Image of The Week, 17-21 of September: Forbes, The New York Times, Independent and Others
We're presenting “image of the week”. Bitnewstoday.com has chosen only 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 in the most indicative quotes are below!
MONGOLIAN VACATION (The Next Web)
Cardano talks blockchain innovation with Mongolian government
Cardano is not quite done introducing the blockchain technology to developing countries. Founder Charles Hoskinson revealed he had recently visited Mongolia to discuss ways to use the technology to innovate the country’s government and business sectors.
Hoskinson, who was a part of the original Ethereum founding team, took to Twitter to share a photo of his meeting with Mongolian minister Damdin Tsogtbaatar. Unfortunately, he refrained from sharing any specific details of the meeting – other than confirming the pair chatted about “business,” “blockchain,” and “innovation.”
CAUTION AND RESTRAINT (Daily HODL)
US regulator supports crypto innovation, urges caution and restraint from the government
U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo says the development of cryptocurrencies requires caution and a “do-no-harm approach” to innovation. Speaking to CNBC at the annual Singapore Summit, Giancarlo says he’s advocating for the same approach that allowed the Internet to grow. That means no heavy-handed regulations that can stifle progress.
At the same time, Giancarlo is taking a hard stance against fraud and manipulation in the crypto markets. “When it comes to fraud and manipulation, we need to be strong. When it comes to policy making, I think we need to be slow, and deliberate, and well informed.”
He says the CFTC has been forwarding thinking, evidenced by their approval of the first regulated Bitcoin futures. “No other regime in the world has allowed this to go forward.”
18 of September
CHINESE ENDGAME (Forbes)
Making Sense Of China's Grand Blockchain Strategy
For a couple of years now it has appeared as if the Chinese government is seeking to “have its cake and eat it too” when it comes to crypto assets and the blockchain technology. The simple phrase “blockchain, not Bitcoin” has become the country’s defining strategy when it comes to the space, and the difference in approaches that the government has taken regarding closed v. open ledgers and assets is a study in contrast.
The Chinese government focuses on the domestic stability above all else, and the economic growth is the key enabler. Therefore, officials in Beijing will not let the crypto, or any other technology, threaten its authority or legitimacy to rule. As a sign of the government’s commitment, it is important to note that this is not the first time that China has retrofitted a breakthrough technology for its own market. While most enthusiasts praise the business models and success of the leading Chinese technology firms such as Alibaba and Tencent, they exist in their current state today largely because of the protection provided by China’s “Great Internet Firewall” as well as protectionist regulatory measures that delayed or outright prevented American companies like Facebook from accessing the market.
A-CUBED BLOCKCHAIN (ZDnet)
Airbus' A-Cubed launches blockchain for non-profits
A-Cubed, the Silicon Valley outpost of Airbus, has launched an open source, a public blockchain project aiming to assist charities and non-profits that are onboarding cryptocurrencies and smart contracts.
According to A-Cubed, Heritage will provide Airbus Foundation with a decentralized application to accept and manage cryptocurrency donations for itself and its partners. "Many of the organizations that could benefit most from blockchain are denied access due to resource skill or knowledge gaps. We want to open these organizations up to a new class of donors."
19 of September
NO COUNTRY FOR THE MINER (The New York Times)
In search of cheap energy miners flock at the far corners of N.Y. But locals aren’t happy.
The hulking aluminum plant in this northern border town is starting to spew heat and noise again, four years after Alcoa shut it down. But now the hot hum comes from thousands of Chinese computer servers whirring away 24 hours a day for a very modern purpose: producing Bitcoins and other digital currencies.
Local citizens are not happy about that, since most of them use electricity for heating and even with a lot of the cheap energy, it doesn’t take them too long to run out of the city limit on power, which forces city council to buy more power for much higher prices, and as a result - local utility bills rise dramatically.
SOMETIMES PEOPLE HAVE NO LIMITS (The Next Web)
Texas regulator goes after scammers boasting fake Obama endorsements
The Texas State Securities Board (TSSB) is taking emergency action against cryptocurrency scammers, peddling fake endorsements and posing as well-established blockchain services.
In a statement from yesterday, TSSB Commissioner Travis J. Iles revealed the board has issued a cease and desist letter for three cryptocurrency businesses. The suspected businesses are currently under investigation
The TSSB claims that Coins Miner Investment, DGBK Ltd, and Ultimate Assets LLC have been duping potential customers with incorrect, false, and totally misleading information. Coins Miner was manipulating its email solicitations to make them appear as if they came from Coinbase. The company is also promoting itself by brandishing around social media a 33-second video of Barack Obama supposedly endorsing its products.
20 of September
SHAMEFUL DISPLAY! (Daily Hodl)
Hacked Japanese will provide 5 billion yen for lost Bitcoin, Monacoin and Bitcoin Cash
Japanese cryptocurrency exchange Zaif was hacked with losses totaling $59.7 million. The exchange reports that it detected server abnormality on September 17 and confirmed the hack the following day. As a result of a security breach, hackers managed to steal cryptocurrencies totaling about 6.7 billion yen from the exchange’s hot wallets, including 2.2 billion yen in assets from the company.
To make up for the losses to its customers, Zaif, which is owed by Tech Bureau, says it will sign a deal with Fisco Digital Asset Group which will provide roughly $44,486,165 in financial support in exchange for a majority control of the company.
GREED IS BAD FOR YOU! (News.Bitcoin)
Brazil’s biggest banks are under investigation for monopoly in cryptocurrency trade
Some of Brazil’s biggest banks have come under investigation for alleged monopolistic tendencies in the trade of Bitcoin and other cryptocurrencies. The Administrative Council for Economic Defense, a transparency and competition body, accuses the financial institutions of shutting down accounts of brokers trading cryptocurrency without merit.
Brazil is a groundswell of cryptocurrency activity in Latin America. The number of people trading Bitcoin or any other cryptocurrency has soared from a few dozen thousands two years ago, to about 1.4 million today. More than $2.4 billion worth of Bitcoin was traded in the country last year, up from just $160 million in 2016.
21 of September
A NEW CHALLENGER APPEARS (Independent)
Bitcoin rival XRP suddenly doubles in value in extraordinary price surge
The cryptocurrency market has experienced a dramatic surge, with bitcoin, ether (ethereum) and XRP rising in price by between 5 per cent and 100 per cent over the last 48 hours.
XRP – the digital asset of US tech firm Ripple – saw the biggest gains, doubling in price since Wednesday to rise above $0.50 for the first time since June.
Cryptocurrency experts and market analysts have struggled to explain the sudden market shift, though many have pointed to the development of xRapid – a new product related to Ripple.
CHINA DISAPPROVES (News.Bitcoin)
China updates crypto rankings, downgrades Bitcoin
The China Center for Information Industry Development has updated its crypto rankings. The list contains 33 crypto projects, ranked overall and in three separate categories. High up in the overall ranking are EOS, Ethereum, and Bitshares. Bitcoin, however, has been downgraded.
BTC was downgraded from the 10th place to the 16th place while BCH fell a few places, from the 29th place to the 31st place. In the innovation category, however, BTC tops the list, with EOS in the 3rd place.