Image of The Day, 29 of October: Forbes, The Times of India, Fortune 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. ONE VERY DEAD CANADIAN (Forbes)
Bitcoin prices hold steady after sudden Canadian exchange shutdown
MapleChange revealed via Twitter that a software "bug" had allowed all of the 913 bitcoin (worth some $6 million at current exchange rates) it was holding to be stolen. MapleChange attempted to reassure users that it would be conducting a “thorough investigation” but warned it would be unable to make refunds before deleting its social media accounts and taking its website offline. Users now attempting to access maplechange.com are met with a timeout error.
The Bitcoin price was little moved on news of the loss, with the market trading sideways over the last 24 hours, according to CoinDesk data. The price of Bitcoin and other major cryptocurrencies have remarkably stable over recent months, as investors and traders await decisions by regulators, signs of growing user adoption, and interest from some of the world's biggest banks.
2. A TURMOIL IN THE CRYPTOVERSE (The Times of India)
After arrests of Unocoin founders, India's crypto scene in turmoil
When Harish BV and Sathvik Viswanath installed a Bitcoin ATM at a mall in Bengaluru, the possibility of being arrested had never crossed their minds. They were only trying to revitalise their business which was in the doldrums after the finance ministry told banks to stop supporting cryptocurrency transactions earlier this year.
But banks refusing transactions meant those who wanted to participate in crypto exchanges, had to use other means. “If banks won’t let you buy or sell Bitcoins, why not an ATM to handle those purchases in cash?” decided Unocoin founders. Bengaluru police were unsure about this idea and arrested them both and seized their ATM.
3. KOREANS DO LUXEMBURG (Fortune)
Bitcoin exchange Bitstamp acquired in latest cryptocurrency deal
Bitstamp, a Luxembourg-based Bitcoin exchange, has been acquired. The buyer is NXMH, a private equity and investment firm based in Brussels that also owns Korbit, a South Korean cryptocurrency exchange. The financial terms of the deal were not disclosed, but the purchase price was rumored to be around $400 million.
Kodrič will remain CEO of Bitstamp and does not expect anything to change for either the company’s customers or its 180 employees following the acquisition, he told Fortune in an interview. “We have kind of the same opinion as NXMH — why change something if it works perfectly well?” he said, adding that Bitstamp “has been profitable from almost day one.”
4. WHO ARE YOU, MR.BITCOIN? (The Telegraph)
10 years later, The Telegraph still doesn't know what Bitcoin is for
In the decade since, Bitcoin has been met with a combination of fascination, fervent excitement and deep scepticism. It has been called the end of money as we know it, hailed as a new gold for the digital world, and feared as the fuel for a new digital anarchy.
That is the idea, at least. The reality is that 10 years after the idea for Bitcoin and the blockchain came online, it still feels like a solution searching for a problem. Billions of venture capital funding has been put into cryptocurrency and blockchain start-ups, but as of yet, there seems to be little to show for it. Few of us are using cryptocurrencies to make payments.
5. PAST THE DEADLY NUMBER (The Insider)
Bitcoin trading uses so much power that it could push global temperatures up
The cryptocurrency Bitcoin has been touted by its proponents as a way to help solve our most pressing problems, but the currency has a dark side. A new study from the University of Hawaii finds that if Bitcoin becomes more widely adopted, the huge amounts of electricity used to trade the cryptocurrency could push global temperatures above 2 degrees Celsius by 2033.
According to the Intergovernmental Panel on Climate Change (IPCC), a 2-degree rise in global temperatures could reduce water availability in some areas by up to 30%, make arctic species like the polar bear and caribou vulnerable to extinction, and subject another 10 million people to coastal flooding.
6. HARD BOILED THAI REGULATOR (Financial Magnates)
Thai regulator issues warning against several cryptocurrency entities
The Securities and Exchange Commission of Thailand has issued a warning about several entities that are operating unlicensed cryptocurrencies and/or initial coin offerings in the country, according to the Bangkok Post. The watchdog has found that the entities have been advertised on social media websites, and have not applied for a licence.
Cryptocurrency was legalised in Thailand in May 2018, in a process which was relatively quick and painless when compared to other jurisdictions. Having decided that the entrance of the new industry was inevitable, the authorities began by telling local banks to refrain from doing business with cryptocurrency while things were worked out.
7. HEAVEN AT THE CRYPTO ISLAND (Daily Hodl)
Bittrex launching new international platform for crypto traders
Bittrex International is launching a digital trading platform for qualified international customers. Previously branded as “Bittrex Malta,” the new platform will speed up the listing process for tokens, streamlining the approval process.
According to the announcement, the token approval process will take weeks instead of months. Bittrex’s standard initial review process will remain intact with an evaluation of the authenticity, innovation and quality of the token.
8. BOLDLY EXPLORING BLOCKCHAIN (The Next Web)
Tanzanian government to research blockchain tech, but very slowly
The Tanzanian government is prepping to conduct thorough research into distributed ledgers (DLT), but the move already has its skeptics, local media reports. At a recent conference, government official Dr. Jim Yonazi urged ICT professionals to help his government determine the power and scope of DLTs and blockchains before it made any big decisions.
While it still may be too early to tell if the sum of all the efforts it have really made a difference to those who need help the most, the UN does believe blockchain tech is capable of bringing positive change.
9. DRAMA EH? (Financial Magnates)
Canadian cryptocurrency exchange drama
MapleChange, a cryptocurrency exchange based in Edmonton in Canada, claims to have had all its money stolen. Many do not believe this story because the exchange deleted its internet presence, before re-appearing after people published the address of the owner.
The act of deleting its accounts caused numerous media outlets to proclaim that the company had executed an exit scam — that is, that the people behind the exchange had stolen the money themselves. Even Changpeng Zhao of Binance, the most popular cryptocurrency exchange in the world, took note. That's why he ended up being doxed.
10. JAPAN DEMOTES STABLECOINS (The Next Web)
Japan: stablecoins are not cryptocurrencies
The Japanese Financial Services Agency revealed exclusively to Bitcoin News today that, under current law, stablecoins are not cryptocurrencies. Currently there are two pieces of legislation that cryptocurrency companies must satisfy in Japan. The Fund Settlement Law and the Payment Services Act.
The Fund Settlement Law defines cryptocurrencies as means of payment, making them exempt from tax. The Payment Services Act state cryptocurrency exchanges must register with the Financial Services Agency (FSA). By the Payment Services Act’s definition, stablecoins are not “virtual currencies.”