Our global cryptocurrency news and new blockchain technology developments includes a potential Japanese national digital currency, the SEC’s new “cyber unit”, bitcoin vouchers from a traditional ATM and a robot ready to speak at a blockchain conference in Spain on October 4.
The J-coin? Japanese banks may create a digital currency, eliminating cash before the Tokyo 2020 Games. BTC China stops accepting deposits and will wind down its exchange business by October 31. The US SEC has set up a new “cyber unit” to regulate “distributed ledger technology” including cryptocurrency and ICOs.
While he doesn’t presently own cryptocurrency, ‘gold bug’ Gerald Celente says there is a place for cryptocurrency in the future, even though gold is still the security of choice. “Wolf of Wall Street”, Jordan Belfort joined the chorus of those calling bitcoin a “fraud.” We call that a wolf whistle. Union Square Ventures co-founder Fred Wilson expects a future cryptocurrency crash and recommends portfolio diversification.
ATMs at Slovenian savings bank Hranilnica Lon a now enable bitcoin purchases and print out a voucher verifying digital currency transactions. Bitcoin.com magazine looks at the four biggest challenges for ICO listings.
Blockchain technology could help artists in the future by authenticating ownership, verifying transactions and archiving digital materials. The $500 billion hospitality industry is an attractive target for blockchain technology disruption. Japanese telecom KDDI Corporation joined the Enterprise Ethereum Alliance and launched a smart contracts project.
With 2.5 billion “unbanked” people around the world, blockchain projects like Humaniq and ChainTrade are hoping to extend financial services and improve food production and distribution. Likewise, SMEs can benefit from less expensive, more secure financial services driven by blockchain technology.
Hola! If you’re attending the upcoming IOT Solutions Congress in Barcelona on Oct 3-5, you’ll get to hear a blockchain presentation by a humanoid named Sophia from Hanson Robotics. Let’s hope she doesn’t use PowerPoint – zzzzz. I wonder what the speaker’s fee for robots is these days?
Cryptocurrency News
Japan Considers Launching J-Coin, Eliminating Cash Before Tokyo 2020 Games
Banks in Japan are considering creating a digital currency, the J-Coin, intended to eliminate cash as a payment option. The news broke through an article indicating that the coin is planned with the blessing of financial regulators for before the 2020 Olympic Games in Tokyo and is intended to streamline the financial system. Recently, Japan has once again become the largest Bitcoin exchange market with 50.75 percent market share of the global Bitcoin exchange market. Via cointelegraph.com
End of an Era: BTC China Stops Accepting Deposits, Begins to Shut Down Business
Following up on the announcement that it made earlier in the month, BTCC, one of the largest Bitcoin exchanges in China and the world, has stopped accepting yuan and digital asset deposits. It also announced that it will stop yuan and digital asset withdrawals by October 31, marking a total shutdown of the business. Via financemagnates.com
SEC Announces Creation of “Cyber Unit” With Broad Powers, Including ICO Oversight
The SEC is officially taking on the role of policing both ICOs and the “distributed ledger technology” sector. Simply giving oneself enforcement power over “distributed ledger technology” seems overly broad. Depending on how the SEC (and perhaps the courts) define this term, the SEC could have wide latitude to investigate users of digital currencies. Via cointelegraph.com
Bitcoin vs. Gold: Crackdowns Could Swing Balance in Metal’s Favor
Long-term, however, regulatory risks meant that gold would remain a go-to fiat escape. “While Bitcoin and cryptocurrencies are going to have a place in the future […] gold is still the tangible that nothing replaces at this time,” he stated. Gold and Bitcoin have had a poignant relationship this year as Bitcoin surpassed the price of an ounce of the precious metal for the first time. Via cointelegraph.com
Wolf of Wall Street Calls Bitcoin a “Fraud”
Yet another high-profile criticism came against Bitcoin, this time from the “Wolf of Wall Street” himself, Jordan Belfort. Belfort called Bitcoin a fraud and said that “the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking. Ray Dalio, the founder and head of the world’s largest hedge fund Bridgewater, recently stated that Bitcoin is “a highly speculative market”, and in fact is a “bubble”. Via cointelegraph.com
USV’s Fred Wilson Predicts ‘Big’ Cryptocurrency Crash
Venture capitalist and Union Square Ventures co-founder Fred Wilson believes there’s a cryptocurrency crash coming – and he thinks investors need to diversify in order to prepare. In a new blog post, Wilson recounted his experiences during the dot-com boom and bust of the late 1990s and early 2000s, during which a number of then-well-known internet firms rose to prominence and subsequently failed, taking many investors with them. Wilson said that he lost as much as 90% of his net worth at the time, saved only by a pair of real estate holdings. Via coindesk.com
A Slovenian Savings Bank’s Traditional ATM Dispenses Bitcoin Vouchers
According to a video filmed by the Slovenian savings bank Hranilnica Lon, the firm has enabled the ability to purchase bitcoin with its classic automated teller machine (ATM) located in the company’s lobby. The Kranj-based bank believes it’s the first bank worldwide to implement bitcoin into a traditional ATM. Via news.bitcoin.com
Op Ed: Four Challenges to Consider When Launching Your Fund Raise on the Blockchain
ICOs (Initial Coin Offerings) or token sales have seen a dramatic increase over the past year as a method for raising capital. Overall, the cryptocurrency market cap is now over $150 billion, roughly the size of Algeria or Iraq’s GDP. Here are four main challenges when launching an ICO. Via bitcoinmagazine.com
Blockchain Developments
How Blockchain Technology Could Save Struggling Artists Around the World
To a complete outsider, the worlds of art and cryptocurrency do not appear to be linked. The digital revolution is often blamed for making life harder than ever for artists. We are always hearing stories of artists realizing their work has been ripped off by a major brand or that they are not being paid or credited for the content they create. Could blockchain solve it? Via bitcoinmagazine.com
Crypto is Targeting Hospitality Giants
There has been a lot of activity in the cryptosphere regarding hotels and accommodation, with progress towards the creation of a new landscape of bookings and payments. Some commentators have suggested that hospitality could become crypto’s killer app. The $500 billion hospitality industry is an enticing prize for the many crypto projects looking to disrupt this space. Via cointelegraph.com
Japan’s Telecom Giant Launches Smart Contracts Project, Joins Ethereum Enterprise Alliance
KDDI Corporation, a Japanese telecommunications company with yearly revenue of $45 billion, announced today they have joined the Enterprise Ethereum Alliance. They further announced they have initiated a smart contracts based system that utilizes Enterprise Ethereum for company services to their customers. Via trustnodes.com
Blockchain Inclusion Program to Spark Financial Revolution
Using the Blockchain to reach the unreachable population is one of the properties that has enabled the highest level of disruption within the ecosystem. Organisations like Humaniq are using the Blockchain to deliver financial inclusion to over 2.5 billion unbanked people across the globe. Meanwhile, ChainTrade is creating a decentralized commodities exchange that will enable the currently excluded traders to participate in the food and raw materials market. Via cointelegraph.com
Blockchain Lending Platforms Can Bail Out SMEs and Improve Global Economy
Therefore, any product or system designed to encourage the entrepreneurial adventure of SMEs or simplify the business environment may as well be recognized as a solution to a global problem. Difficulties in traditional funding Loans and external funding are essential in the development of SMEs. However, the risk of not meeting up with the obligations of loan repayment makes it somewhat difficult for banks to do business with them. Via cointelegraph.com
A Literal Robot is to Speak at a Blockchain and IoT Conference
We can’t help but think there is a trick somewhere, but Hanson Robotics, which developed Sophia, say she is: “An evolving genius machine. Her incredible human likeness, expressiveness, and remarkable story as an awakening robot.” We’ll be very interested to hear what a robot has to say about blockchain technology. Although we very much doubt she can comprehend such a complex topic and can’t help but think the developers will probably input whatever speech or whatever script. Via trustnodes.com
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