Watch the video at the top of this story to see what securities regulators have to
say about cryptocurrencies.
I was very amused when I heard what Jamie Dimon had to
say about cryptocurrencies.
Everything the Internet has had to
say about cryptocurrency is at my immediate disposal — no Googling necessary.
Watson's Reports is a bot that provides hourly updates on what people are
saying about cryptocurrencies on Twitter.
Not exact matches
In a Reddit AMA, the Microsoft co-founder voiced concern
about the anonymity of
cryptocurrencies, which he
said can facilitate criminal behavior.
She also talks
about cryptocurrencies which she
says, «in the current incarnation, are in a bubble.»
Kraken chief Jesse Powell
said his exchange did its utmost to ensure that the
cryptocurrencies it deals with are «almost certainly not a scam,» but ultimately «we make no promises
about the future of any coin.»
«One of the things that really drew me to the
cryptocurrency ecosystem early on in 2012, 2013, when I started getting involved in Bitcoin, was the fact that it was a true intellectual meritocracy,» Demirors
says on the latest episode of «Balancing the Ledger,» Fortune's show
about the intersection of finance and technology.
«I do think there is more balance, it's probably more 80 - 20,»
says Demirors, who was also recently profiled in a Glamour magazine feature
about the growing number of female executives transforming the
cryptocurrency industry.
The best thing lawmakers can do is consult the
cryptocurrency industry when drafting new legislation or regulation to better understand it, and to be very clear
about what definitions are used, Fanusie
said.
While
cryptocurrency prices have been spectacularly mercurial over the past few months, a boon for the business, he
says he's not worried
about the market settling down.
But he
says Fidelity continues to learn valuable lessons, including
about recent campaigns by miners to create so - called «forks» in blockchains, which serve as an immutable record of all
cryptocurrency transactions.
Poloniex, which for now trades only digital tokens (
about 70 types), needed a way to translate its
cryptocurrency exchange fees into fiat money like U.S. dollars — «to buy cookies and milk and pay rent,» as Allaire likes to
say.
Stern
says the real purpose of the mining is to learn
about the burgeoning
cryptocurrency market.
Stern
says the company often conducts interviews with customers who donate bitcoin, in part to learn
about their interest in the
cryptocurrency.
Policymakers from Australia to Singapore to South Korea have warned
about investing in
cryptocurrencies as bitcoin rallied a dizzying 19-fold this year,
saying price surges are mostly driven by speculation that carried huge risks.
Three EU regulators
said they were «concerned»
about an increasing number of people buying
cryptocurrencies without being aware of the risks involved.
However,
cryptocurrency enthusiasts
say centralization is the exact opposite of what the technology of the digital currencies should be
about.
The JPMorgan Chase CEO had gone on a tirade
about a certain well - known
cryptocurrency — people who purchase Bitcoin are «stupid,» Dimon
said at an industry conference, and governments will one day «crush» the stuff — and Ludwin was aghast.
When bitcoin saw a dramatic spike to a record - breaking $ 19,000 in December, Sherman
says he heard buzz
about cryptocurrency everywhere.
That's according to Japanese newspaper Asahi Shimbun, which reports that Coincheck
said that some 500 million units of a
cryptocurrency known as NEM, worth
about 58 billion yen, had been taken from customers» wallets.
«The world's social media platforms and financial markets are abuzz
about cryptocurrencies and initial coin offerings,» Clayton
said.
«Instead of sitting here and complaining
about it,» meaning the lack of women and people of color in
cryptocurrency, «I'm going to actually go and do something,» Demirors
says.
On Nvidia's latest earnings call, CEO Jen - Hsun Huang responded to a question
about the company's plan to address
cryptocurrencies by
saying they are «here to stay.»
But what really matters to
cryptocurrency enthusiasts is this: what has Rettig
said about taxing digital assets?
The Needham analyst
said that sales of graphics cards for
cryptocurrency mining only account for
about $ 79 million to $ 151 million in revenue per quarter, so even if there was a 20 % to 30 % decline in sales from competing products, it would only shave earnings by 2 cents to 5 cents a share.
«As
cryptocurrencies gain wider acceptance, their ability to undermine politicians increases,»
said Roger Ver, an early investor in bitcoin who is known as Bitcoin Jesus, for proselytizing
about the digital currency in its early days.
It's tough to
say which method developers will prefer in the years to come, but at least when someone talks
about «
cryptocurrency mining» in the future, you'll know exactly what they mean.
«We didn't think it was obvious to rush out a product and be first,»
said CEO Jeff Sprecher on Tuesday, expressing concern
about the lack of transparency at
cryptocurrency exchanges, many of which will be referenced in price indexes used for
cryptocurrency derivatives.
This narrative, in its most extreme version,
says that
cryptocurrencies today are like the internet in 1996: not just new technology but a radical new kind of technology, belittled or ignored by most, which has slowly and subtly grown in power and influence over the last several years, and is
about to explode into worldwide relevance and importance with shocking speed and massive repercussions.
«We are
about to license 10 platforms for
cryptocurrency exchange,»
said the chief of the Cagayan Economic Zone Authority.
And aligning with Gensler, Narula
said, there need to be more honest conversations
about the fact that many emerging
cryptocurrencies are actually securities.
Thomas Peterffy, chairman of the broker - dealer Interactive Brokers Group, expressed deep concerns
about the trading of bitcoin futures last month,
saying «there is no fundamental basis for valuation of Bitcoin and other
cryptocurrencies, and they may assume any price from one day to the next.»
MIT's Narula
said she is deeply concerned
about the lack of due diligence completed for many, if not most,
cryptocurrency projects.
I have a lot of millennial friends who invested in
cryptocurrency and complain
about its drop, and
say they should have never have gotten into it in the first place.
Asked
about cryptocurrency, the White House
said they're monitoring it.
Decoin's CEO Shay Perry, when asked
about the ICO launch, had this to
say, «Decoin is a revolutionary idea that will change the
cryptocurrency landscape for years to come.
Fidelity
says its chief motivation for mining isn't profit, but learning
about the growing
cryptocurrency market.
Visa's Chief Executive Alfred Kelly expressed skepticism
about the
cryptocurrency bitcoin, reportedly
saying it's not money and that the payment company won't get involved with it.
But Goldbart, who has been seeing patients since well before the internet bubble of the late»90s,
says today's boom also has a «very different quality to it that has to do with who are the core investors in
cryptocurrencies and what they are
about.»
Asked
about cryptocurrencies, European Central Bank chief Mario Draghi commented on 5 February 2018 that bank exposure was not evident: «Let me first
say that we are not observing a systemically relevant holding of digital currencies by supervised institutions — by banks, in other words.»
On Thursday, analysts from Merrill Lynch and JPMorgan Chase both expressed concern
about Apple's iPhone sales after Apple supplier Taiwan Semiconductor (NYSE: TSM) reported worse - than - expected guidance,
saying, «Weak demand from our mobile sector will negatively impact our business despite strength in
cryptocurrency mining.»
Cryptocurrency supporters today are
saying the same thing I heard
about the Internet in the late 1990s: There is a new economy and traditional valuation methods don't apply any more.
While touted as a
cryptocurrency, it seems to be more
about marketing for Young Dirty, who
says:
The current version of IOTA does not have the vulnerabilities we found, but there's more to be
said about how this happened and what's going on with
cryptocurrencies right now.
That being
said, the bitcoin community is excited
about the prospect of a futures contract that enables them to bet on price swings without having to rely on
cryptocurrency exchanges.
«We're finding that our users care deeply
about the appreciation and value of Bitcoin and other
cryptocurrencies,»
said Tim T., CEO of Luxy.
IIROC also
said that investors have contacted it
about businesses selling bitcoin and other
cryptocurrencies while falsely claiming to be IIROC - regulated.
Royal Bank
says it does allow its credit and debit cards to be used for transactions involving
cryptocurrency in limited circumstances, but cautioned clients
about the possibility of a sudden drop in the value of
cryptocurrencies.
The European Central Bank (ECB)
said that financial institutions in the European Union do not appear to be as enthusiastic
about cryptocurrencies as...