BitMEX: A Lesson in What Not to Do
Ever had a rough week? Try being BitMEX right now. The crypto derivatives exchange made headlines for all the wrong reasons after it accidentally leaked users’ email addresses by neglecting the BCC function in a mass email. Crypto lawyer Jake Chervinsky didn’t hold back, calling it ‘outrageously incompetent.’ Just when users thought it couldn’t get worse, their Twitter account was hacked, sending out tweets that had users scrambling for their funds.
German Parliament vs. Cryptocurrencies
If you’ve ever thought of using Bitcoin to buy that fancy latte, take a pause. The German parliament declared that cryptocurrencies like BTC don’t qualify as real money. They argued that cryptocurrencies have an incredibly limited use for payments compared to euros. Meanwhile, a faction of German banks has proposed the idea of a ‘programmable digital euro’ — because why should cryptos have all the fun?
Bitmain’s IPO Drama
Moving over to Asia, Bitmain Technologies, the China-based mining giant, is quietly aiming for an IPO in the U.S. with backing from Deutsche Bank. This isn’t their first IPO attempt, and like a soap opera, the plot thickens with internal turmoil that could sideline their ambitions again. Meanwhile, Canaan Creative is also looking to hit the public markets, trying to raise $400 million.
Mt. Gox: A Never-Ending Saga
The fallen exchange Mt. Gox just pushed back its claims deadline yet again, now aiming for March 31, 2020. After nearly six years of trying to reunite victims with their lost BTC, it feels like waiting for God’sot—only with much higher stakes. The trustee in charge has extended the cut-off point due to a wave of complicated requests. Someone get these people a roadmap!
Education Takes a Step Forward in France
Ooooh la la! French high school students are set to dive into the world of cryptocurrencies thanks to new classes aimed at educating them about Bitcoin’s impact on the economy. While we may not see crypto scholars donning graduation caps just yet, this course is a step forward in prepping the next generation for a digital economy.
Market Recap: Winners and Losers
As the week wraps up, Bitcoin sits at $9,175, Ether at $182, and XRP at $0.29, with a total market cap hovering around $246 billion. Top gainers include CyberMusic, ParallelCoin, and Abulaba, while Japan Content Token, CryptoAds Marketplace, and SounDAC saw the most painful drops.
Memorable Quotes from the Trenches
- “BitMEX just doxxed its users in the most outrageously incompetent way imaginable.” — Jake Chervinsky
- “We need a digital euro to avoid chaos and instability.” — German Bank Association
- “Central banks can’t afford to be left behind in the digital transition.” — IBM Report
- “Bitcoin hodlers won’t sell. They think they’ll get rich when #Bitcoin moons.” — Peter Schiff
Predictions and Woes
According to IBM, we might see a central bank digital currency emerge within five years. Not quite as exciting as a new Marvel movie, but still noteworthy! In a twist of horror, Tawanda Kembo, the CEO of Zimbabwean exchange Golix, mixed up reality with Forgetting-Your-Password-101, claiming he lost access to 33 BTC in a cold wallet. Talk about a bad week!
Closing Thoughts
As the dust settles on this week’s happenings, it’s a reminder to stay agile in the crypto world — a simple BCC could’ve saved BitMEX a heap of trouble, and a well-taught classroom could reshape our economic future!
