Connect with us

Market News

Coinbase Alert: Amazon Is Coming

Published

on

Amazon is to the 21st century what Walmart was to the 20th century.  Slowly, Amazon is putting its imprint onto more and more areas of business.  Already AMZN is one of the world most valuable companies worth more than $725 billion.  Their sheer size allows them to go wherever they want. Last year’s jumbo acquisition of Whole Foods is a good example.

// -- Discuss and ask questions in our community on Workplace.

From these moves, it is clear that Amazon intends to avoid becoming the “one trick pony” that its rival Apple has succeeded in becoming.  That means that Amazon must forever be searching for giant technology centric markets. Cryptocurrency may be on the horizon.

Just yesterday the U.S. Patent Office issued # 9,947,033 to Amazon for software titled Streaming Data Marketplace.  CNBC first reported the headlines.  Here are some direct excerpts from the patent application:

Streaming analytics technologies hold the promise of making vast volumes of data available in a low latency fashion. However, while prior technologies may be able to provide data in a low latency fashion, the raw data may have low value (or have less valuable than the data could have) until the raw data is enhanced by correlating the raw data with additional data, such as by matching records using common values.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

One example is a data stream that publishes or includes global bitcoin transactions (or any cryptocurrency transaction). These transactions are completely visible to each participant in the network. The raw transaction data may have little meaning to a customer unless the customer has a way to correlate various elements of the stream with other useful data.

For example, a group of electronic or internet retailers who accept bitcoin transactions may have a shipping address that may correlate with the bitcoin address. The electronic retailers may combine the shipping address with the bitcoin transaction data to create correlated data and republish the combined data as a combined data stream.

A group of telecommunications providers may subscribe downstream to the combined data stream and be able to correlate the IP (Internet Protocol) addresses of the transactions to countries of origin. Government agencies may be able to subscribe downstream and correlate tax transaction data to help identify transaction participants.

Translating Into English

Amazon filed this patent back in 2014 so it is obvious that cryptocurrencies were not the only application they had in mind for their Streaming Data Marketplace.  That doesn’t change the fact that crypto has evolved in value to over $300 billion and adoption of bitcoin by Amazon would be a major legitimizing force in the whole crypto movement.

The one big thing standing in the way of acceptance of a large number of relatively small value transactions is liquidity (speed) and Amazon vendors profits could be enhanced or completely wiped out by crypto volatility.  Before getting all excited, the Streaming Data Marketplace would need to address this issue.

Without trying to get into the techno garbodigook, one way to address the problem would be for Amazon to create their own massive crypto exchange that not only provided low latency transactions but serve as yet another Amazon service.  Just using the Amazon name would bring enormous credibility.

The Value Of the Data

After reading through the patent, it is obvious there are many applications to be developed. Helping regulators may be one of those. Here is what the patent application states.

For example, a law enforcement agency may be a customer and may desire to receive global bitcoin transactions, correlated by country, with ISP data to determine source IP addresses and shipping addresses that correlate to bitcoin addresses.  The agency may not want additional available enhancements such as local bank data records.

Good Or Bad For Bitcoin (And Others

Is having all of the additional data available to law enforcement and other regulators a good or bad thing?  After all, doesn’t this take away all the anonymity that attracted so many to cryptocurrencies in the first place?

There are arguments on both sides of this issue but I think the benefits are worth some consideration.  The biggest is that if Amazon and all of its vendors have a mechanism in place to accept payment in bitcoin, this is a huge plus.  The day this happens eBay and virtually every other online merchant will get with the game. And let’s remember we are talking about far more than just bitcoin.  The downside is that if you have obtained your crypto from some questionable activities or wish to maintain your anonymity, stay away from online shopping.

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.
6 votes, average: 4.17 out of 56 votes, average: 4.17 out of 56 votes, average: 4.17 out of 56 votes, average: 4.17 out of 56 votes, average: 4.17 out of 5 (6 votes, average: 4.17 out of 5)
You need to be a registered member to rate this.
Loading...

4.4 stars on average, based on 75 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




Feedback or Requests?

2 Comments

2 Comments

  1. bitsurfer

    April 20, 2018 at 1:29 am

    So whats makes this a Coinbase Alert? No mention of Coinbase in the article. Just clickbait?

  2. Aeonblue

    April 20, 2018 at 10:25 am

    Hey I appreciate the article. Just so you know it’s gobbledygook

You must be logged in to post a comment Login

Leave a Reply

Market News

Canaan Mining Company Is Planning the Biggest Ever Blockchain IPO

Published

on

China’s second-largest bitcoin miner is planning to launch an initial public offering (IPO) this summer with the stated goal of raising $2 billion, according to sources familiar with the matter. If successful, the public sale would be the largest the crypto industry has ever seen.

// -- Discuss and ask questions in our community on Workplace.

Canaan IPO

Canaan Creative submitted its IPO application to the Stock Exchange of Hong Kong (HKEX) on May 15, having previously short-listed the United States for its public sale. The Beijing-based miner has yet to comment on its plans, but sources say it seeks to raise between $1 billion and $2 billion.

The company aims to start trading shares in Hong Kong by July. Its application is still pending approval by HKEX.

Canaan controls roughly 15% of the global market for bitcoin mining chips. Revenues and profit surged last year as bitcoin prices topped $19,500 on major exchanges. Company financials reveal a seven-fold increase in profit last year to 361 million yuan ($56.67 million). Canaan’s customers are primarily large-scale miners with thousands of machines working 24 hours a day.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

In May of last year, Canaan raised 300 million yuan ($43 million) in Series A funding with participation from Jin Jiang International Group and Baopu Asset Management, among others.

Mining Profitability in Decline

Canaan plans to go public at a time when mining profitability is in decline. Mining bitcoin is 60% less profitable today than it was in 2017, with retailers confirming a sharp decline in rig demand.

Sources familiar with the IPO say Canaan is marketing itself not as a bitcoin company but as a manufacturer of high-end chips. The company announced last year it was developing chips for artificial intelligence applications. In addition to bitcoin mining equipment, it is also focusing on other blockchain applications.

Speaking of Canaan, a source told Reuters that, “Their customers happen to be bitcoin miners. But they are a chip company, not a bitcoin company.”

Canaan’s IPO could transform the market’s perception of ‘bitcoin proxy stocks,’ a phrase used to describe indirect exposure to cryptocurrency by way of companies operating in the blockchain space. Examples include Nvidia, Longfin Corp and Riot Blockchain.

A successful IPO would likely encourage other blockchain companies to consider a public offering of their own. This would give investors more options to invest in the blockchain economy without having to own volatile cryptocurrencies.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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...

4.5 stars on average, based on 410 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Market News

Google Courts Vitalik Buterin to Assist With Mysterious Cryptocurrency Project

Published

on

Despite banning cryptocurrency ads, Google is exploring new applications of blockchain technology, according to Ethereum founder Vitalik Buterin, who was recently courted by the technology giant to assist in the mysterious project.

// -- Discuss and ask questions in our community on Workplace.

A Job at Google?

In a recent Twitter post, Vitalik Buterin revealed that Google’s human resources department had contacted him about a potential job offer. Buterin shared a screenshot of an email from Google recruiter Elizabeth Garcia, who expressed a strong desire to onboard the 24-year-old programmer. Though the post has since been removed, Garcia apparently said Google would make a great fit for Buterin.

Buterin’s post was accompanied by a poll asking followers if he should quit Ethereum and go work for Google. About 59% of the respondents said he should not abandon work on ether.

It is unclear why Buterin deleted the message, although he later tweeted the following: “Too bad you can’t quote tweet someone and add a poll.”

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

Google has yet to comment on the email.

Silicon Valley Embracing Blockchain

Though details remain scant, Google has previously expressed interest in blockchain technology. A spokesperson for the company told Business Insider in March that Google was exploring potential applications for distributed ledger technology, but that it was too early to speculate about possible use cases.

Some analysts believe Google’s Cloud service could be an ideal fit for blockchain applications. Just as Google Cloud customers can use the service to build databases, they might be able to design a blockchain through it.

Facebook, another company that has banned crypto-based advertising from its platform, has already announced plans to explore blockchain technology. The social media giant revealed earlier this month that it is putting together an exploratory blockchain group that will report to directly to Facebook CTO Mike Schroepfer.

IBM is another company making strong inroads into blockchain. Though much older than its internet peers, the 106-year-old company is contributing code to an open-source project that encourages startups to explore blockchain technology. In addition to running its own blockchain business, IBM recently announced a partnership with Veridium Labs to develop a cryptocurrency that tokenizes carbon credits. The new currency will be launched on the Stellar blockchain.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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...

4.5 stars on average, based on 410 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Market News

Parity Wallet’s ICO Passport Services Are Shutting Down

Published

on

Parity Wallet has succumbed to EU regulatory pressure and is shutting down it’s PICOPS services on May 24th, 2018.

// -- Discuss and ask questions in our community on Workplace.

EU Crackdown

PICOPS, a service which allowed customers to associated a single Ethereum address with their identity to simplify KYC requirements, allegedly due to the more stringent requirements of the EU’s new GDPR legal framework.

The Parity Wallet team itself posted a statement saying, “We are looking at ways of resolving the uncertainty and making PICOPS compliant with GDPR while keeping it useful. However, as things stand the solutions we have identified restrict the service to a very limited set of features.

Because of this, the significant resources required to make PICOPS GDPR-compliant, and the fact that PICOPS is not part of our core technology stack, we have decided to discontinue the service despite overwhelming market needs and demand.”

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

The team remained open to restarting the service in the future however, stating, “These challenges make running a service like PICOPS more difficult. We are looking at ways of resolving the uncertainty and making PICOPS compliant with GDPR while keeping it useful. However, as things stand the solutions we have identified restrict the service to a very limited set of features.

Because of this, the significant resources required to make PICOPS GDPR-compliant, and the fact that PICOPS is not part of our core technology stack, we have decided to discontinue the service despite overwhelming market needs and demand. PICOPS’s deprecation does not mean that we are going to wait and see what happens to blockchains under regulation.”

Ethereum founder Vitalik Buterin tweeted his disappointment with decision on Friday, but didn’t go into specifics about the state of EU regulation.

Based on the company’s statements, it seems likely that Parity Wallet will continue to be an active voice in trying to steer more crypto-friendly regulations into law. But the shuttering of an incredibly useful tool could be interpreted as a byproduct of international government’s growing hostility to all things blockchain.

Governments around the world are still in the very early stages of understanding, defining and adequately regulating cryptocurrencies. The state of crypto regulation varies wildly across the board, with some nations recognizing cryptocurrency as money and others banning them outright.

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...

5 stars on average, based on 6 rated posts




Feedback or Requests?

Continue Reading

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