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Alt coins,  Bitcoin,  Innovators,  Media,  Tether

Must-reads for October 23, 2018: Bitfinex pulls in some Tether, Visa + IBM = blockchain action, and Johnny Depp goes crypto

These are the crypto stories you should be following today

Bitfinex Took 630 Million Tether Out of Circulation After Drop Below $1 (CoinDesk)
Tether supply in the market (though not tethers outstanding) has fallen at a rapid clip since prices fell below a buck. There’s speculation that Bitfinex (which, like, is practically the same company as Tether) essentially “redeemed” the tokens for less than they sold it for (assuming they actually sold it to buyers and didn’t just print it with no backing).


Visa Set to Launch Blockchain-Based Digital Identity System with IBM in Q1 2019 (CoinTelegraph)
Two names we always think about at the cutting edge of technical innovation—Visa and IBM—are teaming up. “The system, dubbed Visa B2B Connect, will provide a blockchain-based digital identity solution for financial institutions to securely process cross-border payments. The system reportedly tokenizes sensitive business data – such as banking details and account numbers – granting them a unique cryptographic identifier that will be used for transactions on the platform,” writes CoinTelegraph’s Marie Huillet.


How Significant is Blockchain in the Mortgage Industry? (CoinTelegraph)
Right now, the answer to that question is “not much,” but that could change. Few industries make more sense to be using blockchain technology than mortgages. Chrisjan Pauw’s piece for CoinTelegraph is one of the more interesting summaries of DLT use in this sector and some of the players. Definitely a story to bookmark, even.


What’s more volatile than bitcoin? You may be surprised (MarketWatch)
This is a slightly misleading story. That’s because volatility doesn’t imply large drops in an asset. Instead, it’s the standard deviation of prices. If something is rallying a lot, volatility goes up. If something falls a little bit every day but not as much as the other thing is rallying, its volatility looks relatively low. Yes, there has been a selloff in stocks over the past few weeks with higher interest rates, but that doesn’t mean future risk levels are higher for stocks than for crypto. Keep that in mind.


Johnny Depp Inks Development Deal With Cryptocurrency Platform (Hollywood Reporter)
Johnny Depp has had a lot to deal with lately, and we’re not just talking #MeToo stuff, either. His finances… well, they might be precarious. Lucky for him, crypto will totally save the day! Depp is hooking up with TaTaTu (not t.A.T.u.) to make content for the blockchain-based platform.


Cash, credit or… cryptocurrency? North Jersey restaurant now accepts bitcoin, litecoin (North Jersey Record)
Monica’s Restaurant in Pompton Lakes now takes crypto, making it a contender for the Modern Consensus first annual holiday party.


The 19-year-old who made his fortune in bitcoin says if you don’t become a millionaire in the next 10 years, it’s your own fault (Business Insider)
The world’s most insufferable teenager shares his insights before life—and market behavior—teaches him a painful lesson.


Tech bro threatens to kill Middle Eastern Uber driver because he ‘hates all brown people’ (Raw Story)
In more terrible news, Cash2BTC’s Sean Scappaticci “was riding in an Uber around 4 AM last Friday when he began threatening the driver, who Colorado Springs Police identified as a 20-year-old man of Middle Eastern descent. ‘Fearing for his life,’ the driver pulled over and began running — and the passenger began chasing him. Scappaticci… allegedly tried to fight the police officers who arrived on the scene and broke the back window of a police cruiser. According to the report, the alleged assailant also told the driver that he was a former Army Ranger and had killed many of the driver’s relatives while overseas,” writes Raw Story’s Noor Al-Sibai. No idea if Scappaticci took an Uber home from the pokey.



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