This Saturday we’re hosting an Open Debate at Bitcoin Center Korea. The Resolution: ‘Korea does not need cryptocurrency’
The resolution reflects a recent speech made at Deconomy 2019 by the well known author, coder, and educator Andreas Antonopoulos. By engaging the community, we can reflect on the truth and merit of such a claim by exploring both the affirmative and negative.
The audience is welcome and encouraged to participate. No prior preparation required. In ways of introduction, we’ll open the debate with background on the context of the quotation as well as additional facts reflecting the status quo.
3:00 PM – Greeting/Welcome
3:30 PM – Introduction to the Resolution
3:45 PM – Open Debate
4:45 PM – Closing Remarks
5:00 PM – Networking
France Wants Entire EU to Adopt its Cryptocurrency Regulations
#France’s Finance Minister Bruno Le Maire says he wants all EU member states to use the same #crypto regulatory framework the country’s parliament approved last week – and says “the French model is the right one.” Per Reuters, Le Maire told attendees at a #blockchain event in Paris, “I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience. Our model is the right one.” France’s parliament last week voted in favor of the Pacte (Action Plan for Business Change) law, a comprehensive framework of business practices that includes several provisions pertaining to #cryptocurrencies.
Under the new law, French companies wishing to deal in cryptocurrencies will need to apply for certification – presumably from a financial regulator – and would be required to pay taxes on their profits. The government is yet to reveal what criteria companies hoping to gain this certification would require.
However, it is thought that regulatory bodies would require applicants to meet certain management criteria, submit business plans and adhere to anti-money laundering guidelines.
Per a Presse Citron report, the Pacte law will also allow French insurance providers to invest in cryptocurrencies for life insurance products – with no upward limit on the value of their investments.
Meanwhile, earlier in April, Margarete Schramböck, the Austrian Minister for Digital and Economic Affairs, suggested that the country may buck European trends by leaving its blockchain technology sector unregulated.
Japan is also keen to have other nations follow its crypto-lead. The country has a range of crypto-laws in place – and will seek to convince #G20 leaders to create an international framework of crypto-regulations at a summit to be held in Osaka in June this year.
Bot-Enabled Market Manipulation Rife on Decentralized Exchanges, Researchers Claim
Arbitrage bots are being widely used for manipulative profit-making strategies on decentralized #exchanges (DExes), a study from researchers at Cornell Tech has claimed. The news was reported by Bloomberg on April 15.
The paper documents and gauges the breadth and specific characteristics of bot-executed market #manipulation, which the researchers argue has developed blockchain-specific elements that undermine the underlying #blockchain security of traded assets.
Researchers identified strategies including front running — whereby traders see orders from others and place their own first, which can beset traditional financial markets.
In a blockchain context, bots are used to engage in priority gas auctions (PGAs) — defined in the paper as “competitively bidding up #transaction fees in order to obtain priority ordering [...] for their transactions.” Automated trading strategies within a blockchain context thus aim to optimize network latency, exploit inefficiencies and wield PGA-enabled priority transaction ordering to anticipate and exploit ordinary users’ #trades to the bots’ economic advantage, the researchers state.
The researchers analyzed a further crypto-specific manipulation, termed miner-extractable value (MEV), which they argued enables systemic consensus-layer vulnerabilities for blockchains.
These strategies and a host of related others — including fee-based forking and time-based bandit attacks — pose consensus-layer security risks and a realistic threat to blockchains such as #ethereum (ETH), the researchers stated.
Bloomberg cites Ariel Juels, a professor at Cornell Tech and contributor to the research, as saying that similar practices are likely to be rife on centralized exchanges as well: "We have no idea what the extent of the malfeasance is on centralized exchanges. If we extrapolate from what we’ve seen on DEXes, it could well be on the order of billions of dollars." #bitcoinnews#bitcoininfo