Mastercard gets roasted  

The Bit

A global network issue interrupted Mastercards payment processing, and gave crypto users a chance to highlight P2P reliability on social media.  

The Bigger Picture

One tweet pretty much summed up the entire argument: “Bitcoin has never had a service interruption.” Yes, there have been high fees and slow transactions instances, but in the end, the network is still community based as opposed to one private company controlling whether or not you’re able to spend your own money. Network upgrades like the Lightning Network and Raiden for Ethereum are fighting through these scaling issues that cause slower transactions and higher fees.   Bitcoiners make Fortune’s 40 under 40  

The Bit

The list highlights just about every type of creator or influencer, and there are seven total involved in blockchain technology.  

The Bigger Picture

At #20, CEO of Coinbase, Brian Armstrong, represents. Vitalik Buterin is #22. The two people behind Walmart’s totally revamped e-commerce business take #13. To no surprise, the founders of the now crypto-friendly exchange platform Robinhood tag-team #24. Lastly, CEO of Telegram (remember the $1.7B ICO?) Pavel Durov sits at #25.   Speaking of billion dollar funding  

The Bit

A city in China will be home to the first Industrial Public Chain Summit (IPCS), fueled by $10 billion yen ($1.5B USD) from the government and blockchain partnerships.  

The Bigger Picture

It was less than a year ago that the Chinese government actually banned all ICOs completely. However, in May the China Electronic Information Industry Development (CCID) released a list ranking blockchain projects, showing that the country is actually taking the tech very seriously. Last month they released an update to their rankings. The Zhongguancun Blockchain Industry Alliance is working with officials in Nanjing City to plant blockchain roots in their city. They funding will used in part to move selected companies to the city. The first two are reportedly, UDAP Foundation and TokenX Community   “This is a big debate concerning the values of the society in question : Whether the risk of a terrorist act is more important than the 100 % right to privacy, this should be decided by the people of the country in question. Not by Pavel Durov.” - Pavel Durov