Image of The Day, 8 of October: South China Morning Post, Venture Beat, Finance Magnates 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. CHINA HAS THE POWER (The Next Web)
China has the power to destroy Bitcoin
A damning new study has suggested China holds threatening influence over Bitcoin – and perhaps even the ability to attack and ultimately destroy the entire Bitcoin network.
Academics from Princeton and Florida International Universities have explored how China “threatens the security, stability, and viability of Bitcoin” with its “political and economic control over domestic [cryptocurrency] activity […] [and] internet infrastructure.” According to the paper, China has both “mature capabilities” and “strong motives” to perform a variety of attacks against Bitcoin. Even worse, it is already exerting its power over Bitcoin in a myriad of ways.
2. SOLVING BANKING ISSUE (South China Morning Post)
Hong Kong firm Summer Capital joins fundraising for crypto-bank SEBA Crypto AG
Hong Kong investment firm Summer Capital has taken a stake in start-up SEBA Crypto AG, which aspires to be the first cryptocurrency investment bank, pending approval of its license application before Swiss authorities.
Summer Capital spokesman Jack Chung said he expects SEBA, which is headquartered in the affluent Swiss municipality of Zug, to receive approval as a banking and securities dealer by the Swiss Financial Market Supervisory Authority. Approval by regulators will support the development of cryptocurrency banking services, enabling SEBA to subsequently extend its services to Asian blockchain companies struggling to access the traditional banking system.
3. BLOCKCHAIN FOR HILTONS (Venture Beat)
Aqua integrates its blockchain property management platform with Hilton WorldWide
Consumer profile company Aqua Intelligence has launched its Property Management System and announced integration with significant hotel chain Hilton Worldwide. Aqua’s Property Management System is using blockchain technology to reduce operating costs and customer response times, which in turn allows requests to be resolved more efficiently.
The system connects data across the entire chain, which makes every part of hotel management more accessible and more effective. It is similar to the case study Bill Gates highlighted in his book Business at the Speed of Thought, in which the Promus hotel chain used integrated data services to provide a high level of service at a low cost.
4. TRACING THE ROOTS (Forbes)
IBM launches food trust blockchain for commercial use
The IBM Food Trust platform has been demoed exclusively in pilots and proofs of concept — to trace mangoes throughout a supply chain, for example. In September, retail giant Walmart announced that it would begin requiring its suppliers to implement the system to track bags of spinach and heads of lettuce.
Monday, IBM announced that its solution-as-a-service cloud platform is now available to all players in the food supply chain, a move that will likely drive unprecedented visibility and veracity into the sourcing and certification of fresh produce and proteins.
5. SHADOW OVER MALTA (Finance Magnates)
Malta’s “blockchain island” plans overshadowed by EU investigation
Malta, the Mediterranean island of less than half a million people, will soon become the first member of the European Union to enact a full set of laws governing blockchain businesses. However, what should be a positive development for the cryptocurrency industry is somewhat marred by ongoing investigations into widespread corruption and possible clashes with EU law.
One potential major area of friction is the EU’s much-discussed GDPR laws of May 2018, which relate to data protection. The laws were not written with blockchain technology in mind — how can a customer demand that his data be deleted when there is no central authority and a blockchain is indelible.
6. GOSH DARN BEARS! (The Next Web)
UK’s oldest Bitcoin exchange ousts most of its staff, blames bear market
The cryptocurrency market’s growth has been stagnant for too long now — and businesses seem to be losing hope. The UK’s oldest Bitcoin exchange desk Coinfloor is ousting most of its 40 employees.
The company’s CEO Obi Nwosu told in a interview that the exchange is seeing a significant drop in trading volume across the market compelling them to make some changes. He said: ”Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies.”
7. DUBLIN ON CRYPTO (Irish Times)
State’s bid to become key blockchain player gets major boost
The Republic’s attempt to build its credentials as a key player in blockchain has received a boost with news that an international body working to develop standards around the technology will host a conference in Dublin next year.
Details of the International Organization for Standardization (ISO)’s meeting next May were announced by Minister of State at the Department of Finance Michael D’Arcy at the “Blockchain for Finance” event here last week. The ISO is an independent, non-governmental body based in Switzerland that has 162 member countries. Its technical committee is in the process of developing standards for the much-hyped technology, which underpins cryptocurrencies such as Bitcoin, Ethereum and Ripple.
8. BITCOINS’ REST (Market Watch)
Bitcoin prices trade slightly higher as volatility lulls bulls back in
Bitcoin prices traded higher Monday as investors looked for a catalyst to break prices out of a lengthy lull. While traders pine for volatility, proponents of the underlying technology are relishing the suppressed price swings, pointing to growing use cases for an asset that doesn’t possess intraday swings of around 10% like it has in the past.
“As we’ve stated many times, a stable price is great for adoption, and great for development of the network. So, we really are in a positive place for Bitcoin right now,” wrote Mati Greenspan, senior market analyst at eToro.
9. QUESTIONABLE TETHER (Fortune)
Tether slips under $1 value
The original dollar-backed stablecoin, Tether, has become so popular that it accounts for more Bitcoin trading volume than the U.S. dollar itself, doubts persist about whether it actually has a dollar in reserve for every coin on the market. Tether commissioned a law firm to review its balances and released the figures in June, but warned specifically that the review “should not be construed as the results of an audit.”
Fears about Tether crystalized last week, when the price of the stablecoin — which is supposed to stay stable at $1 — fell to as low as 95 cents on the Kraken cryptocurrency exchange before later rebounding. “If I knew that there was a dollar in the bank for every coin, if somebody wanted to sell me a dollar for 95 cents, I would be buying them,” BitGo CEO and founder Mike Belshe tells Fortune on the latest episode of Balancing the Ledger.
10. ASPIRING FOR GREATNESS (Daily Hodl)
Hedge fund manager says Bitcoin (BTC) will reach $10k by the end of the year
The crypto world just had its best news week of the year, according to Spencer Bogart, partner at crypto-focused investment firm Blockchain Capital.
“It’s a function of the market,” Bogart said, appearing on CNBC’s Fast Money. “Towards the end of last year, when we were in the peak of this bull market, bad news seemed to have no effect on the markets. Now we’re seeing the other side of that, where we have a week of amazing news with TD, Ric Edelmen and Yale, and it has almost no effect on price.”