Fear Archives -
Cryptocurrency foundations, community organizations, and entrepreneurs have helped put the lightly populated Swiss canton of Zug on the business world’s map. While the local administration has created one of the most welcoming environments for the industry, some voices fear possible negative repercussions such as bad press and an American regulatory backlash.
Lamborghini Robin Hoods
A new report from Zug, Switzerland by the Financial Times showcases that despite the success ‘Crypto Valley’ has had in attracting businesses, there are still those that fear it might bring unwanted attention as well. A Swiss finance specialist commented: “I’m just waiting for Washington to call Bern and ask ‘what are you doing down there in Zug?’.” Another local insider said: “They say they are different to banks, that they are Robin Hoods — but we have Robin Hoods driving around in Lamborghinis.”
Besides flashy displays of wealth, critics also echo other familiar complaints. “My big worry is that the whole intransparency will lower Zug’s standing worldwide,” said Andreas Hürlimann, a local Green party councillor. “You don’t know from where to where the money is flowing, whether it is drug money for instance.” He also added that the council accepting bitcoin payments was “clearly a marketing gag”.
For their part, the entrepreneurs appear to be pleased with the region’s politicians and regulations. The only issue they raised in the FT report was reluctant cooperation by the local banks, something that they can bypass by turning to other places such as Liechtenstein.
The main concern that rises from the report is that some ICO could mess up in a way that will bring foreign pressure to harshen the local legal framework for all others. “Switzerland remains under pressure to follow a ‘clean money’ strategy. It was hard work to get Switzerland off the blacklists — and there is of course no appetite for it to be back on them,” explained Jan Seffinga, blockchain expert at Deloitte.
“These ICOs require blind trust in the founders. You can’t do much if the raised funds are misappropriated,” commented Luzius Meisser, founder of the Bitcoin Association Switzerland. Heinz Tännler, Zug canton’s finance director, said: “The risk is when you have ‘black sheep’. We have our eyes open. But there is never an opportunity without risks.”
Still others seem to be overwhelmed by the fast development of ‘Crypto Valley’. Dolfi Müller, Zug town council president, said: “We play the background music . . . We don’t have great plans — we don’t want to be a ‘smart city’ like Dubai. It’s step by step. It’s Asterix against Rome.”
Should the people of Zug be grateful for ICOs bringing business to their community or cautious? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
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China’s appetite for U.S. soybeans has waned, and concerns are growing that exports of the legume could suffer further with the White House’s proposed tariffs on steel and aluminum.
WSJ.com: US Business
President Trump will choose Gary Cohn’s replacement as chief economic adviser soon, he promised via Twitter shortly after Cohn announced his departure. “Many people wanting the job – will choose wisely!” Trump wrote. The Washington Post reports that one of the people Trump is considering is media personality Larry Kudlow,…
Steel and aluminum may be the intended quarry of a trade war that President Trump has said would be “good” for the U.S. economy, but the casualties of the conflict could be food, agricultural economists warn.
China, the European Union, Mexico, Canada and other trading partners have sent strong…
Reports concerning major manufacturers of graphics processing hardware have indicated expectations of decreasing demand in the cryptocurrency mining sector. Nvidia is unlikely to unveil new video cards in the coming months, while AMD has shared concerns of dropping GPU sales in 2018, blaming the crypto market and regulatory risks.
New GPU Launch Pushed Back
Several tech publications have suggested a launch of new product lines by Nvidia. The expectations were focused on the upcoming Game Developers Conference and GPU Technology Conference in March. The latest information, however, indicates the company may have changed its plans. New GPU announcements are now expected in July at the earliest.
Previously, it has been rumored that Nvidia may reveal a new card for crypto mining applications. The dedicated unit was reportedly codenamed “Turing” after the British computer scientist and cryptanalyst Alan Turing. Now, it turns out that Turing could be just another gaming video card, much like the other new line called Ampere.
The Turing graphics processing units (GPUs) were supposed to be designed specifically for calculating cryptocurrency transactions. GPUs are mainly utilized in rigs mining altcoins, like ethereum and monero. The Ampere processors should be integrated in the next-gen Geforce cards to replace the current Pascal lineup. Nvidia was expected to separate the GPU market in two segments – for miners and gamers, respectively.
Trends in Demand from Miners Change Plans
High demand for video cards used in mining applications last year has forced Nvidia to take measures to ensure gamers get hold of its GPUs. In January the company asked retailers to limit the number of cards purchased at a time. Miners usually buy the latest GPUs in bulk, and that has created shortages on many markets. Nvidia CEO Jen-Hsun Huang has stated that the company is working to resolve supply issues.
Nvidia partners have been expecting to receive the Turing specifications but they are not likely to get them until May, Tom’s Hardware Guide reports, quoting “multiple independent sources”. Mass production has been scheduled to begin in mid-June. The new cards may be announced in July, or even August. According to the online edition, Nvidia has no impetus to launch new products now, when AMD is not putting enough pressure and demand from miners may drop. On top of that, the current “Pascal” generation is selling well. The launch of the next-gen Ampere architecture may also be postponed in the consumer segment, where the professional Volta can be used instead.
AMD, Nvidia’s main competitor, has admitted that decreasing demand from miners can affect its business this year. Last month Advanced Micro Devices announced plans to increase production of graphics cards in response to strong market demand. This week, however, the company said that several factors, like increasing crypto market and regulatory risks, may change the GPU market by decreasing demand from cryptocurrency miners.
Gauging the crypto-related market and predicting its developments has proved difficult for major video card manufacturers. Nevertheless, newly released data suggests that sales in the mining segment have been profitable for both companies. More than 3 million graphics cards have been sold to cryptocurrency miners in 2017, according to a recent report.
Do you expect a decrease in demand for GPUs from crypto miners this year? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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The post GPU Producers Fear Drop in Demand from Crypto Miners appeared first on Bitcoin News.
Civilians caught in the middle of conflict: homes destroyed, hospitals bombed. Turkey’s offensive in Afrin, Syria is now almost a month old. For the Yazidi minority, the ultimate fear is persecution. CNN’S Ben Wedeman reports.
CNN.com – RSS Channel – World
Researchers tramped into a national park in Sri Lanka, played a recording of agitated honey bees within earshot of elephants, and got the reaction they hoped for: The elephants developed a serious case of the heebie jeebies. The study in Current Biology suggests that Asian elephants react in much the…
U.S. intelligence officials are now concerned that China has compromised the methods that the CIA uses to communicate with overseas assets, dampening agents’ enthusiasm after the Monday arrest of a former CIA officer for retaining classified information, the Washington Post reported.
Former gang members trying to reform their lives are worried that if President Trump ends the Temporary Protected Status program for 200,000 Salvadorans in the United States, it will lead to more crime and poverty in El Salvador, already one of the world’s most dangerous nations.
CNN.com – RSS Channel – Regions – Americas