Day: October 21, 2018

Heads of Bitmain, Binance and Other Crypto-Related Businessmen Among China’s Richest

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The rise of blockchain technology and cryptocurrencies have made many people rich, but the world’s smartest entrepreneurs in the space are beginning to make waves among the world’s richest conventional business minds. The Hurun Research Institute released its annual China Rich List on October 10. Included in this list of 1,893 individuals are 14 people who have made their fortune from cryptocurrency and blockchain related business ventures. According to the Hurun list, the 14 new names on the list from the blockchain space make the industry the fastest growing in…

Central Bank-Issued Digital Currencies Are Not an Effective Economic Tool

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The Bank of Japan’s (BOJ) deputy governor Masayoshi Amamiya has recently reiterated his negative stance towards central bank-issued digital currencies (CBDC), the New York Times reports Oct. 20. Speaking on Saturday at a meeting in Nagoya, central Japan, Amamiya expressed doubts about the use of CBDCs, claiming that such digital currencies are unlikely to improve the existing monetary systems. Amamiya also stated that the BOJ does not plan to issue digital currencies. The article reports that some financial experts consider a CBDC as a tool for central banks to control…

Sorry, I Turned Off My Bitcoin Faucet (Because Money)

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Ofir Beigel is the general manager of 99 Bitcoins, an informational site for newcomers to the space. In November 2015, I started operating 99Bitcoins’ faucet. Almost three years later, on Oct. 8, I shut it down. Throughout its history, the faucet paid out over 12.795 bitcoins to its users. Here’s its story. What are cryptocurrency faucets? Faucets are a type of website that work on traffic arbitrage. It means you “buy” traffic cheap and sell it expensive. It works as follows: You give site visitors a small amount of crypto…

Bitcoin Hits Yearly Low Volume, Only Way to Reverse Trend is a Big Spike

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Over the past 24 hours, Bitcoin has achieved a new yearly low volume, demonstrating a lack of momentum and strength to recover to the higher region of $6,000. On Coinmarketcap, the volume of Bitcoin fell to $3.1 billion while it fell to $1.91 billion on CoinCap. The previous yearly low point of the Bitcoin volume was $3.2 billion on Coinmarketcap and $2 billion on CoinCap. The low volume of Bitcoin, possibly affected by a decline in trading activity on a Sunday, could have a negative impact on the short-term trend…

Crypto Week In Review: Fidelity, Goldman Sachs Adopt Crypto Custody

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To say that these past seven days were bullish for crypto would likely be an understatement. Fidelity and Goldman Sachs, two prominent Wall Street giants, doubled-down on their cryptocurrency efforts, while already-established companies in this industry continued their unbridled expansion efforts. But, if the crypto industry had a bullish week, why didn’t prices react positively? Well, as put Anthony “Pomp” Pompliano: “The good news of today bakes the returns 3 years from now. This is exactly how Jeff Bezos thinks about Amazon and is exactly how you should look at crypto…

Ephrata, Washington Imposes Year-Long Ban on New Cryptocurrency Mining Operations

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The city of Ephrata, Washington, will halt new crypto mining developments in the city for the next 12 months, Eastern Washington and North Idaho daily newspaper The Spokesman Review reports Friday, Oct. 19. The recently announced suspension will only affect new crypto operations from being established in Ephrata, while the existing four businesses already there will continue operating. According to Ephrata city administrator Wes Crago, those four crypto operations — including two at the Port of Ephrata, one in an industrial area of the city, as well as one in…

The Rumors of ‘Insolvency,’ Banking Partners’ Escape, and the Suspension of Fiat Deposits

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On October 8, Hong-Kong-based exchange Bitfinex has announced that it is not under the immediate threat of insolvency and the related rumors are unsubstantiated, as well as false. According to the company’s press release, all cryptocurrency and fiat withdrawals are and have been processing as usual without the slightest interference. After some mild clarifications, tension is rising in the crypto community – the spread between Bitcoin prices on Bitfinex and other exchanges, on October 15, reached $1,000 against the massive sale of Tether (USDT). In the meantime, Bitfinex is testing…

US Federal Court Fines Bitcoin Ponzi Schemer Over $2.5 Million

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A U.S. federal court has fined a New York firm and its chief executive officer over $2.5 million in the first anti-fraud action involving bitcoin filed by the Commodity Futures Trading Commission. The Ponzi scheme involved a fake pooled investment strategy and a “fake computer ‘hack’ that supposedly caused the loss of nearly all customer funds,” the derivatives regulator detailed. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space CFTC’s First Bitcoin Anti-Fraud Action The U.S. Commodity Futures Trading Commission (CFTC) announced on Thursday that a New York federal court has…