by Florin Oprea
Jennifer Ablan & Jonathan Stempel – Reuters
Bitcoin, whose value has fluctuated significantly this month, remains a “speculative” investment that thrives because of its anonymous nature, BlackRock Inc Chief Executive Larry Fink said.
FAO: Here’s Fink, again, talking bitcoin. Last month he said Bitcoin is an index of money laundering. If Fink is back after only a month, does it mean we will soon hear some more from Jamie as well??? We miss you, Jamie! Come back!
Philipp Sandner, Frankfurt School Blockchain Center: Actually, there is much more value than just anonymity. Think of an international boundaryless trust backbone – e.g. for financial processes in developing countries.
Chloe Aiello – CNBC
Commodities guru Dennis Gartman is not backing off his dramatically bearish stance on bitcoin.
Gartman: “This is a market … for criminals, this is a market for millennials,” …”This is a market for pure punters, but there is no value here whatsoever.”
FAO: What strikes me, and amuses me at the same time, is that Gartman discussed bitcoin at CNBC’s famous show “Fast Money.” Good one!
DNT: After we had a quiet day on Tuesday, our “Fan’s Section” returns in glory. On the other hand, Mr. Gartman should read the next story. Institutional investors – not “criminals or punters…”
Mike Novogratz, the former macro hedge fund manager at Fortress Investment Group who has joined the mad dash for crypto-currencies, said mainstream institutional investors are about six to eight months away from adopting bitcoin.
FAO: For those who don’t know, Novogratz announced earlier this year his plans to launch a $500m hedge fund to invest in cryptocurrencies, ICOs and related companies. $150 million will be his own money. Institutional investors are welcome, and they will come (and presumably push prices higher) especially now after CBOE and CME announced their plans – more details in the article below, and in our Archive, of course.
Evelyn Chang – CNBC
Investors who want to bet against bitcoin’s massive price gains can likely do so beginning in mid-December, according to Terry Duffy, the head of the world’s largest futures exchange. (Ed. note: CME)
DNT: I have a question for Mr. Jamie Dimon, and all others who expressed themselves regarding BTC bubble: Are you in?
FAO:…even sooner than we expected.
Philipp Sandner, Frankfurt School Blockchain Center: It will be interesting to see what happens if crypto meets traditional financial instruments.
Don Weinland, Louise Lucas – Financial Times (subscription)
Pent-up demand from Asia is driving the booming global market for ICOs as regulators in China and South Korea try to curtail such fundraising activity. Companies have raised about $3.2bn this year through coin offerings, up from less than $300m last year, according to Coindesk, a data company that tracks global issuance.
FAO: Referring to actions in China and South Korea against ICO’s, I reckon there’s an old saying which matches perfectly in this context: “What doesn’t kill you makes you stronger”.
JP Buntinx – The Merkle
In the case of Kraken, users seem to find something new to complain about every other week. A lot of traders suffered from issues which have been prevalent for many months, if not years, already. Slow loading speeds, HTTP errors, trades failing to execute in time, API issues – all of these problems are almost a daily occurrence on the Kraken platform. It is a very sad situation which never seems to improve.
FAO: Quite worrying…especially for an exchange with “pretentions”…
First Trust has jumped on the blockchain trend with its most recent filing, joining firms like Reality Shares and Amplify ETFs. The First Trust Indxx Blockchain ETF is slated to list on the Nasdaq stock exchange.
Oscar Williams-Grut – Business insider
Cryptocurrency exchanges are rife with “pump and dump” scams that would be illegal in most markets and leave unsuspecting investors at risk of large losses. Crypto traders are using the secure messaging app Telegram to orchestrate the scams. Their strategy is to suddenly inflate the price of a cryptocurrency by coordinating a few buyers to act at specific times.
FAO: As we have stated before, every investor should read proper analysis before investing, and should be aware of the associated risks. You have been warned!
An industry consortium led by the Monetary Authority of Singapore and the island’s Association of Banks has released the source-codes of three successful distributed ledger prototypes for inter-bank payments, in an effort to encourage other financial institutions and central banks to experiment with the technology.
FAO: I am sure you know there’s a Fintech Festival in Singapore these days – more in FinTech Daily News. This release follows a set of developments previously revealed as parts of “Project Ubin”, a MAS-led initiative to use DLT for the clearing and settlement of payments and securities. Partners in the project: R3, BAML, JPMorgan, Credit Suisse, and Mitsubishi UFJ Financial Group. Check here more details related to Project Ubin.
Tom Groenfeldt – Forbes
A global Fortune 500 corporation with a captive insurance operation operating in about 100 countries has implemented a blockchain prototype with Allianz Global Corporate & Speciality The prototype showed that with blockchain, international insurance transactions can be significantly accelerated and simplified, the insurer said in a press release.
Joon Ian Wong – Quartz
Bitcoin’s price fell over the weekend – while the price of an offshoot, bitcoin cash, soared. The rally in bitcoin cash was so bullish that it even briefly surpassed another cryptocurrency, ethereum, in total market value, at $29.9 billion.
FAO: Bitcoin’s hash rate fell by 50% over the weekend.
Armine Sahakyan – Huffington Post
Blockchain has been touted as everything from the future of finance to the cure to poverty and the only way to secure land registries. Now it is being pushed as the future of the very democratic process, but can it really work this way?
FAO: What do you think?
Doug Alexander – Bloomberg (subscription)
Estonia has long had digital identity cards, Indians use iris scans to authenticate money transfers, and soon Canadians will be able to verify personal information for everything from driver’s licenses to banking using mobile phones and blockchain.
FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News
DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News