India Interested in Blockchain Tech, NOT Cryptocurrencies

The Indian government is getting more serious about using blockchain technology into the growing digital economy of the country. But this does not mean it is going soft on cryptocurrencies.

“Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries,” said finance minister Arun Jaitely while presenting the Union Budget 2018-19 in Parliament on Thursday.

“The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore use of block chain technology proactively for ushering in digital economy.”

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Converging on Cryptocurrencies #6

Altcoins:

The Winklevoss twins' cryptocurrency exchange has gotten the NY regulators go ahead to trade ethereum.

Bitcoin:

Coinkite, a web based bitcoin wallet, has been forced to shut down due to repeated DDOS attacks.

The bitcoin network could consume as much electricity as Denmark by 2020.

One of the cofounders of Mozilla is offering to pay ad viewers in bitcoin.

You can now use bitcoin to buy games on Steam.

The Swiss city of Zug will accept bitcoin for public services.

Craig Wright presents some evidence he is the creator of bitcoin. This stirred some controversy to say the least.  Doubts.  Serious doubts.

It seems he chickened out or was only ever a scam.

The quest to find Satoshi Nakamoto continues then.

Blockchain:

Ruminating on blockchains and distributed ledgers.

Using the blockchain for medical trials.

French Company Creates Blockchain Derived Angel Funding Platform With Secondary Market

A subsidiary of BNP Paribas Group has announced a partnership that will find it leveraging blockchain technology to enable private companies to issue securities.

Revealed today, the partnership finds BNP Paribas Securities Services, its asset services division, working with investment platform SmartAngels on a pilot the firms said would be launched in the second half of 2016, pending regulatory approval.

In statements, BNP lauded the effort as a "major step" in advancing crowdfunding. The project will see BNP Paribas developing and managing a registry for shares in private companies using the blockchain that in turn will automatically register securities issued by SmartAngels.

Smart Angels will serve as a secondary market for shares registered on the BNP platform, a move the partners said would make it easier for startups and small businesses to access financing.

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Converging on Cryptocurrencies #5

AltCoins:

GridCoin is an attempt to incentivize doing BOINC related science computing. This is something I discussed with friends at LBNL a couple years ago. The timing is...amusing.

The Bank of England has paid for the development of RSCoin, a centrally controlled cryptocurrency.  It matches, really well actually, what I predicted for a 'cryptodollar' would be from the US.

Bitcoin:

There was a big mix up about whether or not Microsoft would be accepting bitcoin.

Quickbit, a bitcoin trading platform, had a cyberattack and will be down for an extended period. No funds were supposedly lost though.

Crime:

BitcoinWisdom Ads Remover is a Chrome extension implicated in stealing bitcoins from transactions.

Law enforcement actually really likes bitcoin because it allows for tracking the transactions very clearly due to its public ledger (blockchain).

Regulation:

Bitcoin issuers in Russia face seven years in prison.

Misc:

Should we fear a cashless world?

Converging on Cryptocurrencies #4

Altcoins:

Ethereun gets profiled.

Bitcoin:

There appears to be a bug in the bitcoin software uncovered by miners.  This is calling for a more formal spec on the software to prevent this sort of thing.

Bitcoin's max transaction limit has been reached. 

A new fund is aiming at bringing bitcoin mining profits to highly qualified investors.

One company is taking out an insurance policy for its clients bitcoin exchanges and deposits.

The biggest threat to bitcoin might be its own core developers.

Blockchain:

40 odd banks worked with R3 to test and set standards for blockchain technologies for financial transactions.

The blockchain is being touted as bringing about a new standard in the financial markets.

However, there are challenges in working with the blockchain.

Visa is working on a blockchain project that is 'secure and scalable.'

The real future, some believe, for the blockchain is in accounting.

One company is securing Estonian medical records with the blockchain.

Israel is turning out to be a hotspot for blockchain development.

Some think bitcoin itself bitcoin itself is doomed, but the blockchain will spread everywhere.

Crime:

A credit union official took bribes from an unlicensed bitcoin exchange.

Cryptocurrencies:

The Bank of England's Deputy Director considers digital currencies a threat to banks, but bitcoin itself is not a threat to the dollar or pound.

Potential Scandal:

Yobit, another cryptocurrency exchange, is being reported as having problems withdrawing money and coins.  This has been the harbinger of a collapse in the past for a coin exchange.

Converging on Cryptocurrency #3

Bitcoin:

Is the bitcoin community melting down?  Or it that really just a sensation piece in light of the agreement last week?

In Britain, the FCA is offering to regulate both fintech and cryptocurrencies.

China's Great Firewall may be causing problems for bitcoin.
The European Union is considering a new proposal for how to regulate cryptocurrencies like bitcoin.

Japan is considering treating bitcoin and other digital currencies as regular coinage.
Could Russia turn around and legalize bitcoin this year?

Bitcoin to the rescue!  In Venezuela?

AltCoin:

These are the top three altcoins for the last three years running.

Two altcoin exchanges get compared.

CRIX.io, another altcoin exchange, has entered into a private beta.

A fintech company in the Barbados launched a blockchain derived digital Barbadian Dollar.

China is considering offering an official cryptocurrency from their central bank.  There are some hints it may not be blockchain derived.

Blockchain:

One federal adviser on bitcoin has stated many uses of the blockchain without bitcoin are misguided.

Even so, the blockchain is growing in importance for financial use.

The blockchain and its implications are being increasingly noted by the FTC.

And even by the WSJ.

Bank of America is seeking 20 more patents based on the blockchain.

Intel is testing a fantasy sports game based on the blockchain.

Crime:

The Phone Hacking Group has supposedly been making fake bomb threats in exchange for bitcoin.

Another group hacked a Hollywood hospital and is demanding 9,000 bitcoin...or else.

Folks who have been going to Swiss strip clubs have been getting blackmail letters stating to pay up in bitcoin or else.

Butterfly Labs has been shutdown by the FTC for fraud.

New cryptocurrency exchange cryptopolis is being called a scam.

META:

Do banks really see bitcoin (and cryptocurrencies) as a threat?

Is bitcoin a threat to China!?!  Think capital controls.

What is Fintech and Does it Cause Heartburn for Banks?

Apart from fintech (and blockchain in particular) being an exercise is pseudo profound buzzwording by banks, what is it really?

Look no further than Moody’s Global banking outlook for 2016, released on Monday, for the answer.

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9 of the World's biggest Banks Creating Framework for Bitcoin Blockchain Technology in Markets

Nine of the world's biggest banks including Goldman Sachs and Barclays have joined forces with New York-based financial tech firm R3 to create a framework for using blockchain technology in the markets, the firm said on Tuesday.

It is the first time banks have come together to work on a shared way in which the technology that underpins bitcoin - a controversial, web-based "crytocurrency" - can be used in finance.

Over the past year, interest in blockchain technology has grown rapidly. It has already attracted significant investment from many major banks, which reckon it could save them money by making their operations faster, more efficient and more transparent.

The new project, the result of more than a year's worth of consultations between R3, the banks and other members of the financial industry, will be led by R3 CEO David Rutter, formerly CEO of electronic trading at ICAP Electronic Trading, one of the world's largest interdealer brokers.

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