that they will wait for the outcome of a thorough analysis by European authorities before deciding on any steps.”

  2. French regulators are working towards a legal framework for initial coin offerings (ICOs) on 14th September. Earlier this year, France significantly reduced the taxes paid on cryptocurrency gains. Now, French lawmakers are working to produce a legal framework for initial coin offerings (ICOs).

  3. Japanese regulator released an updated report on the state of the cryptocurrency market on 18th September. The report released suggested that the FSA will conduct regular on-site examinations of the exchanges that it extends licenses to. To carry this out, the FSA will develop its own crypto team internally.

Read the full article here: Hackernoon
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