A survey of over 200 board-level UK executives recently found that while over half of businesses sampled are planning blockchain initiatives, more than 40% of non-IT/data senior executives admit to not fully understanding blockchain technology. This lack of understanding, Radia says, is leading many to invest in variant blockchain applications that don’t adhere to the original concept of blockchain technology – to verify the order in which entries are made to a ledger, without any centralized authority. For Radia, blockchain is currently undergoing a ‘honeymoon’ phase that many new technologies before it have experienced; one where hype and FOMO (fear of missing out) are clouding people’s perception of what the technology actually is, and how it compares to other things. “I see lots of talks that treat blockchain as a black box that has magic properties. These people talk about all the applications it can be used for, assuming these magic properties,” said Radia. “But just because you can do something with it doesn’t mean it couldn’t have been done before using an already tested method. And it doesn’t mean it’s the best solution.”
Don’t get caught up in blockchain hype | APNIC Blog
France will propose that the G20 group of major economies discuss regulation of the bitcoin virtual currency next year, Finance Minister Bruno Le Maire said on Sunday.
French finance minister calls for bitcoin regulation debate at G20
In a note on Monday, Rochester forecast that bitcoin would have a growing impact on energy markets, particularly coal. Bitcoin mining requires a lot of electricity. And China, the world's largest coal producer and consumer, hosts about 71% of the cryptocurrency's mining pools, Rochester said. "Estimates were made in March 2016 expecting Bitcoin’s energy consumption to match that of Denmark by 2020," Rochester said. "Today bitcoin already has matched that, three years ahead of schedule. So if it’s not risk-off inspired price action from bitcoin that moves other markets how about higher energy costs?" Bitcoin's energy consumption stems partly from the fact that it's a proof-of-work cryptocurrency, meaning that miners are rewarded for solving mathematical puzzles on the blockchain, and for helping to prevent attacks on the bitcoin network. As the calculations get more complicated, more energy is required.
Bitcoin's price volatility could start moving energy markets - Business Insider