CryptoDigest@Steem Thursday, September 21, 2017
Dear Steemians!
Here is the daily press review for bitcoin and other crypto currencies.
How to Start Accepting Bitcoin in your Business
You can register your business on online directories that track different companies and businesses that accept bitcoin. Now is a great time to start, too – bitcoin has gained national attention for reaching record-breaking highs 600 percent higher than last year. Here’s how you can get your business ready to accept the money of the future:With all those blocks and chains, Bitcoin can get complicated. Before you start, also learn about the blockchain – the complex central program behind bitcoin that acts as a ledger for each transaction made. For businesses, selling bitcoin can be a great way to attract new customers and introduce others to the world of cryptocurrency. (cta.tech)
South Korea in Centre of Bitcoin Universe As It Passes China in Bitcoin Trading
The shift toward South Korea indicates a response to the legalization of Bitcoin in the country in recent months. Young’s Twitter post indicates the shift:The change in the processing of transactions indicates that traders have moved to South Korea. The largest exchange in South Korea has processed more transactions than Bitfinex and Bittrex. In a move that should not be surprising, South Korea has passed China in total Bitcoin trading volume today, as reported by Joseph Young and Tuur Demeester via Twitter. The shift to South Korea is a simple indication that the Bitcoin community is flexible. (cointelegraph.com)
How bitcoin could overcome its wild reputation
A major problem for bitcoin is its extreme volatility, which is a cause of concern for many investors. Jeanson suggests that having more market makers, such as his company, can help to improve this liquidity problem. A common criticism is that bitcoin is too volatile to be an effective store of wealth, unlike gold. Bitcoin has attracted a lot of criticism in recent weeks from big names including JPMorgan's Jamie Dimon and Bridgewater Associates founder Ray Dalio. "The important thing is to add market makers on these exchanges and have the appropriate rules, (such as) anti-money laundering and Know Your Customer, around those exchanges," he said. (cnbc.com)
Malaysia Legalizing Bitcoin? Bank Negara Issuing Guidelines for Crypto
The governor addressed a number of different financial sectors but stated clearly that the Bank Negara was working on cryptocurrency guidelines. In the wake of recent and painful Chinese cryptocurrency lockdowns, other countries are beginning to be more open to Bitcoin and others. A recent statement by Malaysia’s Bank Negara governor Tan Sri Muhammad Ibrahim at the Global Symposium on Developing Financial Institutions would indicate that Malaysia may be the next to open its doors to Bitcoin. Malaysia has already been seen as an excellent location for Bitcoin and other cryptocurrencies, and a legalization would create a mass of new investment into the country. He said:“We hope to come out with guidelines on cryptocurrencies before the end of the year: in particular, those relating to anti-money laundering and terrorist financing. (cointelegraph.com)
Why Big U.S. Banks Are "Very Afraid" of Bitcoin
Big U.S. banks, including Bank of America Corp. (BAC), Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Morgan Stanley (MS) are likely to be "very afraid" of bitcoin, per a CNBC report. That thought also may be disrupting the sleep of big bank CEOs. This may come as a surprise, especially given the harsh criticism leveled against bitcoin by JPMorgan Chase CEO Jamie Dimon. All the above explains why many Japanese banks are trading bitcoin. Preiss believes that cryptocurrencies such as bitcoin have a certain attractiveness given the lack of transparency in the banking system. (investopedia.com)
Searching for Problems? James Altucher to Bitcoin Critics: You're Dead Wrong
And these are the kinds of problems cryptocurrencies like bitcoin are solutions for. According to Altucher, multiple cryptocurrencies are needed to solve the multiple problems inherent in finance and commerce today. Advocates of decentralized storage like Altucher believe decentralization will make storage more robust, permanent and available while decreasing the cost. At least that's a strategy James Altucher, the former hedge fund manager, business blogger and best-selling author, places at the center of his investment strategy. In his eyes, cryptocurrency solves a host of problems caused by the fiat-based financial system – particularly, the fees and time it takes to send international payments. (coindesk.com)
Bitcoin bounty hunters: Stellenbosch tech firm cracks down on content pirates
Obviously before the Bitcoin hype, you guys were already getting into Bitcoin, Blockchain technologies to help clamp down on content piracy. But we’ve been doing a very controlled release of our extraction tool that the bounty hunters have used so far. We know that we have bounty hunters across four continents at the moment, but these are tiny numbers. This makes it quite an interesting venture for bounty hunters to earn Bitcoin essentially. We try to keep our number of bounty hunters fairly small and very focused on the content that our clients release. (biznews.com)
Bitcoin is likely to split again in November
Some bitcoin exchanges and wallets have said they will support the new coin, while others are uncertain whether Bitcoin Cash will have lasting market value. In recent weeks, a group of miners -- people who crunch complex math problems to generate and transact the digital currency -- split off from the legacy bitcoin to use a new version known as Bitcoin Cash. While an early adopter of bitcoin, Mr Ver has also attracted controversy for his embrace of Bitcoin Cash, which some developers criticise for giving too much power to miners. When the split occurred around the beginning of August -- with Bitcoin Cash diverging from legacy bitcoin -- the digital currency initially slumped 6.8% in a two-day slide as investors appeared to discount the value of the new coin. Mr Ver admits he could potentially benefit from such a schism as more coins are created.“There’s probably going to be another split between bitcoin legacy and SegWit2X version of bitcoin but that just gives me more coins that I can sell for the Bitcoin Cash version,” Mr Ver said in an interview on Bloomberg Television at a conference organized by Bitkan in Hong Kong. (bangkokpost.com)
Yo-yoing prices show Bitcoin is no cash cow
The digital currency split into two, Bitcoin and Bitcoin cash, in August resulting in a steep decline in prices. JP Morgan boss Jamie Dimon recently lambasted Bitcoin as a “fraud” currency used by murderers and drug dealers. Read more: Bitcoin faces another split as scaling debate ragesThe biggest Bitcoin bugbear for investors is its price volatility. It looks like more uncertain days are ahead for Bitcoin as news emerged yesterday that it might split into three in November. Ray Dalio, founder of the world’s largest hedge fund, said this week that “bitcoin is a bubble” and an ineffective “storage of wealth”. (cityam.com)
Market Reaction to China News Shows Bitcoin Too Big to Kill
Valkenburgh said:“The efficacy of any bitcoin ban is pretty dubious. Bitcoin has become too big and too entrenched to be sunk by one or two small mishaps along the way. Bitcoin trading against the Chinese currency has dwindled to 19 percent of total volume in the past six months, from about 90 percent last year, according to digital currency data website Bitcoinity. Peter Van Valkenburgh, director of research at Coin Center, a Washington-based nonprofit research firm focusing on cryptocurrencies, sees positives in China’s knee jerk reaction. The slump of about 20 percent is actually rather minor if looking at the volatility of the past. (cointelegraph.com)
Bitcoin Criticized Again, This Time By Hedge Fund Titan
As the founder and head of Bridgewater, the world’s largest hedge fund with 350 institutional clients, Ray Dalio knows a thing or two about the traditional investment business. Recently, Dalio joined his friend and fellow billionaire finance mogul Jamie Dimon in calling Bitcoin a bubble. He states that Bitcoin is “not an effective storehold of wealth because it has volatility to it, unlike gold.”There are several reasons why Mr. Dalio doesn’t believe in the potential of Bitcoin and other cryptos at large. Market’s dropped rapidly last week in the wake of negative news from China and Dimon’s commentary. (cointelegraph.com)
Bitcoin Core Developer Explains Bitcoin's Value
You can be a core developer, you could be a wallet developer, or you could be an exchange developer, you can be a merchant developer or a processor developer. It’s obviously good for the industry because they’re getting more Bitcoin developers, and this is big needs area for pretty much every company. However, Jimmy first got interested in Bitcoin as a store of value and sound money, and only later started to contribute to the Bitcoin core development team and to train new developers for the technology. Epoch Times: Later you started programming for several Bitcoin projects, and now you contribute to the core development team. Jimmy Song: When I first read about it, Bitcoin had broken $1, and I wondered: what is Bitcoin? (theepochtimes.com)
Chinese Bitcoin Exchange Executives Allegedly Must Remain in China
Reports have emerged alleging that Chinese bitcoin exchange executives have been forbidden from leaving the country. The reports of a travel ban on Chinese bitcoin exchange executives have surfaced following announcements confirming that the Chinese government will extend its cryptocurrency crackdown to target all bitcoin exchanges operating in China. Also Read: China May Try to Block All Bitcoin Transactions in the CountryIt has been reported that Chinese bitcoin exchange executives must stay in China during the government’s crackdown and “clean-up” of the nation’s cryptocurrency industries. The increasing interference into China’s cryptocurrency industry on the part of the state led to many insiders forecasting a rocky future for China’s bitcoin economy. Chinese trading is currently estimated to account for less roughly 10% of global trade volume, compared to approximately 90% throughout most of 2016. (bitcoin.com)
Bitcoin Isn't Crazy Enough Yet
Does that vision of the future show that digital currencies have no place in an investment portfolio, or that they do? Rather than asking whether digital currencies make sense philosophically, we should be asking whether they stack up as investments. Yes, digital currencies can be used to launder the proceeds of crime -- but so can JPMorgan. In principle, the biggest advantage of digital currencies is they have no connection to anything that's happening in the real economy. Full disclosure: I don't, and wouldn't, invest in either gold or bitcoin. (bloomberg.com)
More on these and other related news can be found at http://zentrade.online/bitcoin-news-digest-thursday-september-21-2017/