Crypto-asset prices crashed during a 7 minute period on May 9 when whales unloaded bitcoin, which was down 15% at one point (from about $10,000 to $8,500). During the plummet, Coinbase went down again as well, but service was restored within an hour. Data from Skew shows that over $200 million worth of overleveraged BitMEX long positions were liquidated during the plummet, the largest bout of liquidations since the March 12 crash that sent Bitcoin from $7,700 to $3,700 within a 24 hour span. Coinbase experienced an outtage during the March plummet, and again at the end of March as crypto-asset prices spiked up.
The Internet Is A Public Permissioned Network. Should Blockchains Be The Same?
At the heart of the design of the public Internet, is a hidden system of governance and ‘permissioning’ that makes it all work. The Internet is a public network with permissioning of some key resources. And the lessons we can learn from this have profound implications for the future of blockchain systems, especially in the enterprise. Open, shared, general purpose, broad access networks – public networks – tend to dominate over time. But public does not imply anarchic or permissionlessness. This article makes the case that public blockchains that take a similar approach to the internet are the ones to watch, like Corda Network, Alastria and Sovrin.
Posted from Diigo: https://www.diigo.com/user/kiffmeister/Fintech
