Crypto is not dead, "says prominent analyst • Coinbase and Circle joined the new Blockchain Association and other news
"Crypto is not dead," says prominent analyst
There is no doubt that the year 2018 is yet a brutal year for the ecosystem of cryptocurrency. The reality is that the crypto market fell by 80 percent in 2018. But one of the prominent analysts said that "crypto is not dead". Mohamed El-Erian, chief economist at Allianz, says that writing a non-routine cryptocurrency is premature. It states:
"Crypto is not dead and technology is certainly not dead. We will see wider acceptance of blockchain technology and related technologies by both the private and the public sector. "
A lot of financial and commercial media talks about the bankruptcy of cryptocurrency, but it is interesting that a cryptotroge involves many institutional financial resources. For example, Goldman Sachs has recently said that the story of having finished their plans for the Bitcoin trading desk is "false news". Read more here: https://www.livebitcoinnews.com/prominent-analyst-says-crypto-is-not-dead/
Coinbase and Circle joined the new Blockchain Association
Several companies in the cryptomeni industry, including Coinbase and Circle, created the Blockchain Association - a new business association that acts on behalf of the industry. The group will lobby in Washington, D.C., about policies and regulations that protect the value of decentralized and many solutions that are being developed to expand the cryptome ecosystem. The goal of the association is to create a pro-innovative environment that can meet the growing global demand for accessible, transparent and democratic financial and technical systems. Founding members include Coinbase, Protocol Labs, Circle, Inter / Stellar, Digital Currency Group and Polychain Capital. Read more here: https://dailyhodl.com/2018/09/12/coinbase-and-circle-join-new-effort-to-shape-blockchain-bitcoin-and-crypto-policies/
The Canadian Bitcoin Trust gained the status of a mutual fund
First Block Capital Inc. announced that its flagship product, FBC Bitcoin Trust, has now been granted the status of a common mutual fund. It has become the first and only investment product approved by the Ontario Securities Commission (OSC) and the British Columbia Securities Commission (BCSC).
The Bitcoin Trust is referred to as "the first Canadian fully registered, specialized cryptocurrency and blockchain investment corporation," which owns licensed concessionaire certificates (EMDs) as portfolio manager (PM) and investment fund manager (IFM). The Fund's objective is to make investments in the class of assets of the digital currency and to allow unit-holders to place units in government-backed tax-effective entities with daily liquidity assurance. Read more here: https://news.bitcoin.com/canadian-regulated-bitcoin-trust-mutual-fund/
A new mining farm will be created in the US despite low crypto prices
Some US states are known for low energy costs, making them a target for mining companies. According to a press release dated September 11, 2018, the Chinese holding company Wuhan General Group entered into talks on the transformation of the US Department of Defense equipment into a crypto-barge farm. In the case of successful negotiations, the company intends to use low US electricity prices, a cold environment and high-speed internet that is crucial to mining. An extraction farm of 55,000 square meters would, according to the company's estimate, earn about $ 3.5 million per month with 1,300 mining equipment. Read more here: https://cointelegraph.com/news/chinese-holding-firm-to-convert-us-defense-department-data-center-into-crypto-mining-farm
Crypto prices are low, mining inefficient, what about GPU hardware?
The rise of cryptocurrency in 2017 triggered the shopping fever of mining GPUs. Their prices grew and the GPU became a scarce commodity. GPU shares rose 45-50%. However, this year saw a turnaround in the worse. In short, a combination of factors such as increased competition, the emergence of large ASIC farms, low alcool prices have greatly reduced the profits of small users. People started selling GPUs to get at least a fraction of the original purchase price.
As a consequence, alternative uses are beginning to appear. Leonardo Render uses an ecosystem blockchain where GPU publishers can sell surplus computing power to developers looking for GPU performance for graphics and video rendering. Another initiative is, for example, research into artificial intelligence. For example, VectorDash uses a decentralized network to provide affordable GPUs to AI researchers. Read more here: https://cryptoslate.com/crypto-mining-is-coming-to-an-end-whats-next-for-gpu/
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