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Members FA-Digest October 31th

Bearish: the Oyster (PRL) smart contract has been exploited by the lead developer Bruno, who has re-opened ICO and re-issued ~3 million PRL tokens that were later dumped on KuCoin for ~$300,000, before the shut down of trading and withdrawals of PRL tokens. CEO of Oyster has stated that “PRL holdings are safe”, because there will be a contract swap on the block just prior to the exploit. Developers have also emphasized that nobody should buy any PRL tokens until token swap, because they will not be eligible for the swap. A few days later, Bruno has explained his actions, and stated that he will continue working on Oyster protocol on his own without any contract swap. Some redditors speculate that Oyster (PRL) is a pure scam, because Bruno is a non-existent person, and at least a few developers had access to a smart contract.

Bullish: the San Francisco-based cryptocurrency exchange Coinbase has closed a $300 million Series E funding round, which gave the company a total valuation of over $8 billion, according to Coinbase COO Asiff Hirji. Coinbase has also confirmed its plans to “quickly” add hundreds of cryptocurrencies and “lay the groundwork to support thousands in the future”. In 2017, the company had recorded a profit of $380 million, and it was estimated that profit will grow up to $456 million in 2018, despite the bear market.

Stablecoins: Ledger, a world’s leading company that specializes on cryptocurrency hardware wallets, has announced its plans to add support for more stablecoins.

The New Zealand-based crypto wallet and trading service Vimba has received a $330,000 grant from the government’s innovation arm, Callaghan Innovation.

Ron Paul, the former U.S. representative, stated that “Fed-created recession” could lead to the end of fiat currency, and we might see a monetary system based on a mixture of precious metals and cryptocurrencies. The investor billionaire Tim Draper said during the Crypto Invest Summit in Los Angels that he still stands by his Bitcoin price target of $250,000 by the year 2022.

This Wednesday marks the 10th anniversary of the white paper which led to the creation of Bitcoin. On October 31 2008, Satoshi Nakamoto published an academic style paper called “Bitcoin: A Peer-to-Peer Electronic Cash System.”

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