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AMA Recap: Heatherm Huang, Co-Founder of Measurable Data Token, discusses how Alternative Data rise midst of Covid Wave
https://preview.redd.it/qvvmwcnr9sa51.jpg?width=1080&format=pjpg&auto=webp&s=454c1e1655920deb772f04071e731ad13e798d1f Guest Bio Heatherm Huang Huang is the Co-Founder of Measurable Data Token (MDT), a decentralized data exchange ecosystem connecting users, data providers, and data buyers and denominates the value of data. As a Serial Entrepreneur, Huang got himself involved in the Research & Development of the world’s first ever talk-and-hold voice chat system, TalkBox, then the number one mobile chat application in China and across Southeast Asia in 2010. The hype around Talkbox had Tencent offering to acquire the mobile chat application that was turned down. Tencent then released a new version of Wechat, that holds the same talk-and-hold voice chat system that Talkbox has, now familiar to all，and it was at that time that Wechat broke the telecommunications industry. Talkbox and its competitors faded in the industry soon after. Huang’s Talkbox venture was adapted in Chinese drama, Entrepreneurial Age, with renowned celebrities, Xuan Huang and Angelababy being the main characters. Kiana Shek Kiana formerly worked as Deputy General Manager of Business at Baidu. Along with her strong financial education background, Kiana holds rich experience in Big Data, AI, finance & international business development. She joined DigiFinex as Co-Founder at the end of 2017, and is committed to build a secure, convenient and transparent environment for high-quality blockchain asset transactions for users globally. She is also an active speaker at different industry conferences around the globe. The AMA Kiana Shek (Left) & Heatherm Huang (Right) Kiana: Hi Heatherm, it's our honor to have you here with us today. Could you please give us an introduction of MDT? Heatherm: Hi Kiana, my pleasure to be here today. Definitely. The MDT is a blockchain-based distributed computing platform with smart contracts securely stored in the Ethereum blockchain. It denominates the value of data in this new economy. It connects users, data providers, and data buyers and denominates the value of data. The MDT launched two products:
MyMDT Data Wallet, a decentralized application (Dapp) based on Ethereum that allows users to get rewarded for sharing anonymous data points and is a user-oriented portal in the MDT ecosystem.
Measurable AI, a business-oriented alternative data analysis platform that turns anonymous data into sophisticated consumer insights.
Kiana: That's such an interesting concept. I am curious to know, and I'm sure so does everyone, how did MDT come about? Heatherm: The mission behind MDT is to solve our own problems. Back in 2016, our team started venturing into data under the guidance under the guidance of Gmail creator, Paul Buchheit. Paul mentioned that the most valuable thing about Gmail is not the service itself, but the data. Gmail data enables Google to create personalized and intelligent products for its users, and helps Google build better artificial intelligence. Our product, Measurable AI, is also built to understand the market by gathering electronic receipts from billions of online consumers, thereby increasing consumer data value. The more familiar we are with the big data industry, the better we can understand its problems. In data, privacy and traceability have always been contradictory issues. Although Google uses user data to provide better services to users, it is still resisted by users to date. As data providers, we often try to prove that our data sources are real, and all data points come from real users of our own platforms. However, to prove this, the privacy and anonymity of real users will be compromised to some extent. On the other hand, data buyers also find it a challenge to ensure that the data products they will get are effective. In data, blockchain can solve this problem. After many years of exploration in the field of consumer products and big data, our team realized that we have to compensate consumers who have contributed valuable data. We finally launched MDT at the end of 2017. We believe that the monetization of user data will be ubiquitous in the future, and we hope to use the results we have established to start this ecosystem. Kiana: Thank you so much for explaining in such detail. I want to know who your target markets are and how you strategize in marketing your products across different regions of the world? Heatherm: Southeast Asia, China, Brazil, and India will be our main target markets. They all have huge potential to expand and sustain the development of Measurable AI. At present, the main promotion channel of MyMDT data wallet is still the mainstream of users based on MailTime. Our upcoming independent app that focuses on the concept of "data cashback" will also become a major promotion channel, and its audience covers not only the cryptocurrency user group, but also the mainstream user group. Promotion services in different regions will be tailored to local market conditions. For example, the most common transaction data in the European and American markets is still credit card data, but in some emerging markets such as China, it is mobile payment data, and the consumer behavior and habits of users are also different. In different countries and regions, we will also adopt different promotion forms and modify our products to suit varying needs. Kiana: Got it. Back to today's topic, what is MDT's alternative data that users should be concerned about? How is it related to MDT? Heatherm: Alternative data refers to unconventional, unexpected, and unidentified potential data. Unlike traditional data sources such as public financial reports, alternative data is not well known. This is where its value lies. Measurable AI is a blockchain-driven alternative data provider at the present day. Kiana: I believe users have a new understanding of alternative data now. Is MDT an option for both data providers and crypto asset investors? How will MDT benefit investors? Heatherm: Alternative data providers are responsible for collecting, cleaning, analyzing and understanding data collected from non-traditional sources. For example, providers can assess the community's response to crypto assets to predict their future value and price movements. Although they are valuable, they do not fully reflect the company's operating conditions. In today's data-driven era, investors need more than endless numbers on spreadsheets. They need insightful data to make informed decisions in the market. Certain financial markets, such as encrypted assets, do not revolve around traditional financial data sources. Cryptocurrencies like Ethereum or Bitcoin cannot be effectively analyzed through financial statements because their prices are determined by factors other than common data sources. Alternative data fills this gap. As the name suggests, alternative data refers to information obtained from non-traditional sources (such as social media and consumer trends), which helps investors have a deeper understanding of investment tools. Kiana: The novel coronavirus (COVID-19) is rampant, has Measurable Data been affected in development? What measures have you taken to counter the challenge for the safety of the team? What contribution has MDT made to society against COVID-19? Heatherm: Due to the pandemic, the MDT team worked at home for 3 months until May when the team returned to office. However, the great impact COVID-19 has on the global economy, the demand for alternative data has increased for hedge fund clients. In the past few months, we have served more than 10 hedge funds and seller research institutions, providing them with first-hand consumer insights for many listed companies to analyze the pandemic's impact on the revenue of these companies and the speed of recovery. A few weeks ago, I accepted an interview with Bloomberg. I mentioned that the recent pandemic and the Luckin Coffee scandal has greatly boosted the demand for alternative data because hedge funds hope to use alternative data to monitor the pandemic's impact on major companies and its recovery rate. This is the value of alternative data. Kiana: What do Alternative Data providers do? Is MDT an Alternative Data provider and Cryptoasset investor at the same time? How does the data benefit the investor? Heatherm: Alternative data providers are the ones responsible for collecting, cleaning, analyzing, and making sense of data collected from non-traditional sources. For example, a provider may assess how the community is reacting to a crypto asset to predict its value and price movements in the future. Though valuable, they don't give the full picture of how a company is doing. In today's data-driven landscape, investors require more than endless numbers on spreadsheets. They need insightful data that is actionable enough for them to make informed decisions in the market. Certain markets like crypto assets also don't revolve around traditional financial data sources. Cryptocurrencies like Ethereum or Bitcoin cannot be analyzed efficiently with financial statements since their prices are determined by factors outside of commonly used data sources. Alternative data fill this gap. As the name suggests, alternative data is information derived from non-traditional sources — like social media and consumer trends — that help investors obtain more in-depth insights on investment vehicles. Kiana: Wow, Alternative Data providers play such a crucial role in the economy. How does MDT ensure that data security and privacy are well protected under regulations like GDPR? Heatherm: In an increasingly digitized world, huge quantities of "alternative data" are being generated every day which can complement or substitute for traditional financial data (such as information on loan payments, defaults and bankruptcies) and open the door to financial services for previously unserved or underserved customers. Data protection and privacy require a new way of thinking and preparation as regulatory or institutional frameworks to protect individuals and firms either do not exist or are rapidly outpaced by technological advances. Kiana: Makes sense. The world will only get more digitized each day. Who do you consider your competitors and why do you think you are better than them? Heatherm: Projects that share similar ideas of compensating users for sharing rewards are DataWallet, and GXChain. DataWallet recently pivoted to a data compliance service platform for startups. GXChian also rewards users for sharing data, however, their focus is on users' personal information for credit checking and user profiling. MDT is focused on anonymous and aggregated consumer transactional data for industry insights' purpose, and we endeavour to never involve any personal data. Although we both reward users for sharing data points, we share different business models and positioning on what type of data to get involved in and how users can monetize over their data. We believe the scenarios MDT creates now is more likely to be adopted by the public.
It involves only aggregated and anonymous data points for a transparent purpose
It is easier for users to get started without privacy issues (on blockchain, but accessed through user-friendly dapps
It benefits the data buyers financially and socially for joining an initiative of a company compensating users for data.
Large Enterprise Adoption of Blockchain is happening, enabled by Quant Network’s Overledger
https://medium.com/@CryptoSeq/large-enterprise-adoption-of-blockchain-is-happening-enabled-by-quant-networks-overledger-32321b650115 This is Part Two in the mini-series looking at Quant Network. You can see Part One here as well as links to other articles at the bottom of this post. Quant Network have achieved incredible levels of adoption since launching Overledger less than a year ago. Their growth strategy is to partner with multinational global organisations with huge amounts of employees to then host / implement / take Overledger to each of their own clients. So one Partnership, leads to exponentially more and is the fastest way to scale rather than trying to partner with each customer individually. This is how companies such as Oracle grew so fast and Microsoft with their Partner Network.
“These are multinational global organisations with 100,000 + employees, this is the scale that we are working towards to take Overledger to the mass market. We can’t do it one by one in each country and sign them up but we can partner with someone that has 100 customers and they can take it to all their customers as well which helps with the adoption of our technology” —Gilbert Verdian
Let’s start with arguably the biggest partnership for any Blockchain company listed on Coinmarketcap, the leading Financial Network Provider in Europe, SIA.
Provide the leading Financial Network in Europe with more than 100 Tier 1 banks connected, 44 Trading venues (including the main international stock markets in Milan, Rome, London, Frankfurt and New York) and other financial institutions covering the entire trading process from pre-trading to post-trading
process 14 Billion institutional services transactions, 7.2 billion card transactions, 3 billion payments, 51.7 billion financial transactions and carried 1,204 terabytes of data on the network
SIA in partnership with Colt and SWIFT are the only two network providers awarded a 10 year tender commissioned by the European Central Bank for the provisioning of connectivity services allowing European central and commercial banks, central depositories, automated clearing houses and other payment service providers to connect directly to Eurosystem market infrastructures through a single access interface (Eurosystem Single Market Infrastructure Gateway — ESMIG).
SIA’s SIAchain is the leading blockchain architecture in Europe connecting 570 Banks, Central Banks, Trading Venues and other Financial Institutions using R3’s Corda, Permissioned variants of Ethereum and Hyperledger Fabric.
SIA have Integrated Overledger into the leading blockchain architecture in Europe SIAchain so that all of the 570 banks, Central Banks, Trading venues etc can benefit from Blockchain Interoperability.
“Since the European launch of our private infrastructure SIAchain, we are at the forefront of innovation in blockchain technology with the aim of supporting financial markets with a high-performance and secure architecture and a clear governance model.We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT”,saysDaniele Savarè, Innovation & Business Solutions Director, SIA.
So what we’ve done is instead of just announcing one client and one thing, we’re announcing that we’re working with SIA. So, SIA is the leading European payment infrastructure. And what we’re doing with SIA is interconnecting blockchain networks with SIA, and doing settlements, which are central bank settlements,with the central bank in Italy. So what Overledger is doing is we’re actually bringing blockchain and interoperability to all of SIA’s clients, which are 580 banks. So, Overledger could be rolled out to all these institutions, financial services, banks, at scale, and have interoperability to get the benefits of this.
Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.
an SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA and SIPC regulated authorities.
Have investors and sponsored brokers such as Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion).
AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc).
This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months
Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets
Oracle are the second largest software company in the world, second only to Microsoft and worth $174.5 billion.
Quant Network are an Oracle Fintech Partner. Oracle are jointly going to market with Quant Network and taking Overledger directly to their 480,000 clients globally.
On the week commencing the 23rd September 2019 Quant Network and Oracle will be showcasing Overledger at the largest Financial event of the year SIBOS. SIBOS is a very exclusive financial services only event that only institutions that are connected to SWIFT can attend. The only 2 Blockchain firms attending are Quant Network and Ripple.
At Sibos 2019 Oracle is excited to feature 10 of our fintechs that have proven they are enterprise cloud ready and span a wide range of digital transformation themes including several available on Oracle’s Open Banking API ecosystem. Discover how you can accelerate your digital banking journey with a wide range of proven Oracle fintech solutions that meet the security, performance, and compliance needs for today’s Adaptive Bank —Oracle SIBOS 2019Blockchain Enables Trustworthy TransactionsThe potential uses of blockchain technologies are seemingly endless, from providing easy access to online payments to creating connected economies. But one of blockchain’s standout promises is to automate trust by providing an incorruptible platform for transactions.Quant’s Overledgeris the world’s first blockchain operating system. It’s designed to provide any network in the world with a gateway to all other blockchains, and therefore enable companies to develop new solutions by incorporating features from multiple blockchain applications. —https://blogs.oracle.com/startup/innovation-pays%3a-the-five-fintech-startups-making-money-more-interesting
Crowdz are the leading blockchain-based trade finance company
Headed by Cisco’s former global supply-chain leader
In business since 2014, with 270+ beta clients
partnered with Barclaycard, part of Barclays Bank, to integrate into their payment solutions
Recently received $5.5 million Series A Investment from Barclays Bank and BOLD Capital Partners, with additional investments coming from TFX Capital Partners, Techstars Ventures, and First Derivatives
In talks with the Korean Government about using their tech.
Payson Johnston, President and CEO of Crowdz, a Silicon Valley trade-finance and financial-technology company, stated that, “Although Crowdz uses the Ethereum blockchain as the foundation for our Invoice Auction Exchange, we have needed a solution that allows for invoices and other documents to be transferred from one blockchain to another — for example, among Hyperledger, Corda, and EOS. With the Overledger solution from Quant Network, it is now possible to pass data among different blockchains. Crowdz looks forward to working with Quant Network to enable the true multi-blockchain environment that our customers demand.”
UKCloudX is the UK Sovereign High assurance cloud services designed for the UK’s most sensitive and mission critical systems from Defence, National Security to wider Government requirements.
AUCloud is Australia’s sovereign cloud Infrastructure-as-a-Service (IaaS) provider, exclusively focused on the Australian Government (Federal, State and Local) and Critical National Industry (CNI) communities.
AuCloud integrate Overledger onto the AUCloud platform to provide highly secure and interoperable Blockchain-as-a-Service for Australian Government and Defence and the critical national industries and supply chains that serve the nation.
Scott Wilkie, Director of AUCloud stated that Australian Government, Department of Defence and major industries are using or testing blockchain to interact with their supply chain, critical infrastructure, national record keeping and financial services. These organisations require the interoperable functionality that can only come with an operating system like Overledger and the security of the leading sovereign Australian cloud platform. Without Overledger, none of these projects or systems will be able to communicate with each other or enable cross party collaboration.Brad Bastow, CTO AUCloud (previously CTO Department of the Prime Minster & Cabinet) stated that “applying world leading blockchain technologies to enhancing the cyber security of cloud IaaS and PaaS can significantly improve the ease of adoption and reduces risks for all government users and citizens. We aim to bring the most effective and assured technologies as-a-Service and Quant Network have some of the most advanced blockchain technology in the world in this respect.”
A Cloud-based, smart-contract-as-a-service (SCaas) platform. enabling users across a variety of skill sets to implement DAPPs.
formed from a Defense Advanced Research Projects Agency (DARPA) grant in 2017 originally developed by ITAMCO and the University of Notre Dame
Awarded a grant from the Department of Energy to develop a platform for a blockchain solution for the solar energy market.
Their platform is available on Azure and are Microsoft Start Up Partners with a former Microsoft Global Exec Joining SIMBA Chain.
Some of their other partnerships include the Government Blockchain Association, Air Force Research Laboratory, Caterpillar, SAP and EY
Recently announced they are starting to develop on Quant Network’s Overledger to enable connection to all of the blockchains currently connected through Overledger and provide interoperability between them.
an AI-powered decentralized investment and financing ecosystem, which allows corporates to quickly, cheaply and safely raise funds, whether it be equity, debt or tokens.
Selected as 1 of 15 Best Early-Stage startups at Money 20/20, Europe’s Largest Finetech Conference.
Joined Kickstart Innovation, one of Europe’s largest multi-corporate accelerators.
Joined Level39 Europe’s largest Fintech Accelerator
Partnered with Holochain, Elastos and Portugal Finlab
have more than 35 years combined experience in capital markets at top investment banks (Goldman, JP Morgan, Barclays…) and more than 10 years in AI, IT and software development (Barclays, VINCI, PostNL…).
“AllianceBlock will use Overledger to leverage multiple blockchains and create multi-chains token swaps. This partnership offers the possibility to open a new set of real-world applications leveraging different features from different chains. AllianceBlock is delighted about this partnership which will help blockchain projects and SMEs wield blockchain technology very easily” said Rachid Ajaja, Co-founder of AllianceBlock.
Jiangsu Huaxin Blockchain Institute
the first state-owned research hub dedicated to exploring blockchain technology for the Chinese Ministry of Commerce with over 100 employees.
high-tech R & D institution backed by the provincial government in Jiangsu, the second highest GDP grossing province in China
Backed by parent company Beijing Huaxin Electronics Enterprise Group, a conglomerate that has incubated and invested in numerous IT and telecommunications companies
China’s official institution for blockchain development, signed an agreement to collaborate on the development of innovations like distributed computing and quantum cryptography to revolutionize the next generation of distributed ledger technology (DLT) protocols.
Managing Director of Rockefeller Capital Joins the Board of Quant Network
Rockefeller Capital Management is a leading independent financial services firm led by President & Chief Executive Officer Gregory J. Fleming, offering global family office, wealth management, asset management and strategic advisory services to ultra-high-net-worth individuals, families, institutions and corporations
Quant Network is a founding member in the European Union’s launch of the International Association for Trusted Blockchain Applications (INATBA). Other members of INATBA include Accenture, Accord Project, Alastria,Banco Santander, BBVA, Consensys, Enterprise Ethereum Alliance, Fujitsu, IOTA, Ledger, SAP, SIA, Swift, Telefonica, We.Trade and many more. INATBA is a collaboration of 26 EU countries to develop EU blockchain regulation and prepare the launch of EU-wide blockchain applications
Quant Network accepted as a company guarantor of Pay.UK, the UK’s largest payment network, alongside banks and other FinTech companies
Through this relationship, Quant Network will shape the payment ecosystem to promote competition, innovation and openness, as well as setting the strategic direction of the Payments infrastructure and adopting the New Payments Architecture (NPA).
consortium for blockchain innovation in the mobility industry. The consortium was founded by leading automakers including Renault, Ford, GM, and BMW, and now represents more than 80 percent of global auto manufacturing by volume. Other members include Bosch, IBM, Cognizant, Accenture, Consensys, IOTA, R3, VeChain, Hyperledger, Ocean Protocol and Honda (Full list can be seen here)
Overledger operating system will enable interconnectivity and interoperability of data between manufacturers, devices, transportation and autonomous vehicles
Quant Network has joined Hyperledger where more than 270 organisations are now contributing to the growth of Hyperledger’s open source distributed ledger frameworks and tools. Some of the companies involved are Accentrue, Airbus, American Express, Baidu, Cisco, Deutsche Bank, DTCC, Fujitsu, Hitachi, IBM, Intel, J.P.Morgan, SAP, BBVA, Bosch, Deloitte, Fedex, Huawei, Lenovo, NTT Data, Oracle, PWC, R3, Ripple, Samsung, We.trade, Bank of England, Enterprise Ethereum Alliance, Federal Reserve, MOBI etc. Full list of members can be seen here.
Working with the Hyperledger Quilt team to enhance Blockchain Interoperability capability for Hyperledger members
The Accord Project is the organization for the development of techno-legal standards for smart legal contracts and distributed ledger applications in the legal industry
The Project operates in collaboration with IEEE, the International Association for Contract and Commercial Management, Hyperledger, R3, Decentralized Identity Foundation, and a number of leading trade associations, industry and standards organizations, and world leading law firms.
Quant Network have joined the Accord Project and are providing the Technology with Overledger and Treaty Contracts.
As well as many being worked on and yet to be publicly announced:
Indian Multinational IT Service and consulting company with offices in 44 countries and 137,000+ employees
Among the top 20 largest publicly traded companies in India with a market cap of $18.7 Billion and revenue of $9 billion.
Customers include 250 of the Fortune 500 and 650 of the Global 2000 companies.
we are really looking at ASIA, especially around Singapore, Hong Kong and we are working with partners to go there,just yesterday we had a meeting with a $8 billion company based in the ASIA region and they want to use Overledger for their clients and they are going to help us expand to that region, once we partner with the right bigger players
Apply These 7 Secret Techniques To Improve Crypto Mining
Bitcoin is a comparatively new type of currency that has just started to strike the mainstream markets. Critics state that using Bitcoins is unsafe because - They have no authentic value They are not regulated They can be used to make illegal transactions Still crypto mining all the major market players talk about Bitcoins. Below are some good reasons why it is worth using this crypto currency. Quick payments - When payments are made by using banks, the transaction takes some days, similarly wire transfers also take a long time. On the other hand, virtual currency Bitcoin transactions are generally more rapid. "Zero-confirmation" transactions are instantaneous, where the merchant accepts the risk, which is still not approved by Bitcoin block-chain. If the merchant needs an approval, then the transaction takes 10 minutes. This is much more rapid than any inter-banking transfer. Inexpensive - Credit or debit card transactions are instant, but you are charged a fee for using this privilege. In the Bitcoin transactions, the fees are usually low, and in some cases, it is free. No one can take it away - Bitcoin is decentralized, so no central authority can take away percentage from your deposits. No chargeback - Once you trade Bitcoins, they are gone. You cannot reclaim them without the recipient's consent. Thus, it becomes difficult to commit the chargeback fraud, which is often experienced by people with credit cards. People purchase goods and if they find it defective, they contact credit cards agency to make a chargeback, effectively reversing the transaction. The credit card company does it and charges you with costly chargeback fee ranging from $5-$15. Safe personal details - Credit card numbers get stolen during online payments. A Bitcoin transaction does not need any personal details. You will need to combine your private key and the Bitcoin key together to do a transaction. You just have to ensure that your private key is not accessed by strangers. It is not inflationary - Federal Reserve prints more dollars, whenever the economy is sputtering. Government injects the new created money into the economy causing a decrease in currency value, thereby triggering inflation. Inflation decreases people's power to buy things because prices of goods increase. Bitcoins are in limited supply. The system was designed to quit mining more Bitcoins on reaching 21 million. This means that inflation will not be an issue, but deflation will be triggered, where prices of goods will fall. Semi- anonymous operations - Bitcoin is relatively private, but transparent. The Bitcoin address is revealed at the block-chain. Everyone can look in your wallet, but your name will be invisible. Easy micro-payments - Bitcoins allows you to make micropayments like 22 cents for free. Substitute of fiat currencies - Bitcoins are good option to hold national currencies experiencing capital controls, and high inflation. Bitcoins are getting legitimate - Major institutions like the Bank of England and Fed have decided to take Bitcoins for trading. More and more outlets like Reditt, Pizza chains, WordPress, Baidu, and many other small businesses are now accepting Bitcoin payments. Many binary trading and Forex brokers also allow you to trade with the Bitcoins.
Daily analysis of cryptocurrencies 20191027 (Market index 50 — Neutral state)
https://preview.redd.it/bgj3hxy1u6v31.png?width=400&format=png&auto=webp&s=d2fbdee5918290e79b62010dabb94148c761439d Video Lessons Targeting Blockchain Technology Go Live On CCPPD’s Platform Following the news that XI Jinping, Chinese President and General Secretary of the Communist Party of China, addressed the importance of blockchain in making technological breakthroughs at the eighteenth group learning event organized by the Political Bureau of the Central Committee Oct 24, the Xuexi.cn platform led by the Publicity Department of the Central Committee of the Communist Party of China, or CCPPD, announced Oct 26 the launch of the video lessons targeting the blockchain technology. The videos with a total of 25 lessons mainly include the preliminary introduction to the blockchain technology, the consensus agreement, Bitcoin, Ethereum and smart contracts, blockchain performance improvement, blockchain security, the basic knowledge of big data, in-depth analysis of blockchain instances, as well as the concrete programming code examples. The Bitcoin Financing Case Accepted By Chinese Court For The First Time A loan dispute caused by the Bitcoin pledge has been put on file in Wuchang District People’s Court, Hubei Province (lying in central China). According to the indictment, the defendant pledged Bitcoin to borrow money from the plaintiff to bet on the rise of the king coin. During the Bitcoin decline cycle in 2018, the plaintiff took measures to liquidate the position forcibly, but still suffered some losses. The defendant does not acknowledge the loan relationship, falling to a material breach. Lawyer SUN Jun from Shanghai SHENHAO Law firm indicated that the financial attribute of Bitcoin would be recognized for the first time in China. For New Cryptography Law, China Took A Big Step In Right Direction, CZ Comments ZHAO Changpeng, also known as CZ, founder of Binance, reposted an article released by CoinDesk and titled “China’s Congress Passes Cryptography Law, Effective Jan. 1, 2020.” Regarding the issue, ZHAO commented, “This is big! The country with the biggest population on Earth, and one of the highest GDP growth in recent years, just took a big step in the right direction. What is your country gonna do? Follow or get left behind?” Baidu Search Index For Blockchain Up By 894% In Past 7 Days Amid President XI Highlighting Blockchain Citing data by Baidu Search Index, in the past seven days, daily average searches for the word “Bitcoin” were 31,955, which was 108% more than that of the previous year and 60% more than that of the previous week; daily average searches for the word “blockchain” was 42,444, which was 349% more than that of the previous year and 894% more than that of the previous week. As previously reported by CoinNess.com, Chinese President XI Jinping said on Oct 24 that China would put more focus on blockchain development. Note: Data offered by Baidu Search Index shows recent popular topics/trends in China.
Encrypted project calendar（October 27, 2019）
ICON (ICX):27 October 2019 Money 20/20 USA Event Money 20/20 USA in Las Vegas from October 27–30.Aeternity (AE):and 5 others 27 October 2019 CoinAgenda ConferenceCoinAgenda conference in Las Vegas from October 26–28.Electroneum (ETN):27 October 2019 KRON-TV Interview “… You can watch Richard Ells interview with Jane King on KRON-TV in San Francisco, 6:30am October 27th.”Hype Token (HYPE):27 October 2019 Token Voting Event Voting for HYPE Token’s burning % and daily freezing rewards % for November is now live! Freeze tokens to vote & receive daily rewards.
Encrypted project calendar（October 28, 2019）
LTC/Litecoin:Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USABTC/Bitcoin:Mt.Gox changes the debt compensation plan submission deadline to October 28ZEC/Zcash:Zcash (ZEC) will activate the Blossom Agreement on October 28thStellar (XLM):28 October 2019 Protocol 12 Upgrade Vote Horizon v0.22.0 has been released, which supports Protocol 12. This gives everyone ample time to prepare for the Protocol 12 upgrade voteCelsius (CEL)and 3 others: 28 October 2019 Litecoin Summit “…The Litecoin Summit offers two fun, jam-packed days with something for everyone.”XFOC (XFOC):The IDAX platform will be online XFOC and will open the XFOC/USDT trading pair at 13:00 on October 28.MEDIUM (MDM):The IDAX platform lists MDM and will open MDM/BTC trading pairs on October 28th at 15:00.ZB/ ZB Blockchain:The “2019 Hamburg Intercontinental Dialogue Conference” hosted by ZB.com will be held from October 28th to November 9th at the Four Seasons Hotel Hamburg, Germany.BQT (BQTX)：28 October 2019 Down for Maintenance BQTX.com will be down for maintenance on the 28th of October from 7 to 12am UTC.
Encrypted project calendar（October 29, 2019）
BTC/Bitcoin:The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st.ICON (ICX):29 October 2019 Decentralization “As a result, the decentralization schedule of the ICON Network has been changed from September 24, 2019 to October 29, 2019.”Ark (ARK):and 10 others 29 October 2019 WCC 2019 Second annual Blockchain and Cryptocurrency Technology event, World Crypto Conference (WCC), October 29th — October 31, 2019.Insifa (ISF):29 October 2019 Prototype Alpha “We from Insifa have decided to be more open. Our Prototype will be developed in scrum. This means new releases every two weeks.”Enjin Coin (ENJ):29 October 2019 EnjinCraft Stress Test “Join us Oct. 29 at 7:00pm GMT for a stress test. Let’s try to break #EnjinCraft!”IOTA (MIOTA):29 October 2019 IOTSWC Barcelona IOT Solutions World Congress Digitalizing Industries conference in Barcelona from October 29–31.
Encrypted project calendar（October 30, 2019）
MIOTA/IOTA:IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.”TRON (TRX):30 October 2019 SFBW19 Afterparty “TRON Official SFBW19 Afterparty from 7–10:30 PM in San Francisco.”Horizen (ZEN):30 October 2019 Horizen Quarterly Update Join our first Quarterly Update on October the 30th at 5 PM UTC/ 1 PM EST. Deeper look into Engineering, BD, Marketing, and more.Aeternity (AE):30 October 2019 Hardfork “The third hardfork of the æternity Mainnet is scheduled for October 30, 2019.”Valor Token (VALOR):30 October 2019 Transaction Fees Resume “It’s September and the SMART VALOR Platform is still waiving transaction fees for all members, until October 30th!”Aragon (ANT):30 October 2019 Singapore Meetup “Aragon on DAOs and DeFi” from 6:30–8:30 PM.Kambria (KAT):30 October 2019 Outliers Hashed Awards Outliers Hashed awards from October 30–31.Ethereum Classic (ETC):30 October 2019 Cohort Demo Day “ETC Labs hosts it’s 2nd Cohort Demo Day. Learn about the companies and project being accelerated through the Ethereum Classic ecosystem.”
Encrypted project calendar（October 31, 2019）
Spendcoin (SPND):31 October 2019 (or earlier) Cross Ledger Mainnet “Cross Ledger Mainnet Release and SPND Token Swap,” during October 2019.Spendcoin (SPND):31 October 2019 (or earlier) Blkchn University Beta “Blockchain University Beta goes live,” during October 2019.Stellar (XLM):31 October 2019 (or earlier) Minor Release “We will have 6 Minor Releases in 2019; one each in February, March, May, June, August, and October.”Bitcoin SV (BSV):31 October 2019 (or earlier) BSV Conference Seoul No additional information.Seele (SEELE):31 October 2019 (or earlier) Public Network Mainne launch has been moved to Oct 31 .Howdoo (UDOO):31 October 2019 (or earlier) Howdoo Live on Huawei Howdoo begins its exciting partnership with Huawei with listing as a featured app starting in October.Chiliz (CHZ):31 October 2019 (or earlier) App Soft Launch Soft launch of Socios App by end of October.Dent (DENT):31 October 2019 (or earlier) Loyalty Program “Afterburner loyalty program launch for all 21,6 Million mobile #DENT users will be in October!”IceChain (ICHX):31 October 2019 (or earlier) Wallet Release IceChain releases wallet during October.Chiliz (CHZ):31 October 2019 (or earlier) New Partnerships New sports and new teams joining Socios (+more updates and events) will be announced in the upcoming weeks.Horizen (ZEN):31 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.PCHAIN (PI):31 October 2019 (or earlier) New Website No additional information.IOST (IOST):31 October 2019 (or earlier) New Game on IOST “Eternal Fafnir, a new role-playing game developed by INFUN is coming to you in Oct.”Achain (ACT)：31 October 2019 Mainnet 2.0 Launch “… The main network is officially scheduled to launch on October 31.”Mithril (MITH)：31 October 2019 Burn “MITH burn will take place on 2019/10/31 2pm UTC+8. “Aergo (AERGO)：31 October 2019 (or earlier) Aergo Lite V1.0 Release AergoLite, which brings blockchain compatibility to billions of devices using SQLite, released during October 2019.TE-FOOD (TFD)：31 October 2019 (or earlier) Complementary Product “Development of a new, complementary product with a new partner, which we hope to be launched in September-October.”Edge (DADI)：31 October 2019 (or earlier) Full Open Source Code base for the network fully open-sourced in September or October.BlockStamp (BST)：31 October 2019 (or earlier) ASIC Miner Prototype In orderr to ensure BlockStamps continued decentralization, we will release a BST ASIC miner for testing.Perlin (PERL)：31 October 2019 (or earlier) SSA Partnership “Perlin has partnered with the Singapore Shipping Association to create the International E-Registry of Ships (IERS)”Skrumble Network (SKM)：31 October 2019 (or earlier) Exchange Release “3rd dApp: Exchange Release,” during October 2019.EDC Blockchain (EDC)：31 October 2019 (or earlier) Blockchain Marketplace “As you already know, our ECRO blockchain marketplace is ready for release, and will open to the global community in October!”BlockStamp (BST)：31 October 2019 (or earlier) ASIC Miner Prototype In orderr to ensure BlockStamps continued decentralization, we will release a BST ASIC miner for testing.XinFin Network (XDCE)：31 October 2019 Homebloc Webinar “XinFin — Homebloc Webinar 2019” from 9–10 PM.Akropolis (AKRO)：31 October 2019 (or earlier) Alpha Release “Delivers the initial mainnet implementation of protocol. All building blocks will be united to one product.”Hyperion (HYN)：31 October 2019 (or earlier) Economic Model The final version of the HYN Economic Model launches in October.
Encrypted project calendar（November 1, 2019）
INS/Insolar:The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019.VeChain (VET)：”01 November 2019 BUIDLer Reunion Party BUIDLer Reunion Party in San Francisco from 8–11 PM.uPlexa (UPX)：01 November 2019 Steadfast Storm — PoS/PoW split (Utility nodes ie. master nodes) — Upcoming Anonymity Network much like TOR — Privacy-based DApps — Reduced network fees.Enjin Coin (ENJ)：01 November 2019 MFT Binding “ICYMI: On Enjin Coin’s 2nd anniversary (November 1), Enjin MFTs will be bound to hodlers’ blockchain addresses…”Auxilium (AUX)：01 November 2019 AUX Interest Distribution Monthly interest distribution by Auxilium Interest Distribution Platform for coinholders. Also supports charity.Havy (HAVY)：01 November 2019 Token Buyback “Havy tokens buyback, Only in 1 exchange between Idex, Mercatox & Hotbit. The exchange depends on the most lower sell wall.”Egretia (EGT):01 November 2019 Global DApp Contest SF 2019 Egretia Global DApp Contest in San Francisco.
Encrypted project calendar（November 2, 2019）
Kambria (KAT)：02 November 2019 VietAI Summit 2019 Kambria joins forces with VietAI for the annual VietAI Summit, with top experts from Google Brain, NVIDIA, Kambria, VietAI, and more!
Encrypted project calendar（November 4, 2019）
Stellar (XLM)：04 November 2019 Stellar Meridian Conf. Stellar Meridian conference from Nov 4–5 in Mexico City.Cappasity (CAPP)：04 November 2019 Lisbon Web Summit Lisbon Web Summit in Lisbon, Portugal from November 4–7.
Encrypted project calendar（November 5, 2019）
Nexus (NXS)：05 November 2019 Tritium Official Release “Remember, Remember the 5th of November, the day Tritium changed Distributed Ledger. Yes, this is an official release date.”NEM (XEM)：05 November 2019 Innovation Forum — Kyiv NEM Foundation Council Member Anton Bosenko will be speaking in the upcoming International Innovation Forum in Kyiv on November 5, 2019.TomoChain (TOMO):05 November 2019 TomoX Testnet “Mark your calendar as TomoX testnet will be live on Tuesday, Nov 5th!”aelf (ELF):05 November 2019 Bug Bounty Program Ends On Oct 24th, 2019 aelf’s biggest bug bounty will launch with a large reward pool. The event will run for almost 2 weeks.
Encrypted project calendar（November 6, 2019）
STEEM/Steem:The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th.KIM/Kimcoin:Kimcoin (KIM) Bitfinex will be online at KIM on November 6, 2019 at 12:00 (UTC).
Encrypted project calendar（November 7, 2019）
XRP (XRP)： 07 November 2019 Swell 2019 Ripple hosts Swell from November 7th — 8th in Singapore.BTC/Bitcoin:Malta The A.I. and Blockchain summit will be held in Malta from November 7th to 8th.
Encrypted project calendar（November 8, 2019）
BTC/Bitcoin:The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.IOTX/IoTeX:IoTex (IOTX) will participate in the CES Expo on November 08
Encrypted project calendar（November 9, 2019）
CENNZ/Centrality:Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.HTMLCOIN (HTML):09 November 2019 (or earlier) Mandatory Wallet Update Mandatory Wallet Update: there will be a soft fork on our blockchain. This update adds header signature verification on block 997,655.
Encrypted project calendar（November 11, 2019）
PAX/Paxos Standard:Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference.Crypto.com Coin (CRO):and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore.GoldCoin (GLC):11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…”
Encrypted project calendar（November 12, 2019）
BTC/Bitcoin:The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13thBinance Coin (BNB)and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.”
Encrypted project calendar（November 13, 2019）
Fetch.ai (FET):13 November 2019 Cambridge Meetup “Join us for a@Fetch_ai#Cambridge #meetup on 13 November@pantonarms1.”Binance Coin (BNB)and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…”OKB (OKB):13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov.Centrality (CENNZ):13 November 2019 AMA Meetup “Ask our CEO@aaronmcdnzanything in person! Join the AMA meetup on 13 November in Singapore.”OKB (OKB):13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).
Encrypted project calendar（November 14, 2019）
BTC/Bitcoin:The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th.
If you'd like to read the first article I published on reddit on HPB, please take a look here https://redd.it/7qt54x
People often skim over white papers as they simply cannot be bothered to read through them. Let’s be honest, most of them are as dull as dishwater and even more so when full of technical blockchain related buzzwords that most people new to cryptocurrencies simply don’t understand.
Well as someone now invested in High-Performance Blockchain (HPB), I want to know and understand what the company is trying to achieve, so I’ve spent some time dissecting the white paper and actually gathering the information behind the buzzwords to determine if the company offers real key differentiators and unique selling points that allow the proposal to stand separately from the competition.
So here is my breakdown of some of the key sections from the soon-to-be-updated HPB whitepaper
Ok so TPS stands for “transactions per second” and is reasonably well recognised in the world of blockchain but often misunderstood or under-appreciated. Essentially HPB are stating in their white paper that TPS is a bottleneck for all current blockchain solutions and this bottleneck restricts development and simply will not meet future business needs.
So let’s just explore this for a minute. Anyone who knows Bitcoin and Ethereum and have tried to transfer their coins from a wallet to an exchange or vice-versa, may at some point have experienced slow transfer or “transaction” times. This is usually when the network is congested, and transactions which usually take a few minutes, are suddenly slowed down considerably. Let's say you are transferring some Eth to an online exchange to buy another coin as you’ve noticed that this other coins price is dropping, and you want to catch the low price to buy in before the bounce……so you setup the transfer, increase your Ether Gwei to 50 to get things moving quicker, and then you wait for your 12 block confirmations to be confirmed before the Eth appears in your exchange wallet. You wait 10-15 minutes and the Eth suddenly appears, only to find the price as already bounced on the coin you wanted to buy and it’s already up 10% on what it happened to be 15 minutes ago! That delay has just cost you $500!
Delay can be extremely frustrating, and can often be expensive. Now whilst individuals tend to tolerate slight delays on occasion, (for now!) It will simply be unacceptable moving forward. Imagine typing in your pin at a cashpoint/ATM and having to wait 4-5 minutes to get your money! No way!
So TPS is important….in fact it’s more than important, it’s fundamental to the success of blockchain technology that TPS speeds improve, and blockchain networks scale accordingly! So how fast are current TPS rates of the big crypto’s?
Here is the estimated TPS of the Top 10 cryptos. I should point out that this is the CURRENT TPS speed. Almost all of the cryptos mentioned have plans in the pipeline to scale up and improve TPS using various ingenious solutions, but as of TODAY this is the average speed.
Bitcoin ~7 TPS
Ethereum ~15 TPS
Ripple ~1000 TPS
Bitcoin Cash ~40 TPS
Cardano ~10 TPS
NEM ~4 TPS
EOS ~0 TPS
NEO ~1000 TPS
Like I say, almost all of these have plans to increase transaction speed and plans to address scalability, but these are the numbers I have researched as of this particular moment in time.
Let’s compare this to Visa, the global payment processor, which has an “average” daily peak of around 4,500 TPS and is capable of 56,000 TPS.
Some of you may say, “Well that doesn’t matter, as in a few months’ time [insert crypto I own here] will be releasing [insert scalability plan of my crypto here] which means it will be capable of running [insert claimed future TPS speed of my crypto here] so my crypto will be the best in the world!”
But this isn’t the whole story….. far from it. You see this doesn’t address a fundamental element of blockchain…..and that is the PHYSICAL transference of information from one node to another to allow for block validation and consensus. You know….the point where the data processed moves up and down the OSI stack and hits the physical layer on the network card and gets transported through the physical Ethernet cable or fibre that takes it off to somewhere else.
Also, you have to factor in the actual transaction size (measured in bytes or kilobytes) that is being transferred. VISA transactions vary in size from about 0.2 kilobytes to a little over 1 kilobyte. In order to maintain 4500 TPS, and if we use an average of 0.5kb (512bytes) per transaction, then you need to be physically transporting approximately 2.25mb of data per second. OK so this seems tiny! We all have 100mb broadband at home and the NIC network cards in your computers are capable of running 10gb ….so 2.25mb is nothing…… for now!
If we go back to actual blocks on the blockchain, let’s first look at bitcoin. It has a fixed 1mb block size (1,000,000 bytes) so if bitcoin TPS is at around 7 TPS, then we need to be physically transporting 6.83mb per second per block. Still pretty small and easy to cope with….Well if that’s the case then why is bitcoin so slow?
Well if you consider the millions of transactions being requested every day, and that you can only fit 1mb of data into a single block, then if you imagine the first block in the queue gets processed first (max 1mb of data), but the rest of the transactions have to wait, to see if they hopefully are in the next block, or maybe the next one? Or maybe the next one? Or the next one?
Now the whole point of “decentralization” is that every node on the blockchain network is in agreement that the block is valid…this consensus typically takes around 10 minutes for the blockchain network to fully “sync” on the broadcasted block. Once the entire network is in agreement, they start to “sync” the next block. Unfortunately if your transaction isn’t at the front of the queue, then you can see how it might take a while for your transaction to get processed. So is there a way of moving to the front of the queue, similar to the way you can get a “queue jump pass” at a theme park? Sure there is….you can pay as higher-than-average transaction fee to get prioritized….but if the transaction fees are relative to the cryptocurrency itself, then the greater the value of the crypto becomes (i.e. the more popular it becomes), the higher the transaction fee becomes in order to allow you to make your transactions.
Once again using the cashpoint ATM analogy, it’s like going to withdraw your money, and being presented with some options on screen similar to that of, “You can have your money in less around 10 minutes for $50, or you can wait 20 minutes for $20, or you can camp out on the street and wait until tomorrow and get your money for $5”
So it’s clear to see the issue…..as blockchain scales up and more people use it, the value of it rises, the cost to use it goes up, and the speed of actually using it gets slower. This is not progress, and will not be acceptable as more people and businesses use blockchain to transact with money, information, data, whatever.
So what can be done? …Well you could increase the block size……more data held in a block means that you have a greater chance of being in a block at the front of the queue……Well that kind of works, but then you still have to factor in how long it takes for all nodes on the blockchain network to “sync” and reach consensus.
The more data per block, the more data there is that needs to be fully distributed.
I used visa as an example earlier as this processes very small amounts of transactional data. Essentially this average 512 bytes will hold the following information: transaction amount, transaction number, transaction date and time, transaction type (deposits, withdrawal, purchase or refund), type of account being debited or credited, card number, identity of the card acceptor (organization/store address) as well as the identity of the terminal (company name from which the machine operates). That’s pretty much all there is to a transaction. I’m sure you will agree that it’s a very small amount of data.
Moving forward, as more people and businesses use block-chain technology, the information transacted across blockchain will grow.
Let’s say, (just for a very simplistic example) that a blockchain network is being used to store details on a property deed via an Ethereum Dapp, and there is the equivalent of 32 pages of information in the deed. Well one ascii character stored as data represents one byte.
This “A” right here is one byte.
So if an A4 page holds let’s say 4000 ascii characters, then that’s 4000 bytes per page, or 4000x32= 128,000 bytes of data. Now if a 1mb block size can hold 1,000,000 bytes of data, then my single document alone has just consumed (128,000/1,000,000)*100 = 12.8% of a 1mb block!
Now going further, what if 50,000 people globally decide to transfer their mortgage deeds? Alongside those are another 50,000 people transferring their Will in another Dapp, alongside 50,000 other people transferring their sale-of-business documents in another Dapp, alongside 50,000 people transferring other “lengthy” documents in yet another Dapp? All of a sudden the network comes to a complete and utter standstill! That’s not to mention all the other “big data” being thrown around from company to company, city to city, and continent to continent!
Ok in some respects that's not really a fair example, as I mentioned the 1mb block limit with bitcoin, and we know that bitcoin was never designed to be anything more than a currency.
But that’s Bitcoin. Other blockchains are hoping/expecting people to embrace and adopt their network for all of their decentralized needs, and as time goes by and more data is sent around, then many (if not all) of the suggested scalability solutions will not be able to cope…..why?
Because sooner or later we won’t be talking about megabytes of data….we’ll be talking about GB of data….possibly TB of data on the blockchain network! Now at this stage, addressing this level of scalability will definitely not be purely a software issue….we have to go back to hardware!
So…finally coming to my point about TPS…… as time goes by, in order for block chains to truly succeed, the networking HARDWARE needs to be developed to physically move the data quickly enough to be able to cope with the processing of the transactions…..and quite frankly this is something that has not been addressed…..it’s just been swept under the carpet.
That is, until now. High-Performance Blockchain (HPB) want to address this issue…..they want to give blockchain the opportunity to scale up to meet customer demand, which may not be there right at this moment, but is likely to be there soon.
Ok so visa can handle 56,000 TINY transactions per second….Will that be enough for block chain TPS in 5 years’ time? Well I’ll simply leave that for you to decide.
So what are HPB doing about this? They have been developing a specialist hardware accelerated network card known as a TOE card (TOE stands for TCP/IP Offload Engine) which is capable of supporting MILLIONS of transactions per second. Now there are plenty of blockchains out there looking to address speed and scaling, and some of them are truly fascinating, and they will most likely address scalability in the short term….but at some point HARDWARE will still be the bottleneck and this will still need to be addressed like the bad smell in the room that won’t go away. As far as I know (and I am honestly happy to stand corrected here) HPB are the ONLY Company right now who see hardware acceleration as fundamental to blockchain scalability.
No doubt more companies will follow over time, but if you appreciate “first mover advantage” you will see how critical this is from a crypto investment perspective.
GVM (General Virtual Machine mechanism) The HPB General virtual machine is currently being developed to allow the HPB solution to work with other blockchains to enhance them and help them to scale. Currently the GVM is being developed for the NEOVM (NEO Virtual Machine) and The EVM (Ethereum Virtual Machine) with others planned for the future.
Now a lot of people feel that if Ethereum were not hampered with scalability issues, then it would be THE de-facto blockchain globally (possibly outside of Asia due to things like Chinese regulation) and that NEO is the “Ethereum of China” developed specifically to accommodate things like Chinese regulation. So if HPB is working on a hardware solution to help both Ethereum and NEO, then in my opinion this could add serious value to both blockchains.
Claim of Union Pay partnership To quote directly (verbatim) from the whitepaper: After listening to the design concept of HPB, China's largest financial data company UnionPay has joined as a partner with HPB, with the common goal of technological practice and exploration of financial big data and high-performance blockchain platform. UnionPay Wisdom currently handles 80% of China's banking transaction data, with an annual turnover of 80 trillion yuan. HPB will join hands with China UnionPay to serve all industry partners, including large banks, insurance, retail enterprises, fintech companies and so on.
Now some people will say, there’s no proof of this alliance, and trust me I am one of the biggest sceptics you will come across….I question everything!
Now at this stage I have no concrete evidence to support HPB’s claim, however let me offer you my train of thought. Whilst HPB hasn’t really been marketed in the West (a good thing in my opinion!) The leader of HPB Wang Xiaoming is literally attending every single major Asian blockchain event to personally present his solution to major audiences. HPB also has the backing of NEO, who angel invested the project.
Take a look at this YouTube video of Da Hongfei talking about NEO, and bringing up a slide at the recent “BlockChain Revolution Conference” on January 18th 2018 – If you don’t want to watch the entire video (it’s obviously all about NEO) then skip forward to exactly 9m13s into the video and take a look at the slide he brings up. You will see it shows HPB. Do you honestly thing Da Hongfei, the leader of NEO, would bring up details of a company that he felt to be untrustworthy to share with a global audience? Blockchain Revolution 2018 video
I won’t go into some of the other “dubious” altcoins on the markets who claim to be in bed with companies like IBM, Huwawei, Apple etc, but when you do some digging they have a registered address at a drop-mail and you can only find 3-4 baidu links about the company on the internet, you have to question their trustworthiness
So do I believe in HPB…..very much so :-)
Currently the HPB price sits at $6.00 on www.bibox.com and isn’t really moving. I believe this is due to a number of factors.
Firstly, the entire crypto market has gone bonkers this last week or so, although this apparently happens every January.
Secondly the coin is still on relatively obscure exchanges that most people have never heard of.
Thirdly, because of the current lack of expose, the coin trades at low volume, which means (in my opinion...I can’t actually prove it) that crypto “bots” are effectively controlling the price range as it goes up to around $9.00 and then back down to $6.00, then back up to $9.00, then back down to $6.00 and over and over again.
Finally the testnet proof of concept hasn’t been launched yet. We’ve been told that it’s Q1 this year, so it’s imminent, and as soon as it launches I think the company will get a lot more press coverage.
UPDATE - It has now been officially confirmed that HPB will be listed on Kucoin The tentative date is February 5th
So, for the investors out there….. It’s trading at $6.00 per coin, and with a circulating supply of 28 million coins, it gives the company an mcap of $168,000,000
So what could the price go to? I have no idea as unfortunately I do not have a crystal ball in my posession….however some are referring to HPB as the EOS of China (only HPB has an actual working, hardware-focussed product as opposed to plans for the future) and EOS currently has an mcap of $8.30 billion dollars…… so for HPB to match that mcap, the price of HPB would have to effectively increase almost 50-fold to $296.4 - Now that’s obviously on the optimistic side, but even still, it shows its potential. :-)
I believe hardware acceleration alongside software optimization is the key to blockchain success moving forward. I guess it’s up to you to decide if you agree or disagree with me.
Whatever you do though…..remember that Most importantly of all…… DYOR!
My wallet address, if you found this useful and would like to donate is: 0xd7FAbB675D9401931CefE9E633Ef525BfBa7a139
I live several years in Asia and speak Chinese. Here is my stand: Btc is legal in China, there are a lot of shops accepting it right now. We need to dig deeper
Like all you I was puzzled by opposite opinions - some people say shops can't take btc for products, others say they can, only banks can't deal with it. Finally Bobby Lee hammered us with his insider opinion and now 95% of the people are convinced that btc is banned and the only thing you can do in China is to buy it on an exchange. But actually the Regulation Notice said: the general public have the freedom to participate in Bitcoin trading as a commodity trading on the internet on the condition they carry their own risk.. So who is right? First of all in China things are not always black and white and there are a lot of groups in the government, some of them want to tighten things up, some want to open up to western influence (remeber Deng Xiaoping?). So why did China Telecom and Baidu started accepting bitcoin in the first place? It was cool, and also you can see it every day in newspapers and on TV, and don't forget that mass media is controlled by the govt. So it was a signal: It's Ok to do it, nobody objects. So China telecom started using www.bitbill.com and Baidu just published a bitcoin address. After the Regulation Notice came out, China Telecom had to shut down the bitcoin payments because the Notice quite clearly said that websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities and www.bitbill.com doesn't have such registration. And Baidu said they are stopping accepting bitcoins because of price fluctuation ;). What about the others? They are fine! There are hundreds of products on taobao that you can buy with bitcoin! Just search for 支持比特币 (support bitcoin). Check out this piece of Japanese ass But then why not thousands? Because actually Chinese have alipay which is a kick-ass virtual money, when using it people get customer protection, I am sure they pay no more than 1% fee. So let's be honest: Chinese don't have much incentive to use bitcoin inside the country unless you are buying a plastic ass and want to do it anonimousely. Actually If paypal would charge me 1% instead of 9%, bitcoin wouldn't be so attractive. What about Bobby Lee? Why did he say what he said? As you might remember Bobby Lee just ate 5 million $ and suddenly Regulation Notice comes out and most of the people pause their activity. Just imagine what his situation can be: he convinced people to invest based on very sunny future in China, including the news about China telecom and Baidu. I can't be sure, but I would say it's quite typical to blame some external factors in such a situation rather than face the reality that average Chinese consumer doesn't get much benefits when buying something inside the country and this was just a hype and fad. It is much easier to say - everything was so well but now the government banned everything. What about the insane volumes on btcchina? 150,000 BTC per day, 4 times more than MtGox!!. Where do all these bitcoin go?? I have two versions here, may be they are both effective:
volumes can be easily bloated. I mean the simplicity of this is out of questions with 0% (even if they had 10% commission, it is still easy)
this volume goes to service black export/import and may be this is the reason that the government started to come in. I can say that Chinese are not the people you will have to convince to try something cool. They will try it in millions. So if there is a benefit of using bitcoin for export/import, you can be assured that it will spread like a wildfire.
Can somebody confirm does http://www.igeak.com still accepts bitcoin? enjoy ;) Edit: some urls and grammar
Last Week In Indian Economy - For the Week Ending 6th August, 2016
Last Week in Indian Economy
“I am silent because there is conflict between my scholarly commitment to economics and my loyalty to the party's decided issues.” - Subramanian Swamy, member of parliament tweeting about why he is silent on the Goods and Services Tax (GST) Bill that his political party supports so much. Just going to leave this here for you to draw your own conclusions.
Going Gaga Over GST Last week, the Rajya Sabha passed the Goods and Services Tax (GST) - the tax reform that has been heralded as the most important piece of legislation in over a decade. While the common market of Europe is walking backwards due to Brexit, the common market within India is stepping ahead due to GST. The bill has been the subject of political bickering for a long time now. However, it was passed with 203 votes for and none against. With 0 votes against. They didn’t even blink twice, so you know there families weren’t being held hostage and all votes were entirely voluntary. But this has only been the tip of the iceberg. Even though both houses of the parliament have passed the bill, there is a laundry list of things that need to happen before we can all go home and forget about this whole GST business. The Lok Sabha needs to approve the bill once again. Then, a minimum of 15 state governments need to pass the bill. Then, the president needs to sign the bill. Then, a GST Council needs to be formed and the GST tax rate needs to be negotiated. Then, the central government needs to pass two supporting laws, and each state needs to pass a separate supporting law. And only then, we’ll be able to pocket all that cash from the GST-led economic growth that is being predicted. The deadline set for all of this is April 1st, 2017. Till then, government officials around the country are set to debate on extremely sensitive issues like whether cream biscuits should be taxed at the same rate as ordinary biscuits. #TeamBourbon. Uber-Didi Uber joined the long list of American MNCs that came to do business in China but inevitably fell on their faces. In a deal announced last week, the popular ride-hailing service will sell its China operations to rival Didi Chuxing in exchange for a 20% stake in Didi, who will invest $1 billion in Uber. The two giants have been battling for the Chinese market for years and despite spending billions of dollars, no one has managed to turn a profit. In fact, Uber was facing a loss of $1 billion annually due to heavy competition in China. Once upon a time, Uber’s future in China seemed to hold promise. And now, the company is throwing in the towel. The company’s mistake? It tried to fight a land war in Asia. Although Didi was the bigger company in China in terms of market share, Uber did have its moments. Such as when a Chinese hip-hop artist posted a gangster rap song about how much he prefers Uber. Don’t Baidu it - China being China censored the whole thing just days later. Loans For Pani Puri walas Banks use all sorts of fancy algorithms to determine if a borrower will repay a loan. Despite all of that, with the banking crisis, a huge amount of loans are at a risk of being Vijay Mallya-ed. So the fancy algorithms haven’t exactly worked out. Another one of those fancy things that banks use is a credit score. A good credit score will have banks lining outside your door shouting for your attention. A bad credit score will have you lining outside the door of the banks with a ton of paperwork. You need a good credit score to get loans. But to get a good credit score, you need to repay loans. So you see the chicken-and-egg problem here. This means a lot of people don’t even have credit scores. But those people still need loans. And banks won’t touch them with a ten-foot pole. Now, microfinance companies like Edelweiss, Bharat Financial, DHFL and many more are going places feared by the big boys of finance. A big push in the industry is to loan money to pavement hawkers, scrap dealers and other self-employed individuals. For example - the makers of the extremely healthy chinese food at the hand-kart that parks near the local sewer every evening. Basically, giving loans to low-income borrowers without a credit score or any kind of formal financial history. If that sounds like a recipe for trouble, that’s because it is and we’ve already had that dish in the run-up of the financial crisis of 2008. And if history isn’t repeating itself here, it’s definitely rhyming. Too Many Branches Spoil The Bank The State Bank Of India has almost 17,000 branches which is very impressive. Especially since they get to brag about it in tables that rank banks by number of branches. But the bank isn’t doing itself any favours by putting 5 branches within a 1 km radius of each other, as is the case a lot of times with SBI. Because sometimes, it’s not the size that matters, it’s what you do with it that matters. And SBI is considering a proposal to do away with such extra branches by consolidating them. It might make common sense to shut down branches when put like that, but then they won’t get to brag about how many branches they have. And investors love those kind of things. SBI is currently in the process of merging with its associate banks from Hyderabad, Mysore, Travancore and so on. It expects to have that completed by March 2017. At which point, that 17,000 number will balloon up to 24,000 branches, compounding that problem. A global consulting firm, McKinsey which was hired by SBI has recommended shutting down upto of 7,200 of those branches. Moreover, bank branches are so 2000s. Online is where it’s at.
India is a nation of chronic procrastinators. Just look at how much you procrastinate yourself, for example. For more proof, realize that half the people reading that last sentence just strongly agreed with it. And so the government extended the deadline to file Income Tax returns by 5 days till August 5th to accommodate all the last-minute submissions.
23 million income tax returns were filed online this year, more than thrice the 7 million that were filed last year. Like I said, online is where it’s at. Moreover, who would want to stand in line to file tax returns when you can be a responsible and mature citizen of India while wearing your pajamas at the same time?
Corruption watchdog Central Vigilance Commission (CVC) has asked the IIM-A and other premier business schools in India to develop an ‘integrity index’ to measure the levels of corruptions in 25 government agencies and state-run companies. The CVC is hoping that the rankings will help focus anti-corruption resources to where they are needed the most. Meanwhile, Buzzfeed “writers” are already salivating at the thought of headlines like Here are the top 10 most corrupt government offices. #6 will literally empty your wallet.
A new survey published last week found that Indians are losing more money to online fraud than other Asians. While 36% of Indian respondents reported to being cheated by internet scams, the most popular form of internet scams turned out to be lottery scams and Work-from-home scams. In other news, find out how this housewife is earning 50,000 a month sitting at home.
HCL Technologies (HCLTECH) was up 8.98% on the back of positive quarterly results and a single large trade of about 14 lakh shares that pushed the stock price up.
Grasim Industries (GRASIM) was up 7.28% as the Birla-family owned cement maker was identified as one of the companies set to benefit from GST.
Tata Steel (TATASTEEL) was up 6.92% since the government extended a price floor on cheap imports of steel from China.
The yield on 10-year government bonds is up from 7.138 to 7.168.
Important Numbers being released this week: Tuesday, August 9th: RBI Interest Rate Decision, Quarterly Results for - Adani Ports & SEZ, Lupin Wednesday, August 10th: Quarterly Results for - Mahindra & Mahindra Friday, August 12th: Consumer Inflation (Jul), Quarterly Results for - Hindalco Industries, State Bank Of India
Leading bitcoin exchange, Bitfinex, was hacked last week and cryptocurrency worth $70 million was stolen. The exchange has announced a plan to compensate all customers. In other words, business as usual for bitcoin. Moon Express, a US-based company co-founded by Indian-origin entrepreneur Naveen Jain, became the first ever private company to receive permission from the US government for a commercial space mission to the moon. The company’s business plan involves accepting sponsorships and carrying private payloads to the moon in order to make a profit. In future space missions, the company expects to make money by mining for natural resources on moon, specifically mining for Helium-3. This would’ve happened a lot sooner if only the moon had some oil. Helium-3 is all fine... But it’s no oil. < For the Week Ending 30th July, 2016
About Circle: (Contact Circle Customer Support +1-855-664-2166) Circle is a global internet financing Company, designed on Blockchain technology and powered by crypto assets. Circle provides an online platform that enables users to send money quickly, easily most importantly securely. Circle uses Blockchain technology with Circle Pay to ease and improve how users send money. Circle expands its services with a Crypto-Currency investment product with About Circle:Circle is a global internet financing Company, designed on Blockchain technology and powered by crypto assets. Circle provides an online platform that enables users to send money quickly, easily most importantly securely. Circle uses Blockchain technology with Circle Pay to ease and improve how users send money. Circle expands its services with a Crypto-Currency investment product with Circle Invest, enabling anyone to buy and sell crypto assets. It provides Altcoins and offer OTC trading solutions via Circle Trade. Its crypto-trading desk provides one of the largest global liquidity pools for digital asset trading and averages $2 billion in monthly volume. Jeremy Allaire and Sean Neville founded Circle in 2013. $140 million from investors including Goldman Sachs, General Catalyst (AirBnB, Snapchat), Jim Breyer (Facebook), IDG Capital (Baidu, Tencent) and Accel Partners backs the company, with its headquarters in Boston, and branches in New York, San Francisco, Dublin, London, and Hong Kong. How Circle Trade Works: The Boston-based Circle Financial that announced at the end of 2016 that it would stop managing direct bitcoin services for its consumers owns the Circle Trade platform. During the announcement, the company hinted that it would deal with OTC exchanges between large financial institutions using circle trade. Circle Financial further pointed that it would eliminate the Circles app direct bitcoin sales and purchases. Although the company does not allow the trading of cryptocurrency in their apps, the company boasts of being the second largest crypto trader in the world through market making on all the major exchanges in the world. The company through coin trade provides OTC liquidity services to institutions. The OTC services also allow the company to trade actively and provide significant market liquidity for cryptocurrencies such as ether, bitcoin, xrp, and increasing nascent tokens and ICOs. Circle Trade Powers Circle Pay Circle trade powers circle pay that is a cheap platform to send and receive money between countries. Circle pay does not charge fees to send money, and its conversion rates are almost similar to the mid-market rate. When using circle pay, you have to open an account, provide your phone number, currency and bank addresses. From there you will get an alert every time someone sends you money. You can tap on the transaction to see the details of the sender. Sending money is also equally easy. You tap the send button, and you will be asked if the app can access your contacts. The app will find anyone who has a circle account or you can search in your contacts to select the one you want to send money to. You can select the amount you want to send in your local currency and add a message and then send. If you want to request the money that you have received, you tap on banks and then cash out. You will be given a verification code via text that you will have to enter in the app; you will then receive a confirmation of the transfer. In case you want to use a debit card, your funds will be debited instantly. In case of a bank account, the transfer will take one to four days. It seems that circle financial although not directly buying and selling cryptocurrencies from its users, it is involved in the cryptocurrency trade behind the scenes. The circle trade platform is working behind the scenes with decentralized currencies. If their figures are anything to go by, the growth of the platform has been significant. How come the demand of Circle Customer Support elevated recently? Circle is not just a repayment App, it’s a great choice for transferring money internationally. It offers superb exchange prices that defeat other similar money transfer solutions. And you’ll obtain instant exchanges and zero charges for sending also, withdrawing or receiving money. This is great as such Since Dec 2017 dropped Altcoin Prices, but with regard to indication to the circle haven’t. Users are flocking to group still, and group is usually performing their very own greatest to allow. This elevated entrance level demand triggered extended slows down in confirmation. A accurate number of best exchanges had been pressured to end accepting brand-new users, as well as to inflict limitations on new sign ups. Not really just the demand vs source string affected the presssing issues with circle increased significantly as well. Repeated problems which will Needs Group Support Unable to get the group Username and Password: 1. Matter in offering Bitcoin. 2. Incapable to send out digital currency to a different wallet address. 3. Problem to withdraw digital coin from your wallet. 4. Problem in Identification Confirmation. 5. Complications with a Bitcoin deal. 6. Account compromised or hacked. 7. Issue in buying Bitcoin. 8. Unable to sign up. 9. Problem in sign in to my personal account. 10. Not able to pull away forked coins in your account. When there were much less users originally, one hardly ever had to get in touch with Circle Customer Service Team for Customer Support. But mainly because increased in number of users at Circle Trading/ Trading System, there is increase concerned with overloading of server therefore some mistakes and insects increased plus some traders as well as consumer wrap up having issues / problems with their accounts and account related complications like orders of gold coin and many. Initially due to not as much simply number of support employees, customers faced issues since Circle offered extremely limited customer support. Users discovered themselves waiting around weeks or times to handle a basic concern with their accounts. With increasing competition Circle understood that later, fast and successful customer treatment can end up being a godsend for their users and the need for Group Client System Mobile phone Quantity along with support group of Professional Customer Support is usually rich in demand. Using its speedy expansion, group offers announced Live Phone Support for his or her important Customer. United States Customers may get in touch with the Customer Support by dialing +1-855-664-2166. Circle Customer Service Number and Team are available 24×7 throughout the whole year. Users will be able to get help with problems that occur in Circle that need Live Support. All you want to have are usually your Customer identification, current email address used signed up and registered Phone Number are helpful for us to Support in a better way., enabling anyone to buy and sell crypto assets. It provides Altcoins and offer OTC trading solutions via Circle Trade. Its crypto-trading desk provides one of the largest global liquidity pools for digital asset trading and averages $2 billion in monthly volume. Jeremy Allaire and Sean Neville founded Circle in 2013. $140 million from investors including Goldman Sachs, General Catalyst (AirBnB, Snapchat), Jim Breyer (Facebook), IDG Capital (Baidu, Tencent) and Accel Partners backs the company, with its headquarters in Boston, and branches in New York, San Francisco, Dublin, London, and Hong Kong. How Circle Trade Works: The Boston-based Circle Financial that announced at the end of 2016 that it would stop managing direct bitcoin services for its consumers owns the Circle Trade platform. During the announcement, the company hinted that it would deal with OTC exchanges between large financial institutions using circle trade. Circle Financial further pointed that it would eliminate the Circles app direct bitcoin sales and purchases. Although the company does not allow the trading of cryptocurrency in their apps, the company boasts of being the second largest crypto trader in the world through market making on all the major exchanges in the world. The company through coin trade provides OTC liquidity services to institutions. The OTC services also allow the company to trade actively and provide significant market liquidity for cryptocurrencies such as ether, bitcoin, xrp, and increasing nascent tokens and ICOs. Circle Trade Powers Circle Pay Circle trade powers circle pay that is a cheap platform to send and receive money between countries. Circle pay does not charge fees to send money, and its conversion rates are almost similar to the mid-market rate. When using circle pay, you have to open an account, provide your phone number, currency and bank addresses. From there you will get an alert every time someone sends you money. You can tap on the transaction to see the details of the sender. Sending money is also equally easy. You tap the send button, and you will be asked if the app can access your contacts. The app will find anyone who has a circle account or you can search in your contacts to select the one you want to send money to. You can select the amount you want to send in your local currency and add a message and then send. If you want to request the money that you have received, you tap on banks and then cash out. You will be given a verification code via text that you will have to enter in the app; you will then receive a confirmation of the transfer. In case you want to use a debit card, your funds will be debited instantly. In case of a bank account, the transfer will take one to four days. It seems that circle financial although not directly buying and selling cryptocurrencies from its users, it is involved in the cryptocurrency trade behind the scenes. The circle trade platform is working behind the scenes with decentralized currencies. If their figures are anything to go by, the growth of the platform has been significant. How come the demand of Circle Customer Support elevated recently? Circle is not just a repayment App, it’s a great choice for transferring money internationally. It offers superb exchange prices that defeat other similar money transfer solutions. And you’ll obtain instant exchanges and zero charges for sending also, withdrawing or receiving money. This is great as such Since Dec 2017 dropped Altcoin Prices, but with regard to indication to the circle haven’t. Users are flocking to group still, and group is usually performing their very own greatest to allow. This elevated entrance level demand triggered extended slows down in confirmation. A accurate number of best exchanges had been pressured to end accepting brand-new users, as well as to inflict limitations on new sign ups. Not really just the demand vs source string affected the presssing issues with circle increased significantly as well. Repeated problems which will Needs Group Support: Contact Circle Support +1|866|664|2166 now, Call Circle Customer Service +1|866|664|2166 now Call Circle Customer Helpline +1|866|664|2166, Circle Customer Support Number +1|866|664|2166 Circle Helpdesk Number +1|866|664|2166 Circle helpdesk +1|866|664|2166 Circle Contact Customer Care +1|866|664|2166 , Circle Help Center Number +1|866|664|2166, Call Now Circle Support +1|866|664|2166 #Contact 1-855-855-4535 Circle support number Circle phone number usa //#Contact 1-855-855-4535 Circle support number # Circle phone number usa //#Contact 1-855-855-4535 Circle support number # Circle phone number usa 1. Matter in offering Bitcoin. 2. Incapable to send out digital currency to a different wallet address. 3. Problem to withdraw digital coin from your wallet. 4. Problem in Identification Confirmation. 5. Complications with a Bitcoin deal. 6. Account compromised or hacked. 7. Issue in buying Bitcoin. 8. Unable to sign up. 9. Problem in sign in to my personal account. 10. Not able to pull away forked coins in your account.
Unable to get the group Username and Password. When there were much less users originally, one hardly ever had to get in touch with Circle Customer Service Team for Customer Support. But mainly because increased in number of users at Circle Trading/ Trading System, there is increase concerned with overloading of server therefore some mistakes and insects increased plus some traders as well as consumer wrap up having issues / problems with their accounts and account related complications like orders of gold coin and many. Initially due to not as much simply number of support employees, customers faced issues since Circle offered extremely limited customer support. Users discovered themselves waiting around weeks or times to handle a basic concern with their accounts. With increasing competition Circle understood that later, fast and successful customer treatment can end up being a godsend for their users and the need for Group Client System Mobile phone Quantity along with support group of Professional Customer Support is usually rich in demand. Using its speedy expansion, group offers announced Live Phone Support for his or her important Customer. United States Customers may get in touch with the Customer Support by dialing +1-855-664-2166. Circle Customer Service Number and Team are available 24×7 throughout the whole year. Users will be able to get help with problems that occur in Circle that need Live Support. All you want to have are usually your Customer identification, current email address used signed up and registered Phone Number are helpful for us to Support in a better way.
How BTC makes my life easier in China and why I think it might really catch on with the other 21M foreigners who come here every year
Hey bitcoin, I just thought I’d chime in from China (I live in Ningbo). A little perspective first, this is not a technical article and I am not an economist or academic. I’m just a white dude living and working in China. But I think BTC changes lives on an individual level, so I’d like to just give you my thoughts from my perspective from my life, nothing else. A lot of what I am writing about it anecdotal and non-scientific evidence. I am just assuming many other foreigners share the same problems as me. That said, here’s how BTC makes my life easier in China and why I think it might really catch on with the other 21M foreigners who come here every year, 1M of whom live here permanently as I do:
Ease of transferring funds to and from native bank accounts to Chinese bank accounts. This is at the top of the list because it is the biggest pain in the ass about living here and also the problem BTC solves most easily. Most foreigners have an alternate income in their native country or at least have people sending funds to their native bank accounts, and we all need to transfer some of that money to China (or back to our home countries) so we can use it. We know all too well the ass raping Western Union gleefully gives us every time we transfer funds from bank to bank. I remember the first time I used my BTC China account to send ฿0.02 to my Coinbase account in the US for a couple cents, I nearly shit my pants. Then I sent ฿3.0 from my Coinbase account to my BTC China account for the same fee and I literally shit my pants. This is going to change my life. tl;dr Location just became irrelevent for my savings accounts, and remittances are now easy and cheap
Ease of purchasing goods within China (not yet, but hopefully soon). As you know, there was a somewhat friendly attitude towards BTC from giant retailers and services in China such as Baidu, China Mobile, Unicom, and Taobao late last year. Then in December they all stopped for uncertainty about the central bank’s stance on BTC. We saw BTC China stop trading for a little while but it started back up again in January. I think the same pattern may follow with retailers and services (don’t take my word for it, it’s just my opinion) when they realize Beijing’s stance isn’t quite as harsh as we all thought it was. In any case, purchasing with RMB is a little bit of a hassle because many online merchants require Chinese IDs. I think BTC can get around that and give merchants confidence in doing business with foreigners. You don’t have to trust our IDs, you just have to trust the blockchain. tl;dr I’m not sure, but I think it’s possible we will see major Chinese retailers accept BTC for payments again. If so, this makes buying stuff way easier as a foreigner.
Compared to banking in China as a foreigner, BTC is a cake walk. To the naysayers who say BTC is too complicated, I say, try banking in China. To simply set up an account it took me over a week with several of my Chinese coworkers helping every step of the way. Then there’s every day stuff I need to do with my bank like paying rent, paying bills, depositing funds, etc. And most of the interfaces are in Chinese. If you are lucky, you can find English speaking bank tellers, but not always. I speak some Chinese, and it’s still quite difficult to do what I want with my RMB. China is slowly opening up and becoming more English friendly, but not fast enough. BTC is a simple, international currency language that everyone can learn and understand. tl;dr Red tape and language difficulties make banking a bitch here. BTC can simplify 90% of this.
Ease of purchasing goods from other Asian countries and around the world. Most expats here do not strictly spend only RMB in China alone. We shop in foreign markets, we vacation in South Korea, Japan, Vietnam, Philippines, etc. we have other expat friends in other Asian countries. It is possible to convert RMB into other currencies, but there are fees, hassles, etc. I recently sent my friend in Vietnam some BTC so he could send me some coffee beans up here (Vietnam has the best coffee in the world, take my word for it), and it was the most magical experience ever. No converting to VND, only a two cent fee, instant, across national borders… absolutely insane. My friend instantly became a BTC believer after that. I am also purchasing electronics from TigerDirect.com to ship to my family in the USA. Previously this was extremely difficult. Obviously there’s a lot of Asian countries that aren’t set up for BTC yet and a lot of vendors aren’t ready to accept it, but I think most Asian merchants wise up to tech trends rather quickly. tl;dr people living in Asia don’t just buy stuff from where they live, they buy from all over the region. My disposable income in yuan/China is now disposable income in many other currencies/places. Hello global shopping.
Purchasing BTC through Chinese exchanges is actually not that hard. Ignore the China FUD, getting BTC here is totally possible. I am using BTC China because it has English interface, English speaking customer support, and an offline wallet service called “Picasso”. I admit the voucher system is a little confusing, but once you get it, it takes just a few minutes to transfer money from your bank account to your BTC China account. I also understand BTC China will soon have a brick and mortar location in Shanghai where you can go around all that and give them cash directly. (元20,000 minimum deposit, however) I hope to write a full review of BTC China sometime soon for other expats to read. tl;dr You can get BTC in China. I’ve done it, and I’m a computetech idiot.
BTC has the potential of permanently disrupting international trade. (I could write an entire article on this subject alone.) BTC advocates like Andreas like to talk about migrant workers using BTC to go around international remittances companies like Western Union. That represents billions of dollars transferred every year. Great, fantastic. But international trade is a multi-TRILLION dollayear industry. I work in a Chinese trading company and know full well the huge slice of the pie we sacrifice because we work with multiple fiat currencies. Because many trading companies are basically glorified money transfer services I believe our entire industry lies directly between the crosshairs of BTC. Once western importing companies realize they can pay Chinese factories directly, and trading companies realize they don’t need to do currency conversion, an enormous part of my industry becomes irrelevant. I know this industry, and I believe just like many people are saying about large financial institutions, if BTC blows up, it will be another situation of adapt or die. A few trading companies will take a hit, trim their accounting departments, and thrive. The majority will die off, unable to move fast enough out of the way of the bitcoin freight train. tl;dr The financial industry is not the only multi-trillion dollar industry waiting to be disrupted. Dorian’s bitcom train is chugging along!! CHOO CHOO MOTHERFUCKERS!
If cryptographic contracts ever take off, that would be a huge boon to foreign business people. Setting up shop in China is getting easier every year for foreigners but there are still huge liabilities and red tape for hiring Chinese workers. This might be several years down the road, but if BTC makes good on its potential for making decentralized autonomous contracts – and if Beijing allows it to happen (important) – we could suddenly see an already somewhat business friendly environment become verrrry enticing to foreign entrepreneurs. tl;dr Hiring Chinese staff is a legal headache (putting it extremely charitably). If a blockchain based contract solution comes to be accepted here, watch a ton of foreign entrepreneurs thrive in China.
Shanghai is going to have a huge BTC conference in August I don’t know too many details about this, but I plan to attend myself. I can only assume that if a large BTC conference can be organized in Shanghai, China will not be turning its back to BTC any time soon.
tl;dr Living and doing business in China (as a foreigner) can be a pain in the ass when it comes to money and financial services. BTC has the potential to make it 95% easier to live here, and I suspect the same for other expats living in other countries around the world. edit: formatting
Loopring (LRC): What it is and why you should know about it.
Hi /cryptocurrency, I've posted an introductory guide to Loopring on the Loopring subreddit. It's a very new project. It has very close ties to NEO/Da Hongfei as well as City of Zion (it was featured in their latest update today) so I decided to share it here as well. I believe the tech will shape how cryptocurrency in general is traded in the future. I hope you enjoy it. What is loopring? If I thought Loopring was going to be just another DEX it wouldn't be worth my time. It is not a decentralized exchange. It is an exchange PROTOCOL. I believe the Loopring protocol presents a big step forward in furthering the efficiency of crypto trading (especially decentralized crypto trading). Here are some 4 key quotes from their website/whitepapedocuments section that describes what Loopring does:
"The Loopring mechanism allows orders to be broken into small pieces, identifies the best exchanges and times to trade those pieces on, and applies game theory logic to optimize trading results."
"Loopring is a decentralized, automated trading intelligence interface between crypto exchanges and blockchains, using our balance sheet to enable users to realize liquidity many times greater than available directly in the market, by both generating liquidity within the platform and breaking orders into small pieces that are placed across all market venues simultaneously."
"Loopring allows multi-token transaction exchange, as well as acceptance of exchange of liquidation on the blockchain under different circumstances. Loopring offers benefit to both users and exchanges by deferring risk from both parties in decentralized smart contracts, minimising fees and cost to create more profitable orders through ring-matching and order-sharing, and as a cross-platform protocol."
"Loopring is not only a protocol but also a decentralized automated execution system that trades across the crypto-token exchanges, shielding users from counterparty risk and reduce the cost of trading. By essentially rising the liquidity of cryptocurrencies, we are building the financial system of the future."
So essentially, Loopring plans on creating a protocol in which centralized and decentralized exchanges can use in order to facilitate cross blockchain/exchange transactions. That is why the decentralized exchange announced today by CoZ plans on utilizing Loopring tech for cross blockchain order matching (Note, Loopring isn't directly competing with DEX's, they are facilitating trading across them which will provide more efficient decentralized trading). They will do this through using their ring looping/Uni-directional order matching tech. Why would exchanges want to utilize Loopring? Looprings goal is to increase liquidity and provide better order matches for consumers. If exchanges were to utilize the LRC protocol, this would allow for more orders to be filled across exchanges and across blockchains. From the whitepaper: "Both the exchange platform and other parties have a reciprocal relationship: the exchange looks for a profitable order, while order senders look for an exchange with the lowest fee." What this will do is allow for exchanges to fill more orders (and ultimately, make more profit), more efficiently. It also allows for traders/users (like you and me) to have our orders split up across exchanges that use the protocol in order to get the best price for each trade as well as quicker order matching. Loopring should remove the arbitrage between exchanges so traders can get better prices. This leads to the question, why wouldn't exchanges run this? For example
A coin is for sale for $0.02 on Exchange A, $0.03 on Exchange B You place a buy order through a client that supports Loopring protocol You automatically buy the coin at the best price, in this case $0.02 from Exchange A
The LRC coin has a direct incentive to increase in value (unlike other exchange protocols) as exchanges can utilize the coin to receive discounted trading as well as preferential treatment for order-matching. The Tech Loopring presents several technological advantages which I will lay out in this section:
Uni-Directional Order Model
From their Medium: "Loopring Protocol introduced an innovative way of modeling orders, which I called the Unidirectional Order Model, or UDOM for short. As you can notice in our whitepaper, UDOM makes it easier to express order-rings in a clean and concise way. UDOM is not new though, as in 2014, when I founded Coinport Cryptocurrency Exchange, this model was coded into our match-engine which is open-sourced ever since. It might have been discussed, in other terms, by other researchers and engineers as well. UDOM expresses orders as token-exchange requests, instead of buys(bids) and sells(asks)."
Your order will be able to split into smaller sub orders in order to be able to buy the best possible price of the coin from different exchanges, shielding you from counterparty risk.
Increases liquidity and improves order matching through creating a ring based loop of multiple orders to match. This is unlike other exchanges who simply match up buy and sell orders (like etherdelta - a common pain point for most ED users). Essentially instead of transactions occurring on exchanges between 2 parties (party A and party B), they plan on pooling together transactions into a circle or a 'ring'. This would allow for instantaneous transactions to occur between multiple parties and between multiple currencies.
Unlike ED or similar exchanges, LRC is going to be able to host coins from multiple blockchains. Currently it can host ERC20 coins but it has close ties with the NEO and QTUM team. These will be in the pipeline Bonus Points After all of that, here are some bonus points that helped me make my investment decision. The Team 3 members are ex-Google, 1 member is ex-Paypal. Daniel, the founder has worked on, and developed, open-source Blockchain projects before (as detailed in the UDOM part of the tech section). Advisors/Partnerships Da Hongfei of NEO, VP from Baidu (China's google), VP from JD.com (HUGE Chinese retailer). Seem to be close with NEO/QTUM team. Ending Hope this helped clear things up for people. Q4 2017/Q1 2018 have a lot planned. Team released an update a few days back stating they are ahead of schedule with the development. There is a big push by the team to use github - it's become active since launch. Daniel, the cofounder, also has code that he open-sourced with another project back in 2014 that provided the basis for the UDOM tech. I expect to see LRC on larger exchanges within the next month or so. Feel free to add anything of note below. (Also, you get an added bonus to buy at this time considering all alts are down because of the bitcoin FOMO plus the fact that we are yet to hit large exchanges.)
Self-censorship is why Baidu stopped accepting bitcoin
There is now an ongoing debate about whether bitcoin is banned as payment or not in China. here is my take: It's still a gray area. So why Baidu stopped accepting it? Because of self-censorship. For you westerns to understand this you need to understand the "river crab culture" http://en.wikipedia.org/wiki/River_crab_(Internet_slang) . All contents on Chinese internet are self-censored. there is never an official notice about what words are banned, but every website have their own list. How do they make this list? some of them are common sense, like "64" June 4th or the name of the guy who won Noble Peace Price. others can be from a direct phone call from some officer. If your website is deemed to be not clean, then can just shut down the server. Then you move your sever abroad? then you get GFW'ed. Baidu is just applying the same mentality to Bitcoin, The Party said it's dangerous, and we don't know it'd be deemed OK or not, Then we shouldn't risk it: what we could gain is little but what we could lose is a lot. You really need to understand this is a different the society， there are grey areas everywhere. Recently the Premier said to Jack Ma, the boss of Alibaba.com and Taobao.com, publicly that, "Comrade Ma, according to the regulations, your companies(those that sell stuff on Taobao) were illegal, ..., they are now legal with our now regulations." http://www.techweb.com.cn/internet/2013-11-10/1354786.shtml Don't be surprised, these are just how things work. Bitcoin will be endorsed if it helps the economy just like Taobao, on the other hand, if it endangers the regime, it'll be kill without mercy, at least they'll try. Edit: fixed the river crab link; added google translate link for the Jack Ma news.
Universal Labs' Ubbey Network is a decentralized network powered by Ubbey Box and the Ownership Protocol (OWP), which enables ownership exchange of digital and physical assets in a peer-to-peer way. Once an asset has been registered, it could be transferred directly from one to another in the Ubbey Network almost instantly, just like transferring your Bitcoin. As a result, Ubbey is the first decentralized personal cloud ecosystem using blockchain technology. Positives.
Rock solid team. plenty of computer scientists which is definitely a required field for this sort of project. Keda Che worked at Blockchain Research Lab cosponsored by Harvard University, Fidelity, Citi and Nasdaq. he also provided blockchain consulting services to Fortune 500 companies such as Alibaba, Baidu and Beijing Genomics Institute. Dr. Ryan Yuan worked at Microsoft as Data Scientist and Adobe as Project Lead and Machine Learning Scientist respectively. Extremely strong team here.
Beautiful website. Super easy research for investors. Extensive documentation including a Full Whitepaper available in both English and Korean. Great graphics. Well structured and presented. You don’t really need to jump into the whitepaper to get an idea of what Universal Labs is building which is great to see. A video is also available showing the founder of Universal Labs talking on Fox Business Network TV about the Ubbey Box
Pretty impressive list of partners/investors here. Chaintech Partners, The Dipper Foundation, BoostVC, U-Network and so on. Very strong support behind the team. Developing a hardware solution and distributing it costs quite a bit more compared to simply developing a software-only solution and allowing people to access it through a web portal or desktop client. It’s obvious that universal labs is already “ready to go” regarding the Ubbey Box and it’s development.
Huge $260 billion+ industry in desperate need of decentralization. Providers who currently control the cloud industry (Dropbox, Amazon, Google) are taking huge cuts from their customers in exchange for uptime & services. A decentralized solution like the Ubbey Box will cut operating costs dramatically for users.
Competitors are going to find it hard to compete quickly. Universal Labs is creating a platform that is not easily copied due to the extent of the features they are developing and the hardware they’re distributing. Competitors will pop up in the future, but Universal Labs have taken a step forward here with the Ubbey Box.
. ICO Details. ICO Price: 1 ETH = 100,000 YOU Accepting: ETH Soft cap: 6 000 ETH Hard cap: 40 000 ETH Ticker: YOU Platform: Ethereum Token Type: ERC20 Available for sale: 4,000,000,000 YOU (40%) . Website : https:// ulabs.tech/ Telegram - https:// t.me/universallabs
Why You Shouldn’t Worry About China Banning ICOs or Halting Exchanges
While in recent days the announcements made by the PBOC have caused FUD (fear, uncertainty, doubt) in the NEO and Cryptocurrency Community, this is nothing out of the norm as China has announced they were banning Bitcoin before in both in late 2013 and early 2017. Bitcoin dipped and smart investors got in and experienced a subsequent bull run over the following months. China recognizes that with $1.5B raised in ICOs in the past year (1/5th coming from China alone), most of the funding did not go to projects and ended up being stolen through fraud. China is seeking to protect investment in crypto technology and in no way wants to inhibit its development. China, as the second largest economy in the world, is both innovative and ambitious. The regulation surrounding blockchain and ICOs is a positive for NEO and blockchain in China in the long-run and is positioning China to not only be the blockchain leader in its own country, but also for the whole world too. China knows the decentralization and free market aspects of blockchain cannot be stopped. They want to be at the fore front but in a controlled manner. China announced they had parameters for a bucket of crypto technologies to be accepted. The coins that are to be selected to participate in this are unknown, but NEO is likely included in it. It is unlikely the Ethereum will be included in this bucket due to the fact that China cannot impose its regulations directly on it. China has banned Google, Facebook, Instagram, Twitter, and YouTube, among others. It prefers Chinese equivalents such as Baidu, Weibo, Renren, and Wechat. NEO has been in compliance with all Chinese laws since 2014, and Da Hongfei (NEO CEO) has been very transparent about working directly with Chinese regulations. This is a huge positive for NEO and extremely bullish for the current value of the coin. Once NEO gets regulatory approval, both large institutional capital (similar to Fosun) and smart money will slowly creep out of Ethereum and pour into NEO, with NEO potentially having a very attainable five fold increase by EOY. Be on the lookout for the temporary ICO ban to be released, and for the NEO digital economy to be integrated within the major established Chinese industries as the only likely smart contract based platform to be accepted in China. I will be posting regularly on my new website www.neocoin.tech and this sub Reddit (Formerly Reddit/Antshares) that I have been following since I got into Antshares when it was $5. I will comment from a rational standpoint to the dynamic events and fundamentals surrounding NEO. Feedback is always appreciated. Tips are also appreciated! :) BTC: 1DKj1dErfgj9W2vM5mCkuzSiEJ6fmMaTUY NEO: AWaDufGTkR3bUCQNRToA94Npjx2tPEDeLw
[uncensored-r/Bitcoin] Bitcoin is fraudulent and nothing but insider Trading ...NO, Researchers find that one person lik...
The following post by Theguy3993 is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7qqmjt The original post's content was as follows:
Yeah ok keep pumping out the articles about this so funny I would bet the articles stating bitcoin went to 1000$ on fraudulent money is 100% posted by insider traders or Wall St.. And Its no secret Wall St is driven by insider trading. Heck you can watch a documentary that shows how they do insider trading using loopholes of having a couple people down the line get the info that they "donate" money to for information. But anyways I just wanted to post another rant and laugh... Also, if you want to claim bitcoin is fraudulent based on a couple people who traded 36 million dollars worth of a coin worth 250 Billion on average give or take 50 billion or 0.000144% of bitcoin then I guess all banks should close tomorrow since 90% of all money banks handle have traces of cociane on them and clearly came from fraudulent places. Again, I will state bitcoin will rise and fall like it always does pretty much only falling from fake news pumped in sync with sell offs to try to get more for cheap, and thats fine its so obvious to me also I have traded since before Mt.Gox and the coins never went to its peak and stayed there untill after the fall of Mt.Gox. The timeline may show that right before Mt.gox froze the price of BTC was going up. Until around that time but anyone who used MT.Gox knows that no one could move, trade or withdraw there funds long before it was froze and it finally froze from the lawsuits regarding this so essentially Mt.Gox was out of the game. And for those who like facts here you are I will include the links also https://en.wikipedia.org/wiki/History_of_bitcoin#2013 "On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a money transmitter with FinCEN in the US. On 17 May 2013, it was reported that BitInstant processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions, On 23 June 2013, it was reported that the US Drug Enforcement Administration listed 11.02 bitcoins as a seized asset in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881. It is the first time a government agency has claimed to have seized bitcoin. In July 2013 a project began in Kenya linking bitcoin with M-Pesa, a popular mobile payments system, in an experiment designed to spur innovative payments in Africa. During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country. According to Vitalik Buterin, a writer for Bitcoin Magazine, "bitcoin's fate in Thailand may give the electronic currency more credibility in some circles", but he was concerned it didn't bode well for bitcoin in China. On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction, and Germany's Finance Ministry subsumed bitcoins under the term "unit of account"—a financial instrument—though not as e-money or a functional currency, a classification nonetheless having legal and tax implications. In October 2013, the FBI seized roughly 26,000 BTC from website Silk Road during the arrest of alleged owner Ross William Ulbricht. Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin ATM on 29 October 2013 in Vancouver, BC, Canada, allowing clients to sell or purchase bitcoin currency at a downtown coffee shop. Chinese internet giant Baidu had allowed clients of website security services to pay with bitcoins. In November 2013, the University of Nicosia announced that it would be accepting bitcoin as payment for tuition fees, with the university's chief financial officer calling it the "gold of tomorrow". During November 2013, the China-based bitcoin exchange BTC China overtook the Japan-based Mt. Gox and the Europe-based Bitstamp to become the largest bitcoin trading exchange by trade volume. In December 2013, Overstock.com announced plans to accept bitcoin in the second half of 2014. On 5 December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoins. After the announcement, the value of bitcoins dropped, and Baidu no longer accepted bitcoins for certain services. Buying real-world goods with any virtual currency has been illegal in China since at least 2009." In fact I was trading the Down swings around this time and remember it quite clearly and the price most deffinatly did not shoot up with any relation to Mt.Gox if anything Mt.Gox was the reason for the fall from the news and panic! Also, WAKE UP PEOPLE. Wall St's total value is what 2.7 Trillion that took like 100 years to get. Does no one else realize the magnitude of Bitcoin to them. Bitcoin in 10 years or less including its many other Coins under it is worth 658-758Billion or 0.65-0.75T in 1/10th the time Wall St did it and its getting bigger all the time. I've said it before and Ill say it again there scared because Bitcoin, (and altcoin), traders are used to volatility, We can loose 70% of our gains or investment in a day or an hour and still keep on truckin. But that type of volatility scared the pants off the big traders because they also have investors to explain these situations to and they have no merits to base there explanations on since nothing in the real world short of good and bad news or money in and money out of coins affects the prices very much. And for this reason Wall St will never like it and the fact its outside of there nice controlled systems they designed that benefit the rich and rape the poor. And this new system which does not allow credit, or BS is a new realm to them. Sure there might be some insider trading some of the time but the order books and live stats are available to anyone and everyone equally, unlike stocks where you need crazy memberships just to get short 15 minute delayed stats on the live markets and only the top accounts with over 50,000$ invested can even dream about getting anything better. And you have to pay 6.99-24.99 Per trade the lesser being for the 50k investor, leaving no learning curve for the small guys. So in my opinion its still a way better system and anyone can easily do some research like I have today and not panic sell from every little BS article and simple trade for yourselves. And Bitcoin to Altcoin trades BTW will cost you 0.06-0.08% and Bitcoin/Altcoin to USD (Or your Currency) will cost you 0.18-0.24% on most exchanges or platforms. If you've read my rant this far I thank you for your time. Some article just really grind my gears :D PS - Below is some handy trading platforms and tools I would also like to take a moment just to say anyone interested in a FreeTrading Platform should check out Qt Bitcoin Trader from source forge. Or if your a bit more advanced there is a nice program you can try for free and the trial is the the same as the full version (I have used both since I bought it shortly after) and that is called LeonarDo by margin software a very talented German company. Qt Bitcoin Trader - https://sourceforge.net/projects/bitcointrade Leonardo - https://marginsoftware.de/product.html
"These reports suggests that the adoption by Baidu is a signal that the big vendors are accepting bitccoin - consider the close tie between baidu and central government, that the government may be interested too. It is like saying Microsoft or Facebook started to accept bitcoin. That tapped on the emotion and BTC rose. I think the big vendors are no way closer to accepting bitcoin in the last week than any weeks before. It is indeed a small change, and signals nothing from big vendors nor the central government at all. Chinese information technology vendors, including the big ones, in general prefer the studio model. A big company is devided into multiple studios, some companys have 100 studios. They each compete against each other. They compete on revenue and profit, within the embralla of a same company. Each studio find their own ways of making profit, and enjoy freedom of decision as long as they are making money. The mother company acts like a referee, dismissing unprofitable studios and buying out (admitting) small competitors to form new studios; the mother company also act as a protector, backing the studios with tremendous PR and governmental relationship power in case their competitor choose to fight on a different level (which also happens). This fast-proliferating fast-evoluting style isn't very co-ordinated, but it is effective because in general in China our culture emphasize competition, and we like to compete and win and we work the best if competition is physically next door. If instead big vendors are organized like Microsoft to co-operate and create huge products (Windows 7) in 5-year span, the youngsters wouldn't stay on their edge - they need quick confirmation whether they are wining or not - they work very hard but doesn't have much patience. Skipping between studios is frequent, the fast-growing studios get more resource and people. The recent acceptance of bitcoin is likely a decision of a single stuidio in the embralla of baidu, perhaps trying to beat other studios of the same company. Baidu HQs speaksman said nothing about bitcoin in the whole year. How Baidu HQs treats the move is unkown, and they probably don't have an attitude, for it (bitcoin) is trivial compare to the huge online information market they are already on. News interview suggests this is a decision of an individual studio: "We always try to satisfy the webmasters, so when they want to pay with bitcoin, we accept them". Notice the interviewee said 'webmasters', that's the customers of this studio, not Baidu in whole, and he speaks for his own studio. Also take notice the customer of this studio (jiasule.baidu.com), the webmasters, happen to be the major group of bitcoin miners in China. So why such a small piece of news that indicates nothing for sure, stirs up such a rally? More important than the news itself it says Chinese investors are desperately looking for a reason to rally. They perhaps expected bitcoin to be above 1000¥ for a long time, now they only need a slight upward vibrate to rally. And they have a good reason to hope for a rally, for they bought huge amount of mining equipments in anticipation of raise of bitcoin value. My reading of the event is, that Chinese investors are anticipating a rally for a long time, thus it won't cool down in just a few days. However they are speculating, not having much faith in sustanibility of bitcoin and may be frighten away by small bad news within China. They are less sensitive to western news like silkroad. In China we have highly centralized political power. The chance Chinese government allows bitcoin on the markets (when it calls their attention) is like the chance U.S. government raise debt in BTC. The big vendors foresee it and shouldn't be interested. Besides we have a monoplay business atomosphere in China (every player are greedy, wants to win and take all), and you don't monoplay bitcoin. I see no reason Baidu being interested to include bitcoin into their development strategy. Small vendors are much more likely to be interested in btc. (OP is a Chinese citizen in Beijing)" . If Chinese government pays attention to bitcoin, it would act the same way they do towards shadow banking: fine those involved in bitcoin yet backed by government, and prosecute the entities without gvernment backing (even execute a few, like the unlucky millionaire Wu Ying last year and Zeng Chengjie this year). The charge will be as usual: illegal fund-raising. Right now there are two points that needs to be considered on understaind Chinese behaviour:
Chinese traders speculate. Few believed in a non-governmental currency taking root, as few believed anything significant yet non-governmental can take root. This translate to a huge bear market when Chinese government acts.
The atomsphere in China is like the roaring twenties which I read from books. Everyone feels like they are ready to make a big fortune. This can translates to potential huge bulls.
So it is not the question whether bitcoin can be regulated, but whether bitcoin can obey. Bitcoin trading can be regulated but bitcoin itself bends to no one - which begets the question whether or not it will be allowed to live. On the other hand, if Bitcoin becomes so significant that the government has to make a decision, and they decided to let it live, the acceptance of bitcoin will have no consumer psychological barrier, because, as you said, we are pretty familiar with virtual currencies.
. . My personal opinion is that China is in not going to have a robust bitcoin economy anywhere in the medium or long term future.
China currently has a $50k USD restrictions on the amount of money its citizens can take out of the country. Bitcoin with its anonymous nature can easily by pass these restrictions. yeah i know there's AML/ KYC rules set up for BTCchina now but i know that if btc becomes a widely circulated "commodity" in exchange for services and goods that it will be easier to launder and hide illicit gains in bitcoin than it would be to hide them yuan. http://www.china-briefing.com/news/2011/11/11/getting-cash-money-rmb-out-of-china.html
if citizens in China start using btc as a "commodity" in exchange for services and goods that would threaten the stability of the chinese yuan. it certainly would not raise the value of the yuan. i don't see how the chinese govt would encourage this to happen.
the Chinese banks are banned from offering services/goods in bitcoin. that was NOT a good sign. it certainly wont make it easier to start bitcoin related businesses in china. Baidu/China Telecom's immediate removal of btc as a payment option following the offical govt announcement was NOT a good sign. i don't know how anybody can spin those actions as a positive for bitcoin.
i also don't believe that bitcoin is booming in China because it's citizens believe in it as an alternative currency. I believe the price skyrocketed due to greed and pure speculation. take a look at the 2010 China Garlic Bubble where in a few months the price of garlic rose 40-50x due to pure speculation, price manipulation and hoarding. Sound familiar to bitcoin in China? http://www.npr.org/templates/story/story.php?storyId=121125739
Plenty of redditors have claimed that China would be supportive of btc because it would devalue the US dollar and raise it's own yuan in value for foreign trade. that's highly unlikely since the Yuan is already the #2 most used currency for foreign trade in the world. China is about to start direct trade with the UK in yuan/pounds. the daily global trade in Chinese Yuan is over $120 billion which is 10x the market cap of bitcoin. http://www.bloomberg.com/news/2013-12-03/yuan-passes-euro-to-be-second-most-used-trade-finance-currency.html
China is a quasi-totalitarian regime that has no qualms about crushing any form of rebellion (labour camps for journalists, tiananmen square, human rights violations, highest # of executions in the world). Bitcoin by its very nature is designed to give the power back to its people, its users. China's entire recent history is about controlling it's people.
tldr: bitcoin gives freedom and power to the Chinese citizens, the chinese government is realizes this and will move to prevent China from ever having a robust btc economy where btc will be widely traded for services/goods. Chinese citizens have a history of participating in mass speculative bubbles without caring about the fundamental value. (i could be wrong about the future of bitcoin in China but based on China's history i unfortunately might be right. also if any college students are reading this, please don't take out student loans to buy bitcoins, it is a huge speculative bubble in China and if the chinese govt comes down, you will see the bitcoin economy cut in half or more.)
Search engine giant Baidu has announced it is now accepting payment in bitcoin for its Jiasule service, which improves websites’ performance, speed and security. An announcement on a Bitcoin forum says that Baidu Jiasule, a small security service owned by one of China’s biggest Internet companies, will begin accepting Bitcoins as payment. The press ... Major Chinese search and web services provider Baidu is no longer accepting bitcoin for service payment, multiple reports suggest. The following is the service’s message to music users today (roughly translated using Google): Dear acceleration music users: Due to the recent fluctuations in the price of Bitcoin larger unable to protect the interests of users, in response to the risk of state ... It is not known whether the software division of Baidu or China Telecom subsidiary Jiangsu Telecom, who accepted bitcoin, subsequently removed the option as a result of any official directive, or ... Chinese search giant Baidu has announced it will now accept digital currency bitcoin for portions of its security services. In the United States, Baidu is the 130rd most popular website. But in ...
Bitcoin: The Future of the Virtual Currency, Cyberattacks and Security (2014)
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