Posts belonging to Category blockchain



Chinese bitcoin mining giant Bitmain had revenues of $2.8 billion in the first half of the year

IPO plan despite slump in bitcoin

After months of speculation about the company’s plans, Bitmain released its first-ever public disclosures, confirming its intention to list on the Hong Kong stock exchange. Bitmain Technologies, founded by billionaires Jihan Wu and Micree Zhan, came on the scene five years ago and rode the cryptocurrency boom to a $12 billion valuation after its most recent funding round.
The financial statements released Wednesday, which were the result of an audit by KPMG, answer key questions about the company’s financial health as the price of bitcoin and other cryptocurrencies have plummeted. Bitmain made $742.7 million in profit during the first half of this year, marking a nine-fold increase from a year earlier, according the heavily redacted documents. Revenue was up tenfold in the same period, to $2.8 billion as of the end of June, and adjusted return on equity was 58.8 percent.
http://www.cnbc.com

Lehman Brothers went bust 10 years ago

Can it happen again?

In early 2007, the then chairman of the Federal Reserve, Ben Bernanke, dismissed the idea that the slowdown in the US housing market had profound implications. It was, according to the man running the world’s most powerful central bank, just a local affair. Everybody knows what happened next. Within 18 months the local problem in the US subprime mortgage market had ballooned into the biggest global financial crisis since the 1930s. When Lehman Brothers went bankrupt 10 years ago this week, it was the catalyst for a month of turmoil in which no financial institution was considered entirely safe.

Inevitably, the anniversary of those tumultuous weeks in late September and early October 2008 has prompted speculation about whether it could happen again. And, if so, what will be the cause? Looking around the global economy, there are plenty of potential candidates…

Telegram wants its own blockchain platform and native cryptocurrency

Enormous Initial Coin Offering

Encrypted messaging startup Telegram plans to launch its own blockchain platform and native cryptocurrency, powering payments on its chat app and beyond. According to multiple sources which have spoken to TechCrunch, the “Telegram Open Network” (TON) will be a new, ‘third generation’ blockchain with superior capabilities, after Bitcoin and, later, Ethereum paved the way.

The launch will be funded with an enormous Initial Coin Offering, with forthcoming private pre-sales ranging into the hundreds of millions, potentially making it one of the largest ICOs to date. Demand is driven by the fact that rather than the ICO coming from a fresh startup, Telegram is a well-established messaging platform used around the world.

Adopting a homegrown cryptocurrency could give Telegram’s payment system enormous independence from any government or bank — something Co-founder and CEO Pavel Durov is known to covet after investors took over his last company, Russian social network VK. Durov has not responded to TechCrunch’s several attempts to contact him regarding this story.

http://www.techcrunch.com/ … Tue., 16  January 2018

Eastman Kodak unveils cryptocurrency

Stock doubles

Shares of Eastman Kodak Co (KODK.N) more than doubled on Tuesday after the one-time leader in photography became the latest company to jump on the cryptocurrency bandwagon.

The storied Rochester, New York-based company said in a statement it is launching a cryptocurrency called “KODAKCoin” for photographers, part of “KODAKOne,” an image rights management platform in a licensing partnership with WENN Digital.

The platform uses blockchain technology, the backbone of bitcoin and other digital currencies that have surged in recent months and raised fears of a price bubble.

http://reuters.com/ … Wed., 10  January 2018

SEC warns bitcoin, cryptocurrency investors at risk

Investors should “exercise caution”

The U.S. Securities and Exchange Commission warned Thursday that investors should “exercise caution” with cryptocurrencies like bitcoin, noting state and federal regulators may not be able to recoup any lost investments from illegal actors.

Many promoters of initial coin offerings (ICOs) and other cryptocurrency investments are not following federal and state securities laws, SEC Chairman Jay Clayton and Commissioners Kara Stein and Michael Piwowar said in a statement. While regulators are trying to police these quickly growing markets, the SEC urged investors to be vigilant.

http://reuters.com/ … Fri., 05  January 2018

What is Blockchain?

Bitcoin and Blockchain explained in detail

This explainer will offer simple definitions and analogies for blockchain technology. It will also define Bitcoin, Ethereum, blockchain broadly, and initial coin offerings, and highlight promising use cases for the technology. (For a deep dive into how Ethereum works, you can read our What Is Ethereum explainer.)

Lastly, this report will make clear the distinctions between distributed ledger technology and blockchain, and highlight where these technologies have an application – and where they do not.

http://cbinsights.com/… Wed., 03  January 2018

Bitcoin becomes volatile

Bitcoin falls by more than $2,000 in 12 hours

Bitcoin and several other major cryptocurrencies plunged Thursday evening New York time as the end of an exponential year of growth neared. The slashing decline triggered temporary, built-in trading halts in the bitcoin futures traded on the CME and Cboe.

Bitcoin plunged more than 17 percent to a low of $13,077.94 according to CoinDesk, down more than $2,000 from $15,830 less than 12 hours ago. The digital currency recovered to near $ 14,039, as of 1:07 a.m., ET. 

http://www.cnbc.com… Fri., 22  December 2017

Bitcoin’s illiquidity

Which scenario if the bubble bursts ?

Imagine how bad this is going to get on the day some negative news hits the wires and the really significant holders of bitcoin decide, “I’ve had enough of this. I’ve made my money. I am bailing.” The majority of bitcoins are held by a tiny percentage of the market. 40% are held by 1,000 people. Those few major holders can crash the market whenever they want.

As anyone who remembers the market crashes of 2000 and 2008 knows, these things happen fast. Billions get wiped off the market in minutes. People who need to cash out now, but who are an hour or so behind the news, can lose their shirts.

It is brutal.

And blockchain just isn’t equipped to deal with it.

http://www.businessinsider.com… Mon., 18  December 2017

Bitcoin Futures Launch Sees Price Spike

CBOE Website Crashes

The Chicago Board Options Exchange (CBOE)’s website became unavailable just as it launched its first bitcoin futures contracts at 6 p.m. EST on Sunday.

The website downtime – which CBOE attributed to significant traffic around the futures launch in a post on Twitter – coincided with a sudden surge in the price of bitcoin, which jumped from $14,509 at 22:59 UTC to $15,732 at 23:06 UTC according to CoinDesk’s Bitcoin Price Index (BPI). Yet as of press time, CBOE’s website is becoming more available – delayed information about the contracts being offered can be found here – and the price of bitcoin has maintained a somewhat steady pace since that initial jump, trading at $15,226.29 per the BPI.

The data coming in thus far suggest that buyers are indeed moving to purchase contracts. Activity has been largely centered around the first contract to expire, dated January 17, 2018, with social media posts pointing to purchases of contracts scheduled to expire on March 14. According to CNBC, 672 January contracts have been sold as of 7:10 pm EST, with the news service reporting a price of $15,800.

http://www.coindesk.com… Mon., 11  December 2017

Bitcoin Rockets Above $12,000

Billion-Dollar Crypto Unicorns Swell to Nineteen

The cryptocurrency markets made another advance on Tuesday, fueled by continued bullishness over the impending launch of regulated bitcoin futures contracts on Sunday. Buoyed by this factor, the bitcoin price rose within striking distance of the $12,000 milestone, and the flagship cryptocurrency’s market cap came within a hair’s breadth of the $200 billion marker. Meanwhile, altcoins reaped the gains of a bullish market, and the number of cryptocurrencies with billion-dollar valuations swelled to a new all-time high of nineteen.
http://www.cryptocoinsnews.com… Wed., 06  December 2017

What is the future of Money?

Bitcoin, Dollars or Gold?

Type “Bitcoin is a Bubble” into Google and you’ll get 31,800,000 results, a clear indication of how many times people have, incorrectly so far, called a top in the price of the worlds most famous cryptocurrency. We’ve been studying it for years and have summarised our thoughts in a detailed report; “Bitcoin, Dollars, Gold: What is the Future of Money”

We see numerous potential tailwinds for Bitcoin, and for blockchain especially. Capital is flowing into the sector, millennials love it, and we also think governments and commercial banks are supportive of digital currency, as they have a general disdain for physical cash. Blockchain’s potential to disrupt multiple industries is also another tailwind. For those who want further evidence of its potential, we suggest reading “Banking is only the Beginning: 30 Big Industries Blockchain Could Transform”.

Finally, for as long as central banks the world over engage in the monetary largesse we’ve become accustomed to in the “post” GFC environment, more and more people will look for alternative monetary solutions.

http://www.livewiredmarkets.com… Mon., 04  December 2017

The Fed has no plans for its own cryptocurrency — at least for now

Fed is paying attention to research on blockchain

The Federal Reserve isn’t planning on launching its own digital currency — at least for now. While speaking at an event at Arizona State University on Wednesday, the president of the Federal Reserve Bank of San Francisco, John Williams, said the Fed is not working on its own digital currency, according to Reuters reporting.

But the Fed is paying attention to research on blockchain, the technology underpinning bitcoin, the news wire said.

http://www.businessinsider.com

London: new cryptocurrency card to pay in local supermarkets

You can withdraw money with your Visa debit “Dragoncard”

A London-startup headed by a Credit Suisse veteran is launching a new debit card that it claims will allow people to spend cryptocurrencies across the UK. The London Block Exchange (LBX) launched on Tuesday. It plans to launch a sterling-to-cryptocurrency exchange and a Visa debit card, dubbed “Dragoncard,” that will allow people to spend bitcoin, ethereum, ripple, litecoin and monero across the UK. The startup plans to add more cryptocurrencies in future.

The Visa card, which will be issued by Gibraltar-based pre-paid card provider Wavecrest, will be linked to an app that allows users to buy and hold cryptocurrencies through the LBX exchange. Customers will also be able to withdraw money using the card. Cryptocurrencies will be converted to sterling at the time of withdrawal.

http://www.prnewswire.co.uk…  Wed., 15  November 2017

Bitcoin’s Daily Trade Volume Surpasses $5B

After the Canceled Fork Announcement Bitcoin Trade Volume Spikes Exponentially

Action across bitcoin markets have been all over the place. For instance, on Tuesday, November 7, the price dipped below the $7K zone and rebounded back above that territory a few hours later. The very next day on November 8, immediately following the announcement that Segwit2x was canceled, bitcoin’s market value spiked to a high of $7,900 per BTC. The peak didn’t last long, and the price per bitcoin has been hovering between $7,100-7,450 over the course of the past 12-hours. The last few days bitcoin has been trading over $3B a day in 24-hour trade volume, but on November 9 the decentralized currency swapped over $5B in BTC trades. Presently, bitcoin’s value is trading at $7,150-7,210 across a variety of global exchanges.

http://www.bitcoin.com…  Tue., 14  November 2017

Nouriel Roubini warns about bitcoin craze

Bitcoin, a “gigantic speculative bubble”

Nouriel Roubini, who gained fame after predicting the 2008 financial crisis, is living up to his Dr. Doom nickname when it comes to cryptocurrencies.

Bitcoin, he said in conversation with Business Insider Poland, will be regulated to the extent that it will “find its end.” In the wide-ranging interview, which covered everything from the prospects of another financial crisis to the fallout from Brexit, Roubini struck a generally upbeat tone.

http://www.businessinsider.com…  Wed.,  08  November 2017

What is Bitcoin Mining?

Compiling recent transactions into blocks

If you’ve ever wondered where Bitcoin comes from and how it goes into circulation, the answer is that it gets “mined” into existence. Bitcoin mining serves to both add transactions to the block chain and to release new Bitcoin. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The first participant who solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards incentivize mining and include both the transaction fees (paid to the miner in the form of Bitcoin) as well as the newly released Bitcoin.

http://www.investopedia.com…  Mon.,  06  November 2017