GMO rocketed to crypto-stardom by announcing a 7nm ASIC miner that might render Bitmain's best machines obsolete. Global supply constraints and faltering demand put an end to that fantasy.
Japan’s GMO Quits Manufacturing and Selling Mining Machines
"Japanese internet giant GMO has announced that it will no longer develop, manufacture, and sell cryptocurrency mining machines. The company will, however, continue to mine in-house but will relocate its mining center to a region with cleaner and less expensive energy."
Ouch, GMO lost 24 billion yen ($218 million USD) trying to make ASICS to compete with @JihanWu, then gave up. Lost another 11.5 billion yen ($104 million USD) trying to mine with them. https://t.co/gJEOqiOOeQ— Edmund Edgar (@edmundedgar) December 25, 2018
A Flood of Questionable Cryptocurrency Offerings
"To look closer at these questionable projects, the Journal downloaded thousands of online “white papers,” which typically detail a company’s mission statement, team biography and the technical specifics of a project for potential investors. The Journal then converted these documents to text and built programs to search for duplicated sentences, any language offering guaranteed awards, little to no risk, fake team members and unresponsive websites. Read the full methodology."
Crypto Craze Drew Them In; Fraud, in Many Cases, Emptied Their Pockets
"The SEC and state regulators have brought more than 90 crypto cases over the past two years, as bitcoin and other cryptocurrencies swung from highs to recent lows. So far, the regulators have managed to claw back only about $36 million for duped investors, according to an analysis by The Wall Street Journal."
Localbitcoins Volume Analysis Shows Countries Where Fiat is Hyperinflationary, Bitcoin Gaining Traction
"Localbitcoins trading volume data shows that peer to peer Bitcoin trading is increasing worldwide in several countries (Argentina, Venezuela, Chile, Columbia, Peru, India, Iran, Russia, Kazakhstan) even during the 2018 Bitcoin bear market, and this is often associated with fiat hyperinflation."
Square is Yahoo Finance's 2018 Company of the Year
"Square announced in November 2017 it was testing a bitcoin-buying feature in the Cash app; the stock popped 16% and crypto enthusiasts cheered Dorsey on. “That’s certainly not why we did it,” says Cash app lead Brian Grassadonia, whose own Cash Card is engraved with the bitcoin symbol. “It comes back to democratizing access to financial tools that have historically been really complicated, intimidating, and stressful.”"
Flaws in Proof of Work Consensus
"There is a lot of weird theories floating around #cryptotwitter about Proof of Work (PoW) consensus and the justification for attacking minority chains. The whole BCH/BSV chain split has shined a spotlight on a few of the shortcomings of PoW consensus, and rather than acknowledge the shortcomings, zealots are using the contradictions to justify digital violence against minority groups."
Binance Labs Launches 8 Blockchain Projects To Solve The Industry's Biggest Challenges
"Through its venture arm, Binance Labs, a 10-week, on-site Incubation Program has been created. This program is designed to help entrepreneurs deliver products with a clear product-market fit. Since its launch in October 2018, the Binance Labs incubator has grown into the strongest network of early-stage blockchain developer teams."
Bitcoin (BTC) and other alternative currencies should be exempted from all taxes says former Presidential candidate
"'The only way to avoid crisis is to force Congress to end our monetary madness. The first steps are passing the Audit the Fed bill, allowing people to use alternative currencies, and exempting all transactions in precious metals and cryptocurrencies from capital gains taxes and other taxes.' - Ron Paul"
The fun part is now we have to wait and see the magnitude of the feedback effect from the financial shock onto the real economy.— Dow (@mark_dow) December 26, 2018
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