Roundup – 10/05/2019 – Reorg Debate Settles Reorg Would Cause More Harm Than Good & more

Reorg Debate Settles Reorg Would Cause More Harm Than Good

The recent reorg debate that included Ari Paul, Mike Novogratz, Vitalik Buterin and of course Changpeng Zhao revealed that Bitcoin’s ledger should not go through a reorg. CZ, the CEO & founder of Binance, stated that he and his team took the proposal to conduct the reorg seriously. However, they collectively not to do it. The damage that the reorg would cause would be much higher than the damage of the Hack. Many people in the crypto space ridiculed CZ and Binance for taking the debate seriously.

Almost Two-Thirds of Total Hack Sum in USD Comes from 2018

The Block reports that with the recent hack of Binance the value of all hacks sums up to $1.35 billion. Out of which 59% ($797 mln) comes from 2018 alone. The recent hack of Binance is the 6th largest hack of all time. However, with about $70 mln the recent hack of Binance is comparably small.

Australia Outlaws 10,000 AUD Payments in Cash

Australia has banned cash payments above 10,000 AUD ($6999 – €6229). Effectively, the ban concerns all major industries in the country. However, also consumers are hit by the ban e.g. in car purchases. A special case is the tobacco market. Australia has unusually high taxes for tobacco products. A normal pack of 20 cigarettes costs 27 AUD which converts to €16,80 or $18,90. Merchants use cash to circumvent taxation on these products. Australia’s ban follows a global agenda against cash. The US and many nations in Europe have decreed cash payment limits in recent years.

PayPal Skeptical About Bitcoin but Clearly Working on Blockchain Technology

In a recent interview, PayPal Chief Financial Officer, John Rainey, said that blockchain tech and cryptocurrencies might disrupt the financial industry and the firm does not want to be left out in the cold when that happens. John revealed that already the company has put together teams that are working on cryptocurrency and blockchain technology. He also mentioned that the company wants to be part of whatever form the crypto market takes in the future.

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