Learning to love the dip
When Bitcoin goes low, we go Medium.
The ‘half-off’ deal on Bitcoin is still going strong on this Cyber (cypher?) Monday.
Whether you’re hodling on for dear life and craving a diversion, or planning a shrewd investment in these shifting conditions, you’ll get something out of our Bitcoin Essentials series on Medium.
Can we make ‘Clap for YAP’ a thing?
Bitcoin prices fell even further this week, as Roger Ver and Craig Wright’s hashrate war heated up. The decline pushed prices into the $3,000 range, and the wider crypto market followed, with Ethereum falling to $100 and XRP to $0.30. The continued sell off is a far cry for last year, where in the same month, crypto markets thrived, with prices of most assets doubling over the course of a week.
Snowden: “Bitcoin won’t last”. Edward Snowden, exiled whistleblower and renowned advocate of internet privacy weighed in on cryptocurrencies, suggesting that it was a great idea that was poorly implemented. Snowden noted, “Let’s say Bank of America doesn’t want to process a payment for someone like me. In the old financial system, they’ve got an enormous amount of clout, as do their peers, and can make that happen. If a teenager in Venezuela wants to get paid in a hard currency for a web development gig they did for someone in Paris, something prohibited by local currency controls, cryptocurrencies can make it possible. Bitcoin may not yet really be private money, but it is the first “free” money.”
Quebec Bitcoin miners look to renewable energy. With Bitcoin prices dropping to yearly lows, miners are scrambling to find new ways to remain profitable, and one Quebecois mining firm is taking it to the next level, even recycling the energy emitted to achieve that. Heatmine, a relatively new kid on the Bitcoin mining block, is using the heat from the mining equipment to warm water in their facility. And more than that, they’re aiming to create a decentralized network of mining equipment to help others harness that otherwise-wasted energy to do the same. Jeremy Dahan, COO of the company, explained “Most of the farmers have an issue because they don’t make any profit because they spend a lot of money on the heat and electricity.”
The false promise of blockchain. Blockchain technology has exploded onto the scene as an exciting technology. However, a former blockchain evangelist says that the hype has vastly exceeded the promise. On Bloomberg’s podcast, Odd Lots, they discuss the problems with blockchain technologies.
Switzerland gives greenlight to cryptocurrency ETP. Switzerland’s main stock exchange will allow the world’s first exchange traded product tracking multiple cryptocurrencies. The Amun Crypto ETP will begin trading this week on the Six exchange in Zurich and will track an index of the five leading cryptocurrencies. Nearly half of the assets will be invested in Bitcoin. “The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments,” said Hany Rashwan, co-founder and chief executive of Amun.
Ohio now accepts bitcoin for tax payments. Beginning on Monday, businesses in Ohio will be able to officially pay their taxes with Bitcoin and other cryptocurrencies. The initiative, put into motion by state treasurer Josh Mandel, is part of a larger move to boost the attractiveness of the state to tech companies, with Columbus and Cleveland leading the charge.According to Bernie Moreno, a believer in blockchain and internet technology and local entrepreneur, the state should digitalize everything, “Digital car titles, digital drivers’ licenses, birth certificates, college degrees, medical records.”
