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🗞 Daily Crypto News, October, 29th 💰

76
5 years ago
in#bitcoin

  • As China Goes Blockchain, South Korea Pledges New Investment ;
  • Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million US IPO ;
  • Bitmain CEO Ousts Co-Founder, Biggest Shareholder to ‘Save the Ship’ ;
  • How Lebanon’s Economic Crisis Highlights Bitcoin’s Limitations ;
  • China Warns Against Cryptocurrency ‘Speculation’ Amid Blockchain Hype ;
  • 🗞 Daily Crypto News, October, 29th 💰
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 As China Goes Blockchain, South Korea Pledges New Investment

After China announced its new focus on the blockchain technology last week, South Korea follows suit with additional investments.

The country's government will invest some USD 12.8 million in blockchain projects in 2020, the Ministry of Science and ICT has confirmed.

Per Fn News, the ministry has outlined a range of spending plans it hopes will help provide a boost to both public and private sector blockchain initiatives – and hopes to train a new generation of blockchain experts.

🗞 Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million US IPO

Canaan Creative, the Avalon bitcoin miner maker and one of the world’s largest mining equipment manufacturers, has just formally filed another attempt to go public – this time in the U.S.

Canaan’s initial public offering prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Oct. 28 indicates it intends to list on NASDAQ under the ticker name CAN and sets a placeholder amount of $400 million for the raise. The final amount of intended raise, valuation and price per share offering have not been decided at this stage.

The filing shows the Hangzhou, China-based bitcoin miner maker lost $45.8 million for the six months ending June 30, 2019, on net revenue of $42.1 million, compared to $25 million profit on net revenue of $275 million for the first half of 2018.

🗞Bitmain CEO Ousts Co-Founder, Biggest Shareholder to ‘Save the Ship’

In a translation of an email from Oct. 29 quoted by crypto news outlet CoinDesk, Bitmain co-founder Jihan Wu said that fellow co-founder Micree Ketuan Zhan had left the company.

“Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately,” it reportedly read.

Wu further offered a warning to those who continued to interact with Zhan:

“Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.”

🗞 How Lebanon’s Economic Crisis Highlights Bitcoin’s Limitations

Lebanon is far from a poster child for cryptocurrency adoption.

News of Lebanese banks shuttering to prevent a bank run was met with predictable enthusiasm from the global bitcoin commentariat. People in Lebanon can no longer send foreign currencies, mainly dollars and euros, abroad. Further, due to heavily restricted banking access and limited liquidity provided by established grassroots networks, most Lebanese civilians also struggle to acquire bitcoin.

Long-time bitcoiner Ali Askar, currently on the ground in Lebanon, told CoinDesk a few Telegram and WhatsApp groups for local traders have nearly doubled in size over the past year, with one such private group reaching roughly 300 members this past weekend. Following news of the banking limitations, the Beirut-based car dealership Rkein Motors promptly started accepting bitcoin payments this week. Clearly, awareness is spreading.

🗞China Warns Against Cryptocurrency ‘Speculation’ Amid Blockchain Hype

As Reuters reported on Oct. 29 quoting local news outlet the People’s Daily, Beijing’s previously-announced support for blockchain should not be read as support for crypto.

The People’s Daily is a publication under the direct control of the ruling political power, the Communist Party of China.
“Blockchain’s future is here but we must remain rational,” it wrote. The publication continued:

“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

🗞 Daily Crypto News, October, 29th 💰

  • ICON (ICX)

"As a result, the decentralization schedule of the ICON Network has been changed from September 24, 2019 to October 29, 2019."
“We plan to launch mobile staking capabilities in tandem with decentralization in October.”.

  • Ark (ARK), Basic Attention Token (BAT), Cindicator (CND), General Event (CRYPTO), Divi (DIVI), EOS (EOS), Monero (XMR), Ravencoin (RVN), Storj (STORJ), Wagerr (WGR), WAX (WAXP)

Second annual Blockchain and Cryptocurrency Technology event, World Crypto Conference (WCC), October 29th – October 31, 2019.

  • General Event (CRYPTO)

World Crypto Conference in Las Vegas, Nevada from October 29-31.

  • Insifa (ISF)

"We from Insifa have decided to be more open. Our Prototype will be developed in scrum. This means new releases every two weeks."

  • Holo (HOT)

"Join us for the Dev Q&A with Philip Beadle & David Atkinson!"

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