Image of The Day, 5 of November: Bloomberg, Fobes, FXStreet 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. THE GRAND ILLUSION (The Next Web)
This Elon is not real too
Another day on Twitter, another Elon Musk cryptocurrency giveaway scam. The official account of Pathé, the world’s second oldest operating film company and Europe’s second largest studio, has been hacked to spread malicious Bitcoin giveaway links.
The more concerning part of that is the fact that it seems like tons of people have already fallen victim to the scam. The wallet address associated with the malicious links has received over 6 BTC (approximately $38,000) in the last 24 hours alone.
2. REIGN OF BEARS (FXstreet)
BitMEX CEO projects that Bitcoin's bear market will continue until 2019.
The research team of Hong Kong-based BitMEX has recently published the latest “Crypto Trader Digest” edition. According to BitMEX's CEO Arthur Hayes, Bitcoin may repeat its “nuclear bear market” of 2014 and 2015.
Hayes believes that all markets — cryptocurrency is no exception here — pass through several phases, and Bitcoin has yet to reach the bottom before it can proceed to the recovery phase. He says that the bear market that started on March 12, when Bitcoin price moved under DMA200, will continue at least until 2019.
3. WEEKEND AT PARAGUAY’S (The Guardian)
Paraguay becomes a place of choice for miners
Ciudad del Estel — city perched on the triple border where Paraguay meets Brazil and Argentina, the melting-pot city is often associated with smuggling, cartels and drugs.ut inside, a new hot commodity is piling up by the second. Dozens of dismantled CPUs and internet-connected circuits whirr away in the gloom, LEDs flashing, adding to the subtropical heat. They are just a few of an estimated 20,000 units citywide, mostly mining the cryptocurrencies Bitcoin and Ethereum in an industry that has sprung up almost overnight in the area.
Behind the boom is the monolithic Itaipú dam the country shares with Brazil, stretching across the Paraná river just north of the city. It is the world’s most powerful hydroelectric facility, and its abundant energy supply makes Paraguay an ideal setting for Bitcoin miners base of operations.
4. NECESSARY EVIL (Forbes)
We need to bring traditional finance to crypto
When talking about stablecoins, it is worth recalling the hype around Initial Coin Offerings (ICOs) last year. The crypto world needs to be very careful around over-egging products and services, because doing so usually results in damage to the consumer (last year, $6bln was lost to failed ICOs). And it is not difficult to imagine the scope for bad actors: using stablecoins like a deposit-taking mechanism, or even in a ponzi scheme fashion.
Well-executed and delivered stablecoins will make a huge difference to consumers. Cross-border transactions, P2P and micro-payments will suddenly be far easier, and cheaper. But while we should expect regulators and governments to continue looking closely at stablecoins and, in time, for a smart regulatory regime to hopefully emerge, in the meantime, the onus falls on individuals to make smart decisions around which stablecoins to invest in, and then use.
5. LUXURY FOR YOUR CRYPTO (Bloomberg)
Remixpoint to start crypto payments for Tokyo limousines
Remixpoint Inc. is working with Hinomaru Limousine Co. to let passengers use digital currencies to pay for rides between Tokyo and the Japanese capital’s two major airports, people familiar with the matter said.
A trial service will start this month and initially cover rides between Tokyo’s 23 wards and either Haneda or Narita airports, according to the people, who asked not to be identified discussing private information. A formal announcement is planned for Tuesday with the service to accept payments in Bitcoin, Bitcoin Cash and Ethereum, the people said.
6. THEY ARE HERE (FXstreet)
The bulls have awoken?
The cryptocurrency market has been trading below a descending trendline since the beginning of the year. There have been a lot of developments in the industry this year, besides regulations continue to take shape in various jurisdictions around the world.
At present, the market is slightly in the green. The recovery is mostly fueled by both social media sentimental change and the investor focus on blockchain developments in the industry. The market has also been stable in the past couple of months led by Bitcoin and Ethereum. The mundane trading is not attractive to many in the industry especially speculators.
7. CHINA IS DOING THIS AGAIN! (VentureBeat)
China tries to take lead in all possible techs
An ambitious AI strategic plan was laid by the China’s State Council in July 2017, aiming to create a domestic 1 trillion yuan ($150 billion) AI industry by 2030. Following this, Chinese president Xi Jinping called upon his country to take the lead in developing new technologies like artificial intelligence, the internet of things, and blockchain. Last year alone China’s AI sector received $28 billion in investment, and that level of investment is set to continue as all of the tech giants and banks are actively investing and up-skilling their capabilities.
But how much of this work is really new and ground-breaking? A recent study produced by Startup Genome analyzed all of the patents in AI and concluded that China now ranks as No.1 in the world. The country has exhibited widespread experimentation, coordination, and application of AI across multiple industries. Factor in the concept of ‘cross pollination of technologies’ such as mixing AI with blockchain, IoT, or even cloud, and the whole is much greater than the sum of its parts.
8. NEW ADDITION! (Blokt)
Lukas Tassanyi aka MicroHash joins the IOTA foundation
The IOTA Foundation recently announced that it is adding a longstanding stalwart of its ecosystem to its organization formally. German student Lukas Tassanyi, who is more commonly known as MicroHash in the IOTA community is joining the organization as a software engineer.
The German is currently studying Bachelor of Computer Science at the Technical University Dresden. He has worked extensively on the IOTA Spam Fund. The fund was created to incentivize spamming on the network which could help in speeding up the IOTA blockchain transactions. The fund provides a small amount of IOTA tokens donated by the community to spammers to cover their proof-of-work costs.
9. CAN’T SOLVE THEM ALL (The Next Web)
Blockchain is not a silver bullet
The IBM has filed a patent application for a complex AR gaming system, designed to steer players away from potentially dangerous physical spaces. To this end, IBM intends to use machine learning and blockchain tech to build this new system. But there are a number of technological challenges to take into account — starting with IBM’s use of blockchain.
Basicly the use of blockchain does not by itself protect against the possibility of recording misleading (or straight-up false) data. It merely implies that once recorded, data will be immutable (unless the blockchain has backdoors built into it). But that doesn’t mean the system will be immune to manipulation. For instance, malicious actors will still be able to feed false location data to IBM’s blockchain-powered system, unless it also comes with oracles — sensors specifically designed to validate events that take place outside of a blockchain. Worryingly, there is no mention of an oracle implementation in IBM’s patent application.
10. POWER TO THE PEOPLE! (Forbes)
Former state blockchain directors partner with Deloitte to enhance citizen control over government-issued IDs
Cab Morris and Jennifer O’Rourke have been working for two years to give their fellow United States citizens — and Facebook users — more control over their personal information. During their previous day jobs with the Illinois state government, the duo began to explore how decentralized technology like that which powers bitcoin could help make that possible
There is one thing that always got in the way of modernizing the way the state deals with industries far beyond just real estate and healthcare: how the state’s citizens prove who they are at every step of the way, from basic logins using Facebook to more sophisticated forms of identity, including driver’s licenses, social security cards and more. Who owned the data, how it was controlled, and whether it was honored across borders proved almost insurmountable obstacles. So, in March 2018, Morris, 27, and O’Rourke, 37, left their government positions to build a private solution called Attest, which they hope will serve not only Illinois citizens and U.S. citizens but also citizens around the world.