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The Rockefellers Are the Next Big Name Investing in Crypto

The Rockefeller family are following in the recent footsteps of George Soros and the Rothschilds, becoming the latest financial industry giant to enter the cryptocurrency market. News outlets reported today that the official venture-capital arm of the Rockefeller family’s assets known as Venrock has signed a partnership with Coinfund, financially backing the virtual tokens and blockchain …

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The Rockefeller family are following in the recent footsteps of George Soros and the Rothschilds, becoming the latest financial industry giant to enter the cryptocurrency market.

News outlets reported today that the official venture-capital arm of the Rockefeller family’s assets known as Venrock has signed a partnership with Coinfund, financially backing the virtual tokens and blockchain innovations.

Coinfund already has a number of projects under its belt, including the development of messenger app Kik that raised USD 100 million during an initial coin offering (ICO) last year.

Coinfund confirmed the partnership on Twitter, saying ”We are excited to partner with @pakman and @Venrock for our work in #decentralization and #blockchain!”.

The Rockefeller family has an impactful legacy in the world of business, particularly in oil. After the corporation Standard Oil was broken up by the US federal government, several resulting spinoffs became the biggest players in the oil industry, with the family financially linked to ConocoPhillips, BP, Chevron, and Exxon-Mobil.

A new trend?

The news of the Rockefellers entering into a cryptocurrency venture follows reports last week of George Soros preparing to invest in digital assets. Soros Fund Management is said to have secured internal approval to trade the currencies, despite Soros’s earlier criticism of them.

The Rothschilds also appear to have entered the market, with the family name allegedly purchasing Bitcoin via Grayscale Bitcoin Trust in December last year.

These new names entering the fold are perhaps not the ones that were expected to back a decentralized, peer-to-peer financial network, as they all have a history of close ties to large corporate banks and financial institutions.

Cryptocurrency investors are speculating that these large investors entering the market may swing the current regulations from global financial watchdogs in a positive direction.

As more well known, respected names tied to the financial sector give their tacit approval by investing, this may have the power to influence the current tough stance on cryptocurrencies globally.

 

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Nano Foundation Offers Support in Lawsuit over BitGrail XRB Hack

A US law firm has issued a class action lawsuit on behalf of Nano investors. The blockchain project formerly known as RaiBlocks has been in hot water over practices it employed in pushing XRB to a wider audience during a re-branding earlier this year. Reckless Decision to Use BitGrail The Silver Miller suit alleges that

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A US law firm has issued a class action lawsuit on behalf of Nano investors. The blockchain project formerly known as RaiBlocks has been in hot water over practices it employed in pushing XRB to a wider audience during a re-branding earlier this year.

Reckless Decision to Use BitGrail

The Silver Miller suit alleges that key members of the Nano core team violated federal securities laws according to the press release. The case revolves around the accusation that the team recklessly directed investors to open accounts with a small and relatively obscure Italian exchange called BitGrail. This was carried out during the RaiBlocks rebranding efforts at the end of January.

Over 70 million XRB tokens were pilfered from the exchange in February, equivalent to around $180 million at the time. Additionally there were rumors of the exchange suspending withdrawals before the hack in order to manipulate the price of XRB as it handled over 70% of the total trade in the altcoin. Vulnerabilities in the exchange’s security systems were blamed for the incursion. On February 8 BitGrail closed its digital doors and an investigation ensued.

The complaint alleges that the Nano team engaged in an unregulated offering and sale of securities which violated the federal securities act of 1933. The lawsuit will ask the court to rescind the plaintiff’s investments in XRB which will require Nano to fork the blockchain into a new cryptocurrency that will compensate the investors for their losses.

Nano Foundation Sponsored Legal Fund

The Nano Foundation has updated developments a Medium post yesterday stating that it would sponsor a legal fund to provide all victims with equal access to legal representation. The proceedings started back in February when the Nano team contacted Espen Enger, a representative of the 600 or so BitGrail victims. Italian law firm Bonelli Erede also worked in collaboration with Enger and the team stated;

“We have been very encouraged by the progress that has been made to date by both Mr. Enger and Bonelli Erede. As a result, we are announcing today that Nano will be matching the contributions of the victims to the legal fund established by Mr. Enger — including both past and future donations, for up to $1 million — with a goal of establishing a total legal fund valued at $2 million.”

The post continued to state that the victims have raised their own funds to the tune of $300,000 including over 53,000 Nano tokens of their own. This will be doubled by the contributions of the Nano Foundation and going forward they will match donations until they reach the goal of $2 million. The fund will be spent solely on pursuing legal matters in resolving the case and maximizing recovery of stolen assets.

At the time of writing Nano was trading at $4.80, 71380 satoshis, down 6.25% over the past 24 hours. The cryptocurrency is at its lowest level since late December.

 

Image from Shutterstock

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Ripple Price Technical Analysis – Can XRP/USD Bounce Back?

Key Highlights Ripple price failed to hold gains above the $0.5000 level and declined against the US dollar. Yesterday’s highlighted important bullish trend line with support at $0.5020 was broken on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently holding the $0.4750 support, which is a positive sign

The post Ripple Price Technical Analysis – Can XRP/USD Bounce Back? appeared first on NewsBTC.

Key Highlights

  • Ripple price failed to hold gains above the $0.5000 level and declined against the US dollar.
  • Yesterday’s highlighted important bullish trend line with support at $0.5020 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently holding the $0.4750 support, which is a positive sign in the short term.

Ripple price is once again struggling against the US Dollar and Bitcoin. XRP/USD must stay above the $0.4750 support to bounce back above $0.5000.

Ripple Price Decline

Yesterday, we saw a decent upside move above the $0.4800 level in Ripple price against the US Dollar. The price even traded above the $0.5000 resistance level. However, it failed to hold gains above the $0.5000 level and formed a high near $0.5116. Later, a downside move was initiated and the price declined below the 23.6% Fib retracement level of the last upside wave from the $0.4594 low to $0.5116 high.

More importantly, yesterday’s highlighted important bullish trend line with support at $0.5020 was broken on the hourly chart of the XRP/USD pair. The pair settled below the $0.5000 support and tested $0.4750. There was also a spike below the 61.8% Fib retracement level of the last upside wave from the $0.4594 low to $0.5116 high. However, it seems like the price is holding the $0.4750 support very well. It has to bounce back above the $0.4900 level and the 100 hourly simple moving average to gain upside momentum. Finally, a close above $0.5000 could push the price back in a bullish zone.

Ripple Price Technical Analysis XRP USD

On the other hand, if the price fails to stay above $0.4750, it may move in a bearish zone. The next support on the downside sits at $0.4500.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just below the 50 level.

Major Support Level – $0.4750

Major Resistance Level – $0.5000

 

Charts courtesy – Trading View

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Robotina: The Firm That Worked on World’s Biggest Thin Film Solar Installation Launches ICO

The annual global electricity consumption reached almost 20,000 TWh with an average price of 0.14 USD per KWh, annually. This sums up to USD 3 trillion per year, with commercial buildings consuming 40-50% of this amount and the reset by households. Besides the growth in energy consumption, the key issues facing the power industry is

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The annual global electricity consumption reached almost 20,000 TWh with an average price of 0.14 USD per KWh, annually. This sums up to USD 3 trillion per year, with commercial buildings consuming 40-50% of this amount and the reset by households.

Besides the growth in energy consumption, the key issues facing the power industry is the unpredictability of both demand and supply. The differential is further exacerbated by the inputs from renewables, which can sometimes generate excess energy or no electricity at all depending upon the weather conditions. The fluctuation in the overall supply translates to higher costs to both system operators and end users.

The varying power situation across the time of the day and seasons creates a need for substantial investments towards the development of new infrastructure and smart use of the existing ones. It is found that in order to sustain actual standard of living, it is necessary to reduce (per capita) and shift (in time) the consumption of electrical energy. Robotina, as a company has been providing households and businesses with the technology to do so.

Robotina’s cutting-edge technology in use has been tested, demonstrated and validated to help save 10-20% of the costs in the existing industry scenario. The company has been in operating in the sector for over 28 years now, and with all the experience, they have framed a vision where community members can collaborate to save and earn money while consuming electricity.

Robotina’s History and Past Partnerships.

The company started as a subcontractor before producing its own devices and gained experience and market share in Japan, India, the Middle East. Robotina’s strengths lie in electronic devices for control, management, and improvement of energy efficiency.

Robotina is now positioning itself as a smart devices and services player aiming at improving energy efficiency for both homes and businesses. They already offer hardware smart devices for remote data control and management, IoT software, and applications, a cloud-based computing platform for trading energy and services between producers, consumers. The products also include artificial Intelligence software for consumption forecasts and advice on how to save energy and costs.

Robotina developed and introduced its fully independent product in 2001. The products were distributed Programmable Logic Controller PLC systems for application in buildings, infrastructure, and remote management of renewable energy plants, smart grids, and smart cities. In 2007, the firm built its new headquarters, Research labs, manufacturing plant and warehouse in Hrpelje (Kozina), on the crossroads between Italy, Slovenia, Croatia, and Austria. Today, the company is a well-known comprehensive technology and solution provider both for final consumers and OEM, with a strategic focus on application, target market, and future orientation.

Robotina has substantial know-how in the field of smart building and cities. In 2004, they entered into a partnership with IMDAAD to carry out an ambitious project to establish a Network Operating System for the remote control and management of buildings, thus contributing to greater energy savings, lower operational costs, and increased energy efficiency. IMDAAD is the leading provider of integrated building management services in the United Arab Emirates. It supports over 1000 major buildings in Dubai and is responsible for turning Dubai into a Smart City. IMDAAD has been awarded for the best FM technological implementation of 2016 in the UAE.

Additionally, they also worked with SanRex and Panasonic to put into operation a complete monitoring and management system for the first two photovoltaic power plants, at the end of 2013. In another project with Microsoft, the firm worked on the Azure Cloud-Based Energy efficiency and fault detection system fully integrated with client BMS which helps deliver outstanding savings. The firm also worked on a thin film solar power plant monitoring system which used to be the biggest such installation in the world at the time of delivery. In the same fashion, Robotina is working on a new flagship, Smart Grid.

An All-inclusive Solution of Connected Internet of Things and Power Platform

Smart Grid is an electrical grid which allows connection of smart meters, smart consuming devices, communication, and optimization. To develop and deliver the technology that helps the community save and earn money while consuming electricity, the Robotina development team worked on integration with advanced blockchain technology. The Robotina platform –token crowdsale starts 21st March and ends 30th April 2018- will establish a Robotina Utility Token, ROX, a digital currency that when used, will give a 3% discount for all transactions within the Robotina platform.

ROX aims to become the main currency in the Smart Grid world, where vendors constantly dialogue and communicate with consumers to optimize the match between estimated demand and actual demand to achieve high profits and grid stability. This will reduce the cost of providing electricity and share part of this reduction with consumers. This outcome, paired with the backing of a well-established firm make the ROX token crowdsale a safe long-term investment for investors. The sale offers a platform for Robotina to collect subscriptions from supporters.

The Robotina platform will be an all-inclusive solution of the connected Internet of Things (IoT) and Power Platform (PP).The platform’s main task is to provide benefits to its users through Smart Rules, Artificial Intelligence, and Blockchain technologies. The platform will run from the cloud, available as a service. Devices and users connect to the Robotina Platform, which not only provides its services real-time, and with real-time/real-world data from IoT, but also uses them to provide real, measurable benefits to users and to the community.

Join the token sale at – https://www.robotinaico.com/

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Ethereum Price Technical Analysis – Can ETH/USD Recover Again?

Key Highlights ETH price failed to move further above $433 and started a downside move against the US Dollar. Yesterday’s highlighted major bullish trend line with support at $404 was broken on the hourly chart of ETH/USD (data feed via Kraken). The pair is currently holding the $385 level and the 100 hourly simple moving

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Key Highlights

  • ETH price failed to move further above $433 and started a downside move against the US Dollar.
  • Yesterday’s highlighted major bullish trend line with support at $404 was broken on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently holding the $385 level and the 100 hourly simple moving average.

Ethereum price is slightly under bearish pressure against the US Dollar and Bitcoin. ETH/USD must stay above the 100 hourly SMA to recover once again.

Ethereum Price Trend

Yesterday, there was a decent upside move above the $400 level in ETH price against the US Dollar. The price even traded above the $430 level, but it could not gain momentum. A high was formed at $433.77 from where the price started a downside move. It declined and moved below the 50% Fib retracement level of the last wave from the $383 low to $433 high.

Moreover, yesterday’s highlighted major bullish trend line with support at $404 was broken on the hourly chart of ETH/USD. It opened the doors for more losses and the price almost tested the $385 level. A low was formed at $386.46 before buyers appeared. At the moment, the price is recovering, and trading above $390 and the 100 hourly simple moving average. It has to break the 23.6% Fib retracement level of the last decline from the $433 high to $386 low to gain further. Once there is a proper break and close above $400, the price might trade above the $415 level in the near term.

Ethereum Price Technical Analysis ETH USD

On the flip side, if there is a break below the $386 low, the price could decline further. On the downside, the next major support below $386 is at $370.

Hourly MACD – The MACD is now back in the bearish zone.

Hourly RSI – The RSI fell and is currently well below the 50 level with neutral signals.

Major Support Level – $386

Major Resistance Level – $400

 

Charts courtesy – Trading View

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Asian Cryptocurrency Trading Roundup: Top is Altcoin Verge

FOMO Moments In what is becoming a regular pattern this year the short crypto rally did not last long. Looking at the charts it appears that a whale dumped a load of Bitcoin yesterday causing its price to plummet over $350 in an hour. Either that or traders fell for another attack of media FUD

The post Asian Cryptocurrency Trading Roundup: Top is Altcoin Verge appeared first on NewsBTC.

FOMO Moments

In what is becoming a regular pattern this year the short crypto rally did not last long. Looking at the charts it appears that a whale dumped a load of Bitcoin yesterday causing its price to plummet over $350 in an hour. Either that or traders fell for another attack of media FUD which seems to be more likely. BTC went from over $7,100 to below $6,800 and as usual dragged all of the other cryptocurrencies down with it. This morning in Asia Bitcoin is trading at $6,800 and has failed to recover those losses. As a result altcoins are largely in the red again with only one showing promise at the moment, and that coin is Verge.

Coinmarketcap reports that XVG is trading 31% higher this morning. The altcoin has lifted from $0.067 to $0.089 in the past 24 hours as it nudges back towards ten cents. Verge has enjoyed a very strong week rising 60% from $0.053 this time last week. Over the month XVG has fared even better over doubling in price from $0.040 this time last month. Against Bitcoin Verge is up 37% at 1300 satoshis from 950 sats this time yesterday. Over the past 7 days XVG has climbed 75% against BTC rising from 740 satoshis this time last week.

The momentum may be from the success of the hardfork following an attack on the blockchain last week. The announcement of the new partnership on the 17th also draws closer which could be enticing traders to load up on XVG before the big pump. This could go either way though as over-hyped partnership announcements can fall flat if they do not live up to expectations.

Verge has been traded heavily on Binance in the past 24 hours with 50% of the trade volume. That volume has increased from $65 million to just over $300 million over the past day. Verge has now moved up inside the top 20 for market capitalization and it currently occupies 19th spot with $1.3 billion.

Total crypto market cap has fallen 3.7% over the past 24 hours largely due to that single panic sale. It currently stands at $260 billion where it has been for around a week now. There are very few other altcoins in the green this morning, in fact the only one joining Verge with a price increase during the Asian trading session is Ontology.

More on Verge can be found here: http://vergecurrency.com/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.

The post Asian Cryptocurrency Trading Roundup: Top is Altcoin Verge appeared first on NewsBTC.

Bitcoin Price Technical Analysis for 04/10/2018 – Just Waiting for a Breakout

Bitcoin Price Key Highlights Bitcoin price has formed lower highs and higher lows, creating a symmetrical triangle consolidation pattern on its 1-hour chart. Price is currently testing support and a bounce might take it up to the resistance near $7000. A break lower, on the other hand, could lead to a selloff of the same

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Bitcoin Price Key Highlights

  • Bitcoin price has formed lower highs and higher lows, creating a symmetrical triangle consolidation pattern on its 1-hour chart.
  • Price is currently testing support and a bounce might take it up to the resistance near $7000.
  • A break lower, on the other hand, could lead to a selloff of the same height as the triangle formation.

Bitcoin price is consolidating inside a symmetrical triangle pattern on its short-term chart, and its breakout direction could signal where it could go in the long-term.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that support is more likely to break than to hold or resistance is more likely to hold than to break. The moving averages could also hold as nearby inflection points before bitcoin price even tests the actual top of the triangle.

Stochastic is still heading north to indicate that buyers have some energy left in them to take bitcoin price higher from here. However, the oscillator is also approaching overbought levels to reflect weakening bullish momentum. Turning back down could draw sellers back in.

RSI, on the other hand, has plenty of room to climb so bitcoin price could follow suit. A break past the $7000 mark could lead to a rally of around $1500 or the same height as the triangle. Similarly, a break below support around $6700 could lead to a selloff of $1500 in height.

Market Factors

Bitcoin price drew some support from headlines indicating that Soros may be switching his stance on cryptocurrencies. Recall that the market guru said that bitcoin is in a bubble a few months back, but it’s apparent that Soros Fund Management is taking steps to start investing in the cryptocurrency space, along with other top hedge funds that were previously averse to altcoins.

However, the approaching tax deadline this month led to a bout of profit-taking that weighed heavily on bitcoin price. Aside from that, bans in India and Pakistan, along with continued scrutiny by the SEC is keeping a lid on bitcoin price lately.

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How exchange listings affect cryptocurrency prices

As with IPOs in the equity markets, a token getting a listing on a major crypto-exchange and the hype building up to it can generate a lot of interest as well as value in an asset. Here we’ll look at how some of the main exchanges affect prices of thei…

As with IPOs in the equity markets, a token getting a listing on a major crypto-exchange and the hype building up to it can generate a lot of interest as well as value in an asset. Here we’ll look at how some of the main exchanges affect prices of their assets listed and delisted.

Bitcoin Cash Price Technical Analysis – BCH/USD Made U-Turn

Key Points Bitcoin cash price failed to break the $680 resistance and declined sharply against the US Dollar. Yesterday’s highlighted key bullish trend line with support at $662 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is now well below the $650 support and is just below

The post Bitcoin Cash Price Technical Analysis – BCH/USD Made U-Turn appeared first on NewsBTC.

Key Points

  • Bitcoin cash price failed to break the $680 resistance and declined sharply against the US Dollar.
  • Yesterday’s highlighted key bullish trend line with support at $662 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now well below the $650 support and is just below the 100 hourly simple moving average.

Bitcoin cash price declined back below $650 against the US Dollar. BCH/USD has to bounce back above 100 hourly SMA to avoid further declines.

Bitcoin Cash Price Decline

Yesterday, we saw a decent upside move above the $650 level in bitcoin cash price against the US Dollar. The price traded towards the $680 level, which acted as a solid hurdle. Buyers failed to push the price above $680-682, which resulted in a downside move. There was a break below the 50% Fib retracement level of the last wave from the $600 low to $682 high.

More importantly, yesterday’s highlighted key bullish trend line with support at $662 was breached on the hourly chart of the BCH/USD pair. The pair is currently trading well below the $650 support, which is a bearish sign. Moreover, the price is now trading just below the 100 hourly simple moving average and $640. It is holding the 61.8% Fib retracement level of the last wave from the $600 low to $682 high. Therefore, the price must stay above the $625 level and it should soon break the 100 hourly SMA.

Bitcoin Cash Price Technical Analysis BCH USD

If BCH buyers fail to move the price back above $640 and 100 SMA, there are chances of more losses. A break below the $625 level could even push the price back towards $600 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level.

Major Support Level – $625

Major Resistance Level – $650

 

Charts courtesy – Trading View

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Goldman Sachs Loses Another High Level Exec to Crypto

The trend of high-level executives leaving wall street for the cryptocurrency market continues as Mike Novogratz has lured former Goldman Sachs executive Richard Kim to become chief operating officer at his merchant bank, Galaxy Digital, according to CNBC. Execs Continue to Walk Away From Wall Street Kim, who’s professional profile on LinkedIn states that he was formerly

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The trend of high-level executives leaving wall street for the cryptocurrency market continues as Mike Novogratz has lured former Goldman Sachs executive Richard Kim to become chief operating officer at his merchant bank, Galaxy Digital, according to CNBC.

Execs Continue to Walk Away From Wall Street

Kim, who’s professional profile on LinkedIn states that he was formerly an executive director of the bank’s London office, is the latest of a number of Goldman Sachs high profile executives to leave the firm in order to join cryptocurrency startups.

Other former Goldman top-level executives who have come to work in the emerging digital assets market include one-time managing director at the bank, James Radecki, who left in 2016 and now acts as global head of business development for Cumberland Mining, a major trader of cryptocurrency.

Former Goldman vice president Matt Goetz left the firm to found BlockTower Capital last year and was able to recruit Michael Bucella away from the bank to join him at his new venture in January.

Bitcoin’s rise to nearly $20,000 in late 2017 created such an attractive market for institutional investors that despite the lows of the entire cryptocurrency market thus far in 2018 the number of crypto funds have continued to rise. In 2016 there were a mere 19 firms handling institutional money for the crypto market, this went to 167 in 2017 and is at 245 this year, according to Autonomous Next.

Galaxy Digital has not commented on the recent hiring of Kim but Mike Novogratz, a Goldman Sachs Alumni himself, was quoted in April by the New Yorker as saying that his firm had “hired Goldman’s best guy in blockchain,”.

Novogratz Remains Bullish on Bitcoin Future

Novogratz began Galaxy Digital, which handles assets for blockchain related ventures, after leaving Fortress Investment Group in 2015 when the fund lost money. He appeared on CNBC’s “Fast Money” in November 2017 where he spoke bullishly about the future of cryptocurrency. He is quoted as saying,

“Bitcoin could be at $40,000 at the end of 2018. It easily could … Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.”

In December, Novogratz postponed the launch of what would have been the largest digital currency fund yet created. He told CNBC “We were supposed to launch on Dec. 15, and we paused, I didn’t like the market conditions as a starting point to take other investors’ money.”

Despite the hesitation he went to say that “We are still feverishly building out a full merchant bank for crypto, i.e., I am still very bullish on the space,”.

 

Image from Shutterstock

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Bitcoin would be a calamity, not an economy – MIT Technology Review


MIT Technology Review

Bitcoin would be a calamity, not an economy
MIT Technology Review
Earlier this year, jack Dorsey, cofounder of Twitter and CEO of Square, declared that Bitcoin would become the world’s “single currency” within a decade. What was striking about Dorsey’s comment wasn’t just the audacious prediction but also the notion

and more »


MIT Technology Review

Bitcoin would be a calamity, not an economy
MIT Technology Review
Earlier this year, jack Dorsey, cofounder of Twitter and CEO of Square, declared that Bitcoin would become the world's “single currency” within a decade. What was striking about Dorsey's comment wasn't just the audacious prediction but also the notion ...

and more »