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Posts Tagged ‘Blockchain’

Bitcoin in 2019

In Financial competency on 03/01/2019 at 7:57 am

FT reports that San Francisco-based Pantera Capital in early 2018 predicted the price of bitcoin could reach US $50,000 by 2019. Now at US$3,800.

Now telling its clients to believe in fairies i.e. keep the faith.

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Even prestigous UK unis joining blockchain “gold rush”

In Uncategorized on 14/07/2018 at 6:29 am

Sad.

The Oxford Blockchain Strategy Programme, run by the University and its Said Business School, offers you a six-week online course for just £2,200, promising you will emerge with “a comprehensive understanding of what blockchain is and how it works”.

On top of that, you get a certificate of attendance from the Said Business School as well as “access to a global network of like-minded business leaders and innovators”.

The Financial Times has been reporting on an even more exciting opportunity, a London School of Economics course in “Cryptocurrency, Investment and Disruption” – and this comes with a bargain price tag of just £1,800 for the six-week online programme.

When the reporter has the temerity to suggest that the programme seems to be lacking in academic rigour and may be tempting people into the unregulated world of crypto-trading, she is told this by one of the course leaders: “Stop being a journalist and just think. You’re citing marketing material as if that were the ultimate truth.”

https://www.bbc.com/news/technology-44778022

Fate of S’porean dating Initial Coin Offering

In Financial competency on 04/06/2018 at 4:22 am

A report in the FT over the weekend that an ICO has raised US$4bn reminded me of this recent BBC report about a S’pore-based ICO

Violet Lim wants to get rich by marrying together internet dating and the latest investment craze.

“Our ICO is about love on the blockchain,” the founder of Viola.ai exclaims.

“You can use it to get curated matches, to buy flowers, to book restaurants or even get dating and relationship advice.”

ICOs – or initial coin offerings to give them their full name – are a way to raise funds by creating a new form of money from thin air.

Singapore-based Violet has been involved in the internet dating industry for years.

But she believes an ICO presents a way to raise $17m (£12.6m) from investors, who will get tokens to use in their dating activities.

Why, I want to know, do you need a token to buy flowers for your loved one and why does the service have to be on this magical blockchain which apparently solves every problem?

“We are trying to solve a very important problem in our industry, which is the lack of trust,” she replies.

And she explains that by entering people’s details on an immutable blockchain, Viola will be able to deal with “love scammers” who hide their true identity.

But her enthusiasm gives way to a degree of despondency soon after, when Google bans crypto-currency and ICO ads on the very day Viola’s public sale gets started.

“[It’s been] a very bad first day followed by a very bad first week,” a more muted Violet tells me.

http://www.bbc.com/news/technology-44038181

It got a lot worse. The BBC asked finance blogger and former banker Frances Coppola to look at the S’porean’s ICO, and she was not impressed.

Of Viola she asked: “What’s the point?”

And she was not convinced by Violet Lim’s assertion that the blockchain would make dating more secure

“Why on earth would I want my entire dating history up on a public blockchain where everyone could see it?”

Well she wasn’t the only sceptic

As for dating-on-the-blockchain Viola, its founder and her team have decided to “pause” the sale and are monitoring market conditions to see when will be a good time to restart.

Another BS scheme bites the dust. There goes Violet’s and her team’s 5Cs ambitions, assuming she’s not a rich, clueless kid, playing with pa’s money.

 

Blockchain useless for settling payments

In Uncategorized on 07/03/2018 at 4:53 am

Here I wrote Practical uses of blockchain that one of the most promising uses of blockchain is in settling int’l transactions between banks.

But recently I read

In practice, central bank experiments show that DLT-based systems are very expensive to run and slower and much less efficient to operate than conventional payment and settlement systems.”

This is the GM of Bank of Int’l Settlements speaking on blockchain, or as he calls it, distributed ledger technology (DLT).

He should know. BIS settles transactions that central banks make to one another.

Practical uses of blockchain

In Uncategorized on 04/03/2018 at 11:02 am

Blockchains are electronic databases of transactions, whereby new deals are added to the chain and then stamped and protected with a mathematical equation.

Chain gang

Blockchain projects have the potential to reduce, and possibly eliminate, settlement times due to their digital nature, ensuring the timely and secure processing of these operations. Other uses for bank-backed blockchain projects would include secured global currency exchange rate speeds and increased transaction security,eventually allowing for an overhaul of the banking industry, replacing traditional back-office clearing houses and other outdated mediums that exist between asset sellers and buyers, reports Tec.

FT

S&P Global Platts has deployed a blockchain network for reporting oil storage data in the UAE, a first in the energy sector

Commodity players have been hoping that technology could ease the cumbersome process of exchanging contracts, letters of credit, inspection and other paperwork by email or fax when one company sells raw materials to another.

Louis Dreyfus has teamed up with ING and ABN Amro of the Netherlands and Société Générale of France to create a blockchain platform for agricultural trading. (Bloomberg)

And finally

It’s being used to verify the authenticity of baby formula, medicines and even to help reduce the harmful trade in blood diamonds. It’s also being used to help keep our fish supply fresh.

http://www.bbc.com/news/business-42152892