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Bitcoin News Summary – October 1, 2018

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Here’s what happened this week in Bitcoin in 99 seconds.

 

Google is ending its ban on crypto-related adverts across the US and Japan. The ban was put in place this June. It’s expected this will boost adoption by exposing more people to crypto.

Bitmain published its IPO prospectus, making public its recent financial statements. Analysis shows a net loss of nearly $400 million in the second quarter of 2018, but also a $442 million investor bailout in August. The company also claims almost 75% of the ASIC miner market share.

Major Chinese ASIC chip manufacturer, Ebang, revealed its new E11 Bitcoin miners. The miners feature 10 nanometer chips which are claimed to be more efficient than Bitmain’s forthcoming 7 nanometer chips.

An American district court judge ruled that cryptocurrencies are commodities during a fraud case. This judgment accords with the view of agencies like the CFTC and SEC, which has declared Bitcoin – but not ICOs – to be a commodity.

The SEC announced a lawsuit against the 1Broker Bitcoin futures exchange. The FBI later seized 1Broker’s website. 1Broker, registered in the Marshall Islands, has said to broke federal securities laws by allowing US citizens to participate in trading without AML / KYC requirements in place, among other charges.

A Swiss startup has raised over $100 million to create a regulated cryptocurrency bank. The bank, known as SEBA, will support crypto trading, storing, and management in addition to providing regular banking services for crypto businesses.

That’s what happened this week in Bitcoin. See you next week.

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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