Blockchain Daily News – Edition 85, 01.11.2017
November 1, 2017
Blockchain Daily News – Edition 87, 03.11.2017
November 3, 2017

Blockchain Daily News – Edition 86, 02.11.2017

Blockchain Daily News

by Florin Oprea

Edition 86, 02.11.2017

Fans’ Section

Jamie Dimon’s Bitcoin Rant Defends Status Quo

Angelo Calvello – Institutional Investor

Dimon’s rant, which was one of many banking titan rants against Bitcoin in recent weeks, was not so much a disavowal of Bitcoin as a strident public defense of the existing investment industrial complex. Frankly, he couldn’t care less about the price of Bitcoin; what he does care about is the continued hegemony of intermediaries.

DNT: Frankly, I kinda missed the stories about Mr. Jamie Dimon. This one is really good and it underlines the true motivation behind the statements of “banking titans” who have tried to protect the most precious thing they have: the domination of financial system. Do you remember “Lord of the Rings” series? …It’ a ”my preciousss” type of attitude…

FAO: Speaking of “strident public defense of the existing investment industrial complex” as Angelo Calvello put it in the article above, here’s another titan, Mohamed El-Erian, the former CEO of PIMCO. He’s back after a previous intervention in a Bloomberg piece 2 months ago (reported here). Something is telling me that Jamie will soon be back too. Oh, btw, Bitcoin just reached $7000…

Bitcoin Is A Commodity, Not A Currency, Allianz’s Mohamed

Yen Nee Lee – CNBC

Bitcoin, despite the large amount of interest it has attracted, has not achieved the kind of stability a currency should possess, Allianz Chief Economic Advisor Mohamed El-Erian said, adding that he agrees with the notion that the cryptocurrency is more of a commodity.

DNT: Check our Archive for more opinions on this topic.

Bitcoin Is Too Big To Ignore, So Exchanges Are Coming Up With New Ways To Trade It

John Detrixhe – Quartz

Bitcoin is growing up. CME Group, the world’s largest derivatives exchange, said yesterday that it will create a futures contract for trading the cryptocurrency, another sign it is becoming a mainstream financial asset like gold or oil. The news sent the bitcoin price soaring to yet another new record, surpassing $6,500 for the first time.

FAO: John Detrixhe, a true connaisseur of the exchange business, talks about yesterdays main topic – CME’s launch of a Bitcoin futures contract and what it means for the exchange industry.

Deals, Investments & M&As

What To Do If You Inherit $150 Million in Bitcoin?

Alex Frangos – The Wall Street Journal (subscription)

Say you’ve discovered a wad of cash in a secondhand coat or, more appropriately, a wad of virtual bitcoin on the hard drive of a used computer. With the virtual currency up nearly sevenfold against the dollar this year, do you sell or hold?

FAO: The acquisition of Fortress Investment by SoftBank brought the latter a “small” bonus.

DNT: First of all, celebrate! BTC hit $7000!

Exchanges & Trading Venues

Major Chinese Exchanges Launch P2P Trading Platforms

Samuel Haig  – Bitcoin.com

China’s major exchanges have found a legitimate means through which to continue operations despite the Chinese government crackdown on cryptocurrency exchanges.

DNT: Nice and probably efficient move of China’s exchanges.

FAO: As Chinese crypto-exchanges rethink their business models and/or move to friendlier jurisdictions, should we expect more actions from the government? Is China ready to lose more business? We think not!

Implementing Derivatives Clearing On Distributed Ledger Technology Platforms

Banking Technology

Clearing houses and CCPs play a pivotal role in managing collateral and counterparty risk, in increasing standardisation and transparency of financial markets, and in the credit enhancement process for clearing banks.

BitPeople

ZoKrates Seeks to Bring Best of Zcash to Ethereum with Devcon Debut

Rachel Rose O’Leary – CoinDesk

The goal of the project is to provide developers with a toolkit that could help them realize the potential of a much-anticipated blockchain privacy tool called zk-snarks.

FAO: Devcon, the Ethereum Foundation developers conference, has begun yesterday. Buterin was the first to present – read more about his plans in the following section.   

Bitcoin’s Mysterious Creator Appears to be Sitting On a $5.8 Billion Fortune

Rob Wile – Money

It’s been a very good year for Bitcoin, with the cryptocurrency climbing more than 600% to over $6,000. As result, one of Bitcoin’s largest holders appears to now be worth nearly $6 billion.

Alex Tapscott’s Crypto VC Firm Going Public With $100M CAD Falsely Touted 4 Blockchain Stars As Advisors

Laura Shin – Forbes

NextBlock Global is going public in Canada and raising $100 million CAD ($77 million USD), falsely named four blockchain stars as advisors in an investor document.

FAO: Dude! That’s a gross faux pas!

Latest Developments & Agreements

‘A Modest Proposal’: Vitalik Unveils Multi-Year Vision For Ethereum

Alyssa Hertig – CoinDesk

What do you do after you’ve created a multibillion-dollar cryptocurrency? A skinny, 23-year-old hacker in a green “Doge” t-shirt gave an answer At ethereum’s flagship conference, Devcon, project creator Vitalik Buterin revealed he has been quietly working on a new long-term plan for the future of the blockchain network. What he called a “modest proposal,” it’s perhaps better described as a three-to-four-year roadmap for ethereum’s technical development.

FAO: Buterin shared his plans for Ethereum at Devcon3. A new solution called “sharding” is proposed as the “likely” solution to the  scalability problem. Worth reading!

Startups, Accelerators & Hubs

Indonesia Is Ripe For Cryptocurrency Disruption — Could It Be Asia’s Next Bitcoin Hub?

Sharon Lam – Forbes

At first glance, Indonesia possesses the unique conditions that make it well-poised for bitcoin adoption. As the world’s fourth most populous country, it’s home to a largely cash-based and offline community, and huge swaths of the population—up to 80%— remain unbanked.

Events

Devcon3 – Nov 1-4, 2017 Cancun, Mexico – more here.

Analysis

Bitcoin Soared Above $6,900 Despite Strong Regulatory Warning From The Securities And Exchange Commission On ICOs

Frank Chaparro – Business Insider

Bitcoin blew past $6,900 Wednesday even after the Securities and Exchange Commission warned investors about celebrity endorsements for certain cryptocurrency-based fundraising efforts.

FAO: Looks like nothing can stop it! Right? Hmmm..

Other news

Amazon Subsidiary Registers Cryptocurrency And Ethereum Domains

Stan Higgins – CoinDesk

E-commerce giant Amazon has registered three cryptocurrency-related web domains, online records show.

Opinion

Bitcoin Futures May Be Coming But Trading Hurdles Remain

Gunjan Banerji – Fox Business

Longtime participants of derivatives markets say starting up a healthy, thriving market for cryptocurrency futures or options could be complicated. They point to issues like how to value bitcoin derivatives and whether there will be enough traders who can consistently post prices.

FAO: Absolutely! It will take time to “accommodate” so many “players”, but what matters is that the course was set.

 

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

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News