by Florin Oprea
Dan Murphy – CNBC
“This is a toxic concept for investors,” said Stephen Roach, Yale University senior fellow and the former Asia chairman and chief economist at investment bank Morgan Stanley.
Roach: “This is a dangerous speculative bubble by any shadow or stretch of the imagination“
FAO: I observe that new/latecomers in attacking bitcoin are finding it harder and harder to choose their words when they are expressing their thoughts. I find this statement very poetical…
Tim Wallace – The Telegraph
Bitcoin could join gold as a reliable, long-term way to store wealth as the cryptocurrency gains users and value in a craze which JP Morgan’s analysts believe may turn into something resembling a more traditional asset class.
DNT: Uh, oh…it seems the number of voices that compare bitcoin with gold is increasing. At the end of November we had Nikolay Storonsky, the CEO of Revolut, yesterday we had Jeff Currie, global head of commodities research for Goldman and today JP Morgan’s analysts…The truth is this comparison is valid but I wonder if Jamie Dimon is in assent with his employees…
FAO: No, he’s not. Because he (Jamie Dimon) doesn’t seem to understand the concept of a “cryptocurrency”/’digital asset” or blockchain/DLT in general, and that’s why he might have been asked not to talk about them anymore. I am sure all major banks have multiple plans and projects involving both bitcoin and blockchain and JP Morgan, in this case, having its chairman, president, and CEO yapping on both topics surely isn’t helping the team nor its investors…
Tyler and Cameron Winklevoss – the Harvard University rowing twins who famously sued Mark Zuckerberg claiming he stole their idea for Facebook – have just become the world’s first bitcoin billionaires,.
FAO: So the twins, who received a settlement of $65m in their case against Zuckerberg, have used $11m of them to buy 1% of all circulating Bitcoin back in 2013. Good call, right? They founded Gemini, a digital currency exchange, in 2015. Now, CBOE has signed a strategic partnership with Gemini to launch its Bitcoin Futures contract next week – more details in the “Cryptos” section. Another good call. Don’t you think?
Olga Kharif – Bloomberg (subscription)
Since its 2015 debut, digital evangelists have preached how the ethereum network will be perfect for applications such as managing supply chains and securities sales. What it’s actually used for is buying kittens.
FAO: OMG! Kitties have evaded Facebook and are currently in the process of conquering the Ethereum network. You can run but you can’t hide. The kitties will find you…
Frank Chaparro – Business Insider
The Securities and Exchange Commission announced it halted a fraudulent ICO “falsely promising” over 1,000% returns. The regulator said this was the first case filed by its brand-new cybersecurity unit, aptly named Cyber Unit.
Bob Pisani – CNBC
The race to get bitcoin futures is now on. Cboe announced it would begin trading bitcoin futures at 5:00 p.m. CT on Sunday, December 10, 2017, at the start of Global Trading Hours.
FAO: You can read Cboe’s press release here. So it will happen before CME’s launch, which is planned on Dec. 18 – more yesterday. Cboe’s bitcoin futures are cash-settled contracts based on Gemini’s auction price for bitcoin, denominated in USD. Note that Gemini started Ether auctions this summer and Cboe’s President, Chris Concannon, recently hinted that they could also launch ether and bitcoin cash futures contracts.
Yuji Nakamura, Olga Kharif – Bloomberg (subscription)
In August, the bitcoin world split in two when bitcoin cash broke away from bitcoin. It was the culmination of years of growing tension about how to improve the world’s most popular cryptocurrency. The divide has set up a battle over which is the “true” bitcoin, pitting rivals whose combined market value has eclipsed that of Citigroup Inc. and Coca-Cola Co. Now, investors are bracing for volatility and a fight that could define what a cryptocurrency can or should be.
Maria Terekhova – Business Insider
Coinbase and supporters counter that the move “sets a bad precedent for financial privacy.” More pertinently for Coinbase, it undermines one of Bitcoin’s most appealing features, the anonymity it grants holders. However, the ruling may benefit the US cryptocurrency space as a whole. Although the verdict could lead to privacy concerns among Coinbase’s existing user base, in the end, the company and its peers may benefit from the court’s decision to allow the regulator access to information on traders of the cryptocurrency.
FAO: Discusses yesterday’s news about Coinbase losing a bid to block an Internal Revenue Service investigation.
Chris Hughes – Bloomberg
An aged British financial institution needs a new leader to make a fresh start and adapt to new technology. Faced with this brief, a headhunter always knows just where to start the shortlist — Blythe Masters.
FAO: Wow! Now that would be a good choice indeed, although I doubt it will ever happen, especially after Digital Asset Holding (DAH) has recently raised $40m to expand globally.
Michael del Castillo – CoinDesk
The National Bank of Ukraine is expanding the team working to move the country’s national currency, the hyrvnia, to a blockchain. The number of people added and who they are is being kept private for now, but the expansion shows a level of intent that hasn’t been seen at many other central banks.
Julia Kollewe – The Guardian
David Meyer – Fortune
A Commission official told that the final “trilogue” negotiation on the amendment will take place next week (trilogues are the behind-closed-doors talks between member states and the European Parliament that essentially wrap up new legislation). “Everybody agrees” on this aspect of the amendment, the official said, so it will probably be officially recorded into EU law in a couple months’ time.
FAO: I think this was expected, right? There were multiple signals in the media lately, especially from various ECB representatives and also central bankers among the EU states. You can check our Archive for free, if you want to discover related coverage.
Nikhilesh De – CoinDesk
A lawmaker in New York has introduced four bills in an effort to spur research into possible uses for blockchain by the state’s government.The proposed laws from Assemblyman Clyde Vanel would establish legal language for the technology under state law while also creating studies around its application for local and state elections, including the verification of voter tallies.
Samburaj Das – Cryptocoins News
After introducing regulations for bitcoin exchanges earlier this year, authorities in the Philippines are casting their eye on ICOs. Bangko Sentral ng Pilipinas governor Nestor Espenilla has revealed the central bank’s intent to introduce regulations for ICOs.
DNT: The regulatory framework for bitcoin exchanges was introduced in February 2017. But, after a fews month, more exactly in July, The Philippines‘ central bank said there were less-than-expected filings – details here, Exchanges & Trading Venues Section.
Moscow authorities have announced a pilot project to implement blockchain in its e-voting system Active Citizen. Active Citizen is a platform allowing citizens to influence city management decisions and its urban transformation (1.9 mln users and around 2800 polls since the launch in 2014).
Mike Butcher – TechCrunch
An international consortium of leading asset management companies, investors, technology and service providers in the Blockchain ecosystem have formed a new industry organisation to “work towards a new vision for asset management using blockchain and other supporting decentralized technologies.”
Rob Urban, Sonali Basak – Bloomberg (subscription)
The planned introduction of bitcoin futures contracts at CME, Cboe and Nasdaq will make it much easier to bet on a decline. Hedge funds, which have largely stayed on the sidelines, are waiting for the CME’s futures market to open for a fresh opportunity to bet against the cryptocurrency, according to more than a half dozen people trading the assets.
FAO: Yip, it’s only a matter of time.
Stan Higgins – CoinDesk
One of the world’s most well-known diamond companies is getting into blockchain by investing in an asset tracking platform.De Beers, its chief executive announced is planning to use the tech in a bid to boost transparency across the diamond supply chain.
Tom Holland – SCMP
The “blockchain” distributed ledger technology that underpins bitcoin is undeniably clever, and will no doubt find many applications over the coming years, especially in financial disintermediation. But the cleverness of the underlying technology doesn’t mean that bitcoin is viable as a form of money. And it certainly doesn’t mean that the legions of punters rushing to buy bitcoin as an investment for the future can be confident of earning superior returns, or indeed any returns at all.
Jonathan Shieber – TechCrunch
“I get asked a lot… is this another dot-com bubble,” said Mona El Isa, the chief executive and co-founder of Melonport, onstage at TechCrunch Disrupt Berlin. “And, um… my response usually… goes something like… so what if it is?”
FAO: There are all sorts of opinions these days on this topic, especially after bitcoin reached even $11,800. And we are publishing them all. It’s up to you to decide what is what.
Kirby Darcy – Forbes
Wall Street is too big to define. There are mutual funds, hedge funds, investment firms, market makers, trading firms and fintech startups. When transformational technologies like blockchain come around, they threaten to disrupt the market and the profits that each of these parties receives.
FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News
DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News