Image of The Week, 5 - 9 of November: Forbes, Fortune, CNBC 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!
5 of November
NECESSARY EVIL (Forbes)
We need to bring traditional finance to crypto
When talking about stablecoins, it is worth recalling the hype around Initial Coin Offerings (ICOs) last year. The crypto world needs to be very careful around over-egging products and services, because doing so usually results in damage to the consumer (last year, $6bln was lost to failed ICOs). And it is not difficult to imagine the scope for bad actors: using stablecoins like a deposit-taking mechanism, or even in a ponzi scheme fashion.
Well-executed and delivered stablecoins will make a huge difference to consumers. Cross-border transactions, P2P and micro-payments will suddenly be far easier, and cheaper. But while we should expect regulators and governments to continue looking closely at stablecoins and, in time, for a smart regulatory regime to hopefully emerge, in the meantime, the onus falls on individuals to make smart decisions around which stablecoins to invest in, and then use.
THEY ARE HERE (FXstreet)
The bulls have awoken?
The cryptocurrency market has been trading below a descending trendline since the beginning of the year. There have been a lot of developments in the industry this year, besides regulations continue to take shape in various jurisdictions around the world.
At present, the market is slightly in the green. The recovery is mostly fueled by both social media sentimental change and the investor focus on blockchain developments in the industry. The market has also been stable in the past couple of months led by Bitcoin and Ethereum. The mundane trading is not attractive to many in the industry especially speculators.
6 of November
FOR REAL NAKAMOTO FANS (The Next Web)
Hublot is making a luxury Bitcoin watch you can only buy with Bitcoin
Swiss luxury watchmaker Hublot is celebrating Bitcoin’s tenth birthday by issuing a very special Bitcoin-themed watch: the BIG BANG MECA-10 P2P. As you might expect, the new Bitcoin watches are only available for purchase using Bitcoin.
It’s really just a new addition to Hublot’s line of BIG BANG MECA-10 watches, but with a peer-to-peer cryptocurrency twist. Hublot will only release 210 copies of the new P2P watch, a number referencing the 21-million Bitcoin that will ever exist.
COMMON CAUSE (Fortune)
Crypto companies need to stick to their own
In today’s cryptocurrency landscape, it’s striking how many companies offer the same services. There are numerous exchanges, multiple wallet providers and, heck, there’s even a glut of crypto media outlets.
Right now, it feels there are too many players on the board and — as with any industry downturn — consolidation is a logical response. In a possible sign of things to come, Korea’s NXMH last week acquired the venerable Luxembourg-based BitStamp exchange. More consolidation feels inevitable. When times were good, think $20,000 Bitcoin, such plenty isn’t a problem. The pie gets bigger, customers pour in and everyone grabs a piece of the market. What about now? Prices are stuck in a gutter, public interest in crypto has waned, and trading volume is down 90% in some quarters.
7 of November
BLOCKCHAIN GOES GREEN (CNBC)
Companies in Singapore can now engage in renewable energy certificates trading on a blockchain-powered system
In Singapore, companies can buy and sell so-called renewable energy certificates (RECs) that represent a unit of green energy production from the likes of wind or solar power. The idea is that firms seeking to offset their non-green energy production can purchase RECs from a company producing excess green power.
That's more than just a gimmick, according to utilities provider SP Group, which launched the new platform: It will allow for better transparency and lower costs in power trading because it reduces the need for a centralized entity to verify transactions. It could eventually even facilitate cross-border energy credit trading, the utility company has said.
HARDEST MINING EVER (Market Watch)
The cost to earn $1 of digital gold is much more expensive than $1 of physical gold
In a research paper for The Nature International Journal of Science, Max Krause, a research engineer at the Oak Ridge Institute for Science and Education, and Thabet Tolaymat of the Environmental Protection Agency found that the cost to mine $1 worth of bitcoin is more than three times the cost to mine $1 of gold and other precious metals.
“Comparatively, conventional mining of aluminium, copper, gold, platinum and rare earth oxides consumed 122, 4, 5, 7 and 9 [megajoules] to generate one U.S. dollar, respectively, indicating that (with the exception of aluminium) crypto-mining consumed more energy than mineral mining to produce an equivalent market value,” the wrote.
8 of November
Surprising Bitcoin survey reveals UK to be a nation of crypto believers
A Bitcoin survey, carried out by respected pollsters YouGov, has found that one in five people in the UK thinks Bitcoin will be "as common as cash or card" payments in future — just as Bitcoin celebrated its 10th birthday last month.
The survey found that, while Bitcoin is still a relatively new technology, nine out of ten (93%) of people in the UK say they have heard of Bitcoin — with just over one in five (23%) say they understand it "fairly" well.
THE PRICE QUESTION (Blokt)
A study released by a finance professor at the University of Queensland concludes that most cryptocurrencies may be overpriced
A recent research paper released by Wang Chun Wei, a Ph.D. finance lecturer at the University of Queensland has concluded that many cryptocurrencies, including Bitcoin and Ethereum, may be overpriced. The reasoning given is due to the ‘resale option value’ which refers to a buyer’s motivation to purchase an asset mainly to resell it a higher value to someone else, combined with a lack of shorting options in the cryptocurrency market.
In the paper Professor Wang divides cryptocurrencies into three classes: scam cryptocurrencies, joke cryptocurrencies, and mainstream legitimate cryptocurrencies. Scam cryptocurrencies would be currencies like the infamous BitConnect, while joke cryptocurrencies are those such as DogeCoin, Jesus Coin, and Theresa May Coin. The last category would be mainstream options like Bitcoin and Ethereum.
9 of November
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.
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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