Blockchain Daily News – Edition 74, 17.10.2017
October 17, 2017
Blockchain Daily News – Edition 76, 19.10.2017
October 19, 2017

Blockchain Daily News – Edition 75, 18.10.2017

Blockchain Daily News

by Florin Oprea

Edition 75, 18.10.2017

Fans’ Section

Bitcoin Is A ‘Speculative Bubble’ And Unlikely To Become A Real Currency, UBS Says

Arjun Kharpal – CNBC

We think the sharp rise in cryptocurrency valuations in recent months is a speculative bubble“, UBS wrote in a white paper.

FAO: What else could Switzerland’s largest bank say about BTC? It was their turn to attack. OK, who’s next? I think we haven’t hear anything from EU banks yet. Am I right?

Goldman And Google Are Among The Most Active Blockchain Investors

Camila Russo – Bloomberg (premium subscription)

Goldman Sachs is the fifth most active corporate blockchain investor, with involvement in four companies focused on the DLT since 2012, according to a report by tech researcher CB Insights.

FAO: Earlier this month Lloyd Blankfein tweeted (check this Bloomberg piece) that he’s “still thinking about #Bitcoin.”

Blankfein confirmed that Goldman is still trying to determine how to handle bitcoin. Did you hear that, Jamie? Bitcoin!

The One Way Governments Could Murder Kill Bitcoin

Sovereign Man  – ValueWalk

It appears that Jamie Dimon, CEO of JP Morgan Chase, went nearly TWO WEEKS without bashing Bitcoin.This must be a record for Mr. Dimon, who seems to have barely been able to last an hour without calling out Bitcoin as a “fraud”, or a refuge for criminals and North Koreans.

Hedge Fund Betting On Bitcoin Spread Unfazed By Record Price

Suzy Waite – Bloomberg (premium subscription)

Bitcoin-focused hedge fund BitSpread isn’t interested in the price of the cryptocurrency, even as it soared close to the $6,000 mark this week. Instead, the firm is looking at something else: the price disparity between the exchanges that sell bitcoin.

FAO: BitSpread gained nearly 80% this year. Did you hear that, Jamie? Bitcoin!

Deals, Investments & M&As

Crypto And ICOs Just Entered The Physical World In A Big Way

Benjamin Joffe – Forbes

All investors should be hyped up about ICOs as they might benefit under-capitalized sectors such as hardware, but each new company launching an ICO must work hard to find an “angle”.

FAO: Discusses Bitmain, the first hardware crypto unicorn and Lampix, the first hardware ICO.

Data Sheet – How Top VCs Are Betting On Blockchain

Aaron Pressman, Robert Hackett – Fortune

CB Insights, a market research firm tracking the venture capital industry, mapped out the relationships between some of the most prestigious VC dealmakers in a new report previewed exclusively with Fortune.

FAO: Very useful data.

Cryptocurrencies

Authoritarian Cryptocurrencies Are Coming

Leonid Bershidsky –  Bloomberg (premium subscription)

With Russia and China both embracing the idea of sovereign cryptocurrencies, it’s time to ask a simple question: Why is a technology threatening to decentralize money so attractive to highly centralized, authoritarian regimes?

DNT: Indeed a legitimate question…But it might be a simple answer: taxes. Like former american president Calvin Coolidge (between 1923 -1929) said: “Collecting more taxes than is absolutely necessary is legalized robbery”. Not that we would necessarily agree…but it seems governments do.

Check out our previous edition to find some interesting comments about this topic.

FAO: I have commented Russia’s position yesterday, and we expect China to take similar actions pretty soon. Long live the free world!

Oh, absolutely no surprise in the story below:

Kazakhstan Plans To Launch Its Own Cryptocurrency

Ryan Browne – CNBC

Kazakhstan wants to enter the cryptocurrency market – with its own fiat-backed digital asset.

The country’s government-supported Astana International Finance Center (AIFC) said it had signed a deal of cooperation with Maltese firm Exante.

FAO: You can find the AIFC press release here.

Vendors

Spain’s Biggest Companies Are Charging Into Crypto

Jonathan Shieber – TechCrunch

A consortium composed of the top technology officers at some of Spain’s largest companies in finance, energy, and telecommunications has launched to develop a national blockchain based ledger — with help from the nation’s government and universities.

FAO: There were so many stories and announcements today that we could have easily published at least two bulletins. Instead we opted to publish them on the website version. Go there to find out more details regarding the latest projects involving: Natixis, Societe Generale, Broadridge, BBVA, BBVA Bancomer, Calypso, BNP, EY etc. etc.

Lawsuit Between R3 And Ripple Is Far From Over
JP Buntinx – News BTC

The legal spat between R3 and Ripple is not over just yet. Even though the case is thrown out in Delaware, several cases are still in place. For now, the focus will shift to San Francisco. Ripple countersued R3 in this city last month. There is also another legal battle in New York as well

Five Ways Banks Are Using Blockchain

Martin Arnold – Financial Times (subscription)

Blockchain was initially treated with scepticism by banks. However, this has changed dramatically. Blockchain is the hottest buzzword in the sector, even if the recent flurry of cryptocurrency fundraisings via “initial coin offerings” is attracting intense regulatory scrutiny.

Natixis, Société Générale And Broadridge Complete Blockchain Pilot

Tanya Andreasyan – Banking Technology

Broadridge Financial Solutions, Natixis and Société Générale say they have “successfully completed” a pilot project that leverages blockchain technology for bilateral repurchase, or repo, agreements.

BBVA And BBVA Bancomer Deploy DLT-Based FX Matching Pilot From Calypso Technology and R3

Business Insider

The application, which runs on R3’s Corda platform and is facilitated by Calypso’s Cloud Services, has already been used by the two banks to match a live FX trade.

BNP, EY Complete Blockchain Trial For Internal Treasury Operations

Sujha Sundararajan – CoinDesk

BNP Paribas and “Big Four” accounting firm EY are taking aim at back-office costs with their latest blockchain work. The two companies completed a trial aimed at investigating whether private blockchain technology could improve the bank’s global internal treasury operations.

BitPeople

Meet The Blockchain Tourists

Lionel Laurent – Bloomberg

Blockchain experiments are everywhere in finance these days. Actual blockchain applications that are big enough to have any lasting impact on banking, not so much.

FAO: Makes reference to a term Ripple’s CEO used earlier this month: ‘Blockchain Tourists’, people who, in his opinion, are making nothing more than just experimenting with blockchain.

Regulation

Central Bank Of Iran Plans To Regulate Virtual Currencies In 2018

Hamed Jafari – Techrasa

A new document by Central Bank of Iran on new Fintech shows that the country is planning to regulate blockchain and cryptocurrency technologies by the end of the first half of the Persian year 1397 (Q3 2018). Up until now, Iran’s government has not taken a clear stance on cryptocurrency and digital payment systems

FAO: The Central Bank Of Iran has unveiled its fintech policy earlier this month, more here, in FinTech Daily News.

Events

Sibos Highlights Swift’s Complicated Relationship With Blockchain

Michael del Castillo – CoinDesk

Hosted by Swift, the messaging platform that connects the world’s banks via a centralized ledger system, the event struggled in the face of an unlikely pressure – a competing conference across town put on by Ripple, a competitor focused on promoting a more decentralized solution.

FAO: The CEO of Swift, Gottfried Leibbrandt, didn’t miss the chance of using the analogy between the “interesting valuations” of various digital assets and the “tulip bulbs mania” of the 17th century. “As the screen switched to an image of tulip bulbs, the audience erupted in laughter.”

Other news

500 Million Users Affected Every Month By Pirates to Mine Cryptocurrency

Darryn Pollock – The Cointelegraph

Experts at AdGuard have suggested that the new phenomenon that has seen a couple of sites caught using website visitor’s CPU power to mine cryptocurrency, may in fact be a bigger issue than first believed.

Opinion

Early Bitcoin Investor Has Some Advice On How Much Money To Hold In Bitcoin

Julie Verhage – Bloomberg

As bitcoin approaches yet another record, Union Square Ventures’s Fred Wilson says investors should be careful how much of their portfolios are allocated to digital currencies.

DNT: No kidding? …Another truism…I think nobody can say exactly what “percentage of someone’s investments should be tied to things like bitcoin”. We all know there are many investor typologies, strategies, appetite for risk, and so on…

 

 

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

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News