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For generation X-ers, old enough to remember a time when photographs were analogue and games consoles were 16-bit, brands such as Kodak and Atari evoke fuzzy nostalgia. Nothing perfect lasts forever though, and those companies which once dominated their respective spheres have not aged well. Many assumed these 80s stalwarts had already given up the ghost amidst growing financial problems. As it turns out, not only are the Kodaks and Ataris of the world still limping on, but they’re seeking an injection of new blood and fresh capital in the form of an ICO (Initial Coin Offering).
Also read: Kodak Getting Into Bitcoin Mining
The Childhood Companies Coming for Your Crypto
Kodak’s descent from photographic giant to failed firm desperately trying to find its niche is a sad one for anyone old enough to associate the name with better times. In the pre-digital age, companies such as Kodak and Atari were mainstays of popular culture. Times change and the companies that fail to innovate get left behind. Kodak’s sudden transformation into crypto miner and ICO entrant has already been picked apart. Atari’s has attracted less scrutiny, but bears many of the same hallmarks.
In 2013, Atari filed for bankruptcy which, coincidentally, was the same year that Kodak followed suit. Five years on and Atari is throwing its hat into the blockchain ring. The pattern is a predictable one now: company trading on former glories announces ICO. Stock leaps by over 50%. Reality settles in. Stock tumbles. The company once synonymous with such classic games as Space Invaders, Pac-Man, and Asteroids is now seeking to establish a reputation as a cryptocurrency pioneer, powered by its Atari Token.
You Nostalgia, You Lose
Brands are obliged to move with the times. The alternative is extinction. Thus it would be unrealistic to expect Atari to base its core business model around churning out retro consoles, just as it would be unrealistic to expect Kodak to turn a profit from selling photographic film. The entry of these brands into the crypto space is not in itself a cause for concern or recipe for mockery. Rather, it’s the way in which these firms have gripped onto this outstretched branch in a bid to break their fall that invites scepticism.
Investment research firm Kerrisdale Capital savaged Kodak’s proposed ICO, branding it “worthless” and the last grasp of a “dying relic of American manufacturing”. Little is known about Atari’s proposed cryptocurrency, other than that the company’s CEO Frederic Chesnais was quoted as saying: “Blockchain technology is poised to take a very important place in our environment and to transform, if not revolutionize, the current economic ecosystem, especially in the areas of the video game industry and online transactions”.
Until more information emerges, Atari deserves the benefit of the doubt. It is hard to shake the feeling though that these companies are less interested in blockchain’s disruptive potential than its ability to prop up their balance sheets. Beware of faded brands coming for your crypto and tainting your childhood memories into the bargain.
Do you think Atari’s entry into the cryptocurrency market is genuine or is it just a cash grab? Let us know in the comments section below.
Images courtesy of Shutterstock, and Atari.
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The post Atari Joins Growing List of Old Brands Trying To Revitalize Through Cryptocurrency appeared first on Bitcoin News.
Canada appears poised to become a new global hub for bitcoin miners. Already known to be attracting Chinese miners diversifying away from their home market with its cheap hydro-power electricity and cold climate, the country’s latest draw is easy access to capital. Firms such as Hut 8 are set to tap its welcoming market for early stage ventures.
Vancouver-based Hut 8 Mining Corp., a part of the Bitfury Group, is scheduled to list on the TSX Venture Exchange in Toronto, Canada this month. After its debut, Hut 8 will be 49 percent owned by the parent group, and the remaining stock in the hands of insiders and private placement investors.
It is planned that by mid of the year, Hut 8 will acquired 60 megawatts of Bitfury’s mining power in Canada and have an exclusive agreement with the parent company to develop new farms in all of North America, according to its investor presentation. Hedge fund mogul Mike Novogratz is also said to be financing the deal.
Bitfury reportedly has 172 megawatts of hashing power, mined over a million coins, and its yearly revenue was an estimated $ 350 million. And Chief Executive Officer Valery Vavilov puts the company’s market share at about 10 to 12 percent.
The Canadian Connection
Canada has been able to leverage its cold weather and cheap hydro-electric power to attract cryptocurrency miners, but in this case the came for another reason. The TSX allows firms to easily raise public funds, a critical point for Bitfury who needs to compete with the much larger Bitmain. “This industry’s dependency on highly efficient silicon can determine who wins and loses,” explained venture capital investor Bill Tai. “Part of this equation is access to capital. It’s very much like oil rigs, the more you can put up, the more output you’re going to get.”
Sean Clark, chief executive officer of Hut 8, commented: “This is about access to capital and scale. We found a perfect vehicle to capitalize incredibly quickly. Bitfury now is going to rebalance the global network.” He added that: “If the capital markets react as we expect them to, there’s the opportunity to vend in other parts of Bitfury. Potentially all of Bitfury – piece by piece.”
Is Canada becoming the new global hub for bitcoin mining? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
The post Bitfury’s North American Mining Proxy Hut 8 to List on TSX This Month appeared first on Bitcoin News.
A top newspaper in Malaysia has produced a guide on spotting homosexuals on the street. It may sound nuts, but the Guardian has some of the tips from the daily Sinar Harian . Gay men, it seems, are partial to facial hair and branded clothing, “like to wear tight clothes to…
Accusations of FUD, #fakenews and similar terms are sadly all too common in the crypto world. Startups in the field are many times headed by young people, sometimes bringing a needed fresh perspective and attitude, but a few appear to completely lack the maturity needed to run a public business. In the case of IOTA this is exacerbated by sycophants who enable this situation and rather attack critics than have an adult discussion.
IOTA Fans Try to Silence Critics
IOTA, the network behind the now 10th most valuable cryptocurrency in the world by market cap (MIOTA), is facing various criticism and doubts about its technological capabilities. While this should be expected for every project valued at almost $ 5 billion at such an early stage, promoters of IOTA are failing to accept this reality.
In the past few days, as more analysts raised questions about the project, IOTA fans lashed out even harder against critics, anonymously publishing hit pieces against some community influencers and trying to get others off of social media altogether. This is in addition to the standard operation method of IOTA whenever someone writes something they can’t handle, a childish or nasty ad hominem attack by the head of the team on Twitter followed by a barrage of similar insults by his minions (and likely many bots as the frequency seems to suggest).
Rather than reflect on the behavior that got them into hot water, IOTA promoters seem to be doubling down. They have embraced an ‘us vs. them’ mentality, wherein any reporter asking questions, any developer objecting to their non-blockchain solution, and even former investors who complain about their funds being stolen are all seen only as enemies attacking the group.
This is how an IOTA blogger described it today: “We decided to start an anti misinformation report that comes out daily if possible. A group of people is willing to help me with that. The reports will include timestamps, tweets, sources, names of the “attackers” and the FUD explained and corrected.” While this approach might intimidate some, it can not silence everyone in an ecosystem fraught with scams where fair judgment is needed.
— Andreas Brekken (@abrkn) February 11, 2018
Are IOTA promoters doing the right thing for the project by going after critics? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
The post Faced With Criticism IOTA Fans Try to Bully Growing List of Detractors appeared first on Bitcoin News.
North Korean leader Kim Jong Un’s sister headed home Sunday night after a whirlwind three days in South Korea, where she sat among world dignitaries at the Olympics and tossed a diplomatic offer to the South aimed at ending seven decades of hostility. Kim Yo Jong and the North Korean…
Ogling the fortunes of the filthy rich is a popular pastime with the poorer segments of society. It’s been that way for centuries, with 1849 marking the debut of Who’s Who, a 250-page guide “of living noteworthy and influential individuals, from all walks of life, worldwide.” In more recent years, Forbes has picked up the baton with its annual Rich List which reveals how the 1% are faring. Predictably, the U.S. publication has now launched its own crypto edition for the community to pore over. One name who doesn’t make the list, though, is the most famous and moneyed of all – Satoshi Nakamoto.
The Shifting Sands of Crypto Riches
It would be nice to pretend that decentralization and the separation of money and state are the primary motivators for people flocking to crypto. The truth is often more vulgar though. Do an internet search for Vitalik Buterin or any other major crypto figure and the autocomplete result that follows will inevitably be “net worth”. Human curiosity is a powerful urge, and money – in all its forms – is a natural magnet for the envious and the curious.
Due to the volatility of cryptocurrencies, putting a precise dollar price on the entrants’ wealth is impossible, as Forbes readily admits, noting: “It’s a near certainty that we’ve missed some people and that some of our estimates are wide of the mark. But this was equally true when we launched the first Forbes 400 list of the wealthiest Americans in 1982. At the time, many people said we couldn’t—or shouldn’t—publish. We did so anyway, firm in the belief that we made the world a better place by shining a light on the invisible rich.”
Controversially, it then adds: “Fortunes of this magnitude should never be allowed to lurk in the shadows.” This is a contentious claim, and one which privacy proponents – of whom the crypto community has many – would take issue with. Of course, blockchains are public and fully auditable, and thus concealing huge amounts of cryptocurrency wealth is extremely difficult. Figures such as Vitalik Buterin, who has previously protested the avarice which is now endemic to the industry, won’t take kindly to featuring here, but will surely concede that with great wealth comes great public scrutiny.
Crypto Fortunes Broken Down
To gain entry to Forbes’ Crypto Rich List, a minimum fortune of $ 350 million is required – or around 41,000 BTC at current prices. Ripple’s Chris Larsen and Brad Garlinghouse both feature of course, but then it’s easy to manufacture wealth when you create 100 billion units of your own cryptocurrency and then keep the bulk of the supply in the company coffers. Both men are undoubtedly billionaire rich, though in reality would be incapable of cashing out their vast XRP fortune in a hurry.
It’s fair to say Larsen or Garlinghouse won’t be struggling to pay the bills anytime soon though, nor will Coinbase CEO Brian Armstrong who also features. The Winklevoss twins naturally make the list along with such luminaries as Michael Novogratz, Cardano’s Charles Hoskinson and EOS founder Dan Larimer. Perhaps the most interesting tidbit to emerge from the list, albeit an unsurprising one, is that the average age of its members is 42, versus 67 for Forbes’ traditional rich list. Both lists are still populated by white men, but in crypto those men have a lot less wrinkles.
While fleetingly fun, the Crypto Rich List does nothing to advance understanding of cryptocurrencies or appreciation for their transformative power. The men who made the list had the conviction to see the potential in cryptocurrencies when their peers dismissed them out of hand, and have been handsomely rewarded for their endeavors. For all its crassness, the Forbes Crypto Rich List is sure to become an annual staple that gives mainstream media a cryptocurrency angle the public can comprehend, and gives the crypto community something to debate, not only on account of who made the grade, but on account of the crypto whales who are noticeably absent.
Speaking of whales, in 2015 a 95% stake in Forbes was bought by Integrated Whale Media Investments. The Hong Kong-based public and private equity group, headed by a consortium of Chinese investors, then got ensnared in a protracted legal battle with Forbes over its failure to pay interest due on the $ 415 million deal. The matter was eventually settled out of court. Asians are in short supply on the Forbes Crypto Rich List, with only the CEOs of Binance and Upbit earning a place.
Do you think Forbes’ Crypto Rich List is distasteful or harmless entertainment? Let us know in the comments section below.
Images courtesy of Shutterstock, Paramount Pictures, and Forbes.
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The post Forbes’ Inaugural Crypto Rich List Is Crass Yet Compelling appeared first on Bitcoin News.
U.S. Treasury Secretary Steven Mnuchin told lawmakers that the Trump administration plans to levy new Russia sanctions based on a list of oligarchs and senior government officials published late Monday.
WSJ.com: What’s News Europe
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HONG KONG – KuCoin.com will become the first cryptocurrency exchange to list the much anticipated CoinFi (COFI) token, which powers CoinFi, the first decentralized market intelligence platform. The COFI token will be available for purchase on KuCoin via COFI/BTC and COFI/ETH trading pairs, and COFI token holders will be able to deposit their tokens into Kucoin on Jan 28, 2018 for next day trading.
“We’re very excited to have our initial token listing on KuCoin,” says CoinFi cofounder Timothy Tam. “KuCoin is a global crypto exchange from Hong Kong that has been rapidly rising in popularity, receiving over 2 million sign ups since its launch in September 2017. We’re thrilled to be a small part of this success story.”
CoinFi recently completed a $ 15 million USD initial coin offering (ICO) to further expand its technology and hedge fund-caliber trading tools for real-time news, data, and analysis on the crypto markets. With strong support from private contributors and surging ETH prices, the CoinFi token sale reached its $ 15 million USD hard cap a week in advance of the scheduled Jan 15 public sale. In lieu of a public crowdsale, CoinFi airdropped 9,375,000 COFI tokens to its 18,000+ whitelist members.
The COFI token provides access to CoinFi’s cutting edge crypto financial intelligence, and is also used within the CoinFi eco-system to compensate and leverage the power of the crowd in a unique token-for-information ecosystem.
The CoinFi founding team’s unique blend of Wall Street finance and crypto trading experience has attracted significant attention to the project. The CoinFi telegram channel was one of the fastest growing token sale communities in early 2018, growing from 6,000 users to over 20,000 users in under 1 week.
“The interest in CoinFi is exciting, but it’s also something we anticipated. Any trader who has spent significant time in the crypto markets recognizes the need for a platform like CoinFi”, says cofounder Nate Tsang. “Our mission of bringing Wall Street calibre tools to the blockchain resonates with everyday crypto investors – they see that the kinds of tools and on-demand financial analysis to which equities traders have access is severely lacking in the crypto space. Like the Bloomberg Terminal revolutionized the financial data market in equities, we expect CoinFi to do the same for crypto financial intelligence.”
More information about CoinFi’s crypto market intelligence platform, as well as its $ 15 million USD token sale, is available at https://sale.coinfi.com/
Interested parties can sign up to the KuCoin exchange and learn more about the CoinFi exchange listing via the following link: https://news.kucoin.com/en/coinfi-cofi-will-list-on-kucoin/
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The post PR: KuCoin Becomes First Cryptocurrency Exchange to List Coinfi (COFI) Token on Jan 29, 2018 appeared first on Bitcoin News.
The European Union cut the number of countries on its list of noncooperative states on tax matters nearly in half, in a move critics say will hurt its credibility in fighting tax evasion.
WSJ.com: What’s News Europe
In the ranks of America’s best-selling beers, Budweiser no longer qualifies for even a bronze. Bud has dropped to No. 4, according to sales estimates from industry publication Beer Marketer’s Insights, reports CNN . Remaining at No. 1 is Bud Light, followed by Coors Lite, and the new No. 3: Miller…