The promise of the blockchainThe trust machine

  • To understand the power of blockchain systems, and the things they can do, it is important to distinguish between three things that are commonly muddled up, namely the bitcoin currency, the specific blockchain that underpins it and the idea of blockchains in general.
  • Bitcoin’s blockchain ledger prevents double-spending and keeps track of transactions continuously.
  • Dozens of startups now hope to capitalise on the blockchain technology, either by doing clever things with the bitcoin blockchain or by creating new blockchains of their own (see article ).
  • These new blockchains need not work in exactly the way that bitcoin’s does.
  • New chains on the block – – The spread of blockchains is bad for anyone in the “trust business”—the centralised institutions and bureaucracies, such as banks, clearing houses and government authorities that are deemed sufficiently trustworthy to handle transactions.

BITCOIN has a bad reputation. The decentralised digital cryptocurrency, powered by a vast computer network, is notorious for the wild fluctuations in its value, the zeal of its supporters and its degenerate uses, such as extortion, buying drugs and hiring hitmen in the online bazaars of the “dark net”.
This is unfair.
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Bitcoin’s price is spiking by 7 percent right now

Bitcoin's price is spiking higher by 7 percent right now

  • The price of bitcoin rose sharply on Monday with its price spiking up 7 percent Monday morning, according to CoinDesk market data.
  • The price of the cryptocurrency is up nearly 300 percent year to date.
  • It was unclear what was behind Monday’s sudden move higher.
  • Bitcoin is still under the $4,000 level, which it broke through after JPMorgan CEO Jamie Dimon said on Sept. 12 that the cryptocurrency is a “fraud” that will eventually blow up.
  • In addition, recent reports said regulators in China have ordered bitcoin exchanges to close hurt the digital currency’s price.

The price of bitcoin rises sharply while the stock market drops.
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Bitcoin’s price is spiking by 7 percent right now

  • The price of bitcoin rose sharply on Monday with its price spiking up 7 percent Monday morning, according to CoinDesk market data.
  • The price of the cryptocurrency is up nearly 300 percent year to date.
  • It was unclear what was behind Monday’s sudden move higher.
  • Bitcoin is still under the $4,000 level, which it broke through after JPMorgan CEO Jamie Dimon said on Sept. 12 that the cryptocurrency is a “fraud” that will eventually blow up.
  • In addition, recent reports said regulators in China have ordered bitcoin exchanges to close hurt the digital currency’s price.

The price of bitcoin rises sharply while the stock market drops.
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Ten years in jail and 1,000 lashes: why we must defend Saudi blogger Raif Badawi

  • It was the fifth anniversary yesterday of the arrest of the Saudi blogger Raif Badawi, whose supposed crime was to argue for secularism, democracy and human rights.
  • The Badawi case is illuminating about the nature of the Saudi regime and the ideas that it understands as an existential threat.
  • And perhaps they are so strange to the Saudi authorities that they can’t be taken seriously – after all, those convicted of “sorcery” in the kingdom are beheaded, whereas Badawi may survive his sentence, given enough attention and support from the outside world.
  • It is, of course, the Saudi regime that is chiefly responsible for his suffering, and that has the power to release him, but the case also suggests how hollow are western commitments to so-called western values.
  • But in all those cases, and especially in Yemen, the repressive Saudi state has itself been a destabilising factor for its neighbours.

The theocratic and repressive regime in Riyadh has no regard for the western values and human rights we hold dear
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George Gilder, Legendary Economist and Tech Visionary, Joins Snip Advisory Board

  • George Gilder, Legendary Economist and Tech Visionary, Joins Snip Advisory BoardToday we’re honored to announce that George Franklin Gilder is joining the Snip advisory board.Credit: Gage SkidmoreGeorge is the author of 15 books and is considered one of the most influential economists of the past decades, with his book Wealth and Poverty…
  • In 1986, President Raegan awarded him the White House Award for Entrepreneurial Excellence.In the 1980s, George was one of the first visionaries to recognize the potential of the Internet, at a time when many didn’t yet understand the technology and its implications.
  • Today, these technologies are critical to the operation of the Internet.Watch George Gilder “Life After Google” at Blockstack Summit 2017George is currently advocating blockchain technology, labeling it “the 8th layer of the Internet”, in reference to the 7 layers of the classic Internet OSI model.
  • He recently gave a keynote speech at the Blockstack Summit, lauding the potential of blockchain to disrupt Internet centralization and censorship.George is providing Snip with great advice and we’re very excited to have him with us on this journey.
  • George, welcome!

George is the author of 15 books and is considered one of the most influential economists of the past decades, with his book Wealth and Poverty frequently quoted by late US President Ronald Raegan…
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The US IPO market is dead, but ICOs are the future, says entrepreneur

  • Designed to capitalize on what the pair describe as the coming decentralization of capital markets, the Global Public Offering Fund plans to use an initial coin offering (ICO) to raise capital to “Long term, ICOs are the future of the capital markets,” he told CNBC, pointing to that increasingly popular…
  • It’s going to provide new levels of liquidity and new levels of transparency.
  • You already have most of the major exchanges with major blockchain initiatives,” said In fact, he said, blockchain-based tech will “evolve the global capital markets and create new paths for capital raising, liquidity and ICOs are essentially a form of crowdfunding, allowing a larger and wider pool of investors to…
  • There is still a lack of consistency in the methodology of pricing a token, and the limited due diligence required to initiate a sale presents both risk for “Conducting our own ICO will provide valuable learnings and allow our portfolio companies to have a front row seat in defining what…
  • Our hope is to advance the current state of the art and utilize the GPO Fund to make long-term and constructive contributions to the global capital markets.”

Start-ups are opting for private investment rounds over public markets, but one fund manager says he knows the solution.
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ECB’s Constancio compares Bitcoin to Dutch tulip mania

ECB's Constancio compares #Bitcoin to Dutch tulip mania

  • European Central Bank (ECB) Vice President Vitor Constancio is seen at a news conference at the ECB headquarters in Frankfurt, Germany July 20, 2017.
  • REUTERS/Ralph Orlowski – – FRANKFURT (Reuters) – Bitcoin is not a currency but a mere instrument of speculation, the vice president of the European Central Bank said on Friday, comparing the digital currency to tulip bulbs during the 17th century trading bubble in the Netherlands.
  • But ECB Vice President Vitor Constancio denied it posed a threat to monetary policy and compared its rise to the ‘Tulip mania’ seen three-hundred years ago.
  • “It’s an instrument of speculation … but certainly not a currency and we don’t see it as a threat to central bank policy.”
  • The ECB said year last year digital currencies, which are generally issued by private companies and only exist in electronic form, could in principle erode its power over the supply of money, inviting European Union lawmakers to tighten proposed rules on the matter.

Bitcoin is not a currency but a mere instrument of speculation, the vice president of the European Central Bank said on Friday, comparing the digital currency to tulip bulbs during the 17th century trading bubble in the Netherlands. The dollar value of the Bitcoin has nearly trebled this year and, while
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