Image of The Day, 17 of September: Venture Beat, Forbes, News.Bitcoin, 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. THE NEGOTIATOR (Forbes)
Meet the firm paying ransoms in bitcoin on behalf of its customers
“Never pay” is the general advice when dealing with a ransomware attack. But it's not always possible to follow this rule, according to a company that helps small firms negotiate with cybercriminals to reduce ransom amounts, paying them in Bitcoins.
“We are pragmatists, and the ‘never pay’ mantra is simply not attuned to the reality of the choices businesses have when they are hit,” says Bill Siegel, CEO and co-founder at Coveware. Siegel and his colleagues are able to negotiate the ransom amount down by 80% over 36 hours and help the companies facilitate a secure cryptocurrency payment.
2. MONGOLIAN VACATION (The Next Web)
Cardano talks blockchain innovation with Mongolian government
Cardano is not quite done introducing the blockchain technology to developing countries. Founder Charles Hoskinson revealed he had recently visited Mongolia to discuss ways to use the technology to innovate the country’s government and business sectors.
Hoskinson, who was a part of the original Ethereum founding team, took to Twitter to share a photo of his meeting with Mongolian minister Damdin Tsogtbaatar. Unfortunately, he refrained from sharing any specific details of the meeting – other than confirming the pair chatted about “business,” “blockchain,” and “innovation.”
3. SCALPERS BEWARE (Yahoo Finance)
Blockchain tested as a solution to illegal ticket sales
The online event ticketing market (including movies, sports, music concerts, and comedy shows) was valued at approximately US$46 billion in 2017 and is expected to reach over US$67 billion by 2025. But that online marketplace is also rife with problems; the Ontario government cracked down on scalpers and ticket bots last year, but legitimate fans still face issues getting tickets to the shows they want.
“A number of blockchain companies are looking for problems, I found one that is just so glaringly obvious that we can fix,” Shiv Madan, CEO of Blockparty said to Yahoo Canada Finance. Blockparty is a live event ticketing platform that operates using the blockchain technology, offering an alternative to Eventbrite and Ticketmaster. Its system is said to solve many of the industry’s biggest concerns such as scalpers as well as ticket bots and buggy check-in procedures.
4. GOING LIVE (CNBC)
Ripple hints its cryptocurrency product will go live 'in the next month or so'
Blockchain startup Ripple could launch a commercial application of its cryptocurrency-focused product "in the next month or so," an executive at the company has told CNBC.
Sagar Sarbhai, the head of regulatory relations for Asia-Pacific and the Middle East at Ripple, said on Monday that the firm was making significant headway with its xRapid product, which is aimed at helping banks speed up transactions by using the cryptocurrency XRP. Ripple says its xRapid product uses the XRP cryptocurrency as a kind of a "bridge" between currencies, allowing payment providers and banks to process faster cross-border transactions.
5. CAUTION AND RESTRAINT (Daily HODL)
US regulator supports crypto innovation, urges caution and restraint from the government
U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo says the development of cryptocurrencies requires caution and a “do-no-harm approach” to innovation. Speaking to CNBC at the annual Singapore Summit, Giancarlo says he’s advocating for the same approach that allowed the Internet to grow. That means no heavy-handed regulations that can stifle progress.
At the same time, Giancarlo is taking a hard stance against fraud and manipulation in the crypto markets. “When it comes to fraud and manipulation, we need to be strong. When it comes to policy making, I think we need to be slow, and deliberate, and well informed.”
He says the CFTC has been forwarding thinking, evidenced by their approval of the first regulated Bitcoin futures. “No other regime in the world has allowed this to go forward.”
6. TARGET IS CLEAR (FXstreet)
Nouriel Roubini sets a new target for bitcoin - $6,643
Nouriel Roubini, also known as Dr. Doom, warned about the 2008 Global Financial Crisis. He now warns about one coming in 2020 and sees a critical role for Bitcoin. The cryptocurrency will be used by institutional investors as an alternative store of value as the trust in other assets will fall. Where next for the BTC/USD?
The Technical Confluence Indicator shows that Bitcoin is currently in a zone between $6,460 and $6,501. The area is the confluence of mid-ranking technical levels such as the Simple Moving Average 5-4h, the Bollinger Band 15m-Upper, the SMA 100-1h, the SMA 200-15m, the SMA 50-1h, the BB 4h-Middle, the SMA 5-15m, the SMA 5-1h, the Fibonacci 23.6% one-week, the Fibonacci 61.8% one-day, the BB 1h-Lower, and the BB 15m-Lower.
7. INVEST IN THE DREAM! (Venture Beat)
MovieCoin brings blockchain to blockbusters so you can invest in Hollywood
A financial technology company that leverages the blockchain technology and digital assets within the film and entertainment industry, MovieCoin, has announced today the start of its public presale.
“MovieCoin comprises content financing and production, business and consumer services, and technology development and licensing,” said the chairman and CEO Christopher Woodrow. “The content financing and production business offer ownership of filmed entertainment assets to financial investors seeking institutionalized, programmatic access to financing of premium content. Our team of seasoned Hollywood media executives will source and qualify commercial feature film and entertainment investment opportunities.”
8. DON’T BANK ON IT (Forbes)
Don't bet the farm on blockchain
“Venture fad” is an investment field that explodes to wild popularity and later fades to obscurity, like Nanotech in the last decade. The Blockchain and Cryptocurrencies are showing signs of doing the same. Blockchain is a technology platform that uses cryptography, algorithms, and participant incentives to enable secure transactions without regulation and validation by a major institution. Cryptocurrencies are a key class of applications enabled by blockchains: e.g., Bitcoin or Ethereum.
However, evidence now accumulating indicates there is little steak behind all this sizzle. Cryptocurrencies are not used much for payments: Chainanalysis estimates that the volume of Bitcoin transactions was about $60 million/month in May 2018, sharply down from 2017 levels, and an infinitesimal fraction of global financial transactions. And Cryptocurrencies’ volatility makes them a poor choice as a store of value or a unit of account (the other main uses of money). The Economist in a recent article concluded that Bitcoin and other cryptocurrencies are useless. Warren Buffett’s verdict is earthier: “Bitcoin is probably rat poison squared”.
9. BEAR’S RESILIENCE (News.Bitcoin)
BTC hashpower doubles during bear market as miners sacrifice profit for position
According to the Fundstrat analyst Sam Doctor, it appears Bitcoin Core (BTC) hashpower has doubled since just before the start of summer. That figure is impressive considering the lingering and deep bear market. “Even with upgrades to existing equipment, implies almost 1GW of new power consumption vs 5.2GW in May ’18m” Mr. Doctor tweeted. “Breakeven now $7,300 ($5,300 cash BE) vs. $6,000 in May.” An exchange report confirms miners might also be accepting lower shorter term gains in favor of the market position.
10. GREEN CRYPTO (The Next Web)
Alibaba’s Jack Ma: Blockchain will be useless if it doesn’t help the environment
In a keynote at the World Artificial Intelligence Conference in China, the star entrepreneur shared his beliefs that budding technologies like the blockchain, artificial intelligence (AI), and the Internet of Things (IoT) have yet to prove their utility to the world, local outlet cnBeta reports.
“The data age is a major opportunity for manufacturers to reform the industry,” Ma said at the conference. “But the blockchain and the IoT will be meaningless tech unless they can promote the transformation of the manufacturing industry, and the evolution of the society towards a greener and more inclusive direction.”