The dip from the Golden Cross came as expected with price holding surprisingly well some would say.
New York’s AG rehashing some old news is blamed. Others blame India rehashing more old news. We blame Bongadof.
Are we right? Time will tell. Off then to the clearing desk and in no particular order because too many tabs open.
“Hyundai Motor Group announced development of ‘smartphone-electric vehicle pairing based performance adjustment technology,’ which allows users to customize primary functions through a smartphone application – an industry-first innovation…
The application provides optimized settings for a designated destination by analyzing the remaining distance and electric energy requirement. It can also accommodate sportier driving by recommending tailored performance settings…
Hyundai Motor Group will utilize blockchain technology to prevent security issues while users upload and share their custom settings on the server.
In the process of uploading and sharing custom settings, the system encrypts major performance parameters in a blockchain network by creating new data blocks and stores them in the distributed data storage system to block unauthorized manipulation.”
So they say. What blockchain this is they don’t say, but slowly the tech is being integrated anywhere it can be utilized as a tool.
“The fledgling Chicago cryptocurrency industry has taken a turn for the worse this month, with one company that has operations in the city cutting back significantly and another one filing for bankruptcy protection.
Coinbase, a San Francisco-based cryptocurrency services company that caters to retail investors, had opened an office in Chicago to build a new system for larger institutional investors, but the company said today it’s dropping that initiative. ‘Coinbase has consolidated our matching engine efforts into our San Francisco office,’ Rachel Horwitz, a spokeswoman for the company, said by email. ‘This means we are shutting down the matching engine efforts in the Chicago office.’ She said about 30 employees were affected.
Another cryptocurrency company not based in Chicago, though it has operations in the city, BCause LLC and subsidiary BCause Mining, filed for Chapter 11 bankruptcy protection earlier this month in U.S. Bankruptcy Court for the Northern District of Illinois. While the company is based in Virginia Beach, Va., it apparently filed for protection from creditors in the Chicago federal court because a utility company was garnishing one of BCause’s bank accounts located in Chicago.”
So says a local paper. Mining has apparently become profitable now at 5 cent per kilowatt per hour, but such return of profitability might partly be because some miners are going under.
Here’s something from the Atlanta Fed. “If a cryptocurrency, such as bitcoin, were ever to become an important part of the global financial system, would we see the creation of cryptocurrency banks?
If fractional reserve banks are likely to arise in a cryptocurrency economy, that could have a variety of important implications for the operation of the financial system…
The level and fluctuations of such deposits could have a material impact on the value of the cryptocurrency and the stability of the financial system.”
Unsurprisingly they conclude there would probably be such fractional reserve crypto banking, but Fed would be in a weaker position to mitigate risks.
We would say they wouldn’t be needed for such mitigation because they would be replaced by smart contracts, but we’ll see.
Staying on the same topic to a large extent, and this is from a university graduate thesis so not quite robust, he says:
“My results suggest that digital assets with deeper integration of blockchain, like digital assets under the dApp category, are more vulnerable to shocks from the long-term forward guidance of FOMC whereas assets with top level blockchain infrastructure, like digital assets under the Currency category, shows no significant effect from either of the monetary policy shocks.”
So dapp tokens care about Fed, but bitcoin or eth doesn’t? Maybe, it could make sense if this goes peer review because tokens do tend to be more concentrated in VC hands, so they could be more affected by their wider fiat portfolio. While bitcoin or eth of course are da people’s muneh.
“Sources from the Russian Ministry of Economic Development and Trade have apparently stated that financial experts will start testing blockchain and cryptocurrencies in Kaliningrad Oblast, Kaluga Oblast, Perm Krai and Moscow…
‘Russian excellence in this field is well underway,'” says Chris Devonshire-Ellis of Dezan Shira & Associates.
Andrew Yang, the meme US presidential candidate is apparently now attracting crowds of 4,000 people. Can he take on Trump, Sanders, and god knows who else from the long list of hopefuls? Probably not.
People paid 29 bitcoin for some shrooms and 43 bitcoins for marijuana all the way back in 2010-11. That’s some first class trip boys. A $200,000 splif must have smoked like god.
“A case before a federal judge in Manhattan over fees Chase Bank charged its customers to buy cryptocurrencies could help define whether digital currencies are cash, a question with implications for what laws and regulations the currencies are subject to.
Chase customers filed the proposed nationwide class action last year after the bank stopped letting customers buy cryptocurrencies with credit cards and began treating them as cash advances. The lawsuit accuses the bank of violating the U.S. Truth in Lending Act by hitting them with surprise fees and higher interest rates for the cash advances without prior notice.”
So says Reuters. The judge will probably say bitcoin is cash. It is a commodity, a security, a currency, and whatever else anyone claims that bitcoin is.
“The Indian government has kicked off inter-ministerial consultations on a draft bill to ban cryptocurrencies and regulate official digital currencies.
The ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019’ draft has been circulated to relevant government departments, a government officials aware of details told ET .
The government had formed a panel under finance secretary Subhash Chandra Garg to draft regulations for cryptocurrencies last year.
A number of government departments including the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA) have endorsed the idea of a complete ban on the ‘sale, purchase and issuance of all types of cryptocurrency’ according to a government officials who did not wish to be named.”
They claim to be free, a democracy. Russia is probably more free. At least they have roads in Moscow and a rule of law (or the pretense of it), unlike in New Delhi where cows still roam main streets and courts barely function.
Genesis Capital says they “originated an additional $500 million in Q4 alone, bringing our total originations to $1.1 billion in 2018” of crypto loans.
Decentralized collateralized dapps in contrast have issued about $30 million this month. Over three months that would be about $100 million. Not bad for a very new space.
“Maker DAO, a non-custodial lending protocol that produces decentralized stablecoin Dai, has witnessed a faction break out in recent months… to push back against Rune Christensen, who in 2018 decided to take control of a ~$130 million development fund, sources say.”
This is VC-backed The Block unnamed sources , so just what exactly they maneuvering over and who has more of an holistically beneficial position, is not clear nor clarified by this rumor mill.
“The Port of Rotterdam has reported that the first blockchain applications in the Netherlands maritime hub are ‘beginning to take shape’, with BlockLab – a joint venture between the port authority and the Muncipality of Rotterdam – leading the way.
In a statement published today (25 April), the Port of Rotterdam said that the BlockLab team, led by Aljosja Beije and Janjoost Jullens, is concentrating on two ‘domains’: logistics and energy.
On the energy front, Rotterdam is moving away from the traditional centrally-controlled electrical grid, supported by a few dominant power suppliers with coal-powered plants, to a more decentralized model which also incorporates ‘numerous wind turbines and solar panels’.
According to Jullens, the BlockLab energy lead: ‘Blockchain is the technology that can facilitate such a smart, decentralised gird and help achieve the promise of the energy transition. The focus on blockchain is an offensive strategy, geared towards increasing the share of sustainable energy.’
In the logistics sector, said the Port of Rotterdam, there is already a decentralised network in which the majority of positions are occupied by small and medium enterprises. ‘An average 28 parties are involved in transporting sea containers,’ explained the port authority, ‘and they have to exchange data a total of some 200 times to ensure that a container reaches its intended destination.’”
Interesting. One’s body feels resistance to the proposition that blockchain can have utility in the real world, wondering if it is true. Yet developments are coming out now almost every day showing its utilization.
It’s as it was predicted. There were the pilots and the tests. Now its deployment. Next year perhaps the mainstream debut.
The world is changing, by the second. Slowly, slowly, and then boom. Ever thus.