Cryptocurrency craze drives two Perth ventures
Two Perth start-ups are entering the world of blockchain very differently, one to serve the layman and the other the expert, but both are undaunted by the drastic fall last month in the value of the technology’s high-profile product — cryptocurrency. Blockboxx founder Martin McGinty wants to gather together the existing expertise in Perth to move the technology forward. Mr McGinty, an IT professional, became involved with blockchain only early last year but, like the technology itself, wants to move fast. He said there were hundreds of online platforms where the enthusiastic early adopters of blockchain technology and cryptocurrency trading exchanged ideas. “I want to get all that and bring […]
Westpac, ANZ and NAB aren’t planning a bitcoin crackdown … yet
Australia’s largest banks have confirmed they do not currently have plans to block their customers from buying bitcoin and other cryptocurrencies. This differs from the approach taken by UK-based Lloyds Banking Group, and US banks JP Morgan, Bank of America and Citi.Those banks, in recent days, have announced they will ban their customers from using credit cards to purchase digital currencies. ANZ’s response ANZ told the ABC that it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment”. However, ANZ’s spokesperson said: “We monitor transactions for unusual behaviour to protect against potential fraud and in line with our regulatory responsibilities.” “We do not […]
Bitcoin bubble masks the real value of virtual currencies
At the end of last week the price of bitcoin sat at just over $US9000, half its high of $US20,000 in December: that’s a huge drop in value in a short space of time; January was the virtual currency’s worst month since February 2014. The recent sharp fall in the value of bitcoin is said to have been sparked by the South Korean government’s announcement it would crack down on the trade in cryptocurrencies (there are now nearly 1500 in a market worth around $680 billion). South Korea is the world’s largest market for this trade. US regulators are increasing their scrutiny of the market, and Facebook has banned all […]
Bitcoin plunges to a 2018 low with $55 billion wiped out as concerns mount
Bitcoin has slumped to its low for the year after seeing more than $US44 billion ($55 billion) in market value lost during January amid mounting concerns of increased regulation and the viability of the cryptocurrency. After reaching a record high of $US19,511 on December 18, Bitcoin has lost more half its value as the digital token has been weighed down by expectations of more government oversight globally, fears of price manipulation, the susceptibility of exchanges to hacking and lingering concern that it’s all just an asset bubble. Facebook announced a ban on cryptocurrency ads this week. Bitcoin declined as much as 12 per cent on Thursday to $US8796, the lowest […]
Ethereum has outpaced its rival cryptocurrencies since the start of 2018
Ethereum is the best performing major cryptocurrency so far in 2018. The second-largest coin by market cap has gained 46% since January 1, compared to the overall market’s 15% drop. The global cryptocurrency market might have lost 15% – or $US93 billion of value – since January 1, but not all coins have declined equally. Ethereum has fared well in 2018, avoiding the drastic selling that has left other coins in the red. The second-largest cryptocurrency by market cap is up more than 46% this year, according to Markets Insider data, far outpacing bitcoin’s25% decline. XRP, the third-largest cryptocurrency, controlled largely by its creating company Ripple, is down more than […]
The founder of Ethereum: Vitalik Buterin
After discovering cryptocurrencies while still at school, Vitalik Buterin dropped out of university to travel the world and explore crypto projects. He then realised he could take the blockchain technology far beyond financial applications. Vitalik Buterin ‘I went around the world, explored many crypto projects, and finally realised that they were all too concerned about specific applications and not being sufficiently general – hence the birth of Ethereum, which has been taking up my life ever since.’ – Vitalik Buterin Born in Russia in 1994, he emigrated to Toronto in Canada in 2000 with his parents Dmitry Buterin, a computer scientist, and Natalia Ameline. Subsequent to quitting his hobby of […]
Best interests duty extends to cryptocurrencies
Financial advisers’ will need to be well versed in cryptocurrencies such as bitcoin and ethereum despite them not being considered financial products, a compliance consultant has warned. Speaking to ifa, Assured Support principal Sean Graham said the increasing popularity of cryptocurrencies poses a number of challenges for financial advisers. “The problem is that it’s mums and dads jumping into it at the moment, and from conversations I’ve had with advisers, they feel under pressure from clients who want to chase that growth or are asking them to do it,” he said. According to Mr Graham, while cryptocurrencies are not classed as financial products under most circumstances, advisers still need to […]
Here’s one reason why bitcoin is so volatile
Why is bitcoin so volatile? The cryptocurrency captured headlines in the run-up to Christmas due to its rapid rise, climbing from around $5,000 at the start of November to a high above $19,000 in December. It fell back from its highs and a cryptocurrency “bloodbath” in recent weeks has seen it fall back to around $10,000. Moves of 5% or even 10% on a day are not unusual. Critics claim that the currencies extreme volatility make it not fit for purpose as a method of exchange and some retailers have in fact stopped accepting it as a result. But Andy Bryant, the European COO of bitcoin exchange BitFlyer, says that […]
