John McAfee, JPMorgan Ex Join Revolt Against Dimon’s Bitcoin ‘Fraud’ Comments
A former JPMorgan executive has joined John McAfee in publicly criticising comments by current CEO Jamie Dimon that Bitcoin is a “fraud.”
In a hotly-worded tweet Wednesday, ex-Head of Global Macro Trading Alex Gurevich wrote that Dimon should “STFU” about Bitcoin trading.
“Jamie, you're a great boss and the GOAT bank CEO. You're not a trader or tech entrepreneur,” he added.
The financial mogul garnered considerable scorn from the cryptocommunity and beyond with his words at a New York conference earlier this week. Bitcoin subsequently dropped four percent in price, but commentators were undecided as to whether this was specifically due to Dimon’s rhetoric.
Full story at http://bit.ly/2x69Ms9
Source: CoinTelegraph
Chinese Bitcoin Exchanges Will Likely Not Be Banned After All
Over the past week, inaccurate news regarding the supposed ban on Chinese bitcoin exchanges in mainstream media outlets in China and the US including Caixin, the WSJ and Bloomberg have shaken the bitcoin markets.
Almost immediately after the release of Caixin’s report, bitcoin’s price endured a minor correction, falling to around US$4,100. Despite showing signs of recovery, followup reports from the WSJ, Bloomberg and other Western news publications caused the bitcoin price to decrease to US$3,790.
While some analysts have speculated that the baseless criticism from JPMorgan Chase CEO Jamie Dimon led to the minor downturn, bitcoin experts including Blockstream CEO Adam Back stated that attributing the decline to Dimon’s statement is far-fetched, mainly because Dimon has continually criticized bitcoin since 2014. Back explained:
“I doubt Dimon had any impact. Reaction is just china. I’ve been buying the ‘china bans bitcoin’ dip every time, each time move is smaller.”
Full story at http://bit.ly/2x64NHP
Source: The Merkle
Bitcoin at crossroads after shedding more than $27 billion in value
Did Jamie Dimon obliterate bitcoin’s buzz?
Bitcoin and other digital currencies have been getting absolutely toasted in recent trading, with some wondering if withering criticism from Wall Street heavyweights, like J.P. Morgan Chase’s JPM, -0.20% CEO, and growing regulatory scrutiny in China have finally combined to exact a punishing, and lasting, toll on one of the most bubblicious segments of finance.
On Thursday, the value of a single bitcoin BTCUSD, -2.18% was down about 14% at $3,349, compared with around $5,000 in early September and representing a roughly $27 billion loss of market value in the world’s No. 1 cryptocurrency, according to digital-currency site Coinmarketcap.com. Ether tokens, the second-most popular digital currency, were down 17% on the day at $230 in recent action. That equates to a loss of more than $16 billion in total value for the currency running on the Ethereum blockchain.
Full story at http://on.mktw.net/2x6nT0z
Source: MarketWatch
North Korea’s hackers are reportedly targeting bitcoin exchanges
North Korea’s hackers have been linked with many attacks, including the 2014 Sony hack, but it looks like the totalitarian state is now targeting bitcoin, and crypto coin exchanges in particular, with its hacking teams.
That’s according to a new report from cybersecurity firm FireEye, which claims to have tracked at least five attacks on bitcoin exchanges, or individual bitcoin wallets, within the past six months. The targets reportedly include South Korea-based exchange Yapizon, and two others that were not named.
Korea’s top crypto exchange Bithumb, the world’s fourth largest exchange, was hacked in late June, while the country’s top Ethereum exchange is said to have lost over $1 million via a breach earlier this month, but it is unclear whether North Korea was involved in either heist.
The rise of bitcoin, which has surged to record highs this year and touched $5,000 per coin on some exchanges this month, and Ethereum, which has gone from $8 per coin in January to around $300 today, has made exchanges and other places were coins are stored hugely attractive targets for hackers. If figures, then, that North Korea — which already draws revenue from illicit businesses — is interested.
Full story at http://tcrn.ch/2x5Hyh6
Source: TechCrunch
Meet The Millennials Saving For Retirement Using Bitcoin
From billionaire investor Mike Novogratz to celebrities like Ashton Kutcherand Paris Hilton, bitcoin is increasingly becoming part of a mainstream investor’s wallet. It made bonafide millionaires out of those who took a bite early, and while discussions about the concept of an unregulated digital payment system rage on, there are a group of millennials who are thinking about a cashless future — and putting their money where their thumbs are.
They’re part of a different 1%, the small number of Americans who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. And experts say that could shake the foundation that this country’s financial institutions have built their empires on.
Roshaan Khan, a 20-year-old senior at Virginia Commonwealth University, is one of those millennials. Khan recently invested in bitcoin and ethereum — another form of cryptocurrency — and is encouraging his friends to do the same.
“All of my net worth is in cryptocurrencies, because I see them as the best way to escalate my ability to be financially secure and pay off my student loans,” Khan said. “I like the idea of decentralization, the fact that there’s a lot less corruption and political ties. That idea appeals to me … Not having to go through banks. Having financial control over our lives again.”
Full story at http://bit.ly/2x6Ucwx
Source: Forbes
Chinese Bitcoin Exchanges Face Stricter Regulation and Licensure
Last week new.Bitcoin.com reported on rumors of China banning bitcoin, while cryptocurrency markets tumbled due to the negative news. Many reports from mainstream media detailed that the digital currency was deemed ‘illegal’ in China, even though there was no confirmation of this from regulatory officials. Bitcoin proponents also saw tweets from Litecoin creator, Charlie Lee, stating that China “finally banned bitcoin exchanges,” but the tweet was later deleted.
Later Bitmain’s Jihan Wu explained to his Twitter followers that “China has not banned bitcoin.” Further Mr. Wu detailed that exchanges needed licensure and the same thing would happen in the U.S. if trading platforms didn’t have a license.
“None of the bitcoin exchanges in China have licenses that are required for order book exchange,” explains Mr. Wu via Twitter. “Such law is older than bitcoin. Because some establish in China that Bitcoin exchanges need to stop operations right now does not mean that they cannot open again once with a license.”
"If a bitcoin exchange operates inside U.S. without a license for years and later is asked to stop operating. Is the U.S banning bitcoin?"
Full story at http://bit.ly/2x6vpJ3
Source: Bitcoin News
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