Have you ever had a moment where you didn't know whether to laugh or cry? That's the situation playing out in the graphics card market because of the cryptocurrency mining boom, a topic we've covered extensively in recent months. But just when we thought there was nothing left to report on the matter, it's come out that some of the most active Ethereum miners are renting Boeing 747 airplanes to ship orders of graphics cards. Yes, seriously.

That is the sort of money that is at stake here. Cryptocurrency is highly volatile, Ethereum included. For miners with massive setups, shipping by sea is just too slow.

"Time is critical, very critical," Marco Streng, chief executive of Genesis Mining, told Quartz. "For example, we are renting entire airplanes, Boeing 747s, to ship on time. Anything else, like shipping by sea, loses so much opportunity."

Some 36,000 units of Ethereum is collectively mined each day. At around $200 per unit, miners are competing for $7.2 million worth of Ethereum per day. At one point just a few weeks ago, those figures were doubled with Ethereum spiking to $400.

"Time counts so much. We are using the fastest delivery possible," Streng added. "You risk the opportunity to mine for the days you are delayed. If you are deploying 10 days later, you are losing 10 days of miningthat is the cost."

Streng notes that Ethereum was trading for around $10 per unit at the beginning of the year, before ballooning to $400 in June, thus creating an "incredible economic incentive for people to start mining." And also a shortage of graphics cards, as Streng is aware.

It's tough to get a read on the market and where things will go from here. If we're being optimistic, we can look at the recent drop in value and rise in difficulty to mine Ethereum. This has caused some casual miners to dump their used hardware on Ebay, albeit at inflated price tags. We can take that as a sign that the market is starting to creep back towards normalcy.

On the flip side, miners who have more invested are willing to ride the ups and downs. And apparently business is still good enough that not only can they afford to rent Boeing 747s to ship graphics cards, but they can't afford not to.

Even AMD has acknowledged the impact of mining on graphics cards shipments. This is something AMD CEO Dr. Lisa Su touched on during a recent earnings call.

"Relative to cryptocurrency, we have seen some elevated demand," Dr. Su said. "But it's important to say we didn't have cryptocurrency in our forecast, and we're not looking at it as a long-term growth driver. But we'll certainly continue to watch the developments around the blockchain technologies as they go forwards."

Dr. Su also acknowledged that inventories of GPUs is "quite lean" at the moment. The good news? AMD is "working on replenishing" stock, adding that the company's priority is on the gaming market. Let's hope it plays out that way in the coming months, especially with Vega right around the corner.

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Cryptocurrency miners are renting Boeing 747s to ship graphics cards - PC Gamer

Fortune has published an examination of a secretive cryptocurrency hedge fund that is backed by some of Silicon Valleys top venture capital firms. The fund was co-founded by Naval Ravikant, Joshua Seims, and Lucas in 2014, and has produced returns of over 500%.

Also Read:Hedge Funds Are Quietly Investing in Bitcoin

Metastable Capital is a cryptocurrency hedge fund that has attracted investment from many top venture capital firms despite largely shunning publicity since its inception in 2014. Metastable was co-founded by Angellist CEO, Naval Ravikant, cryptography expert, Lucas Ryan, and former angel investor, Joshua Seims.

Fortune has reported that Andreessen Horowitz, Sequoia Capital, Union Square Venture, Bessemer Venture Partners, and Founders Fund are among Metastables major investors all of whom participated in Polychain Capitals fundraiser earlier this year.

Metastable takes a long term perspective when assessing the markets, aiming to invest in projects that it expects will be profitable over the course of at least a decade. Theres a handful of, say between five and 10 of these major use cases that could be trillion-dollar blockchains, Seims told Fortune. Its all very long-term focused, and we think were in super early days right now. It really comes down to which do we think is the strong enough technology, that we think can win.

Metastables website describes two funds offered by the firm, Metastable Balanced, and Metastable Edge. The Balanced fund seeks to take a value-investor approach to investing, guided by deep technical understanding of the protocols to select a portfolio that we believe will deliver the greatest returns, holding a large portion of bitcoin, in additional to several smaller sized positions in major altcoins. Edge is designed for investors that already have substantial Bitcoin holdings, and holds ETH and a variety of smaller coins from more recent ICOs, although the ETH portion fluctuates based on whether we believe that the value from new coins is going to accrue to the new coin or to ETH.

Metastables flagship cryptocurrency hedge fund has yielded impressive performance throughout 2017. At present, Fortune asserts that Metastables Balanced fund is invested in approximately a dozen different markets, including bitcoin, ethereum, and monero of which it is reported to own roughly 1% of total supply. During mid-March, Metastable reported returns of 539%, however, since March, bitcoin, monero, and ethereum have more than doubled prompting Fortune to estimate Metastables returns since inception are greater than 1,000%. On June 23 it is alleged that Metastable reported total assets of $69 million.

Metastable requires a minimum investment of $1 million, and charges a 2% management fee and a 20% performance fee.

Do you think that cryptocurrency funds will continue to out perform mainstream hedge funds in coming years? Share your thoughts in the comments section below!

Images courtesy of Shutterstock and Wikipedia

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Secretive Cryptocurrency Hedge Fund Metastable Examined - Bitcoin News (press release)

When initial coin offerings emerged as a new way for startups to raise money a few months ago, there was much speculationand some doubt about whether the cryptocurrency crowdfunding method could disrupt or even replace the traditional venture capital industry .

Now, the early numbers are in, and there is no question that ICOs , an unregulated form of fundraising by which companies can sell their own form of digital currency or tokens to investors, are winning this race, at least in the blockchain industry.

ICOs have now raised nearly four times as much money as bitcoin companies raised in venture capital dollars so far this year. Thats according to PitchBook, which tallied up the latest numbers: ICOs have raised almost $1.3 billion in 2017 so far, while only about $358 million in traditional VC money went to blockchain startups over the same period.

And that's at a time when venture capital is booming among blockchain companies. Last quarter was the best quarter for blockchain and bitcoin VC funding on record, more than doubling the amount raised in the first quarter and up 89% year over year, according to CBInsights.

But ICOs are growing much faster, having already raised almost six times as much this year as they raised in all of 2016.

Now, a fundraising method that you likely had never heard of until a few months ago is on track this year to exceed all prior VC investment in blockchain, which has totaled a cumulative $1.7 billion over the past eight years, PitchBook says.

To underscore just what a whirlwind trend this has become, even entrepreneurs doing their own ICOs are astonished by the craze.

At a panel discussion hosted by BlockchainDriven Thursday night, Morgan Hill, an investor at Attis Capital, announced that he was launching a new cryptocurrency hedge fund called AxionV in August. But unlike the crypto hedge fund startup MetaStable , which recently received funding from Sequoia, Andreessen Horowitz, Founders Fund, Union Square Ventures and Bessemer Venture Partners, AxionV has a different plan. It will do an ICO itself, targeting a $30 million fund, which it will then use to invest in other ICOs, Hill said.

He also told a story of another hedge fund manager in London who was planning to launch an ICO of a company that aims to put the entire Quran online, and use the new cryptocurrency to compensate people who contribute to the digitization of the religious text. Hills take: The first thing I thought was, this is categorically insane.

He later came around, he said, acknowledging religion is a very important piece of information and that the project actually does provide a huge value.

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Cryptocurrency ICOs Are Making Bitcoin Startups Richer than VCs Ever Did - Fortune

Chip maker AMD has seen its sales buoyed in recent months by big demand for graphics cards by cryptocurrency miners.

According to its latest financial report, AMD recorded $1.22 billion in revenue duringthe second quarter of 2017, up 19% compared to the same period last year. This increase, the company said, is being spurred "by higher revenue in the computing and graphics segment."

Yet cryptocurrency mining isn't part of its long-term strategy for growth, accordingto Lisa Su, the firm's president and CEO, who remarked on the phenomenon during a Q2earnings call this week.

However, that state of affairs could change depending on how the situation progresses in the months ahead.

Su said during the call:

"Relative to cryptocurrency, we have seen some elevated demand. But it's important to say we didn't have cryptocurrency in our forecast, and we're not looking at it as a long-term growth driver. But we'll certainly continue to watch the developments around the blockchain technologies as they go forward."

Mining is an energy intensive process by which new transactions are added to a blockchain. In return for adding a new blocks, miners are awarded with new tokens, with the profits being derived from the difference between the energy expended and the prevailing exchange rate of those tokens.

Much of the demand for graphics cards, or GPUs, is being driven by ethereum miners. Bitcoin mining, by comparison, is accomplished through special-purpose computers designed for that singular purpose.

Graphics cardsimage via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].

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AMD: Cryptocurrency Mining Isn't 'A Long-Term Growth Driver' - CoinDesk

Getty

Investor Howard Marks, who predicted the financial crisis and dotcom bubble implosion, warned that cryptocurrency is a nothing more than a fad or pyramid scheme style scam.

He said: In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it.

The co-chairman of Oaktree Capital, compared cryptocurrencies to the Tulip mania of 1637, the South Sea bubble of 1720 and the internet bubble of 1999.

In an investor letter, he said: Serious investing consists of buying things because the price is attractive relative to intrinsic value.

Speculation, on the other hand, occurs when people buy something without any consideration of its underlying value or the appropriateness of its price."

Bitcoin suffered a crash earlier this month but has since bounced back and is now up by almost nearly 160 per cent this year.

On Wednesday Bitcoin briefly fell as low as $2,433.83, its lowest price since the cryptocurrency dramatically rebounded last week.

The volatile digital currency saw a surge last Thursday after miners backed a new upgrade of the system designed to solve the cryptocurrencys scaling issue.

CoinDesk

Although Bitcoin narrowly avoided a fork this month, there are still concerns that digital currency is at risk of splitting into two versions.

Here is the latest Bitcoin news, prices and live updates (All times BST).

1pm:The value of Bitcoin is rising.Today's high is $2,822.24 andtoday's low is $2,682.87, according to CoinDesk. Bitcoin opened at$2,697.47.

8.30am: Hong Kong-based digital currency exchange Bitfinex claims that a minority of Bitcoin miners will be "forking" to create a new blockchain called Bitcoin Cash on August 1.

A "fork" is when a blockchain splits into two potential paths. Bitfinex said the fork does not impact Bitcoin balances, but it creates a new token.

Midnight: Thursday'shigh was $2,715.69 and its low was $2,541.71, according to CoinDesk. Bitcoin opened at $2,550.18 and closed at $2,697.47.

9.15pm: The provider of a publicly traded bitcoin exchange-traded note (ETN) has been fined more than 93,000 ($120,000) by Nasdaq Stockholm for infractions of exchange rules and financial regulations.

The stock exchange's Disciplinary Committee announced that it had levied the fine because the company, XBT Provider, violated provisions in its Internal Rule Book and certain regulations of the Financial Instruments Trading Act.

Among those violations, according to the statement, were "failing to ensure that the risk function reports to the board" and "failing to implement an audit of the company's internet and IT security."

The release also pointed to infractions related to annual reporting requirements.

CoinDesk

8.20pm:Bank of America Managing Director Francisco Blanch thinks that Bitcoin cannot successfully expand around the world without being subjected to some regulatory guidelines.

He says: "A key step for Bitcoin would be for it to become pledgeable collateral.

However, large inherent risks to digital tokens such as fraud, hacking, theft, new protocol adoption, limited acceptance and that it is not legal tender many places in the world make it an unlikely development."

Mr Blanchs position is supported by other financial services industry players like Morgan Stanley.

However, the efforts by several governments around the world to regulate the digital currencies have been relatively unsuccessful so far.

CoinDesk

11.30am: Bitcoin briefly fell below $2,500 on Tuesday and Wednesday. Last Thursday the price rose sharply after most developers backed BIP 91, a upgrade to the bitcoin system.

The BIP 91 lock-in was hailed as a victory as miners agreed to cement the first part of a larger effort to upgrade bitcoin, called Segwit2x.

Alex Sunnarborg, research analyst at CoinDesk, told CNBC: "I believe the market is currently somewhat torn between the optimism around BIP 91 locking in, which could lead to SegWit activating if all goes smoothly, and the fear of the second half of SegWit2x proposal, the 2MB block size hard fork, still being contested.

9am:A US jury has indicted a Russian man as the operator of a digital currency exchange he allegedly used to launder more than $4 billion for people involved in crimes ranging from computer hacking to drug trafficking.

Alexander Vinnik was arrested in a small beachside village in northern Greece on Tuesday, according to local authorities.

AFP Getty

US officials described Vinnik in a Justice Department statement as the operator of BTC-e, an exchange used to trade the digital currency bitcoin since 2011.

They alleged Vinnik and his firm "received" more than $4 billion in bitcoin and did substantial business in the US without following appropriate protocols to protect against money laundering and other crimes.

US authorities also linked him to the failure of Mt. Gox, a Japan-based bitcoin exchange that collapsed in 2014 after being hacked.

Vinnik "obtained" funds from the hack of Mt. Gox and laundered them through BTC-e and Tradehill, another San Francisco-based exchange he owned, they said in the statement.

8.30am: According to Sheba Jafari, head of technical strategy at Goldman Sachs, bitcoin needs a "few more swings" before the upward trend continues.

"Anything above 3,000 (Jun 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high)," Ms Jafari wrote in a note to clients.

Goldman Sachs said Bitcoin is "still within the limits of a well-defined range", adding: "At this point, it seems reasonable to assume that the market is in a corrective process until there's been real evidence of an impulsive advance."

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Bitcoin LIVE news: Price latest as top investor warns cryptocurrency is an 'unfounded FAD' - Express.co.uk

Net Neutrality

Americans are slowly realizing the significance of the potential consequences of the FCCs current net neutrality regulations being repealed. These regulations once protected small businesses and content providers from intrusion by private, monopolistic internet service providers (ISPs), such as Verizon and Comcast. Before net neutrality, ISPs could disrupt, slow, and even censor content on the internet without any liability. This controversy reached its climax in 2007 when Verizon was exposed for blocking group chat conversations coming from a large pro-choice abortion group. However, many defenders of net neutrality are currently overlooking the political dynamic between net neutrality and the development of cryptocurrencies.

Blockchain and cryptocurrencies like Bitcoin have greatly benefited from past net neutrality regulations. Bitcoins price has increased 300 percent since Obamas regulations were put in place in February 2015. This growth has been attributed to many factors, including the governments of Japan and China becoming more tolerant of cryptocurrency use. Not to mention countless initial coin offerings (ICOs) also hitting the worldwide market. The last two years have been the most profitable and evolutionary period for cryptocurrencies since their inception. However, Bitcoin and other cryptocurrencies have been in the middle of a financial bubble, and a series of interventions from ISPs could force that bubble to implode which may not be a bad thing. Without net neutrality regulations, ISPs can function without any accountability. What that will mean for cryptocurrencies remains yet unknown.

Its no secret that many American corporations lean staunchly conservative, and would happily wipe out a disruptive technology that works against their interests something like cryptocurrencies. ISPs and the U.S. government maintain close ties, something which has become increasingly obvious in the past few months. The appointment of former Verizon lawyers such as Ajit Pai, as the head of the FCC is just one example, and state policies continue to keep 60 percent of Americans confined to just a single internet provider option.

The concentration of power amongst ISPs allows the government to more effectively regulate and influence the internets evolution. When and if cryptocurrencies are viewed as a problem by the U.S. government, the internet service provider will be looked at to find the solution. Under the current status quo, Bitcoin will not be considered as an alternative monetary system because it is too difficult to control and tax. Not to mention that Congress position on virtual currencies is still unclear, and interpretations of the Stamp Payments Act of 1862 may provide Congress with the legal footing to leverage against cryptocurrencies.

The Act states that:

Whoever makes, issues, circulates, or pays out any note, check, memorandum, token, or other obligation for a less sum than $1, intended to circulate as money or to be received or issued in lieu of lawful money of the United States, shall be fined under this title or imprisoned not more than six months, or both.

A simple way in which an ISP can affect the attractiveness of cryptocurrency investment is by slowing down broadband speeds of blockchain sites, which would in turn slow down transaction speeds. Yet, the speed (or lack thereof) of transactions has seemingly had zero effect on investment. Thus, cryptocurrencies themselves arent necessarily at risk unless ISPs conduct structural attacks on blockchain servers. By nature, blockchains are immune to human intervention. However, the internet provider holds the ability to implement a partition or delay attack. These attacks could effectively create a blackhole, where all bitcoin transactions are lost and made impossible to track. This could lead to wasted processing power and doubled spending for miners. However, these concerns are coming from the lawyers and businessmen, not the engineers.

Engineers see this problem as a perfect example of why blockchain was designed the way it was. To them, repealing net neutrality regulations would invite the possibility of having to reposition themselves back onto an I2P network, like Kovri.

Net neutrality while it does embody the decentralization mantra of blockchainis far from a requirement for the functionality of blockchain. The future of the monetary system is a global currency free from human intervention. If Bitcoin fails to survive the coming storm, it would be because of structural errors not ISP intervention. In addition, if the ISPs start a war against blockchain and cryptocurrencies, the internet may experience an accelerated evolution of decentralization. In the context of blockchain and cryptocurrencies, net neutrality may be a blessing in disguise, forcing further development in the industry.

More here:
What Does Net Neutrality Mean for the Future of Cryptocurrency? - Futurism

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Buy/Sell with Cryptocurrency

In Brief Irish startup Bitcart just announced the creation of Festy, the world's first wristband capable of facilitating Dash cryptocurrency payments. The wearable could help bring crypto payments into the mainstream by making the process of using them more attractive for both customers and merchants. Wearing Your Wallet Cryptocurrencies are enjoying a groundbreaking year.The market is growing in popularity, attracting investors and sending crypto values to ever new heights. However, the market currently lacks the technology necessary for everyday use in real-world scenarios.

Bitcartislooking to rectify this.

The Irish startup has developed the worlds first Dash cryptocurrency payment wristband. NamedFesty, the device allows the wearer to pay for products with the Dash cryptocurrency. Users can add funds to their wrist-mounted wallet at a Festy-branded ATM or using an online transfer service.

Although Dash is a cryptocurrency, Festy is compatible with any point-of-sale system that accept Visa contactless payments. It can also be used to make payments on any phone or computer using near field communication (NFC) tags or offline payments via quick response (QR) codes. The wristband isdesigned primarily for bar and festival hoppers andcan also be used to store tickets, which could play a role in eliminating fraud or verifying ages of compliance at events.

For customers, Festy offers several advantages over traditional credit cards. Payments made via the wearable are nearly immediate and acard number or private key is never displayed.

Vendors benefit from the system, too. Our partnership with Dash makes the perfect payment solution for everyday transactions, Bitcart CEOGraham de Barratold Bankless Times.Unlike existing traditional bank payments that take a two to five percent fee, there is no cost on receiving Dash for merchants.

Cryptocurrencies are built on blockchain technology that has the potential to revolutionize transactions worldwide. They boast increased transparency and security, but they are unlikely to go mainstream without easy to use tech like Festy.

Thankfully, Bitcart is just one company working hard to help cryptocurrencies break into the mainstream. A number ofBitcoin debit cards are making it easier to make payments via the currency, and in nations likeJapan, bitcoin is on track to become a commonly accepted form of payment.

Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.

View original post here:
A Tech Startup Is Releasing a Wearable Cryptocurrency Payment Device - Futurism

New regulations for cryptocurrency exchanges have gone into effect in the U.S. state of Washington.

Following the passing of Senate Bill 5031 into law at the weekend, the state's money transmitter laws now apply to exchanges, meaning that they need to obtain a license fromthe Washington State Department of Financial Institutionsand must provide a third-party audit of their data systems.

Among other requirements, the law also mandatesa new transmitter bond requirement, with the figurebeingtied to the amount of currency exchanged during the previous year.

Lawmakers finalized the measure in April, sending it to the desk of Gov.Jay Inslee, who signed it days after work on the bill was completed. According to public records, the law went into effect on Sunday, July 23.

As CoinDesk haspreviously reported, lawmakers in the western U.S. state have been working since January to develop regulations for exchange startups.

The bill's passage wasn't without controversy, however. Cryptocurrency exchanges Poloniex and Bitfinex declared that they would would stop serving customers there, citing the new regulations.

At the same time, startupssuch as New York-based exchange Gemini moved in the opposite direction, obtaining approval to begin serving customers in the stateearlier this year.

Washington State Capitol imagevia Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].

Continued here:
Washington's New Cryptocurrency Exchange Rules Are Now in Effect - CoinDesk

News world

India is making progress with cryptocurrency regulation, but there are still areas that need to be polished.

According to a recent tweet by member of the Indian National Congress party Priyank M. Kharge, the Indian government intends to research and develop policy for blockchain and cryptocurrencies.

In the tweet, Kharge links an article on the apparent power struggle occurring between the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) due to differing opinions on cryptocurrency regulation. According to the publication, RBI suggested that cryptocurrencies should be traded similarly to commodities, such as gold and silver, and therefore should be tracked by SEBI to ensure theyre not used for illegal activities, like money laundering and terror funding. However, SEBI has opposed the proposal. According to an undisclosed regulatory official, "It (bitcoin) cannot be classified ascommodity derivativesas per extant legal provisions."

The disparity amongst Indian officials comes at a pivotal time in the country of India. Currently, the country is recovering from a recent demonetization of all 500 and 1,000 rupee banknotes from the Mahatma Gandhi Series, implemented by the Indian government in November 2016. As a result, the country has experienced a surge of cryptocurrency investments that has sent Indian officials scrambling for control measures. Shivam Thakral, CEO and co-founder of Indian cryptocurrency exchange BuyUcoin, tells ETHNews that this is exemplified by rigid mandates from government entities.

The government has strictly guided companies involved in virtual currencies to take proper KYC norms of their customers. The ministry in India which implements the companies law has instructed the Serious Fraud Investigation Office (SFIO) regional directors, as well as the Registrar of the companies, to get the details of the companies involved in cryptocurrencies.

In March, Minister of State for Finance Arjun Ram Meghwal expressed to the Rajya Sabha (Council of States) that no regulatory approval, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities, related to cryptocurrencies. The Dinesh Sharma Committee, which consists of a diverse group of representatives from a number of Indian government organizations, then surfaced in April to conduct a comprehensive review of cryptocurrencies and assist the government with creating a framework. According to Thakral, the committee is actively involved in the regulation process and could release the results of its review possibly in the month of August.

Despite previously denouncing their use, Indian officials seem to be trying to forge a somewhat harmonious relationship with cryptocurrencies. In May, the Indian government sought public opinion on how cryptocurrencies should be addressed. For now, cryptocurrency businesses will have to cope with the Indian governments uncertainty. Thakral went on to say:

Currently, under the existinglaws,cryptocurrencies are treated as property and hence capital gain tax is applied on it. But due to its nature of decentralization, its transfer can't be traced as easily as a property, which violates several Indian regulations. Due to which, Indian government is more likely to form some different laws especially molded forcryptocurrencies,as there are many other major existing laws that are breached, like FEMA, and give rise to major concerns like money laundering and consumer protection.

ETHNews will update this story and any related events as they occur.

Dan is a Los Angeles-based musician, writer, and veteran passionate about science and technology, current events, human rights, economic impacts, and strategic calculus. Dan is a full time staff writer for ETHNews.

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Indian Government Still In Power Struggle Regarding Cryptocurrencies - ETHNews