Image Of The Day, 27 Of August: Reuters, Business Insider, The Washington Post 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. THREE GIANTS (Business Insider)
Chinese bitcoin mining rig makers aim to raise billions in HK IPOs
Three of the world's largest bitcoin mining equipment makers plan to raise billions of dollars with initial public offerings in Hong Kong, even as other companies report plunging demand for the chips needed to make bitcoin and a halving in the price of the cryptocurrency.
The companies all design high-end computer chips intended for mining cryptocurrencies, particularly bitcoin, and sell mining equipment containing the chips. In addition, Bitmain mines cryptocurrencies on its own account. Companies like Nvidia also sell specialty chips used for mining. "The marked decline in the price of bitcoin since the start of the year is likely to weigh on investors' interest in these companies," said Benjamin Quinlan, chief executive of financial services consultancy Quinlan&Associates.
2. WITH COMPLIANCE WITH THE SHARIA LAW (Reuters)
New digital exchange seeks to host Islamic finance startups
A new digital exchange aims to attract listings from sharia compliant financial technology startups, its chief executive said on Monday, part of a growing number of firms looking to modernize Islamic finance.
The exchange, known as Huulk, has applied for a digital exchange license in Malta and hopes to partner with several European exchanges in the coming weeks, Huulk chief executive Ibrahim Mohammed said in a telephone interview from Dubai. This would allow the exchange, part of the OneGram Group of companies, to host trades of digital assets as well as stocks and commodities.
3. ONE TO RULE THEM ALL (Business Insider)
Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
Fintech broke onto the scene as a disruptive force following the 2008 crisis, but the industry's influence on the broader financial services system is changing. Industry no longer stands clearly apart from financial services proper, and is increasingly growing embedded in mainstream finance. We're now seeing the initial stages of this transformation.
For instance, funding is growing more internationally distributed, and startups are making necessary adjustments to prove sustainability and secure a seat at the table. Most fintech segments in the ascendant a year ago have continued to rise and grow more valuable to the broader financial system. Meanwhile, several fintech categories have had to make adjustments to stay on top. New subsegments are also appearing on the scene — such as digital identity verification fintechs — as new opportunities for innovation are discovered.
4. MINING IS SERIOUS BUSINESS (Bitcoin.news)
Bitcoin Mining is Big Business in Montana
Bonner and Butte, Montana are home to two of the largest bitcoin mining facilities in North America. They’re also subject to a major energy producer in the state, the Colstrip power plant, which is due to be shut down. Bitcoin mining has become such a potential windfall for the state economy, one of its congressional representatives, Senator Steve Daines, openly worried closing of the plant could kill its crypto golden goose.
Such an enlightened posture by the state’s politicos is hardly new. Last summer, its governor announced close to half a million dollars would be awarded as a grant to bitcoin miner Project Spokane for business growth, job creation, and employee training.
5. FINNISH GAMBIT (The Washington Post)
Thai police extend probe into bilking of bitcoins from Finn
Thai authorities this week are expected to step up their investigation of a financial scam involving the alleged theft of about $25 million worth of bitcoins from a Finnish investor who police say was bilked with promises of high returns from investments in a casino in Macau and in another cryptocurrency.
Police have issued arrest warrants for several other people, including actor Jiratpisit Jaravijit’s elder brother, Parinya Jaravijit, who has left the country. Police have indicated they will question more suspects this week. On Monday, they questioned the siblings’ parents about money they had received in their bank accounts suspected of having come from the alleged scam. Jiratpisit turned himself in Monday to formally hear fraud charges.
6. TRUE STORY (Bloomberg)
The time one of our co-hosts launched his own cryptocurrency
Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance and economics.
Joe Weisenthal is a co-host of the Odd Lots podcast. He also once launched his own cryptocurrency called Stalwartbucks. On this week's episode, we speak with Guan Yang, who along with Weisenthal helped launch Stalwartbucks in the early weeks of 2014. We talk about how they did it, what they learned, and why, sadly, it ultimately failed.
7. EXPLOSIVE HIGH (CNBC)
This correlation suggests bitcoin may end year 'explosively higher': Tom Lee
If you're trying to figure out when bitcoin's slump will end, you may want to look at the emerging markets. According to Fundstrat Global Advisors' Thomas Lee, there's an important correlation budding between emerging markets and bitcoin, the most dominant coin in the cryptocurrency space."
"Both really essentially peaked early this year, and they both have been in a downward trend," the firm's head of research said Friday on CNBC's "Trading Nation." "Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren't buying bitcoin."
8. BUT HOW RICH THEY REALLY ARE (Bloomberg)
Three mining giants facing an IPO
The secretive bosses of Bitmain Technologies Ltd., Canaan Inc. and Ebang International Holdings Inc. -- three of the largest makers of cryptocurrency mining gear -- are all facing the prospect of public-market scrutiny for the first time as they pursue stock listings in Hong Kong. Bitfury, another industry heavyweight, is open to the idea of an initial public offering, though it doesn’t yet have any concrete plans.
Declining cryptocurrency prices may be one reason why the mining companies are selling shares now, so that existing owners can capture some of the gains they’ve made from growing the business to this point
9. LICENSE FOR A TOKEN (News.bitcoin)
Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without License
The Thai Securities and Exchange Commission has revealed the number of applications it has received from businesses wanting to operate initial coin offering portals in the country. However, at least one company is already issuing a token without obtaining approval. Meanwhile, the first Thai Stock Exchange-listed company to launch a token has a new plan to revitalize its coin.
According to the Bangkok Insight, Mrs. Praopon Senanarong, the Assistant Secretary of the Thai SEC, said that the regulator is reviewing six applications for ICO portals, which are expected to be approved in the fourth quarter of this year. In addition, 12 more portals are interested but have not formally applied for a license.
10. WOLF HAS ISSUED A WARNING (CNBC)
'Wolf of Wall Street' warns investors of the next big trap: Bitcoin
Former penny-stock broker Jordan Belfort spent nearly two years in prison for scamming investors. Bitcoin, he has no doubt, is the next trap that could leave some retail investors penniless.
"I was a scammer. I had it down to science, and it's exactly what's happening with bitcoin," he told CNBC in a documentary airing Monday. "The whole thing is so stupid, these kids have gotten themselves so brainwashed." Belfort ran an over-the-counter brokerage house on Long Island called Stratton Oakmont, and pleaded guilty in 1999 to manipulating investors into buying stocks that eventually turned out to be worthless. The former broker's story was depicted by Leonardo DiCaprio in Martin Scorsese's "Wolf of Wall Street."