Image of The Day, 29 of November: South China Morning Post, Forbes, Irish Tech News 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. HARD JUSTICE (The Next Web)
Blockchain CEO faces 120 years in prison for $4M cryptocurrency scam
The CEO of blockchain startup AriseBank Jared Rice is facing up to 120 years in prison for duping numerous investors out of $4 million in a cryptocurrency scheme. Rice promised his cryptocurrency would offer Visa-like functionality, but instead he spent investors’ Bitcoin on hotels and clothes.
Rice allegedly misled would-be investors that AriseBank — which aimed to be the “first decentralized banking platform” — could offer FDIC-insured accounts and banking services, including Visa-brand credit cards and other cryptocurrency services, according to Northern District of Texas US Attorney, Erin Nealy Cox.
2. HARD RESET (The Daily Hodl)
Financial powerhouse Fidelity reboots VC crypto fund
Fidelity’s little-known crypto venture fund is back in action. Using capital from the company’s balance sheet, Fidelity launched its fund in the fall of 2017, investing in cryptocurrencies and crypto-related companies. The project went on hiatus after two key members, former Fidelity VP Matt Walsh and former research analyst Nic Carter, left the company to start Castle Island Ventures, a crypto-focused venture capital firm.
The Fidelity fund is back with long-time equity analyst Sachin Patodia at the helm. According to a report by The Block, the rebooted crypto fund is being described as “bigger” than its first iteration. The fund, now under Patodia, an 11-year veteran at Fidelity, was originally implemented as part of Fidelity’s broader interest in cryptocurrencies.
3. OUT TO GET YOU! (South China Morning Post)
North Korean hackers are coming for your Bitcoin
North Korean hackers have taken to stealing cryptocurrency from individual investors as part of a new strategy by Pyongyang to blunt the impact of international sanctions.
The targeting of individuals holding virtual currencies such as Bitcoin marks a departure from its previous methods, which have targeted exchanges and financial institutions. Analysts say the shift shows Pyongyang is seeking a new source of income as it buckles under sanctions targeting its illicit nuclear weapons programme.
“Previously, hackers directly attacked exchanges,” Simon Choi, the founder of the cyber warfare research group IssueMakersLab, said. “They targeted staff at the exchanges, but now they are attacking cryptocurrency users directly.”
4. FEELS LIKE HOME (Forbes)
Bitcoin is 'here to stay' says Wall Street boss amid crypto rout
Bitcoin's woes have caused many to doubt the future of cryptocurrencies, though others are confident Bitcoin and its peers will soldier on, with New York Stock Exchange (NYSE) chairman Jeff Sprecher among the more optimistic.
"The unequivocal answer is [digital assets will survive]," Sprecher said earlier this week at the Consensus: Invest conference in New York, it was first reported by CNBC. "As an exchange operator, it’s not our objective to opine on prices."
5. LONG WAY TO THE TOP (Market Watch)
Bitcoin adds to gains as it eyes 3rd consecutive winning session
After dipping below $3,500 for the first time in more than a year on Saturday, Bitcoin regained $4,000 on Wednesday and extended gains into Thursday. In early trading, a single bitcoin was last trading at $4,356.55, up 2.5% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken exchange.
Mati Greenspan, senior market analyst at eToro said the recent uptick in volatility has reignited the crypto debate of popularity versus adoption: “Certainly, it would be better for the use case of cryptocurrencies if they remained more stable, or to see a slow but steady increase in prices. But let’s be straight, would bitcoin be as popular as it is today if not for the wild volatility?” he wrote.
6. PROMOTING THE FUTURE (FXStreet)
South Korea to promote cryptocurrency trading following a new bill introduction
A bill will be introduced to promote cryptocurrency trading. It would facilitate the promotion of cryptocurrency exchange developments. Further proposing that a new committee be established in order to support and promote crypto operations. This legislator, Kim Sun-dong, is further giving a green light to cryptocurrency trading. It is also worth of note, he is a member of the Political Committee of South Korean National Assembly. There is substance behind his intentions.
Noting that he executed the bill named Digital Asset Trading Promotion Act. This details all the guidelines that would need to be used in the market, ultimately, assisting with the development and promotion of crypto and blockchain technologies.
7. JAPANESE EXPERIMENTS (Irish Tech News)
Japan experiments with self-regulating status for crypto
The Japanese leg of the cryptocurrency movement has inched closer to a leading role when the Financial Services Agency (FSA) gave the green light for the industry to self-regulate. Japan was the first country to institute regulations for crypto-exchanges last year, and has since encouraged innovation in this industry.
The Japan Virtual Currency Exchange Association’s (JVCEA) new status gives it the ability to not only monitor activities on the Japanese exchanges, but also to penalize exchanges for infringements. It is not yet evident what this means in the long run, or whether other countries with strong cryptocurrency environments will follow suit.
8. TAG TEAM (Finance Magnates)
BSO teams up with Faiko for cryptocurrency market data
BSO, an Ethernet network, cloud and hosting provider, announced this Thursday that it has joined forces with Kaiko, a provider of institutional grade cryptocurrency market data.
Together, the two companies will deliver real-time market data to clients directly from connected cryptocurrency exchanges, starting first with Gemini, the digital asset exchange founded by the Winklevoss twins.
The market data connection will be delivered in two stages. In the first implementation, BSO will deliver a live-streaming low-latency data feed from Equinix NY4 for the current investors of Gemini. As Gemini has collocated its servers in an institutional grade data centre, a cross-connect has been implemented to also provide clients of Kaiko the ability to access the data directly.
9. LAST TRAIN TO DLT (The Next Web)
ASUS wants gamers to mine cryptocurrency when they don’t play games
ASUS is the latest technology giant to hop on the cryptocurrency mining bandwagon. The Taiwanese manufacturer is now encouraging gamers to mine cryptocurrency when they’re not playing games.
Putting to use their idle graphic cards, ASUS gamers will be able to mine cryptocurrency and cash out their earnings through PayPal or WeChat. The company has partnered with blockchain technology provider Quantumcloud, which has developed the mining software.
10. BOTH DIMENSIONS (Forbes)
CryptoKaiju launches first collectible toys on the blockchain
Starting today, CryptoKaiju will be shipping 130 Genesis figures to customers, which is designed to illustrate a Bitcoin-themed traditional Kaiju monster. It’s also an appropriate name for the first seeing as it’s the same word to name the first block in a blockchain.
The team behind it are also launching their subscription box service, but shipping later in December. With this subscribers will receive a unique, crypto-themed figure each month. To ensure they aren’t mass producing toys, the subscription boxes will be limited to a set amount of pieces a month.