Wash trading is happening in some instances on Binance DEX and Loopring, showing that decentralized exchanges are not immune to volume inflation.

Decentralized exchanges are generally liked for their transparency and lack of custody, reducing the trust requirements in their operators.

Many centralized exchanges have been caught in a peculiar type of manipulation used to inflate their trading volumes. This was first highlighted by the Bitwise Report released in March 2019, which analyzed trading patterns on some of the platforms to conclude that up to 95% of reported Bitcoin trading volume at the time was essentially fake.

One of the ways to inflate volume is the practice of wash trading, where a single entity acts as both the maker and taker of an order, essentially trading with itself. While wash trading mostly just benefits the exchange by inflating its reported statistics, incentive schemes like transaction fee mining have been used by some exchanges to reward users for wash trading.

https://cointelegraph.com/news/for-some-reason-wash-trading-happens-on-decentralized-exchanges-too

Blockchain.com’s head of research Garrick Hileman discusses the interest of Indian banks in the crypto space.

Garrick Hileman, the head of research at Blockchain.com, shared in an interview today that Indian banks are showing interest in cryptocurrencies but are also skeptical of heading further into this space due to the regulatory uncertainty.

While speaking to Data Quest, Hileman also hinted that Blockchain.com still does not have a payment gateway in India for the same reason. But it is a goal for the firm, he added.

Earlier last week, during a webinar on Indian regulations, the CEO of WazirX exchange Nischal Shetty also highlighted that Indian banks were interested in getting involved in the blockchain and cryptocurrency space. He said that the banks approaching WazirX to seek advice seemed specifically inclined towards exploring the technology’s use case in international transactions.

https://cointelegraph.com/news/uncertain-regulations-block-indian-banks-entry-into-crypto-says-expert

The recent Twitter hack has placed the words “Bitcoin” and “scam” in one headline again, though Bitcoin has nothing to do with it.

Bitcoin (BTC) has made global headlines again because of the recent Twitter hack, but this time, we need to work harder to protect Bitcoin’s integrity and the progress the industry has made.

The coordinated social engineering attack compromised the Twitter accounts of high-profile figures and organizations like Microsoft co-founder Bill Gates, Tesla founder Elon Musk, Amazon owner Jeff Bezos, former United States President Barack Obama and 2020 U.S. presidential candidate Joe Biden, among many others, to ask for Bitcoin in fake “giveaway” posts.

When the story broke, the New York Times, BBC and other mainstream media outlets were quick to label the incident a “Bitcoin scam” or “crypto scam.”

To have “Bitcoin” and “scam” used in the same breath in the global media may feel like all the work that’s gone into building trust for this revolutionary technology since its creation in 2009 has been for nothing.

This is even more reason why companies and their communication teams must turn the publicity Bitcoin is getting now into a positive for the industry.

https://cointelegraph.com/news/defending-bitcoins-integrity-in-the-great-twitter-hack

Russia’s newly passed crypto bill finally provides a legal status to crypto, but does not allow it to be used as a payment method.

Russia passed a major bill today related to cryptocurrencies like Bitcoin (BTC).

The State Duma — Russia’s legislative body — has passed a bill titled “On Digital Financial Assets” in its final third reading, local news agency Regnum reports July 22.

After initiating the bill back in 2018, Russian authorities have finally agreed to provide a legal status to cryptocurrencies, preparing to adopt the first major part of legislation for the industry.

Following the latest Duma’s decision, the bill “On Digital Financial Assets,” or DFA, is expected to be officially adopted in Russia on Jan. 1, 2021. The bill provides a legal definition to digital assets and legitimizes cryptocurrency trading in Russia. However, the bill prohibits the use of cryptocurrencies like Bitcoin as a payment method.

https://cointelegraph.com/news/russian-lawmakers-finally-pass-countrys-major-crypto-bill

Texas ups its aspirations to become the go-to place for crypto in the U.S., forming a new blockchain council and highlighting the state’s mining capabilities.

Everything is bigger in Texas, and now the state with the second-largest geographical area in the United States is aiming to prove that it can lead the way in blockchain innovation.

While well-known companies like Hedera Hashgraph and Bitmain have already established a strong presence in Texas, the state has recently formed its own blockchain committee. Known as the Texas Blockchain Council, the organization was established as a trade association, or business league, serving as a nonprofit intended to make Texas a leader in national blockchain growth, education and business development. The council’s president, Lee Bratcher, told Cointelegraph that Texas will soon become one of the most favored jurisdictions for U.S.-based blockchain businesses and investments:

“What states like Wyoming have done for blockchain innovation is truly amazing and we certainly want to emulate that. We just want to come behind these states with Texas’ trillion-dollar economy, which will ultimately allow us to become the next big place where blockchain innovation happens.”

Bratcher further noted that a number of Texas-elected officials are in support of the initiatives being put forward by the Texas Blockchain Council. These objectives include passing legislation; raising awareness for Texas blockchain companies or other industry verticals that utilize blockchain; devising use cases that will launch independently in partnership with the committee and council members; and providing educational and research opportunities for Texas academic institutions.

https://cointelegraph.com/news/us-state-of-texas-saddles-up-to-become-the-next-blockchain-capital

Although Bitcoin holders often describe the asset as a store of value, gold advocate Peter Schiff said such participants do not actually seek wealth storage, hunting instead for profit.

A known gold enthusiast, financial commentator Peter Schiff said Bitcoin (BTC) holders are not actually looking to the asset as a storage of wealth — one of the most commonly touted use cases surrounding the coin.

"I buy gold as a way to store my wealth, as a conservative place to keep liquidity, as opposed to keeping it in dollars or some other fiat currency," Schiff told interviewer Peter McCormack, host of the What Bitcoin Did podcast, during a July 17 episode. "I do think that when people are buying Bitcoin, they're really not looking for that," Schiff added.

Bitcoin buyers want gains
The crypto and blockchain industry commonly refers to Bitcoin as a store of value or place to park wealth. The asset has also received a number of comparisons against gold. According to Shiff, however, BTC owners actually want profit, not steady wealth protection against inflation.

https://cointelegraph.com/news/bitcoiners-are-not-looking-for-a-store-of-value-gold-bug-adam-schiff-says

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