Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
With ICO Coming Under Attack, Market Participants Still Wary of Govt Regulation
Quite recently, Charlie Lee, creator of Litecoin stated that the Initial Coin Offering (ICO) craze is out of control because people never learned their lesson with the DAO after everyone got bailed out. In a post on Twitter, the man who just resigned from Coinbase to concentrate on Litecoin declared ICOs are a disaster that is waiting to explode soon.
ICOs have come under serious attack recently especially with accusations of scams. However, it remains one of the numerous clever innovations in the crypto space signifying how funds can be raised in a free market without the involvement of the state or banks. Besides, it eliminates the cost and burdensome barriers involved in traditional IPOs.
But maybe, after all, the ICO market just needs the government involvement?
Full story at http://bit.ly/2u7dPV4
Source: CoinTelegraph
Fine Art Gallery in London’s Mayfair Now Accepts Bitcoin And Other Cryptocurrencies
As a sign of the rising popularity of Bitcoin and other cryptocurrencies, the UK-based Dadiani Fine Art Gallery has begun accepting Bitcoin, Ethereum, Litecoin, and other cryptos as entrance payment.
The art gallery owner Eleesa Dadiani said, “We are combining old world business ethics and practice with the new world of technology the current system is becoming stale and needs to be disrupted.”
She adds:
"Cryptocurrencies will provide a bridge from the elitist, centralist fine art market to a decentralized open source world where many more will be able to become a part of this exhilarating market.”
Full story at http://bit.ly/2u6Yy6v
Source: CoinTelegraph
China and Japan are largely responsible for cryptocurrency's success
The age of cryptocurrencies is upon us, and two countries in particular have been instrumental in their stratospheric rise: China and Japan.
Cryptocurrencies have become popular in China due to the government's stringent control of the yuan — a power they occasionally exercise by artificially devaluing the currency for trading purposes.
With private wealth in China growing, affluent individuals have found a more stable and accessible alternative to the yuan in cryptocurrencies.
Additionally, China has an abundance of cheap energy and hardware, which facilitates crypto mining (the process through which new blocks in the blockchainare created and transactions are verified). Chinese exchanges run mining "pools" to generate these blocks, and these efforts constitute 60 percent of Bitcoin's total hashrate (the speed at which Bitcoin operations are completed).
Full story at http://read.bi/2u75wZf
Source: Business Insider
Cryptocurrency Electricity Requirements Surpasses Annual Energy Consumption of Few Nations
While some continue to praise Bitcoin and other cryptocurrencies as the beginning of the new world order, there are some who believe that the very digital currencies might spell doom by accelerating global warming. The dissent against Bitcoin and other PoW based cryptocurrencies is fueled by the extent of mining operations. As the mining hardware continues to become more powerful, the mining difficulty rises proportionally to maintain a constant emission of new tokens.
An increase in mining difficulty also means increasing energy requirements. According to reports, the recent rise in Ethereum value has led to an increased interest among the cryptocurrency community members. Many people have taken up Ethereum mining using graphic processors.
Full story at http://bit.ly/2u7w3Wv
Source: NewsBTC
Japan’s Electronics Marketplace Starts Adopting Bitcoin
The famed electronics marketplace Akihabara in Japan has started to move with the times as adoption of Bitcoin rises within stores in the district.
The area houses a huge array of shops selling everything from computers and gaming systems to household appliances and entertainment devices. It has also developed into a popular destination for gamers and is building a strong anime/manga subculture.
Akihabara attracts masses of tourists, as well as locals, to its high-tech electronic stores, but up until very recently, the electronic marketplace has only been accepting regular fiat currency. Now, there is a movement to integrate with high-tech digital currencies, as you would expect in a district that prides itself on technology and gadgetry.
Such a district would be predicted to be leading the mass adoption of digital currencies as a payment system, but in all honesty, it has been a slow take off in Akihabara.
Full story at http://bit.ly/2u685L0
Source: CoinTelegraph
Meet The Man Traveling The World On $25 Million Of Bitcoin Profits
Last month, I found myself sitting next to a multimillionaire in the 56th-floor Horizon Club Lounge of the Island Shangri-La Hong Kong. He made no attempt to hide the fact that he was swimming in cash; I just wouldn’t have guessed he had made it all from Bitcoin. This is how he did it.
Mr. Smith—who asked me to conceal his real name—has been traveling the world in ultra-luxurious style for the past four years. He only flies first class, stays exclusively in 5-star suites, and hasn’t cooked since Thanksgiving. In the past thirty days he’s visited Singapore, New York City, Las Vegas, Monaco, Moscow, back to New York City, Zurich and now Hong Kong. “Never a dull moment,” he says, lifting his glass of champagne in a Gatsby-esque salute. Then he shared his story.
After finishing college in 2008, Smith landed a respectable job as a software engineer for a large technology company in Silicon Valley. He was a good employee, close with many of his co-workers. It was through one of these “equally geeky” friends in July 2010 that Smith first heard about Bitcoin, shortly after its first major price increase, when the cryptocurrency appreciated tenfold from $0.008 to $0.08 over the course of five days. Smith’s response, though intrigued, was measured: “That price jump really got my attention, but I still waited a few more months before investing. I wanted to learn more about the underlying technology first.”
Full story at http://bit.ly/2u6pwew
Source: Forbes
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