Image Of The Day, 1 Of August: Financial Times, CNBC, The Guardian And Others
We're presenting "the image of the day". Bitnewstoday.com chose only the freshest and most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important of today's stories in most indicative quotes below!
1. BITCOIN GOING DOWN (Bloomberg)
Bitcoin's use in commerce Keeps Falling even as volatility eases.
After peaking at $411 million in September, the amount of money the largest 17 crypto merchant-processing services received in the best-known cryptocurrency has been on a steady decline.
While the amount merchant services such as BitPay, Coinify and GoCoin received increased slightly in June to $69 million, it was still a far cry from the $270 million received a year ago.
2. TO FIX IT ALL (Forbes)
Nobel Prize Winner Joins Blockchain Startup To Fix Smart Contracts.
Nobel Prize-winning economist Oliver Hart joins Prysm Group, as its first senior adviser.Over the years, Hart became fascinated by what he describes as the “fuzzy” areas of these agreements, where the anticipated potential outcomes break down, and arbitrators, or even judges are required to make sense of the chaos.
While contract incompleteness may be an unavoidable side effect of the complexities of life, Hart believed his work could help empty the courts of cases based solely on contractual confusion.
3. OFF THE RAILS (CNBC)
Bitcoin is off the rails again.
The cryptocurrency has plunged more than 7 percent in the last week, now trading just above $7,500. Despite the latest drop,Bitcoin is off the loop again. Experts say that it’s only a temporary setback.
"[Bitcoin has] had a pretty good run from $5,800 up to $8,300, $8,400 or so," said CNBC "Fast Money" trader Brian Kelly of Brian Kelly Capital. "So while it might seem crazy to the legacy markets and the bitcoin world, this is just a normal correction."
4. BITCOIN OR BITCOAL? (MarketWatch)
Bitcoin mining poses threat to Paris climate-change accord.
In a study published in Energy Research&Social Science, John Truby, associate professor of law and director of the Center for Law & Development at Qatar University, said the Paris Agreement is under threat due to the growing energy consumption of mining cryptocurrencies.
“Bitcoin’s mining and trading system requires such a vast consumption of electricity that it is equivalent to powering Denmark. This threatens the planet to the extent that intervention is necessary to prevent similar models emerging,” wrote Truby.
5. HAPPY BIRTHDAY TO YOU! (Bitcoin.com)
Bitcoin cash celebrates it’s first anniversary.
Bitcoin Cash took the travel industry by storm making it their preferred currency. Creators of the crypto are confident that it is just a matter of time until larger players in the travel industry adopt Bitcoin Cash as a universal payment option.
“No more cash transfers or cash are needed when you go out to dinner or coffee with a friend. With Bitcoin Cash, friends and family are instantly reimbursed with virtually no fees. It is simple to do – just scan a QR code”- said Bitcoin Cash spokeperson.
6. VITALIK SAYS “ITS’S A BUBBLE” (TrustedNodes).
Ethereum creator claims that end is near.
For seven months Vitalik Buterin has been able to make no comment on price actions, but today he could not resist when faced with a tweet by the decades old (in crypto years) sceptic Tim Swanson.
He showed estimated website visits to Coinbase by SimilarWeb, which have gone down some 50%, with Buterin stating in reply: “Is anyone surprised? We’re at the tail end of a crypto bubble.”
7. WHERE REAL WHALES TRADE (Finance.Yahoo)
Over-the-counter crypto trade is much bigger than we thought.
TABB Group, an international research company, has disclosed in its extensive analytical report that the over-the-counter (OTC) market of bitcoin is significantly larger than the global bitcoin exchange market.
“Our reports are based on interviews and with participants in markets, cover more than BTC and keep in mind that not all transactions show up on public blockchains as many venues omnibus accounts so only net changes to their positions will be written to public blockchain,” - said Monica Summerville, a senior FinTech analyst at Tabb Group.
8. THE BEAST IS OUT (The Guardian)
Tommy Robinson, alt right leader is freed.
Tommy Robinson, founder of the English Defence League, who was freed after the court of appeal ordered that he should be retried on a contempt of court finding, gathered significant amounts of money in bitcoin.
Tommy’s YouTube account encourages supporters to make donations in the cryptocurrency due to it’s anonymity.
9. Roll up your sleeves! (Financial Times)
Notorious Jamie Salway joins Blockchain.
James “Jamie” Selway, a well-known figure in the US equity market, will join Blockchain, a cryptocurrency wallet provider, as part of its plan to move into trading and custodial platforms for digital currencies and securities.
“The opportunity for market design is incredible,” Mr Selway told the FT. “You have predominantly retail global markets that need structure whether that be from a regulatory or infrastructure perspective. There is a pile to do.”