Investors are mesmerized with AMD's impressive second quarter as cryptocurrency mining demand drove the company's financial results above Wall Street's expectations.

The chipmaker reported better-than-expected second-quarter earnings and guidance Tuesday. Its shares surged more than 10 percent in after-hours trading following the report and were up more than 9 percent in early regular trading Wednesday.

"AMD turned in a solid beat to our and consensus estimates as the company's new Ryzen desktop CPU ramped into production and GPU demand outstripped supply," Stifel analyst Kevin Cassidy wrote in a note to clients Wednesday. "While management wasn't specific on how much, the GPU revenue upside was driven by cryptocurrency applications."

AMD shares have rallied 102 percent through Tuesday in the previous 12 months compared with the S&P 500's 14 percent return. That performance ranks No. 4 in the entire S&P 500, according to FactSet.

Cryptocurrency miners use graphics cards from AMD and Nvidia to "mine" new coins, which can then be sold or held for future appreciation. AMD traditionally has a better reputation for mining cryptocurrencies.

The ethereum cryptocurrency is up more than 2,400 percent year to date through Wednesday, while bitcoin is up about 160 percent this year, according to data from industry website CoinDesk.

In June, AMD shares jumped after the company told CNBC that the dramatic rise in digital currency prices has driven demand for its graphics cards. At the time, major computer hardware retailers had sold out of AMD's recently launched RX 570 and RX 580 models.

Digital currency mining was the key topic during AMD's earnings conference call with Wall Street on Tuesday evening. Analysts asked company management three times for clarification on the magnitude and sustainability of cryptocurrency mining demand.

One analyst noted the company is working to mitigate future downside risk and is not incorporating continued digital currency mining outperformance in its guidance.

"Crypto mining helped stimulate demand for AMD GPUs in Q2, which we think could translate to a risk should cryptocurrency values decline, AMD is working to manage the crypto risk by targeting supply to the core GPU gaming market, and working with some of its AIB [add in board] partners to offer specific feature sets to segment the market between gaming & mining," Jefferies analyst Mark Lipacis wrote Wednesday. "AMD is not including upside from mining in its outlook."

Lipacis reiterated his buy rating on the company and raised his price target to $19 from $16, representing 35 percent upside from Tuesday's close.

To be sure, some analysts are still skeptical about AMD after its big run.

"We were surprised at the aftermarket reaction for the stock," Morgan Stanley analyst Joseph Moore wrote Wednesday. "We continue to be somewhat cynical on the long-term intrinsic value of the stock, despite being excited about Zen and maintaining numbers that are above the Street. As street numbers start to catch up, absolute valuation levels are going to matter more."

Moore reiterated his equal weight rating and $11 price target for AMD shares.

CNBC's Michael Bloom contributed to this story.

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Wall Street stunned over AMD's blowout results due to cryptocurrency mining demand - CNBC

A disappointed Pokmon GO Fest attendee has proposed class-action lawsuit againstNiantic

Elad Gil is running around the Color Genomics office when I come to meet him for a little sit-down. The place is full for a Friday afternoon. Theres a worker taking calls on the couch in the front and plenty of others pacing about in the background.

The office is tucked away in an unassuming industrial area of Burlingame, California, in a building that reminds me of some 60s-style government structure. Color is easy to spot. First suite on the first floor and the only one with, well, bright color.

Gil offers me a water and we sit down in a little conference room. Jokingly, he says maybe he can do something funny for the featured image for my article like pretend to hold up the color wheel logo. Katie would never let me do that, he says, referring to his chief marketing officer and ex-Twitter employee Katie Jacobs Stanton. Hes nerdy funny. I like that.

Gil came to Silicon Valley with impressive academic credentials, including a degree in mathematics, another in molecular biology and a PhD in biology from MIT. It was 2001, and he had hoped to make a dent in the universe. But the timing was off. The country was already headed toward an economic downturn, then 9-11 happened.

He was at a telecom company that quickly grew to 150 people and shortly after shrank to a tenth of the size in five rounds of layoffs. Gil was cut in the third round.

That was a turning point for him.

All these people helped, he said. Like big brand-name VCs were referring me to companies just to help. They were like, Everythings collapsing. Youre some random person who showed up with a PhD in biology. You have no job prospects.

He went on to hold prominent positions at Google and Twitter and now as a co-founder in Color Genomics. Hes also an investor in several well-known startups including Airbnb, Square, Stripe and Pinterest and is in a position, which hes known to readily use, to give back to Silicon Valley in much the same way.

But, a dark cloud has been hanging over the Valley lately. News of several incidents of sexual harassment and sex discrimination of female founders have toppled VCs once seen as demigods and caused some to lose hope in the dream.

SB: Ive heard people say Silicon Valley is over. Theyve kind of almost lost faith in their heroes, and then theres all these other little pop-up satellite Silicon Valley-esque cities starting to come up. Do you think Silicon Valley is over?

EG: Oh God, no. I think its best days are ahead of itDo you know the last time they said that Silicon Valley was over?

SB: When?

EG: Theres two times.One was in the early 90s where they were like Its over. Theres nothing left to be done.

SB: At the height of the semiconductors.

EG: Yeah, because all the semiconductor stuff was really sort of like 70s and 80s. And then in early 90s 91, 92, 93 theres the internet. And I was talking to somebody who was really prominent in the internet wave, and he was like I moved out here in like 93 and everybody thought it was over.

Literally, that was the thing. They were like The best times are behind us. All the stuff that could be done has been done. Its over. And then a small group of people were like Lets do stuff on the internet. Others were like Thats insanity. Like the internets a stupid toy thing that connects five universities. Who cares? Then of course, Netscape happened, and then theres a wave of innovations, and then in the bubble that I moved into with my perfect bad timing, the collapse I moved into. In that period, everybodys like Oh, theres nothing interesting on the internet, and we have to go back to hard tech. And Kleiner Perkins got into clean tech, and all these people were talking about nano tech, and it was like Silicon Valley is over, and theres nothing to do. We need to find new industries. Thats literally what happened.

Then all the social waves happened, and the mobile waves happened Just like theres a business cycle, theres a venture cycle, and innovation cycle. You end up with these gaps, and I think were just going through a period where theres less obvious things.

Interjection: We started talking about cryptocurrencies, ice cream, health tech and whats next in Silicon Valley. Ive cut a bunch of this short for brevity.

EG:I basically think the last six months have been cryptocurrencys Netscape moment, and I think were still trying to figure out whats Google, and whats PayPal, and Yahoo, and what to keep in with this first wave.

SB: [Cryptocurrency] scares people, especially when its very new.

EG:Totally. You remember the first internet. People were like Oh, nobodys going to buy anything on that. Theyre not going to put a credit into a website. Thats madness.Now weve got Instacart, Amazon..

Can I say something, and then argue that I never said it when you have a tape? Can I do that purposefully?

SB: Okay. What do you want to argue?

EG: I never said I like chocolate ice cream. I like chocolate chip, or something like that.

SB: And Ill be like No, on the record. This is where he said it.

Okay, so kind of wrapping this up. Where do you see Color fitting in in all of this?

EG: Yeah. I think Color was sort of part of a very early first wave of the visual data areaSo really our focus is on how do you unlock information thats sort of locked up for people, make it something they can actually use to help manage their own health.

SB: People might say it makes it a lot harder if you have to go through your physician first to get this information. I think thats kind of the allure of these at-home health tests a lot of the time.

EG: I think it depends on how much friction you can take out of the physician process, but also the flip of it is, if physicians are telling people that they should consider it, thats actually a really powerful way, as well, for people to participate. So I think there are sort of two sides of the same coin.

As an Ashkanazi Jew, I remember going to my doctor and like Hey, should I be taking these genetic tests for cystic fibrosis and Tay-sachs and all this other stuff as a carrier? And he was like, Oh yeah. Youre Jewish. Sure. You should do it.

SB: Sure. Gotta be proactive.

EG: But I had to bring it up, right? Its something thats often recommended for Ashkenazi Jews to do. So, were basically trying to create an online version of that, where youre still working with the physician but theres different ways for you to work with him.

SB:Where do you think people can innovate further in the health tech space right now? What would you like to see?

EG: Yeah. Um, thats a great question. I think ultimately, theres so much data available ambiently through peoples bodiesThis company Cardiogram that I mentioned. Im a small investor there, from a disclosure perspective. Thats a good example of where youre just ambiently recording and then telling people that they may have had a heart attack. I think that those are some themes that are really intriguing.

I think the top part in health care is that the people who are often benefiting the most from things, arent necessarily the people making the buying decisions. There are some things at a low enough price-point, so that really changes the adoption rates of different tested products. Thats one obstacle, in terms of larger scale adoptions.

SB: Okay. I think well end it on that.

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Elad Gil and Silicon Valley's bright future in cryptocurrency, genetics ... - TechCrunch

Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated maths problems that generate coins. Users can also buy the currencies from brokers, then store and spend themusing cryptographic wallets.

Cryptocurrencies and applications of blockchain technology are still nascent in financial terms and more uses should be expected. Transactions including bonds,stocks and other financial assetscould eventually be traded using the technology.

Cryptocurrencies are known for being secure and providing a level of anonymity. Transactions in them cannot be faked or reversed and there tend to be low fees, making it more reliable than conventional currency. Their decentralised nature means they are available to everyone, where banks can be exclusive in who they will let open accounts.

As a new form of cash, the cryptocurrency markets have been known to take off meaning a small investment can become a large sum over night.

But the same works the other way. People look to invest in cryptocurrencies should be aware of the volatility of the market and the risks they take when buying.

Because of the level of anonymity they offer, cryptocurrencies are often associated with illegal actvity, particularly on the dark web. Users should be careful about the connotations when choosing to buy the currencies.

Continued here:

What is cryptocurrency? - Telegraph.co.uk

Cryptocurrency is the talk of the town now, its everywhere, from thousands of digital coin ATMs installed over the world to the hospital in Pakistan offering to accept the digital currency. Among all the debate about its legality and profitability, an unfamiliar mind finds itself confused over the word cryptocurrency. Now we are going to discuss all the whats and the hows of cryptocurrency.

Cryptocurrency is a digital currency which is created and accessed electronically and can be used to buy things electronically. Just like dollar, rupees or yen, various conventional currencies circulating today, there are more than 900 cryptocurrencies available. Most famous of them is Bitcoin, the first cryptocurrency invented in 2009. Ethereum, Litecoin, Factom and dozen others are also used in a fair amount.

Cryptocurrency serves the same purpose as conventional currency except for the one main difference: it is decentralized i.e. there is no central bank regulating it. There is no intermediary present between two dealing parties. In the case of conventional currencies, banks have all the record and they charge fees for their services. However, in the case of cryptocurrency, there are no banks present to cut fees. It is the anonymity ensured by the absence of intermediary which has made it famous; just like in emails and phone calls, where our message travels from A to B without relying on a third-party, thus ensuring our privacy.

But the question arises who regulates the transactions? What if someone just duplicates their cryptocurrency or uses it for more than one transaction? To solve this problem, an online public ledger, Blockchain, keeps and updates all the record of transactions. It is the technology at the heart of Bitcoin and other cryptocurrencies. It uses cryptography to make transactions secure and makes them publicly available while ensuring the users anonymity, thus also helping to reduce fraud. Since it is publicly available, the whole community can verify the authenticity of a transaction.

State Bank of Pakistan hasnt announced any regulations for the cryptocurrency, which means that digital currency neither holds the status of money nor it is illegal to use. However, earlier this year, FBR launched action against those involved in money laundering and tax evasion through digital currency, and SECP warned the public to beware of scams in cryptocurrency. Apart from this, there arent any comments by the Government of Pakistan.

The majority of countries have no legislation regarding any digital currency. Japan has given it the status of legal tender. However, Saudi Arabia, Bangladesh, and few other countries have declared it illegal, citing their concern over its possible use in money laundering.

The reason for the absence of any clear legislation is that the cryptocurrency is still in developing phase and a very small fraction of public uses it. Unless major investors enter this market, we cannot expect a word about its legality from the government.

Because of the absence of any third party, it offers a number of benefits.

No one knows how much digital currency you have and what transaction you have made unless you make your online wallet public. Compared to conventional currency, where banks carry all the information regarding your balance and transactions, it is up to you how much information you want to share with others.

Whenever you make a transaction, data is updated on Blockchain, an online ledger, but your identity is kept private. If someone wants to verify a transaction they would look it up in Blockchain, but they wont know your name. However, this privacy must not be confused with complete anonymity; you are still required to prove your identity while signing up.

Of what use a currency is if you cannot buy things with it. Many websites accept cryptocurrency as payment. For instance, Overstock.com accepts Bitcoins as payment and the good thing is they also ship to Pakistan. You can also top up your prepaid mobile phone using Bitrefill. Freelancers also prefer to use cryptocurrency, as it reduces their transaction fees and increases their earning by 2% to 5%.

Yes, there are many risks and disadvantages of using cryptocurrency.

There are a limited number of coins at the moment and demand varies from day to day. The rate of digital currency adoption may hamper or increase depending on the press coverage and other factors. But point needing emphasis is that overall trend is upwards. Earlier this year Bitcoin surpassed the value of one ounce of gold. Around the same time, it also dropped by 30%. Its a high-risk medium and you better not keep your savings in it.

You wont find any ATM for cryptocurrency in Pakistan. There arent any local retailers offering to accept any digital currency. So, you cant simply go out in the market and use cryptocurrency; it still has a lot of growing to do. The price that vendor cuts for processing your transaction keep changing, servers often dont work and it takes a whole day to do just one transaction. Cryptocurrency is new to this world and is still under development, but still, it is improving with every passing day.

World of cryptocurrency is an uncharted territory. It is so new that there isnt any legislation regarding its taxation. The government hasnt classified it either as a commodity or a currency. There are no statements regarding taxation of cryptocurrency. There is still a lot of confusion about its taxability. So, in order to avoid trouble, it is advisable to establish a record keeping system and keep a track of when is cryptocurrency acquired and when it is disposed of.

In the next story, I will tell you about the most popular cryptocurrency Bitcoin. I will also give you a detailed explanation on what you can do to buy Bitcoin or other coins in Pakistan.

Feel free to drop your questions below for further discussion.

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Cryptocurrency 101 - TechJuice (press release) (blog)

Back in 2014, Kairat Kelimbetov, then-head of Kazakhstans National Bank suggested that Bitcoin could be a form of financial pyramid scheme. The common belief among Kazakhstani officials was that cryptocurrencies could undermine the countrys already struggling tenge.

The tenge absolutely was struggling, though.

Nearly 80 percent of the Kazakhstan National Banks reserves, deposited from customers, are not kept in tenge, the countrys national currency. Though the number is lower for businesses, the fact that most of the banks reserves are in dollars, euro, and other currencies is not encouraging for the countrys national currency. Even still, with the tenge having fallen over 70% between 2008 and 2014 due to rampant corruption and low oil prices, media rumors of a BTC ban were circulating the Central Asian nation throughout 2014.

Things began to change, however, and as cryptocurrencies increased in popularity and other countries began to relax their positions, the Kazakhstan government followed suit. The Kazakhstani even saw their first BTC ATM in late 2015. Seeing the need for change, the government began the race to regulate cryptos in 2016, allowing the National Bank leverage to monitor the situation, according to Daniyar Akishev.

In June 2017, Kazakhstan announced plans to begin selling blockchain based bonds. The idea was to provide investors with a low-cost, commission-free, and speedy medium for purchasing bonds. While not necessarily a new idea, it was a landmark event for Kazakhstan in the blockchain race.

Showing an even greater commitment to the governments efforts to adapt to the technology taking root across the world, President of Kazakhstan Nursultan Nazarbayev announced that It is high time to look into the possibility of launching the international payment unit. It will help the world get rid of monetary wars, black-marketeering and decrease volatility at markets, at the 10th Astana International Forum (AIF). According to Nazarbayev, All countries should be represented there equally. This is a difficult question but it should be solved. This signaled a distinct shift in ideology from officials 2014 decry of the subject.

From that surprising announcement, a fresh movement was seemingly born. In mid-July, working with Deloitte, Kesarev Consulting, Waves Platform, and legislation firm Juscutum, the Astana International Financial Center (AIFC) announced that the coalition would be working together to develop supportive cryptocurrency regulation in Kazakhstan. We consider this project as a perfect opportunity to create a new jurisdiction, which would be most favorable for crypto projects in the world, said Head of Juscutum, Artem Afyan.

Kazakhstani officials clearly recognize the need to adapt to the rapidly changing techno-economic environment, and theres no lack of enthusiasm from the trading population either. Kazakhstans move to become the worlds second government to regulate cryptocurrencies puts it on track to become a hub for crypto-startups, blockchain businesses, and ICOs. The financial implications of this move could prove to be more than beneficial to the nations struggling economy.

But Kazakhstan is not the only country in Eurasia to catch the Bitcoin bug. Belarus has recently approved the use of blockchain technology for its securities market, while Poland last year promoted an idea to move to a cashless economy favorable to blockchain-based security systems. Even Ukraine has lofty goals involving cryptocurrency.

The blockchain race is on, and those who act fast and efficiently could emerge as leaders in the crypto-revolution.

Images from Wikimedia commons and Forexnewsnow.com

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Is Kazakhstan the next cryptocurrency hotspot? - Crypto Insider (press release) (blog)

Walk into the Amante coffee shop at 2850 Baseline Road in Boulder on any given morning and youll see what looks like an automated teller machine sitting along one wall.

Throughout the day, a handful of people use it. One is a techie, another is a well-dressed, middle-aged couple. But this is not your grandmothers ATM. Its a Bitcoin teller machine, a portal into the brave new world of cryptocurrency.

Some call this new kind of money the grandest experiment of our time. Others fear its rising power and the rest of us have no idea what the heck it is.

Boulders Eric Weissmann was fascinated early on with the potential of digital currency. And when the opportunity arose to own and operate Bitcoin teller machines, or BTMs, he jumped in and founded Modern Tender. Weissmann thought the architecture of the code, the blockchain, had the potential to transform currency markets.

I was interested in Bitcoin and thought the blockchain technology was revolutionary, so I wanted a foothold in the space. We reached out to Amante because we wanted a location that was upscale, easily accessible, and attractive to early adopters and the tech demographic, Weissmann said.

BTMs are still rare. There are 13 statewide, including two in Boulder Weissmanns at Amante Coffee and a second machine in the Spark Boulder tech accelerator at 1310 College Ave.

The two BTMs in Boulder were installed in February of 2015. The Spark machine is owned by Aurora-based XBTeller. Officials there could not be reached for comment.

Operating outside the traditional banking system with no regulatory oversight, BTMs have experienced a surge in use as more people turn to cryptocurrencies as a haven from political instability and distrust of government-backed currencies.

To read more of this story go to dailycamera.com

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Bitcoin teller machines in Boulder let customers jump into the cryptocurrency market - The Denver Post

Because of the growing attention towards Zcash (ZEC) cryptocurrency, EXMO exchange reports about the launching of trades in four currency pairs at a time: ZEC/BTC, ZEC/USD,ZEC/EUR, ZEC/RUB.

28th July, EXMO cryptocurrency exchange expanded the list of financial instruments, having integrated Zcash (ZEC) cryptocurrency, which total market capitalization is estimated at $302 700 000. The cryptocurrency has gained users attention and trust because of the high degree of anonymity of transactions in the system and the simplicity of its mining.

Why its cryptocurrency Zcash (ZEC) that weve chozen? The decision to launch this cryptocurrency was based on the results of the survey, conducted earlier among active exchange users, according to which, Zcash (ZE) cryptocurrency took the first place.

New financial instruments of Zcash It should be noted that due to Zcash integration platform users are able now to perform trading operations for the most demanded currency pairs: ZEC/BTC, ZEC/USD, ZEC/EUR, ZEC/RUB. The deposit and the withdrawal are already accessible on the page Wallet.

Let us remind you, that EXMO cryptocurrency exchange has already added three new currency pairs: ETH/EUR, ETH/LTC, DASH/RUB and also promising WAVES token. In the near future the company is also planning to extend the list of financial trading instruments.

Follow our updates, that are published on EXMO trading platform in the News section and follow us on Telegram, Facebook, Twitter pages. Thank you for staying with us! Best regards, EXMO team

Continued here:

EXMO integrates Zcash cryptocurrency - newsBTC

Chip maker AMD has seen its sales buoyed in recent months by big demand for graphics cards by cryptocurrency miners.

According to its latest financial report, AMD recorded $1.22 billion in revenue duringthe second quarter of 2017, up 19% compared to the same period last year. This increase, the company said, is being spurred "by higher revenue in the computing and graphics segment."

Yet cryptocurrency mining isn't part of its long-term strategy for growth, accordingto Lisa Su, the firm's president and CEO, who remarked on the phenomenon during a Q2earnings call this week.

However, that state of affairs could change depending on how the situation progresses in the months ahead.

Su said during the call:

"Relative to cryptocurrency, we have seen some elevated demand. But it's important to say we didn't have cryptocurrency in our forecast, and we're not looking at it as a long-term growth driver. But we'll certainly continue to watch the developments around the blockchain technologies as they go forward."

Mining is an energy intensive process by which new transactions are added to a blockchain. In return for adding a new blocks, miners are awarded with new tokens, with the profits being derived from the difference between the energy expended and the prevailing exchange rate of those tokens.

Much of the demand for graphics cards, or GPUs, is being driven by ethereum miners. Bitcoin mining, by comparison, is accomplished through special-purpose computers designed for that singular purpose.

Graphics cardsimage via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].

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AMD: Cryptocurrency Mining Isn't 'A Long-Term Growth Driver ... - CoinDesk

Dive Brief:

AMD's CEO said Wednesday that the company does not consider cryptocurrency a long-term growth driver, despite rising demand, according to Business Insider. The company will continue to focus on gaming, its bread and butter.

Lisa Su, CEO of AMD, made the remarks following the release of the company's earnings report. AMD reported higher than expected earnings and revenue, pushing the company's stock up 8%.

Su said the company would "continue to watch the developments around the blockchain technologies as they go forward," but will not include cryptocurrency in their forecast.

Companies like IBM and Microsoft have made big leaps into the cryptocurrency space, so it's surprising to see AMD backing off a bit.

Demand for chips that can be used to help with complex blockchain computing processes are on the rise, so the company could be bypassing a lucrative opportunity.The company's biggest challenger,Nvidia, is building a chip for computers that can be used in cryptocurrencynetworks.

AMD's cautious approach is fueled in part by some of the negative connections to blockchain technology. AMD may simply be trying to distance itself from any negative connotations until the dust settles.

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AMD backs off cryptocurrency even as demand grows - CIO Dive

Net Neutrality

Americans are slowly realizing the significance of the potential consequences of the FCCs current net neutrality regulations being repealed. These regulations once protected small businesses and content providers from intrusion by private, monopolistic internet service providers (ISPs), such as Verizon and Comcast. Before net neutrality, ISPs could disrupt, slow, and even censor content on the internet without any liability. This controversy reached its climax in 2007 when Verizon was exposed for blocking group chat conversations coming from a large pro-choice abortion group. However, many defenders of net neutrality are currently overlooking the political dynamic between net neutrality and the development of cryptocurrencies.

Blockchain and cryptocurrencies like Bitcoin have greatly benefited from past net neutrality regulations. Bitcoins price has increased 300 percent since Obamas regulations were put in place in February 2015. This growth has been attributed to many factors, including the governments of Japan and China becoming more tolerant of cryptocurrency use. Not to mention countless initial coin offerings (ICOs) also hitting the worldwide market. The last two years have been the most profitable and evolutionary period for cryptocurrencies since their inception. However, Bitcoin and other cryptocurrencies have been in the middle of a financial bubble, and a series of interventions from ISPs could force that bubble to implode which may not be a bad thing. Without net neutrality regulations, ISPs can function without any accountability. What that will mean for cryptocurrencies remains yet unknown.

Its no secret that many American corporations lean staunchly conservative, and would happily wipe out a disruptive technology that works against their interests something like cryptocurrencies. ISPs and the U.S. government maintain close ties, something which has become increasingly obvious in the past few months. The appointment of former Verizon lawyers such as Ajit Pai, as the head of the FCC is just one example, and state policies continue to keep 60 percent of Americans confined to just a single internet provider option.

The concentration of power amongst ISPs allows the government to more effectively regulate and influence the internets evolution. When and if cryptocurrencies are viewed as a problem by the U.S. government, the internet service provider will be looked at to find the solution. Under the current status quo, Bitcoin will not be considered as an alternative monetary system because it is too difficult to control and tax. Not to mention that Congress position on virtual currencies is still unclear, and interpretations of the Stamp Payments Act of 1862 may provide Congress with the legal footing to leverage against cryptocurrencies.

The Act states that:

Whoever makes, issues, circulates, or pays out any note, check, memorandum, token, or other obligation for a less sum than $1, intended to circulate as money or to be received or issued in lieu of lawful money of the United States, shall be fined under this title or imprisoned not more than six months, or both.

A simple way in which an ISP can affect the attractiveness of cryptocurrency investment is by slowing down broadband speeds of blockchain sites, which would in turn slow down transaction speeds. Yet, the speed (or lack thereof) of transactions has seemingly had zero effect on investment. Thus, cryptocurrencies themselves arent necessarily at risk unless ISPs conduct structural attacks on blockchain servers. By nature, blockchains are immune to human intervention. However, the internet provider holds the ability to implement a partition or delay attack. These attacks could effectively create a blackhole, where all bitcoin transactions are lost and made impossible to track. This could lead to wasted processing power and doubled spending for miners. However, these concerns are coming from the lawyers and businessmen, not the engineers.

Engineers see this problem as a perfect example of why blockchain was designed the way it was. To them, repealing net neutrality regulations would invite the possibility of having to reposition themselves back onto an I2P network, like Kovri.

Net neutrality while it does embody the decentralization mantra of blockchainis far from a requirement for the functionality of blockchain. The future of the monetary system is a global currency free from human intervention. If Bitcoin fails to survive the coming storm, it would be because of structural errors not ISP intervention. In addition, if the ISPs start a war against blockchain and cryptocurrencies, the internet may experience an accelerated evolution of decentralization. In the context of blockchain and cryptocurrencies, net neutrality may be a blessing in disguise, forcing further development in the industry.

Continue reading here:

What Does Net Neutrality Mean for the Future of Cryptocurrency? - Futurism

Have you ever had a moment where you didn't know whether to laugh or cry? That's the situation playing out in the graphics card market because of the cryptocurrency mining boom, a topic we've covered extensively in recent months. But just when we thought there was nothing left to report on the matter, it's come out that some of the most active Ethereum miners are renting Boeing 747 airplanes to ship orders of graphics cards. Yes, seriously.

That is the sort of money that is at stake here. Cryptocurrency is highly volatile, Ethereum included. For miners with massive setups, shipping by sea is just too slow.

"Time is critical, very critical," Marco Streng, chief executive of Genesis Mining, told Quartz. "For example, we are renting entire airplanes, Boeing 747s, to ship on time. Anything else, like shipping by sea, loses so much opportunity."

Some 36,000 units of Ethereum is collectively mined each day. At around $200 per unit, miners are competing for $7.2 million worth of Ethereum per day. At one point just a few weeks ago, those figures were doubled with Ethereum spiking to $400.

"Time counts so much. We are using the fastest delivery possible," Streng added. "You risk the opportunity to mine for the days you are delayed. If you are deploying 10 days later, you are losing 10 days of miningthat is the cost."

Streng notes that Ethereum was trading for around $10 per unit at the beginning of the year, before ballooning to $400 in June, thus creating an "incredible economic incentive for people to start mining." And also a shortage of graphics cards, as Streng is aware.

It's tough to get a read on the market and where things will go from here. If we're being optimistic, we can look at the recent drop in value and rise in difficulty to mine Ethereum. This has caused some casual miners to dump their used hardware on Ebay, albeit at inflated price tags. We can take that as a sign that the market is starting to creep back towards normalcy.

On the flip side, miners who have more invested are willing to ride the ups and downs. And apparently business is still good enough that not only can they afford to rent Boeing 747s to ship graphics cards, but they can't afford not to.

Even AMD has acknowledged the impact of mining on graphics cards shipments. This is something AMD CEO Dr. Lisa Su touched on during a recent earnings call.

"Relative to cryptocurrency, we have seen some elevated demand," Dr. Su said. "But it's important to say we didn't have cryptocurrency in our forecast, and we're not looking at it as a long-term growth driver. But we'll certainly continue to watch the developments around the blockchain technologies as they go forwards."

Dr. Su also acknowledged that inventories of GPUs is "quite lean" at the moment. The good news? AMD is "working on replenishing" stock, adding that the company's priority is on the gaming market. Let's hope it plays out that way in the coming months, especially with Vega right around the corner.

See the article here:

Cryptocurrency miners are renting Boeing 747s to ship graphics ... - PC Gamer

Fortune has published an examination of a secretive cryptocurrency hedge fund that is backed by some of Silicon Valleys top venture capital firms. The fund was co-founded by Naval Ravikant, Joshua Seims, and Lucas in 2014, and has produced returns of over 500%.

Also Read:Hedge Funds Are Quietly Investing in Bitcoin

Metastable Capital is a cryptocurrency hedge fund that has attracted investment from many top venture capital firms despite largely shunning publicity since its inception in 2014. Metastable was co-founded by Angellist CEO, Naval Ravikant, cryptography expert, Lucas Ryan, and former angel investor, Joshua Seims.

Fortune has reported that Andreessen Horowitz, Sequoia Capital, Union Square Venture, Bessemer Venture Partners, and Founders Fund are among Metastables major investors all of whom participated in Polychain Capitals fundraiser earlier this year.

Metastable takes a long term perspective when assessing the markets, aiming to invest in projects that it expects will be profitable over the course of at least a decade. Theres a handful of, say between five and 10 of these major use cases that could be trillion-dollar blockchains, Seims told Fortune. Its all very long-term focused, and we think were in super early days right now. It really comes down to which do we think is the strong enough technology, that we think can win.

Metastables website describes two funds offered by the firm, Metastable Balanced, and Metastable Edge. The Balanced fund seeks to take a value-investor approach to investing, guided by deep technical understanding of the protocols to select a portfolio that we believe will deliver the greatest returns, holding a large portion of bitcoin, in additional to several smaller sized positions in major altcoins. Edge is designed for investors that already have substantial Bitcoin holdings, and holds ETH and a variety of smaller coins from more recent ICOs, although the ETH portion fluctuates based on whether we believe that the value from new coins is going to accrue to the new coin or to ETH.

Metastables flagship cryptocurrency hedge fund has yielded impressive performance throughout 2017. At present, Fortune asserts that Metastables Balanced fund is invested in approximately a dozen different markets, including bitcoin, ethereum, and monero of which it is reported to own roughly 1% of total supply. During mid-March, Metastable reported returns of 539%, however, since March, bitcoin, monero, and ethereum have more than doubled prompting Fortune to estimate Metastables returns since inception are greater than 1,000%. On June 23 it is alleged that Metastable reported total assets of $69 million.

Metastable requires a minimum investment of $1 million, and charges a 2% management fee and a 20% performance fee.

Do you think that cryptocurrency funds will continue to out perform mainstream hedge funds in coming years? Share your thoughts in the comments section below!

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Secretive Cryptocurrency Hedge Fund Metastable Examined - Bitcoin News (press release)

New regulations for cryptocurrency exchanges have gone into effect in the U.S. state of Washington.

Following the passing of Senate Bill 5031 into law at the weekend, the state's money transmitter laws now apply to exchanges, meaning that they need to obtain a license fromthe Washington State Department of Financial Institutionsand must provide a third-party audit of their data systems.

Among other requirements, the law also mandatesa new transmitter bond requirement, with the figurebeingtied to the amount of currency exchanged during the previous year.

Lawmakers finalized the measure in April, sending it to the desk of Gov.Jay Inslee, who signed it days after work on the bill was completed. According to public records, the law went into effect on Sunday, July 23.

As CoinDesk haspreviously reported, lawmakers in the western U.S. state have been working since January to develop regulations for exchange startups.

The bill's passage wasn't without controversy, however. Cryptocurrency exchanges Poloniex and Bitfinex declared that they would would stop serving customers there, citing the new regulations.

At the same time, startupssuch as New York-based exchange Gemini moved in the opposite direction, obtaining approval to begin serving customers in the stateearlier this year.

Washington State Capitol imagevia Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].

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Washington's New Cryptocurrency Exchange Rules Are Now in Effect - CoinDesk

Russian legislators are trying to use elements of the New York licensing system and Japanese laws to shape Russias cryptocurrency legislation.

Russia is working on its own legislation for cryptocurrencies and is actively examining the expertise of other nations in this respect, according to Russias Internet ombudsman Dmitry Marinichev.

In an interviewfor the Russia 24 TV channel on Wednesday, Mr Marinichev said that the Russias cryptocurrency legislation will be similar to a degree to that of Japan, and to a degree to that of New York (the New York DFS licensing system).

Concerning the current popularity of Bitcoin trading, he said he would not recommend Russians to participate in Bitcoin trading in the near future, as the risk of loss is too high. One of the factors for that is the pending system upgrade.

Mr Marinichev added, however, that the perspectives for Bitcoin and other cryptocurrencies are better in the longer term talking of a time horizon of at least a couple of years.

He stressed the increased understanding of Russian authorities of blockchain and Bitcoin. Indeed, even the Central Bank of Russia has this year become way more welcoming towards blockchain technologies and cryptocurrencies. This stance has marked a stark contrast to the banks initial position that treated Bitcoin and its likes as money surrogates and warned that any activities associated with them may be treated as violations of AML laws.

In May this year, it became clear that the Ministry of Telecom and Mass Communications expects the legal provisions for the legalization of the DLT technologies like blockchain to be in place in 2019. In March this year, Russias Prime Minister Dmitry Medvedev joined the supporters of blockchain technology by instructing the Ministry of Telecom and Mass Communications and the Ministry of Economic Development to explore the possible applications of the blockchain technology during the preparation of the Digital Economy program.

Russian businesses have been increasingly adopting blockchain-based solutions and have been examining the use of cryptocurrencies in their operations. The latest news in this respect come from airlines. Earlier in July, Russias main airline Aeroflot-Rossiyskiye Avialinii PAO (MCX:AFLT), published a procurement notice for proposals for the implementation of crypto-currencies and related technologies in its operations. Another push in this direction has been made by Alfa-Bank and S7 airlinethat have partnered on a project that will allow selling of flight tickets based on the Ethereum blockchain.

Link:

Russia's cryptocurrency legislation to resemble that of Japan, US - FinanceFeeds (blog)

In Brief Irish startup Bitcart just announced the creation of Festy, the world's first wristband capable of facilitating Dash cryptocurrency payments. The wearable could help bring crypto payments into the mainstream by making the process of using them more attractive for both customers and merchants. Wearing Your Wallet Cryptocurrencies are enjoying a groundbreaking year.The market is growing in popularity, attracting investors and sending crypto values to ever new heights. However, the market currently lacks the technology necessary for everyday use in real-world scenarios.

Bitcartislooking to rectify this.

The Irish startup has developed the worlds first Dash cryptocurrency payment wristband. NamedFesty, the device allows the wearer to pay for products with the Dash cryptocurrency. Users can add funds to their wrist-mounted wallet at a Festy-branded ATM or using an online transfer service.

Although Dash is a cryptocurrency, Festy is compatible with any point-of-sale system that accept Visa contactless payments. It can also be used to make payments on any phone or computer using near field communication (NFC) tags or offline payments via quick response (QR) codes. The wristband isdesigned primarily for bar and festival hoppers andcan also be used to store tickets, which could play a role in eliminating fraud or verifying ages of compliance at events.

For customers, Festy offers several advantages over traditional credit cards. Payments made via the wearable are nearly immediate and acard number or private key is never displayed.

Vendors benefit from the system, too. Our partnership with Dash makes the perfect payment solution for everyday transactions, Bitcart CEOGraham de Barratold Bankless Times.Unlike existing traditional bank payments that take a two to five percent fee, there is no cost on receiving Dash for merchants.

Cryptocurrencies are built on blockchain technology that has the potential to revolutionize transactions worldwide. They boast increased transparency and security, but they are unlikely to go mainstream without easy to use tech like Festy.

Thankfully, Bitcart is just one company working hard to help cryptocurrencies break into the mainstream. A number ofBitcoin debit cards are making it easier to make payments via the currency, and in nations likeJapan, bitcoin is on track to become a commonly accepted form of payment.

Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.

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A Tech Startup Is Releasing a Wearable Cryptocurrency Payment Device - Futurism

The Securities and Exchange Commission (SEC) headquarters building stands in Washington, D.C.

Joshua Roberts/Bloomberg/Getty Images

Cryptocurrency was invented by people who didnt much like regulators, but red tape can still bind the technology that enables it, blockchains. Fresh proof comes from a pronouncement from the Securities and Exchange Commission late Tuesday. It said that regulations applying to investments such as stocks also apply to some initial coin offerings, a novel approach to fundraising that startups have used to draw in more than $1 billion this year.

Described simply, an ICO sounds like a childish money making scheme. A person, project, or company in need of capital creates a new kind of digital coin and sells a tranche of them for real money. Magic! The coins are created using the same kind of technology behind cryptocurrencies such as Bitcoin or Ethereum, and usually paid for using digital currency, not dollars.

ICO boosters describe them as a democratizing financial force that provides capital to projects unlikely to get it from established sources such as banks or venture capitalists. The SECs announcement means that some projects will now have to pay up for the lawyers, disclosures, and paperwork required to register with the SEC before they can solicit money from Americans.

That news was widely expected, but could cool a fever that even proponents of ICOs say risks leading people to stake money on poorly planned, or even outright fraudulent projects. You had a mix of serious teams with good developers and track records and then a bunch of entrants looking for a get rich quick scheme, says Christian Catalini, an MIT professor who has been studying ICOs, and considers them a valuable financial innovation. I think the SEC is worried that many people dont realize its like gambling; many or most of ICOs will go to zero.

So why would you buy into one of these schemes? Often because the brand new coin, or token, youre offered today is supposed to have some kind of utility or value tomorrow.

In May, browser company Brave raised $35 million in less than 30 seconds by selling one billion units of what it calls Basic Attention Tokens, for example. The tokens are intended to be used inside a new market for monetizing online publishing and advertising. Buying in early might give you a chance to shape that market and get better deals on ads than you could by joining up once it takes off. Another reason ICOs have proved popular is that you can usually trade the tokens you just bought right away with other people, offering liquidity you dont usually get when backing early stage startups.

If youre thinking all that sounds similar to how companies already sell shares or other tradeable things to investors, youre thinking like the SEC. An Investor Bulletin issued late Tuesday warned that while ICOs may provide fair and lawful investment opportunities, they can also be used improperly to entice investors with the promise of high returns in a new investment space. To avoid that downside, the SEC says that from now on some ICOs will have to meet the same standards applied to non-crypto securities such as stock offerings. That means registering with the SEC and disclosing information about the investment vehicle and its risks. The policy announcement was prompted by an investigation of Ethereum-based investment scheme The Dao, which attracted $150 million-worth of funding and then saw a third of it stolen by a hacker who exploited sloppy coding.

The new guidance was expected. But its arrival, and the fact that the SEC didnt lay out exact criteria for what would make an ICO a security (or not), makes the business of launching a new ICO in the U.S. more complicated. Wannabe token issuers now face the task of figuring out if their scheme falls under existing securities laws. If it does, theyll have to go to the trouble of registering it with the SEC. Bruce Fenton, founder of blockchain-focused investment advisors Atlantic Financial, says that the legal and administrative fees to do that can cost anywhere from $20,000 to the millions of dollars for more complex operations.

The extra friction will probably slow the pace of new ICOs. Startups raised more than $1.2 billion with ICOs in the first half of 2017, according to financial research company Autonomous. Catalini of MIT thinks a deceleration would not be a bad thing, because recent excitement about ICOs has created a situation where teams with not much of a product, plan, or technology can rapidly raise millions.

Even the valuations of the credible ones are astronomical for an early stage startup, Catalini says. The SEC doesnt want people to put their savings into this who cannot afford to lose them. He believes the frenzy has been stoked by millions flowing into ICOs from people who lucked out and got into Bitcoin and Ethereum early, giving them a lot of unexpected capital to play with.

What next for ICOs? They arent going away, but they may become more select. Catalini guesses that the evolution will be similar to that seen with equity crowdfunding, where startups solicit money in small chunks from many people. The SEC moved to allow that in 2015, triggering excitement about a radical new grassroots funding model for companies. In reality, Catalini says his research indicates crowdfunding that targets accredited investorsa status that requires a net worth of $1 million or a hefty incomehas been much more significant. Targeting only accredited investors can help you avoid having to register your security with the SEC.

Many people in the cryptocurrency world see yesterdays news from the SEC as legitimizing, not constraining. After all, recognition by the SEC might draw in more investors previously unsure about ICOs. Coin Center, a Washington, DC, nonprofit that advocates for cryptocurrencies, says the decision matches up with a regulatory framework it proposed two years ago. It also notes that what the SEC has said leaves plenty of latitude for ICOs to avoid it being categorized as a security. Restricting who can invest is one way; non-profit projects can get also exemptions.

Fenton says any dip in ICO activity caused by the SECs announcement wont much alter the overall trajectory of ICOs. The number of ICOs is likely to grow almost regardless of what roadblocks may slightly slow it down, he says. Overall the space will grow fast, including the market of tokens that are registered securities. Evidence cryptocurrencies will radically disrupt the financial system as some have hoped is still lacking, but they are managing to survive within it.

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Startups' Cryptocurrency Fundraising Loophole Gets a Regulatory ... - WIRED

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Investor Howard Marks, who predicted the financial crisis and dotcom bubble implosion, warned that cryptocurrency is a nothing more than a fad or pyramid scheme style scam.

He said: In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it.

The co-chairman of Oaktree Capital, compared cryptocurrencies to the Tulip mania of 1637, the South Sea bubble of 1720 and the internet bubble of 1999.

In an investor letter, he said: Serious investing consists of buying things because the price is attractive relative to intrinsic value.

Speculation, on the other hand, occurs when people buy something without any consideration of its underlying value or the appropriateness of its price."

Bitcoin suffered a crash earlier this month but has since bounced back and is now up by almost nearly 160 per cent this year.

On Wednesday Bitcoin briefly fell as low as $2,433.83, its lowest price since the cryptocurrency dramatically rebounded last week.

The volatile digital currency saw a surge last Thursday after miners backed a new upgrade of the system designed to solve the cryptocurrencys scaling issue.

Although Bitcoin narrowly avoided a fork this month, there are still concerns that digital currency is at risk of splitting into two versions.

Here is the latest Bitcoin news, prices and live updates (All times BST).

CoinDesk

9.40pm:Hong Kong-based digital currency exchange Bitfinex claims that a minority of Bitcoin miners will be "forking" to create a new blockchain called Bitcoin Cash on August 1.

A "fork" is when a blockchain splits into two potential paths.

Bitfinex said the fork does not impact Bitcoin balances, but it creates a new token.

9.15pm: The provider of a publicly traded bitcoin exchange-traded note (ETN) has been fined more than 93,000 ($120,000) by Nasdaq Stockholm for infractions of exchange rules and financial regulations.

The stock exchange's Disciplinary Committee announced that it had levied the fine because the company, XBT Provider, violated provisions in its Internal Rule Book and certain regulations of the Financial Instruments Trading Act.

Among those violations, according to the statement, were "failing to ensure that the risk function reports to the board" and "failing to implement an audit of the company's internet and IT security."

The release also pointed to infractions related to annual reporting requirements.

8.20pm: Bank of America Managing Director Francisco Blanch thinks that Bitcoin cannot successfully expand around the world without being subjected to some regulatory guidelines.

He says: "A key step for Bitcoin would be for it to become pledgeable collateral.

However, large inherent risks to digital tokens such as fraud, hacking, theft, new protocol adoption, limited acceptance and that it is not legal tender many places in the world make it an unlikely development."

Mr Blanchs position is supported by other financial services industry players like Morgan Stanley.

However, the efforts by several governments around the world to regulate the digital currencies have been relatively unsuccessful so far.

5.05pm: Todays high is $2,615.38 and today'slow is $2,541.71 so far, according to CoinDesk. Bitcoin opened at $2,550.18 today.

11.30am: Bitcoin briefly fell below $2,500 on Tuesday and Wednesday. Last Thursday the price rose sharply after most developers backed BIP 91, a upgrade to the bitcoin system.

The BIP 91 lock-in was hailed as a victory as miners agreed to cement the first part of a larger effort to upgrade bitcoin, called Segwit2x.

Alex Sunnarborg, research analyst at CoinDesk, told CNBC: "I believe the market is currently somewhat torn between the optimism around BIP 91 locking in, which could lead to SegWit activating if all goes smoothly, and the fear of the second half of SegWit2x proposal, the 2MB block size hard fork, still being contested.

9am: A US jury has indicted a Russian man as the operator of a digital currency exchange he allegedly used to launder more than $4 billion for people involved in crimes ranging from computer hacking to drug trafficking.

Alexander Vinnik was arrested in a small beachside village in northern Greece on Tuesday, according to local authorities.

CoinDesk

US officials described Vinnik in a Justice Department statement as the operator of BTC-e, an exchange used to trade the digital currency bitcoin since 2011.

They alleged Vinnik and his firm "received" more than $4 billion in bitcoin and did substantial business in the US without following appropriate protocols to protect against money laundering and other crimes.

US authorities also linked him to the failure of Mt. Gox, a Japan-based bitcoin exchange that collapsed in 2014 after being hacked.

Vinnik "obtained" funds from the hack of Mt. Gox and laundered them through BTC-e and Tradehill, another San Francisco-based exchange he owned, they said in the statement.

CoinDesk

8.30am: According to Sheba Jafari, head of technical strategy at Goldman Sachs, bitcoin needs a "few more swings" before the upward trend continues.

"Anything above 3,000 (Jun 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high)," Ms Jafari wrote in a note to clients.

Goldman Sachs said Bitcoin is "still within the limits of a well-defined range", adding: "At this point, it seems reasonable to assume that the market is in a corrective process until there's been real evidence of an impulsive advance."

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Bitcoin LIVE news: Price latest as top investor warns cryptocurrency is an 'unfounded FAD' - Express.co.uk

Philippine business press, Businessmirror, has reported that the government has been yet to approve a single virtual currency exchange application. The Philippine central bank, Bangko Sentral ng Pilipinas, introduced regulations for virtual currencies earlier this year which focussed heavily on creating guidelines for the operations of cryptocurrency exchanges.

Also Read:Philippines Central Bank Issues Guidelines for Virtual Currency Exchanges

The Philippine Central Banks Supervision and Examination Sector told Businessmirror that it has not approved any applications for entities seeking to register and establish cryptocurrency exchanges. It has also been revealed that the Bangko Sentral ng Pilipinas (BSP) has so far received less than 10 applications.

BSP representative, Chuchi Fonacier stated that increased Filipino bitcoin adoption had prompted the development of cryptocurrency regulations. We have observed acceleration in transaction volume based on our survey of top industry players last year, prompting us to institute a regulatory framework. We have no updated statistics to date, as these will come from the regular reports that registered entities will submit to the BSP.

The Philipines bitcoin regulations focus upon articulating a juridical framework for the operation of cryptocurrency exchanges, in addition to providing an inclusive regulatory apparatus for cryptocurrency-based remittance services.We want to maximize the benefits from this technological innovation, while adequately managing the risks that come with it. Virtual currencies can help accelerate the delivery of financial services [e.g., payments and remittance] and lower the cost of transactions, which is consistent with our broader financial-inclusion agenda, Fonacier said.

Officials have consistently iterated the Philippines governments intention to simultaneously foster growth and innovation in the cryptocurrency industries, whilst restricting the risk of bitcoin being used for money-laundering or terrorist financing activities. We are particularly keen on addressing money-laundering risk, that is why part of the responsibilities of a virtual-currency exchange is to comply with established anti-money laundering rules, such as know-your-client procedures, as well as proper reporting to the AMLC [Anti-Money Laundering Council].

Despite local press describing the Philippines stance toward bitcoin as a first of its kind in Asia, the regulatory apparatus developed by the BSP appears to be limited in its scope. The regulations focus heavily on providing guidelines for the operation of virtual currency exchanges, yet have largely neglected to develop regulatory or taxation frameworks for general cryptocurrency use or mining. There has also been little effort made to promote and educate Filipino citizens about cryptocurrency, which will be vital for greater Filipino bitcoin adoption as only one in three Filipino citizens is reported to have access to the internet. Furthermore, the BSP has designed regulations so as to monitor the Filipino bitcoin economy through mandatory reporting submitted by virtual currency-based businesses of which the BSP is yet to approve a single application.

Do you think that the Philippines virtual currency regulations are failing to attract and foster investment in the cryptocurrency industries? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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Philippines Government yet to Approve Cryptocurrency Exchange ... - Bitcoin News (press release)

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Buy/Sell with Cryptocurrency

Investors are mesmerized with AMD's impressive second quarter as cryptocurrency mining demand drove the company's financial results above Wall Street's expectations.

The chipmaker reported better-than-expected second-quarter earnings and guidance Tuesday. Its shares surged more than 10 percent in after-hours trading following the report and were up more than 9 percent in early regular trading Wednesday.

"AMD turned in a solid beat to our and consensus estimates as the company's new Ryzen desktop CPU ramped into production and GPU demand outstripped supply," Stifel analyst Kevin Cassidy wrote in a note to clients Wednesday. "While management wasn't specific on how much, the GPU revenue upside was driven by cryptocurrency applications."

AMD shares have rallied 102 percent through Tuesday in the previous 12 months compared with the S&P 500's 14 percent return. That performance ranks No. 4 in the entire S&P 500, according to FactSet.

Cryptocurrency miners use graphics cards from AMD and Nvidia to "mine" new coins, which can then be sold or held for future appreciation. AMD traditionally has a better reputation for mining cryptocurrencies.

The ethereum cryptocurrency is up more than 2,400 percent year to date through Wednesday, while bitcoin is up about 160 percent this year, according to data from industry website CoinDesk.

In June, AMD shares jumped after the company told CNBC that the dramatic rise in digital currency prices has driven demand for its graphics cards. At the time, major computer hardware retailers had sold out of AMD's recently launched RX 570 and RX 580 models.

Digital currency mining was the key topic during AMD's earnings conference call with Wall Street on Tuesday evening. Analysts asked company management three times for clarification on the magnitude and sustainability of cryptocurrency mining demand.

One analyst noted the company is working to mitigate future downside risk and is not incorporating continued digital currency mining outperformance in its guidance.

"Crypto mining helped stimulate demand for AMD GPUs in Q2, which we think could translate to a risk should cryptocurrency values decline, AMD is working to manage the crypto risk by targeting supply to the core GPU gaming market, and working with some of its AIB [add in board] partners to offer specific feature sets to segment the market between gaming & mining," Jefferies analyst Mark Lipacis wrote Wednesday. "AMD is not including upside from mining in its outlook."

Lipacis reiterated his buy rating on the company and raised his price target to $19 from $16, representing 35 percent upside from Tuesday's close.

To be sure, some analysts are still skeptical about AMD after its big run.

"We were surprised at the aftermarket reaction for the stock," Morgan Stanley analyst Joseph Moore wrote Wednesday. "We continue to be somewhat cynical on the long-term intrinsic value of the stock, despite being excited about Zen and maintaining numbers that are above the Street. As street numbers start to catch up, absolute valuation levels are going to matter more."

Moore reiterated his equal weight rating and $11 price target for AMD shares.

CNBC's Michael Bloom contributed to this story.

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Wall Street stunned over AMD's cryptocurrency mining demand - CNBC