Monday, August 6, 2018

SEC / Starbucks / Goldman Sachs / Jamie Dimon

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Here are today's ten most important Bitcoin stories, efficiently ranked & summarized by smart humans, not algorithms:

$BTC (1:45 p.m. EST): $6,963.89 (-1.08%) // 90-day high: $8,362.59 // 90-day low: $5,755.25/ / More

$BCH (1:45 p.m. EST): $692.18 (-1.04%) // 90-day high: $1,663.91// 90-day low: $608.37 // More

$ETH (1:45 p.m. EST): $406.55 (-0.10%) // 90-day high: $790.72 // 90-day low: $365.43 // More

$LTC (1:46 p.m. EST): $73.36 (-1.28%) // 90-day high: $162.87 // 90-day low: $73.12 // More

$XRP (1:46 p.m. EST): $0.42 (-1.68%) // 90-day high: $0.86 // 90-day low: $0.41 // More

Here are the 10 most important stories about bitcoin and cryptocurrencies today

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1. The US Securities and Exchange Commission (SEC) has begun reviewing cryptocurrency deals. The agency has reportedly been questioning exchanges about their business practices and how they deal with clients. The SEC has also sought specific information about fees generated from trading, financing and initial coin offerings. The agency has also gathered data on investment advisors and their role in bitcoin trades. -BLOOMBERG

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2. Starbucks clarified a cryptocurrency announcement it made last week. The company will not be accepting bitcoin for coffee and other popular products, despite many media reports. Starbucks said news outlets misinterpreted the company's announcement. Starbucks, instead, is part of a venture alongside Microsoft and BCG to create Bakkt, a platform to "convert digital assets like bitcoin into US dollars, which can be used at Starbucks." –COIN TELEGRAPH

Starbucks clarifies crypto platform
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3. An anonymous source said Goldman Sachs plans to offer to manage cryptocurrencies for its customers. Under the plan, the source said, Goldman would hold securities on behalf of their customers, reducing the risk for clients that want to guard against the threat of losing their investments to rogue attacks. A Goldman spokesperson said that the company has not reached a conclusion on the "scope of our digital asset offering." -BITCOINIST

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4. Bitcoin and cryptocurrency donations to neo-Nazi groups have recently gone up. The payments come ahead of the Unite the Right rally, which will be held this weekend in Washington D.C. Bitcoin has long been associated with the far right and other extremist groups due to their relative anonymity. Last year, cryptocurrency donations to these same groups spiked ahead of the first Unite the Right rally, held in Charlottesville, Va. -FORBES

Bitcoin donations spike for alt right groups
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5. Robinhood has added support for ethereum classic, a day before Coinbase will start to offer the cryptocurrency. Customers in the 19 states where Robinhood is available can now trade ETC. Users can also trade bitcoin, ethereum, bitcoin cash, litecoin, and even dogecoin, on the platform now. -COINDESK

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6. JPMorgan CEO Jamie Dimon criticized bitcoin again. He reportedly called bitcoin "a scam" and said he had "no interest" in it during a talk over the weekend. Dimon lashed out at the bitcoin community last year during bitcoin's historic rise only to taper some of his comments later on. Part of that likely came from the negative attention his original bitcoin comments received. –COIN TELEGRAPH

JPMorgan CEO criticizes bitcoin again
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7. Here's a profile of Will McDonough, CEO of iCash. McDonough has a different path to crypto than most, starting his career as the first manager for New England Patriots quarterback Tom Brady. -CNBC

8. There is a brewing battle between bitcoin's old money and new money. The two groups have argued over the best way to stabilize bitcoin's notoriously volatile price. -BLOOMBERG

9. Do not expect bitcoin to set a new record in 2018. Economist Tuur Demeester writes that sluggish retail demand, along with other factors, will suppress bitcoin's price. -COINDESK

10. Chain Bits looks at five promising scalability projects. All of these are in development and could impact the crypto community in the near future. -CHAINBITS

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From the Forums

Bitcoin art.

Reaction to Goldman Sachs.

The modern version of a piggy bank.

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Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon.

Editing team: Lon Harris (editor-in-chief at Inside.com, game-master at Screen Junkies), Krystle Vermes (Breaking news editor at Inside, B2B marketing news reporter, host of the "All Day Paranormal" podcast), and Susmita Baral (editor at Inside, recent bylines in NatGeo, Teen Vogue, and Quartz. Runs the biggest mac and cheese account on Instagram).

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