Welcome to the Daily Cryptocurrency News Roundup 4th Nov, 2017 edition.
Find the most important news of the day in brief with insights. Moreover, subscribe us to stay informed.
#1 The Cointelegraph – The What & Why of Bitcoin Price of $7000
- The biggest factor behind the rally was the announcement of Chicago Mercantile Exchange’s decision to offer Bitcoin futures.
- Futures are an essential part of mainstreet trading and investing; however they are also reserved for more steady and less volatile assets. Now, with this decision, Bitcoin is being legitimized somewhat, and that has again piqued Wall Street’s interest.
- The SEC noted that Bitcoin had “fundamental flaws” that made it a “dangerous asset class to force into an exchange traded structure.”
#2 Cryptocoinsnews – India’s Largest Bank Goes Big on Blockchain
- SBI is now pressing ahead with its first implementation of the decentralized technology by using an enterprise blockchain solution for managing its Know Your Customer (KYC) system, via a new partnership with Intel that sees the technology giant become the consortium’s official technology advisor.
- The enterprise blockchain will run on Hyperledger Sawtooth, a modular platform for developing and deploying blockchains, developed by Intel – a member of the open-source Linux Foundation-led Hyperledger project.
- The blockchain will also be supplemented by Intel Software Guard Extensions (SGX) to boost the blockchain’s privacy, security and scalability. The blockchain solution will be delivered by Primechain, an Indian blockchain startup powering the Bankchain consortium.
#3 Bitcoin.com – Ukraine Drafts Law to make Crypto Income & Profits Tax free
- A bill has been submitted to the Ukrainian parliament to amend the country’s tax code to exempt cryptocurrency income and profits from taxation, including from buying, selling, transacting, and mining.
- Bohdan Danylyshyn, Chairman of the NBU Council, said “In my opinion, creating the necessary legal framework will be the first step towards building a transparent and clear market for cryptocurrencies. In turn, it will promote the advancement of innovative technologies and the digital economy as a field of knowledge in Ukraine.”
#4 Newsbtc – Bitcoin Cash Mining is More Profitable
- Fork Lol seems to indicate BCH mining will remain more profitable for some time. More specifically, the seven-day average has flipped in favor of BCH. Although this situation hasn’t been locked in yet, it is a very real possibility.
- Even at a rate of 1.06 times the normal BTC earnings, some miners will be tempted to make the switch. Interestingly enough, this trend seems to manifest itself close to the Bitcoin Cash hard fork itself. That fork will introduce some changes to the current mining difficulty algorithm.
#5 The Cointelegraph – $1 Trillion Industry Being Brought Onto Blockchain
- Entrepreneurs are finding ways to make new markets in areas that can benefit from crypto. In hospitality, entertainment, technology and dozens of other industries.
- Things like smart contracts and decentralized ledgers never existed before, so a whole raft of new products are becoming possible.
- Life insurance reselling – FidentiaX plans to do two things to help this; they will make reselling easier and will also centralize the entire market onto one platform where offers and prices can be more easily compared.
#6 Cryptoninjas – User app to soon allow escrow storage of Ripple (XRP)
- Reservoir, a XRP service app by Secure Block Chains (SBC) is on the way and currently in private test mode.
- The app will provide a safe and secure way to reserve Ripple (XRP) for long term holding. The system simplifies the process of saving XRP in escrow until it reaches maturity.
- Escrow removes the XRP transacted from the circulating supply which impacts the overall total XRP available for anyone to purchase.
#7 The Cointelegraph – Goldman CEO Sees Bitcoin in the ‘New World’
- Blankfein admits that he has not yet invested in the controversial on Wall Street digital currency; however, he is not ready to turn on it or pooh-pooh it. Instead, Blankfein likes the idea of a currency backed by consensus.
- It makes sense then to have a currency that is backed purely by an agreement of its price – consensus. Bitcoin is in a unique position as its underlying technology and its position in the market makes it the perfect consensus-backed currency.
- There is a New World revolution that is taking place across many sectors of society, and in the monetary ecosystem, Bitcoin is a disruptive force. Blockchain technology is spreading its influence, but Bitcoin is ravaging the established order of things.
#8 The Cointelegraph – Fake ICOs, Crypto Scams and How to Avoid Them
- Fake ICOs: Fake ICOs are not that easy to spot. Looking for proof of endorsements and involvement from reputable figures, as well as a legitimate team. The Whitepaper is also your go-to to determine if the company has a clear plan and idea.
- Wallet scams: Vital that you chose one that is reputable or that you have researched well and vetted.
- Email scams: Email scammers often pose as wallet providers and are often searching for people who are easily swayed to give out their private key. As a rule, you should never have to hand over your private key, especially not over email.
- Fake exchanges: It is again important to be savvy and smart when deciding on an exchange to use. A general rule is that although smaller exchanges may be fine, it is always best to go with big and popular ones. This can also help with avoiding odd pricing and fluctuations.
Disclaimer: This is not “investment advice.” Coin Frog does not bear any kind of liability. Moreover, always do your due diligence and form your own opinions.
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