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Tuesday, September 19, 2017

Crypto News: What Jamie Dimon Got Wrong About Bitcoin and Tulips

What Jamie Dimon Got Wrong About Bitcoin and Tulips

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon made news last week by criticizing bitcoin. Asking a bank CEO what he thinks of bitcoin is like asking the head of the post office what he thinks of e-mail. In a perfect world, Dimon would note the reasons why people use the cryptocurrency along with the dangers, and explain how JPMorgan is working to provide its customers with the advantages that come with bitcoin in safer forms. Instead, he denounces innovation as fraud and threatens to fire any employee who trades in bitcoin. 1

Dimon compared bitcoin to tulips, which is accurate, though not in the way he intended. Popular notions of the 17th century Dutch Tulipmania are derived from an 1841 book “Extraordinary Popular Delusions and the Madness of Crowds,” by a fact- and logic-challenged journalist named Charles Mackay. 2  Mackay confused two distinct eras. He reports stories3  from around 1610 about high prices paid for individual bulbs. What he failed to realize is that people were not paying for single flowers, but for the entire breeding stock -- or a significant portion of it -- of popular new tulip varieties. People have continued to pay higher inflation-adjusted prices for new tulip and lily bulbs to this day. 4

A quarter century later, a futures market grew up around fractional interests in low-priced, ordinary tulip bulbs. In premodern Europe investment returns were very high, 20 percent or 30 percent per year on low risk investments, but laws and customs prevented anyone not in the merchant class from taking advantage. 5

Holland accidentally created a loophole by allowing contracts for fractional interests in tulip bulbs for the convenience of the industry. These were needed because the price of popular new bulbs was higher than even rich individuals could afford. In the early 1630s ordinary people discovered that these contracts could serve as money to support business and investment. These contracts then became “monetized,” as happens to all assets used as bases for monetary activity. That means their value decoupled from the use value of the underlying asset and became determined by demand for money services.


Full story at https://bloom.bg/2w5X75N


Source: Bloomberg


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Crypto News: What Last Week Tells Us About Bitcoin

What Last Week Tells Us About Bitcoin

Last week was relatively eventful for bitcoin, the cryptocurrency that has been attracting growing attention from investors, speculators and regulators. Considerable price volatility was accentuated by reactions to commentary (some constructive and some less so) about a "disruptive technology" that responds to specific client needs, is here to stay, and will likely gain greater systemic influence, but is still early in its maturation process and subject to localized shocks and sudden government interference.

Perhaps one of the most useful ways to think of bitcoin (and the increasing number of its cryptocurrency peers) is as an innovation that reduces the barrier to entry to a payment system outside the direct purview and auspices of central banks and most other official entities. Its admirers and advocates look for the phenomenon to increasingly assume the key characteristics of trusted and effective "money" -- and to go beyond what is offered by precious metals to include the full trifecta of a peer-to-peer medium of exchange, a store of wealth, and a vehicle for hedging and legitimate speculation.


Full story at https://bloom.bg/2w5X8qn


Source: Bloomberg


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Wildlife Conservation: WildlifeDIRECT has a Message for Poachers: Hands Off Our Elephants!

WildlifeDIRECT has a Message for Poachers: Hands Off Our Elephants!

There are humans on this earth who still feel entitled to the option to purchase ivory. Their relentless desire for counterfeit antiques and dust-collecting figurines has caused a resurgence of poaching, and just over 30,000 elephants are killed each year. This pointless demand for ivory far outweighs the number of living elephants, and is the reasons the elephants are nearing extinction.

To learn more about what is being done to curb the ivory industry, I reached out to Dr. Paula Kahumbu, a Kenyan Conservationist with a PhD from Princeton. Dr. Kahumbu is the CEO of WildlifeDIRECT, an organization known for leading the ,Hands Off Our Elephantscampaign alongside the First Lady of Kenya, Margaret Kenyattato. Their efforts restored Kenya as a leader in the field of elephant conservation through a shift in behaviour at all levels of society. Dr. Kahumbu grew up in Nairobi, surrounded by a rich and diverse wild animal population and Richard Leakey - infamous Kenyan anthropologist, conservationist, and politician - as her neighbor. Despite being sent to secretary school, she pursued her innate passion for wildlife and dream of becoming a scientist working with animals. Dr. Kahumbu was in Manhattan recently to raise awareness around WildlifeDIRECT’s new campaign, Don’t Let Them Disappear in partnership with Amarula.

“We are losing one elephant every 15 minutes. This has a huge impact on their communities, as elephants - much like humans - live in closely interlinked family groups. They connect and interact with other family groups. If one elephant gets killed, other elephants 20 kilometres away will hear about it. elephants communicate on a vast scale using sonic vibration.”


Full story at http://bit.ly/2w65Ep1


Source: Huffington Post


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Wildlife Conservation: Hard to spot: criminals find new ways to smuggle rhino horns

Hard to spot: criminals find new ways to smuggle rhino horns

International traffickers have tried many ways to smuggle African rhino horns to Asia, concealing them inside wooden Buddha statues, stashing horn pieces in lobster heads kept in a refrigerated container and disguising horn portions as the bases of painted statues.

Now, conservationists say, some criminal groups are processing rhino horns into powder and trinkets in South Africa before export, a trend that could reflect changing consumer tastes and make it harder for law enforcement to intercept the illegal cargo.

The development highlights the difficulty of countering criminal syndicates, some of which include Chinese nationals, which show versatility in the face of periodic anti-poaching successes by security officials, who have reported confiscations of intact rhino horns at the main international airport in Johannesburg in past months. South Africa, which has about 80 percent of the continent's rhinos, has experienced record levels of poaching in the past decade.

Recent investigations by South African police discovered small, home-based workshops where rhino horns were cut into small pieces, beads and bracelets, or packaged as powder, TRAFFIC, a wildlife trade monitoring network, said in an analysis released Monday. The development will test overstretched law enforcement agencies if traffickers expand such operations, and growing evidence that swindlers are making fake rhino horn products out of cow horns adds to the challenge, the report said.


Full story at http://abcn.ws/2w65GNF


Source: http://abcnews.go.com


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Crypto News: Bitcoin's Price Is Back Above $4,000, But Is All-Time High in Sight?

Bitcoins Price Is Back Above $4,000, But Is All-Time High in Sight?

It's safe to say Friday wasn't the most stable day for the (BTC/USD) exchange rate.

After news of exchange shake-ups in China triggered a wave of panic selling, prices fell below $3,000 for the first time in months. Overall, this was the lowest total observed on the CoinDesk Bitcoin Price Index since August 5, when a V-shape recovery saw prices rise all the way to $3,875.

Yet, just a few days later, the price is already back at that level, having gained 33% in three days.

The sharp recovery could be attributed to oversold technical conditions and to the relief offered by news that China’s exchange ban would not impact all forms of cryptocurrency trading.


Full story at http://bit.ly/2w51Kgk


Source: CoinDesk


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Crypto News: The Bitcoin Rally Is Back

The Bitcoin Rally Is Back

The bitcoin rally is proving hard to stop.

The cryptocurrency has breached $4,000, soaring more than 20 percent from the lows reached Friday, as concern eases that a crackdown by Chinese regulators will hinder the growth of the alternative method of exchange. After reaching a record high of $4,921 on Sept. 1, the digital currency fell as low as $2,975 on Sept. 15.

Prices are rebounding because traders in China are likely to switch to alternative exchanges or seek loopholes in the regulation, said Peter Van Valkenburgh, director of research at Coin Center, a Washington-based nonprofit research firm focusing on cryptocurrencies.

“The efficacy of any bitcoin ban is pretty dubious,” said Van Valkenburgh. “It’s bullish because if a powerful government like China feels the need to ban major trading, then it’s a good indicator that the technology works and that it does what it’s supposed to. If it overcomes those controls, then it’s further proof that it’s independent from government controls, which is pretty radical.”


Full story at https://bloom.bg/2w5m29n


Source: Bloomberg


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Crypto News: China tightens cryptocurrency ban with new directive

China tightens cryptocurrency ban with new directive

Chinese regulators have decided on a “comprehensive ban” on platforms that allow people to buy or sell virtual currency in China, reports The Wall Street Journal. China is cracking down on Bitcoin trading and also planned to shut down Bitcoin exchanges, according to reports from earlier in September, but this move goes even further, with government officials apparently offering an explicit directive to the nation’s currency exchanges.

WSJ reports that a document was passed around at a private meeting on Friday instructing exchanges based in Beijing to “unwind their operations and provide information on bank accounts used for clients’ deposits by Wednesday.” Officials reportedly told industry executives about a decision on the ban at that meeting in Beijing. Sources told the paper mainland access to foreign bitcoin exchanges online like Coinbase in the US would also be blocked by the country’s Great Firewall.


Full story at http://bit.ly/2w65Nc3


Source: The Verge


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Crypto News: Bitcoin Surpasses $4,000 As Cryptocurrencies Rise In Value

Bitcoin Surpasses $4,000 As Cryptocurrencies Rise In Value

Bitcoin prices broke though $4,000 today, as many cryptocurrencies rose in value.

The world's largest digital currency by market capitalization (market cap) had climbed to as much as $4,063.74 at the time of report, according to the CoinDesk Bitcoin Price Index (BPI).

At this level, the cryptocurrency had surged roughly 10.5% in the last 24 hours.

Other digital currencies also experienced notable gains during the day. Ether, the second-largest cryptocurrency by market cap, had climbed more than 18% in the last 24 hours, while Litecoin had risen more than 11%, CoinMarketCap figures show.


Full story at http://bit.ly/2w5p8tT


Source: Forbes


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Come to the Dark Side


Teach your kids about building a gaming PC


Keep Calm and Purge Toxic People


What ever you decide to do


Character


I just want to spend the rest of my life laughing


You should never regret anything in life


Enjoy the little things in life


Yoo are perverted, sick and twisted


Teaching the basics of Finnish grammar


Finland 3 month solar eclipse


God gives every bird a worm


Mark Twain


Disobedience is the true foundation of liberty


Crypto News: Argentina Jumps on Bitcoin ATM Bandwagon with 200 Expected in October

Argentina Jumps on Bitcoin ATM Bandwagon with 200 Expected in October

Argentina is set to receive 200 ‘bi-directional’ Bitcoin ATMs next month in an initiative responding to the “world monetary order changing.”

Speaking to local news outlet CryptoNoticias, CEO of organizer Odyssey Group Sebastian Ponceliz said there would be multiple benefits of the machines in a country where economic policy was an early driver of consumers towards Bitcoin.

“The idea was born from the understanding that the world monetary order is changing,” he told the publication.

“There is what I call monetary convergence that makes us use different types of means of payment and exchange (cash, crypto, e-wallets, loyalty points, etc.) and the human contact point for that is an ATM that can transact multiple currencies, turning digital money into physical and vice versa.”


Full story at http://bit.ly/2xiwAoD


Source: CoinTelegraph


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Crypto News: South Africa’s Second Largest Supermarket Chain Pick n Pay Trials Bitcoin Payments

South Africa’s Second Largest Supermarket Chain Pick n Pay Trials Bitcoin Payments

A major supermarket chain in South Africa, Pick n Pay, has started a trial to accept bitcoin payments in-store at its head office location. A payment technology company named Electrum provides the payments platform, with bitcoin exchange Luno providing the Bitcoin payment infrastructure.

Pick n Pay is the second largest supermarket chain in South Africa, behind only Shoprite. The company is trialing bitcoin payments at its head office campus store, its payment solution provider Electrum recently announced:

"In what is potentially a world first for a major grocery retailer, Electrum has enabled Pick n Pay to accept bitcoin payments in-store."


Full story at http://bit.ly/2xiwDRl


Source: Bitcoin News


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Crypto News: The world's central banks need to start thinking seriously about Bitcoin

The worlds central banks need to start thinking seriously about Bitcoin

LONDON - Global central banks must think seriously about their approach to the growing cryptocurrency markets, the Bank of International Settlements (BIS) said.

The BIS - often known as the central banks' central bank - used its quarterly report to discuss cryptocurrencies such as Bitcoin and Ethereum, saying that central banks must consider whether or not to issue their own digital currencies in the near future.

"In less than a decade, bitcoin has gone from being an obscure curiosity to a household name. Its value has risen - with ups and downs - from a few cents per coin to over $4,000. In the meantime, hundreds of other cryptocurrencies - equalling bitcoin in market value - have emerged," the report said.

BIS argues that central banks must look at questions of both privacy and efficiency when assessing digital currencies, as well as the financial stability implications that arise from those currencies.


Full story at http://read.bi/2xhVFA0


Source: Business Insider Nordic


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Crypto News: Crypto Asset Visualizer turns your bitcoin into an AR pile of cash

Crypto Asset Visualizer turns your bitcoin into an AR pile of cash

Built in fewer than 24 hours at TC Disrupt SF 2017’s hackathon, CAV, or Crypto Asset Visualizer, does exactly what it sounds like – it makes it easier to visualize your cryptocurrency holdings.

Using augmented reality, CAV calculates the USD value of your crypto holdings, then displays a virtual pile of cash on the ground in front of you. Right now it’s a demo – and doesn’t show real-time exchange rates or balances, but it’s a pretty cool proof of concept.

It does show five different cryptocurrencies – BTC, LTC, XRP, XVG and IXT. Users see a cash pile that equals their entire portfolio, or can tap on a section of the pie chart to just see one cryptocurrency converted to USD. There’s also a slider that adjusts your holdings over time – letting you literally watch your cash pile grow (or shrink, if you’re a bad trader).

The tool was built by Hiroyuki Ishiwata using Android’s ARCore and Unity. ARCore maps the pile of cash to the ground, so you can see it from all angles and even up close. Ishiwata said he created CAV because the plethora of different cryptocurrencies today makes it hard for people to visualize their holdings in dollars. While this is just a demo, Ishiwata may potentially add real-time exchange rates and balances and publish it to the App Store.


Full story at http://tcrn.ch/2xirNUm


Source: TechCrunch


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