UBS CEO ‘not necessarily’ a believer in cryptocurrencies, but he likes blockchain

UBS CEO ‘not necessarily’ a believer in cryptocurrencies, but he likes blockchain

  • Sergio Ermotti told CNBC that while the bank has seen success in its trade finance blockchain platform, he was “not necessarily” a believer in cryptocurrencies.
  • When asked whether he liked virtual currencies, he said: “Not necessarily cryptocurrencies, I think that needs to be defined, but I believe there is a future for blockchain technology, and technology will play a big role in changing and reshaping our industry.”
  • UBS has been involved in a blockchain project — called Batavia — with IBM and other banks, including Commerzbank and Bank of Montreal.
  • We try to initiate and get as many other financial institutions and clients into teams like trade finance with other banks and IBM was a successful venture,” Ermotti said.
  • Ermotti added that the technology would form an ecosystem that enables financial institutions to “operate and transact at a cheaper, more efficient level.”

Sergio Ermotti told CNBC that while UBS has seen success in its trade finance blockchain platform, he was “not necessarily” a believer in cryptocurrencies.
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Finally! A primer on cryptocurrency (Bitcoin) you will actually get, promise

What the heck is Bitcoin? 

Here's an explainer from CBC's @SarahSmellie

  • 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.
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Bitcoin hits a record high near $3,500 ahead of a big change in its software

#Bitcoin hits a record high near $3,500

  • Bitcoin’s foray into record territory continued Tuesday as the cryptocurrency reached nearly $3,500 a coin.
  • The software was devised years ago as a solution to the cryptocurrency’s scaling problem, which divided bitcoin power brokers for years and led to a split on August 1.
  • Investors were unfazed by the August 1 split, which resulted in the creation of a clone coin called bitcoin cash.
  • Dennis Porto, a bitcoin investor and Harvard academic, told Business Insider that over the long term he had noticed bitcoin’s price was following Moore’s law, a first for a technology’s price, and said he thought bitcoin could reach $100,000 by 2021 as long as that continued.
  • “This poses a unique opportunity for investors: Whereas it was difficult to invest in circuits or internet speeds, it is easy to buy a bitcoin,” Porto told Business Insider.

Bitcoin’s foray into record territory continued Tuesday as the cryptocurrency reached nearly…
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Blockchain: the answer to life, the universe and everything?

  • The answer to that question, first proposed by bitcoin’s pseudonymous creator, Satoshi Nakamoto, was to create a decentralised digital ledger, keeping track of every transaction made, and with its accuracy guaranteed through the combined honesty of the entire network.
  • Bitcoin was the first technology to use the blockchain, but the currency is now starting to look a bit like the steam pumping engines invented in the 17th century.
  • A permissionless, distributed, trust-free network has the power to revolutionise not just financial technology, stock markets and banking, but also the music industry, digital access in some of the world’s poorest nations, and could even ensure your Italian extra-virgin olive oil really is from Italy.
  • For a long time, the ability to use the blockchain in this way was treated as an interesting side-effect of bitcoin’s role as a currency, but the tenfold collapse in the currency during 2014 prompted many who had invested in the bitcoin ecosystem – whether financially or intellectually – to seek other uses for the underlying technology.
  • Instead, there are many blockchains, as companies are born with different needs from a distributed ledger than those of Bitcoin.

Bitcoin hasn’t lived up to the salvation rhetoric, but the digital engine behind the currency may be about to change the world
Continue reading “Blockchain: the answer to life, the universe and everything?”

Mark Cuban calls bitcoin a bubble, price falls

  • Bitcoin gave back most of its gains on Tuesday after billionaire entrepreneur Mark Cuban said in a series of tweets the digital currency is in a bubble.
  • The digital currency traded about half a percent higher at $2,750.66, well below the record high of $2,967.48 set earlier in the session, according to CoinDesk.
  • Bitcoin prices started falling at about 11:45 a.m. in New York, just minutes after Cuban’s tweet came out.
  • Bitcoin has had a remarkable year, rising about 200 percent to handily outperform widely followed benchmarks like the S&P 500, which is up about 8 percent in 2017.
  • Nevertheless, Cuban did acknowledge in another tweet that blockchain, the technology behind bitcoin, “is very valuable and will be at the core of most transactions in the future.

Bitcoin gave back most of its gains after billionaire entrepreneur Mark Cuban said in a series of tweets the digital currency is in a bubble.
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FinTech, WealthTech, Blockchain, Innovation

  • Managers in financial institutions and investors in FinTech and innovations often lack the time to search for innovative companies.
  • Our target audience are therefore managers and experts who are looking for innovative solutions and investors who are interested in investing in innovative solutions and companies.
  • As we are going to introduce a number of local start-up companies, the intention is to support these companies in getting the attention that will help their business to continue to develop.
  • As technologies are growing fast, a conference focused on innovations in technology for banking and finance deserves a fast process in order that the topics remain up-to-date.
  • Furthermore, we will introduce a number of other innovative solutions and 10 local start-up companies.

The conference takes place at the Park Hyatt hotel in Zurich on the 29th of June 2016, starting at 2pm and ending at 7:30pm. Managers in financial institutions and investors in FinTech and innovations often lack the time to search for innovative companies.
Continue reading “FinTech, WealthTech, Blockchain, Innovation”

Blockchain: the answer to life, the universe and everything?

  • The answer to that question, first proposed by bitcoin’s pseudonymous creator, Satoshi Nakamoto, was to create a decentralised digital ledger, keeping track of every transaction made, and with its accuracy guaranteed through the combined honesty of the entire network.
  • Bitcoin was the first technology to use the blockchain, but the currency is now starting to look a bit like the steam pumping engines invented in the 17th century.
  • A permissionless, distributed, trust-free network has the power to revolutionise not just financial technology, stock markets and banking, but also the music industry, digital access in some of the world’s poorest nations, and could even ensure your Italian extra-virgin olive oil really is from Italy.
  • For a long time, the ability to use the blockchain in this way was treated as an interesting side-effect of bitcoin’s role as a currency, but the tenfold collapse in the currency during 2014 prompted many who had invested in the bitcoin ecosystem – whether financially or intellectually – to seek other uses for the underlying technology.
  • Instead, there are many blockchains, as companies are born with different needs from a distributed ledger than those of Bitcoin.

Bitcoin hasn’t lived up to the salvation rhetoric, but the digital engine behind the currency may be about to change the world
Continue reading “Blockchain: the answer to life, the universe and everything?”