Hi, and welcome to “The Original Crypto Kids” Weekly News Wrap Up for the week ending February 24th, 2018.
For our top story, Robinhood has formally launched cryptocurrency trading in 5 of the United States. If you are lucky enough to live in California, Massachusetts, Missouri, Montana, or New Hampshire you can now download their lightweight app and buy and sell Bitcoin and Ethereum with no fees.
With the launch of Robinhood Crypto, the company has restated its mission of “making the financial system work for everyone, not just the wealthy.” Until they start giving me free money, I’m not really buying the whole Robin Hood thing myself.
Moving on, let’s take a look at what the “big guy” did this week… Bitcoin.
Over the weekend and into Monday, Bitcoin looked like it was getting its mojo back after breaking a very nasty downtrend line that had been in place since the all time high just under $20,000. After reaching resistance just shy of the $12,000 level, it has turned south again and is fighting to hold the psychologically important $10,000 level.
In other news, on Wednesday, Venezuela launched a bold effort to reinvigorate it’s petro-based economy by utilizing blockchain technology. Through a pre-sale of a new cryptocurrency backed by oil reserves, simply called PETRO, the Latin American country claims to have raised $735 million. Big raise notwithstanding, it may seem a little far-fetched that this move can help fend off a projected 13,000 percent increase in inflation in 2018.
On Tuesday, data analytics firm Redlock released a report that showed how cryptohackers infiltrated car-maker Tesla, using complicated evasion methods to mine cryptocurrency using Tesla’s AWS cloud system. The hackers managed to gain access to a console on the system that was not protected with a password.
You may remember back in January that hackers were able to use YouTube ads to infiltrate computer systems in order to mine various cryptocurrencies. It definitely seems that as the value of the blockchain increases, there are more and more malicious attempts to acquire cryptocurrency illegally.
This week also saw the emergence of Crypto Hunt, an augmented reality game, similar to Pokemon Go. A demo was released in the Google Play store and is now available for download. Instead of collecting worthless raspberries and Psyduck’s, gamers can find real cryptocurrency units hidden all over the map.
Alrighty, that completes this week’s episode of The Original Crypto Kids Weekly News Wrap Up. Catch you next Saturday, and until then, happy hodling!