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Tuesday, October 10, 2017

Cryptocurrency News for 10 Oct 2017

 

Cryptocurrency Hedge Fund Cofounder Matthew Goetz Compares Bitcoin to the Internet in the 1990s

Cryptocurrency Hedge Fund Cofounder Matthew Goetz Compares Bitcoin to the Internet in the 1990s

 

Digital currency hedge fund BlockTower Capital cofounder Matthew Goetz claimed that Bitcoinand other cryptocurrencies are like the Internet in the 1990s. He said that bets during the early days of the Internet were risky just like the investments in the digital currency market as of October 2017.

According to Goetz, the claims that the virtual currencies are one of the disruptive technologies of today are correct. He also compared the cryptocurrencies to the Internet in the 1990s.

“You could be right on the thesis that cryptocurrencies are transformative and you could make what you think is the right bet at the time, but remember one time you had Yahoo and then this thing called Google came along.”


Full story at http://bit.ly/2kDp6Ir


Source: CoinTelegraph


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Bitcoin is back above $4,500 for the first time in a month

Bitcoin is back above $4,500 for the first time in a month

 

It marks the first time bitcoin has been above $4,500 since early September and continues a rally that began on Thursday.

Commenting on the rally on Friday, Mati Greenspan, a senior market analyst at trading platform eToro, said: "European regulators have been cracking down on all things crypto lately and are considering introducing more regulatory framework that could hamper the growth of blockchain based assets.

On the other hand, Brazil's biggest financial firm [XP Investimentos] has announced that they plan to add bitcoin trading for their clients. In Japan, where Bitcoin has been fully legalized as of April, a large energy supplier called Remixpoint has now added the option for their clients to pay in Bitcoin. This move is actually very strategic, not as much for retail customers as for corporations.


Full story at http://read.bi/2kDP9iY


Source: Business Insider Nordic


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Bitcoin Price Chillout Gets Traders Moongazing As Market Cap Flirts With $150 bln

Bitcoin Price Chillout Gets Traders Moongazing As Market Cap Flirts With $150 bln

 

Bitcoin was struggling to stay above $4,400 Friday as cryptocurrency’s market up approaches $150 bln for the fourth time.

Data from Coinmarketcap and Bitcointicker show brief periods trading above the previously insignificant barrier, before coming down to head towards $3,350.

Value has continued to return to crypto markets since last month, with the industry’s overall market cap gearing up to tackle $150 bln after dipping as low as $113 bln in September.


Full story at http://bit.ly/2kDp7vZ


Source: CoinTelegraph


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Bitcoin Frightens Governments: John McAfee

Bitcoin Frightens Governments: John McAfee

 

Cyber security expert and Bitcoin backer John McAfee says the only fear that Bitcoin users can have is that governments will act on their own self-involved fear.

The technology pioneer says the only hurdle to Bitcoin is governments trying to stop it, even though they cannot succeed at doing so.

Because of Bitcoin’s disruptive nature, it has captured the imagination of the Internet community, and it has flexed its muscle with that support. This has led to governments reacting, but it is a reaction of fear.

Cryptocurrencies were created to solve the problems that plague banking, and as such they are looking to cut out the middleman, which is banks and government regulators.


Full story at http://bit.ly/2kDPbr6


Source: CoinTelegraph


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Why a $2.3 Trillion Investment Firm is Studying the Structure of BItcoin

Why a $2.3 Trillion Investment Firm is Studying the Structure of BItcoin

 

Earlier this year, Abigail Johnson, the CEO of Fidelity, a major financial services company and investment firm with over $2.3 trillion worth of assets under management, revealed that Fidelity has been studying the structure and the use cases of bitcoin as a store of value, a digital currency, and a safe haven asset.

As a part of its larger initiative, Fidelity has been mining Bitcoin and Ethereum to grasp a better understanding of the decentralized structure of bitcoin, and testing bitcoin payments and two-layer solutions. While Hadley Stern of Fidelity Labs told Fortune that the company’s mining venture is “very modest” in comparison to that of multi-billion dollar mining companies in China such as bitcoin, Johnson noted that the Fidelity mining operation is still driving significant revenues.

For Fidelity, Johnson, and its researchers including the Fidelity Labs development team, the primarily purpose of mining bitcoin and other cryptocurrencies such as Ethereum has been to explore, investigate, and analyze the structure of bitcoin. Stern explained that through mining, Fidelity Labs has been focusing on studying various aspects of bitcoin, such as its consensus protocol, difficulty level adjustment, and how a decentralized ecosystem can be sustained securely.

“Think of it as an experiment. The real reason we began mining, and still do, is to learn how the network works, how consensus works, how difficulty levels work,” Stern toldFortune.


Full story at http://bit.ly/2xsUm35


Source: CryptoCoinsNews


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Rumor or Not: Goldman Trading Would Change Bitcoin

Rumor or Not: Goldman Trading Would Change Bitcoin

 

While Jamie Dimon may be convinced bitcoin is a fraud, it appears that the competition has a different view.

Earlier last week, The Wall Street Journal reported on a rumor that Goldman Sachs is considering putting together a new trading outfit for cryptocurrencies. Its CEO, Lloyd Blankfein, later tweeted that he was undecided on bitcoin as a currency, deftly skirting the issue. Of course, it's not necessary to "believe" in the bitcoin story to see that there's money to be made by trading it (and Goldman Sachs research covers bitcoin as an asset).

If true, however, this is more than just another example of Wall Street and bitcoin getting closer. First of all, Goldman Sachs would not be alone in putting financial weight behind bitcoin.

Fidelity Investments has been working on bitcoin-related projects for some time through its R&D arm Fidelity Labs, most recently unveiling a partnership with Coinbase to enable account holders to track their cryptocurrency holdings alongside more traditional assets.


Full story at http://bit.ly/2kBfqy7


Source: CoinDesk


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