Blockchain Daily News – Edition 224, 07.06.2018
June 7, 2018
Blockchain Daily News – Edition 226, 11.06.2018
June 11, 2018

Blockchain Daily News – Edition 225, 08.06.2018

Time for your daily blockchain dosis brought to you by Editor-in-chief Florin Adrian Oprea (FAO) & Editor Decebal Nicolaie Todarita (DNT)! 6 hours of our work for 6 minutes of your time! We have read the Blockchain news for you, so scroll down to read the best (STILL FREE) daily newsletter in this industry!

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Fans’ Section

Andy Warhol Art To Be Sold For Bitcoin Via Ethereum Blockchain

Billy Bambrough – Forbes

Dadiani Fine Art in London’s upmarket Mayfair, through its luxury market place Dadiani Syndicate and in partnership with blockchain platform Maecenas Fine Art, will put 49% of the Warhol work up for sale in cryptocurrencies including Bitcoin and Ethereum on June 20.

FAO: Certainly this publicity stunt worked – this announcement stole the headlines today…

Putin: Russia Should Explore Blockchain To Avoid Finance ‘Limitations’

Anna Baydakova – CoinDesk

Asked if Russia will have its own cryptocurrency one day, Putin said he doesn’t see such an outcome as possible because cryptocurrencies “by definition are beyond the national borders.”

FAO: It was the annual Putin “hotline” day…of course they prepared some questions about blockchain and cryptos…use the hype to steal some headlines…

Deals & Investments

Crypto’s 32-Year-Old Billionaire Mining King Considers An IPO

Blake Schmidt – Bloomberg (subscription)

Self-made billionaire Jihan Wu is sitting on what may be one of the industry’s largest fortunes. Wu runs Bitmain Technologies the world’s dominant producer of cryptocurrency mining chips. The Chinese company has been shrouded in secrecy since its founding five years ago, but Wu is gradually lifting the veil — and revealing clues about his personal wealth — as he pursues an expansion beyond the crypto-sphere that may eventually lead to an IPO.

FAO: Another trend in the making? IPOs of mining companies or mining equipment producers…Only last month other two Chinese mining equipment makers, Canaan Creative and Zhejiang Ebang Communication, announced plans to raise up to $1B each from Hong Kong listings this year.

Exchanges & Trading Venues

Examining Fidelity’s Cryptocurrency Ambitions

Avi Salzman – Financial News (subscription)

Fidelity Investments, which manages $2.4tn in assets, is looking for new employees who can develop products for cryptocurrencies, a sign that it could get more serious about digital currency.

FAO: More analysis on Fidelity’s plans to create its own cryptocurrency exchange. See why Coinbase and Circle are “pedal to the metal” in their race to gain banking/broking licenses asap…more on this in Regulation.

Susquehanna, Fidelity Could Open the Spigots for Institutional Capital in Cryptocurrency

Gerelyn Terzo – Hacked

Susquehanna International Group trades millions of dollars in bitcoin for clients, and now discount broker Fidelity Investments is rumored to be developing a cryptocurrency trading desk. While institutional capital may officially remain sidelined, if you look at the activity of a handful of large financial firms, including the likes of Susquehanna, Fidelity and Goldman Sachs, you wouldn’t know it.

DNT: Read in our yesterday’s edition (Fans’ Section) about Susquehanna plans to open cryptocurrency trading to its clients, initially in the form of Bitcoin futures.

$1.6 billion Coinbase Says That Its Newest Acquisition Puts It ‘On Track’ To Trade Securities, And It Could Mean New Coins Are Coming Soon

Becky Peterson – Business Insider

“If approved, these licenses will set Coinbase on a path to offer future services that include crypto securities trading, margin and over-the-counter  trading, and new market data products,” Coinbase president and COO, Asiff Hirji, said in in a blog post.

FAO:Quite obvious… 

DNT:  Coinbase acquisition of Keystone Capital, Venovate Marketplace & Digital Wealth was reported yesterday.

Cobinhood Planning New Decentralized Exchange Platform

Kyle Baird – Bitcoinist  

Popular cryptocurrency trading platform COBINHOOD has announced plans to launch a new decentralized exchange platform with financial backing from IDG Capital.

FAO: COBINHOOD (not Robinhood…that’s another platform) raised 10 million USD equivalent ETH through an ICO last October.

Cryptocurrencies

Bitcoin Trading Rules Leave Plus500 To Make An Educated Guess

Matthew Vincent – Financial Times (subscription)

Because European regulators – having read studies showing most traders lose money on CFDs, which Plus500 and CMC both offer — are now limiting how much may be traded. For anyone classified as a retail client, rather than a professional, that limit is 30 times the sum deposited if trading conventional currency CFDs. But it is only twice the deposit if trading cryptocurrency CFDs.

Vendors

Blockchain Firm R3 Is Running Out Of Money, Sources Say

Jeff John Roberts – Fortune

R3, a startup that last year announced it had raised $107 million to bring blockchain services to the financial sector, is floundering and could be out of money by early next year, according to two former employees of the company. The company’s reported struggles come amid questions about R3 and its ability to build a business around its version of blockchain.

DNT: Well, let me joke on this one: that’s the problem with fiat money, they are running out every time…Now, seriously, it seems a delicate probleme. Yet, a few weeks ago, R3 raised $15 million from financial settlement provider CLS and to other companies OUE and TIS – reported here, Deals and Investments section.

Quebec Halts Bitcoin Mining Power Requests Amid Booming Demand

Frederic Tomesco – Bloomberg (subscription)

Hydro-Quebec will temporarily stop processing requests from cryptocurrency miners so that it can continue to fulfill its obligations to supply electricity to the entire province. Canada’s biggest electric utility is facing “unprecedented” demand from blockchain companies that exceeds Hydro-Quebec’s short- and medium-term capacity, according to a statement.

DNT: At the beginning of last month, Hydro-Québec put all new applications from bitcoin and other cryptocurrency miners on hold – details here, Vendors section. Now, it looks like the cryptominers will be “temporarily” left in dark.

Sponsors

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Regulation

Crypto Companies ‘Running Towards’ Regulation Is Good For Bitcoin, Analyst Tom Lee Says

Kate Rooney – CNBC

Moves by two major companies in the cryptocurrency space this week could be evidence that regulation is smoothing out and could bode well for struggling bitcoin prices, according to Fundstrat’s Tom Lee.

DNT: The moves to which Lee refers are the acquisition of Keystone Capital by Coinbase, in order to become a regulated broker dealer – details here, Exchanges & Trading Venues section and the Circle plans to seek a federal banking license – details here, Latest Developments & Agreements section.

Regulatory Uncertainty Could Stymy Blockchain Adoption

Lucas Mearian – Computerworld

Even as companies seek to integrate the DLT into their business models, uncertainty about the regulatory landscape is seen as a major stumbling block.

DNT: Of course, nowadays this tends to be a truism, but worth mentioning it every time.

U.S. Cryptocurrency Regulators Show Unified Front To New York City Bar Lawyers

Michael del Castillo  – Forbes

The murmur of New York City lawyers subsided as representatives of all three of the largest United States financial regulators were introduced onstage at a meeting of the city’s prestigious bar association, which serves 24,000 members. One voice rose up above the crowd: “Chinese regulators are the most closed to cryptocurrency,” the voice said. “The United States is, well, confused.”

DNT: If you ask me, it’s better to be “closed” or “opened” with a purpose, then confused…It seems the US Regulators realized it as well, and released recently some guidance statements. Check our FREE ARCHIVE for details.

Events

18-19 June 2018, New Delhi, India – our Publisher and Editor-in-chief, Florin Adrian Oprea (FAO), is invited to speak at the 6th Annual Meeting of The Growth Net, 18-19 June 2018, at the Taj Diplomatic Enclave, New Delhi, India. Join him for a constructive debate about the impact of blockchain technology beyond the use of cryptocurrencies. Being a reader of our daily publications you now have the opportunity of buying discounted tickets – more HERE (do note that a significant discount is applied!).

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25-29 June 2018, Frankfurt, GermanyBlockchain Daily News is a Media Partner of Crypto Startup School, a summer school jointly organized by The Frankfurt School Blockchain Center and the German Tech Entrepreneurship Center. The event will take place from 25th – 29th of June 2018 on the campus of the Frankfurt School of Finance and Management.

Tickets can be purchased HERE and because you are a reader of our daily publications, you can use this voucher code NEWS-BCA-CSS2018 for a 10% discount.

Analysis

Who Really Owns Bitcoin Now

Hannah Murphy – Financial Times (subscription)

How many have gained — and lost — from the bitcoin bubble? Exclusive data from blockchain research company Chainalysis provides some tantalising answers.

$1.1 Billion In Cryptocurrency Has Been Stolen This Year, And Iit Was Apparently Easy To Do

Kate Rooney – CNBC

$1.1 billion worth of cryptocurrency was stolen in the first half of 2018, and it’s relatively easy to do, according to cybersecurity company Carbon Black. “It’s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware,” Carbon Black Security strategist Rick McElroy says. The necessary malware, which even occasionally comes with customer service, costs an average of $224 and can be as cheap as $1.04 on the “dark web.”

DNT: Read also, a few lines below, in Other news section, a story about the hackers attacks on cryptos, that are tending to become regular.

FAO: “malware, which even occasionally comes with customer service” – OMG, this is hilarious!!! So, imagine a hacker calling them to complain the malware wasn’t successful. Will he/she ask for a refund? This made my day…  

Bullish Signals Hint At Bitcoin Price Breakout

Omkar Godbole  – CoinDesk

Still stuck in a narrowing price range, BTC could soon rise to resistance above $8,000 if the bulls are able to leap the 50-week moving average hurdle.

Other news

Blockchain’s Once-Feared 51% Attack Is Now Becoming Regular

Alyssa Hertig – CoinDesk

Monacoin, bitcoin gold, zencash, verge and now, litecoin cash. At least five cryptocurrencies have recently been hit with an attack that used to be more theoretical than actual, all in the last month. In each case, attackers have been able to amass enough computing power to compromise these smaller networks, rearrange their transactions and abscond with millions of dollars in an effort that’s perhaps the crypto equivalent of a bank heist.

Facing Regulatory Pressure On Supply Chain, Drug Companies Look to Blockchain

Steve Rosenbush – The Wall Street Journal (subscription)

Under federal pressure to tighten the pharmaceutical supply chain and keep drugs from falling into the wrong hands, drug companies are ramping up experiments with promising but unproven blockchain technologies.

Opinion

Dutch Central Bank: Blockchain ‘Promising But Inefficient’ In Payments

Wolfie Zhao – CoinDesk

In a blog post De Nederlandsche Bank came to the conclusion that DLT is not suitable for its existing financial payment infrastructure due to its insufficient ability to scale for large volumes of transactions and other issues.

 

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News