Monday, February 18, 2019

Cut the card ✂️

February 18, 2019

Shift Bitcoin Debit Card Shuts Down for Reasons Unknown

According to a Reddit post showing an email sent from the Shift team, the Bitcoin debit card is shuttering operations on April 11th.

Shift was backed by Coinbase and after launching in 2015, the venture received large skepticism for pursuing such a small target market.

Just over 3 years later, it seems the venture has failed, with no reasons given.

A struggle

The crypto-on-a-card idea hasn't had too much promise in the industry so far.

Made to be an intermediary between the crypto world and the debit card world we live in, the idea hasn't found much of a home.

Some startups have tried and failed so far including SpicePay and now, Shift.

Others, like TenX, have struggled with operations after card issuer issues.

Needed?

While some startups are certainly working hard to build out the crypto debit card vision others aren't so sure.

Critics call out two reasons:

Crypto is digital and doesn't need a card once widely accepted.
Investors are holding assets tight right now rather than spending.

EXCHANGE

New Year, New ShapeShift as the Exchange Undergoes Rebrand

According to CoinDesk, crypto exchange ShapeShift will be rebranding and shifting directions in the coming months.

The reason? A new look could help pull the exchange away from poor press last year that included:

Crypto winter layoffs
Money laundering claims
Know-your-customer (KYC) introduction after years of saying no

Pushing away privacy

ShapeShift had previously been an exchange that valued privacy and anonymity. Many users valued the exchange for this.

In September, however, CEO Erik Vorhees was faced with a decision to introduce KYC measures if the exchange wanted to continue operations.

Vorhees thought long term to keep the company alive but lost an audience in the process.

A new face

In a blog post, ShapeShift revealed the new logo that has similar features of the old one.

To ShapeShift, the new look is less of a push forward than it is a homecoming.

Rather, it is bringing the exchange back to its roots of simplicity and subtlety after 5 years of battle.

MINING

Chinese Mining Giant Bitmain has Released a New ASIC Mining Chip

Published in a press release Monday, Bitmain has launched its new 7nm (nanometer) ASIC mining chip.

The chip works with cryptocurrencies using the SHA256 algorithm such as Bitcoin and Bitcoin Cash.

The upgrade

The difference? Faster and more efficient mining.

The new chip has a 28.6% improvement in power efficiency over the previous 7nm chip.

Not too fast

The chips release is only part of Bitmain's upcoming launches.

Later this year Bitmain will release its highly anticipated Antminer models S17 and T17 - with the new 7nm chip inside.

For now, miners will have to standby until the new releases if they want to use the chip.

BITS

But wait, there's more...

👨‍⚖️ Self-proclaimed Satoshi Craig Wright responds to CFTC's request for input about crypto market.
🤔 Indonesia passes rules for trading cryptocurrency futures.
🗑 Waste Management firm launches blockchain platform in the UAE city of Sharjah.

MEME