The Bitcoin News today and there is blood in the streets – Bitcoin and most altcoins have dropped up to 30% in 24-hour trading according to CoinMarketCap. The news over the past week or so has affected all prices negatively – from the banning of ICO’s in China, Bitcoin Exchanges shutting down China operations (BTCC has announced it will be closing down its China-facing trading operations effective September 30) and the JP Morgan CEO Jamie Dimon lambasting Bitcoin a “Fraud”.
Some backlash as reported by Bitcoin.com
“Alex Gurevich, former JP Morgan senior executive disagreed with Dimon’s opinion stating to his Twitter followers;
Jamie, you’re a great boss and the greatest of all-time (GOAT) bank CEO. You’re not a trader or tech entrepreneur. Please, STFU about trading Bitcoin.
John McAfee, says bankers like Dimon “are not idiots” but believed the JP Morgan executive’s opinion was wrong. “You called Bitcoin a fraud,” McAfee explains on the CNBC broadcast. “I’m a bitcoin miner. We create bitcoins. It costs over $1,000 per coin to create a bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It’s called proof of work.”
Other news headlines:
Researchers from the Finnish Central Bank have asserted that the economic system of the digital currency Bitcoin is revolutionary – as the Japanese government must have thought in order to make Bitcoin a legal payment system.
Yet another country to make a statement regarding ICO’s – Securities regulators in Thailand have issued a new statement on initial coin offerings (ICOs), advising that some token tales may fall under the country’s definition of a securities offering.
India continues to drive the new digital economy within its borders – The Reserve Bank of India (RBI), the country’s central bank, has spoken about its ongoing cryptocurrency research, hinting at its role in a future digital alternative to the rupee.
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