Blockchain Daily News – Edition 147, 12.02.2018
February 12, 2018
Blockchain Daily News – Edition 149, 14.02.2018
February 14, 2018

Blockchain Daily News – Edition 148, 13.02.2018

Blockchain Daily News

by Florin Oprea

Edition 148, 13.02.2018

Fans’ Section

European Banks Break Ranks Over Cryptocurrencies

Martin Arnold & Ralph Atkins – Financial Times (subscription)

A handful of smaller European banks are breaking ranks with the rest of the sector by giving investors access to cryptocurrencies and advising on ICOs, despite an intensifying effort by regulators to clamp down on the area. Vontobel and Falcon Bank, the Swiss private banks, are among the lenders that are agreeing to handle cryptocurrency-based investments on behalf of their clients. Germany’s Fidor Bank and Liechtenstein’s Bank Frick are also providing such services.

FAO: And I am sure these banks offer such services because their clients have manifested their interest for this whole new asset class. The future in banking services, like in any other class of services, is having the right approach and be flexible in relation with your clients an their needs. Right? With the right regulation in place (soon to follow), major banks will start providing such crypto services as well.

Deals & Investments

Bitfury-Backed Bitcoin Miner Hut 8 Prepares To Go Public

Nikhilesh De  – Cointelegraph

Bitcoin Chip Battle Brewing Behind Hut 8’s Canadian Listing

Natalie Obiko Pearson – Bloomberg (subscription)

A new stock listing in Canada will soon give investors their first chance to buy into the booming market for computer chips driving most of the world’s bitcoin mining farms.

Hut 8 Mining Corp. which is set to debut on the TSX Venture Exchange in Toronto this month, is backed by Bitfury Group the main competitor to the Chinese company that dominates the market.

FAO: A lot of Chinese miners are migrating their operations elsewhere. No wonder, considering China’s clampdown on the whole “cryptoverse”, and, no wonder they choose Canada (more on the topic – here), as their new home has a chilly climate and a lot of cheap power.

Cryptocurrencies

Why Governments Might Join The Cryptocurrency Craze

David Tweed – Bloomberg (subscription)

With crypto mania sweeping the world, a handful of countries have stirred at the possibility of issuing their own virtual currencies based on blockchain. For now, the idea seems most popular among autocrats looking to evade or undercut international sanctions that are enforced, in part, through the global banking system. But advocates of government-backed cryptocurrencies say that if the movement takes hold — which is by no means assured — it could irrevocably change the international monetary system as we know it.

Cryptocurrency Speculation Could ‘Destroy’ Innovation, Sopnendu Mohanty, Singapore Central Bank Exec Says

Ryan Browne & Arjun Kharpal – Bloomberg

Speculative cryptocurrency investors are negatively impacting on experimentation with the nascent technology, Sopnendu Mohanty, CFO of the Monetary Authority of Singapore said. He also said he did not want speculative investing in the digital currency space to “destroy the experimental value of cryptocurrency.”

FAO: This means the rules and regs the authorities need to create should preserve innovation and discourage extreme speculators and manipulators…

Exchanges & Trading Venues

Coincheck Begins Allowing Yen Withdrawals Ahead Of FSA Deadline

Yuji Nakamura – Bloomberg (subscription)

Coincheck has begun letting some users make withdrawals in yen. The Tokyo-based company began accepting requests to withdraw yen deposited there and social media posts by some customers showed requests being processed.

FAO: Updates on Coincheck’s activity. Good, they still have the yens…

Chinese Traders’ Key Link To Cryptocurrency Market In Trouble

Kenta Kurihara –  Nikkei Asian Review

In yet another blow to the cryptocurrency market, Tether has come under official scrutiny in the U.S.

Dubai Trader Gets First Mideast License in Cryptocurrencies

Claudia Carpenter – Bloomberg (subscription)

Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies, the Dubai Multi Commodities Centre said.

New Crypto Exchanges Launch In South Korea Despite Lack Of Fiat Deposits

Kevin Helms – Bitcoin.com

A number of new cryptocurrency exchanges are launching in South Korea despite being unable to provide full service due to regulatory challenges. Since the Korean government enforced the real-name system on cryptocurrency accounts, banks have only been providing fiat deposit services to the country’s four largest crypto exchanges.

BitPeople

Financial Advisors Are Missing One Key Technology Disruption

Lorie Konish – CNBC

If you’re a financial advisor, chances are you’re not using blockchain technology and not even sure how to define it. But you could be missing one of the biggest developments poised to disrupt the entire financial services industry, according to some financial experts.

DNT: It’s absolutely true. I know some so called financial advisors who don’t have a clue about blockchain technology. But we can change that. It’s a must! First step, read Blockchain Daily News and spread the word about it.

Regulation

EU Watchdogs Warn Consumers Of Cryptocurrency “Pricing Bubble”

Reuters Staff – Reuters

Virtual currencies such as bitcoin have shown clear signs of a pricing bubble and consumers could lose all their money, the European Union’s banking, securities and insurance watchdogs said.

DNT: Thanks to EU watchdogs for notifying that. Of course, it’s sarcasm!  

FAO: Warnings, warnings everywhere. We agree, some consumers clearly need these warnings and need to be protected, especially in countries where financial literacy is very low. But at the same time, we think both consumers and watchdogs need more than warnings…

Events

Africa FinTech Summit August 16-17 2018 – Accra, Ghana – Agenda here

FAO: I am one of the speakers at the event, you can check the entire list of speakers here. Please note that I am building up my agenda for 2018 – if you want me as a speaker at your events better get in touch before my year gets uber busy – contact me here.

Analysis

Now Cryptojacking Threatens Critical Infrastructure, Too

Lily Hay Newman – Wired

The rise of cryptojacking has fueled mining’s increasing appeal. But as attackers have expanded their tools to slyly outsource the number of devices, processing power, and electricity powering their mining operations, they’ve moved beyond the browser in potentially dangerous ways.

FAO: Bare in mind that recently the websites of some U.S. and UK government agencies got infected for with code for mining digital currencies.

Other news

Bitcoin Investors Aren’t Paying Their Cryptocurrency Taxes

Jen Wieczner – Fortune

Despite months of warnings to pay their taxes on cryptocurrency profits, American Bitcoin investors aren’t in a hurry to tell Uncle Sam what they owe.

Opinion

Hedge Fund Manager Brian Kelly: I Believe So Strongly In Bitcoin And Other Cryptos I Put Nearly All My Money In Them

Matthew J. Belvedere – CNBC

Brian Kelly, an outspoken bitcoin uberbull said that he has nearly all of his money invested in cryptocurrencies.

“Like 90%,” Kelly estimated... “I run a fund. I have my money in that. I’ve got investments elsewhere.”

JP Morgan Warns: There’s A ‘Fairly High Risk’ Bitcoin Could Get Cut In Half

Frank Chaparro – Business Insider

Conditions may be forming for a sell-off towards $4,605, according to chart-readers at JPMorgan. That would be a nearly 50% decline from its current price of $8,682 a coin.

FAO: They don’t like bitcoin, they don’t trade bitcoin, they don’t “sell” bitcoin, but they analyze bitcoin charts…

Bitcoin Risks Crashing To $900 If Dot-Com Mania Is Any Guide

Eddie Van Der Walt – Bloomberg (subscription)

Bitcoin is heading lower — much lower — if the go-go years of the dot-com bubble are any indication.

DNT: I can’t help myself to notice that this kind of story is one that can cause shivers down the spine..

 

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

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News