Blockchain Daily News – Edition 143, 06.02.2018
February 6, 2018
Blockchain Daily News – Edition 145, 08.02.2018
February 8, 2018

Blockchain Daily News – Edition 144, 07.02.2018

Blockchain Daily News

by Florin Oprea

Edition 144, 07.02.2018

Fans’ Section

Get Ready For Most Cryptocurrencies To Hit Zero, Goldman Says

Kana Nishizawa – Bloomberg (subscription)

The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Steve Strongin Goldman Sachs’ global head of investment research.

FAO: …says the investment bank which was rumoured to have planned a crypto trading desk (more here), but denied the information by its CEO (more here). The bank’s global head of investment research affirms cryptos will hit zero, but I think it was the same bank’s global head of commodities research, Jeff Currie, who had a different opinion last year (read here).

With the risk of repeating myself: “IF IT’S NOT IMPORTANT WHY TALK ABOUT IT?” Why don’t you talk about other “bubbles”…

I see Bloomberg is steadily transforming its content by moving a lot of it towards cryptos. Guess it sells a lot, right? Be careful Bloomberg, you may end up the CNBC way, calling everybody to ask about bitcoin. Readers beware! Extra vigilance needed these days – you never know when Bloomberg/CNBC calls you to ask your oponion about cryptos…

Cryptocurrency Market Could Hit $1 Trillion This Year With Bitcoin Surging To $50,000, Experts Say

Arjun Kharpal – CNBC

Cryptocurrencies could go on a bull run greater than last year and pass the trillion-dollar mark in terms of value, experts said following a recent violent sell-off across digital coins.

FAO: See what I mean? This kind of remarks are equally disturbing, annoying and damaging. Why don’t you just let it be… Why do you have to make a soap opera out of it? (says the editor-in-chief, rolling his eyes…)

Singapore Says No Strong Case To Ban Cryptocurrency Trading

Reuters Staff – Reuters

Singapore’s central bank has been studying the potential risks posed by cryptocurrencies, but there is as yet no strong case to ban trading of the digital coins in the city-state, Deputy Prime Minister Tharman Shanmugaratnam said.

FAO: Right, now moving to more serious stories…Packed your bags? Ready for Singapore? BTW, you might want to read today’s last section too…

Deals & Investments

Augur Ahead? One Of The Oldest ICOs Is Almost Live

Brady Dale – CoinDesk

In what could be one of the year’s most talked-about launches, a cryptocurrency project called Augur may soon invite its community to bet against its success.

Cryptocurrencies

Bitcoin Snaps Slide as Crypto Markets Dodge Push for Regulation

Lily Katz & Olga Kharif – Bloomberg (subscription)

Bitcoin rose for the first time in six days, snapping a losing streak that had helped push overall losses in digital currencies to about $500 billion, as the top U.S. market cops said they possessed all the authority needed to regulate and risk appetite returned to financial markets.

Bitcoin Traders Are Relieved At CFTC And SEC Cryptocurrency Senate Hearing Testimony

Lucinda Shen – Fortune

The Senate Banking Committee heard testimony from the chairman of the CFTC, Christopher Giancarlo, and the chairman of the SEC, Jay Clayton, on the potential dangers of digital currencies as investments. Their testimony, amid a crackdown on Bitcoin exchanges in China and South Korea, wasn’t as negative as many cyrptocurrency investors had feared.

FAO: Scroll down to Regulation for more related coverage…

Compliance Officers Sweat As Cryptocurrency Trades Go Mainstream

Anna Irrera – Reuters

As major financial institutions weave themselves deeper into the patchwork of cryptocurrency trading, they are trying to figure out how to handle conflicts that could arise when employees trade digital coins in their personal accounts.

Indonesia Can’t Stop Circulation Of Bitcoin: Ex-Finance Minister Chatib Basri

The Jakarta Post

Former finance minister Chatib Basri has said that prohibiting the circulation of bitcoin and other cryptocurrencies is not an effective way to prevent negative impacts.Instead, he said, Bank Indonesia as the central bank needed to issue digital currency to become an official digital payment instrument, circulation of which could be monitored.

Ex-PayPal President, David Marcus: Facebook Messenger Unlikely To Support Crypto

Annaliese Milano – CoinDesk

Facebook Messenger is unlikely to embrace cryptocurrency payments anytime soon according to David Marcus, Facebook’s vice president of messaging.

Exchanges & Trading Venues

About 8% Of Cryptocurrency Accounts Converted To Real-Name Trading System

Yonhap

About 8% of virtual bank accounts for cryptocurrency trading have been converted to real-name bank accounts, a week after the government ended anonymous trading of cryptocurrencies.

FAO: Rome wasn’t built in a day..

Coinbase Says Credit Card Fees Are Piling Up on Crypto Sales

Lily Katz – Bloomberg (subscription)

Financing cryptocurrency purchases on a credit card keeps getting harder. 

Coinbase said customers are now getting slapped with “cash advance” charges when using credit cards to buy Bitcoin and other virtual currencies. The announcement in a blog post came just days after several big banks said they’re starting to block the transactions entirely.

BitPeople

Bitcoin: Why Is It So Male-Dominated?

Hannah Kuchler – Financial Times (subscription)

A decade older than my brother, I take some things for granted. I have a professional job, a degree, a credit card; he stays up later than me, knows the cool music and can travel for months at a time. So it came as a surprise to find that his investments were raking it in — because, unlike me, he has put money into bitcoin and other cryptocurrencies.

Regulation

U.S. Regulators May Ask Congress For Virtual Currency Legislation

Michelle Price & Pete Schroeder – Reuters

U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the SEC said.

Bitcoin Draws Congress’ Ire As Regulators Bemoan Oversight Gaps

Benjamin Bain – Bloomberg (subscriptions)

The U.S.’s top market cops identified gaping holes in regulators’ ability to police cryptocurrencies, opening the door for Congress to tighten oversight of what’s become a global investment craze.

The US Government Is Trying To Get Coordinated In Its Efforts To Regulate Bitcoin

Evelyn Cheng – CNBC

Treasury Secretary Steven Mnuchin is taking the lead on bringing together federal government agencies to coordinate regulation of cryptocurrencies, J. Christopher Giancarlo, the chairmen of two financial regulatory commissions said. 

FAO: Yes, as anticipated, legislation expected in the US. It’s only a matter of time (and money)…

Illinois Builds Momentum For Blockchain

Sara Friedman – GNC

Over the past year, the Illinois Blockchain Initiative has grown from a nascent project based at the Illinois Department of Technology into a program with two completed pilots and renewed momentum for the next stage of research.

Cryptocurrencies Pose No Threat To Romania’s Economic Stability – C-Bank

See News

Romania’s central bank said  that cryptocurrencies are not threatening the country’s financial stability but warned of the high risks associated with trading virtual coins.

FAO: Attention! As you were…

Analysis

Analysis: Bitfinex And Tether Are Still Too Close For Comfort

Rachel McIntosh – Finance Magnates

Suspicions surrounding the legitimacy of $2.2 billion in Tether dollars continue to grow.

Other news

Warren Buffet’s Railroad Firm Joins Blockchain Alliance

Wolfie Zhao  – CoinDesk

BNSF Railway has become the latest member of the Blockchain in Transport Alliance. BNSF said in a statement that it joins the alliance in an effort to work with other members to set standards for how data can be transacted within a transportation blockchain, as well as how that data needs to be formatted and structured.

FAO: Berkshire Hathaway joining the (block)chain…

Here’s Why Singapore Airlines Moved Its Frequent Flyer Program To The Blockchain

Olivia Krauth – TechRepublic

Singapore Airlines is launching the first blockchain-enabled digital wallet for an airline loyalty program, the airline announced. The KrisFlyer digital app will allow frequent flyers to spend their digital miles at participating retailers. The option to quickly spend miles on things other than more flights could potentially save business travelers money and make travel simpler.

FAO: Singapore eats, drinks and breathes blockchain…now also flying on the blockchain…

 

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

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News