fbpx
Connect with us

CryptoSpace

2019: Reviewing the year so far, what you may have missed!

Published

on

Bitcoin crypto Updates 2019

We will be introducing Week in Review starting this week. Before we get to that, we wanted to give you the scoop of important updates that took place in Blockchain and Crypto space so far this year.  If we missed any, do let us know.

This could be considered Part 2 of our original Bull Stampede ahead but with a focus on what happened in 2019.
Highlight and Share any text
Of course, the biggest news for 2019 so far is Bitcoin remained the highest performing asset of any asset class. That is quite a feat especially emerging out of a bear market.

There are some constants in the space:  Bitfinex-Tether conundrum, Warren Buffet’s anti-BTC sentiments, Craig Wright’s claim to be Satoshi, and Christopher Giancarlo is still a hero for crypto lovers.

And, there are some indicative trends that are emerging:  failing fiat economies are embracing bitcoin as hedge against market and political pressures.

Let’s look at the news that has some relevance for bitcoin and blockchain space, not just glitter.

Binance hack: KYC data of its users exposed

One of the most popular and quick to fame Binance Crypto exchange has been hacked and the KYC documents of its users has been compromised.  The hackers are now blackmailing Binance for a ransom.


Coinbase Ventures is Empowering the Open Financial System

coinbaseCoinbase is working on the long term vision of blockchain and crypto by investing in the companies that are working to make financial system more inclusive.  The company’s website lists the companies in which Coinbase has already made an investment. 

South Korea’s partial ‘Regulation-Free’ zones open doors to Crypto

While the politicians in the US are busy making uninformed statements about Bitcoin and comparing it with USD and nefarious activities, South Korea is creating spaces to nurture blockchain technology.  Busan has been declared as the ‘regulation-free’ zone for Crypto operators to set their businesses.

Walmart applies for Digital Currency patent

WalmartThe quality of this application leaves us asking for more, nevertheless, Walmart has joined the race of digital currency using blockchain.  Walmart is the largest retail store in America and if it introduces Walmart coin with a boat load of discounts for using it – the adoption could be much easier and faster than Facebook’s Libra.  This space is getting hotter by the minute.

IRS issued letters to Crypto taxpayers

irs cryptocurrenciesInternal Revenue Service has issued notice letters (Format 6173, 6174, 6174-A) to close to 10,000 taxpayers who had cryptocurrency transactions. We will be providing more guidance on these letters and what to do if you received one yourself. Stay tuned.


New York establishes Research and Innovation Division to license Crypto businesses

“It will house the Department’s division responsible for licensing and supervising virtual currencies, and it will assess new efforts to use technology to address financial exclusion; identify and protect consumer data rights; and encourage innovations in the financial services marketplace to preserve New York’s competitiveness as a financial innovation hub,” read the Press Release.

TD Ameritrade launches Bitcoin futures trading

AmeritradeWith 1.2 Trillion dollars in assets under its management, TD Ameritrade’s launch of Bitcoin futures marks yet another milestone in the journey of Bitcoin mass adoption.  At this time, the futures are available for professional clients with a minimum of $25,000 in the account.


Treasury Secretary Steven Mnuchin calls Bitcoin a “National threat”

Steven MnuchinBitcoin is a “National threat” opined the Treasury Secretary, Steven Mnuchin, while holding a briefing on regulating cryptocurrency.  We do not expect Politicians to know a lot about bitcoin, however, being a Treasury Secretary – Steven Mnuchin was expected to be more ‘balanced’ in his approach, however, that was not the case.

Canada’s City of Richmond Hill accepts bitcoin for tax payments

City of Richmond Hill in Canada has approved a proposal to accept bitcoin to settle tax payments. “We believe that the demand for a digital currency payment option is only going to grow in the coming years, especially amongst millennials”, said Richmond Hill Deputy Mayor Joe Di Paola who moved the motion.

IRS’s leaked Cyber Crimes training deck sends ripples in the Crypto community

irs cryptocurrenciesBlanket Subpoenas against Apple, Google and Microsoft to backtrack the crypto activities was among the suggestions proposed in an IRS Cyber Crimes training deck that was leaked on the internet.  IRS is building capabilities to use Chainalysis to track the wallets back to the owners.

 

The Miami Dolphins have an official Cryptocurrency: Litecoin

Miami DolphinsWhat better way to get the word out than sports?  Litecoin managed to become the official cryptocurrency of The Miami Dolphins team giving them access to the NFL hardcore fan base.  Moves like these are paving the way for Cryptocurrency to the mainstream.

 

SEC is seeking blockchain data provider to help its efforts to monitor

sec commisionSecurities Exchange Commission of the United States intends to “procure Commercially Available Off-the-Shelf (COTS) enterprise-wide data subscription for blockchain ledger data to support its efforts to monitor risk, improve compliance, and inform Commission policy with respect to digital assets” according to its solicitation.  

Prime Factor Capital receives authorization as Alternative Investment Fund Manager

Prime Factor CapitalFinancial Conduct Authority (FCA) has authorized Prime Factor Capital to act as Alternative Investment Fund Manager.  Nic Niedermowwe, CEO of Prime Factor Capital, comments: “This is a significant milestone not just for Prime Factor, but for the industry as a whole. Being FCA-regulated brings us under the purview of one of the most recognised financial markets regulators globally. This is particularly relevant in the cryptocurrency space, which has repeatedly captured headlines for poor operating standards and even fraudulent activity. Investors need to be able to trust their managers not only to generate returns, but also to act responsibly and in their best interest.” 

Facebook is asked to halt its cryptocurrency, Libra, project

facebook libraThere is a new villain in the Cryptosphere and everyone is glad that it is ‘Facebook’. U.S. House of Representatives asked Facebook to appear in front of Congress to discuss its Libra project.  Governments have realized just how detrimental Facebook’s Libra could be to the Fiat’s existence and they are using all the excuses in the book to undermine it.

ErisX gets approval for physically settled Digital Asset Futures Contracts from CFTC

ERISXCommodity Futures Trading Commission (CFTC) has granted Derivatives Clearing Organization (DCO) license.  “As a registered DCO, the ErisX clearinghouse will offer the clearing of digital asset futures contracts traded on ErisX’s regulated derivatives market, which will launch later this year” read their official Medium post.

Coming soon: Ethereum on Amazon 

Ethereum-AmazonThanks to two startups, Clic Technology and Opporty, we could soon be able to use Ethereum to make purchases on Amazon.  These two startups are launching a browser extension that could bring the modern day token economy one step closer to reality.

Google integrates Chainlink 

Google-Chainlink“Possible applications are innumerable, but we’ve focused this post on a few that we think are of high and immediate utility: prediction marketplaces, futures contracts, and transaction privacy” read the announcement from Google which is integrating Chainlink into its initiative.

Rumors about Crypto ban in India intensify

Indian GovernmentFirst it was South Korea, then China, and now India. Rumors about the ban on cryptocurrency have intensified in India.  A draft bill made rounds on the internet that proposes severe punitive measures against people dealing in cryptos.

 

Apple unveils CryptoKit

Framework around Cryptographic Developer tools that enable Cryptographic operations has been unveiled by Apple under the name CryptoKit.

Microsoft adds BTC symbol to Excel 

Excel Btc logoNerds and crypto enthusiasts welcomed the addition of BTC sign to Microsoft’s Excel tool.  This gesture comes after Google and Apple both beat MS to the punch in adding the BTC sign.  Better late than remaining MS.

Financial Action Task Force (FATF) tightens the grip on Crypto exchange firms

FATF

FATF is closing in on ‘liberal’ crypto exchanges who have ignored the KYC and AML requirements.  Lot of the banking rules (like reporting the sender/receiver details under the ‘travel rules’ issued by FinCEN) could be applied to Crypto exchanges.  The direction of FATF was met with resistance from the crypto communities who argue that these rules are being designed to ‘stifle’ the blockchain and crypto revolution.

Montana catches up with times; exempts utility tokens from Securities Laws

Catching up with the times is not confined to Silicon Valley or NYC and Montana proved this by introducing House Bill 0584  which exempts utility tokens from Securities Laws as long there is a ‘utility’ for the token as defined in the bill.

Twitter and Square to make Bitcoin adoption INEVITABLE

Twitter SquareJack Dorsey, CEO of Twitter, is a known advocate of Bitcoin.  He is showing his love for Bitcoin into business by making bitcoin and crypto payments available on Square.  Square is a 30 Billion dollar company and bringing crypto payments to the platform can make adoption of Bitcoin and Crypto payments inevitable. 

Blockchains LLC buys Nevada based Kirkwood Bank

Kirkwood Bank of Nevada blockchainIn an effort to bring Crypto mainstream, Jeffrey Berns, CEO of Blockchains LLC, has acquired Nevada based Kirkwood Bank.  These dents into the mainstream financial service industry is what is needed to onboard blockchain businesses into our daily lives.

 

China includes Blockchain as one of their top strategic priorities

Deloitte’s 2019 Global Blockchain Survey included Blockchain regional analysis in which they shine light on China’s “real economy” initiative in which blockchain was included as the top strategic priority.

Euro 6.5 Million Real Estate deal conducted on Blockchain in Paris

A real estate deal worth Euro 6.5 Million was closed in Paris using Blockchain.  This transaction further cemented the utility of Blockchain in the Real Estate space.

MIT says it developed a cryptocurrency that reduces the bandwidth by 99%

MITIn a Press Release, MIT announced that it has developed a cryptocurrency that reduces data users to join the network and verify the transactions by 99%.  They have named this cryptocurrency as “Vault”.

 

LedgerX, a New York based clearing house, gets approval to physically settle bitcoin futures contracts

Ledger XThe first federally regulated exchange and clearing house to list and clear fully-collateralized, physically-settled bitcoin swaps and options for the institutional market, LedgerX LLC, is the first entity to get CFTC approval to physically settle the bitcoin futures contracts.

 

Congressman joins the blockchain race

Gary Cohn

Former chief economic adviser to President of the United States, Gary Cohn, joins Spring Labs, who also held Chief Operating Officer post at Goldman Sachs. Talk about acceptance of the mainstream business of blockchain.

Prominent crypto news site dies and resurrects from the dead in less than 3 days

CCN Site CRASHCCN.com (formerly CryptoCoinsNews.com) announced that they were going to shutdown following Google algorithm updates that slashed the mobile traffic for the website. However, thanks to the outrage and all the searches flooding their way – they announced that they were back from the dead.

Visa’s move may be RIP for Ripple

ripple updatesOur readers know that we are not big fans of Ripple, even to the peril of being on the wrong end of an otherwise lucrative investment.  We are willing to live with that chance. Swift, then Stellar, then IBM, all ventured into what Ripple was hoping to, however, the latest to enter this space is Visa. With its massive network and infrastructure, this could be something that can finally sing RIP for Ripple. Of course, we don’t want that to be the case, just to be clear.

Niall Ferguson retracts his comments about Crypto and joins Ampleforth

AmpleforthFirst he openly accepts that he was completely wrong about assuming Crypto being worthless, then, Niall Ferguson joins a crypto startup that wants to develop a stablecoin pegged against goods instead of dollar.

Justin Sun wins lunch bid with Warren Buffet and hopes to turn him into a blockchain believer

Warren Buffet4.6 Million, that’s what costs to sit with Warren Buffet at lunch.  Justin Sun has invited blockchain pundits to join him with Warren Buffet for lunch, and hopes to change his views on bitcoin and blockchain.

 

Facebook introduces its CopyCat coin

facebook libraSocial media giant, Facebook, will announce its own cryptocurrency that will facilitate messenger payments.  The verdict is still out on whether or not this is good for crypto space. You can read our opinion here.

Microsoft releases tool to verify smart contracts

MicrosoftFormal verification of smart contracts developed in solidity programming language is now possible, thanks to Microsoft.  These strides are necessary for building confidence in smart contracts and blockchain platforms.

SEC sues Kik

kikYou cannot raise $100 Million without appropriate meeting the requirements of the SEC. Kik was sued by SEC according to their official press release.


Google and Apple add Bitcoin sign to the keyboard

bitcoin keyboardIt may just be a sign for the ignoramus, but for bitcoiners it is a great sight to see Bitcoin sign on both Google and Apple keyboards.


IRS to issue, finally, guidance on Cryptocurrency taxation

irs cryptocurrenciesCryptocurrency taxation guidance might finally be available this year.  This guidance is expected sometime in June, however, even if we get this before the end of the year – that would be a great stamp of approval for the legitimacy of cryptocurrencies.

State Farm and USAA are working together to test a blockchain solution

Two insurance giants announced a joint subrogation solution to test blockchain technology in speedy processing of auto claims.

Ernst & Young and Deloitte join Ethereum network

EthereumFirst it was EY, and then Deloitte, both accounting behemoths are now on Ethereum network building their own service solutions for the blockchain space with Ethereum as the underlying platform.

 

Samsung Pay to utilize blockchain to onboard its 10 million users

Samsung PayKorea Herald reported that Samsung Pay could include crypto wallet that could give direct access to its 10 million users to the crypto world.

 

Montana exempts utility tokens from securities law

Who would have thought that Montana would lead the way for other states to wake up, but that is just what happened, Montana exempted utility tokens from the purview of securities law.

Robinhood comes to New York

Robinhood Trading platformCommission-free cryptocurrency trading platform enters New York marking a milestone. Robinhood’s entry into global financial hub is a ceremonious moment for the crypto fans.

 

AT&T becomes first mobile carrier to accept bitcoin

AT&TWe are not sure why anyone would exchange their bitcoins for fiat, but if one so chooses, he/she can use bitcoin to pay AT&T bills.

 

Swiss Exchange (SIX) to launch blockchain and stablecoin in 2019

swiss exchange sixStable coin fever is everywhere.  It is more rampant than blockchain itself.  Swiss Exchange is the latest to catch this fever, however, we are glad because it’s the Swiss.

 

CBS’s 60 minutes on bitcoin

60 minutes is probably one of the longest running shows that has not lost its credibility because of tenure. Now Anderson Cooper hosted 60 minutes show on Bitcoin titled “Bitcoin’s wild ride”.  Adoption, here we come in the disguise of sensational titles.

Bitconnect is coming back, but why?

bitconnect coming backAfter the spectacular fall from $435 to under 30 cents in the shortest span of any asset class’s history, Bitconnect site hints its resurrection. Our only question is – WHY?

 

Crypto dominates IMFs survey on preferred payment method

IMF21000 out of 37000 preferred cryptocurrency to other payment methods. Of course, this survey may have been swarmed by crypto evangelists but nevertheless that is quite an overwhelming outcome to IMFs survey

Amazon files patent for Proof of Work

Amazon logoIt may not be long before the USA will mean Unified Shoppers of Amazon.  It just feels like Amazon is in everything. Now Amazon made its omnipresence known with a patent for Proof of Work with US Patent office.

 

FDIC insurance comes to crypto

FDIC InsuranceCrypto is getting more and more legitimate by the day.  The latest in this journey is the FDIC insurance, thanks to SFOX and its partnership with M.Y. Safra Bank.

 

FinCEN issues guidance on virtual currencies

FINCENAddressing many questions from the businesses and individuals in the virtual currency space, FinCEN has issued guidance that many interpret to be restrictive, read it yourself.

Fidelity may offer cryptocurrency trading for pros

FidelityInvestment mammoth, Fidelity, is looking to open its doors for cryptocurrency trading to professionals.

Maryland passes bill to embrace blockchain

States are in a race to put out a ‘blockchain friendly’ face for the techies.  Maryland embraced blockchain by signing Senate Bill 136 that allows companies to record stock ledgers and accompanying information on blockchain.

London Stock Exchange could use blockchain

London-Stock-ExchangeFor a 300 year old financial institution to acknowledge blockchain is a big deal, it’s even sweeter deal when that institution is London Stock Exchange.

Washington gives legal status to blockchain

Records entered on Distributed Ledger Technology, including Blockchain, will now be legally binding in Washington. Bill 5638 is now passed into law.

Amazon Managed Blockchain service opens

Amazon logoA fully managed blockchain service is now available via Amazon Managed Blockchain services.

 

Philip Morris International pivots blockchain use

Philip Morris InternationalThe cigarette giant wants to use public blockchain to track tax stamps on the cigarette boxes to ensure that the taxes are actually paid.

 

Let us know if we have  missed any important updates in the comments.

Thank you for reading the article.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Subscribe-top5-long-term-cryptocurrencies

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

About the author

RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.

Read more about the author here.

CryptoSpace

Is this the end of XRP?

Published

on

XRP Crash

Our dislike for XRP is well documented on our site…if you have missed them, here is a list of articles where we have made our opinion based disdain clear…

Why we do not support nor invest in Ripple

Ripple or not to Ripple? ‘Definitely not’ says a research report

5 questions we want XRP army to answer!

This is not a personal attack, mind you.  

We just don’t like the idea of a private company printing billions of dollars worth of money that is centrally controlled which goes against the spirit of crypto space.  This is our opinion and we are sticking with it.

Yes, we understand that we might be missing out on life-transforming gains on XRP by staying away from it.  It is OK with us. 

We generally do not trade based on sentiment, however, XRP has always been an exception given what we want Crypto space to represent.

Given all that, we were not surprised at all when the latest FUD around SEC investigation into XRP came out.

Is this the beginning of the end for XRP?

“Justice is on the side that can afford the best attorney” is the common joke in my country…and that seems to hold true for the world in general.

If we are forced into speculating, this is what might transpire in our view:

  • When drafting this article, we were of the opinion that SEC might just let this go through a simple fine (similar to EOS), however, after reading the complaint lodged by SEC we are not really sure that Ripple may be able to get off the hook that easy 
  • Ripple and SEC might compromise on a way forward in terms of reporting requirements, however, if SEC gets what they are going for – Ripple and Garlinghouse may not be able to continue their ‘sale’ of XRP
  • Ripple may use this ‘excuse’ to move its headquarters to a more ‘friendlier’ location outside the US, however, an unfavorable outcome from SEC could jeopardise its chances in most locations
  • Major exchanges could distance themselves from XRP until an outcome emerges to avoid getting caught selling unregistered ‘securities’

Is XRP a security?

We think so.  Of course, the court will have to rule the final verdict but here are the reasons why we personally think XRP is not like other cryptos.

  • Most projects actually are working on a solution and the revenue is dependent on the success and adoption of the project.  On the contrary, XRP had minted 100 Billion at the beginning of the project and kept bringing 1 Billion at a time to add cash to their business.  This means, whether or not there is any adoption – Ripple (and owners) made money by simply selling XRP.  At the time of this writing, owners still control billions worth XRP.  
  • Most projects that run an ICO have a majority of coins distributed to the investors…creators have little say in the way those coins then get circulated…take for example, EOS.  Although the company raised $4 Billion through ICO – they got away with a slap on the wrist because the owners do not control the majority of coins anymore
  • Ripple/XRP executives were caught bragging about how they can sell XRP to keep the business going (notice, they talked about selling XRP to make gains more times than the adoption bringing success);  Unfortunately, these talks are all public records and the SEC may use these in the court proceedings
  • Pages 9 and 10 of the lawsuit is really important where SEC claims that Ripple was warned about XRP being considered a security by a law firm, however, Ripple disregarded these warnings…excerpt 57 and 58 from the lawsuit

“57. On May 26, 2014, Larsen explained in an email to an individual formerly associated with Ripple that the international law firm that wrote the Legal Memos advised “that investors and employees could not receive XRP” because that “could risk SEC designation [as] a security.” Larsen also explained that the XRP he received upon Ripple’s founding was “comp[ensation] for . . . personally assuming th[e] risk” of being deemed the issuers of securities—namely, XRP. 

  1. In other words, as Larsen himself explained, he was paid at the outset in an asset (potentially worth hundreds of millions of dollars) to assume a risk he knew existed—that the sale of the asset could constitute an offering of securities for which he would be held responsible.” 
  • There are allegations that Ripple paid companies to use XRP to ‘hide’ the fact that Ripple is difficult/expensive to use (this in the lawsuit), take a read.

“339. Much of the onboarding onto ODL was not organic or market-driven. Rather, it was subsidized by Ripple. Though Ripple touts ODL as a cheaper alternative to traditional payment rails, at least one money transmitter (the “Money Transmitter”) found it to be much more expensive and therefore not a product it wished to use without significant compensation from Ripple.

Is this an attack on the entire Crypto industry?

We do not think so.

If the SEC wins this case, it will set a precedent against having ‘centralized’ control on the projects without being treated as a security, however, it is unlikely to stifle the projects that do not have centralized control on the supply and sale of the coins, in our opinion.

Our whole [opinion] contention from the beginning has been that XRP does not fit the definition of cryptocurrency.  If anything, we are surprised that the SEC took this long to bring the charges.

It does not matter what we think about the project, what matters is the outcome of this battle. 

Will the SEC make an example of Ripple or will Ripple find a way to circumvent these proceedings.

Things might get very interesting going into 2021 for Ripple, Garlinghouse and XRP.Note: We have to do this to avoid harassment from the XRP army, in case you missed it earlier, this is our speculative opinion.  No one knows what might actually happen.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

CryptoSpace

Transforming Data Center Infrastructure With Blockchain

Published

on

Blockchain Infrastructure

Cryptocurrency – just hearing the name – can spark discussion topics on how innovative and controversial it is. However, nowadays, there seems to be a consensus that blockchain – the technological backbone of every form of cryptocurrency – is the former. The latter part of the discussion comes from the fact that cryptocurrency is still new, and needs more improvement, before it can actually be considered a wildly-accepted type of commercial (public) currency.

On the bright side, companies like Google and Goldman Sachs have already started to invest in various blockchain firms. And, it’s expected that sometime in the future, more big-name companies will follow suit, if cryptocurrency succeeds. Therefore, data centers and cloud hosting services must be ready to serve these new blockchain-based companies, as well as their needs, in the coming years.

So, you may be wondering: How did we get here? 

How Did It Start?

Modern blockchain started in 2008 with Bitcoin, which is a peer-to-peer Electronic Cash System. This white paper was a form of cryptocurrency that could live on a distributed network without any centralized authority; and blockchain is the technical backbone of that system, or a distributed digital ledger or database for it. No central authority will be able to manipulate the blockchain, since the whole network contributes to its creation and maintenance.

How It Works

In blockchain, two parties will make a transaction, to which they advertise it to the network. Then, various network nodes pick up multiple transactions, and arrange them into blocks. Afterwards, miners will use computers to add this block to the ledger (or blockchain).

Now, in order to add these blocks to the blockchain, the task requires a lot of computing power. Why? Because each of these blocks come with a sort of attached mathematical puzzle. And, to solve these puzzles, they need computing resources. But don’t worry: these puzzles are what miners are interested in, because they’re usually rewarded with tokens, just for adding a block to the blockchain.

Before the existence of blockchain though, business transaction would’ve been made through a trusted third-party company (i.e. a bank or a government institution), in order to guarantee the integrity of a transaction between two parties. However, blockchain eliminates that need by opening up the possibility for business transactions between parties worldwide, without the need for any financial or government institutions to step in. 

What Blockchain Means For GPUs

The need for blockchain means elevated demand for graphical processing units (or GPUs). As blockchain calculates, miners will have to provide enough computing power for it. And, as cryptocurrencies and blockchain-based applications become more popular, the higher the demand for computing power. That’s where GPUs come in, since blockchain-based calculations are best performed on these units. 

Data centers and cloud-hosting services will also have to look into AMD and NVIDIA graphics cards, in order to better serve the blockchain market; however, these graphics cards can be pricey. And, they’ll have to better optimize their infrastructure to be GPU-compatible.

Concerns?

The most controversy that cryptocurrency has faced is its vulnerability to possible hacking schemes. One can argue that there are major concerns about blockchain hackers taking – or planning to take – advantage of the fact that cryptocurrency doesn’t have enough protection yet to sustain itself, in case of a security breach that can cost millions.

Concerns on cybersecurity for data centers, in that case, seems to have spawned from cryptocurrency market’s promise of immense riches and overnight successes, to where anyone – including bad actors and hackers – will create an ever-growing threat in the cyber realm.

“One example of hacking of cryptocurrency was in January of 2018, when hackers were able to steal more than $500 million (or £380 million) worth of cryptocurrency from the Tokyo-based cryptocurrency exchange Coincheck,” adds Barnard. “Thus, that story, to this day, serves as a warning to what can happen, if cryptocurrency is unchecked. And, this story has many people concerned about whether cryptocurrency is safe to invest in or not.”

Conclusion

As you can see, data centers will have to go above and beyond to better accommodate the growing trend of cryptocurrency. And, to do so, they’ll need a good functioning digital infrastructure, to handle blockchain systems and increasing data processing demands.

This need for the right data center infrastructure is also increasing, since blockchain is expected to greatly impact the following:

  • Finance
  • Healthcare
  • Government
  • Transportation
  • Manufacturing
  • Medicine
  • Logistics
  • Other various industries 

Thus, it’s absolutely necessary for data center service providers to stay competitive, when it comes to such changes in technology, including blockchain. Ultimately, with an up-to-date infrastructure for blockchain to work on, data centers will be able to be sustainable, regardless of any changes and or developments made in the tech world for many years to come.

Author’s Bio: Katherine Rundell is a writer and editor at UK Writings and Academized. In her spare time, she likes to travel to different states, give special talks in various business training courses, read her favorite books (ranging in different genres).

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

Continue Reading

CryptoSpace

5 Best Crypto Movies To Learn Crypto From

Published

on

Crypto Movies

Bitcoin has been around for 10 years. As a result, there are many people who will keep tabs on it and cheer for its modern successes. So today, we want to celebrate along with crypto fans by bringing you a fun article about the topic.

If you thought that cryptocurrency is all business, business, business – well, in actuality, crypto has also made its way into cinema. Yes, in this article, we’ll show you the 5 best movies that involve Bitcoin, crypto, and blockchain. And, the good news is, you don’t have to read really long articles that talk about crypto, when you can watch a fun movie instead!

So if you want to gain a bigger understanding on what Bitcoin is, and why it’s so important in today’s world… or if you want to educate others on why Bitcoin is NOT something out of a science fiction movie (no pun intended), then check out these 5 great movies.

Cryptopia: Bitcoin, Blockchains And The Future Of The Internet (2020)

Cryptopia Bitcoin Blockchains and the Future of the InternetCryptopia is an ideal film for novice cryptocurrency people. So, if you’re a newbie in the crypto world, or want to brush up on your crypto skills, then check out this documentary. 

This film is a deep-dive into the crypto world, and it doesn’t shy away from explaining the good things about crypto, as well as the negative parts of it. Yes, crypto can be both a Godsend and a curse, depending on how you look at the narratives you’ll listen you in the documentary. In hindsight, the movie will explore the story of bitcoin, and how it has managed to evolve through the years with its ongoing promises that crypto is “the future.”

So, whether you’re a skeptic, or you want to learn more about crypto, you’ll get to see both sides of the debate – as a better alternative to regular currency in the future, or a financial disaster in the making. Either way, this documentary will answer any questions that you might have about crypto.

The Rise And Rise Of Bitcoin (2014)

The Rise and Rise of BitcoinEver wondered how cryptocurrency became a thing? Then check out The Rise and Rise of Bitcoin! The film covers the stories of some of the early adopters of Bitcoin, including Gavin Andresen who was famous for communicating directly with Satoshi Nakamoto to help him create better technology. (By the way, Nakamoto is mostly famous for authoring the Bitcoin white paper, and for devising the first blockchain database.

Overall, this movie was one of the major productions to cover the main points, in regards to how Bitcoin and its assets were created to begin with.

The Second Target (2019)

The Second TargetThe Second Target was written by Graham Holliday, and stars Athen Walton. The movie follows a group of local crypto thieves now having their eyes set on their latest target. They kidnap a detective they think is on their case, but end up kidnapping the wrong guy. To make matters worse, the son of the kidnapped man teams up with a stranger, and they plot to stop the thieves’ second heist and save the kidnapped man.

While you’ll be immersed in the action, you’ll be learning the basics of what crypto is.

Trust Machine: The Story Of Blockchain (2018)

Trust Machine understands that almost a decade has passed, since the crypto world has transformed things. Since its existence came to be, many different cryptocurrencies have been created, with a small percentage of them expected to stand the test of time after the dust settles. While some people are still skeptical about the concept of cryptocurrencies, there are some parts of the world where people actually use cryptocurrencies as a way to buy things. However, other places have faced significant problems, as a result of exchanging goods with crypto within the industry.

Crypto (2019)

Crypto MovieCrypto, despite its panning from critics, has garnered somewhat of a fanbase. With a stellar star cast like Alexis Bledel, Luke Hemsworth, and Jeremie Harris, it’s hard to not see this movie. And, with a thriving fanbase, this movie is not only for movie fans, but also for crypto fans. 

The story follows an anti-money laundering agent (Beau Knaff) who reunites with an old friend who’s now into mining cryptocurrency. Now, with a potato farm being on the verge of being repossessed, the two soon investigate a gallery, which may be tied into a multi-million-dollar money laundering scheme. 

It’s action-packed, and it has you cheering for the protagonists as you follow the story from beginning to end.

BONUS: Throwback Movie – Inside Job (2010)

Now, while the film doesn’t directly involve Bitcoin or blockchain, it’s a good appetizer for learning what they are. And, it’s a must-watch!

Inside Job covers the actions that made Bitcoin a household name in the first place. The movie sells the concept as a type of currency that can’t be manipulated, controlled, or corrupted by any government. 

However, the main topic of the documentary involves the late-2000s financial crisis. In 5 parts, the film will cover how changes in the policy environment and banking practices only added more fuel to the fire, rather than stop the crisis in its tracks. 

Critically acclaimed, and winning an Academy Award for Best Documentary, Inside Job will have you on the edge of your seat, as it takes you through the financial crash. All information in this documentary, as well as its controversial topic, are understandable for most audiences, regardless if you know about cryptocurrency or not. 

Conclusion

So, there you have it! That was our list of movies to check out, if you’re in the mood for learning about cryptocurrency. If you want to go down the rabbit hole about the topic, or if you’re in the mood for something different than your usual shows and movies, then head over to Netflix, online, or anywhere where movies are sold, and check out our picks on the best movies about crypto.

We hoped you enjoyed our list, and made it a movie night tonight! As you’ll see in these selected films, they’ll show you how cryptocurrency has changed people’s lives in so many ways than one, and has no plans of stopping. So, get out your popcorn, and take some good notes about crypto! 

Author Bio:

Kristin Herman is a writer and editor at Best essay writers. As a marketing writer, she blogs about the latest trends in digital marketing. In her spare time, she coaches up-and-coming marketers on how to perfect their advertising practices in the ever-evolving market.

For movie crypto movies: Crypto Movie Database

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

Trending