“In the near future, there will be thousands of ways of doing things currently done by the banks that won’t require them.”
So says a futurist, after arguing “banks are middlemen, and it must be emphasised that the role they play is too big.” But will they disappear like Blockbuster?
“This does not equate to the idea that banks will completely disappear but it does mean that some of them will lose between 40% and 60% of their income,” he says.
Welcome to news of news, our end of day “office” chat where we let our hair down and speak freely about anything we like because defamation laws do not apply here (we wish, not that we’d ever be irresponsible).
We have some “news” of our own today. This section takes far too much effort, which is why after a bit of a test run we put it on the back-burner. But we enjoy writing it, and we hope you do reading it, so we thought to try it again but this time limit it to subscribers only as premium content.
Yes, we’d rather offer all our content for absolutely free too, but we simply can’t if we want to be able to continue producing such content, which we do because we absolutely love what we do.
We could of course play the tune of VCs, but we don’t think you’d like it, and we’d rather keep our independence. Nor would we want to see annoying ads all the time while “working” on our fine site. And lowering standards elsewhere would have you very angry and would make us feel realz bad.
So, in your mercy we stand. And the good thing here is each subscriber benefits from others subscribing because each new subscriber adds more resources, meaning we can cover more events, we can take more investigative reporting, and we can expand further in a way you’d very much like.
Out with that pitch, into the parliamentary ditch. British MPs are apparently holding some committee hearings in the House of Commons. And we say apparently because we’re not very sure how serious they are.
That’s because testifying is Ripple. Seriously? And some woman from King’s College. What? Not UCL? The latter has a blockchain centre, King’s college has what? Oh and they have some random guy from some random centre as well.
These three, and someone else so uninteresting we can not even remember where he/she is from, are apparently to “educate” our ministers.
Because London is not the fintech capital of the world. It’s not like we have Coinbase here or Blockchain.info or, you know, even some distinguished core ethereum developers.
Which suggests one of many things. Either the British civil service has dropped the ball, in which case we’d assume Cameron took the best of them when he left, or that this hearing is more of a reeee hearing.
We spent no time listening to it after the testimony line-up, because now we’re wondering whether we’re paying far too much attention to what are clearly completely out of touch individuals that are seemingly no longer well served even by the often fine British civil service.
The U.S Naval Institute, out of all places, has expressed significant interest in blockchain tech securing vital aspects. In a very fine article you’d probably enjoy reading, they say:
“Because of its structure and design, blockchain provides a security service that should be of great interest to the Department of Defense (DoD).
Lockheed Martin has begun to take the first steps in finding applications for blockchain in their supply chain through a partnership with GuardTime Federal.
The Navy and the DoD should follow Lockheed’s lead. The Defense Advanced Research Projects Agency(DARPA) recently awarded a grant to ITAMCO to develop a ‘secure, non-hackable messaging and transaction platform for the U.S. military.'”
In 2016, there was a lot of talk on whether the U.S. Office of the Comptroller of the Currency (OCC) would exercise national jurisdiction with a fintech charter. And, in the process, so solve this regulatory dilemma where each state has their own different rules, by having a national and federal rule of sorts.
In what could now possibly be seen as Machiavellian moves, some states, including the New York state where banks reside, sued OCC to stop them from exercising such jurisdiction.
CFTC then came in to say they have jurisdiction over cryptos, SEC said they have jurisdiction over tokens, and the latter is now trying to maybe even eat some of CFTC’s pie.
On top, you have FinCEN requiring state registration for money license, and then the different state laws. Making a pastiche, but unlike the food dish, a very unappetizing one.
So that OCC chapter is apparently closed by a US Judge in Columbia throwing out the State’s lawsuit for no finer reason than… well OCC has not done anything yet, or as reuters, quoting John Ryan, president and CEO of CSBS, says:
“In essence, the judge decided that the OCC has not made a final decision on proceeding with the fintech charter and, thus, the matter is not yet ripe for consideration. As a result, the judge did not render a decision on the merits of our case.”
Hopefully they paid the taxpayer’s (OCC’s) legal costs of “defending” this case for the past two years considering they were clearly irresponsible in bringing the lawsuit. But, we won’t hold our breath.
Apparently, according to PCMag, blockchain tech is getting the least of VC money compared to other industries. They say:
“Bringing up the rear is blockchain and robotics. The former is a bit of a surprise given the hype around the space and its near endless applications, but we can expect momentum to pick up in 2018.”
Well, with ICOs still very hot, and in many ways probably far better than a shakedown from VCs, we can’t say we are very surprised, although according to CB Insights, blockchain investment is picking up.
Now, a Kraft Food subsidiary, Oscar Mayer Bacon, has perfected the art of marketing by “launching” a bacon coin that has as proof of work twitter shares.
A joke of the most ridiculous sort, but mainstream media was very willing to eat it all up. Not, of course, because Kraft Food directly or indirectly pays most of them. We’d never imply such a thing at sensiblenodes.
On the topic of marketing, a marketing company is trying to market itself by stating they now accept ethereum, bitcoin, bitcoin cash, and litecoin for payment.
We can one up, because here at trustnodes we accept only cryptos for payments. No fiat. Now, that’s news. Where our PR at?
Ok, we’ll close with some very important news. So important in fact we have to replicate it pretty much in full. First reported under the headline “Scottish drinkers can now only buy Frosty Jack’s with Bitcoin,” it says:
“A Scottish government spokesman said: ‘We’ve never used Bitcoin but it sounds really complicated, so it’s a great way to deter problem drinkers. You’re not going to download a special browser or whatever just to get leathered.
Actually you might do, it depends how determined you are I suppose.’
Sparkling cider fan Roy Hobbs said: ‘My life went to **** a few years back after my wife left and I lost my job and then I started drinking myself into oblivion.
And now to top it off I’ve got to figure out how to use peer-to-peer transactions that are verified through network nodes and cryptography.
If the bloke who came up with that hadn’t been drinking Frosty Jack’s, then I’d be very surprised.'”
What?! Bitcoin is easy peasy mate. You just tap the thing, you brap the thing, and boom.
We’re done. Hey, no comment on $680 eth for like a week now? Ah, yeah, well, look at eth on its way down. It stayed at around $680 for about a week too, before then… you know.
Now its direction has been up, so it’s probably just resistance line thing, bulls huffing and puffing with bears teasing. We’ll see though, but sideways at $680 would have been a dream back in despair.
Alright, close the shop. We’ll be back you know. Until next time, enjoy gorgeous spring-shine.