Asia & Australia,  Bitcoin,  Ethereum,  Media,  Politics

Must-reads for September 5, 2018: Goldman backs off crypto trading, Iran welcomes mining while Washington not so much, and more!

Here are the crypto stories you should be watching today

Goldman Sachs is ditching near-term plans to open a bitcoin trading desk, instead focusing on a key business for driving Wall Street investment in crypto (Business Insider)
If you’re wondering why cryptos took a hit Wednesday, this is it. Remember all the hype about Goldman Sachs trading Bitcoin from HODL Bros and your brother’s friend who just seems a little off? You know what I’m talking about. “Goldman’s going to be trading it, bro! It’s going to the moon!” Yeah, well, it doesn’t look like that’s going to happen any time soon. “The bank is ditching plans to open a desk for trading cryptocurrencies in the foreseeable future, according to people familiar with the matter, as the regulatory framework for crypto remains unclear,” writes Dakin Campbell and Frank Chaparro.

Ethereum is being hit with the exact same playbook used on IOTA (Finder)
Writer Andrew Munro accuses Jeremy Rubin and MIT’s Digital Currency Initiative of putting out hit pieces against Ethereum. Because that’s what people do IRL.

Iran recognizes cryptocurrency mining as legitimate industry (The Next Web)
The Islamic Republic is all cool with crypto, perhaps because they can get around U.S. sanctions. But will they accept Bitshekels?

Washington utility increases power rates for bitcoin mining (Associated Press)
The Evergreen state tolerated flannel shirts on everyone in the 1990s but people there are starting to get annoyed with crypto miners.

The Bitcoin Boom Reaches a Canadian Ghost Town (Bloomberg)
North of the border in British Columbia (the same province that gave us Nickelback), a sad town looks to crypto mining to reverse its sad fortunes. Also, this may be the 53rd mainstream media story about sad towns and crypto mining we’ve seen this month and we’re not even a week into it. Anyone else remember when casinos were supposed to save sad towns?

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Lawrence Lewitinn, CFA was the founding editor in chief of Modern Consensus. Disclosure: Lewitinn owns no cryptocurrencies in his portfolio.