Image of The Week, 29 of October - 2 of November: Bloomberg, The Washington Post, Reuters and Other
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!
29 of October
PAST THE DEADLY NUMBER (The Insider)
Bitcoin trading uses so much power that it could push global temperatures up
The cryptocurrency Bitcoin has been touted by its proponents as a way to help solve our most pressing problems, but the currency has a dark side. A new study from the University of Hawaii finds that if Bitcoin becomes more widely adopted, the huge amounts of electricity used to trade the cryptocurrency could push global temperatures above 2 degrees Celsius by 2033.
According to the Intergovernmental Panel on Climate Change (IPCC), a 2-degree rise in global temperatures could reduce water availability in some areas by up to 30%, make arctic species like the polar bear and caribou vulnerable to extinction, and subject another 10 million people to coastal flooding.
JAPAN DEMOTES STABLECOINS (The Next Web)
Japan: stablecoins are not cryptocurrencies
The Japanese Financial Services Agency revealed exclusively to Bitcoin News today that, under current law, stablecoins are not cryptocurrencies. Currently there are two pieces of legislation that cryptocurrency companies must satisfy in Japan. The Fund Settlement Law and the Payment Services Act.
The Fund Settlement Law defines cryptocurrencies as means of payment, making them exempt from tax. The Payment Services Act state cryptocurrency exchanges must register with the Financial Services Agency (FSA). By the Payment Services Act’s definition, stablecoins are not “virtual currencies.”
30 of October
RON PAUL VOTES CRYPTO (Market Watch)
Ron Paul thinks that tax-free crypto could help avoid recession
Noted Federal Reserve critic and crypto proponent Ron Paul has, not for the first time, criticized the central bank, saying government-created currency could lead to what he calls a “Fed-created recession.”
The libertarian-leaning economist, who served as a U.S. representative for more than a decade said in a blog post titled “Trump Is Right, the Fed Is Crazy” that the only way to avoid a pending crisis is to abolish the “monetary madness,” which includes the taxing of bitcoin and other cryptocurrencies.
UNLIKELY PARTNERSHIP (Bloomberg)
Microsoft becomes Nasdaq partner on blockchain services
Microsoft said its Azure blockchain services will integrate with Nasdaq’s Financial Framework, which offers software for traders, exchanges and clearinghouses to interact with each other. The partnership will create a blockchain system that helps different technologies work together for Nasdaq customers.
Nasdaq Financial Framework plans to offer customers the ability to use different blockchains through one common interface, which the company hopes will ease and accelerate blockchain use and let customers choose which option is best for different situations.
31 of October
GOOD NEWS EVERYONE! (Blokt)
Bitcoin’s recent low volatility is a sign that says that bitcoin speculators are leaving
A recent Bloomberg article quoted Bloomberg Intelligence analyst Mike McGlone, who said that Bitcoin’s current low volatility is “a sign of speculation leaving the market and eventually a bottoming process.” McGlone further notes that “High volatility is a major factor lessening most cryptocurrency use cases for anything other than speculation.”
This is very positive for potential use cases of bitcoin in the future, but as it always comes to the predictions of the Bitcoin future, one should always be skeptical. After all, if McGlone’s prediction turns out to be wrong, it is doubtful that there’ll be another Bloomberg article about his faulty prediction.
BIRTHDAY BLUES (Reuters)
Crypto Investors face year-on-year loss
Bitcoin was heading toward a year-on-year loss on Wednesday, its 10th birthday, the first loss since last year’s bull market, when the original and biggest digital coin muscled its way to worldwide attention with months of frenzied buying.
Today BTC was trading at $6,263 on the BitStamp exchange, leaving investors who had bought it on Halloween 2017 facing yearly losses of nearly 3 percent. They stay fairly optimistic due to the fact that mass adoption will fix a lot of stuff and improvements to infrastructure such as custody services may allow mainstream investors who are wary of buying bitcoin to take positions on the market.
1 of November
HOT OLD STUFF (The Washington Post)
One of the hottest things in cryptocurrency right now: stablecoins
A cryptocurrency whose price never fluctuates might sound nonsensical, particularly to entry-level traders who want to profit off a cryptocurrency’s appreciation. But many in the industry say the rise of “stablecoins” has in fact been instrumental for active investors — and could represent a crucial steppingstone to the future of money.
In recent months, dozens of stablecoin projects have been launched or announced. With names like TrueUSD, Paxos, Havven and Dai, this new crop of coins enjoys a combined market cap of more than $2.3 billion, according to CoinMarketCap, which tracks the price of hundreds of cryptocurrencies.
KIDS LOVE CRYPTO (Fox Business)
Rich millennials are investing in cryptocurrencies
Millennials may be skeptical of overarching financial institutions, but when it comes to cryptocurrencies, the largest generation in the U.S. eagerly embraces potential disruption, according to a new study published by Edelman.
Released in October, the report found that 25 percent of affluent millennials (anyone from the age of 24 to 38 who has at least $50,000 in investable assets or $100,000 in individual or joint income) are using or hold cryptocurrency. That’s on top of another 31 percent of millennials who expressed interest in using it.
2 of November
GOING LOW-TECH (The Next Web)
Exchange turned a bus into a Bitcoin ad to bypass Google’s crypto-ban
Pressed in a corner by draconian ad bans, one Netherlands-based cryptocurrency exchange found an alternative to Google’s and Facebook’s restrictive new rules in traditional out-of-house advertising. Instead of placing ads on the internet, SATOS turned a whole bus into an ad for its cryptocurrency exchange service.
“The idea of out-of-house marketing first came to us when most advertising platforms turned their back on cryptocurrencies,” SATOS marketing manager Stijn Jager told Hard Fork. “Google and Facebook didn’t allow us to advertise anymore. Which used to be our way (extremely targeted) of communicating with our target audience.”
EDUCATING THE MASSES (Finance Magnates)
The Canadian regulator has written a guide to cryptocurrency and created a fake ICO website
A canadian regulator, the Ontario Securities Commission (OSC), announced that it had launched a cryptocurrency education initiative. The regulator says that the move to provide more information to the public regarding cryptocurrencies stems from their growing popularity among Canadian retail investors.
“These initiative helps investors better understand cryptoasset products and services,” said Tyler Fleming, Director of the Investor Office at the OSC, “as well as be on the alert for any potential red flags before making a purchase.”
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