Roundup – 11/10/2018 – First 32 MB Blocks, SEC Files Charges against Decentralized Exchange for the First Time & more

First ever 32 MB blocks on the BCH chain

Miners have processed the first ever 32 MB blocks on the BCH blockchain yesterday. The block has confirmed successfully more than 166,000 transactions. A few hours later the next four 32 MB blocks were mined. The community celebrated the block creation. Two of these ‘mega blocks’ confirm more transactions than there are on an entire day in the BTC chain.

SEC Files Charges against Decentralized Exchange for the First Time

The SEC filed charges against EtherDelta. The decentralized exchange deals with securities and due to that it is subject to supervision and regulation by the SEC. However, as the exchange does not store or process transactions on the exchange, it was so far unclear who has to be held legally responsible for the financial service. The SEC filed its charges in this case against Zachary Coburn, the creator of Ether Delta. He already agreed to pay a penalty with interest of $388,000 USD.

Maduro: Petro cannot be exchanged for other cryptocurrencies if bought after 2018

The Venezuelan president Nicolas Maduro announced that only investors that bought the Petro before 2018 will be able to trade it freely against other cryptocurrencies. The statement adds to the opaqueness of the cryptocurrency and raises the question of whether it is a cryptocurrency at all. Supposedly, the cryptocurrency retains its value by being backed by oil. This is, however, highly dubious as of now and Maduro’s statement makes the value of the Petro even more dubious.

Iran Develops Own Fiat Backed Cryptocurrency

While the Petro raised confusion in the cryptocurrency markets, Iran has developed its own cryptocurrency. However, it is taking an entirely different approach. Iran backs its cryptocurrencies with its own national fiat currency, the Rial. While the inflation rate of the Rial has recently been higher than 40% this year due to the trade war and financial penalties by the USA, observers speculated on what kind of cryptocurrency Iran could be working on. Now it is revealed that the government takes a rather conservative yet useful approach to cryptocurrencies. The new cryptocurrency that does not have a name yet will be used in internal settlements between banks and governmental institutions in Iran.