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Former JPMorgan Exec: Blockchain Technology Can Transform Banking

newsbtc.com / 

Now that blockchain technology has been gaining more traction in terms of its practical applications, many experts have already commented on how it could transform the financial industry. Former JPMorgan executive Blythe Masters, who is now the CEO of blockchain technology firm Digital Asset Holdings, said that this could be used to help financial services institutions improve customer service.

Masters also said that the first major application of blockchain could be in post-trade processing rather than payments, which has been mostly the realm of the cryptocurrency bitcoin. She added that processing is something that banks need to accelerate and could be of greater priority compared to securities or derivatives solutions.

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American Banker Conference: Lines Drawn in Blockchain Debate

coindesk.com / Pete Rizzo (@pete_rizzo_) / July 28, 2015 at 23:00 BST

American Banker’s second annual digital currencies conference was also its first to put an equal emphasis on the emerging opportunities posed by bitcoin’s distributed ledger, the blockchain.

The idea that conversation around the technology has altered drastically in the last year was first noted by American Banker editor in chief Marc Hochstein in the event’s opening address. The talk proved forward-thinking in its praise for the promise of more expansive and experimental use cases for the blockchain while acknowledging that bitcoin, as its first application, had kickstarted a new wave of innovation.

“I’m not going to opine on the price, I’m going to talk about bitcoin, because the idea of it has made me a better editor at American Banker,” Hochstein said. “Bitcoin has cast everything that came before it in a new light.”

This tug-of-war between ideologies shaping the technology’s development was on display most prominently in the event’s early offerings, including a solo speaking slot by Eris Industries co-founder Preston Byrne and a panel featuring Symbiont’s Adam Krellenstein, Digital Currency Group CEO Barry Silbert and author Tim Swanson.

The most interesting talks centered around the still evolving question of whether private blockchains pose a threat to public ledgers like bitcoin, or if they are simply another evolution of the technology specialized for more specific use cases. Still, most panels sought to showcase the technology’s place in conversation surrounding larger concepts affecting the financial industry, such as digital identity, data security regulation and recordkeeping.

Representing incumbent banks in this conversation was BNY Mellon managing director Cheryl Gurz, who spoke on a panel meant to highlight future use cases for blockchains. Gurz shed light on the difficulty of mediating a conversation between enthusiastic technologists and sometimes critical economists while trying to uncover whether the technology can offer solutions.

Gruz said:

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Let’s Talk Bitcoin! #234 Doublespends!

Published on July 28th, 2015 by Adam B. Levine

Dash Price Technical Analysis – Downside Reaction

newsbtc.com /  Dash Price Key Highlights

  • Dash price moved lower Intraday, and managed to test a major support area around 0.0125BTC.
  • If there is a break and close below 0.0125BTC the price might fall in the near term.
  • 100 simple moving average on the 4-hours chart is likely to act as a resistance.

Dash price is showing signs of weakness, which might take it lower moving ahead if sellers gain pace. CanIT TRADE lower?

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SovereignBTC #71 Dmitry Murashchik of Mycelium

Published on July 28th, 2015 by SovereignBTC

Binary Options Bring ‘Immense’ Opportunity for Bitcoin Users

cointelegraph.com / Zbigniew Bosak / 2015-07-29 11:00 AM

CoinTelegraph spoke with Damian Cišek, the CEO of BitPlutos, the firstBINARY OPTIONS platform for Bitcoin, about whatBINARY OPTIONS can bring to Bitcoin, how it compares to forex trading and whether they can help the industry grow in the digital world.

The trading of binary options is essentially predicting whether an asset price will go UP or DOWN over a period of time. A trader purchases an option and if the trader predicted the move correctly at the end of the option period, it generates approximately 70-80% return on the trader’s investment. If the trader was wrong, the investor loses most of the money they had paid for the option.BINARY OPTIONS expiry times vary from 30 seconds up to more than 1 year.

BINARY OPTIONS TRADINGenables trading stocks, commodities, currencies and indices without requiring intricate analysis, and for this reason it is one of the most popular trading methods available. They are very simple to trade, even for inexperienced investors, and binary options trading requires very little starting capital – usually no more than a few hundred dollars.

“Bitcoin […] is going to decentralize bank services and change the world of money as we know it.”

– Damian Cišek

CT: What made you create your BitPlutos platform?

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Blythe Masters: Bitcoin Tech has ‘Gigantic Potential’

cointelegraph.com / William Suberg / 2015-07-29 12:11 PM

Veteran Wall Street executive Blythe Masters has spoken out in support of the “gigantic potential” of Bitcoin and blockchain technology.

Speaking at Convene, a conference hosted by SourceMedia in New York Tuesday, Masters admitted that while it was early days for the industry, this should not dampen enthusiasm.

“The potential addressable markets for these types of technologies are gigantic,” Business Insider quotesMasters as saying.

She added nonetheless that “in reality, the world is not there yet” in terms of mass adoption. Regulatory, security and authentication hurdles would all need to be overcome in the next few years on a global scale in order for habits to change.

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XScrypt Cloud Mining Provider Shows True Ponzi Colors?

insidebitcoins.com / Bitcoinist.net / Jul 28, 2015 12:00 PM EDT

Cloud mining service providers have been facing hard times ever since the Bitcoin price dropped below $320. Whereas major Bitcoin cloud mining service providers had to shut down operations for an undisclosed amount of time, new companies started appearing all over the internet. XScrypt is one of those cloud mining companies, but it looks like the “company” has gone bust after multiple issues with payouts.

XScrypt: Profitable Cloud Mining Despite Falling Bitcoin Price

Running a cloud mining company is not as easy as it may sound. Not only does a cloud mining operator need access to mining hardware — either self-hosted or remote — but there are tons of electricity costs and maintenance fees involved as well. On top of that, there is a growing demand for cloud mining hashpower, which must be met in order to satisfy the market.

But what is perhaps the biggest factor in the world of cloud mining is the Bitcoin price. Keeping in mind all these agreements and costs that have to be covered, there also has to be room for the company to make a profit. And the higher the Bitcoin price is at any given time, the better chance to make a profit and keep operations up and running.

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Mayoral Candidate in London Plans to Put Budget in Blockchain

newsbtc.com / 

George Galloway, a candidate running for mayor in London, shared in an interview that he plans to put the entire £17 billion budget online in blockchain to allow the public see how the funds are being spent. Galloway has served as an MP almost continuously from 1987 to 2015, representing four different constituencies.

Galloway is also known as a political maverick and divisive figure in British politics and has been lauded for his lively rhetoric and impassioned debating style.

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CHINA STOCK MARKET RESUMES CRASH

cryptocoinsnews.com / VENZEN KHAOSAN / 28/07/2015

China’s Shanghai Composite Index crashed through support on Monday and resumed decline as investors could not sell Chinese company stocks fast enough.

Deja Vu

CNBC eloquently reports that, following three weeks of relative stability in mainland markets, Monday saw the Shanghai Composite Index resume decline in its worst one-day drop in eight years. Readers will know that “eight years” marks the first round of sell-offs heading into the 2008 “Credit Crunch”.

Significantly, the index sliced through the psychological 4000 support level without pause as paniced investors rushed for the exit.

Market Psychology

CCN.LA partner xbt.social presented analysis in early July illustrating that the Shanghai Composite Index crash was incomplete, both technically and psychologically, and that decline would resume. Today, we extend that analysis:

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BitMesh Lets You Earn Bitcoin For Sharing Bandwidth

digitalmoneytimes.com / 

To push Bitcoin adoption to new levels, innovative projects need to be created to enable it to become part of our everyday lives.  BitMesh is a project dedicated to doing exactly that!  This project allows people to share their internet bandwidth in exchange for Bitcoin payments.  And, the best part about BitMesh is that everything takes place in true peer-to-peer fashion.

Decentralizing The Internet Through Bitcoin

The BitMesh project is nothing new in the world of Bitcoin and technology, as a working prototype was released a little while ago.  Even though this is not a final build, the BitMesh software can be installed on a Raspberry Pi to let several clients connect to it.  BitMesh’s software will then establish micropayment channels between the server and client.

Contrary to how others in this technology market operate, BitMesh does not rely on middlemen or third party service providers to match up servers and clients.  The amount of internet connectivity time given to the client will depend on the amount they paid so far.  As far as the “usage policy” goes, this is entirely determined by the server.

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Bitcoin Price Breaks; Bears Take Control Overnight

newsbtc.com / 

Yesterday evening, we published our twice-daily bitcoin price watch piece. In the piece, we highlighted the levels we would be watching throughout the evening and during Tuesday night’s Asian session in the bitcoin price, and suggested that – if the volatility we have seen throughout the early part of this week continues – there may be further profit to be drawn from the bitcoin market. Action has now matured throughout the Asian session, and we did get the volatility we were looking for. With this in mind, how to get in and out markets, and what are looking at today to try do the same. Further, is an intra-range strategy valid, or will we be looking at our breakout strategy during today’s European session? Take a quick look at the chart.

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Microsoft Explores Blockchain Tech’s Use for Social Good

coindesk.com / Emily Spaven (@emilyspaven) / July 28, 2015 at 16:32 BST

The ways in which blockchain technology can be used to support social good were discussed at an event hosted by Microsoft’s Civic Innovation team in New York last night.

Taking place at the LMHQ venue in Lower Manhattan, the event was kicked off by John Paul Farmer, director of technology and civic innovation at Microsoft.

Farmer, who previously served as the senior advisor for innovation in the White House Office of Science and Technology Policy, explained the purpose of the session was to explore the kind of impact blockchain technology can have when used in new and creative ways.

He added:

“Our team is in New York, we’ve been here about a year now. We’re here to work on the really hard problems – social problems – and to figure out what role technology can play in trying to address them.”

Farmer, who also previously played professional baseball in the Los Angeles Dodgers and Atlanta Braves minor leagues, went on to state digital currencies have the potential to solve many problems both within and beyond the financial sector.

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Founder of European Stock Exchange Launches Blockchain Startup

cointelegraph.com / Aaron van Wirdum / 2015-07-28 02:28 PM

Peter Randall, one of the founders and former CEO of the alternative European stock exchange Chi-X, and Anthony Culligan, founder of peer-to-peerBITCOIN TRADING venue Roolo, have announced to launch blockchain startup SETL. SETL will introduce a permissioned blockchain that is set to run on enterprise level servers and is said to be able to handle 100,000 transactions per second.

SETL will initially target the payments business to subsequently move into financial markets including foreign exchange, bonds and possibly stocks. Much like the Bitcoin blockchain, the SETL blockchain will allow users to transfer both money as well as assets directly among each other. The network will be generated from the servers of its participants, which will store the ledger of all transactions locally, using public key encryption.

As opposed to the Bitcoin blockchain, however, the SETL system is not permissionless. This means that each public key used on the network is to be certified by a regulatory body. As such, authorities will be able to identify and track all entities on the blockchain, with complete transparency of all transactions.

In a statement, Randall said:

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HOMELAND SECURITY USING TREZOR HARDWARE BITCOIN WALLETS?

cryptocoinsnews.com / P. H. MADORE / 28/07/2015

According to a recent account by a member of the BitcoinTalk community, it appears that certain members of the Federal government have a much deeper understanding of Bitcoin than previously thought. The poster says that during a raid, the government knew to seize unused Trezor wallets and transfer seized bitcoins to their own bitcoin wallets.

Hardware wallets, when used correctly, are a highly recommended way to store bitcoins. Understanding how to keep bitcoins secure is a fundamental problem that any new user will face. To quote the posterdirectly:

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5 Things Bitcoin Owners Must Do When Estate Planning

coindesk.com / Jeff Vandrew Jr (@vandrewattycpa) / July 28, 2015 at 10:41 BST

Jeff Vandrew is a licensed attorney, a Certified Public Accountant and a Certified Financial Planner. Based in New Jersey, he restricts his practice to two areas: estate planning and tax planning. Here he explains the steps bitcoin holders should take when planning their estates.

When it comes to estate planning, very little has been mentioned about bitcoin. While bitcoin is subject to wills and revocable living trusts like any other asset, there are some special considerations.

Most seasoned holders of bitcoin are aware of IRS Notice 2014-21. For those unaware, the notice holds that for US tax purposes, bitcoin is to be treated as property rather than currency. The notice is wrongheaded, foolish and probably was issued with intent to slow down bitcoin adoption. Nonetheless, we’re stuck with it until bitcoin adoption increases to the point where the IRS recognizes it as a currency.

Much ink has been spilled about the more obvious consequences of bitcoin’s classification as property, namely:

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Enhance to Open Singapore Base to Meet Asian FinTech Demand

insidebitcoins.com / Bitcoinist.net / Jul 28, 2015 7:00 PM EDT

The Enhance Group recently announced that it will open a new base in Singapore — its first location in Asia. Enhance, an industry-leading FinTech company that offers investment services, has experienced tremendous growth with the rise of FinTech. This new location will open in response to the expanding FinTech industry and increasing demand for financial technology services in Asia.

The Rise of FinTech

FinTech, or “Financial Technology,” is quickly reshaping the finance sector. In particular, FinTech is drastically changing the investment industry. Investment consultancy companies that use FinTech software, such as Enhance, are strategically positioning themselves in FinTech hotspots around the world.

The growth of FinTech companies is astounding. Just take a look at Enhance. Established in 2005, the company now has over £20 billion in assets across 12 jurisdictions. It has grown in leaps and bounds, opening its London and Cayman Islands offices just within the past year.

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BITCOIN PRICE: FOMC AND US RATES INCREASE

cryptocoinsnews.com / BY VENZEN KHAOSAN  VIA xbt.social / 28/07/2015

Yesterday’s Bitcoin price move had pulled down to a local support floor near $286 (Bitstamp) and immediately began building a base for another wave of advance. With the prospect of an FOMC statement confirming US rates increases, tomorrow, the price chart should show a strong upside reaction between now and Wednesday evening.

Bitcoin Price Analysis

From the analysis pages of xbt.social, earlier today:

By 17h00 UTC, yesterday, an advancing wave launched from the local support floor near $286 toward $300 and briefly touched $297 before entering the correction presently unfolding in the chart.

The OKCoin 3Month futures chart held near $310 for several hours and the CNY charts of BTC-China and Huobi also pushed above their 1800 CNY psych level.

The 15-minute chart, above, shows that the indicators are forming reverse divergence in relation to price as it retraces to a higher low – MACD (bottom) and RSI (second from top) are making lower lows in relation to the previous subwave downswing. The xbt.social RSI is flashing a red dot to confirm the potential reversal.

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Citigroup To Target Blockchain Developers In Asia-Pacific Region

digitalmoneytimes.com / BY

Major financial institutions are looking closely at blockchain technology and some of them are even hiring additional blockchain experts to help them work on internal projects.  Transforming the world of banking is slowly taking shape, and Citigroup is the latest party to join the hunt for FinTech innovators, more specifically in the Hong Kong area.

FinTech Focus In Asia-Pacific Region

In recent years, more and more FinTech incubators have popped up all over the world to attract the brightest minds in the world of financial technology.  However, unlike what the general public might assume, these incubators are not all located in the US or Europe.  In fact, most of them are situated in the Asia-Pacific region, which is proving to be a breeding ground for FinTech innovation.

Countries such as Singapore and Hong Kong are of particular interest to various corporations, due to the natural embrace of technological innovation. Additionally, most of the countries in the Asia-Pacific region are unbanked or underbanked, making them the perfect emerging markets to test new financial technologies.

Citigroup, one of the largest banking corporations to operate out of the United States, launched their own global initiative in the FinTech sector last year.  Citi Mobile Challenge Asia-Pacific is the name of this branch, and the goal of this “next-gen” business accelerator is to bring aspiring entrepreneurs together with experts and investors to transform the banking world as we know it.

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New Service Finds Optimum Bitcoin Transaction Fee

coindesk.com / Grace Caffyn (@GCaffyn) / July 28, 2015 at 12:16 BST

A new service is offering bitcoin users an answer to the common question: what is the optimum transaction fee?

Using network data from the past three hours, CoinTape lets users compare the current waiting times associated with various fee tiers, calculated in satoshis per byte.

It claims to predict delays with 90% confidence.

The default fee used by many bitcoin wallets is 10 satoshis (0.0000001) per byte. However, according to CoinTape, paying 20 satoshis (0.0000002 BTC) per byte will get you the fastest and cheapest transaction on the network.

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