Image of The Day, 25 of October: The Times of India, MarketWatch, 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. RUMBLE ON! (Daily Hodl)
Cardano founder claims: ‘We finally have some real competition”
Algorand, a new blockchain and cryptocurrency built for business, just announced that it has secured $62 million in funding from an investment group. Created by MIT professor and cryptographer Silvio Micali, the project, which has been under development for several years, is designed to build a global and decentralized economy.
Charles Hoskinson, founder of IOHK and Cardano, says he and his team finally have some “real competition.” Both projects have their roots in academic, scientific theory, and both companies report that they have technology which solves the “blockchain trilemma” – essentially optimizing decentralization, security and scalability simultaneously without making any sacrifices in these critical three areas.
2. FIRST OF ITS KIND (The Next Web)
23 year-old Australian pilfers $320,000 of cryptocurrency – gets arrested
Australian authorities have arrested a suspect for what is potentially the country’s largest single cryptocurrency theft. An as yet unnamed 23 year-old Sydney woman was taken into custody today for stealing 100,000 XRP back in January 2018.
At the time of the theft, the cryptocurrency was worth nearly $320,000 ($450,000 AUD). Authorities investigating the crime claim this is the first – and largest – cryptocurrency theft by a single person.
3. ESCAPE FROM WALL STREET (CNN)
Crypto slowdown tanks AMD stock
The rapid rise of cryptocurrencies like bitcoin helped make AMD a darling of Wall Street. But cryptocurrencies have lost their luster and the company with the hottest stock is now feeling the pinch.
AMD stock plunged 20% in premarket trading after the chip maker announced third quarter earnings that fell short of Wall Street's expectations. It warned of a weaker outlook. The company said that slowing sales were "caused by the decline in blockchain-related demand" for its graphics processors. The blockchain sector as a whole has been significantly cooling because of volatility in cryptocurrency markets.
4. 1 TRILLION DOLLARS (The Times of India)
India's digital economy may cross $1 trillion by 2022
India's digital economy is likely to cross $1 trillion by the financial year 2022, a KPMG report said here on Thursday. The report launched at the India Mobile Congress 2018 also forecasts that mobile data usage in the country is likely to surge five times by 2023.
"In a sign of the country's ascendancy and as a testimony to the telecom sector's blistering pace of growth, India became the world's second-largest telecom market in 2018 with over a billion subscribers," said the report. “With the given trends, the digital economy is expected to cross $1 trillion by FY22.”
5. THE RUN (Forbes)
Bitcoin price bulls come out fighting ahead of 10 year anniversary
Next week, on October 31, it will be the 10th anniversary of Satoshi Nakamoto’s release of the bitcoin whitepaper — leading many to look ahead to what the next 10 years will bring.Bitcoin has come a long way in just 10 short years. Despite the bitcoin price struggling to regain its highs this year, the long-term trend is hard to ignore.
A number of prominent bitcoin bulls shared their insights on the future of the virtual gold, based on their ideas, predictions, and visions of the future of the digital economy. And they have a reason to be positive. Bitcoin has maintained its so-called dominance over the sector, however. Bitcoin dominance — its share of the total cryptocurrency market capitalization — hit year-to-date highs in mid-September. Though it has fallen somewhat from those highs, it has remained above 50%.
6. HOLD THE LINE! (MarketWatch)
Bitcoin volatility index drops below 2%
For the 10th consecutive session bitcoin prices are trading largely unchanged as volatility in the world’s largest digital currency continues to fall. In Thursday trading a single bitcoin was going for $6,436.58, down 0.5% since Wednesday at 5 p.m. Eastern Time.
Yet, as bitcoin continues to tread water, equity markets are in the midst of a volatile patch. On Wednesday, major indices, including the Dow Jones Industrial Average and the S&P 500 wiped out their gains for 2018 as global growth concerns have investors re-evaluating stock prices versus bond yields. However, on Thursday, stock markets had turned it around, and by mid-afternoon trading major indices had clawed back more than half of Wednesday’s losses.
7. BEHEMOTHS GO TO THE DEVELOPED COUNTRIES (Blokt)
Two french tech behemoths announce partnership
Two french companies — iov and be-bound — have teamed up to bridge the digital divide in the most vulnerable communities around the world. iov’s blockchain simplification process and be-bound’s augmented connectivity will be blended in a new solution to enable application deployment in regions where technology is yet to make a strong presence. be-bound brings mobile and iot coverage to over 95 percent of the world’s population. its technology runs on existing networks, removing the need for infrastructure investments.
Most of the areas where the two partners intend to work do not have basic instruments needed to trade value, like a bank account. Be-Bound cofounder and CEO Yazid Chir explained how blockchains and augmented connectivity could boost economic growth and distribute it to a larger populace.
8. WOZ SAYS (The Next Web)
Apple co-founder Steve Wozniak outlines the path to mainstream adoption of crypto, says Bitcoin and blockchain ‘really works’
Apple co-founder Steve Wozniak says Bitcoin, cryptocurrency and the blockchain movement remind him of the early days of computing. Speaking at the Crypto Invest Summit in Los Angeles, Wozniak called Bitcoin “digital gold,” and expanded on why he is so drawn to blockchain technology.
“Bitcoin really got our attention towards what blockchain could be. All the advantages are there because there’s no creator, there’s no owner, there’s no company involved here, there’s no central control. So it caught our attention. And everywhere I go in the world, I run into huge numbers of people that are developing different applications in life, things that we do in life, that will be on the blockchain.”
9. CENTRAL BANK DILLEMA (The Next Web)
Central banks split over how to issue digital fiat currencies
IBM and the Official Monetary and Financial Institutions Forum (OMFIF) have released details of a joint investigation into the effectiveness of central bank digital currencies (CBDCs) as a replacement for government-issued fiat.The report surveyed 21 central banks from around the world to determine sentiment toward digital versions of central bank fiat money.
While the investigation found it unnecessary for central banks to rush in issuing digital currencies, 38 percent of those surveyed came from institutions that are actively researching and trialling wholesale CBCDs.
10. WISHFUL THINKING (CNBC)
If you’ve invested $1,000 in Bitcoin 5 years ago…
The value of Bitcoin hit an all-time high of nearly $20,000 in December 2017. Less than a year later, however, its value has dropped to about $6,400, according to digital-currency website CoinDesk, whose Bitcoin Price Index tracks prices from several key exchanges. Still, even though Bitcoin is worth a lot less today than it was at its peak, if you invested $1,000 five years ago, you would have made a profit.
But if you are considering investing in cryptocurrencies, think of it like a trip to Vegas, self-made millionaire and best-selling author Tony Robbins suggests. In his own portfolio, Robbins directs a certain amount of money to risky ventures, but he doesn't rely on them to work out. For those investments, he said, "I know it is just for fun I'm investing, I know I could lose."