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Image of The Day, 9 of November: Bloomberg, Forbes, The Independent and Others


Daniil Danchenko

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. SAME OLD STORY (The Next Web)

South Korean cryptocurrency startup reportedly pulls a $2.7M exit scam

Blockchain company Pure Bit has seemingly walked off with $2.7 million worth of investors’ money after raising 13,000 Ethereum in an ICO. Transaction history shows that hours after moving all raised funds out of its wallet, the company proceeded to take down its website. It now returns a blank page.

Victims report Pure Bit has already deleted its social media accounts; it has also kicked out all users from its dedicated KakaoTalk chat group. An archived version of its website says the company was raising funds to create a new type of a ‘mining coin’ (based on Ethereum’s ERC20 standard) that pays dividends to holders. It also had plans to launch a cryptocurrency exchange desk that would reward customers for using its native PURE coin. But now it appears none of those promises were authentic.

2. HOW TO MINE IN A MINE (Forbes)

Bitcoin mining (in a mine) without breaking the bank or the planet

Northern Bitcoin, a German listed company, has begun mining Bitcoin and other cryptocurrencies deep within a Norwegian former metal mine and claims it has slashed the price and energy costs of Bitcoin mining.

Northern Bitcoin claims it can mine one Bitcoin for as little as $2,700 in Norway's Lefdal Mine, against a current market price of around $6,500 and giving it a profit per Bitcoin in the region of $4,000. The Lefdal Mine, which last year opened as a data center hosting the likes of computing giant IBM, uses the cold water of the fjord to cheaply cool computers and the hydroelectric and wind power generated in the region to provide cheap, renewable, electricity.

3. NO REGRETS (Bloomberg)

Bitcoin pioneer who gave away over $100 million has no regrets

Jeff Garzik started writing software code for Bitcoin after reading a blog post about the digital currency in July 2010. At the time, he was working remotely for open-source powerhouse Red Hat Inc. from an RV parked in an empty lot in Raleigh, North Carolina. He soon became the third-biggest contributor to Bitcoin’s code after the cryptocurrency’s anonymous creator Satoshi Nakamoto and developer Gavin Andresen and remained so through 2014. Looking back 10 years after its creation, Garzik says he is proud, even though Bitcoin is not what he envisioned it would become.

Today Bitcoin is worth about $6,500 — a far cry from last December’s high of almost $20,000, but way more than when Garzik first started working on the project. He remembers a party to celebrate Bitcoin hitting $1 back in 2011. Garzik declined to disclose his current holdings, ut said he gave away 15,678 Bitcoins about seven years ago in developer bounties to spur work on the software. They would be worth more than $100 million at current prices. He has no regrets about the giveaway, and said what matters is that Bitcoin is still around.

4. TRAINWRECK (Market Watch)

Bitcoin on track for worst session in 10 days

Bitcoin, the most famous digital currency, was changing hands at $6,442.99, down 1.2% since Wednesday at 5 p.m. Eastern Time on the Kraken exchange. As it stands, Bitcoin is on track for its worst session since Oct. 29. With Bitcoin stuck either side of $6,500, traders are looking to altcoins, the group of smaller coins other than Bitcoin, for value, and one technical analyst said a change in fortune could be on the horizon for owners of smaller digital currencies.

After back-to-back winning sessions, bitcoin futures closed lower Thursday. The Cboe Global Markets November contract -1.28% finished down 1.5% at $6,422.50, while the CME Group November ended down 1.4% at $6,410.

5. ONE VS TWO (Bloomberg)

Winklevosses' foe wins the end to asset freeze in Bitcoin battle

Tyler and Cameron Winklevoss sued ex-BitInstant CEO Charles Shrem, claiming he took part of their $750,000 investment in his exchange in 2012 and used it to buy 5,000 Bitcoins, then valued at $61,000. A judge froze Shrem’s assets last month before Shrem found out about the suit, but lifted that order Thursday after a court hearing.

Shrem’s lawyer, Brian Klein, said most of his client’s holdings are in real estate and the value of his cryptocurrency investments has "shrunk dramatically" since he made those statements about his assets. He said the lawsuit is a dispute over $61,000, which he agreed to place in escrow should his client lose the case. Klein called Thursday’s ruling an important first step toward Shrem’s “complete vindication.”

6. JUST TO BE SURE (Forbes)

Blockchain could ensure supply chain consistency

When a customer purchases a favorite brand, it doesn’t matter if the product is made around the corner or around the world — they know what to expect, every time. Successful manufacturers know this, and they understand that it’s not just the quality of the raw materials that make up their product, it’s also the reliability of their supply chain.

And the supply chain is only getting more complex. With increasing globalization, manufacturers already struggle to manage working with vendors in different time zones, speaking different languages and dealing with different global regulations. As manufacturers increasingly rely on digitization and automation, we’re certain to see the combination of blockchain and smart contracts playing a significant role in protecting trade secrets and ensuring quality and uniformity throughout the entire ecosystem.

7. YOU ARE NOT READY! (The Daily Hodl)

Retail is not ready for crypto

A new video from the crypto YouTube Channel The Technicals shot by he front page of Reddit/Cryptocurrency. It’s designed to demonstrate how far the emerging technology has to go before it hits mainstream adoption in retail stores.

It shows what happens when a store owner decides to test a popular crypto payment system and analyzes some of the pitfalls, including ease of use for the customer.

8. BITCOIN IS NOT THE CATALYST (The Independent)

Experts predict cryptocurrency market may be on brink of 'price explosion' but Bitcoin won't trigger it

Bitcoin price predictions made by 10 analysts for November's Finder Cryptocurrency Predictions Survey suggest that the world's leading digital currency will experience steady growth over the next year, though the upcoming months remain uncertain. “Some of our panelists believe external forces could shift the market greatly over the next month, and particularly for bitcoin," Jon Ostler, CEO of Finder.com, told The Independent.

But if it's not up to Bitcoin than a hint at what this next break-out cryptocurrency might be was given earlier this week by Blockchain, the world's most popular Bitcoin wallet. On Tuesday, the company announced it would give away $125m-worth (£96m) of the Stellar cryptocurrency as part of a major initiative to encourage its use as a mainstream form of payment. Stellar is currently not even in the top five cryptocurrencies in terms of its total value, according to CoinMarketCap, but while it may be lesser-known, its backers say it is more technologically advanced and better suited to large-scale usage.

9. THE HATER (The Next Web)

Swedish man sentenced to 7 years in jail after mailing a pipe bomb to Bitcoin exchange

The Stockholm District Court has sentenced 43-year Michael Salonen to seven years in prison, AP reports. Back in August 2017, Salonen purportedly mailed a pipe bomb device to a London-based cryptocurrency broker. The hazardous package was sent through an accounting firm where it was opened but fortunately didn’t explode.

Police later found Salonen’s DNA on the bomb. In addition to the explosive device, the criminal also mailed a letter (filled with white powder) to Prime Minister Stefan Lofven. The envelope, which included a note that read “you will soon be dead,” was intercepted at the Foreign Ministry in Stockholm last August.

10. SAY TO THE ICO SUCCESS (Blokt)

Thai securities and exchange commission can certify first ICO portal this month

The first initial coin offering (ICO) portal is likely to be certified by the Thai Securities and Exchange Commission (SEC) this month. If all goes well, the first authorized ICO offering on the platform will start in December.

The commission has also forwarded a list of five crypto businesses to the Finance Ministry, which will provide the final approval of these projects. The SEC is still assessing the applications. However, the businesses will be allowed to operate because they submitted their requests to the commission “within 90 days after the royal decree on digital asset businesses” which took effect on May 14.


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