May 15, 2020

How Investors Are Presented With Bitcoin: ‘A New Decentralized Monetary Asset, Akin to Gold’

May 15, 2020 boss

Bitcoin (BTC) is a compelling investment case “for patient, long-term investors” willing to spend the time to understand the top cryptocurrency, a new paper by Paradigm co-founder managing partner Matt Huang notes. The crypto entrepreneur places BTC besides gold, as a go-to store of value, amid unprecedented stimulus spending by governments during the Covid-19 crisis. “Bitcoin is likely to earn a place alongside gold as a sensible part of many investment portfolios,” Huang says in a paper aimed at reaching out to conventional investors, “Bitcoin for the open-minded skeptic.” “It…

Demand for Bitcoin Grows After Halving

May 15, 2020 boss

Data published today from Cointelegraph Markets and Arcane Research found that despite investor concerns over the block reward halving disincentivizing miners and possibly compromising the security of the network, demand for Bitcoin continues to rise globally. Proof of increasing adoption is supported by the total number of functioning Bitcoin ATMs rising to 8,000, a more than 90% increase since 2019. Bitcoin ATM operator, Coinstar, also reported a 40% increase in Bitcoin ATM use since February of this year. Real BTC daily volume vs. BTC Price. Source: Messari Bitcoin gains and…

Lawsuit Claims Nvidia Misrepresented $1B in Sales to Crypto Miners

May 15, 2020 boss

An amended class action complaint filed against Nvidia Corp has accused the firm of violating the Securities Exchange Act by downplaying the extent to which its gaming revenues relied on GPU sales to cryptocurrency miners. The complaint, filed May 14, claims that Nvidia issued deliberately misleading statements that understated more than $1 billion in GPU sales relating to crypto miners during 2017 and 2018. Claims estimate that sales to miners represented over half of the company’s total sales. Nvidia was hit with a spate of lawsuits from investors after its…

Blockchain Bites: Last Day of Consensus, Will Crypto Save the Internet?

May 15, 2020 boss

Top Shelf Consensus: Distributed ended on a high note with a keynote address from Juan Benet, founder of Protocol Labs, who granted a rare interview as he closed out the week-long virtual conference. Speaking widely on the topics of decentralization and Web 3.0, Benet said, “the internet has become dramatically more important to us.” Over a 50-year time span, computing has gone from an idea to a “species altering technology.” You’re reading Blockchain Bites: Consensus Edition a twice daily roundup of all the notable news out of Consensus: Distributed. You can sign up…

Dear JK Rowling: Bitcoin is Magic

May 15, 2020 boss

As part of a recent tweet calling on all novelists to message her with their questions on Bitcoin, CoinDesk journalist Leigh Cuen publicized a tweeted response from none other than beloved Harry Potter author, J.K. Rowling. “I don’t understand Bitcoin,” Rowling said, adding, “Please explain it to me.” Dear JK Rowling: The first thing you need to understand is that Bitcoin is magic. It allows you to exchange money with anyone in the world instantly, cheaply and securely, without the need for any centralized, Goblin-based banking authority. Chapter 1:…

JK Rowling Asks About Bitcoin. Accursed Crypto Twitter Scares Her Off

May 15, 2020 boss

JK Rowling probably wasn’t expecting to unleash the bitcoin community’s pent up passion and imagination when she tweeted two sentences asking about bitcoin. But the author of the Harry Potter series did. Responding to a tweet from CoinDesk senior reporter Leigh Cuen, Rowling tweeted: “I don’t understand bitcoin. Please explain it to me.” In just two hours her tweet had spawned 1,300 replies. It took less than three hours for her to follow up with, “I don’t think I trust this.” Lurking below the Twitter surface is a massive community…

When Lambo? Lamborghini Launches Blockchain-Based Collectible Stamps

May 15, 2020 boss

Lamborghini, a famous Italian manufacturer of luxury sports cars, continues to utilize the Blockchain in its corporate operations. Among the latest technology developments, the well-known brand is applying blockchain to digitize its collectible stamps. Lamborghini is launching its first collectible digital stamps, the “Automobili Lamborghini Collection.” Powered by blockchain technology, the new collection is a series of collectible digital stamps dedicated to the history of the world’s most iconic luxury brand cars. The first stamp from the Automobili Lamborghini Collection is devoted to the Huracán EVO RWD Spyder, a new…

Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week

May 15, 2020 boss

Bitcoin’s steady price gains over the past few days ended Friday. With the halving in the rearview mirror, cryptocurrency traders could consider the impact of a continued global economic slowdown after new data showed retail sales dropped to record lows and unemployment numbers continue to worsen. The world’s first cryptocurrency is trading below its 10-day and 50-day moving averages, a bearish technical indicator. At press time, BTC was trading down 3.4% over 24 hours at $9,340 00:00 UTC Friday (4 p.m. ET). Bitcoin had experienced steady gains since May 13,…