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Last Week Crypto News Today #6

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Weekly-Crypto-news-today-6

This week’s news throws light on financial institutions and Nations’ FOMO into crypto space.  While the institutions are introducing their own digital cash protocols – Nations too are ramping up efforts to introduce their own digital currency leveraging blockchain technology.  Last week we talked about Marshall Islands and this week North Korea is in the news.

If this is your first visit to our news section, you may like this crypto weekly news compilation that we have started to chronicle ALL the important news updates in the blockchain and cryptocurrency space leading to its adoption.

The US Congress to hold a hearing with SEC

us congressHearing titled, “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat,” is scheduled to be held on 24th September. The hearing is expected to deal with topics like public company disclosures, private markets vs. public markets, enforcement, and cryptocurrency (including discussion of Facebook’s Libra).

Bank of America joins Marco Polo Network

Bank of America bitcoinCorda’s distributed ledger technology is finding adoption through its Marco Polo Network.  It already has great brand names on its network and Bank of America announced that they are joining the network to provide transformative solutions on a global scale.  Other members of the Marco Polo Network include “BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa-Bank, Bradesco, BayernLB, Helaba, S-Servicepartner, Raiffeisen Bank International, Standard Bank, Credit Agricole and National Bank of Fujairah.”

Wells Fargo is launching Digital Cash run on DLT to serve global markets

wells fargoIn our opinion, JP Morgan may have been behind the inspiration for Wells Fargo to enter the digital cash race. Wells Fargo, 4th largest bank in the US, is launching its own digital cash to help settle the cross border payments and expand the number of hours it serves the money movement in a day. “As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that,” said Lisa Frazier, head of the Innovation Group at Wells Fargo. “It’s faster than SWIFT, cheaper and definitely more efficient,” she said according to other news sources.

North Korea to introduce its own ‘bitcoin like’ digital currency

north-korea-bitcoin-adoptionLooks like the countries are racing in the digital currency space. Venezuela started with its national currency that resulted in sanctions. Marshall Islands announced that it will launch a national currency on blockchain. China has been in the news for quite awhile now with its digital currency efforts. Facebook (which is the biggest virtual nation of all) wanted to set up its own digital currency and faced backlash from the congress. Now, North Korea is planning to launch its own ‘bitcoin like’ cryptocurrency. “North Korea has shown extensive interest in cryptocurrency, showing expertise in mining, hacking exchanges, cryptojacking, and more,” Kayla Izenman, a research analyst at London-based think tank the Royal United Services Institute, told VICE News.

CME group to launch bitcoin futures contracts in 2020

CME GroupAccording to a press release, CME group is planning to launch Bitcoin futures contracts in Q1 of 2020. They are currently working on the regulatory approvals. “Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk,” said Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products.  People who have been in the crypto space before 2017 may remember that CME group’s announcement in 2017 about bitcoin futures caused market to break all new records in bitcoin price.

ABRA brings bitcoin to over 3000 7-Eleven stores in Philippines

ABRA bitcoinABRA is bringing the bitcoin to all 3000 7-Eleven stores across the Philippines. Abra’s site reads “Today we announced a new partnership with ECPay allowing more ways for Abra users in the Philippines to conveniently add money to their Abra wallet through any of ECPAY’s 6,000 retail outlets across the Philippines, including all 7-Eleven stores. The process of buying bitcoin (and other cryptocurrencies) is expected to be very simple and the purchased crypto loads to ABRA’s wallet.

This space is gathering a lot of steam recently. Looks like the blockchain and crypto jets are about to be fired…legal weather permitting.

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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

Projects to Keep an Eye on Going into 2021

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Top projects for 2021

We have been wrong numerous times about our calls but that is not going to deter from looking forward to 2021.  

So, here we go with the 2021 project call out. DYOR before investing your hard earned money.  

We understand not everyone has the same level of patience or resilience for excruciating pain of financial loss, so tread in fashion what suits you.

Quick note: Below list is not the same as the projects we picked in this FREE report. Below is looking at 2021 and the report lists projects that have longer term potential. 

Here are the projects that we are keeping an eye on for 2021 (we are hoping these could break out in a meaningful way before the end of 2021).

bitcoinBitcoin: The king of crypto might continue to surprise people by reaching the elusive $50,000 mark in 2021. Whether it reaches that mark or not, it continues to be a great entry into crypto, in our opinion.

Polkadot Defi EcosystemPolkadot: DOT is trying to get what Ethereum has gotten wrong.  Will DOT replace Ethereum?  In our opinion, no. Ethereum has the first mover advantage that is difficult to surpass, however, blockchain is going to emerge into a trillion(s) dollar industry that will have space for more than many projects to succeed. 

Vechain updatesVeChain:  This sleeping giant, in our opinion, continues its sideway journey as we head into 2021.  We suspect more partnerships and more use cases will bring the deserved attention to this mammoth of a project in the supply chain space, one of the more amazing use-cases of blockchain.  Success of VeChain will directly contribute to the success of blockchain space at a macro level.

Icon price predictionICON:  ICON went from 45 cents to $15.  Since then, it has been doing dead cat bounce once-in-a-while at a sub 50 cents level. However, heading into 2021, we might see much needed spotlight on this project with DeFi, staking and interoperability models.

The graph (grt) price predictionThe Graph: Labeled as the Google of the blockchain world which has been in works for over 3 years has made a surprising entry into major exchanges like Coinbase, Binance, Kraken, KuCoin, etc., Project with Coinbase ventures as one of the investors might be Chainlink in the making in the world of indexing blockchain data.

Enjin Coin latest UpdatesEnjin: We love Enjin.  It is going after one of the most lucrative spaces with an immediate use case for crypto: Gaming.  Enjin may also shine in bringing NFTs to the masses and succeed in a big way.  At least, that’s what we are speculating. 

Honorable mentions

Ethereum: First mover.  Tremendous partnerships. Staking with ETH 2.0.  DeFi projects on top of Ethereum.  These are some reasons why Ethereum could surprise people.

Uniswap: DeFi success may directly contribute to Uniswaps success in 2021.

Chainlink: King of oracles in the blockchain may continue its upward trajectory in 2021.  Will the gains be as big of multipliers as they have been 2020, probably not.

Basic Attention token latest updatesBAT: Digital ad space, rewarding users for using the browser, ever increasing publisher and user base, buy-back of BAT by the company.  There are so many things going right for this project, except, it has not garnered the attention it truly deserves.   Things might be different in 2021. At least one can hope.

Those are the projects that we are keeping an eye on and continue to dollar cost average our way into. What are our gems?  Share with the world.

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.

 

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Is this the end of XRP?

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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.

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Transforming Data Center Infrastructure With Blockchain

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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

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