New York extending BitLicense comment period and another half a billion Dogecoin burnt for Dogeparty. Here are the cryptocurrency highlights of week 34:
- The New York State Department of Financial Services (NYDFS) has extended the 45 day comment period for its proposed BitLicense framework. Given the potential impact of the proposal, the industry has been pushing for an extension. The initial 45 days have now been doubled, giving the industry until October 21, 2014 to respond. Should the comment period result in material changes to the original proposal, then there would be another comment period.
- BTC-e experienced another flash crash on its platform last Monday, as the price of Bitcoin briefly fell by more than $100. The price dropped from about $460 per Bitcoin to a low of $309 per Bitcoin. Earlier this year, BTC-e faced an even worse flash crash when the price plunged by nearly $500, from $600 to $100. Only several days before the BTC-e flash crash, on August 14, BitFinex experienced a similar case when prices briefly dropped from $530 to $451.
- The Dogecoin community keeps on burning coins. Since last week, more than another half a billion coins have been burnt (destroyed) for Dogeparty. By comparison, the current mining reward per block is 62.500 coins. The block (target) time is one minute, meaning that 630 million coins were added to the total supply over the past week. Overall, the total supply would thus be flat over the past week.
- Dogecoin developers had already announced that merged mining with Litecoin would be enabled, and have now provided an exact date for this event. The change will be implemented at block 371,337, which will be reached on September 12, 2014.
- Amagi Metals announced that it will stop supporting USD payments, making it the first company to do so. As of 2017, it will only be possible to use cryptocurrencies at the American precious metal dealer. Customers will still be offered the ability to convert fiat money to cryptocurrencies on the website, which may then be used to make purchases.