Connect with us

Blockchain

Blockchain for Bankers & Bitcoin Speculators

Published

on

By now, most technically minded people agree that blockchain technology is good. The big question I’ve been asking myself lately is…. good for who?

The blockchain was developed to level the playing field between Wall Street and Main Street and through the power of the Internet narrow the gap between rich and poor.

However, lately, it seems that cigar smoking banksters of the world are getting their grubby hands all over the blockchains in ways that are a bit unsettling.

Just yesterday, it was announced that IBM will be taking charge of an ongoing project known as HyperLedger, which is Wall Streets version of a Blockchain for Bankers.

IBM has a particularly nefarious history when it comes to misusing technology, but that was a long time ago. We sincerely hope that they’ll get it right this time.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of June 29th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

For the first time since the financial crisis in 2008, the Fed has declared all big banks to be safe in their annual stress tests.

This is a huge follow-up to Janet Yellen’s statement that we will likely not see another financial crisis in our lifetimes.

The banking sector is having a party at the moment and has managed to pull up the rest of the markets. Many firms have announced that they will be rewarding their shareholders in celebration with things like extra dividends and share buybacks.

As of yesterday, the @TheBigBanks copyfund that we set up 12 months ago is now up 43% since inception. With this good news, it will likely see even further gains when Wall Street opens for business today.

Even the tech stocks, who were performing very poorly this month managed to pull off some gains. Here’s the Nasdaq since the beginning of May.

Carney Flipping

During the last meeting of the Bank of England, it was surprising to see that many members actually voted to raise the interest rates in the UK.

The BoE has kept rates on the floor for a while like many central banks since the crisis. Following the brexit, they lowered their rates even further to encourage lending and spending during this uncertain time.

The President of the BoE, Mark Carney, was one of the biggest advocates of keeping the rates low, but it seems that even he has now bowed to the pressure and signaled that it may be time to get inline with the rest of the globe and start thinking about raising the rates gain.

For those of you who are reading this far, you’ll now find out why this is so important.

Here’s a chart of the GBPUSD since the last BoE meeting on June 15th.

So despite Brexit and despite Theresa May’s terrible display in the elections of June 8th, investors feel that the chance of higher rates is enough to push the Pound higher. Now imagine if it actually happens what the effect could be.

Bitcoin Bounce

It looks like the bitcoin dip did indeed find some major buyers but not the usual kind. Looking at the volumes over the last 24 hours we can see that the number one customer is the Korean exchange bithumb.

This is the first time that I’ve seen the Korean’s trump volumes of Poloniex.

We need to keep in mind that at this time Koreans do not have any practical use for bitcoins. They don’t have many stores that accept them, and the new government has more important things to deal with at this time than a regulatory framework for digital assets.

The only country that does have a rapidly growing number of vendors accepting bitcoin is Japan. As we can see above, bitFlyer is currently number 10. Not that they’ve gone down recently, but they certainly haven’t increased their buy orders since the peak.

Therefore, we can probably conclude that the reason bitcoin has been rising lately is due to speculation. Now, that’s not necessarily a bad thing, just something to keep in mind.

As always, please feel free to contact me directly with any questions, comments, and feedback. Have a spectacular day ahead!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.

Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 115 rated postsSenior Market Analyst at Etoro.com.




Feedback or Requests?

1 Comment

1 Comment

  1. getdemtokens

    June 29, 2017 at 1:25 pm

    I think your image for the various exchanges is incorrect as of the posting of this comment (8:25 am est)

You must be logged in to post a comment Login

Leave a Reply

Blockchain

Justin Sun Plans To Buy BitTorrent

Published

on

Justin Sun, the CEO of TRON, is finalizing an agreement to buy BitTorrent, inc. Most people know BitTorrent as the creator of the popular torrenting client, uTorrent, which at its peak had over 100 million users.

According to Torrentfreak.com, BitTorrent has been in a steady decline to some poor decisions and potentially illegal missteps by their management.

In an interview with BitTorrent founder Bram Cohen, the management was painted by Cohen as incompetent narcissists who had no business plan and no idea what they were doing besides chasing some nebulous idea of celebrity endorsement.

This can be seen in Cohen’s statement, “They were just incompetent fuckups. I mean they’re losers. Basically, Accel took their share in BitTorrent and pretty much just gave it away to these total strangers who they didn’t know. And not only gave away their stock but gave away control of the company.

Human beings are a bunch of starfuckers, right? The United States has become this celebrity-obsessed culture, and everyone’s all about, oh, we’ll gain access. That’ll be great, and we’ll make money off of it, everybody thinks this.”

It is against this backdrop that Sun’s alleged acquisition is taking place. The TRON projects alleged goal is to “decentralize the web.” Owning one of the most recognizable brands aligned with these goals would be a major coup for the ambitious CEO.

This is due to the fact that the most likely use case of uTorrent by TRON would be to simply parlay its user base into usage of the TRON blockchain.

Since a huge part of TRON’s model relies on advanced content search for media files, simply making use of the uTorrent brand but integrating it with Tron’s decentralized search would instantly transform TRON into one of the most actively utilized blockchains on earth.

The information stems from the fact that BitTorrent changed their company name recently to Rainberry according to their chief product officer. “Rainberry Inc is the official name of the company; it was changed right around the start of 2017.” He stressed that it was a purely corporate decision and that none of the existing product brands would change.

Despite this blanket denial, it seems like the acquisition was proceeding swiftly, and was even overcoming some initial hurdles. BitTorrent had already tried to find a better acquisition offer during the first round of negotiations, to the point that Justin Sun took them to court in an attempt to stop them from negotiating with other buyers.

However, it seems that these initial roadblocks have been overcome, as a new company called Rainberry Acquisition, (BitTorrent recently changed their official company name to Rainberry) was formed and registered directly to Justin Sun. How Sun plans to integrate the platform with Tron is an open question, but it is likely to result in some interesting synergies.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
3 votes, average: 3.33 out of 53 votes, average: 3.33 out of 53 votes, average: 3.33 out of 53 votes, average: 3.33 out of 53 votes, average: 3.33 out of 5 (3 votes, average: 3.33 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 10 rated posts




Feedback or Requests?

Continue Reading

Blockchain

How Blockchain Can Help Companies Face the New GDPR Rules

Published

on

The new General Data Protection Regulation (GDPR) guidelines governing the European Union (EU) officially come into play on May 25. Businesses and their associated websites had about three years to comply with the new set of rules. The companies that didn’t bother adjusting their data collection methodologies could face stiff fines.

Most companies issued a new “Terms of Use” to be on the safe side of the road. However, a blockchain system could solve the problem once and for all.

According to the GDPR, companies are expected to follow new guidelines in order to be allowed to operate for European citizens. Those regulations include the ability for the user to consent to their data being processed, the knowledge of who is processing the data and the ability to withdraw consent at any time..

Blockchain can play a vital role in this process. Websites that have users register on a distributed ledger system provide an upper hand, allowing them to be in charge of the data they provide.

Blockchain’s Role

When applied to systems in need of identity management, blockchain can operate in a level no other protocol can. The way it stores, collects and distributes data is revolutionizing. There is a brand new set of capabilities not available on any existing data protection method.

Blockchain verifies data usage through a complicated combination of public and private signatures, data hashing and encryption. This allows a person’s data and identity to be saved only on his end, rather than on a server. When that data is requested, it has to be provided from the user’s device instead of the main server.

While running on a blockchain system, the user is able to process exchanges personally, meaning the company that wants his data will have to get his consent in order to access them. This allows the user to have absolute control over his information, as well as know the company that uses it, meeting the GDPR’s “Right to Erasure” condition.

The use of blockchain also eliminates the need for massive databases since each user stores his own data. Blockchain makes it possible for each user to connect when needed, allowing companies to keep minimum information on customers and employees. Applying those changes to their products as well allows the company to meet GDPR’s “privacy by design” condition.

Privacy by design is, in essence, a new GDPR provision. According to it, companies are obligated to have platforms that are built on data privacy, with their products or services privacy in the cognizance of the rightful user. With blockchain technology, the process is automatically private, thus meeting the privacy by design criteria.

It remains to be seen if GDPR rules come into place on May 25 and whether fines will actually be levied on websites that do not comply. According to GDPR, the fees may come up to 4% of its annual global turnover, or €20 million, whichever is greater. This amount is enough to deter both small and large companies, although implementation will be key.

Blockchain can be the pioneer system behind the web sooner than we think. GDPR paves the way for greater blockchain adoption at a level that extends far beyond core business functions and cryptocurrency transactions.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 5 (2 votes, average: 3.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.5 stars on average, based on 13 rated posts




Feedback or Requests?

Continue Reading

Blockchain

The First Governmental Elections Powered By Blockchain Technology

Published

on

While blockchain technology can be used in countless different ways and applied in any possible industrial and/or governmental sector, not all of them have been explored so far.

One of these yet unexplored regions is using the disrupting tech for elections, allowing users to vote in a decentralized fashion from anywhere at any time, while secured by blockchain technology.

United States’ West Virginia took the first step and started the first-ever government-run, blockchain-mediated vote globally.

In the primary elections that concluded on May 8th, blockchain voting was trialed on a limited amount of people, namely deployed military members and Americans eligible to vote absentee under the Uniformed and Overseas Citizens Absentee Voting Act (UOCAVA), as well as their spouses and dependents.

Participation in the trial was further restricted to voters registered in two of the state‘s 55 counties: Harrison and Monongalia.

Voatz, the company behind the voting system has created an application that basically allows you to vote regardless of your geolocation, while the company makes sure the person voting is eligible to do so.

If the trials prove to be successful and trustworthy, Mac Warner, the West Virginia Secretary of State, is considering making the system available to all UOCAVA voters registered in West Virginia for the general election this November.

He is expected to make the decision during this summer so that the process is as smooth as possible during the election period, already tested and “ready-to-go”.

“Our team believes blockchain does provide a heightened level of security on this type of mobile voting app. We’re genuinely hoping that will allow this type of a mobile app to be made available in the future – as early perhaps as our general election – to military voters.” 

Mike Queen, communications director for Mac Warner stated on Ethnews.

In charge of conducting the results of the audit will be Voraz, clerks representing Harrison and Monongalia counties and the state’s governor among other parties.

“The Secretary’s office is very encouraged so far today and we believe that [blockchain-based voting] is a real viable option. There are a lot of other states who are asking about this mobile voting solution and who are also interested in it.” 

However, despite all the excitement of the Secretary of Office state, the whole exercise was questioned by third parties.

Professor Duncan Buell, a computer scientist in the University of South Carolina, doesn’t seem to trust the process, as he considers that Voraz application does not run a trustworthy fingerprint-scanning and facial-recognition technology, meaning the results could be vulnerable to hacking. Thus voting actually becomes trusting a company instead of the government.

While the traditional way people participate in the election process is working for some political systems, it might not be ideal for other.

In traditional elections, participants are required to travel to the city they are registered in order to take part in the process, and even if they do so, they are obliged to vote for a decision that in most common scenarios will not be able to be altered until the next planned elections.

Blockchain technology may empower voters, allowing them to actually make direct decisions regarding their residential location, rather than deciding the person to represent their decisions.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.5 stars on average, based on 13 rated posts




Feedback or Requests?

Continue Reading

5 of 15 Seats Available

Learn more here.

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending