March 4, 2021

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Shortly from the Cryptoworld 15/02 | Attack on IOTA wallet | Trump wants strict regulations and more

3 min read
Shortly from the Cryptoworld 15/02 | Attack on IOTA wallet | Trump wants strict regulations and more

Attack on IOTA wallet

 

IOTA has issued an official warning against triggering the Trinity wallet. Trinity wallet is a wallet directly from the IOTA Foundation. This is likely to face a targeted attack that was directed to addresses with a value of 40 MIOTA and above. The IOTA Foundation subsequently shut down the Coordinator, which ensures the transmission of value on the network. Data transactions can still be sent.

 

 

According to the latest update from the IOTA Foundation, they have identified the problem and are currently working on a solution. It is not yet clear exactly what happened, but the problem seems to be in Trinity Wallet.

 

Shortly from the Cryptoworld 15/02 | Attack on IOTA wallet | Trump wants strict regulations and more

 

IOTA had problems with the previous generation of wallets, which were users unfriendly. The problem with the Trinity wallet again highlighted the centralized nature of the network, which is completely under the control of the IOTA Foundation.

 

If the problem affects you, check the official website about current events. Until the problem is resolved, it is recommended not to log in to Trinity Wallet and wait for a complete analysis of what actually happened.

 

The US intelligence agency wants to sponsor a study on the end of dollar dominance

 

The US National Intelligence Service (ODNI) wants to sponsor a study on what would happen if the US dollar lost its world reserve currency status. The agency states that the program could help the United States prepare for events that would undermine the dominance of the dollar.

 

Trump wants strict regulations

 

While the global trend is to loosen regulations and encourage the development of cryptocurrency ecosystems, the US has taken the opposite direction and is trying to ban or strongly regulate cryptocurrencies.

 

How exactly the new regulations will look is not yet clear. After Trump took office, the United States chose a protectionist path in relation to economic development. This is what the Trump administration now wants to include in its relationship to cryptocurrencies. These threaten the sovereignty of the dollar as a global currency.

 

Hester Peirce, the SEC’s Commissioner, also nicknamed “Crypto Mom”, has suggested the opposite to ensure cryptocurrency, the so-called defending period, subject to simple regulations. This should ensure better environmental development and make the US a blockchain development center. This is unlikely to happen because Trump’s government is deeply negative about cryptocurrencies.

 

1 Bitcoin is not for everyone

 

If we look at the on-chain statistics, we find out quite quickly how many addresses hold more than one Bitcoin. But first we look at the smaller addresses. According to BTC.com, there are approximately 28.5 million wallets that hold less than one Bitcoin. The address with less than one BTC is approximately 96%.

 

Shortly from the Cryptoworld 15/02 | Attack on IOTA wallet | Trump wants strict regulations and more

 

Addresses with 1 or more BTCs are thus in a minority and their number is approximately 700,000. 96% of BTC addresses hold approximately 5% of the total amount of BTC. And the remaining 4 percent of addresses hold 96 percent BTC.

 

Shortly from the Cryptoworld 15/02 | Attack on IOTA wallet | Trump wants strict regulations and more

 

What does it mean? There are two explanations. The first and more likely explanation is that the vast majority of people hold BTC coins on stock exchanges, making them one of the largest purses. Therefore, the number of people who actually own the BTC is not reflected here. Another explanation is that most of the BTCs are held by a very small number of people who arrived in the cryptocurrency world very early and heavily accumulated BTCs.

 

The total number of cryptocurrency owners is currently estimated to be between 40 and 80 million people. However, most of them will own rather small amounts. However, we can draw a simple conclusion, and that is that the owners of 1 BTC are likely to be extremely low. If you own one whole Bitcoin, you are among the few chosen.

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