Clueless Central Bankers Regard Bitcoin With Envy, Hatred
In my first article for the Cointelegraph I tried to explain the value of Bitcoin to citizens of countries that practice capital controls, which are usually countries with less economic development.
A day later, I read an article where the president of the Central Bank of Brazil exposes his lack of understanding and appreciation about digital currency, which could be such a boon to citizens of my native country, Brazil.
I believe that the best way to explain it is through practical examples, so I will summarize my experience with the legal tender currency of my country.
I was born in 1981, during the decade of hyperinflation in Brazil, I remember that it was normal to see the supermarkets crowded during the first week of the month. This is because on payday, everybody groceries for the entire month since prices were changed every day, sometimes more than once a day.
Full story at http://bit.ly/2yIP2rA
Source: CoinTelegraph
TSMC: Cryptocurrency Mining Drove Strong Third Quarter Revenue
The chief financial officer for the Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest independent semiconductor foundry, cited cryptocurrency mining in the firm's third-quarter results.
The company – which provides semiconductor manufacturing services for a range of industries, including firms that design and assemble application-specific integrated circuits (ASICs) for cryptocurrency mining – announced third-quarter revenue of $8.32 billion, an increase of 17.9% compared to the previous quarter and 1.5% year-over-year.
Boosting those figures, Lora Ho said, is demand for semiconductors used in mining products.
She said in a statement:
"The strength of our third-quarter revenue was driven mainly by major mobile product launches and a generally healthy demand environment, including cryptocurrency mining. However, this strength of our third quarter revenue was partially dampened by our customers’ continued inventory management."
Full story at http://bit.ly/2yIP4jc
Source: CoinDesk
With Bitcoin’s Price Above $6000 USD, Satoshi Nakamoto Should Be on Forbes’ Rich List
The value of Satoshi Nakamoto’s estimated 1,000,000 bitcoins would place the anonymous creator on Forbes’ list of wealthiest individuals. Based on the estimated value of Satoshi’s holdings, which at the time of writing is approximately $6.1 billion USD, Nakamoto would be ranked number 237 on Forbes’ list.
Satoshi would be tied for 237th with South African business tycoon Johann Rupert, and Swedish heir and businessman Jorn Rausing. Nakamoto would be ranked higher than Alibaba’s Joseph Tsai, Australian mining magnate Andrew ‘Twiggy’ Forest, and Walmart heiress Ann Walkton Kroenke.
Satoshi is estimated to own approximately 5.89% of the more than 16.6 million bitcoins that are currently in circulation. The largest single bitcoin wallet is Bitfinex’s cold storage wallet, which currently holds over 168,000 bitcoins, or 1% of the total supply. The largest bitcoin wallet was previously owned by the U.S. government, after the FBI seized 144,336 bitcoins from anonymous free market The Silk Road.
At the time of writing, Bitcoin boasts a market cap of approximately $102 billion USD. If bitcoin were a company, it would be the 73rd largest by market cap, ranking higher than Goldman Sachs, China Petroleum & Chemical, and Bayer.
Full story at http://bit.ly/2yIVIpD
Source: Bitcoin News
Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history
The world’s most prominent digital currency was on track to mark a fresh milestone on Friday, with bitcoin rallying and putting the cyber currency in position to hit a total market value of around $100 billion.
Such a valuation would place the No. 1 cryptographic currency above or on par with blue-chip companies on the Dow Jones Industrial Average DJIA, +0.71% like United Technologies Corp UTX, +1.21% with a market value at $96 billion, American Express Co. AXP, +0.21% at $82 billion, Caterpillar Inc. CAT, +0.45% at $77 billion and Travelers Cos. Inc. TRV, +0.11% at $36 billion.
To be sure, it is questionable to draw value parallels between the asset and more traditional companies, but it highlights the stratospheric rise of bitcoinBTCUSD, -5.29% which didn’t exist a decade ago.
A single bitcoin also broke above a milestone of $6,000, reaching an intraday high of $6,064.14 Friday afternoon, according to research and data site CoinDesk.com. Bitcoin also boasted a market value of roughly $100.81 billion at its peak on the day, according to data site Coinmarketcap.com. The move comes just as the Dow cleared its own psychologically important level of 23,000 on Wednesday.
Full story at http://on.mktw.net/2yIVKxL
Source: MarketWatch
Survey Respondents Say Bitcoin to Reach $10,000
Consumer News and Business Channel (CNBC) ran an unscientific survey, polling its online readers with the question, “Where does bitcoin go from here?”
CNBC is owned by Comcast Corporation (Comcast), the US-based worldwide telecommunications conglomerate. By revenue, it is the largest of its kind on the globe, according to the mostly-German-based Institute of Media and Communications Policy. Comcast’s reach is vast, wide.
Forbes contributor Ilana Greene profiled CNBC, and addressed its audience demographic. Whether a “day or institutional trader, however, relies heavily upon and trusts CNBC to deliver decision useful data that they will incorporate into their daily investment decisions. According to Mendelsohn Affluent Survey, 19% of viewers watch 5+ hours of CNBC per week. These investors also regularly utilize content provided by the multiple CNBC internet channels,” she concluded (emphasis added).
Full story at http://bit.ly/2yIVHC5
Source: Bitcoin News
Gates Foundation to Use Ripple Interledger Tech in Mobile Payments Push
The Bill and Melinda Gates Foundation has released new open-source software for the unbanked that utilizes technology developed by distributed ledger startup Ripple.
Announced today, Mojaloop is aimed at providing an interoperability layer between financial institutions, payment providers and other firms that offer such services to the poor and unbanked. Ripple's Interledgerprotocol, which is used to transact between different financial networks, is being used to help accomplish that goal.
In addition to Ripple, three other financial technology firms participated in the development of the software. The app came out of the group's Level One Project, an umbrella initiative for its work with the unbanked poor that has seen it explore technologies like blockchain.
The Gates Foundation has been weighing applications of the tech since as early as 2015, including its use as a way to bridge disconnected financial systems.
Full story at http://bit.ly/2yIVGy1
Source: CoinDesk
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