The Wild One
What a week for cryptos everywhere. Bitcoin down a solid 30% to around US$29k and ethereum seeing triple digits again, shortly after testing ATH. We have seen 10% drops on several days so buckle up, it is going to be bumpy ride ahead. But first, we need a car, with both Ford and BMW backing the use of blockchain for the ‘birth certificate’ of second hand purchases and maintenance records. Labour pains.
More importantly, you know things are getting real when governments start to get their weight in. Dubai is reportedly looking to introduce consultation papers on cryptos this year as part of their business plan. There’s no money like A-rab money. And what do you know… bitcoin is officially battling climate change! Miners for years have been using their rigs as heaters over the winter as well as to heat up their greenhouse. Heater usage has dropped by half and bitcoin has more than doubled, the correlation of the uncorrelated.
A wise man once said that the markets can remain illogical longer than we can stay solvent. Invest wisely, avoid leverage and stay safe.
Ford and BMW back blockchain 'birth certificates' to reduce fraud in the secondhand market
Its purpose is to leverage blockchain to track the purchase and maintenance history of secondhand vehicles, “VID II.” The system will help reduce fraud in the used vehicle markets, with an announcement stating:
“Vehicle registration on blockchain allows formerly disconnected vehicle registration systems between states and countries to connect using a secure, shared, and trusted ledger. Maintenance traceability will provide a tamper-proof history to buyers, regulators, and insurers, therefore reducing vehicle information asymmetry.”
Dubai financial regulator working on regulations for cryptocurrencies
The Dubai Financial Services Authority is reportedly looking to introduce two crypto-related consultation papers as part of its business plan in 2021.
The Dubai Financial Services Authority, the financial regulatory agency for the special economic zone, the Dubai International Financial Centre, is looking to enhance local cryptocurrency-related regulations.
The DFSA is planning to introduce a regulatory framework for diverse digital assets as part of its 2021–2022 business plan released on Jan. 18.
Crypto winter: Bitcoiners use mining rigs as heaters to stay warm
Bitcoiners mining crypto at home this winter have been starving off freezing temperatures by putting them to good use as heaters.
As stated by the Wall Street Journal, crypto miners in France and US report that their overall heating costs have fell even if the temperature in their homes often gets far above what they’d prefer.
📈MARKET PULSE
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