Fred Wilson throws a little cold water on bitcoin enthusiasts

Fred Wilson throws a little cold water on #bitcoin enthusiasts

  • Despite all the excitement around digital currencies, venture capitalist Fred Wilson said it will probably take much longer for bitcoin to go mainstream.
  • For all the excitement around digital currency technology in New York this week, venture capitalist Fred Wilson said it will probably take much longer for bitcoin to go mainstream.
  • Hundreds of developers, start-up founders and digital currency investors packed a New York University lecture hall for the all-day conference, which focused on how bitcoin’s underlying blockchain technology and digital currencies, or tokens, could change the way business operates.
  • I see a path where that’s going to happen,” Brian Armstrong, CEO of the Coinbase exchange for buying and selling digital currencies, said at the conference.
  • The Token Summit followed a two-and-a-half-day digital currency conference called Consensus, both held in Manhattan.

Despite all the excitement around digital currencies, venture capitalist Fred Wilson said it will probably take much longer for bitcoin to go mainstream.
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Stocks mixed as investors gear up for long weekend [Video]

LIVE: @readDanwrite explains the reasoning behind #bitcoin's price swings -

  • Stocks (^DJI, ^GSPC, ^IXIC) struggle for gains as retail leads the way.
  • Stocks ending the day in the red include fast casual chain Zoe’s Kitchen after revenue and same store sales missed expectations, homebuilding company Beazer Homes on a downgrade to market underperform at JPMorgan, and GameStop.
  • Shares of the the video game retailer sinking despite a beat on earnings and revenue, as net income decreased from a year-ago.
  • Meanwhile, stocks powering higher include Deckers Outdoor as the footwear company posted a big EPS beat and strong forward guidance, enterprise technology company Nutanix as earnings and revenue came in ahead of Street estimates, and Ulta Beauty.
  • Shares of the beauty retailer higher on strong earnings with same-store sales rising 14.3%.

Stocks (^DJI, ^GSPC, ^IXIC) struggle for gains as retail leads the way. Can the bulls sustain the momentum into the long weekend? Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance reporters Myles Udland, Jared Blikre and Dan Roberts. Winners and losers
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New kids on the blockchain: A surge in the value of crypto-currencies provokes alarm

  • It helps to keep this image in mind when considering one of the biggest surges in asset values of recent years: the market value of all the world’s crypto-currencies has trebled since the beginning of the year, and is now worth more than $60bn (see chart).
  • But growing demand has pushed bitcoin’s price to a record recent high of about $1,830, up from $450 a year ago.
  • Other factors driving demand include fluctuations of China’s yuan, the French elections and, in a small way, the ransomware attack (when The Economist went to press, only about $80,000 had been sent to the bitcoin accounts held by the bitcoin’s biggest weakness—the system’s limited capacity—has also increased demand for crypto-currencies.
  • Even before worries surfaced that the currency could split in two over the disagreement, bitcoin holders started to diversify into some of the many other crypto-currencies, or “alt.coins”, to emerge in recent years.
  • And the price surges have shown how the crypto-currency system is no longer just about bitcoin.

IT IS hard to predict when bubbles will pop, in particular when they are nested within each other.
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BofA, HSBC, Intel, others invest $107 million in blockchain startup R3

BofA, HSBC, Intel, others invest $107 million in #blockchain startup R3

  • REUTERS/Mike Blake

    NEW YORK (Reuters) – Financial and technology companies led by Bank of America Corp, SBI Holdings Inc, HSBC Holdings Plc, Intel Corp and Temasek Holdings have invested $107 million in R3 CEV, a startup which runs a big bank consortium seeking to develop blockchain technology, it said on Tuesday.

  • Over 40 institutions from more than 15 countries participated in the first two tranches of the New York company’s fundraising round, making it one of the largest investments in a blockchain company to date, R3 said in a statement.
  • Other major investors and companies leading the deal include ING Groep NV, Banco Bradesco SA, Itaú Unibanco SA, Natixis SA, Barclays Plc, UBS Group AG and Wells Fargo & Co, R3 said.
  • R3 launched in September 2015 with the backing of nine of the world’s largest investment banks seeking to make their operations more efficient with new technology, and its membership has rapidly grown to about 80 financial institutions.
  • The completion of the first two tranches follows the departure of several large banks from R3 over the past few months, including JPMorgan Chase & Co, Goldman Sachs Group Inc Banco Santander SA and Morgan Stanley

    The banks have internal blockchain projects or investments in other similar startups.

By Anna Irrera NEW YORK (Reuters) – Financial and technology companies led by Bank of America Corp, SBI Holdings Inc, HSBC Holdings Plc, Intel Corp and Temasek Holdings have invested $107 million in R3 CEV, a startup which runs a big bank consortium seeking to develop blockchain technology, it said
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Cyber-crime: WannaCry should make people treat cyber-crime seriously

  • On May 12th, for instance, security companies noticed that a piece of malicious software known as WannaCry was spreading across the internet, first in Britain and Spain, and then around the world.
  • This seems to have been the case for WannaCry, the modus operandi of which is to encrypt a victim’s files and demand payment to reverse that encryption—a common technique, known as ransomware.
  • Moreover, Check Point, a computer-security consultancy in Israel, has shown that WannaCry’s encryption software is so badly assembled that decrypting a user’s data after payment has been made is practically impossible.
  • “This is not a serious organised crime gang,” Ross Anderson, professor of computer security at Cambridge University, says of the entity behind WannaCry.
  • In contrast to its encryption software, however, WannaCry’s worm, which spread it so fast, is a sophisticated piece of coding.

IN 1933 Britain’s parliament was considering the Banditry bill—the government’s response to a crime wave. The problem was that criminals were using a newfangled invention, the motor car, to carry out robberies faster than the police could respond.
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25 People Positioned To Scale Atlanta’s Growing Inclusive Technology Startup Ecosystem for Black Americans and Beyond

Delighted to see @ChrissaTanelia make this list!

  • During the conferences in Atlanta and Washington, DC during the 50th Anniversary of The March on Washington for Jobs and Freedom, we asked over one hundred entrepreneurs and speakers on what they believed was required to build a thriving inclusive and equitable startup community.
  • Unbeknownst to us at the time, we were perfectly aligned with Brad Feld’s Boulder Thesis, which states:

    After three years of building Atlanta’s inclusive ecosystem (and a merger later), we fine tuned our thesis to realize that the following constructs were necessary to sustain an inclusive technology focused startup ecosystem.

  • If you look at the metrics that matter, then you can honestly say that Atlanta is the world’s leading technology startup ecosystem for black founders.
  • To this end, I am excited to put forth a list of 25 people in Atlanta that I believe are critical to the future growth, scale and sustainability of an inclusive innovation, entrepreneurship and investment economy for all.
  • Vice President of Community Affairs for Chick-fil-A, Inc. and Executive Director of the Chick-fil-A Foundation; Board of Directors, Endeavor

    Interim Chair BMI at Emory University, Associate Prof. Emory and Georgia Institute of Technology

    The next Mayor of Atlanta.

In January 2013, I released my fourth book, Kingonomics: Twelve Innovative Currencies To Transform Your Business & Future, Inspired by Dr. Martin Lut…
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Canada backs off blockchain interbank payment system

Canada backs off blockchain interbank payment system

  • The Bank of Canada (BoC) has said no to using distributed ledger technology (DLT), also known as the blockchain, after a year-long investigation into whether it could provide the underlying infrastructure for the country’s interbank payment system.
  • The central bank’s negative viewpoint on the suitability of DLT was published in a column in The Globe and Mail newspaper yesterday, where the BoC Senior Deputy Governor Carolyn Wilkins and Gerry Gaetz of Payments Canada, the country’s payment and settlement operator, concluded that “too many hurdles” had to be overcome for a blockchain-based infrastructure to be viable.
  • Canada’s central bank has been working on Project Jasper with the country’s largest banks, Payments Canada and the R3 consortium on the DLT experiment since last summer.
  • “In fact, at its heart, there exists a fundamental inconsistency or tension between a centralized wholesale interbank payment system, as we have now, and the decentralization inherent in DLT.
  • This revolves around a new clearing and settlement system that uses a traditional centralized core that all the banks and payment providers will link to and the adoption of the international ISO 20022 messaging standard.

The Bank of Canada has said no to using distributed ledger technology (DLT), also known as the blockchain, for the country’s interbank payment system.
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Bitcoin booms: One bitcoin is worth twice as much as an ounce of gold

  • Fans of bitcoin, a crypto-currency, have long called it digital gold.
  • Now this sounds like an insult: continuing its stellar rise, and adding more than 30% to its value in just a week, one bitcoin is worth more than $2,600, over twice as much as an ounce of gold.
  • As The Economist went to press all bitcoins in circulation were worth over $43bn.
  • A sum of $1,000 invested in bitcoins in 2010 would now be worth nearly $36m.
  • Other crypto-currencies are also marching upward: together this week they were worth $87bn.

Fans of bitcoin, a crypto-currency, have long called it digital gold. Now this sounds like an insult: continuing its stellar rise, and adding more than 30% to its value in just a week, one bitcoin is worth more than $2,600, over twice as much as an ounce of gold.
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Site Where Sea Lion Bodied Little Girl Is Now a Tourist Destination

Site where sea lion bodied little girl is now a tourist destination:

  • After the video of a little girl getting pulled into the water by a wild sea lion in BC went stupid viral this weekend, tourists have been flocking to where it was shot.
  • On Victoria Day, dozens of people were seen at the wharf the viral moment occurred at, taking photos and looking into the water trying to get a glimpse of the famous sea lion.
  • In the video, which is just over two minutes long, a sea lion jumps out of the water toward a little girl wearing a white floral dress at about a minute in a half in; she starts giggling.
  • “And you certainly shouldn’t be letting your little girl sit on the edge of the dock with her dress hanging down after the sea lion has already snapped at her once—just totally reckless behaviour.”
  • Bob Baziuk, general manager for Steveston Harbour Authority, says he is looking into getting signs made in multiple languages for the area where the sea lion viral video moment happened to ensure tourists understand the warnings.

People have been flocking in hopes of spotting the creature despite government warnings.
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Coinbase suffers outages amid bitcoin surge

Coinbase suffers outages amid #bitcoin surge

  • FILE PHOTO: A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken in Paris, France May 27, 2015.
  • REUTERS/Benoit Tessier/File Photo

    (Reuters) – Coinbase said on Thursday it suffered outages this week as the bitcoin exchange saw “unprecedented traffic and trading,” with the digital currency hitting record levels.

  • Bitcoin fell as much as 6.5 percent to $2,263.72 at around 1730 GMT on Thursday, but rebounded shortly after to hit a fresh all-time high of $2,760.10.
  • Bitcoin hit a record on the BitStamp platform on Wednesday, driven by an uptick in demand for crypto-assets, with the creation of new tokens to raise funding for start-ups using blockchain, the underlying technology behind bitcoin.
  • Coinbase, the world’s largest bitcoin company with operations in 32 countries, said the heavy traffic had caused outages at its website as well.

Coinbase, the world’s largest bitcoin company with operations in 32 countries, said the heavy traffic had caused outages at its website as well. Problems that Coinbase’s platform experienced earlier this week, including card verification failures and slow load times, were resolved, its status
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