Crypto week in a nutshell Pt. 1

 With the tons of news coming out lately I've decided that we lack some kind of summary to check up week by week. So I present you "Crypto week in a nutshell Pt. 1" where I try to summarize whole weeks worth of crypto news in a small bite size chunks each friday. I hate long introductions so let's start this one up.​$1B of Bitcoin from Silk Road wallet moves for first time since 2015 An anonymous crypto user moved 69,370 Bitcoin from an address associated with the Silk Road darknet market, with a prior 1 BTC test transaction. Later on found out that the US authorities seized the funds from an unknown hacker who had gained access to them. The seizure takes a swath of the digital cryptocurrency out of circulation at least temporarily. In the past, federal authorities have auctioned off seized Bitcoins, but usually months after acquiring them.​TRON Main-net Suffers Attack, Brings Block Production to a Halt So our beloved cryptocurrency of Justin Sun have suffered an attack in which the attacker executed malicious transactions during a routine upgrade on the morning of Nov. 2. Production of blocks halted, and no transactions were processed for several hours until the issue was resolved. Justin Sun later on encouraged it's users that all have been resolved and well.https://preview.redd.it/o1iriu71rmx51.png?width=512&format=png&auto=webp&s=03aee3cb6bf87d64fbdff38af2acdbd4020e9538​Strapped for international currencies, Iran is turning to cryptocurrency to allow imports to continue to flow. The Iranian government has adopted bitcoin and possibly other mineable cryptocurrencies for international trade as the country’s economic crisis deepens, with rising Covid-19 cases, depreciating rial, and intensifying sanctions imposed by the U.S. government. Notable that law seems to work only on currencies that are mined locally and are presented by local miners directly to Central Bank of Iran. Notable is that energy used by mining will be subsidized by the government.​MicroStrategy Now Owns Half a Billion Worth of Bitcoin MicroStrategy invested $425 million in Bitcoin during August and September of this year. By time of writing this I estimate it could be around 600 million dollars with the recent BTC bull run. Opinions are varying if this brave step will lure other corporate investors in the space. I personally think that sentiment around Cryptocurrencies are shifting drastically and the pioneers of this space will be rewarded proportionally. Only time will who next gonna shift onto Bitcoin and cryptocurrency investing.Both acquisitions of MicroStrategy​Ethereum 2.0 Countdown Begins With Release of Deposit Contract The deposit contract is the first "physical" implementation of Eth 2.0 for everyday users. The deposit contract acts as a bridge between the forthcoming proof-of-stake (PoS) blockchain and the current proof-of-work (PoW). The word is out that it might be possible to stake lower amounts as previously mentioned 32 ETH with forming staking alliances of lower amounts, tho at this moment I can't back this up.​PayPal plans a much wider embrace of cryptocurrency, including Venmo use Paypal announced the possibility of trading cryptocurrencies on their platform. The size of the waiting list for access to crypto, which is now available to 10% of PayPal customers, was two or three times as great as what the company anticipated. “Digital wallets are a natural complement to all forms of digital currency,” said Schulman, adding that PayPal is in close talks with central banks and regulators to explore new uses for these wallets. They had mentioned in the past about bringing Honey’s capabilities into PayPal and being able to spend the crypto in any store using paypal system. Worth mentioning is that the Internal Revenue Service treats any crypto transaction as taxable event, like selling a stock or a piece of real estate—meaning a PayPal user who buys a coffee or groceries from a crypto account could be forced to declare a capital gain.​Honorable mentions.Facebook Censors Bitcoin-related Content Once Again,MicroStrategy’s Bitcoin Bet Reaches Front Page of the Wall Street Journal,Cryptomarket showing independence signs From Wall Street,Brave Browser: Number of monthly users increases 130% in 1 year,Italian Airport Employee Accused of Using Airport's Computers to Mine Ethereum,Following Unusual Demand, PayPal Raises Crypto Limits To $15,000,Cardano Developer IOHK Donates $125k to Non-Profit That Aims To Enhance Haskell Adoption,Cayman Islands Announces Legal Framework in Bid to Attract Crypto Businesses.Lots of Central Banks either make or explore possibilities of creating their own digital currencies.First regulated bank to launch Tezos staking​Final thoughts. Crypto space is undeniably booming again, this time with way bigger support from corporate investing. Same with interest from banks and financial services corporations like Visa and Mastercard. The Infamous Bitcoin Stimulus Check is now Worth ~$2500. More and more countries are waking up to the idea of using cryptocurrencies in some way that benefit them. I feel this time bull run is way more warranted and backed up but only time will tell if this is sustainable. Finally, I tried to explore many formats how I would publish these new summaries and I feel there will be many more iterations along the way. For sure there must be some news I left behind but I tried to mention everything that seemed to contribute the space in meaningful way. Any suggestions are welcome, see you next Friday Cheers

Submitted November 06, 2020 at 11:14PM