Cryptocurrencies |

Matt Levine’s Money Stuff: Bitcoin Doubts and Buffett Criticisms

LAGOS (Capital Markets in Africa) – JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon doesn’t like bitcoin, which he says is “a fraud” and a bubble that “won’t end well”: Do we have traders who trade it? If we had a trader who traded Bitcoin I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous. I’m going to be really clear in this one. Forget the blockchain,…

Bitcoin’s Power Needs Are Unbelievable and Uneconomic: Macro Man

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Are you a cranky skeptic of crypto-currencies and tired of adherents promising that Bitcoin can do everything from protecting your privacy to curing the common cold? Are you dubious that it’s as scalable as its prophets claim? Perhaps in this case, the Luddites are correct. A look at the resources required to power the blockchain suggests that crypto-currencies — at least in the guise of Bitcoin — can only…

Bitcoin’s Power Needs Are Unbelievable and Uneconomic: Macro Man

Posted on by The Editorial Team

North Korea Hackers Step Up Bitcoin Attacks Amid Sanctions

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – North Korea appears to be stepping up efforts to secure bitcoin and other cryptocurrencies, which could be used to avoid trade restrictions including new sanctions approved by the United Nations Security Council. Hackers from Kim Jong Un’s regime are increasing their attacks on cryptocurrency exchanges in South Korea and related sites, according to anew report from security researcher FireEye Inc. They also breached an English-language bitcoin news website and collected bitcoin ransom payments from…

Mobius Foresees Cryptocurrency Crackdown Sparking a Rush to Gold

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Mark Mobius is sensing danger in the explosive growth of cryptocurrencies. Governments will begin clamping down on digital currencies because of their use in illicit financing, with terrorist groups to drug dealers contributing to their rise, Mobius, executive chairman at Templeton Emerging Markets Group, said in an interview in Hong Kong Monday. “Cryptocurrencies are beginning to get out of control and it’s going to attract the attention of governments around…

China’s Central Bank Declares Initial Coin Offerings Illegal

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales. The People’s Bank of China said on its website Monday that it had completed investigations into ICOs, and will strictly punish offerings in the future while penalizing legal violations in ones already completed. The regulator said that those who have…

Cryptocurrencies Are New Barbarians at the Gate of Central Banks

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – When the cryptocurrency Exio Coin starts a round of fundraising on Sept. 7, its founders say the unit will come with a unique distinction: the first to be endorsed by a sovereign nation. The identity of the government backer won’t be revealed until October, and Bloomberg News has no way of verifying the claim of support. According to co-founder Sunny Johnson though, the supporter is one of “the world’s richest countries” on a…

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