A flash crash on the Coinbase-owned GDAX cryptocurrency exchange caused the price of Ethereum to plummet Wednesday afternoon, temporarily erasing almost all of the coin’s value. The digital currency’s price fell to about 10 cents before it began to recover, during a wild bout of automated trading that resulted in substantial losses for many investors. GDAX VP Adam White addressed the trading activity in a blog post yesterday:
As Cryptocurrencies and blockchain technology continue to experience increased consumer and investor interest, mainstream media outlets have focused their attention on the industry as well. News giant Reuters has apparently also taken note of that increased attention, and will now report on stories about the blockchain and digital currency in one of two new coverage sections launched by the company on Monday.
If you’ve ever wondered how digital currency can ever really hope to achieve its promise of providing real financial empowerment to the people of the world through true democratization of money, you’re not alone. Most crypto-skeptics and even some enthusiasts have long wondered how decentralized currencies can ever manage to meet that goal. In a recent interview with CEOCFO Magazine published on Monday, DNotes Founder Alan Yong offers his take on the problems confronting Bitcoin and most other digital currencies, as well as his ideas about how DNotes can meet those challenges.
For citizens of the United States and most other Western democracies, the idea of triple-digit inflation, a crashing currency, and a lack of basic goods is almost impossible to comprehend. That’s the reality for millions in Venezuela, however, where nearly two decades of socialist rule has brought a nation with the world’s largest oil reserves to the brink of economic collapse. As Venezuela continues to be mired in a seemingly endless crisis, ordinary Venezuelans are becoming even more interested in cryptocurrency.
Iran’s National Center for Cyberspace (NCC) has reportedly completed its draft proposal for regulating cryptocurrencies. According to that country’s Financial Tribune website, the document has been in the works since 2013 and is now ready to be considered by Iran’s High Council on Cyberspace. NCC regulation deputy Saeid Mahdavioon has said that the proposal should be finalized within the next two months.