All of this is a sign of a micro-economy in trouble, as Muhammad Salman Anjum, an investor who eats dinner alone by himself in the buffet hall each night, explains. He has a pragmatic take on all these beautiful young women having blockchain exhaustively explained to them by schlubby-looking guys who can’t believe their luck. ”One of the elements in blockchain is about fundraising the ICOs. So you can guess why they are here—to pamper the investors. Because it’s tough now.”In 2017, Salman says, it was relatively easy to raise funds for a nine-figure ICO. Now that crypto prices have crashed, demand on “the supply side of the ICOs is booming, and the demand for the investors is shrinking.” Since the actual mood at this moment is conservative-going-on-terrified, these glamorous models seem to have been hired to give the ship—and the passengers’ selfies—the glitzy appearance of the boom times of 2017.One of the ways men bond is by demonstrating collective power over women. This is why business deals are still done in strip clubs, even in Silicon Valley, and why tech conferences are famous for their “booth babes.” It creates an atmosphere of complicity and privilege. It makes rich men partners in crime. This is useful if you plan to get ethically imaginative with your investments. Hence the half-naked models, who are all working a lot harder than any of the guys in shirtsleeves.The cruise’s panelists all tout decentralization’s promises of shared responsibility, community, and freedom, but the version I see here means that nobody knows precisely who is responsible for all of this. It’s nobody’s specific fault that we’re trapped on a floating live-action walkthrough of how un-trammelled free-market capitalism can be bad for women, given that money and power are things women tend to have less of.
A new study that was undertaken by Queen Mary University of London and the University of Cambridge, UK, came to some interesting conclusions about how blockchain could fit into the EU’s complex regulatory structure.
In a time of vulnerability, crypto investors are moving to Puerto Rico, attracted by lucrative tax incentives. They plan to regenerate the island using blockchain technology. But not all of the locals support their bold plans
A report has claimed that GDPR could hinder innovation in blockchain within Europe. If that is right, then this could be enough to ensure that the technology stars of tomorrow, the next Amazons or Googles, won’t be European. The report did hint at the opportunity, however. Blockchain could be as transformative for business as the internet, at least nine out of ten technology professionals think that, or so found a survey by BTL Group.
Blockchain exists for ~10 years and still there are no mainstream use cases where it replaced the incumbent tech, other than illegal activity. There is a fundamental reason for that.BCh offers a single unique feature: distributed trusted transaction (DTT). DTT competes with a centralized transaction == transaction with a trusted third party (T3P). DTT is by definition distributed and as such is *always* more expensive than a T3P all other things being equal: reaching consensus with multiple parties is harder than with a single party. In order for DTT to be competitive with the old tech T3P, the distributed nature of DTT must offer some advantage for people to be willing to pay the required premium. So far the only use case where people or willing to pay this premium is circumvention of regulation, when the trusted third party does not exist. This brings us to this list of use cases:1. Circumvention of regulation.This is the only meaningful use of DTT.China has capital flow controls which effectively bar companies and individuals from moving money out of China. To get around these regulations people buy video cards and electricity in China for CNY, mine cryptocoins, sell them in the States for USD. That’s the largest market right now, much bigger than buying drugs on the likes of Silk Road. This use case also includes ICOs and other pump and dump schemes.2. Selling picks and shovels.Derivative of (1). If 1 goes away, 2 will go away too.https://finance.yahoo.com/quot… [yahoo.com]3. Marketing & FMOAdd blockchain to the company name and see your valuation pop.”We must work on blockchain because it’s the future”.All kinds of blockchain projects in banks, etc which are going mainstream “any time now”. All of them can be done easier/cheaper/more reliably with a T3P, no exceptions.Reply to This Share
Pierce, meanwhile, was about to try to repeat his success in e-sports when people began mentioning cryptocurrency to him roughly a year after the first Bitcoins were mined. Pierce was shocked that he’d never heard of it. “There were no storytellers who knew how to convey the information in simple insights, so it required a lot of real heavy lifting to figure out,” he says. “I didn’t have the time to appreciate the power of decentralization at first. The day I got it, I knew that was it.”Bannon recently took a leap into cryptocurrency as well, not just because of its financial implications, but because of its political ones. “This whole populist revolt is going to come down to this concept of currency,” he says. “You can see the forces that are aligned to take advantage of it. Every smart person that I admire in the world, and those I semi-fear, is focused on this concept of crypto for a reason. They understand that this is the driving force of the fourth industrial revolution: steam engine, electricity, then the microchip – blockchain and crypto is the fourth. There’s going to be a war for control for this.”Once Pierce caught on to the potential of this new digital cash, he became an evangelist, giving away Bitcoins to everyone he could, whether to an influencer or to the audience at one of his talks. He eventually stopped giving the money away because “no one appreciated it, then they lost it, and it was a waste of my fucking time. I get messages all the time from people saying, ‘I think of how much I lost because I didn’t take it seriously.’ ”
Ironically, Bitcoin’s success depends on the same critical factor as a state-issued “fiat” currency: the collective trust of its community of users. Their confidence in the accuracy of the ledger of all Bitcoin transactions is what makes the currency viable. Law-abiding citizens want efficient, reliable payments. Bitcoin’s mysterious creator, Satoshi Nakamoto, realized this. His 2008 white paper said a great deal about cutting out banks; it said nothing about evading the rule of law.
I am proposing that the second point on Bitcoin’s risk spectrum should be LNRR, the Lightning Network Reference Rate. Routing fees earned on bitcoin staked to Lightning payment channels can be expressed as an interest rate. The rates received on the payment channel or node level can be hashed and cryptographically provable. Node operators can opt-in to publish realized interest rates on their capital. If a consensus can be reached on an interest rate calculation protocol, capital providers can publish interest rates in an open and transparent way. Positive interest rates will attract bank-like entities that believe they can earn positive return using effective payment channel management and security techniques. Some bitcoin previously held in cold storage will seek the income attainable in Lightning Network, the first ever example of an opportunity cost tradeoff in bitcoin that doesn’t require additional counterparty risk. Bitcoin staked to Lightning is the most unique income producing asset in all of monetary history: income with zero counterparty risk. The historical implications of this on capital markets are tremendous.
Cryptocurrencies: Looking Beyond the HypeCryptocurrency technology comes with poor efficiency and vast energy use.Cryptocurrencies cannot scale with transaction demand, are prone to congestion and greatly fluctuate in value.Overall, the decentralised technology of cryptocurrencies, however sophisticated, is a poor substitute for the solid institutional backing of money.The underlying technology could have promise in other applications, such as the simplification of administrative processes in the settlement of financial transactions. Still, this remains to be tested.
Bitcoin’s mining hardware (hashrate) has tripled since December, as can be seen above, even while price has fallen by 3x since December.It is now therefore a lot more expensive to mine a bitcoin than in December, while at the same time one mined bitcoin is worth a lot less.At some point miners are unable to afford energy costs or to keep up with adding more and more hardware as their old one becomes useless due to the constant increase of hashrate difficulty. So they close shop.Some miners, however, like Bitman, have lower costs, presumably because they manufacture themselves the mining hardware.So as other miners struggle, like Bitfury which has now dropped to 2%, Bitmain starts gaining more and more hashrate to the point they are now nearing 51%.The above bitcoin hashrate chart, however, even in a common sense way, looks quite unusual because it rarely goes down, if ever.Rather than responding to the price action, the hashrate appears completely detached. A situation that can not go for much longer because that increased new hardware itself puts pressure on price as the new barely profitable miners need to sell everything to cover costs.