Image of The Day, 27 of September: Bloomberg, CNN, Forbes 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. WORST NIGHTMARE (The Next Web)
Bitcoin hard fork nightmare becomes reality after testnet splits
A week ago, Bitcoin developers disclosed a glaring vulnerability in the network that could’ve led to a series of abrupt chainsplits. Well, it appears this scenario has begun to play out.
While developers have already issued a fix, it is still up to the individual node operators to push the patch. Unless the majority of the network updates their nodes, developers warn that Bitcoin is susceptible to unexpected hard forks (chainsplits). Chainsplits can occur when versions of node software aren’t perfectly compatible. When this happens, the network can fork into two versions, reversing long-confirmed transactions and causing mayhem for cryptocurrency exchanges and other services.
2. RATED E – EVERYTHING (Forbes)
The blockchain-based 'Google lens for everything’
From transforming the way you shop to guiding your autonomous vehicle, one company is using decentralized Artificial Intelligence (AI) and image recognition on the blockchain to envision a whole new world of possibilities.
Reveel is on a mission to use AI to recognize images of all kinds – everything from objects to people, places and actions. Starting with helping brands connect with savvy shoppers wherever they go, this start-up could disrupt the shopping industry through a “Reveel” of the information you need to purchase something you see on the move — no app required.
3. BAD TIMING (CNN)
Bitmain IPO came at a really bad time
Three of the world's top makers of cryptocurrency technology are planning to sell shares, giving investors a new way to bet on digital currencies. They're reportedly hoping to raise billions of dollars. The mining technology companies haven't said when exactly they plan to go public or how much they're seeking to raise. Bitmain and Canaan declined interview requests, while Ebang didn't respond to a request.
"These firms might be looking to cash out before the market takes an even steeper nosedive," said Benjamin Quinlan, founder of Hong Kong-based financial services consulting firm Quinlan & Associates.
4. PARANOIA BASED SECURITY (Bloomberg)
Bitcoin security does not depend on strength or government
Traditionally, the only sort of financial system that works at scale is one decided by courts and enforced by threat of violence. Even back in the days of primitive firepower, deposit and lending activities took place in temples consecrated to the ancient gods, to underscore the idea that dishonesty would be punished.
Confidence in a network’s decentralization is a critical cryptocurrency’s value. Public blockchains remove the need for mutual trust between participants because everyone independently audits every transaction. In fact, sweeping distrust is necessary to motivate users to perform their own verification. A healthy paranoia is what keeps things running.
5. EXPENSIVE VIDEO GAMES (Venture Beat)
ClanPlay raises $2 million for blockchain-based gamer rewards platform
ClanPlay has raised $2 million in venture funding for a platform that serves as a social hub for gamers who play in clans in games such as Clash Royale and also rewards gamers for their play. The funding from Bicameral Ventures will help the company leverage its 2 million users and build what it calls the world’s first marketplace for in-game actions.
The Tel Aviv, Israel-based startup, is using the Aion blockchain and cryptocurrency technology to create a reward system where gamers can essentially be paid for completing actions in a mobile game, said Leonard Frankel, CEO of ClanPlay, in a statement. ClanPlay plans to launch the Good Game Marketplace in the fourth quarter.
6. KILLER WHALE (Daily Hodl)
Ripple and SBI’s killer app wins approval from regulators in Japan
A partnership between financial titan SBI and Ripple just cleared a major hurdle on its way to launching MoneyTap, a blockchain-based payments platform for consumers. SBI Ripple Asia says it has formally registered with Japan’s Ministry of Finance and now has a license to handle electronic payments using Ripple’s proprietary distributed ledger technology.
MoneyTap is the first mobile app to be developed and used by three members of the Japan bank consortium: SBI Net Sumishin Bank, Suruga Bank and Resona Bank. They’ll be the first to go live with the app before it rolls out to the rest of consortium, which is comprised of 61 banks covering more than 80% of banking assets in Japan.
7. TOP THREE (FXStreet)
Possible jolts on the Crypto board to restart the engine
These are days of transition between the main protagonists of the crypto-board. After many months of a downward trend, the change of direction, or at least until the end of the declines, is taking its time to materialize. So here are three predictions for the near future of the crypto
BTC/USD has a high probability of falling in the short term. The ETH/USD mimics Bitcoin and can follow the downward steps. Ripple maintains a healthy bullish profile that can soften a possible downturn. It is not an ideal scenario. Financial markets of any sort do not usually give free money.
8. SECS’ HARD TIME (Seeking Alpha)
Why is the SEC so reluctant to approve Bitcoin ETFs?
Investors are eagerly awaiting the results of the SEC decision on the VanEck SolidX Bitcoin Trust ETF on September 30. The decision has already been postponed once this summer.
Compared to previous attempts, the VanEck Bitcoin proposal has a better chance of being approved. The VanEck proposal involves buying Bitcoin futures on the CME, rather than Bitcoin itself. The SEC has historically rejected applications for Bitcoin ETFs because the underlying asset is still inherently unregulated. Regulators remain concerned about Bitcoin ETFs being listed on the New York Stock Exchange (NYSE) or the Nasdaq.
9.BULLS’ DESIRE (Fx Empire)
Bulls need $6,600 levels or face a retreat to sub-$6,300
A start of the day reversal saw Bitcoin pullback to an early morning intraday low $6,382.5, steering clear of the first major support level at $6,318.23, to move through to $6,500 levels by late morning and an early afternoon intraday high $6,558 that came up short of the day’s first major resistance level at $6,576.33.
For the day ahead, a move back through to $6,500 levels would likely see Bitcoin take another run at the first major resistance level at $6,552.7 to bring $6,600 levels into play, though Bitcoin will need to hold above $6,470 through the morning to support an afternoon rally. Resistance at $6,500 has continued to pin Bitcoin back from a run at $6,700 levels to bring the 23.6% FIB Retracement Level of $6,757 into play, leaving the Bitcoin bears in control in spite of the early upside.
10. DANGER OF KNOWLEDGE (The Next Web)
Coinbase thinks it can make investing in cryptocurrency even easier
This might sound like a dream come true for cryptocurrency advocates, but there are a few things newbies ought to consider. Coinbase has announced today that it is adding three new services to its platform: Coinbase Bundles, asset pages, and Coinbase Learn. The aim of these is to help cryptocurrency newcomers get some skin in the game without breaking too much of a sweat.
One thing to keep in mind is that – despite the good intentions behind these new pages – the goal here is to make it easier for customers to feel comfortable about buying and trading cryptocurrency. So you might want to seek beyond the information Coinbase has made available.