| | NOVEMBER 21st, 2016
"If one does not know to which port one is sailing, no wind is favorable."
– Seneca
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Goldman Sachs has dropped out of the R3 blockchain consortium.
This striking departure from one of its original members comes at a time when the consortium group is seeking to raise capital and renew working agreements with its members.
While it is unclear if that is a factor in Goldman’s decision, this move highlights some of the potential pitfalls of consortiums, especially those comprised of competitors in a tough industry. (Read the full story.)
Wait, there's more:
· Blockchain shares. Overstock has started to receive subscriptions for its blockchain-based preference shares. While we won’t have many details on the issue until after the “silent period”, we do know that it cost almost $2m in legal fees. Read more.
· Eyes on China. UBS opens a business solution center in the Chinese city of Wuxi, which will help it to extend its blockchain projects to clients in the region. Read more.
· VCs and Ethereum. Why aren’t VCs investing in ethereum-based businesses? The popularity of ICOs could have something to do with it. Read more.
· Blockchain in Russia. From central bank interest and consortium trials to think tanks focused on drafting legislation, we look at Russian interest in the blockchain. Financial organizations, institutional bodies and entrepreneurial startups are embracing the technology’s potential. Regulation has yet to adapt, however. Read more.
· Blockchain governance. While it won’t replace the modern corporation, blockchain tools can lower the cost of maintaining a governance system, with greater automation and efficiency. Read more.
· Prime time. Entrepreneur Vinny Lingham talked about bitcoin on South Africa’s version of “Shark Tank”, recommending to one of the teams that they incorporate the technology in their augmented reality game. Read more.
· Regroup. The group that created The DAO is working on a new one. Months after the infamous hack of their first project, the group is planning the launch of Charity DAO in a bid to make charitable donations more transparent. Read more.
· Knock knock. The IRS wants access to Coinbase’s client records, arguing in court that they suspect some unnamed individuals used bitcoin to evade taxes. Coinbase says it'll fight back. Read more.
BTC: $735.20 +0.9%
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