Venture Beat, CNBC, Forbes and Others: Image of The Day, 1 of October
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. POWER OF THE FUTURE (Forbes)
Joseph Muscat believes in blockchain and Bitcoin
The prime minister of Malta, Joseph Muscat, told the United Nations that cryptocurrency is “the inevitable future of money”. Muscat has previously said he believes Bitcoin and blockchain have the ability to eliminate third party service providers, giving users more freedom over information and money.
This time, in an address to the United Nation's General Assembly, Malta Prime Minister Joseph Muscat has said he sees blockchain technology as the tool which will allow Bitcoin and crypto to "inevitably" gain widespread, mass adoption and become the future of money.
2. TASTE THE BLOCKCHAIN (The Next Web)
Coke’s on the blockchain now
A hardware hacker from Brazil has developed an automated vending machine that delivers Coca-Cola in exchange for Bitcoin. But don’t get your hopes up, it’ll probably be a while before we see these in the wild.
The dev used a handful of off-the-shelf materials like a Raspberry Pi, water pump, touch screen, some wood, and of course some programming know-how, to build the machine. From the provided video it appears that the customer scans a QR code which requests a BTC payment, the customer then issues the payment using their wallet, and once the payment is received by the machine, it dispenses the Coca-Cola.
3. ALMOST LIKE WAKANDA (TechCrunch)
Ugandan prince and a crypto startup are planning a revolution
Crypto and blockchain enthusiasts have been railing for years against the centralized world of banks, but many have been doing so from the privileged vantage point of developed countries. But what if blockchain technology turned out to be most revolutionary in emerging economies?
South African-based startup Wala realized this early on. It developed a smartphone app that acted like a wallet, facilitating customer transactions via the app with existing banking infrastructures. But the story wouldn’t have come about without an enlightened African prince who could have stepped straight out of the mythical kingdom of Wakanda, as featured in the recent smash-hit movie Black Panther.
4. BLOCKCHAIN SOLVES A CRYSIS (Venture Beat)
Blockchain could help solve Argentina‘s financial crisis
Argentina’s economy and startup ecosystem might look frankly chaotic to the casual observer, but the situation is actually governed by countless subtle factors and shades of gray. Against this backdrop, cryptocurrencies are adding a splash of color — and a hint of optimism — to the South American country’s beleaguered funding landscape.
It’s a feasible alternative to raise funds and finance large-scale projects, Sebastian Serrano, Ripio CEO and cofounder said. “This is a huge thing in Latin America and other emerging economies because venture capitalists that can afford big projects are practically non-existent in the region. While the country is seeing a surge in VC activity, there are only three VCs with a significant fund available to them, and all three are small by U.S. standards.”
5. FRIENDLY RIVALRY (Forbes)
Ethereum cofounder invests $6.5 million in a former competitor
Ethereum cofounder Joe Lubin has formed an unusual partnership with DrumG, a stealth startup emerging today and founded by several senior level executives from R3, one of the ethereum blockchain’s most heavily funded competitors.
As part of the $6.5 million cash investment by Lubin’s ConsenSys blockchain startup, the company will take a minority stake in DrumG, and Lubin himself will join as the sole outside member of the board of directors.
6. SHAKING THE RED OFF (Yahoo Finance)
Bulls look to shake off 2-months in the red
With Bitcoin seeing red for a 2nd consecutive month, pinning back the gain for the quarter, the extended bearish trend, formed at early May’s swing hi $9,999, remained intact, Bitcoin having continued to struggle to break out from the 23.6% FIB Retracement Level of $6,757 since the late July rally that saw Bitcoin all too briefly break through the 62% FIB Retracement Level of $8,378 to a 3rd quarter high $8,506.7.
For the Bitcoin bulls, there will be a few hurdles to get over before hopes of another 4th quarter rally can materialize, the G20’s delayed rollout of unified rules and regulations for the cryptomarket anticipated this month, with the SEC continuing its review of Bitcoin ETF applications, a decision on the latest VanEk application pending.
7. RAPID DEPLOYMENT OF XRAPID (CNBC)
Ripple's cryptocurrency product goes live
Ripple's cryptocurrency product for cross-border payments will go live for the first time with three financial institutions. The San-Francisco-based financial technology firm said Monday that xRapid, which uses the cryptocurrency XRP to carry out international transactions in "a matter of minutes," is now commercially available.
It will be used by payment providers Mercury FX and Cuallix, as well as cooperative financial firm Catalyst Corporate Federal Credit Union, Ripple said.
8. BACK DOOR CRYPTO (Bloomberg)
Institutional investors are using back door for crypto buys
Institutional investors are becoming more involved in the $220 billion cryptocurrency market than many observers may realize. Buyers such as hedge funds have replaced high-net-worth individuals as the biggest buyers of large swaths of digital coins worth more than $100,000 through private transactions, according to Bobby Cho, global head of trading at Cumberland, the Chicago-based cryptocurrency trading unit of DRW Holdings LLC, which handles the over-the-counter purchases.
The over-the-counter market facilitated anywhere from $250 million to $30 billion in trades per day in April, according to researchers including Digital Assets Research and TABB Group. Exchanges have recently handled about $15 billion in daily trades, according to CoinMarketCap.com.
9. MORNINGSTAR PREDICTION (Daily Hodl)
Morningstar analyst reviews Bitcoin, says crypto won’t replace gold
Morningstar Analyst Kristoffer Inton says cryptocurrencies are not going to dethrone gold. Despite analysis from leading crypto experts who claim Bitcoin has the potential to replace the precious metal as a store of value, Inton says it’s not going to happen.
His analysis echoes the conclusion of a study released in June by Eric Budish, a professor of economics at the University of Chicago. In his paper “The Economic Limits of Bitcoin and the Blockchain”, he argues that Bitcoin will become increasingly susceptible to an attack and that its role on the world financial stage will be marginalized. These theories suggest that Bitcoin and cryptocurrencies are impervious to vast technological improvements that can ensure greater stability, scalability, security and adoption.
10. PROOF-OF-CORRUPTION (The Next Web)
EOS community in meltdown over allegations of voting corruption
The EOS community is dealing with more bombshell allegations of corruption. Block.one, the software firm behind EOS, has been forced to rebuff claims Chinese cryptocurrency tycoons are working together to keep control of its blockchain.
Last week, an anonymous source supposedly leaked an internal document with some pretty damning accusations. It claims that “collusion, mutual voting, and pay-offs” are commonplace amongst EOS block producers, particularly cryptocurrency exchange desk Huobi.