by Florin Oprea
Joshua Brustein – Bloomberg (subscription)
The cryptocurrency craze is leading to some novel tactics from prominent tech investors.
Philipp Sandner, Frankfurt School Blockchain Center: True. Smart contracts can be turned to be venture funding contracts. Similarly, blockchain and smart contracts can potentially also disrupt asset management as whole, not just the specific segment of venture capital.
Arnab Shome – Finance Magnates
The government of the tiny Baltic nation Estonia further advanced along its path towards launching a state-sponsored cryptocurrency to integrate the booming crypto economy into the country’s mainstream economic system.
Arjun Kharpal – CNBC
Global central banks will start holding digital currencies in the next year, the chief executive of a cryptocurrency wallet platform said.
“I think this year will be the first year we start to see central banks start to hold digital currencies as part of their balance sheet,” Peter Smith, CEO of Blockchain.
FAO: Who said they aren’t currently holding BTC and ETH? Just saying…
Arjun Kharpal – CNBC
The total value of all cryptocurrencies in the world will hit $1 trillion in 2018, predicts Peter Smith, CEO of Blockchain.
FAO: Considering other previous predictions, Smith’s is quite a modest one…more in our FREE ARCHIVE.
John Manning – International Banker
It’s not just the banks that are rapidly boosting their exposure to blockchain; stock exchanges all around the world are now exploring how best they can leverage the technology, invariably as a way to improve costs and efficiency, and to lower risks and tighten security.
FAO: Good roundup of global exchanges implementing blockchain solutions for their cash markets. Discusses plans of Nasdaq, Nasdaq Tallinn, Moscow Exchange, London Stock Exchange, Santiago Stock Exchange, and of course Australian Securities Exchange, which earlier this month announced they will replace its settlement and clearing system (CHESS) with blockchain technology.
James Dean – The Times (subscription)
Companies are opening bitcoin accounts and stockpiling the digital currency to pay off hackers who demand ransoms, experts have said. Firms are buying the currency because they are wary of ransomware that wipes data from computers if victims fail to pay a bitcoin fee to attackers.
FAO: This was a record year for hackers also. Check our FREE ARCHIVE to find out how “productive” they were.
Tom Turula – Business Insider
Bitcoin is “as good as useless” and has no future as a tradeable currency says Emil Oldenburg, the co-founder and CTO of bitcoin.com, one of the world’s largest bitcoin websites. Oldenburg has sold his bitcoins and believes others will do the same when they realize how illiquid the market is.
FAO: Short BTC, long BCH…
Evelyn Chang – CNBC
“It’s just about 50% right now,” Miller said regarding his MVP 1 fund on the WealthTrack podcast with Consuelo Mack released last week.
FAO: If “right now” was last week means this week the BTC holding could be anything from 0 to 100%, right?
Reuters Staff – Reuters
France will propose that the G20 group of major economies discuss regulation of the bitcoin virtual currency next year, Finance Minister Bruno Le Maire said.
FAO: Is it me or are the French pushing even faster towards crypto-regulation? Last Friday (reported yesterday) the EU agreed a clampdown on virtual currency platforms to tackle money laundering.
DNT: It’s not just you. This is indeed happening…
Rishabh Sinha and Nehaa Chaudhari – Quartz
Since 2013, the Reserve Bank of India has periodically reiterated its concerns over cryptocurrencies but has done little else. Unlike its counterparts elsewhere who have banned or otherwise severely restricted the use of cryptocurrencies, the RBI’s studied silence is arguably progressive in nature, letting the technology play out in the market while the stakes are relatively low.
Ambrose Evans-Pritchard – The Telegraph
Sopnendu Mohanty, Fintech chief for Singapore’s monetary authority said there was a crucial difference between Bitcoin and rival crypto-currency Ethereum, but it is far from clear whether either improves day-to-day transactions or has much potential as a tool for central banking.
FAO: Hmmm…What are they up too? Singapore is currently one of the crypto-friendliest states in the world. Of course, warnings can be useful. Remember there are people taking out mortgages to invest in Bitcoin, which is by far the dumbest thing to do, imho…
Wolfie Zhao – CoinDesk
CFTC unveiled its new cryptocurrency resource website, which is aimed at educating the public about these wholly digital commodities. The site features links to a range of CFTC releases, including an October primer from its LabCFTC arm and information about futures launches from firms like Cboe and CME Group.
Trevor Clawson – Forbes
“Because this is all new, most regulators don’t understand, “ says Olga Feldmeier, CEO of blockchain startup, Smart Valor.”Those regulators that do have the knowledge will enable the creation of crypto-finance hubs.”
Aaron Smith – CNN Money
Patrick Byrne, who runs Overstock.com launches a $250 million ICO to raise funds to reshape the business. That figure would just about match the largest ICO to date.
FAO: Patrick Byrne’s Overstock.com will launch the $250m ICO of its own platform, tZero. Byrne has even advanced the idea of selling his business, quitting retail and going full crypto – more here.
Joanna Ossinger – Bloomberg (subscription)
Ether and litecoin, the second and fourth biggest cryptocurrencies, have surged to all-time highs amid the optimism that bitcoin futures will attract institutions to the fledgling market.
Daryl Guppy – CNBC
The key problem with bitcoin and other cryptocurrencies is that they are fiat currencies in the true sense of the word. A fiat currency relies on investors confidence for its value. A fiat currency is not backed in gold or some other asset. Most world currencies are fiat currencies, but they are backed by sovereign states. It is rare for a sovereigns States to default on debt which in turn leads to currency collapse.
DNT: …comparing cryptos with fiat currencies is a little too much, don’t you think? Even if they are not backed in gold.
FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News
DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News