Episode 227 - CoronaToken, Justin Sun Drama, OkEx - Binance Beef!


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By Brent Philbin, Karim Baruque, and Adam "Roothlus" Levy - The Cryptocurrency news nerds, Brent Philbin, Karim Baruque, and Adam "Roothlus" Levy - The Cryptocurrency news nerds. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Welcome to the very first re-branded episode of Crypto Basic News! It's basically Flagship Friday, but without the Friday part. Blame our lazy editor for that. Just kidding, he's the best and we love him very much.

This time around we talk about Justin Sun's new drama with Steemit, about the new CoronaToken (who would've thought...), about CZ's twitter beef with the CEO of OkEx and more. Tune in now!

  • Rapid Fire
  • Supreme Court of India reversed the crypto banthe order lifted ban on trading in virtual currency, cryptocurrency and bitcoins
  • Robinhood goes down at the worst possible timeOn Monday and Tuesday, as global markets rebounded after a sell-off last week and then sank again, Robinhood’s trading platform went offline, leaving many customers to watch their portfolios drop in value without being able to do anything about them
  • Germany recognizes Bitcoin as a legal financial instrumentCryptocurrencies are not to be confused with electronic money.
  • Not issued or guaranteed by any central bank or public body;
  • Don’t have the legal status of currency or money;
  • Can be used by individuals or legal entities as a means of exchange or payment;
  • Serve investment purposes;
  • Can be transmitted, stored and traded electronically.
  • Elon Musk says Dogecoin is the best cryptocurrency
  • Chainlink Partners w/ Chiliz to Automatically Mint Tokens For Teams Like FC Barcelona.
  • Chiliz also partnering with Dota2 squad OG to launch a fan token on socios.com.
  • You may soon be able to buy a stake in a professional athlete's tokenized contracts
  • NBA star Spencer Dinwiddie has announced a partnership with a new broker-dealer to help issue shares in his tokenized contract. His platform, Dream Fan Shares (DFS).
  • The NBA has remained quiet on whether they will continue to oppose Dinwiddie’s venture.
  • Dinwiddie is prepared to move forward without the NBA's blessing and said investors can expect more details soon.
  • Do you like this idea? Good or bad?
  • Dinwiddie first announced plans in September to issue the first Professional Athlete Investment Token (PAinT), which would tokenize $13 million of his guaranteed $34 million NBA contract. The Ethereum-based “SD8” token, now called “SD26,” would allow him to earn cash upfront from investors and repay them with interest. The token’s name change appears to coincide with Dinwiddie's decision last month to change his uniform number from 8 to 26 in honor of the late Kobe Bryant.
  • he would offer the token as a three-year bond which would pay out a base interest of 4.95% on a monthly basis. Furthermore, if all 90 tokens—with a minimum buy-in of $150,000—were sold, the group of investors would stand to collectively earn $2 million in profits.
  • CoronaVirus
  • Someone made a CoronaToken because crypto.
  • Back by Proof of Death LOL
  • someone at 4-chan developed it.
  • only available on the Saturn network which is basically a d-list exchange allegedly decentralized.
  • Please wash your hands. Do we think the hype is overblown? How will it shape crypto? Fiat? gold? the market? I just feel like this is too big of an impact to not mention it at all. So far Ultra, SXSW, GDC, and now Bitcoin 2020 has been canceled. Im sure there are plenty others but just dont go to a big event.
  • The Fed is Quarantining Some Cash to fight CoronaVirus
  • Justin Sun Drama With Steemit
  • Justin Sun has seized control of the Steem blockchain – with the apparent help of several prominent crypto exchanges.
  • This is still ongoing, but here's a recap of how the Steem blockchain works
  • Justin also bought steemit, which was just an app on top of the steem blockchain. It didn't make much sense to buy that I remember thinking.
  • Explain powering up
  • Well, Steemit had a TON of tokens locked up that could, apparently, be released and then used to vote for new Witnesses.
  • Steem blockchain had witnesses soft fork to remove the voting power of all of the tokens that sun just acquired.
  • This would essentially limit Justin's power, but Justin reached out to exchanges and got their cooperation to "restore order" and return the blockchain to it's original state.
  • The exchanges cooperated, but in order to stake your tokens and get a vote you need to "power up" which means you need to power down to move your tokens. Powering down takes 13 weeks.
  • "For the next 4-6 weeks, the Steemit team will be using the voting rights to resume the order of the community while having an open channel for meeting community members and Witnesses."
  • Now the Steem community has been trying to brick the voting power of Steemit for some time, and it hasn't succeeded in a hard fork.
  • There are about 210 Steem power in existence at the time of the writing for coindesk - 68M might be controlled by the Steemit chain
  • Beef Between Binance CEO CZ and OkEx CEO After Unschedule Maintanance
  • On Mar. 4, Binance announced that it has initiated unscheduled system maintenance. The work on the exchange’s infrastructure was completed by press time.
  • As a result of the maintenance, Binance “suspended deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets.” Futures trading, on the other hand, continued as usual.
  • A tweet sent by Binance CEO Changpeng Zhao explained that the sudden need for maintenance was caused by a message broker malfunction. Jay Hao, CEO of competing crypto exchange OKEx, answered to the tweet:
“Hey CZ, technically Kafka is a message queue system for log, it's not enough for trading system thus the broker problem will always occur. Need help?”
  • CZ immediately blocked him on Twitter.
  • In February, Binance users had to endure interface errors and trading API timeouts because of the middle-layer service being overloaded. Furthermore, some exchange’s customers were unable to have their orders carried out also often retried right away, resulting in overloading Binance’s infrastructure even further. February 19th there was also unscheduled maintance on Binance as well. Clearly, Binance is having some issues lately. Hopefully CZ rights the ship.
  • Exit
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249 episodes