{"id":4348,"date":"2017-12-01T11:22:39","date_gmt":"2017-12-01T19:22:39","guid":{"rendered":"https:\/\/coincentral.com\/?p=4348"},"modified":"2018-04-03T13:54:15","modified_gmt":"2018-04-03T20:54:15","slug":"this-week-in-cryptocurrency-december-1st-2017","status":"publish","type":"post","link":"https:\/\/coincentral.com\/this-week-in-cryptocurrency-december-1st-2017\/","title":{"rendered":"This Week in Cryptocurrency – December 1st, 2017"},"content":{"rendered":"

This Week in Cryptocurrency \u2013 Weekly News Recap<\/h2>\n

The Big Bitcoin 10k (and 11k):<\/b> In case you missed it, Bitcoin broke into the 5-digit price club nearing $11,500.00<\/strong><\/span> before taking a temporary dip. This momentous event was met with a combination of cheers from all over the cryptocurrency world and the sound of people slapping themselves in the head for not buying Bitcoin sooner. <\/span><\/p>\n

And you get an ATH, and you get an ATH: <\/b>Not only did Bitcoin hit its new All-Time-High, a bunch of other coins hit their ATHs as well. Ethereum hit upwards of $520.00<\/strong><\/span>, Monero touched $212.00<\/span><\/strong>, Dash dashed to $826<\/strong><\/span>, and even Litecoin managed to break into the $100s nearing $104.00<\/span><\/strong>. <\/span><\/p>\n

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Trouble for Tether (continued):\u00a0<\/b>Last week, Tether claimed to be hacked for $$30,950,000 USDT. This week, people have been further questioning Tether’s legitimacy and voiced skepticism about their connection to Bitfinex. Many of these concerns focus on the rapid issuance of USDT, and question whether or not Tether actually has the assets to back up the new issuance. Charlie Lee<\/a>, Litecoin’s founder, offered to look further into the issue.\u00a0<\/span><\/p>\n

Keeping Up with The Cryptos: <\/b>The spike in Bitcoin price <\/span>helped rocket the number<\/span><\/a> \u201cbitcoin\u201d search queries past that of \u201cKardashians\u201d, essentially meaning more people are looking for Bitcoin information than Kardashians. This is notable for two reasons:<\/span><\/p>\n

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  1. Welcoming the early majority?<\/b> \u00a0This brings us to think about where Bitcoin\u2019s popularity sites on the <\/span>diffusion of innovation scale<\/span><\/a>. The Kardashians are a household name, and Bitcoin likely will be soon enough, too. <\/span><\/li>\n
  2. Media follows attention. <\/b>This search volume isn\u2019t something that\u2019s going to go unnoticed by the media. We\u2019ve seen larger media organizations like as <\/span>Barstoolsports<\/span><\/a> start putting out bitcoin-related content. While maybe not the best avenue to do so, this will help accelerate point #1.<\/span><\/li>\n<\/ol>\n
    \"bitcoin
    Via Bloomberg<\/figcaption><\/figure>\n

    The IRS and Coinbase – A love\/hate relationship: <\/b>A California federal court ordered Coinbase to report anyone who sold, sent, or <\/span>received more than $20,000<\/span><\/a> through their Coinbase accounts in a single year between 2013 and 2015 to the IRS. Coinbase estimates that the 14,355 reported users met the government\u2019s requirements. <\/span><\/p>\n

    Here\u2019s two perspectives on the story:<\/span><\/p>\n

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    1. Crypto exchanges are inevitably going to clash with regulatory bodies. <\/b>By cooperating with the IRS, Coinbase sets a precedent that will likely work in crypto\u2019s favor in the long run. <\/span><\/li>\n
    2. This set a bad precedent for financial privacy. <\/b>Privacy is a huge selling point for many people in the crypto community, and they rightfully feel wronged by a government agency prying into their records. <\/span>\n
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      1. A caveat here. Even as someone who incredibly values his privacy, it\u2019s important to understand the dark sides of financial privacy and why it could be a problem in the eyes of the government. It goes deeper than taxes. A huge issue arises when the bad-guys start using crypto to finance bad-guy things. <\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n
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        What\u2019s New at CoinCentral?<\/h2>\n

        This week, the CoinCentral team put together a bunch of new exciting resources:<\/p>\n

        New cryptocurrency guides made this week:<\/p>\n