Image Of The Weekend, 10-11 of November: New York Post, Seeking Alpha, Venture Beat and Others
We're presenting "image of the weekend". 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 weekend in the most indicative quotes are below!
1. STICKING WITH THE CRYPTO (New York Post)
Millennials are sticking with cryptocurrency
About 25 percent of those recently surveyed youngsters said they are using or holding cryptocurrency, which was born about a decade ago. And another 30 percent of millennials said that they want to investigate it further. “Anyone that has crypto tells me they wish they bought it sooner,” according to Deidre Campbell, Global Chair of Financial Services at Edelman and the author of the study.
It is ironic that many millennials love these alternative currencies, since it has been a lousy year for returns on them. After a fat 2017, Bitcoin was recently down for the year about 55 percent. Other coins, like Ether and Litecoin, have dropped more, according to Markets Insider. BitMex CEO Arthur Hayes recently said the cryptocurrency bear market will likely continue for another year to 18 months. Still, millennials are unusual investors. They are skeptical of many of the financial institutions and strategies that their parents used.
2. WHO IS MR NAKAMOTO? (The Daily Hodl)
Early Bitcoin developer opinion on Satoshi’s true identity
One of the original developers of the Bitcoin codebase has a theory on the identity of the anonymous creator of Bitcoin, who called himself Satoshi Nakamoto. “My personal theory is that it’s Floridian Dave Kleiman,” Jeff Garzik told Bloomberg. “It matches his coding style. This gentleman was self-taught. And the Bitcoin coder was someone who was very, very smart, but not a classically trained software engineer.”
Kleiman was an expert in computer forensics who passed away in 2013. His family is suing computer scientist Craig Wright, a former colleague, for allegedly stealing over $5 billion in Bitcoin from Kleiman. The pair mined BTC while working together at a cybersecurity company they created. Wright denies the charges and says he is the real Nakamoto.
3. REAL VIRTUAL DEPOSIT BOX (Blokt)
The branchless bank goes the crypto way
VersaBank, a Canadian Schedule I banking license holder is the first branchless financial institution in the world. The bank is now focusing on digital currencies through its VersaVault subsidiary. The safe deposit box by the company meets the requirements of both crypto funds and exchanges and provides them with a highly secure way of safekeeping their digital assets.
Their digital safety deposit box provides a cutting-edge digital and cyber-security solution to its users. The solution focuses on maintaining absolute privacy. VersaVault cannot “drill” into a safety deposit box. Only the owner of the vault will be able to access the digital assets kept inside it. VersaVault cannot look inside or confirm anything about the box, which means that only the client knows what is kept inside the box.
4. CALM BEFORE THE STORM (Seeking Alpha)
Bitcoin tide is coming?
Bitcoin has been remarkably stable in recent months. In fact, for over two months now Bitcoin has traded in an incredibly narrow range of around $6,000-$6,800. There doesn’t appear to be much news worthy of moving prices right now. So, Bitcoin remains extremely calm, for now. Nevertheless, despite the tame atmosphere surrounding Bitcoin for the time being, this is predominantly likely just the calm before the storm, a storm that is likely to lift Bitcoin prices substantially higher over the next several years.
This is not the first-time Bitcoin has seen calm waters. We’ve seen similar periods of modest volatility, and humble price swings. Primarily, similar low volatility phenomenon have occurred in the very late stages of Bitcoin bear markets (the opposite of vertical moves and wild price swings we see at the height of Bitcoin bull markets). Everyone seemingly loses interest, volume dries up, news flow quiets down, and then, when you least expect it, the next Bitcoin bull market begins.
5. USE AND ABUSE (Venture Beat)
Crypto traders are avoiding taxes with a lending loophole
Existing policy of treating every crypto-to-crypto trade as a taxable event has given rise to an equally dumb, but somewhat delightful, loophole, made possible by emerging blockchain-based lending platforms.
Say you own $30,000 worth of Bitcoin, purchased eight months ago and you’re aching to move into Stellar. Normally, you’d need to sell some Bitcoin to buy Stellar, but that would trigger short-term capital gains (it’s been less than a year since you bought your Bitcoin). With the lending loophole, you avoid taxes by taking out a loan against your Bitcoin to buy Stellar. And right now — the web is dotted with blockchain-based lending platforms, some traditional and some decentralized; some trustworthy and some with flagrant red flags