Blockchain Daily News – Edition 124, 10.01.2018
January 10, 2018
Blockchain Daily News – Edition 126, 12.01.2018
January 12, 2018

Blockchain Daily News – Edition 125, 11.01.2018

Blockchain Daily News

by Florin Oprea

Edition 125, 11.01.2018

Fans’ Section

Cryptocurrencies Retreat Amid South Korea Clampdown Concerns

Eric Lam & Shinhye Kang – Bloomberg (subscription)

Bitcoin Falls As One Of The World’s Biggest Cryptocurrency Markets Readies A Bill To Ban Trading

Saheli Roy Choudhury – CNBC

South Korea’s justice minister said that a bill is being prepared to ban all cryptocurrency trading in the country. That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.

FAO: Progress! Not Made in South Korea! Question: are Japanese markets ready to accommodate all that sudden surge in new business? Immense pressure is already being felt by all crypto exchanges throughout the crypto-free world – and they are still just trying to squeeze in all those Chinese “refugee-traders”. South-Koreans will be there soon too…  

Dimon’s Many Bitcoin Moments Of Regret, In One Chart

Mark Decambre – MarketWatch

Jamie Dimon appears to have one major resolution to kick off 2018: refrain from bashing bitcoin.

DNT: It looks like that BTC has an adverse reaction at Jamie Dimon regrets…

FAO: Let’s face it! Life in this nascent industry would be soooo booooring without his comments…

Goldman Sachs Caves: Bitcoin Is Money

Kenneth Rapoza – Forbes

Goldman weighed in on the bitcoin debate with a nine-page report to clients titled “Bitcoin as Money.” They’ve caved. Cryptocurrency, with bitcoin at the helm, is going to be even bigger this year than it was in 2017.

FAO: This will certainly send some shock waves on Wall Street…Remember Goldmans said at the end of last year (reported here) that they are setting up a cryptocurrency trading desk.

Lithuanian Central Bank To Launch Blockchain Service

Xinhua

The Bank of Lithuania announced it would launch a platform service for fintech companies to test their blockchain based solutions. According to the Bank of Lithuania, its platform LBChain will be a “regulatory and technological sandbox” for fintech companies to carry out blockchain technology research, gain new knowledge on the technology, adapt and test it.

FAO: Progress! Made in Lithuania!

Bitcoin Has Little Shot At Ever Being A Major Global Currency

Ron Insana – CNBC

Buffett Partner Charlie Munger Says Bitcoin, Silicon Valley Are Bubbles

Tae Kim – CNBC

Warren Buffett’s right-hand man, Charlie Munger, blasted the frothiness in venture capital funding and bitcoin.

When Munger was asked if bitcoin was a bubble he said: “Yeah sure [on bitcoin] and venture capital, too,” ….”There are always bubbles … that are going to end badly.”

FAO: It was about time for CNBC to ask the Oracle of Omaha a few things about bitcoin. I am sure his answer hasn’t surprised anybody. Question is: in their quest to ask everybody on Wall Street about bitcoin, what letter did CNBC reach in their rolodex? “B” or “W” ? Hmmm…

If You Own Bitcoin, Buffett’s Cryptocurrency Predictions Are Scary. How To Cope

Annie Nova – CNBC

Billionaire investor Warren Buffett says cryptocurrencies are headed for trouble.

“We’ll never have a position in them,” Buffett, chairman and CEO of Berkshire Hathaway, told …”I can say with almost certainty that they will come to a bad ending.”

‘Dean of Valuation’ Says Buffett’s Apocalyptic Bitcoin Projections Painted Cryptocurrency With ‘Too Broad A Brush’

Chloe Aiello – CNBC

The problem with bitcoin, “Dean of Valuation” Aswath Damodaran says, is that investors don’t know why they’re paying so much for it. That doesn’t mean it will all end badly for cryptocurrency, as billionaire investor Warren Buffett projected.

Deals, Investments & M&As

Kodak’s Stock Doubles After Camera And Film Pioneer Boards Blockchain Bandwagon

Emily Bary – MarketWatch

Now More Established Companies Are Getting Gripped By Crypto Mania

Lily Katz – Bloomberg (subscription)

More well-known names move to join craze in all things bitcoin

FAO: More about Kodak’s recent move in a new “moment”. More about this –  yesterday. A blockchain move is on everybody’s radar these days. Check the story below.

Blockchain, Drones Are Strategies for Survival at Japan’s Tepco

Stephen Stapczynski – Bloomberg (subscription)

Shattered by the enormity of the Fukushima nuclear disaster and bleeding customers to nimbler rivals, Tokyo’s lumbering, 66-year-old electric-power behemoth has a new strategy for long-term survival: reinventing itself as a cutting-edge innovator.

Cryptocurrencies

Venezuela’s Congress Declares ‘Petro’ Cryptocurrency Illegal

Reuters Staff – Reuters

Venezuela’s opposition-run parliament outlawed a “petro” cryptocurrency promoted by socialist President Nicolas Maduro, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves.

FAO: Let’s hope the government sticks to the plans. It will be an interesting economic experiment to observe and analyze.  

Ripple Countersues In $12 Billion Fight Over XRP Options

Jeff John Roberts – Reuters

In the summer of 2016, Ripple’s former CEO Chris Larsen made a fateful decision: he signed a deal with a bank consortium R3, that included an option for its partner to buy 5 billion units of its currency for less than a penny. Today, amidst a boom that made Ripple the world’s second most valuable cryptocurrency after bitcoin, that option contract is worth at least $12 billion and the two sides are locked in a bitter court fight that could shape the future of global banking.

FAO: This is not going to end very soon.

Ethereum Hits A Fresh Record High And Is Up Over 13,000% In A Year

Arjun Kharpal – CNBC

Ethereum hit another all-time high Wednesday with the cryptocurrency now up more than 60 percent in a week.

What You Should Know About North Korea’s New Favorite Cryptocurrency

Arjun Kharpal – CNBC

North Korea appears to have taken a liking to monero, the world’s 13th largest cryptocurrency by value. Cybersecurity researchers at U.S. firm AlienVault found evidence of a malicious piece of software that infected computers to mine monero and send it back to North Korea.

Exchanges & Trading Venues

World’s Top-Ranked Crypto Exchange Adds 240,000 Users In One Hour

Yuji Nakamura & Haidi Lun

The world’s biggest cryptocurrency exchange keeps getting bigger.

Coinbase Blames Extreme Buyer Demand For Last Month’s Bitcoin Cash Disaster

Becky Peterson – Business Insider

Coinbase says extreme user demand is to blame for the huge spike in the price of bitcoin cash seen on its marketplace when the company opened up trading in the new cryptocurrency last month.

Overstock And Coinbase Briefly Mixed Up Bitcoin & Bitcoin Cash

John Biggs – TechCrunch

A glitch on Overstock’s website allowed users to send amounts of Bitcoin Cash to Overstock when the system was expecting Bitcoin, leading to drastic discounts on many items. Given that BTC is about $14,000 and Bitcoin Cash is $2,400, the mistake could have been quite costly.

FAO: Read the above three headlines in this section? See what I mean? Check my first comment in Fans’ Section.

The Crypto-Friendly Gibraltar Stock Exchange Is Doing Its Own ICO

Oscar Williams-Grut – Business Insider

Subsidiary of the Gibraltar Stock Exchange (GSX) is planning to raise $6 million issuing its own digital currency as the British overseas territory looks to take advantage of exploding global interest in cryptocurrencies.

FAO: Progress! Made in Gibraltar!

BitPeople

Automated Trading Firm Plans Crypto Hires in Asia And Office In China

Andrea Tan – Automated Trader

DRW Holdings plans to add staff at its cryptocurrency unit in Asia and is considering opening an office in mainland China, as it expands into new markets.

Latest Developments & Agreements

China’s Largest Cryptocurrency Thrives Despite Intense Crackdown

Bloomberg News – Bloomberg (subscription)

NEO, a digital coin from China that takes its name from a character in The Matrix, has become one of the world’s most valuable cryptocurrencies. And it’s done so by defying many of the principles that underpinned bitcoin’s meteoric rise.

Regulation

Road To Bitcoin ETF Paved With Red Tape

Gertrude Chavez-Dreyfuss  & Trevor Hunnicutt

Bitcoin’s 1,500% surge last year has stoked investor demand for any product with exposure to the red-hot asset. A host of companies are jostling to launch exchange-traded funds which would open up the cryptocurrency to a broad retail market. But regulators are asking tough questions, and five fund managers this week shelved plans to launch ETFs based on bitcoin futures, citing concerns from the U.S. Securities and Exchanges Commission.

FAO: Check our edition the other day.

Startups, Accelerators & Hubs

Cryptocurrency Player Ripple Keen To Set Off Blockchain Waves In Singapore

Straits Times

Fresh from setting up an office in Singapore in September, Ripple is keen to engage the key financial centre in ways to develop the use of blockchain technology, said its top executive, Brad Garlinghouse.

Events

A Bitcoin Conference Has Stopped Taking Bitcoin Payments Because They Don’t Work Well Enough

Saheli Roy Choudhury – CNBC

An upcoming conference dedicated to cryptocurrencies and blockchain technology has stopped accepting ticket payments in bitcoin, suggesting that the method was slow, costly and labor-intensive. The North American Bitcoin Conference, held in Miami next week, said on its website that network congestion and manual processing influenced the decision to stop accepting payments in cryptocurrencies.

Analysis

A Prime Number Could Be The Answer To Bitcoin’s Power Problem

Jonathan Tirone – Bloomberg (subscription)

A mathematical discovery by computer programmers, who used a 350-year-old equation to find a record-breaking prime number, may also offer answers to bitcoin’s out-sized demand for electricity.

Friend Or Foe: Can Ledger Technology Disrupt Singapore’s Financial Services?

Jonathan Tirone – Bloomberg (subscription)

Its ability to simplify transactions may remove the need for brokers. One of the domains of fintech, DLT, could disrupt financial services due to its ability to simplify the transaction process and reduce the number of brokers, UOB Kay Hian said.

Opinion

Forget Cryptocurrencies, Invest In Platforms

Lynn Sebastian Purcell – Seeking Alpha

DNT: A story that tries to lay out a map for the entire Altcoin universe.

 

FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News