YAP Arrives in Griffintown
Care to take our newest Bitcoin ATM for a test drive?
YAP is partnering with Klub Athletik Griffintown to provide Bitcoin ATM services in healthy heart of the city.
All YAP ATMs will have the same great rates as provided by our storefront service. Technology will have to catch up a bit for our ATMs to provide the same great conversation…
Are you nearby? Why not try out one the Klub’s exercise classes while you’re there?
Also — job YAPplicants have just a couple weeks left! Drop us a line if you are interested in joining the team!
Bitcoin traded sideways this week, with bearish sentiment continuing to weigh on Bitcoin and the rest of the crypto market. The world’s leading digital currency falling to $3,200 near the end of the week, while Litecoin staged an unexpected rally over the weekend. Despite the ongoing market rout, however, notorious crypto bull Tom Lee chimed in, saying that Bitcoin is significantly undervalued. Lee, the co-founder of Fundstrat Global Advisors and veteran market analyst, explained that the current ‘fair value’ of Bitcoin is closer to $14,000 due to the current number of active wallets and usage per account.
1.3 million Bitcoin miners shuttered. With the collapse of cryptocurrency prices, the mining industry is reeling. Since November, mining revenue has dropped from $13 million per day to use over $6 million. Due to the decrease in revenue, many miners have halted their operations, resulting in a 31 drop in hash rate, or the equivalent of 1.3 million Antminer S9 rigs over the past month, according to Bitmex Research. Though the industry-wide fall has significantly impacted both investor and miner confidence, even forcing some majors to reconsider planned initial coin offerings, many analysts proclaim that it is only a hiccup and the current mining woes will not impact Bitcoin in the long term.
Bitcoin bomb threat goes worldwide. Over the last week, the United States, Canada, Hong Kong and New Zealand were hit with a string of bomb threats which all requested Bitcoin as a part of the ransom. Though authorities in Canada and the United States reportedly dismissed the threats, stating that the emails sent had ‘no credence,” a number of businesses including Infinity Ward, the development company behind Call of Duty, closed up shop while the situation was investigated. It is worth noting, however, that no explosions have been detected, further reinforcing the idea that the threats likely lacked legitimacy from day one.
Canadian police warn of crypto scams. In the wake of the charges filed against superstars DJ Khaled and Floyd Mayweather, police in Edmonton, Alberta have issued a general warning to the public about increasing threat and complexity of cryptocurrency scams. One particular scam that is causing a number of problems involves thieves posing as tax collectors, or even police officers, to convince victims to put cash into a Bitcoin ATM. Constable Kype Pepper of the Edmonton Police Services explained, “It’s a very hard fraud to investigate given that after the money has been transferred, we can’t freeze the funds that are in the machine because it’s already been converted. It’s unfortunate. There’s been a lot of people that have lost a lot of money.”
EU Parliament calls for blockchain use in trade. On Thursday, the European Union adopted a resolution dubbed “Blockchain: a forward-looking trade policy,” outlining how the technology might be able to help facilitate complex trade arrangements in the region. Parliament noted, “The EU has an opportunity to become a leading actor in the field of blockchain and international trade, and that it should be an influential actor in shaping its development globally, together with international partners.”
Regulatory crackdown won’t be all bad. Many crypto analysts see more governments stepping up to regulatory oversight on Bitcoin and other cryptocurrencies in 2019. The prospect of more scrutiny has been negative for the sector in 2018, but there are upsides to clearer rules. For the good actors in the sector, clear regulations could help the industry mature and attract investors.
