Future of Finance

By Quartz | Exploring the "new normal" in global finance

Cryptocurrency mining is now so big it’s showing up in the earnings of the world’s largest chipmaker

Cryptocurrency miners are now influencing the fortunes of the world’s biggest chipmaker. Taiwan Semiconductor Manufacturing Company (TSMC) is responsible for over half of the world’s market for chips, and it’s the world’s largest contract manufacturer. Today it reported revenues (pdf) driven by …

Cryptocurrency

Over the past month, BlackBerry stock has been a much better bet than bitcoin

Bitcoin is showing some signs of life after falling for four consecutive days, after investors were unnerved by Asian authorities considering crackdowns on cryptocurrencies. Despite signs of a comeback, the volatile digital asset has fallen more than 40% over the past month, lagging considerably …

Racy

People are getting scammed by Facebook ads touting bitcoin miners

People eager to cash in on the cryptocurrency boom through mining have been targeted by Facebook ads touting bitcoin mining rigs, made by industry giant Bitmain, that contain a link to a false website. At first glance, the link leads to Bitmain.com, the firm’s website, but closer inspection reveals …

Cryptocurrency

Here are the most blockchain-y stocks on the market, according to two new ETFs

There couldn’t have been a worse day to launch a blockchain-themed exchange traded fund (ETF), with bitcoin down 50% from its highs a month earlier. As luck would have it, two such ETFs began trading on the New York Stock Exchange and Nasdaq today.<p>The funds are the Reality Shares Nasdaq Blockchain …

Stocks

Goldman Sachs is the worst-performing major bank, thanks to its traders

Traders at Goldman Sachs used to be the stars of Wall Street, but lately they’ve become one of the main reasons why the storied bank’s share price has lagged behind its rivals. The bank’s fixed-income trading division is generating about half the revenue (paywall) that it did a year ago, Goldman …

Investing

Bitcoin Christmas presents are now underwater

Bitcoin may have been a fun Christmas gift to give in 2017, but its value hasn’t held up as well as a lump of coal so far this year: The price of the digital asset has fallen by a quarter since the day many people unwrapped the cryptocurrency delivered by Santa. The digital token that spawned a …

Cryptocurrency

Two maps explain why women can’t raise capital

If men and women participated equally in the global workplace, we could generate an additional $12 trillion in global economic growth in under a decade. Yet most of the world continues to allow economic discrimination against women, either through law or culture. Considered risk-averse, and yet …

Gender

China’s about to deal a final blow to its bitcoin whales

China is set on stopping its citizens from trading bitcoin.<p>Chinese authorities plan to widen their crackdown on domestic crypto-trades, by targeting methods including over-the-counter trading, offshore sites used for centralized trading, and peer-to-peer trading of large transactions, according to …

Bitcoin

Inside the Korean crypto exchange that grew so fast the government raided it

Korea has gone from an afterthought in the cryptocurrency markets to one of its major hubs in a matter of months. Crypto trading has grown so feverish that the government raided the country’s major exchanges to check their books—and to cool down the red-hot trading activity.<p>The lynchpin in the …

Cryptocurrency

Europe’s central banks are starting to replace dollar reserves with the yuan

Late last year, China’s Xi Jinping said it was time for the nation to “take center stage in the world.” There are many ways for China to do this, including promoting globalization, boosting foreign aid, and developing advanced technologies. Another critical step in taking “center stage” is to be at …

Economy

Telegram plans to spend more than $100 million of its mega-ICO on salaries, offices, and consultants

The chat app Telegram hopes to raise up to $1.2 billion in an initial coin offering (ICO), according to Business Insider. This would make it the largest one-off fundraising using the cryptocurrency-based mechanism to date.<p>What will Telegram do with the money? According to documents outlining the …

Initial Coin Offering

“Don’t take away our happiness:” South Koreans ask the government to stop its crypto crackdown

South Korea’s decision to tighten its control over cryptocurrency trading has triggered a public uproar in the bitcoin-obsessed country.<p>A petition demanding the government to stop regulating cryptocurrencies garnered more than 200,000 signatures by Tuesday (Jan. 16) after being filed to South …

South Korea

One of the world’s most famous brothels is looking to accept bitcoin for client payment

The Bunny Ranch is probably the most famous legal brothel in the world, largely thanks to being featured on HBO’s <i>Cathouse</i> show and its owner Dennis Hof giving the Nevada-based business huge exposure through social media, books, as well as podcasts, and live streaming events. He has even done a …

Cryptocurrency

Bitcoin drops as China renews crackdown on cryptocurrency

Bitcoin fell to the lowest level in more than a month after a report that Chinese regulators are cracking down again on the cryptocurrency, targeting mobile apps and online platforms used for trading. South Korea’s government is also debating how to contain the mania in digital assets after raiding …

Cryptocurrency

Ethereum traders joke about buying “Lambos,” but Lamborghini just reported record sales

Lamborghini, the Italian maker of racy luxury automobiles, reported record sales today. It delivered 3,815 vehicles to customers last year, its seventh consecutive year of sales growth.<p>Now, correlation is not causation, but Quartz would like to point out that as Lamborghini sales have surged, so …

Vitalik Buterin

The race is on to become the Bloomberg of crypto

Data is the lifeblood of financial markets: Professional traders rely on computer terminals supplied by companies like Bloomberg and Thomson Reuters to look up prices on things like bonds and currencies. And while Wall Street is dominated by these incumbents, especially Bloomberg, the battle to …

Cryptocurrency

The UK opened the door for Facebook and Google to start acting like banks

Starting Saturday (Jan. 13), the UK’s nine biggest banks, which service most of the population, will no longer have a lock on the state’s financial transactions.<p>New rules that are part of a UK directive called Open Banking aim to make it easier to compare and switch UK banks. Financial institutions …

Banking

Jamie Dimon couldn’t be happier with JPMorgan’s $2.4 billion tax hit

JPMorgan CEO Jamie Dimon finally got what he wanted: a $2.4 billion tax charge that was about $400 million more than expected. Rival Goldman Sachs may take an even bigger $5 billion hit when it reports earnings next week. These expenses stem from the US tax cuts that were signed into law late last …

Jamie Dimon

A dozen companies that reaped rewards by putting “bitcoin” or “blockchain” in their name

Amid the cryptocurrency mania, several companies have launched initiatives to take advantage of the burgeoning assets, from retailer Overstock.com to photo group Kodak. Some much smaller firms have rebranded themselves completely, adding “bitcoin” or “blockchain” directly to their name. In some …

Bitcoin

Berkshire Hathaway’s stock has risen more than one million percent under Warren Buffett

Warren Buffett seems closer to naming his replacement to run Berkshire Hathaway, the storied conglomerate that he took control of in 1965. The CEO is known for many things—his love of ice cream for breakfast and Cherry Cokes—but he’s also known for managing a company that has beaten the S&P 500 …

Stocks

Police are raiding bitcoin exchanges in South Korea

Bitcoin prices fell last month after South Korean authorities announced steps to regulate cryptoassets. This week, authorities raided some of South Korea’s biggest cryptocurrency exchanges.<p>Coinone and Bithumb, two large exchanges for virtual currencies like bitcoin, ether, and litecoin, were raided …

Cryptocurrency

Kodak is trying to stay relevant with a cryptocurrency scheme run by paparazzi

Kodak, the brand once synonymous with photographic film, is now in the blockchain business, sort of. It announced yesterday (Jan. 9) that it is licensing its brand to something called KodakCoin, which would use a blockchain to track rights to digital photos and other images. Its stock duly tripled …

Bitcoin

Brexit cynics were wrong about London’s fintech companies

A year-and-a-half since Britain voted to leave the European Union and Jeremy Sosabowski, co-founder of AlgoDynamix, says the technology scene remains solid: There’s plenty of money out there for entrepreneurs and little sign that it will dry up anytime soon.<p>“It looks very robust,” said Sosabowski, …

Venture Capital

China wants an “orderly exit” from bitcoin mining

Bitcoin mining could be on its last legs in China.<p>The country’s top internet-finance regulator, the Leading Group of Internet Financial Risks Remediation, issued a notice asking local governments to “guide” bitcoin-mining operations to make an “orderly exit” from the business, according to a leaked …

China

The secret lives of students who mine cryptocurrency in their dorm rooms

Mark was a sophomore at MIT in Cambridge, Massachusetts, when he began mining cryptocurrencies more or less by accident.<p>In November 2016, he stumbled on NiceHash, an online marketplace for individuals to mine cryptocurrency for willing buyers. His desktop computer, boosted with a graphics card, was …

Cryptocurrency

Mark Zuckerberg is five years behind his nemeses, the Winklevoss twins, on cryptocurrency

Buried at the bottom of Mark Zuckerberg’s new year’s resolution post yesterday was a promise to study cryptocurrencies and to figure out the best way to use them in Facebook’s services. He’s only five and a half years behind his longtime antagonists, the Winklevoss twins, who have become …

Cryptocurrency

The cryptocurrencies disrupting international finance could stabilize African economies

When I began to teach in 2012, I decided to start my course with an analysis of how money affects social order. What my students found particularly fascinating was the then-nascent world of cryptocurrencies, which I described at length as a crucial feature in the future of money.<p>Some colleagues …

Bitcoin

This could be the beginning of the end of China’s dominance in bitcoin mining

Having shut down the exchanges where cryptocurrencies like bitcoin are traded, the Chinese government is now going after the facilities where such currencies are “mined.” To do so, it’s hitting such operations where it hurts: electricity supply.<p>Fresh reports have emerged about a crackdown—though …

China

Brazil may write new laws with data stored on the ethereum blockchain

Cancún, Mexico<p>Popular petitions are an integral, but impractical, part of Brazil’s already complex electoral system, which has been blamed for plunging the country into a political crisis. Such petitions in their current form present an intractable logistical problem: How to collect and verify …

Bitcoin