Image of The Day, 22 of November: CNBC, South China Morning Post, The Next Web 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. AMAZON’S REST (The Next Web)
Amazon Web Services outage forces major cryptocurrency exchanges offline
AWS, one of the world’s widely used cloud services, was hit with major internal server failures that brought popular digital asset exchanges, Upbit and Coinone, to a screeching halt. Several popular e-commerce hubs were also unreachable for roughly an hour, reports ZDNet.
“Between 3:19 PM and 4:43 PM PST we experienced increased error rates in the [Asian-Pacific region],” declared AWS. “The issue has been resolved and the service is operating normally.” Amazon maintenance details also confirmed networks in Seoul the biggest hit by the interruptions.
2. AMAZON’S PATH (The Daily Hodl)
Crypto venture capitalist says bitcoin is following the path of internet giant Amazon
Bitcoin believer and CryptoOracle partner Lou Kerner says that the trajectory of the decentralized digital economy is long, and the ride will be bumpy.
Bitcoin is not the first long-winded, disruptive platform to post epic wins followed by jaw-dropping crashes. Amazon, promising to reinvent how people shop, first made big waves on the tech scene back in 1997 with high-flying stock prices. After Amazon’s initial public offering in May of that year, its stock price went from $18 per share to an average of $106 by December 1999 – before nosediving to $5.97 in September 2001. Amazon traders lost fortunes.
3. 1 MILLION DOLLAR HACK (CNBC)
Hacker lifts $1 million in cryptocurrency using San Francisco man's phone number
San Francisco resident Robert Ross, a father of two, noticed his phone suddenly lose its signal on Oct. 26. Confused, he went to a nearby Apple store and later contacted his service provider, AT&T. But he wasn't quick enough to stop a hacker from draining $500,000 from two separate accounts he had at Coinbase and Gemini, according to Santa Clara officials.
Nicholas Truglia, 21, lifted the $1 million from Ross' two cryptocurrency accounts, according to a felony complaint filed this month in California state court. Prosecutors say Truglia also hacked the phones of multiple Silicon Valley executives but was not able to rob their accounts.
4. GAULOISES, BAGUETTE, BITCOIN (The Next Web)
French tabacs introduce questionable plan to sell Bitcoin coupons
The French confederation of tobacconists is hellbent on allowing tobacco stores (tabacs) across the country sell special coupons for Bitcoin and Ethereum, as a way of keeping up with the times.
Announced suddenly via local media, confederation president Philippe Coy declared between 3,000 and 4,000 tabacs across France would be permitted to sell cryptocurrency vouchers, starting next year.
5. DEALS, DEALS, DEALS (Independent)
Bitcoin black friday 2018: deals and giveaways spread online as cryptocurrency hits 12-month low
The unofficial start to the Christmas shopping period comes at a turbulent time for Bitcoin, coming at the end of a week of dramatic price drops, though this hasn't put off online retailers hoping to cash in on the cryptocurrency.
Furthermore some Bitcoin exchanges are even offering bitcoin giveaways in an effort to entice people to their platforms. Isle of Man-based exchange CoinCorner is giving away £20 of bitcoin to new customers starting Thursday, 22 November, so long as they register and buy £100 worth of the cryptocurrency.
6. TAKE COVER! (South China Morning Post)
As Bitcoin prices fall, mining cryptocurrencies is no longer profitable for many
Prices of Bitcoin, the world’s leading digital currency, have tumbled nearly 30 per cent in the past week and hit a 13-month low of about US$4,500, according to data from CoinMarketCap. The total market value of cryptocurrencies has slumped to US$148 billion, which is less than one-fifth of its worth during the market’s peak in January.
The price drop has left miners – those who process transactions in return for new units of cryptocurrency as reward – in a vulnerable position. It has become unprofitable for these enterprises and individuals to run at least four models of bitcoin mining machines, if they consume power at a rate of 0.4 yuan (6 US cents) per kilowatt-hour (kWh), according to the latest estimates of Beijing-based F2Pool, one of the world’s biggest bitcoin mining pools.
7. BIG BOYS TIME (Financial Magnates)
Corporations around the world are adopting blockchain technology at a rapid pace
The Enterprise Ethereum Alliance, an extensive network of enterprises, startups, academics, and vendors that works to customize Ethereum’s blockchain technology for industry use already has over 400 members. Large blockchain investments that utilize the technology’s ability to increase transparency, security, traceability, and efficiency are giving rise to new projects and technologies that are transforming entire industries.
The eagerness of corporations to adopt blockchain technology is illustrated by the steady development of new blockchain platforms across a spectrum of various industries and sectors. The financial sector has long been a proponent of blockchain technology with several major financial institutions investing heavily into new ventures. JP Morgan, for example, has internally developed its own Ethereum blockchain platform Quorum to create an enterprise-focused version of Ethereum.
8. INVESTIGATING THE RIOT (CNBC)
Riot blockchain SEC investigation is still ongoing
Riot Blockchain, the cryptocurrency company whose stock skyrocketed after changing its name, revealed that the Securities and Exchange Commission subpoena and investigation are "still ongoing," according to its most recent quarterly filing. The company had previously disclosed that the subpoena received on April 9 was "pursuant to a formal order of investigation," according to its May quarterly filing.
Last month, Riot announced in a press release that the SEC had terminated its Section 8(e) examination of certain registration statements. According to an SEC press release unrelated to Riot Blockchain, this type of examination could have led to an order blocking share sales, but it did not in this case. Riot withdrew one registration statement and its amended version in question and terminated the other, according to the latest quarterly filing. Riot said it is "fully cooperating" with the SEC, according to the latest filing.
9. THE ROOM FOR THE FALL (The Daily Hodl)
Bobby Lee predicts Bitcoin bottom
The co-founder of Hong Kong-based crypto exchange BTCC says Bitcoin could have more room to fall before it hits a bottom. Bobby Lee says he believes Bitcoin may have to reach $3,000 before all investors who lack conviction in their strategies have sold, and people who see a good deal start to buy.
“We are down >30% from $6,500 levels a few weeks ago. Selling momentum (panic?) has slowed & we’re bottoming out for this round. But I wouldn’t be surprised if BTC eventually hits $3,000. Most ppl want to wait, to buy in at cheaper prices, but they would risk missing the bottom?” - said Lee in his Twitter.
10. DON’T FORGET TO PIN IT (Yahoo Finance)
Useful link for troubling times
Bitcoin's recent run of stability came to a dramatic end in November, when a cryptocurrency market crash saw billions of dollars wiped from its value in the space of just a few days. The collapse is the latest in a year of falling prices for the world's most valuable cryptocurrency, having traded close to $20,000 in December 2017.
Ethereum, ripple and bitcoin cash have all been hit by the latest price falls, as the notoriously volatile cryptocurrency market continues to fall to new 2018 lows. All the latest news, analysis and predictions will be updated regularly here.