🗞 Daily Crypto News, October 25th 💰

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Everyday, I bring you the most important CryptoNews so you can stay updated with the latest developments.

Unlikely U.S. States Lead the Way for the Currency of Tomorrow
Overstock's TØ is Launching an Initial Coin Offering Next Month
Vladimir Putin Mandates New Rules for Cryptocurrencies and ICOs
Bitcoin Mining Wastes Vast Amounts of Energy, Harms Environment
Ledger Bitcoin Wallet Partners With Tech Giant Intel
BTC Trading Update by @cryptopassion

🗞 Unlikely U.S. States Lead the Way for the Currency of Tomorrow

As cryptocurrency continues to soar in value and becomes an increasingly popular way to invest, Investing.com, the global financial portal used by millions of traders and investors around the globe, has recently revealed which U.S. states are most drawn to virtual currency, with an underlying theme present across the board.

While you might think that tech-savvy California or New York would lead the way in the currency of tomorrow, it is in fact the likes of Nevada, Texas and New Hampshire that have taken to blockchain technology ahead of their big city counterparts.

🗞 Overstock's TØ is Launching an Initial Coin Offering Next Month

Byrne said in a statement:

"While many doubted, the tZERO team worked hard, to be at the tip of the spear in creating and launching credible, capable and institutionally scalable blockchain technologies for crypto assets. Today those efforts are attracting interest from both the crypto community and the largest global institutional funds."

The tØ ICO will first run as a private pre-sale from Nov. 15 to Dec. 31. The proceeds from the ICO will help the company scale its technology development and regulatory teams, as well as either build or take over a custody and clearing firm, according to the company.

🗞 Vladimir Putin Mandates New Rules for Cryptocurrencies and ICOs

Russian President Vladimir Putin has mandated new regulations around cryptocurrencies, including registration requirements for miners and the application of securities laws to initial coin offerings (ICOs).

"The Government of the Russian Federation, in conjunction with the Bank of Russia, shall ensure that changes are made to the legislation of the Russian Federation providing for...[the] determination of the status of digital technologies used in the financial sphere and their concepts (including such as "technology of distributed registries", "digital letters of credit", "digital mortgage", "crypto-currency", "token", "smart contract" based on the obligation of the ruble as the only legal tender in the Russian Federation."

🗞 Bitcoin Mining Wastes Vast Amounts of Energy, Harms Environment

Moreover, Bitcoin has put currency issuing itself in the hands of the people, rather than in a centralized entity. This has allowed Bitcoin to thrive as a global, apollitical currency and store of value, impervious to outside factors that would otherwise undermine its value and efficiency.

However, as it is common with technology, when one problem is solved, another one arises from the solution. This is the case with Bitcoin mining, a once harmless practice that could be performed from any regular desktop computer. Today it’s a billion dollar industry with an estimated consumption of 288 megawatts, according to data from the Global Cryptocurrency Benchmarking Study by the Cambridge Judge Business School.

Different Solutions?

Proof of Stake
Smart Contracts
Delayed Proof of Work
Useful Proof of Work

Conclusion

We usually like to wrap articles like these in a nice little package where we draw some sort of conclusion or solution from the analysis conducted. However, the truth is that we don’t really know what the future holds. When Satoshi Nakamoto wrote the Bitcoin whitepaper he did not envision ASIC miners or mining pools, and he certainly did not envision a 288 megawatt mining industry.

Nevertheless, if necessity is the mother of invention, the solutions listed above indicate a clear need for an alternative to the current norm. Weather it’s the green energy sources being explored by HydroMiner, a Proof of Stake implementation, or something else entirely, one thing is certain: the current scenario is not sustainable.

🗞 Ledger Bitcoin Wallet Partners With Tech Giant Intel

The Paris-based cryptocurrency hardware wallet manufacturing company, Ledger, has announced a recent partnership with the giant multinational technology firm Intel. The joint initiative aims to tether Ledger’s unique operating system, ‘BOLOS’ and Intel’s ‘Software Extension Guard’ (SGX).

BTC Trading Update by @cryptopassion

Yesterday I was explaining you 3 scenarios possible in my publication : BTC - Testing the support line since hours now. The scenario number 1 was the good as we broke, little time after, the long trend support line: