Investors in Davos Separate Bitcoin and Blockchain, Claim BTC Will go to Zero

As the World Economic Forum (WEF) Continues in Davos, Switzerland, and the who’s-who of finance and politics enjoy $40 hot dogs, there is a significant amount of negative commentary coming from investors and analysts regarding Bitcoin (BTC) and cryptocurrencies.
Most recently, one prominent investor drew a stark line between blockchain and Bitcoin, noting that he strongly believes in the future of the former, while disregarding the latter as a pseudo-currency that will likely “go to zero.”
Davos Not Bitcoin Friendly
The recent comments came from Jeff Schumacher, the founder of BCG Digital Ventures – a blockchain-focused investment firm – who told CNBC that although the Bitcoin as a technology is interesting, its value as a currency is null.
“I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything,” he bearishly noted.
Another prominent investor who was on the CNBC panel, Glenn Hutchins, the chairman of North Island, shared a similar sentiment, claiming that his focus as an investor remains on Blockchain technology.
“I am much less interested in investing around bitcoin as a currency unit or a currency equivalent, or even the blockchain as an accounting ledger. I am thinking much more about the protocols. In other words, what is the underlying protocol going to do as a consequence of which, which tokens are valuable or not,” Hutchins explained.
Bitcoin and Blockchain are Thoroughly Intertwined  
Although these investors aren’t excited about Bitcoin, they are neglecting to recognize that Bitcoin and blockchain are largely intertwined with one another.
While giving a talk regarding the relationship between Bitcoin and blockchain, Andreas Antonopoulos said that blockchain cannot stand strong on its own without BTC, defining blockchain as “Bitcoin with a haircut and a suit you parade in front of your board.”
“Blockchain is one of the four foundational technologies behind Bitcoin and it can’t stand alone. But that hasn’t stopped people from trying to sell it. Blockchain is Bitcoin with a haircut and a suit you parade in front of your board. It is the ability to deliver sanitized clean comfortable version of the blockchain of Bitcoin to people who are too terrified of actually disruptive technology,” Antonopoulos explained.
Another popular figure within the cryptocurrency community, Joseph Young, referenced the recent Davos comments regarding blockchain being successful while Bitcoin fails, equating it to saying, “Airplanes will go to zero while engines have potential.”

Airplanes will go to zero while engines have potentialhttps://t.co/w0gzzPPVAi
— Joseph Young (@iamjosephyoung) January 23, 2019

Furthermore, many prominent financial analysts who are not heavily involved in the cryptocurrency industry have dismissed the “BTC will go to zero” thought line.
Mohamed El-Erian, the chief economic advisor at Allianz, discussed cryptocurrencies late last year, saying that cryptocurrencies will survive their current bear market.
“I think cryptocurrencies will exist, they will become more and more widespread, but they will be part of an ecosystem. They will not be dominant as some of the early adopters believed them to be,” he explained.
Although cryptocurrencies are still seen as “fake money” in much of the traditional financial industry, as they gain more widespread adoption they will also garner greater respect from the financial industry as a whole.
Featured images from Shutterstock.
The post Investors in Davos Separate Bitcoin and Blockchain, Claim BTC Will go to Zero appeared first on NewsBTC.
Source: New feedNewsBTC.com

Japan to Launch Blockchain Payment Experiment for Tokyo 2020 Olympics

Japan’s famously conservative financial system is set to receive the biggest shakeup in decades as one of the world’s largest financial institutions is building a blockchain-based consumer network designed to handle a million transactions per second in time for the Tokyo 2020 Olympics.
The MIT Technology Review reports that Mitsubishi UFJ Financial Group (MUFG), which is Japan’s largest bank by assets and the fifth biggest bank in the world is collaborating with American internet startup Akamai, to build and deploy what is set to be the world’s fastest payment network, far superior to Visa and Bitcoin, which are currently the largest fiat and crypto networks.
If the experiment succeeds in time for the Olympics, it would signal a new era of financial innovation in a country still dominated by cash transactions despite the world leading electronic transaction infrastructure that is obtainable in many of its Asian neighbors like South Korea and China. It would also become the first large-scale deployment of a blockchain payment solution in Japan following similar experimental efforts by Mizuho Financial Group and SBI Holdings.
Japan’s Cash Problem
Despite its reputation for world-leading technology innovation in so many areas, Japan’s financial system remains a stubborn holdout, in part due to a stubborn cultural preference for paying in cash for goods and services. Japanese citizens are the world’s most prolific users of physical cash, with the cost of running the country’s 200,000-strong ATM network along with cash registers and bullion vans estimated at $18 billion annually.
While the Japanese financial industry may be willing to endure the cost of this status quo in exchange for keeping its stranglehold on the famously patriotic Japanese consumer market, the siting of next year’s Olympic Games in Tokyo will make the situation untenable. With hundreds of thousands of international visitors expected in Tokyo alone.
As many of these visitors are from countries where electronic transactions are par for the course, it is estimated that Japan could miss out on hundreds of millions of dollars which the stolid Japanese economy could really use at this point.
Primed to Leapfrog?
MUFG may likely have its eyes on some key facts about cryptocurrency use in Japan that has convinced it that this is the way to go. First of all, while Japanese consumers might be notorious for their cash preference, cryptocurrency is also wildly popular in the country, and at one point the defunct bitcoin exchange Mt. Gox processed as much as 70 percent of the world’s bitcoin exchange transactions.
The Japanese Financial Standards Agency (FSA) is also one of the world’s most experienced authorities in the field of cryptocurrency regulation, and MUFG’s bet is that these factors make Japan uniquely positioned to leapfrog from cash to cryptocurrency, skipping two decades worth of legacy electronic transaction technology in the process.
The only existing reference for leapfrogging on such a grand scale is probably the GSM revolution in sub-Saharan Africa which saw the world’s last population to come online become one of the tech-savviest in the space of 15 years, by leapfrogging legacy telecoms technology and going straight into GSM and CDMA networking. A similar move in Japan would see it overnight become the world’s biggest staging point for cryptocurrency adoption and a possible starting point for similar national or supranational network deployments around the world.
The post Japan to Launch Blockchain Payment Experiment for Tokyo 2020 Olympics appeared first on Coingape.
Source: CoinGape

ING Bank Settles a 5-Year Deal with R3 Corda Enterprise in a Bid to Transit Its Clients to Distributed Economy

CoinSpeaker

ING Bank Settles a 5-Year Deal with R3 Corda Enterprise in a Bid to Transit Its Clients to Distributed Economy

Dutch international bank ING has signed a deal with enterprise blockchain consortium R3 for access to R3’s commercial blockchain platform.

ING Bank Settles a 5-Year Deal with R3 Corda Enterprise in a Bid to Transit Its Clients to Distributed Economy

Continue reading at Coinspeaker
Source: CoinSpeaker

Power Ledger Blockchain Firm Signs Deal with Japanese Green Energy Supplier

Western Australian blockchain startup Power Ledger will partner with Japanese renewable energy firm Sharing Energy. The deal will see he solar panel provider team utilise Power Ledger’s distributed ledger to track consumption of clean energy.
The initial pilot will focus on just 100 customers of the Japan-based green energy firm. This, according to Power Ledger, is expected to grow to an impressive 55,000 customers within the next two years.
Power Ledger Partnership to Democratise Energy Use Using Blockchain
According to a report in Business News Western Australia, blockchain energy startup Power Ledger will be working alongside the Japanese solar energy firm Sharing Energy to monetise solar energy production for customers. The chair and co-founder of Power Ledger, Dr. Jemma Green, stated of the partnership:
“This partnership is an exciting example of how our blockchain technology can make visions of implementing scalable, renewable energy solutions a reality for partners and communities worldwide.”
The partnership will originally pilot the installation of rooftop solar panels for 100 buildings. The idea is to eventually extend this to a massive 55,000 by the end of 2020. This is part of a wider move in Japan to utilise the sun’s clean energy over that of fossil fuels.
The Power Ledger platform originally made the news in September 2017 by supposedly becoming the very first initial coin offering to come out of Australia. After raising $27 million in funding from the public, the Perth-based startup has since sought partnerships in just about every corner of the globe.
Mere months after its launch, the blockchain firm partnered with Thai government-backed renewable energy BCPG. This was followed later by a deal with American not-for-profit organisation Helpanswers. Later still, the firm announced a deal with Silicon Valley Power to track the renewable energy use of electric vehicles in the technology hub.
Power Ledger aims to install solar panels across the roof tops of Japan.
It has certainly been a busy 18 months for those behind the Power Ledger platform. In fact, the partnership with Sharing Energy is not the first that the blockchain startup has forged with a Japanese firm in its short existence. It already works with the nation’s largest privately-owned electricity retailer, Kansai Electric Power Company. The idea behind this partnership is to provide efficient distribution of surplus solar power.
The premise behind Power Ledger is to allow for energy to be clean, affordable, and reliable no matter where in the world a customer lives. The system uses blockchain technology to track energy usage, as well as to monetise its distribution from producer to consumer. Evidently, with so many different energy companies from around the world signing up to work with the firm, the idea of using blockchain technology to both track and help redistribute energy to where its most needed is really starting to take off.
 
Related Reading: Power Ledger to Trial Blockchain Based Energy Trading in Japan
Featured Images from Shutterstock.
 
The post Power Ledger Blockchain Firm Signs Deal with Japanese Green Energy Supplier appeared first on NewsBTC.
Source: New feedNewsBTC.com

Ripple Further Spreads Its Reach Joining Chinese University for Blockchain Scholarship Program

CoinSpeaker

Ripple Further Spreads Its Reach Joining Chinese University for Blockchain Scholarship Program

Ripple recently partnered with the Institute for Fintech Research, Tsinghua University to offer scholarships. They aim to sensitize the Chinese young leaders about blockchain’s international regulations.

Ripple Further Spreads Its Reach Joining Chinese University for Blockchain Scholarship Program

Continue reading at Coinspeaker
Source: CoinSpeaker

Litecoin [LTC] Technical Analysis: Bears retain the upper hand as bulls offer weak resistance

Litecoin [LTC] is one of the many cryptocurrencies that is facing a difficult period of late since the unexpected slump of January 10, 2019. It has struggled to get out of the bear’s grasp for a while now, which does perhaps raise concerns about the immediate future of LTC.
At the time of press, LTC was priced at $31.01, way below its value of $40.79 on 8 January. It has a market cap of $1.863 billion and a 24 hr trading volume of $554 million, with a majority of it  ( $58.42 million or 9.96%) being contributed to by ZB.com, via the trading pair LTC/USDT. Finally, LTC’s value has fallen by a significant 6.45% over the last 24 hours.
1-hour
Source: TradingView
The 1-hour chart demonstrated a significant downtrend that extended from $33.381 to $31.106 after a brief uptrend that extended from $33.307 to $33.697.  The last point of resistance was at $33.723 while the support point at $30.744 was holding strong.
The Parabolic SAR has the markers above its candlesticks, an indication of a bearish market. However, considering it’s flattening, it would seem that the bulls are offering some resistance over the last hour.
The Chaikin Money Flow has the line creeping its way over zero, suggesting that money is slowly trickling back into the market on the back of the bulls.
The Relative Strength Index indicates that after a point when the market was oversold and was bearish, both the buying and selling pressures have evened out.
1-day
Source: TradingView
The 1-day chart exhibits a continuing downtrend extending from $40.155 to $32.863 while the last uptrend was witnessed over two weeks ago and ranged from $34.289 to $40.079. The support point is holding strong at $30.411 while the last point of resistance was at $40.131.
The Bollinger Bands are neither expanding nor contracting, which indicates that volatility in the market is holding steady.
The MACD shows that the signal line is way over the blue MACD line and thus, the projection is one of a bearish market in the immediate future.
The Klinger Oscillator has the reading line well below the signal line and therefore, suggests that the market has a bearish trend.
Conclusion
All the above indicators would suggest that the market is overwhelmingly bearish and shall remain so in the future. And although indicators such as the SAR, Chaikin and RSI suggest some form of bullish resistance, the near future of LTC, as suggested by other indicators, remains firmly in the bear’s realm.
The post Litecoin [LTC] Technical Analysis: Bears retain the upper hand as bulls offer weak resistance appeared first on AMBCrypto.
Source: AMB Crypto

TV show on cryptocurrencies: Entourage actor Kevin Connolly to star in ‘Cryptos’

In what could either be a big boost to the legitimacy of cryptocurrencies or a big old bust, Kevin Connolly, the star of Entourage, will be starring in a new TV show titled ‘Cryptos’.
Making a surprise appearance at the North American Bitcoin Conference in Miami, the actor said that the show, which was still in development, was intended to give the audience a clearer understanding of the world of cryptocurrencies.
If the show finally sees the light of the day on any top network, eyeballs are guaranteed not only for the actor, but for a subject that has for long excited and confused a lot of people in equal measure. As Connolly himself said:
“The thing that scares people about crypto is a lack of understanding. People like myself are still learning, but the curiosity is there.”
The TV show’s official synopsis suggests that the show will be a story of four friends who turn to trading on the cryptocurrency market to bankroll their movies after being unable to find big producers who can do so.
Kevin Connolly, whose participation in the project will also extend to the director’s chair, will be joined on the project by leading blockchain advocates, Jason King and Erik Sords.
The world of cryptocurrencies and blockchain technologies has never been very visible when it comes to popular culture. This can be attributed to several reasons, ranging from it being a subject beyond much of the public’s understanding of the fear of being duped by participation.
There are documentaries such as the excellent ‘Deep Web’ and there are feature films such as ‘KevCoin’ and ‘Life on Bitcoin’ (A film where newlyweds survive on only cryptocurrency for 90 days), but none of these are mainstream or have done anything to legitimize cryptocurrency in the eyes of the public at large.
What ‘Cryptos’ can hope to do is what HBO’s ‘Silicon Valley’ and Showtime’s ‘Billions’ did for tech startups and hedge fund managers respectively. If done right, ‘Cryptos’ can help bring that much-needed brand visibility to the world of cryptocurrencies. If the show succeeds in its promise to educate viewers about the cryptocurrency market, it can subsequently help legitimize it and be a step forward towards the wider adoption of cryptocurrencies.
The post TV show on cryptocurrencies: Entourage actor Kevin Connolly to star in ‘Cryptos’ appeared first on AMBCrypto.
Source: AMB Crypto

EOS: EOSIO rolls out new update; claims to improve transaction speed by up to 35%

The EOS network officially announced the release of EOSIO version 1.6.0 in a move that is all set to substantially boost performance and efficiency of the application. The move, announced via EOSIO’s official Medium blog post, is not only an upgrade of its previous version 1.5.0, but has promised to speed up transaction speed among other significant improvements.
The new version 1.6.0 is designed to make sure that it remains one of the fastest protocols in the market, one in tune with the needs and requirements of developers on the EOS network.
In fact, EOSIO has already claimed that it has witnessed a 35% increase in transaction speeds, as well as notable improvements in reduced CPU costs and lower latency on EOSIO based blockchains.
 
Source: Twitter
EOSIO has also sought to improve and streamline the ‘creation, development and testing’ of smart contracts on its network. As the Medium blog suggests:
“EOSIO.CDT is designed to provide added support for Gnu & C++ 11 style and should create a more reliant way of declaring your smart contract structure and associated data structures when building an application.”
Furthermore, a new tool that generates a basic template and structure for smart contract development was also incorporated in the said update.
Finally, EOS has also marked each of these updates as Release Candidates and will be collecting user and developer feedback on each one of them.
Presently, EOS, as a cryptocurrency, has a market cap of over $2.11 billion. However, the nature of EOS makes it more than just a cryptocurrency. EOS is a revolutionary blockchain protocol that works more as a platform for a diverse set of decentralized applications, all of which can have a wider utility. EOS’s efforts at improving the efficiency of the peer-to-peer networking layer as well as raising transaction speeds significantly make it a platform to keep an eye out for.
The post EOS: EOSIO rolls out new update; claims to improve transaction speed by up to 35% appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Giant Bitfury Enters Music Industry with Its New Blockchain-Based Platform

CoinSpeaker

Bitcoin Giant Bitfury Enters Music Industry with Its New Blockchain-Based Platform

Named SurroundTM, Bitfury’s music entertainment division will provide a digital system for both monetizing and sharing intellectual property.

Bitcoin Giant Bitfury Enters Music Industry with Its New Blockchain-Based Platform

Continue reading at Coinspeaker
Source: CoinSpeaker

Yahoo co-founder Jerry Yang: Banks and trading have found a natural technology in blockchain

Speaking at a panel discussion in Singapore, Jerry Yang, the co-founder of Yahoo, threw his support behind blockchain technology and said that it is a natural technology for banks and trading.
The co-founder of Yahoo was attending the Nikkei Innovation Trading Forum when he put forth his views on technology in the context of the US financial industry and its competitive rivalry with China’s emerging technological sphere. He said:
“Blockchain is a natural technology for banks and trading. If you look at US institutions and banks, the kind of infrastructure that is being developed has long-term implications. For the technology to succeed, the question is can there be trust built? That can open huge amounts of doors.”
Yang, who is also an investor in technology startups through his firm AME Cloud Ventures, further expressed his strong belief about the utility of cryptocurrencies and blockchain technology and implored banks and trading systems across the world to harness the applications emerging out of the nascent field.
However, Yang also advised caution when he said that trust is key to the mass adoption of the blockchain and that the technology will fade if trust in it isn’t built or strengthened soon.
Jerry Yang’s comments are welcome at a time when much of the early hype associated with cryptocurrencies is yet to be realized. His statement will only lend credence and support to countries such as Spain that have been adopting blockchain for wider purposes in the public sphere.
Blockchain technologies have the potential to reshape everything from finance to banking and investing in such technology and its applications could have a revolutionary effect on the world.
The post Yahoo co-founder Jerry Yang: Banks and trading have found a natural technology in blockchain appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] given same legal status as money in Wyoming

In what could be a huge step towards the acceptance and wider use of cryptocurrencies such as Bitcoin, the U.S state of Wyoming has introduced cryptocurrency legislation in the House that aims to bring legal clarity to the still nascent field.
With this legislation, Wyoming aims to make itself a haven for such cryptocurrency and blockchain businesses by positioning itself as ‘forward-thinking’ and ‘responsive’ to the needs of the growing industry. If passed, it would be synonymous with how countries such as Malta and Estonia have realized the potential of the field to emerge pacesetters. As Senator Ogden Driskill of the Wyoming 1st District said,

“The legislation, all taken together make Wyoming the Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world.”

The state of Wyoming had already exhibited its increasing interest in inviting blockchain businesses to its state by passing two bills to regulate the cryptocurrency market way on 12 January 2019. Last year, San Francisco-based cryptocurrency exchange, Coinbase had also resumed business in the state after a long hiatus.
The new legislation, as reported by Forbes, has a few key features that have excited many in the cryptocurrency business. For starters, the bill offers legal status to digital currencies such as Bitcoin, recognizing peer-to-peer transactions of cryptocurrencies and thus, giving it the same status as money.
Secondly, the bill further reinforces its recognition of digital assets by authorizing banks to supervise such assets, and even taken them under custody, if needed.
The bill offers new hope for many in the cryptocurrency and blockchain industry who have been left disappointed by the lack of clarity on the government’s part. This bill, if passed, will form the framework for any future legislation that may be passed on the subject.
The post Bitcoin [BTC] given same legal status as money in Wyoming appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] could be given the same legal status as money in Wyoming

In what could be a huge step towards the acceptance and wider use of cryptocurrencies such as Bitcoin, the U.S state of Wyoming has introduced cryptocurrency legislation in the House that aims to bring legal clarity to the still nascent field.
With this legislation, Wyoming aims to make itself a haven for such cryptocurrency and blockchain businesses by positioning itself as ‘forward-thinking’ and ‘responsive’ to the needs of the growing industry. If passed, it would be synonymous with how countries such as Malta and Estonia have realized the potential of the field to emerge pacesetters. As Senator Ogden Driskill of the Wyoming 1st District said,

“The legislation, all taken together make Wyoming the Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world.”

The state of Wyoming had already exhibited its increasing interest in inviting blockchain businesses to its state by passing two bills to regulate the cryptocurrency market way on 12 January 2019. Last year, San Francisco-based cryptocurrency exchange, Coinbase had also resumed business in the state after a long hiatus.
The new legislation, as reported by Forbes, has a few key features that have excited many in the cryptocurrency business. For starters, the bill offers legal status to digital currencies such as Bitcoin, recognizing peer-to-peer transactions of cryptocurrencies and thus, giving it the same status as money.
Secondly, the bill further reinforces its recognition of digital assets by authorizing banks to supervise such assets, and even taken them under custody, if needed.
The bill offers new hope for many in the cryptocurrency and blockchain industry who have been left disappointed by the lack of clarity on the government’s part. This bill, if passed, will form the framework for any future legislation that may be passed on the subject.
The post Bitcoin [BTC] could be given the same legal status as money in Wyoming appeared first on AMBCrypto.
Source: AMB Crypto

All You Need to Know About the Security Token Offering

CoinSpeaker

All You Need to Know About the Security Token Offering

Victor Larionov, crypto expert, CEO at Priority Token and partner at Hax Ventures, shares what hides behind Security Token Offering, explains how it differs from ICO unveiling what potential it holds for the whole industry.

All You Need to Know About the Security Token Offering

Continue reading at Coinspeaker
Source: CoinSpeaker

8 Surprising Everyday Uses for Blockchain Technology

CoinSpeaker

8 Surprising Everyday Uses for Blockchain Technology

Kirsten Pike, a professional writer specializing in mobile and computing technology, takes a look at the promising uses for blockchain technology in our everyday life.

8 Surprising Everyday Uses for Blockchain Technology

Continue reading at Coinspeaker
Source: CoinSpeaker

Newly Announced Crypto Exchange Uses Satellites to Grant Blockchain Access for the Unconnected Users

CoinSpeaker

Newly Announced Crypto Exchange Uses Satellites to Grant Blockchain Access for the Unconnected Users

A new cryptocurrency exchange partnered with a satellite manager to bring blockchain access to people without internet access. New users are given 100 Satoshi for free after registration.

Newly Announced Crypto Exchange Uses Satellites to Grant Blockchain Access for the Unconnected Users

Continue reading at Coinspeaker
Source: CoinSpeaker