Image Of The Day, 16 Of August: Forbes, Bloomberg, CNBC and Others
We're presenting «image of the day». Bitnewstoday.com has chosen 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 are below!
1. STILL MURKY FOR THE MOST (The New York Times)Commodity firms and banks have been diving into blockchain pilot schemes over the last two years but the new technology's application for most trading has likely been over-hyped, a report by Boston Consulting Group (BCG) said.
Blockchain, originally the platform behind cryptocurrency Bitcoin, is viewed by some as a solution to inefficiencies, improving transparency and reducing to the risk of fraud. But BCG believes its potential has been exaggerated. The volume of trades through various schemes has been negligible so far and it is too early to tell how soon it might reach the significant mass.
2. CONTROVERSY IN SAHARA (FORBES)
U.S. Blockchain Firm Courts Controversy With Energy Project In Disputed Western Sahara
New York-based Soluna Technologies has become embroiled in the political controversy over Western Sahara, after announcing plans for a project combining renewable energy and blockchain computing in the disputed territory. The company’s Dakhla project covers 37,000 acres in an area notable for its consistent winds. Soluna plans to develop the site in phases, with the first stage comprising 36MW of energy production capacity and 18MW of computing facilities.
The announcement of the Dakhla project has drawn criticism from activists campaigning for Western Sahara independence who say the Moroccan authorities have no right to grant licenses for such projects.
3. MAGNIFICENT SEVEN (News.Bitcoin)
Only Seven Crypto Firms Authorized to Legally Operate in Thailand
The Thai Securities and Exchange Commission (SEC) has announced the names of seven cryptocurrency firms that have been authorized to legally operate in the country. Five of them are crypto exchanges; two are cryptocurrency dealers.
Crypto exchanges that have been authorized are Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Satang Corporation (Tdax), and Coin Asset. The two approved dealers are Coins TH Co. Ltd. and Digital Coin Limited (Thai WM).
4. BLAMES IT ON BITCOIN (TheNextWeb)
Popular cloud-based cryptocurrency mining service, Genesis Mining, is calling it time on lower tier Bitcoin mining contracts after claiming they’ve become a pointless endeavor.
To anyone that has read the Genesis Mining’s FAQ section on its website, it won’t come as a surprise. When entering a cloud mining contract the client agrees to the fact that if the contract returns less than it costs Genesis to maintain the required infrastructure, the contract will enter a 60 day default. If the market does not pick up during those 60 days to make the contract profitable again, the contract will come to an end.
5. FASTER AND STEALTHIER (Forbes)
Startup Raises $23 Million To Make Crypto Trades Faster And Stealthier
Silicon Valley-based cryptocurrency trading platform Sfox has raised $23 million in new investment, led by venture firms Tribe Capital and Social Capital. The 20-person startup aims to help investors make large trades by routing their orders to multiple places, enabling faster execution and better prices.
Sfox also lets clients make “stealth” orders. For example, one of the problems with trying to make a large crypto asset sale on an exchange like Coinbase Pro or Binance is that it can crash the price, causing coins to sell at lower and lower values and reducing the seller’s profits. Sfox says its “secret sauce” algorithms help to hide that trade until it gets executed, preventing the market from cratering.
6. HOLD THE LINE! (Market Watch)
Cryptocurrency prices hold their ground
After a torrid start to the week, digital currencies were showing signs of a revival, with most major coins holding on to yesterday’s gains in Thursday trading.
After rising as much as 6% Wednesday, bitcoin, BTCUSD, +0.55% the worlds largest digital currency, was little changed Thursday, the last trading at $6,94.63, up 0.3% since Wednesday 5 p.m. Eastern Time on the Kraken crypto exchange. The broad-based rally pushed the total value of all cryptocurrencies to $209 million, $20 billion off Monday’s low, according to data from CoinMarketCap.
7. IS THIS KINO? (News.Bitcoin)
"Crypto" Thriller Starring Kurt Russell in Post-Production – Producers Share Details
The upcoming thriller movie called “Crypto” starring Kurt Russell, Alexis Bledel, Luke Hemsworth, and Beau Knapp is in post-production. News.Bitcoin.com first reported about this movie in June.
Producers of the movie noted that It “ doesn’t particularly focus on any particular coin…[But] the overall message of the movie is positive, even if [it] does focus on crime, corruption, and cryptocurrency.”
8. DIG! (Bloomberg)
With Bitcoin falling, you might expect mining activity to follow. That hasn’t happened. The combination of declining prices and a rising hash rate -- which measures computing power -- shows how complex the economics of cryptocurrency mining is. An increasing hashrate means Bitcoin mining is still profitable enough for many players to stay put, defying speculation that prices have fallen past break-even points.
9. SPEND IT LIKE ITS HOT (Business Times)
South Korea's finance minister said on Thursday the government will raise its spending by more than planned until 2022 to counter a feeble weak labor job market and economic polarisation as inequality in South Korea rises. Earlier, the government cut its jobs outlook, expecting Asia's fourth-biggest economy would add only 180,000 jobs this year, down from 320,000 estimated earlier.
"The job market is the worst since the financial crisis. The government's big challenge is how to support the job market through fiscal policies," Finance Minister Kim Dong Yeon said in a speech.
10. GOODBYE, CRUEL CRYPTOVERSE! (Daily mail)
Fearing for investors' mental health, people posted suicide helpline numbers on the popular r/cryptocurrency forum on Reddit. Also shared were links for the US Suicide Hotline and the National Alliance on Mental Illness.
One post reads: "If you feel you might be suicidal and live in the United States, I urge you to call the Suicide Hotline at 800-273-8255 or navigate to for a live chat and additional resources".