- So to anyone invested in, mining or building applications for distributed ledger money such as bitcoin or ethereum: read your Kindleberger.
- Distributed ledgers, which borrow private computers from around the world to update the same list of accounts, address one ancient challenge of finance: how to make sure a transaction between two people located far apart is credible to both.
- Bankers talk about “governance”, ways to ensure private banks and central bankers make sound decisions—so they create just enough money make commerce easier, but not so much that the system collapses through inflation or panics.
- Take bitcoin: if a supermajority of the computers running the bitcoin distributed ledger run an upgrade, the upgrade becomes the new code.
- In bitcoin, the people who own the computers verifying transactions—the “miners”—want code that increases fees for miners.
FINANCIERS with PhDs like to remind each other to “read your Kindleberger”. The rare academic who could speak fluently to bureaucrats and normal people, Charles Kindleberger designed the Marshall Plan and wrote vast economic histories worthy of Tolstoy.
Continue reading “Not so novelBitcoin is fiat money, too”
- These computers can range from massive Bitcoin mining farms in rural China to small DIY mining rigs you can run out of your own home, but all of these mining operations are incredibly energy intensive.
- To this end, the Berlin-based artist recently created a wind-powered mining rig, which is currently mining the anonymity-focused cryptocurrency ZCash in a field somewhere in Europe.
- Oliver’s wind-powered rig consists of a 6-foot wind turbine mounted on a tripod, which is connected to a computer mounted in a weather-proof box.
- While a few hundred bucks isn’t likely to go far in fighting climate change, Oliver said this initial rig was a proof of concept to see if the wind-powered mining rigs are feasible at scale.
- Other designs for solar-powered and wind-powered mining rigs have cropped up on the internet over the years, and major mining operations in China are often located near major hydro-electric projects to benefit from the cheap and abundant energy created by the dams.
Julian Oliver’s wind-powered mining rig literally pulls money from thin air.
Continue reading “Can Clean Energy Solve Cryptocurrencies’ Energy Problem?”
- But the exchanges set up to trade them often lack basic controls over identity, fraud, technology and even trading volume, a Reuters investigation shows.
- For instance, the exchange Kraken suffered a denial-of-service network interruption in May, during which the price of ether on its platform dropped 70 percent.
- The total market value of all digital currencies was $140 billion on Sept. 18, according the research firm Sanford C. Bernstein, a more than tenfold increase over 12 months.
- Bitcoin accounts for around half the total value — and its price has surged 10 percent again in the last 10 days.
- But it is the lack of a solid market structure that worries people like JPMorgan Chase’s chief executive, Jamie Dimon, who recently argued that Bitcoin was “worse than tulip bulbs.
Bitcoin, Ether and their rivals are gaining popularity. But the exchanges where they trade have serious weaknesses that need to be fixed.
Continue reading “Digital Currencies Are Growing on Faltering Foundations”
- In a poignant defense of equality, the United States Air Force Academy’s superintendent made it crystal clear that the institution will not tolerate any form of disrespectful behavior toward someone of another race or gender.
- The Academy’s Preparatory School found racial slurs written on message boards of five African-American cadets, leading Lt. Gen. Jay Silveria to express his disgust to the Academy’s more than 5,000 cadets, faculty and staff in Colorado Springs.
- Silveria said even though the incident happened at the prep school, everyone at the Academy should pay attention.
- One of the targeted cadets is brushing off the incident, his father told the Air Force Times: – “The word has zero power in my house.
- Security Forces are investigating the incident, Silveria told Academy leaders on Wednesday, and the Academy’s chief diversity officer is putting together small group discussions to continue the conversation.
“If you can’t treat someone with dignity and respect, then you need to get out,” he said.
Continue reading “Head Of Air Force Academy Tells Cadets: ‘You Should Be Outraged’ By Racial Slurs”
- Plus – Trump pounding the table today on tax reform.
- But – a new report says its a big win – for the rich.
- Plus a look ahead to everything you need to know about next week.
- Stocks in the red today include Revlon as traders took profit on the cosmetics name following a huge run-up this week, LSC Communications as Citi downgraded the print & digital media solutions company to sell citing competition, and GW Pharmaceuticals – shares of the biopharma name dropping as rival Zogenix…
- Stocks on the move higher include KB Home as the homebuilder beat on earnings and reported double-digit sales growth, Valeant as the drugmaker sold its iNova unit for $930 million, and Nvidia – shares getting a lift as Citi raised it price target for the chipmaker to $210, citing its…
The S&P 500 and Nasdaq poised for new all-time highs, as we close out a stellar third quarter. Stocks in the red today include Revlon as traders took profit on the cosmetics name following a huge run-up this week, LSC Communications as Citi downgraded the print & digital media solutions company to sell
Continue reading “Dow, S&P 500, Nasdaq notch solid gains in Q3 [Video]”
- Scott Stevenson was pretty uneasy the first time be bought Bitcoin.
- Think of it as digital cash – in a sense, Stevenson was right to call it “computer cash” or “internet money.”
- Bitcoin value changes when a new coin is “released” into the network.
- People tend to be attracted to Bitcoin and other cryptocurrency systems like Ethereum because there is no central regulator.
- Most people with regular jobs, said Stevenson, aren’t going to have the time (or the nerves) to check in on the coin market multiple times a day.
How it is and isn’t like regular currency, and what to consider if you’re thinking of investing.
Continue reading “Finally! A primer on cryptocurrency (Bitcoin) you will actually get, promise”
- South Korea clamped down on initial coin offerings (ICO) Friday, banning the practice of cryptocurrency crowdfunding, often used as a source of capital for startups.
- Ethereum — whose protocol many ICOs rely on — fell by 5 percent.
- “We are worried about adverse effects such as increased risk of fraud, [so] the ICO will be prohibited in all forms,” Kim Yong-bum, vice chairman of South Korea’s Financial Services Commission, said during the meeting.
- China imposed a similar ICO ban earlier this month.
- The U.S. Securities and Exchange Commission (SEC) has promised greater scrutiny of the practice, but stopped short of implementing a ban.
South Korea clamped down on initial coin offerings (ICO) Friday, banning the practice of cryptocurrency crowdfunding, often used as a source of capital for startups. The decision, announced in Seoul after a meeting of the cryptocurrency task force, hit the price of bitcoin, which fell by around 2 percent. […]
Continue reading “Bitcoin and ethereum tank as South Korea bans cryptocurrency crowdfunding – VICE News”
- Russian cybercrime suspect Alexander Vinnik, who is wanted in the United States in a $4 billion bitcoin fraud case, denied the charges against him Friday during an appearance in a Greek court to fight an extradition request.
- Vinnik, 37, was arrested while on vacation in Greece on July25 and detained pending the extradition hearing following a request from U.S. Attorney’s Office in the Northern District of California.
- A panel of judges is expected to examine that request next week, which Vinnik’s lawyer has said he will not challenge.
- Speaking during the hearing in the northern city of Thessaloniki, Vinnik told a panel of judges that he did not run the digital currency exchange, and said he had not transferred bitcoins.
- The prosecutor requested the American extradition request be accepted and said there were indications Vinnik was guilty.
Greece opens Russian cybercrime suspect’s extradition case
Continue reading “Greece opens Russian cybercrime suspect’s extradition case”
- Blockchain technology is on the radar of a number of tech corporations – and IBM is leading the way, according to a study.
- Big Blue has been making considerable steps forward with research and development projects aimed at broadening the scope of distributed ledger technology to include industries other than the financial services.
- Last month it announced a partnership with Nestle, Unilever, Wal-Mart and other food giants to trace the movements of food and tackle contamination faster by using the technology.
- According to research firm Juniper Research, the corporation is better positioned than competitor Microsoft as far as its blockchain credentials are concerned.
- More than 40 percent of tech executives and leaders in the blockchain sector ranked IBM as top, with only 20 percent saying the same of Microsoft.
Blockchain technology is on the radar of a number of tech corporations – and IBM is leading the way, according to research.
Continue reading “IBM far outranks Microsoft as blockchain industry leader, research says”
- South Korea’s financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings.
- The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored.
- It added Friday’s announcement doesn’t mean the government is accepting trading of virtual currencies as part of its financial system, and will continue to monitor markets to see additional regulations are needed.
South Korea’s financial regulator said the trading of virtual currencies needed to be tightly controlled.
Continue reading “South Korea bans all new cryptocurrency sales”