CryptoDigest@Steem Wednesday, November 22, 2017

in #bitcoin8 years ago

CryptoDigest@Steem Wednesday, November 22, 2017

Dear Steemians!

Here is the daily press review for bitcoin and other crypto currencies.

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Uber Hacks and Bitcoin Futures
I am looking forward to the day when CME's bitcoin futures contract trades on a blockchain, but not the bitcoin blockchain. If you are buying bitcoin futures from JPMorgan it is because you want exposure to bitcoin. If you are buying bitcoin futures, it is probably because you think that bitcoin will go up. My questions are: Will the customers who lose money on bitcoin futures sue JPMorgan for letting them buy them? But of course these blockchains are not the bitcoin blockchain; they are private blockchains that only approved banks and institutions can use and that have trusted central administrators. (bloomberg.com)

How to talk to your Mom and Dad about Bitcoin on Thanksgiving
Like, they’re putting money in bitcoins because the returns are better.”“Better, how?” Mom and Dad say in unison.“Well, Bitcoin values have been pretty volatile. Do not start with “Bitcoin is a cryptocurrency,” because you will lose Mom and Dad right there. This is how you can talk to Mom and Dad about the monetary revolution that lives at the intersection of technology and finance. I’m just trying to paint a picture.”“Okay, so to get the bitcoin out of Mount Bitcoin, you have to mine. Dad pauses, mid-nibble on a turkey leg to chime in, “Yeah, is that real money?”Oh God, they want to have The Talk. (mashable.com)

What's Next for Bitcoin Cash? Stopping Users From Losing Funds
To recap, bitcoin cash originally split from bitcoin earlier this summer in an attempt to experiment with a different long-term technical vision for the technology. The problem with that is, if users aren't paying attention, they can send bitcoin cash to their bitcoin addresses, or vice versa. The rift between bitcoin and its offshoot bitcoin cash isn't just ideological – it's hazardous. And Amaury Sechet, lead developer of Bitcoin ABC (a bitcoin cash software implementation), believes achieving this should be the project's next big step. Other contributors have proposed longer-term roadmaps with possible enhancements bitcoin cash could make down the line, such as addressing the "transaction malleability" bug. (coindesk.com)

Mike Novogratz Doubles Down on $10,000 Bitcoin
Novogratz first predicted the $10,000 bitcoin price last month, stating that he believes the value will be reachedin six to 10 months. Speaking with Bloomberg Daybreak: Americas yesterday, Novogratz said that "I think we'll hit a new high soon ... we'll end the year at $10,000 in bitcoin." Billionaire and ex-fund manager Mike Novogratz has restated his belief that bitcoin will end the year at $10,000, adding that ethereum could close at $500. Ethereum, the second largest cryptocurrency by market value, will also reach a new high soon of "close to $500." Novogratz further played down the recent Tether hack, in which over $30 million-worth of tokens were stolen, noting that "these are all very young experiments." (coindesk.com)

Breaking: Paris Asset Manager Starts Bitcoin Mutual Fund
The French asset management company TOBAM, with $9 bln under management, has officially announced the creation of the first Bitcoin mutual fund. The goal is for institutional investors to gain access to the cryptocurrency. The company has created the fund as an unregulated alternative investment in order to provide a vehicle for allowing more regulated investors at the institutional level to gain Bitcoin exposure without the regulatory concerns. At press time, Bitcoin was trading at $8,301, just off those highs. The announcement by the Chicago Mercantile Exchange (CME) for the provision of Bitcoin futures, as well as other firms, has propelled the cryptocurrency to new all-time highs over $8,400. (cointelegraph.com)

Tesla Is Burning Through a Bitcoin Every Minute
But as for how quickly it’s burning cash, Bloomberg has come up with a startling figure: $8,000 a minute. If Tesla (tsla) doesn’t bring in fresh funding, Bloomberg noted, its reserves will run dry in early August next year. If it succeeds, that would be a handy $250 million to add to the pot, but probably not enough. That’s almost a bitcoin’s worth (the current value is $8,285) every 60 seconds, or $480,000 an hour. That’s even slightly ahead of UBS’s recent prediction that the depletion would take four quarters. (fortune.com)

Philippine Regulators Eye New Rules for Bitcoin Exchanges and ICOs
Philippine regulators are considering new rules for cryptocurrency exchanges and initial coin offerings (ICOs), according to officials. Recognizing the growing popularity of the blockchain funding use case, he said regulators were eyeing new rules to protect consumers. The change could see other cryptocurrency exchanges being allowed to function as money changers, central bank Governor Nestor Espenilla Jr. said yesterday, according to the news source. According to Aquino, the move is in line with regulations passed by the U.S. SEC, and other regulators in Malaysia, Hong Kong and Thailand. The commissioner also revealed the SEC is currently in talks with the Bangko Sentral ng Pilipinas (BSP), the country's central bank, with regard to the licensing of cryptocurrency exchanges. (coindesk.com)

Real Estate World "Shocked to Find Out How Many People Have Bitcoin"
From Miami to Manhattan, the real estate world is under pressure to accept bitcoin. It may be the case that upward volatility attracts still more real estate regions accepting bitcoin, as evidenced by New Jersey and Atlanta. Perhaps bitcoin and real estate are the perfect match. What do you think of bitcoin and real estate? Shaoul of Magnum Real Estate Group explained how “We were approached by a buyer who has been collecting bitcoin for many years and was interested in using it to buy property. (bitcoin.com)

Aussie Pole Dancing Instructor Finds Success with Bitcoin, Helps Newbies
In Australia, a bitcoin regulation bill was recently greenlighted, a move that upped efforts on anti-money laundering and counter-terrorism financing. Speaking to SBS News, she admitted that despite loving pole dancing, the cryptocurrency has been her passion. According to Australian publication SBS News, a pole dancing instructor found success after investing in bitcoin, as she bought the cryptocurrency back in July and has tripled her initial investment since them. Dee Heath owns a pole-dancing fitness business in western Sydney, and earlier this year decided to invest in bitcoin. Torncar Australia, a Melbourne-based business making off-road vehicles, also revealed to have been accepting bitcoin for the past four years. (cryptocoinsnews.com)

Analysis | Tech Giants Can't Beat 25,000 Mongolian Bitcoin Machines: Gadfly
Take the world’s biggest Bitcoin mining collective, Bitmain, which runs 25,000 custom-built machines in Inner Mongolia just to make about $250,000 in daily revenue, or $91 million annually. At $6 billion globally, Bitcoin mining revenues aren’t worth the bet yet. Despite all the evangelizing about the blockchain’s decentralized nature, the days of a global network of laptop-toting techies mining Bitcoin from home or the coffee shop appear to be over. One new Bitcoin spin-off, “Bitcoin Gold,” wants to be a new algorithm that will benefit bedroom miners over the Bitmains of the world. This isn’t great news for big listed chipmakers such as Advanced Micro Devices, Inc. and NVIDIA Corp., whose graphics cards have been used to do the power-sucking computations needed to confirm transactions. (washingtonpost.com)

25,000 Inner Mongolian Bitcoin Machines Have Just Beaten a Couple of Tech Giants
Take the world's biggest Bitcoin mining collective, Bitmain, which runs 25,000 custom-built machines in Inner Mongolia just to make about $250,000 in daily revenue, or $91 million annually. Despite all the evangelizing about the blockchain's decentralized nature, the days of a global network of laptop-toting techies mining Bitcoin from home or the coffee shop appear to be over. At $6 billion globally, Bitcoin mining revenues aren't worth the bet yet. One new Bitcoin spin-off, "Bitcoin Gold," wants to be an algorithm that will benefit bedroom miners over the Bitmains of the world. This isn't great news for big listed chipmakers such as Advanced Micro Devices, Inc. and NVIDIA Corp., whose graphics cards have been used to do the power-sucking computations needed to confirm transactions. (bloomberg.com)

A $9 billion French asset manager is launching Europe's first bitcoin mutual fund
LONDON — French asset management firm Tobam is planning to launch Europe's first bitcoin mutual fund as interest in the cryptocurrency continues to grow. Tobam's fund will be open to institutional investors and qualified investors on a private placement basis. Tobam, which had $9 billion in assets under management as of September, plans to launch an unregulated alternative investment fund that will allow institutional investors to gain exposure to bitcoin. Investor interest has risen alongside the price, with over 55 dedicated cryptocurrency hedge funds now in existence and exchange giant CME Group announcing plans to launch bitcoin futures contracts. "Our goal is to take control of these operational challenges in order to facilitate access for qualified investors willing to gain exposure to Bitcoin. (businessinsider.com)

Survey: CFOs Think Bitcoin Is 'Real' But Are Divided on Price
Roughly 21% of American CFOs think bitcoin is in a bubble, compared to about 29% in the Asia-Pacific area. In that survey, 39% of respondents think bitcoin is in a bubble, with a further 27% saying its price increase would slow down. Chief financial officers (CFOs) around the world seem to distrust bitcoin, according to a CNBC survey published Tuesday. More CFOs in Europe, the Middle East and Africa think bitcoin is in a bubble than in the United States or the Asia-Pacific regions, according to the survey. CNBC’s results somewhat echo a survey of institutional traders conducted by brokerage firm Triad Securities and Datatrek Research published last week. (coindesk.com)

Bitcoin Proves Magnetic, Even for a Skeptic Like Jamie Dimon
"I could care less what bitcoin trades for, how it trades, why it trades, who trades it," he told a conference in Washington. Bitcoin futures aren't the same thing as bitcoin, and facilitating trades isn't the same thing as trading. Unable to beat the passive funds, JPMorgan joined them three years ago by launching its first ETF. It's now offering 18 such products in the U.S. alone. Chief Executive Officer Jamie Dimon staked out a position for himself as one of the financial market's most prominent bitcoin skeptics, saying he'd fire any trader who dealt in it. Still, digital currencies don't need to be "money" for them to be a worthwhile business for a brokerage like JPMorgan. (bloomberg.com)

Bitcoin House Money
Of course, if you don't want to directly hold Bitcoin, or you want to avoid the headaches, you can grab Grayscale Bitcoin Investment Trust (OTCQX:GBTC). You can buy and hold Bitcoin on the assumption that you can use it to get what you want in life. And, absent a catastrophic or existential elimination of Bitcoin, there's room to kick even higher. You're all in with Bitcoin but with house money only. The point is that you could hold Bitcoin and drain it down over time with transactions. (seekingalpha.com)

Crypto hedge fund founder says bitcoin will hit $10,000
There’s some truth to that in that it’s difficult for someone who didn’t grow up in a digital world to understand that we’re moving into a digital world.” New York: Hedge fund manager Mike Novogratz , who is starting a $500 million fund to invest in cryptocurrencies, says the bitcoin rally still has some serious legs.After surging more than sevenfold since December, the largest and most widely known digital currency will end the year at $10,000 from about $8,400, he said. It had earlier tumbled as much as 5.4 per cent after $31 million was stolen from a separate cryptocurrency known as tether. You made a whole lot of money, there’s news , so you want to book your profit and get out.”At $500 million, Novogratz’s Galaxy Digital Assets Fund would be the biggest of its kind and signal a growing acceptance of cryptocurrencies as legitimate investments. For Novogratz, the fund marks a comeback to professional money management after humbling losses at Fortress Investment Group LLC and almost two years of self-imposed exile from Wall Street.Many of his former Wall Street colleagues are far from sharing his enthusiasm. (indiatimes.com)

Wealth Managers Being Bombarded With Investor Requests to Buy Bitcoin
Wealth managers around the world are being bombarded by Bitcoin requests, according to a new report by Bloomberg. However, the vast majority of wealth managers suggest removing initial investment as quickly as possible and only leaving gains in the market. While most wealth managers are uncomfortable with the risk associated with a new technologically backed asset class, the bulk are willing to allow clients to enter the Bitcoin market. Mainstream adoption for Bitcoin, which until this year was still widely considered a black market currency, has grown at remarkable rates. The explosive price increases have led to new vehicles for investment such as Bitcoin futures on the Chicago Mercantile Exchange (CME) and others. (cointelegraph.com)



More on these and other related news can be found at http://zentrade.online/bitcoin-news-digest-wednesday-november-22-2017/
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