As the crypto week kicked off, a small republic talked about crypto mining regulation, Crypto Insider reported on a recent Cypherpunk death, and the crypto public remembered last year’s bitcoin all-time price high.
Early crypto adopter Erik Finman also made grim statements on bitcoin, and data showed mass Ethereum withdrawals over the past thirty days.
Take a look at the details:
The Republic Of Abkhazia Regulates Crypto-Mining To Get Through The Winter
Coming in at a population of less than 4 million people, the small Republic of Abkhazia (near the Eurasian country of Georgia) has recently seen regulatory rumblings regarding crypto mining.
Abkhazia reportedly has many abandoned factories and other locations where crypto mining is prevalent. In 2017, Georgia (including Abkhazia) “was ranked as second in the world for crypto mining as per power consumption, after China,” Crypto Insider explained.
However, cold weather, low water levels, and high electrical consumption could cause concern that there may not be enough power to go around.
Tribute To One Of Crypto’s Godfathers, Timothy C. May
Cypherpunk movement co-founder Timothy C. May died last week at age 67. May was also notably responsible for discovering integrated circuit Radiation-Induced Single Event Upsets.
May had a history in technical writing and electrical engineering, among other things, before co-founding the Cypherpunk movement.
May worked with many others in the Cypherpunk group throughout the 1990’s and later, developing ideas and concepts that would end up forming cryptocurrency markets and theories.
A Year Ago Today Bitcoin’s Price Hit A Record $20k
Last year on December 17, bitcoin hit its all-time high of about $20,000. Today, bitcoin remained at just a fraction of that price.
After sustaining an 83.5 percent drawdown since this time last year, bitcoin sat at roughly $3,230 on the Bitstamp chart at the time of writing.
The Chicago Mercantile Exchange (CME) launched its bitcoin futures on this day last year. Bitcoin then proceeded to drop 44 percent by the end of last year. CoinDesk also recounted some of this year’s events as bitcoin struggled in price.
Bitcoin Is Pretty Much Dead, Says Teenage Crypto Phenom
Popular crypto youngster and millionaire Erik Finman recently explained his opinion that crypto could have one or two more bull runs. However, he stated his long-term view as bleak for bitcoin.
Market Watch stated Finman invested $1,000 into bitcoin, back in 2011. That $1,000 ultimately gave Finman over $4 million in return.
According to an interview with Market Watch, Finman stated, “[b]itcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last,” […] “[i]t may have a bull market or two left in it, but long-term, its dead.”
Over 400,000 ETH Left ICO Team Wallets In The Past Thirty Days, Data Shows
CoinTelegraph reported today that large quantities of Ethereum (ETH) have moved, based on data from a firm called Santiment. Over the past thirty day period, ETH wallets have seen asset exodus to the tune of more than 400,000 ETH.
Although there is no confirmation these funds were sold after being moved. Based on Santiment’s data, ETH exodus from ICO team wallets has been much higher over the past thirty days than periods prior.
“According to a study from ICO analysis firm ICORating in mid-November, not only are ETH outflows seemingly on the rise, but the sector overall saw a decline in initial funds raised in the third quarter of this year,” CoinTelegraph also noted.