Cryptocurrency News for 30 Sep 2017

 

What China Ban? Cryptocurrency Market Cap Rebounding

 

They're ba-aa-ack. Whether it's the Chinese, or the Koreans, or the Russians or us Americans is anybody's guess at this moment, but what it looks like for a few cryptocurrency players out there is that the Chinese have found a new way to get back into the game. China banned initial coin offerings and bitcoin exchanges in the first week of September. The ban caused a precipitous drop in cryptocurrency flows worldwide. As of Sept. 24 at least, the market is making a comeback.

"We could say that it looks like the 'Chinese effect' that provided downward pressure in the cryptocurrency market is over, but we cannot prove it quite yet," says Dima Zaitsev, business analytics chief for ICOBox in Milan. Zaitsev and Dmitri Kornilov, director of economics at the Russian Academy of Natural Sciences, devised the chart for ICOBox, a cryptocurrency fund raising platform and service provider. "If this continues, then I would say with almost certainty that the downward pressure is over."

Nearly a billion dollars have reportedly returned to Chinese investors that put money to work in some 40-plus ICOs that took place on the mainland this year. An ICO is a crypto-currency funding mechanism for start-ups. Some say that the money was not really returned, but was redirected to Hong Kong and Singapore, where stronger investor protections exist.

China's central bank banned ICOs on Sept. 4 and later banned all bitcoin exchanges from operating in the country.

Full story at http://bit.ly/2wpYkoB

Source: Forbes

 

Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

 

Fidelity Investments, one of the world’s largest investment firms with $2.3 trillion in managed assets, is taking a long look at cryptocurrencies.

The firm has been experimenting internally with bitcoin, but is now bringing some of those features out to its broad customer base.

According to reports in Quartz and The Financial Times, Fidelity’s chief executive, Abigail Johnson, spoke at length about the company’s commitment to cryptocurrency at Consensus, a bitcoin-themed conference in New York.

Johnson said that the company had made several venture investments in bitcoin-related businesses and that the company was looking at applications of blockchain technologies alongside several leading universities.

Full story at http://tcrn.ch/2wph1IY

Source: TechCrunch

 

$50,000+ Bitcoin Could Happen if This Isn’t a Bubble But an S-Curve

 

Countless experts and pundits, including Chase CEO Jamie Dimon, have proclaimed that Bitcoin is in a massive bubble right now, and it certainly could be. Yet these “experts” fail to consider one possibility that some in the Bitcoin community are beginning to suspect: mass adoption may be imminent.

First, let’s get something out of the way. Yes, with every bubble there are people who insist that it really isn’t a bubble. It’s “the new normal” or “a new paradigm.” Perhaps the most infamous such example is that of Yale economist Irving Fisher. At the height of the 1929 stock market bubble, just before the crash, a jubilant Fisher proclaimed:

“Stock prices have reached what looks like a permanently high plateau.”

He couldn’t have been more wrong.

Full story at http://bit.ly/2wph3R6

Source: CoinTelegraph

 

Russia May Ban Bitcoin Payments Entirely: Deputy Finance Minister

 

Russia seems to be constantly shifting its stance on Bitcoin and other cryptocurrencies. Just a month ago, Buterin was smiling and signing agreements with the Russian state banks for Ethereum partnerships. 

Now suddenly, it appears that Russia may ban Bitcoin payments entirely, as was previously suggested.

The Deputy Finance Minister Alexey Moiseev told reporters that the cryptocurrency would likely be banned, especially given its volatile history, risk to consumers and potential for hacking loss. In an interview he said:

"No regulator doubts that payments will be banned. In my opinion, in a country where millions have suffered from pyramid schemes, it is impossible to allow the situation when citizens sell apartments in order to make investments in cryptocurrencies to repeat.”

Full story at http://bit.ly/2wpJ7Ui

Source: CoinTelegraph

 

Macquarie Analyst Rejects Jamie Dimon's Bitcoin 'Fraud' Critique

 

A senior analyst for Macquarie Group is pushing back against the idea that bitcoin and other cryptocurrencies are not legitimate financial innovations.

Issued in response to recent critiques by Wall Street figures like JPMorgan Chase CEO Jamie Dimon, Viktor Shvets, head of global and Asia-Pacific equity strategy for Macquarie, wrote this week that in spite of any "extreme speculation," bitcoin relies on a "durable technology that is likely to continue to evolve and strengthen."

In a note to clients, obtained by Business Insider, Shvetz then directly took on the allegation that bitcoin is a "fraud" – advanced by Dimon earlier this month.

Full story at http://bit.ly/2wq9cmb

Source: CoinDesk

 

Korea’s Biggest Messaging App to Launch Exchange with 100+ Cryptocurrencies

 

An affiliate of Kakao, South Korea’s largest messaging platform, is set to launch a comprehensive new cryptocurrency exchange Upbit – with support for some 110 cryptocurrencies.

South Korean FinTech startup Dunamu, the operator of the country’s most popular stock trading app Kakao Stock, has revealed details of a new cryptocurrency exchange called ‘Upbit’. Dunamu, an affiliate of Kakao Corporation which sees its messaging app KakaoTalk used by 93% of South Korea’s population, reportedly said on Monday that Upbit will be the largest virtual currency exchange in South Korea.

Upbit will be put to trial on a beta launch in October following a partnership with U.S-based digital currency exchange Bittrex. The partnership enables the soon-to-be-launched exchange to allow users to trade cryptocurrencies not found on existing Korean exchanges. Bithumb, Korea’s largest exchange by trading volume, currently offers support for seven cryptocurrencies according to data on its website.

Full story at http://bit.ly/2wkif8s

Source: CryptoCoinsNews

 

 

 

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Cryptocurrency News for 29 Sep 2017

 

Russian Regulators Disagree on Crypto Regulation, Postpone to Next Year

 

Following the National Council for Financial Stability meeting, headed by First Deputy Prime Minister Igor Shuvalov, Deputy Finance Minister Alexei Moiseyev reportedly said on Tuesday that bitcoin and other cryptocurrencies will not be recognized in Russia. “Bitcoin settlements in Russia will not be legalized,” Tass wrote. Ria Novosti elaborated:

"The authorities decided not to introduce regulation of cryptocurrency, but to concentrate on legalizing the technology “blockchain”."

The deputy minister noted how cryptocurrency regulations vary from country to country with no single trend, from a complete ban to “allowing bitcoin to move along with the national currency,” the publication quoted him explaining. He added that this topic will be discussed at the next meeting of the International Council on Financial Stability on October 6.

“Maybe after that, we’ll grow wiser and think of something, but unless we want to make mistakes at first, we decided to look around and think about how best to do it,” he said.

Full story at http://bit.ly/2wlV6m3

Source: Bitcoin News

 

In Bitcoin Testbed Venezuela, 1 Bolivar Now Equals 1 Satoshi

 

Venezuela’s Bolivar (VEF) is now worth just one satoshi as hyperinflation takes an ever deeper hold in the struggling country.

The latest ‘exchange rate’ stems from listings for p2p trading platform LocalBitcoins Thursday, uploaded to Reddit by eagle-eyed community members.

The price per Bitcoin in VEF, which uses unofficial exchange rates a fraction of the government-sanctioned $0.10 per VEF, is currently around 104 mln.

At Thursday’s BTC price of $4,250, this makes one satoshi equal to one VEF at the unofficial rate - both are worth around $0.00004.

Full story at http://bit.ly/2fUsOc1

Source: CoinTelegraph

 

Why U.S. Is Probing Bitcoin Scams

 

In recent years, the U.S. government has moved as fast as a slime mold to catch up with financial wrongdoers. It missed the 2008 credit bubble in an epic way and was never able to head off major market dumps, particularly the mysterious "flash crash" a few years ago.

But when it comes to cryptocurrency scams, some government agencies seem to be working at lightning speed, relatively speaking. That's notable, because market regulators in the U.S. are rarely on top of tech-oriented trends.

The U.S. Commodities Future Trading Commission (CFTC), which regulates most currency and derivatives exchanges, recently filed suit against a New York-based company over an alleged Bitcoin Ponzi scam.

A Ponzi or "pyramid" scam is where a promoter promises investors unrealistic returns on fake investments. Early investors are paid from the cash generated by newer investors until the scheme falls apart. The money manager Bernie Madoff, who fleeced investors for about $60 billion, was one of the most famous pyramid operators.

Full story at http://bit.ly/2fUsLNn

Source: Forbes

 

What If US Dollar Was Just Another Cryptocurrency? Expert Blog

 

Jamie Dimon, CEO of JP Morgan, recently attacked Bitcoin, going as far as calling it a "fraud" that will be "shut down." A lot has been written about his comments, so I will not go down this road. But it is true that cryptocurrencies, in general, suffer from a bad reputation from the public. This is mostly due to a lack of understanding of the mechanics of cryptocurrencies and the confusion between exchange hacks, which happened, and the robustness of the Blockchain itself, which cannot be hacked with existing technologies. But what if we looked at the world's most powerful currency with the same critical angle as that of the cryptocurrency opponents? What would the white paper of the US Dollar look like? Let's have a look.

Full story at http://bit.ly/2fU2Fdq

Source: CoinTelegraph

 

Bahrain May Adopt Bitcoin and Issue Bonds in Digital Currency

 

According to a Hindu business site, Bahrain wants to implement a regulatory sandbox forBahrain May Adopt Bitcoin and Issue Bonds in Digital Currency bitcoin to experiment with blockchain technology. The site quoted Rumaihi, “This [regulatory sandbox] is much like Singapore and what the UK is looking at. This is not just talk. We have launched it. You can go to the website and application process is clear. We are open for business.”

The country is open for business indeed. They recently put the regulatory sandbox into action. One news source said four businesses have already applied. Only two had currently been approved. The site specified:

"Rumaihi said the Bahrain Central Bank had recently put in place Regulatory Sandbox regulations and as many as four companies had so far applied in this regard. Two of the four had already received approval from the central bank."

Full story at http://bit.ly/2wlV2Tl

Source: Bitcoin News

 

What Happens to Cryptocurrency When You Die?

 

A young man died suddenly in Colorado this year, leaving his family the burden of sorting out his estate. Little did they know their loved one had been investing in Bitcoin, the digital currency that cost as little as $13 in 2013 and recently climbed as high as $5,000.

The grieving family stood to inherit a small fortune—that is, if they could only find and access the cryptocurrency.

Bitcoins are a virtual form of money protected by unbreakable cryptography. This attribute makes it a secure way to store wealth but also creates the risk that when Bitcoin owners die, their digital fortune will be out of reach forever. That’s a major problem for the relatives of tech-savvy individuals who have invested in a market currently worth about $70 billion.

Bitcoins are stored in a virtual wallet. Each wallet uses a string of random characters called a “public key,” visible to anyone, as an address for sending and receiving the cryptocurrency. A separate “private key” allows the owner access to the wallet’s contents.

Full story at http://for.tn/2fSaAry

Source: Fortune

 

 

 

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Cryptocurrency News for 28 Sep 2017

 

Bitcoin Price Surges to $4,115: Analysts See $5,000 Ahead

 

Earlier today, on September 27, the bitcoin price recorded a five percent gain within a 24-hour period, increasing from $3,930 to $4,115.

Bitcoin analysts and long-time traders including Tone Vays and Squeeze have reaffirmed their short-term interim targets of $5,000. Squeeze further emphasized that if the current upward momentum of bitcoin can be sustained over the next few days, it is likely that bitcoin will achieve a new all-time high price in the region of $6,000 within the next month.

Tuur Demeester, another prominent bitcoin trader and investor, also noted that the bitcoin price is breaking its resistance level and if trading volume in South Korea, Japan, Europe and the US hold up, a strong rally in the near future could be expected.

Full story at http://bit.ly/2fSaEaM

Source: CryptoCoinsNews

 

This Latin American Country Could Adopt Bitcoin as an Official Currency

 

In order to deal with ever-growing issues with hyperinflation, the country of Venezuela may soon decide to adopt a new currency: Bitcoin.

As explained by CoinTelegraph, Bitcoin has been the subject of a massive amount of mining and purchasing over the last few months, leading to a number of rumors regarding the country’s desire to incorporate it into their financial structure.

According to Daniel Osorio, from Andean Capital Advisors, Venezuela may be on the verge of forgoing their Bolivar currency. During an interview last week, he told CNBC“we may well be witnessing the first ‘Bitcoinization’ of a sovereign state.”

Osorio went on to explain that Venezuela is more than a week behind on a substantial bond interest payment. At present, it doesn’t have the money to address it or manage the economy. A simple lunch can now cost up to 200,000 Bolivars ($8-$10) prompting people to resort to using Bitcoin or money wires of other foreign currency. Bitcoin is appealing because it’s independent of the black market and tied to a fixed exchange platform, making it difficult to exploit.

Full story at http://bit.ly/2fSaznu

Source: Futurism

 

European Central Bank President: No Power to Regulate Bitcoin

 

Mario Draghi, the erstwhile president of the European Central Bank (ECB) made some startling comments during his presentation today at the Hearing of the Committee on Economic and Monetary Affairs.

When asked about cryptocurrency regulations or bans, similar to the political decisions the Chinese central government has enforced, Draghi made it clear that there is no way to ban Bitcoin, or to even regulate it, saying:

“It would actually not be in our powers to prohibit and regulate them. We have to ask what effects cryptocurrencies have on the economy.”

He added that they are still far too immature to be considered a viable payment methodology - a conclusion that was reached by the ECB in tandem with the Central Bank of Japan last week.

Full story at http://bit.ly/2yFqehX

Source: CoinTelegraph

 

Back Above $4,000: Bitcoin Price Eyes Next Major Upside Hurdle

 

Having successfully defended the key rising trend line support over the last few days, the bitcoin-US dollar (BTC/USD) exchange rate is well bid above the $4,000 mark today.

At press time, the cryptocurrency that powers the world's largest blockchain is trading at $4,070, up 3% on the day. On a monthly basis, though, it is still nursing 6% loss.

With the positive price action, investors appear to also be turning a blind eye toward news out of China that indicates at least one major domestic bitcoin exchange has followed through on apparent orders from regulators to stop yuan trading.

"All customers will be able to withdraw all their funds from our exchanges within 72 hours," BTCC said in a statement.

Full story at http://bit.ly/2yGkep0

Source: CoinDesk

 

Buying Bitcoin And Crypto Assets: The Ultimate Guide

 

Cryptocurrencies are the latest investing craze, attracting everyone from technology executives and Wall Street pros to novice speculators. Bitcoin, for example, has gone from $611 to a high of nearly $5,000 in the last year. Cryptomillionaires are being minted on a daily basis.

With bank savings rates at record lows, speculators are pouring money into so called ‘initial coin offerings' or ICOs. These new unregulated crowdsales of crypto assets have pulled in $2 billion so far this year.

In fact, this pace nearly doubled from April to May, and the amounts keep getting bigger. The latest record was broken by blockchain data storage network Filecoin, which raised $257 million.

But the everyday buyer has no idea how this new technology works… or how to get their hands on tokens.

Full story at http://bit.ly/2wkiCjm

Source: Forbes

 

Money Psychology: How Cryptocurrency Makes Us More Compassionate (Part 2)

 

Fiat currencies make us mean and inhumane, according to most money research. On the other hand, cryptocurrencies might bootstrap humankind with more compassion, tenderness, and love. These digital assets could disrupt our psychology and increase human happiness. It’s in the nature of how these currencies function.

That said, if fiat currencies do exacerbate or even cause the money-empathy gap, and other negative psychological phenomena, how does cryptocurrency negate that? Before delving into the psychology of cryptocurrencies, it is important to examine how cryptocurrencies are different from fiat monies.

Cryptocurrencies by their nature were meant to alter human psychology. They were created by crypto-anarchists for the purposes of reshaping the social order — by undermining a system that was erected on the blood and sweat of the people. In this sense, whenever someone creates technology to alter society, it also augments human behavior. Digital currencies do this because they have several properties that fiat currencies do not possess.

Full story at http://bit.ly/2jYP0X8

Source: Bitcoin News

 

 

 

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Cryptocurrency News for 27 Sep 2017

 

Japan’s Financial Authority to Begin Bitcoin Exchange Surveillance Next Month

 

Following the revised payment services law that went into effect in April to legalize bitcoin as a payment method, all bitcoin exchanges operating in Japan are required to register with the authorities. The deadline for registration is the end of September.

If the agency finds no problem in the preliminary examination, the exchanges will proceed with the registration process and start a full review to ensure compliance. As part of the process, the FSA will put the exchanges under “full surveillance,” beginning in October, FSA officials reportedly said. The Japan Times described on Sunday:

"The FSA will monitor whether the exchanges for bitcoin and other digital currencies have appropriate internal systems, including ones to protect customer assets. If necessary, the agency will carry out on-site inspections."

Full story at http://bit.ly/2wiSCVz

Source: Bitcoin News

 

Nigerian Central Bank Director: Cryptocurrency Wave 'Cannot Be Stopped'

 

The Central Bank of Nigeria is said to be taking a closer look at blockchains and cryptocurrencies.

According to a report in The Guardian this week, Musa Jimoh, a deputy director at the country's central bank, recently spoke at a cryptocurrency-focused conference in Lagos, Nigeria's largest city. There, Jimoh indicated that the Central Bank of Nigeria is preparing a white paper on the subject.

Perhaps most notable, however, was how Jimoh framed the reason for the study, noting the central bank "cannot stop the tide of waves generated by the blockchain technology and its derivatives." Such comments carry extra weight coming from the institution that oversees domestic monetary policy as well as banking sector regulation.

In his remarks, Jimoh also noted that the nature of the technology, which gives users autonomy over the private keys that access blockchain-linked data, enables the creation of forms of money that are "beyond restriction and confiscation."

Full story at http://bit.ly/2wjAURS

Source: CoinDesk

 

Why China's Ban On Bitcoin May Be Temporary

 

China's ban on Bitcoin and other cryptocurrencies may be temporary, to appease international agencies and hardcore communist members ahead of the upcoming Communist Party convention.

China's big government and banks cannot tolerate Bitcoin. It threatens their very existence, as it was previously written in a piece here.

That's in the long term, though, when Bitcoin has the potential to replace the yuan in everyday transactions, and as a monetary asset.

At present and in the immediate future, however, the size of the Bitcoin economy is far too small to be a real threat to the Beijing government and the banking system it owns and manages.

Full story at http://bit.ly/2wj4aIc

Source: Forbes

 

A Slovenian Savings Bank’s Traditional ATM Dispenses Bitcoin Vouchers

 

Hranilnica Lon bank is a financial banking products provider offering services to citizens based in Slovenia. The company founded in 1992 manages money market instruments for clients and has multiple locations. This week Lon’s Facebook page announced the implementation of bitcoin into the firm’s traditional ATM located in the Kranj headquarters front lobby. While explaining the new ATM feature, the bank’s senior executive, Jake Vadnjal, unveiled the ATM to a swarm of Slovenian news reporters. During the video, the Hranilnica Lon executive cuts a ribbon tied to the machine and performs a transaction in front of the media’s cameras.

The machine dispenses bitcoin using a voucher system which can be redeemed online. “We made a significant leap in thinking,” said Hranilnica Lon’s executive Vadnjal’s translated statements. “We do not know what will happen in ten years or what the fight for ‘survival’ and successful businesses will mean in the future — cryptocurrencies are difficult to predict.”

According to Vadnjal cryptocurrencies have great potential and will likely transform the financial industry. However, even though they are offering digital assets through the company’s office ATM, Vadnjal states these investments are still risky. “As bankers, we have to be conservative, so we are warning all that the markets cryptocurrencies can be risky and are subject to a fall greatly in value,” Vadnjal warns.

Full story at http://bit.ly/2wjDYgR

Source: Bitcoin News

 

Bitcoin's price is spiking by 7 percent as traders shake off China fears

 

The price of bitcoin rose sharply on Monday with its price spiking up 7 percent midday, according to CoinDesk market data.

The price of the cryptocurrency is up nearly 300 percent year to date.

Bitcoin is still under the $4,000 level, which it broke through after JPMorgan CEO Jamie Dimon said on Sept. 12 that the cryptocurrency is a "fraud" that will eventually blow up.

In addition, recent reports said regulators in China have ordered bitcoin exchanges to close hurt the digital currency's price.

Full story at http://cnb.cx/2wkifoY

Source: CNBC

 

Payment or Asset? Bitcoin's Limbo Is Leaving Merchants in the Middle

 

Word that South Africa's second-largest supermarket might accept bitcoin sent twitters of excitement through the cryptocurrency community last week – that is, until it emerged that, actually, they weren't going to.

At least not yet, and probably not for a while, if ever.

In a prime example of rapid reporting, headlines proclaiming mainstream adoption (in supermarket aisles at least) jumbled up the news. Pick n Pay was testing bitcoin acceptance, not rolling it out across its network.

In an interview with BusinessDay, the chain's deputy CEO Richard van Rensburg highlighted two interesting points that paint a much bigger picture.

Full story at http://bit.ly/2wkissg

Source: CoinDesk

 

 

 

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