Welcome to the Daily Cryptocurrency News Roundup 9th Nov, 2017 edition.
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#1 Bitcoin.com – Segwit2x Fork Cancelled
- Bitgo CEO, Mike Belshe has published a post indicating that the contentious Segwit2x hard fork scheduled for this month will not occur due to a lack of community support.
- Belshe predicts that “as fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase. Until then, we are suspending our plans for the upcoming 2MB upgrade.”
#2 The Cointelegraph – Disrupting electricity Grid+
- Grid+, a spinoff from ConsenSys, aims to leverage the decentralizing power of Blockchain technology in order to allow consumers to access wholesale electricity markets. The goal for the company is to decrease costs, increase efficiency in markets and reduces pollutants caused during surge electrical use times.
- The system would allow users the ability to monetize their wholesale electricity from external sources like solar panels, while at the same time, purchasing power from third party sources as well. Together, the overall savings would be substantial. However, electrical autonomy is just the first step in a larger plan.
#3 Coindesk – Bitcoin Threat Will Give Rise to State Cryptocurrencies
- Citigroup CEO Michael Corbat has predicted that state-sponsored digital currencies will arise from the threat posed by bitcoin.
- Citi is already exploring its own cryptocurrency, called citicoin, which is aimed to curb friction in cross-border foreign exchange transactions. The financial group is also working with Nasdaq on using blockchain technology for trading private shares.
#4 BitcoinExchangeGuide – Parity Wallet Hack
- Approximately $300 million worth of Ethereum has disappeared from the Ethereum network after one stupid mistake. Some are calling for a new hard fork. Others say it’s just part of the volatile world of cryptocurrency.
- This latest vulnerability comes after another Parity vulnerability was discovered earlier this year. Back in July, Parity wallets were hacked and $30 million in Ether was stolen.
- Parity has issued a statement warning users to avoid creating new multi-signature wallets.
#5 TheMerkle – What Is the ZCash Investment Trust?
- More specifically, institutional investors may soon find themselves in a position to profit from the ZCash price volatility – that is, assuming the ZCash Investment Trust is officially approved by the SEC.
- On paper, this shouldn’t be much of an issue, considering that there is also a Bitcoin Investment Trust in place right now. ZCash is a very different currency, though, and its privacy aspect may be of some concern to the Securities and Exchange Commission.
#6 The Cointelegraph – China Struggles to Lay Killing Blow to Bitcoin, Currency Thrives
- China became the first country to take a hardline approach to ICOs, then moved on to Bitcoin and the exchanges that trade the digital currency.
- Despite these bold and brazen efforts, Bitcoin’s price is higher than ever, and the currency continues to be a factor in China.
- Where there’s a will there’s a way, and Chinese investors are still managing to trade Bitcoin and buy into controversial ICOs.
#7 The Cointelegraph – Fiat Currency Will be Laughable in Five Years Says Billionaire Tim Draper
- Tim Draper has every reason to be bullish on Bitcoin as he has seen his $20 mln investment in the digital currency grow by over 1,000 percent in just three years. Draper is now predicting that in five years fiat will be so obsolete, it will be laughable.
- Draper goes on to explain how fiat has its limitations, the same limitations that are really starting to bug a progressive and forward thinking global population. Crossing the border for any currency is never a pleasing or easy exercise.
- The Nigerian Naira drops 30% when you cross the border. Outside Argentina, the country’s peso is currency nearly worthless, and there are other countries where this is true as well.
- In Zimbabwe and Venezuela, their currencies have either disappeared totally, or are on the brink of total collapse, and already Bitcoin is doing its bit to pick up the pieces.
#8 The Cointelegraph – Ten Tax Tips for Cryptocurrency: Expert Blog
- Taxes are complex. Be careful out there. Check out this article here
#9 The Cointelegraph – Bitcoin Price Doubles in Troubled Zimbabwe
- Zimbabwe is beginning to act like an interesting case study for what happens when a country begins to collapse around its monetary system – it is also being witnessed in Venezuela.
- Moving money out of Zimbabwe is starting to become impossible, and as people try and flee monetarily out of the crumbling state, they are finding refuge in Bitcoin.
- Bitcoin again shows its potential and power when the banking system again shows its potential for mass collapse and hysteria.
#10 The Cointelegraph – Australia and China Sign Agreement for Financial Technology Cooperation
The China Securities Regulatory Commission (CSRC) and the Australian Securities and Investment Commission (ASIC) have signed a Financial Technology (fintech) cooperation agreement to advance innovation with each countries’ markets. Under the deal, the two regulators will share and utilize information on emerging market trends and developments to promote fintech innovations.
According to CSRC chairperson Shiyu Liu, the various developments in the fintech sector have offered several opportunities for the introduction of new financial services and fulfill the needs of investors.
“In the past few years, the rapid development of fintech has created ample opportunities to introduce new financial services, enhance financial inclusion and fulfill investors’ needs.”
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.