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Bitcoin hodling reports higher returns than DeFi schemes

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Bitcoin Lacks Transparency and Integrity, Says Trump Ex-advisor

Former Goldman Sachs president and COO Gary Cohn said that Bitcoin’s system has no owner or transparency—and that’s a flaw.

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In brief

  • Former Goldman Sachs president Gary Cohn said that Bitcoin’s system has no integrity because no one owns it.
  • “For all the reasons it’s a strong developing asset class, it may fail,” he said.
  • At the same time, Cohn praised central banks’ digital currencies as the evolution of money.

Gary Cohn, former president and COO of Goldman Sachs—who also served as Donald Trump’s chief economic advisor between 2017–2018—said that Bitcoin could fall just easily as it rose since its system has no transparency and integrity, according to Bloomberg.

“For all the reasons it’s a strong developing asset class, it may fail,” Cohn stated in an interview, noting that Bitcoin “lacks some of the basic integrity of a real market.”

Cohn voiced his criticism of Bitcoin just as the crypto experiences its second major price rally. It has recently broken its previous all-time high price—for the first time since late 2017—although has since dropped back down to $18,700.

However, Bitcoin’s main long-term problem is that it is not owned by any entity, according to Cohn.

Bitcoin and cryptocurrencies are here to stay. Image: Shutterstock

“Part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred. The Bitcoin system today has no transparency to it. So there are a lot of people that question, why would you need a system that does not have an audit trail,” he added.

Notably, Cohn expressed much warmer sentiment towards digital money in April, when he stated that, “The slow rise of digital currency has been given a gigantic boost by the pandemic.” However, it now looks like he actually meant only cryptocurrencies created by central banks.

“If central banks around the world created digital currencies, each person could have a segregated account. This idea is gathering steam,” Cohn wrote in April, adding, “If that happened, all banking would happen through a digital backbone and wallet. ATMs and bank branches, which are already closing at a rapid rate, would become obsolete. Earnings would deposit directly into an individual’s wallet and be spent directly out of it.”

So, basically, the same as Bitcoin but without the “fatal flaw” of not being owned by banks? Right.

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Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge

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Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.

$12.7 Million Loss for Q3 2020

Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part of its Q3 2020 financials published on Nov. 30. In the report, Canaan revealed that its net revenue for the period was $24 million, which also amounts to an 8.5% reduction from the earnings recorded in the previous quarter.

Following the significant drop in quarter-on-quarter (QOQ) net revenue, it is unsurprising to see Canaan post another quarterly net loss in 2020. According to its Q3 2020 financials, the bitcoin mining chip maker recorded a net loss of $12.7 million, compared to a $2.5 million loss in Q2 2020 and $14.3 million in Q3 2019.

Commenting on the firm’s Q3 financial performance, Nangeng Zhang, Canaan’s CEO and Chairman said:

“During the third quarter of 2020, we remained undeterred by the pandemic to strengthen our research and development capabilities, expand our AI business, and execute new business initiatives. By leveraging our enhanced R&D capabilities in the third quarter, we launched our A1246 product series, which continues to lead the industry with its energy efficiency, computing power, and unit cost.”

Canaan Market Cap on the Rise

Net loss aside, Canaan has been recording some positives in the latter part of 2020. Indeed, the company’s market capitalization has more than tripled from $300 million in September to about $900.8 million as of press time.

Canaan’s share price has also been on a tear in recent months, rising over 200% within the same period. With one-third of Q4 remaining, the company’s stock has risen over 170%. Maintaining the current price action could see the Bitcoin miner manufacturer’s stock price challenge its IPO float price of $9, which incidentally is its all-time high share price.

Tweeting on Canaan’s Q3 performance, @WuBlockchain identified rising inventory sales and the release of the company’s A1246 miners are contributing factors to the firm’s recent resurgence.

Canaan was also among a group of Chinese mining hopefuls looking to float IPOs in the last couple of years. However, Canaan’s offerings fell short of the mark, failing to even realize a quarter of the $400 million estimate.

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Source: https://cryptopotato.com/canaan-sees-over-75-decline-in-net-revenue-in-q3-as-bitcoins-price-surge/

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