Image of The Day, 17 of October: TechCrunch, Forbes, Blokt and Others
We're presenting "the image of the day". Bitnewstoday.com has chosen the 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 stories of this day in the most indicative quotes are below!
1. CIVIL APPROACH (TechCrunch)
Blockchain media startup Civil is issuing full refunds to all buyers of its cryptocurrency
Civil’s initial coin offering, meant to fund the company’s effort to create a new economy for journalism using the blockchain, failed to attract sufficient interest. The company announced today that it would provide refunds to all CVL token buyers by October, 29.
Civil’s goal was to sell 34 million CVL tokens for between $8 million and $24 million. The sale began on September 18 and concluded yesterday. Ultimately, 1,012 buyers purchased $1,435,491 worth of CVL tokens. A spokesperson for Civil told TechCrunch an additional 1,738 buyers successfully registered for the sale, but never completed their transaction.
2. ALL GIRL TRIO (Forbes)
Three female lawyers tackling jurisdiction to define the cryptocurrency ecosystem
A number of questions arise as the cryptocurrency ecosystem continues to expand its reach to traditional financial markets. Trust must be built among new market participants, countries leading innovation need to respond to legal concerns and actions should to be taken to pave the way for both accredited and non-accredited investors to step foot into the cryptocurrency market.
As a result, lawyers specializing in cryptocurrency related matters have become key players for ensuring the success of the global adoption of digital assets. Three women lawyers in particular are taking action to help define legal uncertainties currently facing the evolving crypto ecosystem.
3. SHORT SIGHTED (The Next Web)
RIP Satoshi’s vision — report finds only 16% of cryptocurrencies are decentralized
An overwhelming majority of cryptocurrency and blockchain projects (cryptoassets) on the market today are centralized in one way or another. Even more startling, 85 percent of development teams have the authority to alter their cryptoassets’ protocol at their own discretion. These are just some of the findings presented by blockchain and cryptocurrency research unit CryptoCompare, in its yearly taxonomy of the cryptocurrency sector.
The study analyzed hundreds of cryptoassets with the intention of classifying cryptocurrency projects and blockchain platforms. Among other things, the report acts as a “decentralization thermometer” for the cryptocurrency market. It has indiciated a growing trend towards centralization, mostly driven by utility tokens running on private, controlled servers.
4. BILLION DOLLAR PARTNER (Blokt)
China’s Baidu rumored to be Justin Sun and Tron’s partner
Justin Sun, founder and chief executive of Tron, is known for keeping the Tron and crypto communities in suspense. Sun tweeted on Oct. 12 that Tron is partnering with an industry giant valued at tens of billions of dollars but asked the crypto verse to guess who the partner is.
On the same day, CoinNess tweeted that it had been informed by the Tron team that Tron and Baidu had confirmed a partnership. The details of the deal are still not known. Baidu Cloud is expected to make an official announcement next week.
5. FIXING THE WALL STREET (Bloomberg)
Goldman alumni still think they can fix Wall Street with crypto
Describing Accrete Capital Technologies, Arya Bolurfrushan laid out a plan to run what’s essentially a hedge fund that sells stakes in itself through digital tokens. Just about anyone, he said, could eventually buy. Looking like a banker but sounding like a crypto radical, he said Accrete could upend both Wall Street and virtual currencies by creating something with lower fees than asset managers and less volatility than Bitcoin.
It’s a big pledge from someone with no track record of his own in digital money. What Bolurfrushan has to offer instead is the kind of impeccable credentials — fancy relatives, a two-year starter job at Goldman Sachs Group Inc. until 2008, Harvard Business School, and a plum role at an oil company — that some die-hard digital-coin fanatics despise. By the end of August, his recruits included five other Goldman alumni, mostly 30-something men, plus a real estate heir he happened to meet at an upscale sushi bar this year.
6. TAKING UP THE NEW STUFF (Forbes)
Accounting Association takes on blockchain technology
In a blockchain-enabled world, accountants will re-examine tried-and-tested accounting processes. They will rethink the way audits are done, reconsider how to attest to data recorded to a blockchain, and re-evaluate how to verify the integrity of financial (and other) data that decision makers rely on. Accountants will broaden their scope as to what was traditionally considered accounting information and also what their role as accountants should be writ large.
“Our students will make data-driven decisions to drive new business models,” said Mark Rubin, Dean of Farmer School of Business, University of Miami (at Ohio). The AAA is committed to helping serve a more prosperous global society, Dean Rubin explained. Accountants do this by ensuring that decision-makers, both internal and external to the organization, have the best financial (and other) data to make decisions about the allocation of resources.
7. COMMITMENT TO THE CAUSE (Reuters)
Industry group plans blockchain tool to track firms' sustainability commitments
A responsible investment non-profit organisation said on Wednesday it aims to develop a blockchain tool to track companies’ sustainable commitments, to help identify those not keeping up with their ethical credentials.
The plan comes as the ethical investment industry expands beyond its core centres of Europe and North America, with governments such as Indonesia issuing green bonds for the first time this year. The London-based Responsible Finance & Investment (RFI) Foundation will work with a group of 23 other signatories to develop the tool over the coming year, Chief Executive Blake Goud told Reuters.
8. EARNING THEIR TRUST (The Next Web)
Binance adopts surveillance tech to appease cryptocurrency regulators
It seems the compliance bug has finally bitten Binance. The world’s most popular cryptocurrency exchange is looking to appease government regulators worldwide with some fancy new tech built to detect suspicious trading activity.
In a press release, Binance confirmed it has integrated its systems with proprietary compliance software built by blockchain tech firm Chainalysis, named Know Your Transaction (KYT). “Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users,” said Jonathan Levin, Chainalysis’ co-founder.
9. JUST FOR THE FOREIGNERS (Blokt)
Bithumb will start a special promotion for new foreign users
South Korea based cryptocurrency exchange Bithumb will be running a new special promotion for new foreign users between Oct. 15 and Nov. 14. The promotion will target new foreign users on the platform who sign up during the promotion period. Various benefits will be provided to users who complete transactions worth KRW 20 million in Bithumb cash.
During the “New Registration Event,” global users on the Bithumb platform will stand a chance to win 20,000 Bithumb cash. New foreign users who complete transactions worth KRW 20 million ($17,490 approx.) could stand eligible for the prize. The benefits will be provided in consecutive order between Dec. 3 and Dec. 7.
10. SUDDEN STOP (Market Watch)
Bitcoin rally stalls as it approaches trade above 200-day moving average
Major cryptocurrency prices are trading mostly unchanged Wednesday. After rising as much as 10% on Monday, Bitcoin, the world’s largest digital currency, broke out of a triangle formation, which if holds, one analyst said could point to another leg higher, testing another important level.
“The price action was quickly sold-off but did decisively break the downward triangle, and needs to be watched carefully,” wrote Nick Cawley, markets analyst at Daily FX. “If BTC can close above this triangle over the next few sessions, it will indicate renewed bullish sentiment that could push the price back to the 200-day moving average and the spike high between $7,200 and $7,300.”