Day: June 28, 2019

Iranian Authorities Confiscate 1,000 Bitcoin Mining Machines

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Authorities in Iran have confiscated about 1,000 units of bitcoin (BTC) mining machines from two now-defunct factories, BBC reported on June 28 As reported, local authorities noticed a surge in electricity consumption by 7% earlier in June and linked it to cryptocurrency mining activities. Officials subsequently discovered and removed the mining hardware from two former factories.  Arash Navab, an electricity official, reportedly said that “two of these bitcoin farms have been identified, with a consumption of one megawatt.” An Oxford researcher told the BBC that Iranians are increasingly turning to…

Facebook’s Libra May Castrate Central Banks: Ex-World Bank Chief Economist

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Central bankers and other makers of monetary policy have every reason to fear Facebook’s cryptocurrency Libra, according to a former chief economist of the World Bank. Libra will make it impossible for central banks to control inflation Per Kaushik Basu, who was the World Bank’s chief economist from 2012 to 2016, Libra will render the various monetary policy tools that are at the disposal of central banks ineffective: …monetary policymakers should be especially worried, because they may find it much harder to control unemployment and inflation in a Libra world.…

Top Analyst’s Doom Warning: Many Cryptocurrencies Will Go Bankrupt

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Bitcoin is currently retracing from its strong parabolic move over the last few weeks. This may mean that many crypto enthusiasts are anticipating the advent of the altseason (altcoin season). For those who are not familiar, the altseason is one of the most profitable periods in cryptocurrency trading. It is a time where other crypto tokens exponentially rise in value against bitcoin. Those who catch the move early can grow their bitcoin stockpile anywhere from 2x to 100x. Bitcoin has been booming in H1 2019 but an analyst is predicting…

Why Crypto Investors Are Paying Insane 2,000% Premiums on Ethereum

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According to Charlie Bilello, an investor and a finance researcher, Ethereum is being traded with substantial premiums above spot value through Grayscale’s Ethereum Investment Trust (ETHE). Grayscale’s Ethereum Trust started trading last week. These are the premiums investors have paid above the net asset value of the Ethereum holdings…June 20: 1,059%June 21: 2,022%June 24: 347%June 25: 643%June 26: 408%Today: 312%Efficient Market Hypothesis be damned. pic.twitter.com/KMaJKB8ni6 — Charlie Bilello (@charliebilello) June 27, 2019 On June 24, Ethereum traded with a 2,022 percent premium at around $580 per share. Each share of…

Why Bitcoin (BTC) is Back on the Rise in China Despite Crypto Ban

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Believe it or not, China was once the de-facto capital of Bitcoin (BTC). The nation, after all, spawned Bitmain and many early crypto asset investors, presumably due to the culture of risk, speculation, and technological development. Related Reading: China Banned Everything Bitcoin, Video Games Seem To Be Next But, ever since the ban on cryptocurrency trading, certain industry-related events, and the censoring of specific online forums and websites, the topic has been on the decline in the nation. However, this changed with the recent surge in the Bitcoin price. According…

Use Gold to Back Libra, Call It the ‘Mark’

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Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, published on June 25 an open letter to Mark Zuckerberg, advising to back Facebook’s cryptocurrency Libra with gold. In the letter, Forbes strongly encouraged Facebook’s crypto initiative, emphasizing Libra’s potential to become one of the greatest inventions in the world, which eventually “could replace the U.S. dollar as the global currency.” At the same time, to become “one of history’s truly seminal creations,” Libra has to be backed by gold as a basic condition, Forbes argued in the letter, opposing it to…

Crypto Platform Aggregates Popular Services in One Place

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A crypto company is launching an aggregated exchange that enables users to trade across multiple platforms while using a single account. TokenClub says its unified system is designed to tackle four problems currently facing the industry: convenience of trading, quality, costs and risks. The new service means access to platforms such as Bittrex, Binance and OKEx is streamlined and delivered in one place — with commission fees that are much lower than those seen on rival exchanges, the team says. A complementary crypto wallet has also been developed, which supports a…

Bitmain IPO Plans May be Rekindled With Crypto Winter’s End

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Toward the end of June 2019, news emerged that the mining giant Bitmain might be reviving its initial public offering (IPO) plans. As Bloomberg reports, the China-based cryptocurrency mining hardware producer is allegedly preparing to file documents with the United States Securities and Exchange Commission (SEC) to hold its share sale on U.S. soil. Bitmain — being the largest player in the mining sector — first attempted to go public in the second half of 2018, but soon was heavily damaged by the intensifying crypto bear market. Now that the…

Goldman Sachs to Create a Bitcoin-like Crypto Asset; Competes with Libra

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Goldman Sachs Group is interested in exploring the possibilities of launching a crypto asset like bitcoin, according to the bank’s chief executive officer David Solomon. The prominent investment banker told France’s Les Echos newspaper that Goldman is conducting thorough research on tokenization, the method of digitizing currencies or assets to enable their smooth transfer over a permissioned ledger same as bitcoin. Solomon said he found the process “interesting,” adding that the global payment and remittance market would eventually integrate it. “Tokenization is the direction in which the payment system will…

Goldman Sachs ‘Looking at Potential’ of Creating Virtual Currency, CEO Reveals

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Goldman Sachs is performing “extensive research” on tokenization, the group’s chief executive told France’s Les Echos newspaper on June 27. David Solomon said he believes global payment systems are heading in the direction of stablecoins — cryptocurrencies pegged to fiat assets such as the U.S. dollar. Although he stopped short of confirming whether Goldman Sachs has had discussions with Facebook about its upcoming libra cryptocurrency and Calibra wallet, Solomon said his corporation finds the concept “interesting.” When asked whether Goldman Sachs will follow JPMorgan Chase in launching its own virtual currency, Solomon said: “Assume that all major financial institutions around the world…