Day: September 11, 2018

Chinese Holding Firm to Convert US Defense Department Data Center Into Crypto Mining Farm

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Chinese holding company Wuhan General Group (China), Inc. has entered negotiations to transform a U.S. Defense Department facility into a crypto mining farm, according to a press release published September 11. Per the press release, in case of a successful outcome to the negotiation, the company will receive the first order of rigs in late October, with more to come in the following months. In converting the facility, Wuhan General Group is reportedly planning to benefit from low electricity rates in the U.S., a cool climate, and high-speed Internet, which…

Bitcoin price consolidating above the $6,000 level

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So far today the price of Bitcoin is down but still well over the $6,000 mark. The range so far is rather narrow. Perhaps, the price is consolidating before another move up or down. Recent analysis A recent analysis suggests that Bitcoin(BTC) is now trading in a tight range with neither bulls nor bears having the stronger hand. If the price moves decisively up or down this could set the stage for the next future trend. A recent sell-off was expected to result in Bitcoin dropping below the $6,000 level…

Overstock CEO Sells 10% of His Stock, Saying ‘Don’t Worry, I’m Still in the Game’

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The CEO of Overstock, the first major retail company to accept Bitcoin (BTC) as a payment method, has sold 10 percent of his shares, CNBC reported September 11. According to a form 4 SEC filing, Patrick Byrne sold around $15.8 million worth of shares as of Thursday and Friday, and then $4.9 million worth on Monday, totalling more than $20 million. The company’s share price subsequently fell 12 percent. In an open letter to investors, which Byrne reportedly signed “your humble servant,” he pointed out several reasons for shareholders not…

IMF Urges Marshall Islands to Reconsider Adopting Digital Currency as Second Legal Tender

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The International Monetary Fund (IMF) has warned the Republic of the Marshall Islands (RMI) about the risks of adopting a cryptocurrency as a second legal tender, according to an official press release published on September 10. In the report, the U.S.-based agency backed by the United Nations addresses the government of the Republic of the Marshall Islands, stating that the introduction of digital currency as an official form of legal tender will pose risks to the country’s financial integrity, as well as relationships with foreign banks. By adopting digital currency…

Luxury Automobile Dealership Bernie Moreno Announces it now Accepts Bitcoin

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Bernie Moreno Companies(BMC), one of the largest Auto dealership groups in America has announced in a press release on September 10, 2018, that it now allows customers to pay for new cars and servicing with bitcoin and other cryptocurrencies.   Effective immediately, this announcement is emblematic of a massive change taking place across America and the rest of the world as bitcoin transitions from being a purely speculative asset to a bona fide type of money. “Full Leap Into the Future” BMC founder and president Bernie Moreno believes that giving…

Bitcoin Dominance Eyes 60% as Ethereum Price Flounders

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The recent fallout in altcoin prices, particularly ethereum, has boosted bitcoin’s dominance of the crypto market, now commanding nearly 60% of market share. As of today, bitcoin holds 56.72% of the market compared to ethereum’s 12.62%, according to CoinMarketCap. The orange line presents bitcoin’s crypto market share while the dark blue line shows Ethereum’s. Source: coinmarketcap.com Bitcoin’s price woes of the past month have not been enough to compromise its market dominance, largely because ethereum’s struggles have been disproportionately fiercer. None of the other altcoins have been a factor in the…

Chinese Government to Use Blockchain for Tracking Charity Donations by 2019

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China plans to implement blockchain as part of an overhaul of its charity tracking system, the country’s Ministry of Civil Affairs (MCA) revealed in its action plan Monday, September 10. As part of the latest initiative involving the use of blockchain tech at a state level, the MCA’s four-year plan through 2022 pledges to “explore the use of blockchain technology in charitable donations, charity tracking, transparent management” and elsewhere. Officials will also “build a tamper-proof charity organization information query system and enhance the authority, transparency and public trust of information…

New York Judge Rules Securities Laws Can Apply to Cryptocurrencies

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In what appears to be the first U.S. court case to address the matter, a New York federal judge has ruled that U.S. securities laws are applicable for prosecuting crypto fraud allegations, Reuters reports September 11. U.S. District Judge Raymond Dearie ruled that the case against Brooklyn resident Maksim Zaslavskiy, which alleges that he defrauded investors in two cryptocurrencies reportedly backed by real estate and diamonds, can continue. Dearie ruled Tuesday, Sept. 11, that federal securities laws should be interpreted “flexibly,” dismissing a motion from Zaslavskiy’s lawyers to drop the…

UAE Preparing to Adopt Formal ICO, Fintech Regulations, Local Media Report

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The United Arab Emirates (UAE) has approved a draft of regulations governing Initial Coin Offerings (ICO), local media outlet WAM reported Sunday, September 9 citing government sources. The reported move comes in addition to lawmakers in the country adopting plans for a regulatory sandbox aimed at attracting greater fintech activity. “The sandbox will act as an environment that attracts innovators to test innovative products, services, solutions and business models in a controlled space,” a report from the Securities and Commodities Authority (SCA) published September 4 reads, adding: “This can be…

Stablecoins Won’t Fix Bitcoin’s Instability: Berkeley Prof.

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Prof. Barry Eichengreen, an economics professor at UC Berkeley, in an op-ed published in The Guardian, said he believes stablecoins such as tether (USDT) might be stable in value and attractive as units of account, but they are flawed. His piece comes on the heels of the launch of the Gemini dollar (GUSD) by the Winklevoss twins. Stablecoins Aren’t a Cure-All for Crypto Instability For some, holding a stablecoin is the perfect investment as it creates a bridge between digital money and fiat currencies such as the U.S dollar. For…