According to Merrill Lynch the supply of Bitcoins ...

Link to actual Bitcoin research report (PDF) from Bank of America Merrill Lynch. "As a medium of exchange, bitcoin has clear potential for growth, in our view."

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Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?

Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?
These crypto lending & borrowing services found early traction. Are they capable of bundling more financial services and winning the broader consumer finance market?
This is the third part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this very powerful technology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe a crypto-native company will ultimately become the bank of the future. We’re confident Genesis Block will have a seat at that table, but we aren’t the only game in town.
In the first post of this series, we did an analysis of big crypto exchanges like Coinbase & Binance. In our second episode, we looked at the world of non-custodial wallets.
Today we’re analyzing crypto lending & borrowing services. The Earn and Borrow use-case covers a lot of what traditional banks deliver today. This category of companies is a threat worth analyzing. As we look at this market, we’ll mostly be focused on custodial, centralized products like BlockFi, Nexo, and Celsius.
Many of these companies found early traction among crypto users. Are they capable of bundling more financial services and winning the broader consumer finance market? Let’s find out.

Institutional Borrowers

Because speculation and trading remains one of the most popular use-cases of crypto, a new crypto sub-industry around credit has emerged. Much of the borrowing demand has been driven by institutional needs.
For example, a Bitcoin mining company might need to borrow fiat to pay for operational costs (salaries, electricity). Or a crypto company might need to borrow USD to pay for engineering salaries. Or a crypto hedge fund needs to borrow for leverage or to take a specific market position. While all of these companies have sufficient crypto to cover the costs, they might not want to sell it — either for tax or speculative reasons (they may believe these crypto assets will appreciate, as with most in the industry).
Instead of selling their crypto, these companies can use their crypto as collateral for loans. For example, they can provide $1.5M in Bitcoin as collateral, and borrow $1M. Given the collateralization happening, the underwriting process becomes straightforward. Companies all around the world can participate — language and cultural barriers are removed.
The leader (and one of our partners) in this space is Genesis Capital. While they are always the counterparty for both lenders and borrowers, they are effectively a broker. They are at the center of the institutional crypto lending & borrowing markets. Their total active loans as of March 2020 was $649M. That number shot up to $1.42B in active loans as of June 2020. The growth of this entire market segment is impressive and it’s what is driving this opportunity for consumers downstream.

Consumer Products

While most of the borrowing demand comes from institutional players, there is a growing desire from consumers to participate on the lend/supply side of the market. Crypto consumers would love to be able to deposit their assets with a service and watch it grow. Why let crypto assets sit on an exchange or in cold storage when it can be earning interest?
A number of consumer-facing products have emerged in the last few years to make this happen. While they also allow users to borrow (always with collateral), most of the consumer attraction is around growing their crypto, even while they sleep. Earning interest. These products usually partner with institutional players like Genesis Capital to match the deposits with borrowing demand. And it’s exactly part of our strategy as well, beyond leveraging DeFi (decentralized finance protocols).
A few of the most popular consumer services in this category include BlockFi, Nexo, and Celsius.


BlockFi (Crunchbase) is the leader in this category (at least in the West). They are well-capitalized. In August 2019, they raised $18.3M in their Series A. In Feb 2020, they raised $30M in their Series B. In that same time period, they went from $250M in assets under management to $650M. In a recent blog post, they announced that they saw a 100% revenue increase in Q2 and that they were on track to do $50M in revenue this year. Their growth is impressive.
BlockFi did not do an ICO, unlike Celsius, Nexo, Salt, and Cred. BlockFi has a lot of institutional backing so it is perceived as the most reputable in the space. BlockFi started with borrowing — allowing users to leverage their crypto as collateral and taking out a loan against it. They later got into Earning — allowing users to deposit assets and earn interest on it. They recently expanded their service to “exchange” functionality and say they are coming out with a credit card later this year.
Security Woes
It’s incredible that BlockFi has been able to see such strong growth despite their numerous product and security woes. A few months ago, their systems were compromised. A hacker was able to access confidential data, such as names, dates of birth, postal addresses, and activity histories. While no funds were lost, this was a massive embarrassment and caused reputational damage.
Unrelated to that massive security breach and earlier in the year, a user discovered a major bug that allowed him to send the same funds to himself over and over again, ultimately accumulating more than a million dollars in his BlockFi account. BlockFi fortunately caught him just before withdrawal.
Poor Product Execution
Beyond their poor security — which they are now trying to get serious about — their products are notoriously buggy and hard-to-use. I borrowed from them a year ago and used their interest account product until very recently. I have first-hand experience of how painful it is. But don’t take my word for it… here are just a few tweets from customers just recently.
For a while, their interest-earning product had a completely different authentication system than their loan product (users had two sets of usernames/passwords). Many people have had issues with withdrawals. The app is constantly logging people out, blank screens, ugly error messages. Emails with verification codes are sometimes delayed by hours (or days). I do wonder if their entire app has been outsourced. The sloppiness shines through.
Not only is their product buggy and UX confusing, but their branding & design is quite weak. To the left is a t-shirt they once sent me. It looks like they just found a bunch of quirky fonts, added their name, and slapped it on a t-shirt.
To the innocent bystander, many of these issues seem totally fixable. They could hire an amazing design agency to completely revamp their product or brand. They could hire a mercenary group of engineers to fix their bugs, etc. While it could stop the bleeding for a time, it may not solve the underlying issues. Years of sloppy product execution represents something much more destructive. It represents a top-down mentality that shipping anything other than excellence is okay: product experience doesn’t matter; design doesn’t matter; craftsmanship doesn’t matter; strong execution doesn’t matter; precision doesn’t matter. That’s very different from our culture at Genesis Block.
This cancerous mentality rarely stays contained within product & engineering — this leaks to all parts of the organization. No design agency or consulting firm will fix some of the pernicious values of a company’s soul. These are deeper issues that only leadership can course-correct.
If BlockFi’s sloppiness were due to constant experimentation, iteration, shipping, or some “move fast and break things” hacker culture… like Binance… I would probably cut them more slack. But there is zero evidence of that. “Move fast and break things” is always scary when dealing with financial products. But in BlockFi’s case, when it’s more like “move slow and break things,” they are really playing with fire. Next time a massive security breach occurs, like what happened earlier this year, they may not be so lucky.
Institutional Focus
Based on who is on their team, their poor product execution shouldn’t be a surprise. Their team comes mostly from Wall Street, not the blockchain community (where our roots are). Most of BlockFi’s blockchain/crypto integration is very superficial. They take crypto assets as deposits, but they aren’t leveraging any of the exciting, low-level DeFi protocols like we are.
While their Wall Street heritage isn’t doing them any favors on the product/tech side, it’s served them very well on winning institutional clients. This is perhaps their greatest strength. BlockFi has a strong institutional business. They recently brought on Three Arrows Capital as a strategic investor — a crypto hedge fund who does a lot of borrowing. In that announcement, BlockFi’s founder said that bringing them on “aligns well with our focus on international expansion of our institutional services offering.” They also recently brought someone on who will lead business development in Asia among institutional clients.
BlockFi Wrap Up
There are certainly BlockFi features that overlap with Genesis Block’s offering. It’s possible that they are angling to become the bank of the future. However, they simply have not proven they are capable of designing, building, and launching world-class consumer products. They’ve constantly had issues around security and poor product execution. Their company account and their founder’s account seem to only tweet about Bitcoin. I don’t think they understand, appreciate, or value the power of DeFi. It’s unlikely they’ll be leveraging it any time soon. All of these reasons are why I don’t see them as a serious threat to Genesis Block.
However, because of their strong institutional offering, I hope that Genesis Block will ultimately have a very collaborative and productive partnership with them. Assuming they figure out their security woes, we could park some of our funds with BlockFi (just as we will with Genesis Capital and others). I think what’s likely to happen is that we’ll corner the consumer market and we’ll work closely with BlockFi on the institutional side.
I’ve been hard on BlockFi because I care. I think they have a great opportunity at helping elevate the entire industry in a positive way. But they have a lot of issues they need to work through. I really don’t want to see users lose millions of dollars in a security breach. It could set back the entire industry. But if they do things well… a rising tide lifts all boats.

Honorable Mentions

Celsius (ICO Drops) raised $50M in an ICO, and is led by serial entrepreneur Alex Mashinsky. I’ve met him, he’s a nice guy. Similar to Binance, their biggest Achilles heel could be their own token. There are also a lot of unanswered questions about where their deposits go. They don’t have a record of great transparency. They recently did a public crowdraise which is a little odd given their large ICO as well as their supposed $1B in deposits. Are they running out of money, as some suggest? Unclear. One of their biggest blindspots right now is that Mashinsky does not understand the power of DeFi. He is frequently openly criticizing it.
Nexo (ICO Drops) is another similar service. They are European-based, trying to launch their own card (though they’ve been saying this forever and they still haven’t shipped it), and have a history in the payments/fintech space. Because they haven’t penetrated the US — which is a much harder regulatory nut to crack — they are unlikely to be as competitive as BlockFi. There were also allegations that Nexo was spreading FUD about Chainlink while simultaneously partnering with them. Did Nexo take out a short position and start spreading rumors? Never a dull moment in crypto.
Other players in the lending & borrowing space include Unchained Capital, Cred (ICO Drops), and Salt (ICO Drops).

Wrap Up

While many companies in this category seem to be slowly adding more financial services, I don’t believe any of them are focused on the broader consumer market like we are. To use services like BlockFi, Nexo, or Celsius, users need to be onboarded and educated on how crypto works. At Genesis Block, we don’t believe that’s the winning approach. We think blockchain complexity should be abstracted away from the end-user. We did an entire series about this, Spreading Crypto.
For many of these services, there is additional friction due to ICO tokens that are forcefully integrated into the product (see NEXO token or CEL Token). None of these services have true banking functionality or integration with traditional finance —for example, easy offramp or spending methods like debit cards. None of them are taking DeFi seriously — they are leveraging crypto for only the asset class, not the underlying technology around financial protocols.
So are these companies potential competitors to Genesis Block? For the crypto crowd, yes. For the mass market, no. None of these companies are capable of reaching the billions of people around the world that we hope to reach at Genesis Block.
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Bitcoin Market Weekly Report - Week of 08/06/2020

Bitcoin Market Weekly Report - Week of 08/06/2020
Review of the week:
Last week, a presentation from the wealth management division of Goldman Sachs noted that cryptocurrencies including Bitcoin are not an asset class. During a discussion about Bitcoin, gold, and inflation, the Goldman Sachs wealth management division said Bitcoin is not a “suitable investment for our clients.” But the ostensibly pessimistic stance of Goldman Sachs towards Bitcoin does not entirely reflect the bank’s perception of cryptocurrencies. According to Ethan Vera, former investment banker at Goldman Sachs and current executive at a crypto mining firm, the perception of Bitcoin by one division does not necessarily mirrors the bank’s viewpoint. He mentioned that the principal strategic investments group is “completely separate” from the wealth management division that gave the presentation and added: “I really do think Goldman is further ahead than most of the other Banks on Bitcoin.”
A latest report from Bloomberg reveals that all signs point to Bitcoin going on the major bull run in 2020, the only question is whether it will break the all-time high of $20,000. COVID-19 has accelerated Bitcoin’s maturation as an asset, showing its strength amid declining equities. In addition, it points to the ever-increasing appetite from institutional investors, and Grayscale, or GBTC, in particular, which has been consuming about 25% of the new supply and a surged raise from $ 2billion to $3.5 billion on June 3. Also, Grayscale’s director of investor relations, Ray Sharif-Askary, revealed that $110 million worth of ETH has been purchased by the firm during 2020 so far in Grayscale Ethereum Trust. He attributed Grayscale’s enormous crypto accumulation to institutions seeking a hedge fledge against inflation in response to U.S. monetary policy amid the COVID-19 crisis.
Disclaimer: The above market commentary is based on technical analysis using historical pricing data, and is for reference only. It does not serve as investment or trading advice.

About Coinviva:
Coinviva aims to create the best crypto financial services ecosystem for both institutional and individual investors. We provide reliable fiat funding options, excellent trading liquidity, bank security level custody and one-stop high liquidity provision on-site & off-site. Our founding management team all come from top tiered investment banking (e.g. JP Morgan, Morgan Stanley, Bank of America Merrill Lynch), with fully comprehensive financial institution operation experience.
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A summary of QASH and why I believe it will serve a pivotal role in the growth of the cryptocurrency market worldwide.

DISCLAIMER: I'm not affiliated with this project in any way. Don't take this as actual investment advice at face-value, but rather a comprehensive summary I put together based upon my own findings, research, and personal insight about the project. As always, if you do wish to invest, please DYOR beforehand and make your investments based upon your own assessment of the project.
The token is called QASH (by QUOINE) and it essentially serves as the financial utility and payment token for QUOINE's upcoming Liquid+ platform and all services which it provides. I haven't actually seen much talk going on about this anywhere, and to me, it's sort of baffling how seemingly under-the-radar this has been flying, given the problem that it's going to be solving in the cryptocurrency space.

The Problem

The platform that they've built is super intriguing to me as a cryptocurrency trader due to the fact that it's aiming to fundamentally solve a huge, yet often overlooked problem in this space: illiquidity. This really excites me because in my personal experience (and I'm sure for many others on this sub who are stuck trading with minor currencies), attempting to purchase BTC, ETH, or other tokens with a fiat currency like say, GBP, is just downright painful and usually ends up in an immediate loss since there are significantly fewer buyers and sellers in the relevant GBP markets than say, USD markets - and thus the market price can tend to slip easily in either direction even with relatively small trade amounts (as a result of high spreads).

The Solution: Liquid+

Now imagine the case whereupon this problem doesn't exist — where anyone around the world, whether it be individuals, institutional investment, businesses, etc., would always be able to have immediate access to highly liquid cryptocurrency markets, and not be subject to an inherent disadvantage simply by virtue of the specific fiat currency they're using to trade with or one particular exchange that they're trading on.
This is a landscape which the Liquid+ platform will be able to render to the cryptocurrency economy, and what I think solving this problem will ultimately mean is that we'll start to see a much more global influx of individuals and institutions coming into the cryptocurrency space because a massive, worldwide liquidity pool will have been created through the Liquid+ platform. Essentially, the platform will enable minor currencies such as the Rupee, Peso, Pound Sterling, Thai Baht, whatever it is you name it — to be traded with on the same level of liquidity that a major currency (e.g. USD) does. This is the function of what they're calling the "World Book".

World Book

The World Book essentially is a global aggregation of orders sourced from many different cryptocurrency exchanges (i.e. "liquidity silos"). Orders which are placed from within any of the connected exchanges can be simultaneously published into the Liquid+ platform and be matched with orders from a completely separate exchange. What's even more fascinating about this is that these matched orders aren't even necessarily required to be of the same trading pair.
So for instance, a trader who intends to make a btc-yen trade can be automatically matched up with another trader making a totally separate trade say, eth-euro, just by virtue of the world book internally executing a two-step transaction in order to "hop" from the euro trade to the yen trade. It's important to note that this entire process all happens seamlessly and is transparent to the end-user. Each trader would see every other traders' orders denominated in their preferred quote currency (even though the orders may actually be based on a different quote currency on the other side), meaning that the world book is "currency-agnostic" amongst all orders.
Performance-wise, the platform is deemed to be capable of handling over a million of these orders / FX-conversions per second, and is built upon a set of already established and tested technologies developed by QUOINE. As a result, much of the platform is actually already in place, and the integration work with many of the world's largest cryptocurrency exchanges are already underway or have been completed.
Additionally, here's a great explanation of what the World Book can do as described by Andre Pemmelaar, who is one of the architects of the platform. Further high level explanation by QUOINE CEO Mike Kayamori.
Another important point to note on this is that there's generally a big incentive for exchanges to participate in this World Book, as it will be able to funnel in substantially more trading volume from the markets of other exchanges.
In my mind, the World Book will no doubt be an absolute game changer to this space when it hits. However, there's another equally, if not more substantial component to the platform:

Prime Brokerage

Liquid+ will act as a Prime Brokerage service, and it will be the first of its kind in the cryptocurrency space (by which QUOINE is officially licensed by the JFSA, one of the strictest regulators in the world). One way you can think of it, is that this could effectively make Liquid+ into the Goldman Sachs or Morgan Stanley equivalent of the cryptocurrency space, and it's in fact aiming to become the platform upon which major hedge funds and institutional investors around the world will prefer to leverage in order to mitigate counter-party risk (such as a particular exchange getting hacked and losing funds), manage and move large amounts of fiat capital, as well as take advantage of the globally sourced liquidity pool provided by the world book.
To me, it makes perfect sense to have integrated, seeing as many of the major reputable exchanges around the world will have already been interconnected through the Liquid+ platform. Ultimately, it means individuals as well as major institutions coming into this space will no longer be required to deal with the pain of managing numerous individual accounts across multiple exchanges and transferring funds between each. Instead, Liquid+ allows its users to be provided with direct market access to the liquidity and trading pairs yielded by all associated exchanges in a single platform, and on a single account. By now, you can probably start to imagine just how attractive this is going to be for the major institutional players coming into this space, and on an international scale.

User-Generated Trading Strategies

Another intriguing feature is that once the QASH blockchain is implemented, the platform will be able to facilitate the authoring of custom-written automated trading strategies and algorithms by any of its users (including individuals as well as institutions), utilizing a variety of mainstream programming languages. These strategies can then be published to the platform and shared amongst other users. The profits yielded by these trading strategies are subject to fees which are then paid back in QASH to the authors of those strategies.

QASH Token Value Proposition

The value of the QASH token is proportional to the scale of its utility and velocity of usage. For starters, QASH can be used for payment on the Liquid+ platform for everything including trading fees, fees on profit from automated trading strategies (as described above), fiat / crypto credit lending, and for all other services that it renders. QASH can also be used as payment on QUOINE's other products: Quoinex and Qryptos. Additionally, users who elect to pay using QASH on these platforms do so at a discounted rate on fees.
Another important point to note here is that QASH will be used to fuel payment for all services rendered by the Prime Brokerage. So for instance when institutions start to utilize the platform, it means that this money will start to flow through the QASH token as well.
But I think perhaps the bigger and longer-term value proposition for QASH is the fact that it's striving to become the "Bitcoin or Ethereum of the financial services industry", meaning widespread adoption of QASH as the preferred cryptocurrency for use in financial institutions. As more and more of these institutions seek to gain a foothold in the blockchain space, they're going to be looking for cryptocurrencies that maintain trustworthy backing and have the appropriate governmental regulation / security frameworks set in place. QASH aims to fulfill this role and is in fact officially approved as a cryptocurrency by the Japanese government. Moreover, QUOINE is the only cryptocurrency exchange company which is audited by a "Big Four" accounting firm.
QASH is initially built upon the ERC-20 token standard, but will eventually migrate to its own blockchain by Q2 2019. As opposed to Ethereum, the blockchain will incorporate sophisticated tools and services which are geared specifically toward usage in the financial services industry (read more about these here). Having this inherent support for many financially related functions will be paramount for wider adoption as a token of preference, as QASH seeks to bridge the gap between traditional finance and the cryptocurrency economy.
With adoption by the financial services industry, the value of the QASH token can then be expected to continue increasing as a result of its ever expanding utility and usage.
Additionally, here's an explanation of the QASH blockchain as described by Andre.

Brief Company Background (QUOINE)

QUOINE is a profitable and established FinTech company (over 250 years of combined FinTech experience) who have built Quoinex, one of the top ranking exchanges in the world by volume, as well as Qryptos, a token-to-token asset exchange and ICO platform. Quoinex is one of the largest fiat-to-crypto exchanges in the world with $12 Billion in annual transactions. They are the first global cryptocurrency firm in the world to be officially licensed by the Japan Financial Services Agency (License 0002) and has as a "Big Four" external auditor.


What gives me confidence that QASH may succeed in becoming widely adopted by financial institutions is that the company is lead by those with strong financial leadership. QUOINE's executives hail from the financial services industry, many of whom have served executive positions at some of the biggest financial institutions in the world.
Detailed information about the executives and board directors can be found on the Liquid+ website (or in the whitepaper) so I won't list them all out here for the sake of conciseness, but many of them come from executive positions at major institutions including:

QASH / Platform Investors

Again, a full detailed list can be found on the Liquid+ website. Investors in the platform and QASH ICO include those who have executive leadership roles at companies such as:
Additionally, Mike had announced in his video AMA a few other notable investors in the ICO who aren't listed on the website:

Liquidity Partners

The platform of course needs a lot of liquidity partners from around the world participating in order for the system to function worthwhile. Andre discusses their numerous liquidity partnerships in this video, so I'll simply summarize:

Other Tidbits & Speculation



QASH, in the long-run, ultimately aims to become the standard preferred cryptocurrency used by financial institutions worldwide, the value of which is derived from the scale of its utility and widespread usage. The QASH token is also used to fuel payment for fees and services in QUOINE's trading platforms, one of which is an upcoming platform called Liquid+.
Liquid+ is a novel platform which I think will change the landscape of the cryptocurrency space. It builds a single massive global liquidity pool called the World Book which allows minor fiat currencies (e.g. Rupee, Peso, GBP, etc.) to trade crypto with the same liquidity that a major fiat currency (e.g. USD) does, significantly reducing losses due to high spreads, and ultimately provides the liquid on-ramp necessary for many potential untapped markets worldwide.
The platform also features a Prime Brokerage service (first of its kind in crypto) which will allow users direct market access to many exchanges throughout the world without the hassle of having to manage accounts on each, which mitigates counter-party risk. The Prime Brokerage service will be an attractive vehicle upon which major institutional investors will want to use for managing funds in the cryptocurrency space because it's safe, regulated, and government approved.
QASH is created by QUOINE, one of the largest cryptocurrency exchange companies. QUOINE is headed by executives who previously served high-level positions at the world's largest financial institutions. Investors in QASH include financial executives at major institutions, and also a few well known figures: Taizo Son, Nobuyuki Idei, and Jihan Wu.

Further Reading & Resources

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DIC will be online on LOEX Global at 15:00 on August 6

Dear LOEX users, Loex Global is about to launch DIC soon. and DIC/LCNY、DIC/USDT trading pairs will be available. Specific times are as follows: Loex will open its DIC withdrawal and recharging service at 15:00 on August 3, Singapore time ; the DIC/LCNY、DIC/USDT trading market will be available at 15:00 on August 6.
Token Introduction Token Name:DICOIN Abbreviation:DIC Total Supply:91 million Circulating Supply:45.5 million Website: Official Website: Project Introduction:DIC is formed by a group of blockchain enthusiasts from the United States and geeks who are well-versed in blockchain technology in India. The team members include Leighton, Merrill Lynch and Bitcoin early evangelists from the United States and Ph.D. from the National University of India. The DICOIN development team developed the first multi-functional commercial grade DICOIN with Ethereum as the underlying development platform.
Risk Reminder Investing in digital assets comes with high risks due to huge price fluctuations. Before investing, please have a full understanding of all the risks of investing in digital assets and be prudent of your own investment decisions.
Enjoy your trading on Loex Global! Follow us on:
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Loex Global July 30, 2019
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A Look at DCG & Bitfury's Incestuous Ties With the U.S. Government

Peter Todd Tweet in 2014:
[email protected] I gotta say, looks really bad legally how Austin Hill's been negotiating deals w/ pools/etc. to get control of hashing power.
Board of Digital Currency Group
Glenn Hutchins
Advisory Board
Larry Summers
DCG of course is an investor in both Blockstream and BTCC.
DCG's money comes from:
DCG also owns Coindesk.
BTCC and Bitfury are the only two large mining pools who are outspoken in their support of Bitcoin Core.
The Bitfury Group Leadership to Present at Clinton Global Initiative (
Full Video (Begins at 32:00)
“The Bitfury Group is proud to be the world’s leading full service Blockchain technology company, we are deeply honored to represent this innovation to an audience of extremely dedicated game-changers, and we look forward to highlighting our company’s groundbreaking ‘Blockchain for global good’ work at such an important event, said Smith. “From the White House to the Blockchain, I know this technology has the power to deliver inclusion and opportunity to millions, if not billions, of people around the world and I am so grateful to work for a company focused on such a principled vision.”
Bitfury Lightning Implementation
  • In partnership with a French firm called ACINQ (
  • ACINQ is a subsidiary of the larger ACINQ Financial Services
  • CoinTelegraph: Bitfury Lightning Network Successfully Tested With French Bitcoin Company
  • TEAM:
  • ACINQ’s US Headquarters is in Vienna, Virginia, a small town of only 16,000. Why would a global financial firm choose to locate here? -- Feeder community into Washington, D.C. Has an orange line metro stop. -- Located in Fairfax County, VA. -- The US Federal Government is the #2 largest employer -- Booz Allen Hamilton (NSA front company) is #6 largest employer -- In fact, most of the top employers in Fairfax County are either US Federal Gov’t or companies that provide services to Federal Government -- The county is home to the headquarters of intelligence agencies such as the Central Intelligence Agency, National Geospatial-Intelligence Agency, and National Reconnaissance Office, as well as the National Counterterrorism Center and Office of the Director of National Intelligence.
Chairman: Avinash Vashistha
CEO: Chaman Baid
CSO: Nandan Setlur
  • From 1986-1993 he worked for Information Management Consultants (imc) Ltd as a Technical Consultant with various federal government agencies. McLean, Virginia
  • 1993-2000 Technical Consultant for Freddie Mac, in McLean Virginia
  • From 2000-2007, President of InterPro Global in Maryland
  • From 2011-2012, Director of VibbleTV in Columbia, Maryland
  • From 2008-Present has been Executive Director at ACINQ and Managing Partner at Vine Management, both in Vienna, Virginia.
BitFury Enhances Its Advisory Board by Adding Former CFTC Chairman Dr. James Newsome and Renowned Global Thought Leader and President of the Institute for Liberty and Democracy Hernando de Soto (Businesswire)
Bitfury Board of Directors
Robert R Dykes
The other board members include two Bitfury founders, and an investor.
Bitfury Advisory Board
James Newsome
  • Ex-chairman of CFTC
  • Dr. Newsome was nominated by President Clinton and confirmed by the Senate to be at first a Commissioner and later a Chairman of CFTC. As Chairman, Newsome guided the regulation of the nation’s futures markets. Additionally, Newsome led the CFTC’s regulatory implementation of the Commodity Futures Modernization Act of 2000 (CFMA). He also served as one of four members of the President’s Working Group for Financial Markets, along with the Secretary of the Treasury and the Chairmen of the Federal Reserve and the SEC. In 2004, Newsome assumed the role of President and Chief Executive Officer of the New York Mercantile Exchange (NYMEX) where he managed daily operations of the largest physical derivatives exchange in the world. Dr. Newsome is presently a founding partner of Delta Strategy Group, a full-service government affairs firm based in Washington, DC.
Hernando de Soto
  • Hernando de Soto heads the Institute for Liberty and Democracy, named by The Economist one of the two most important think tanks in the world. In the last 30 years, he and his colleagues at the ILD have been involved in designing and implementing legal reform programs to empower the poor in Africa, Asia, Latin America, the Middle East, and former Soviet nations by granting them access to the same property and business rights that the majority of people in developed countries have through the institutions and tools needed to exercise those rights and freedoms. Mr. de Soto also co-chaired with former US Secretary of State Madeleine Albright the Commission on Legal Empowerment of the Poor, and currently serves as honorary co-chair on various boards and organizations, including the World Justice Project. He is the author of “The Other Path: the Economic Answer to Terrorism”, and his seminal work “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else.”
  • Frequent attendee at Davos World Economic Forum
  • Frequent Speaker @ Clinton Global Initiative
  • Criticisms: -- In his 'Planet of Slums'[104] Mike Davis argues that de Soto, who Davis calls 'the global guru of neo-liberal populism', is essentially promoting what the statist left in South America and India has always promoted—individual land titling. Davis argues that titling is the incorporation into the formal economy of cities, which benefits more wealthy squatters but is disastrous for poorer squatters, and especially tenants who simply cannot afford incorporation into the fully commodified formal economy. -- An article by Madeleine Bunting for The Guardian (UK) claimed that de Soto's suggestions would in some circumstances cause more harm than benefit, and referred to The Mystery of Capital as "an elaborate smokescreen" used to obscure the issue of the power of the globalized elite. She cited de Soto's employment history as evidence of his bias in favor of the powerful.
Tomicah Tilleman
  • Dr. Tomicah Tillemann is Director of the Bretton Woods II initiative. The initiative brings together a variety of long-term investors, with the goal of committing 1% of their assets to social impact investment and using investments as leverage to encourage global good governance. Tillemann served at the U.S. State Department in 2010 as the Senior Advisor on Civil Society and Emerging Democracies to Secretary Hillary Clinton and Secretary John Kerry. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Tillemann received his B.A. magna cum laude from Yale University. He holds a Ph.D. with distinction from the School for Advanced International Studies at Johns Hopkins University (SAIS) where he also served as a graduate level instructor in American foreign policy.
  • Secretary Clinton appointed Tomicah Tillemann, Ph.D. as the State Department’s Senior Advisor for Civil Society and Emerging Democracies in October 2010. He continues his service under Secretary Kerry.
  • Mr. Tillemann and his team operate like venture capitalists, identifying ideas that can strengthen new democracies and civil society, and then bring together the talent, technology and resources needed to translate promising concepts into successful diplomacy. He and his team have developed over 20 major initiatives on behalf of the President and Secretary of State.
  • Mr. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009 and collaborated with her on over 200 speeches. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Mr. Tillemann’s other professional experience includes work with the White House Office of Media Affairs and five U.S. Senate and Congressional campaigns. He was a reporter with Reuters New Media and hosted a commercial radio program in Denver, Colorado.
  • Director of “Bretton Woods II” initiative at New America Foundation Bretton Woods was an international summit that led to the creation of the IMF and the IBRD, one of five members of The World Bank
Jamie Smith
Jason Weinstein
Paul Brody (no longer appears on site, and his LinkedIn has no mention of Bitfury, but he is mentioned in a Press Release
  • Ernst & Young since 2015 as “Americas Strategy Leader”, “Global Innovation Leader”, and “Solution Leader”
  • Prior to E&Y, he was an executive at IBM since 2002
New America Foundation
Muskoka Group
[note: this is worthy of much more research]
  • Don Tapscott, co-author of the book “Blockchain Revolution,” hosted the meeting with his son and co-author Alex Tapscott at his family’s summer compound in Lake of Bays, Ontario. The group included some of blockchain’s biggest backers, including people with ties to IBM and JPMorgan. They considered ways to improve the governance and oversight of the technology behind the digital currency bitcoin as a way to fuel the industry’s growth. They included Jim Zemlin, executive director of the Linux Foundation; Brian Behlendorf, executive director of the Hyperledger Project, a blockchain supporter group that includes International Business Machines Corp., Airbus Group SE and JPMorgan Chase & Co.; and Ana Lopes, board member of the World Wide Web Foundation. Participants with blockchain industry ties include former deputy White House press secretary Jamie Smith, now chief global communications officer of BitFury Group Ltd., and Joseph Lubin, founder of startup Consensus Systems.
Blockchain Delegation Attends Democratic National Convention
Jamie Smith — The Bitfury Group & Blockchain Trust Accelerator Tomicah Tillemann— New America Foundation & Blockchain Trust Accelerator Alex Tapscott— co-author: Blockchain Revolution Brian Forde — MIT, Digital Currency Initiative
Brian Forde
  • Was the founding director of the MIT Digital Currency Initiative -Left his 4 year post as White House Senior Advisor for Mobile and Data Innovation to go directly to the MIT DCI
  • Brian Forde has spent more than a decade at the nexus of technology, entrepreneurship, and public policy. He is currently the Director of Digital Currency at the MIT Media Lab where he leads efforts to mainstream digital currencies like Bitcoin through research, and incubation of high-impact applications of the emerging technology. Most recently he was the Senior Advisor for Mobile and Data Innovation at the White House where he spearheaded efforts to leverage emerging technologies to address the President’s most critical national priorities. Prior to his work at the White House, Brian founded one of the largest phone companies in Nicaragua after serving as a business and technology volunteer in the Peace Corps. In recognition of his work, Brian was named a Young Global Leader by the World Economic Forum and one of the ten most influential people in bitcoin and blockchain.
Alex Tapscott
World Economic Forum
  • Strategic Partners:
  • Includes Accenture (See Avinash Vashistha), Allianz, Deloitte (Scaling Bitcoin platinum sponsor, Blockstream Partner), Citigroup, Bain & Company (parent of Bain Capital, DCG investor), Dalian Wanda Group (working on blockchain technology), Ernst & Young (see Paul Brody), HSBC (Li-Ka Shing, Blockstream investor, used to be Deputy Chairman of HSBC), IBM, KPMG International, Mastercard (DCG Investor), PwC (Blockstream partner, also sponsor of Scaling Bitcoin)
  • Future of Financial Services Report [PDF] The word “blockchain” is mentioned once in this document, on page 23 ( We have identified three major challenge areas related to innovation in financial services that will require multi-stakeholder collaboration to be addressed effectively. We are launching a project stream related to each area, with the goal of enabling tangible impact.... Decentralised systems, such as the blockchain protocol, threaten to disintermediate almost every process in financial services
  • The Steering Group who authored the report is a who’s who of the global financial elite. (Pages 4 & 5)
Bitfury Washington DC Office
Washington DC Office 600 Pennsylvania Avenue Suite 300 Washington, D.C. 20003
Bitfury Chosen for Ernst & Young Blockchain Startup Challenge
Deloitte Unveils Plan to Build Blockchain-Based Digital Bank
submitted by 5zh8FoCiZ to btc [link] [comments]

06-18 20:44 - 'War is a racket, says major general smedley darlington butler, it's a tool for the rich to use to make a country bank friendly. / Smedley Darlington Butler / Born: West Chester, Pa., July 30, 1881 / Educated: Haverford...' by /u/DesginerPhagccount removed from /r/Bitcoin within 0-8min

War is a racket, says major general smedley darlington butler, it's a tool for the rich to use to make a country bank friendly.
Smedley Darlington Butler
Born: West Chester, Pa., July 30, 1881
Educated: Haverford School
Married: Ethel C. Peters, of Philadelphia, June 30, 1905
Awarded two congressional medals of honor:
capture of Vera Cruz, Mexico, 1914
capture of Ft. Riviere, Haiti, 1917
Distinguished service medal, 1919
Major General - United States Marine Corps
Retired Oct. 1, 1931
On leave of absence to act as
director of Dept. of Safety, Philadelphia, 1932
Lecturer -- 1930's
Republican Candidate for Senate, 1932
Died at Naval Hospital, Philadelphia, June 21, 1940
For more information about Major General Butler, (His speech/book called [War is a Racket]1 )
contact the United States Marine Corps.
What's the two economic laws everyone needs to understand?
Law 1
Proverbs chapter 22 verse 7
The rich rule over the poor and the borrower is slave to the lender.
There is something behind the throne greater than the King himself.
William Pitt, 1st Earl of Chatham Speech in the House of Lords (March 2, 1770)
[former Merrill Lynch CEO Don Regan tells Ronald Reagan to speed it up]3
*[In this leaked memo citigroup calls the US/west a plutonomy]4 *
[The Science of Government Founded on Natural Law. - 1841 - Clinton Roosevelt]5
page 39-42
There is a power behind the throne, and greater than the throne, which says to King and Parliament you shall or shall not go to war. You shall sustain the laws and constitution, or you shall suspend them both at our option. Which taxes as it pleases, and that without responsibility to any but stock holders. The reader can too easily divine the nature of this power, for it is now grinding America as well as England in the dust. It is the banking system, and its leader in this country has acknowledged, that by it alone, he and his class had the power to " make men willing to make sacrifices." It is done simply by lending and withdrawing at certain times and places, and taking advantage of scarcities of money artfully created to buy at sacrifices, and also to gain usury.
Blackstone truly has observed, that the outward form of government is of no importance. The government is in the real rulers who cause the laws to be enacted, and suspended as may best suit their own convenience. Again: It is to the immediate self-interest of nominating committee-men, to sell their votes to demagogues without principles, and for demagogues in Legislatures to sell their votes to their best patrons, and make fraudulent grants of monopolies, especial-privileges, and suspension acts. There is prima facie as well as other evidence that all this has been done, and only the theory of a republic now remains existent.
Thus in England also, when a man has moral influence, he is bought over by a place or pension, if to crush him would be dangerous. If very great, he then is made a peer, and all his opposition ceases. It is immediate self-interest from first to last, in every form of government alike. Even the greatest emperors are generally ruled by favorites, and are strangers to their people. When they operate against the immediate self-interest of courtiers, even the greatest have reason to tremble for their crowns or heads.
All governments are thus alike, and the only real difference of importance is in the administration of them. "That which is best administered is best." They are variable, and dependent on the master spirit who raises up himself above the law, and looks upon his sovereign as his instrument -a "cerimony," or mere puppet in his hands.. Sometimes it is true, the sovereign has the master mind, but this is not the case in general. In all countries, enquire who it is who can command the greatest funds and property, and there you will find the government. The outward pageantry is used merely to amuse the vulgar, who look only at externals, music, songs, banners, carriages. Editors, coachmen, legislators, judges, and counselors at law, alike with few exceptions all quiet their consciences in the mean time, on the plea of absolute necessity and say :
"You take my house, when you do take the prop That doth sustain my house ; you take my life, When you do take the means whereby I live,'
and I submit. Shipmates starving on a raft at sea, will devour each other from necessity and mothers drink their offspring's blood when pressed by absolute necessity. (The 2nd law) It is necessity, operating on the means of Living, which now rules the world. Those of us not under that iron crown, have reason to bless God, not that we are not like other men, but have not been as sorely tried. Some will die for honor, and nearly all would doubtless act according to the noblest principles, had they the opportunity. Unite the interests of men and they unite, divide their interests and they arrange themselves against each other in the deadly combat. All this may seem too clear to be repeated, and yet men too generally overlook this simple axiom in their pretending sciences of law and government, political economy, social systems and principles of education. In all these cases men imagine abstract reasoning on morals and religion will have influence. They may restrain to some degree, but the master feeling conquers in the end. Self-preservation over comes all weaker influences.
More info can be found here
[link]8 War is a racket - by smedley darlington butler.
[link]9 22/7
[link]10 ceo at merrill lynch tells reagan to speed it up
[link]11 Banking history
[link]12 Citigroup leaked memo calls western countries plutonomies.
*[Check this out]6 *
Context Link
Go1dfish undelete link
unreddit undelete link
Author: DesginerPhagccount
1:*r*t*ille/CA**w*r*sarack*t*ht*l 2:*wat*h*v=*EK*cL**L** 3: ww***h**=**3RqM**wD4 4: delong.*y*epa**co**plut*nom*-1.pdf 5: ***00**hi*e.or**29/items*scienc*g*vernm*00*oo*goo*/scie*c*governme00*oosgo**.*d* 6: *.***g5cB**png 7: quotege**.c*m/p**so*a*i*ies/william-pitt*1*t*earl*of*c*at*671*/ 8: ratical*org/*****lle/CAH*wa*isaracket.h**l 9: w**.y*u*u*e.*o*/watch?*=wEK0c*d5LPU 10: w**com/wat**?**NR**qMMIw*4 11: w*w*youtube.*o*/watch*v=*UyWm*Wtc**#t=*5m 12: *e**ng.typepad*co*/p***onomy-1.pdf
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Bitcoin reports by banks

I am compiling a list of publicly available Bitcoin reports done by banks. Did I miss any?
Central banks
Commercial banks
submitted by bobthesponge1 to Bitcoin [link] [comments]

Wall Street Bonus Bust - BUT Walmart Willie's Bonus Will come Beginning of March

EXECUTIVE SUMMARY: - My comments are bolded and italized.    
Don't expect Wall Street bonuses to float the crypto boat. Not trying to scare you, just trying to level-set expectations. Bonuses will be light this year.  
But since Walmart Willie is starting to get involved in Crypto, the lack of Wall Street Bonuses won't matter eventually.  
Wall Street Bonuses: 
"Wall Street banks handed out $23.9 billion in bonuses to their New York City-based employees last year (2016), according to new figures from the New York State Comptroller. .... The total bonus pool for 177,000 Wall Street employees." (1)  
Bonus checks will most likely be light this year, so crypto will have to contend with keeping the wife/husband happy and paying for the nanny and he his spa treatment.  
"(T)raders have probably been bracing for light bonus checks all year. Just last year, Wall Street investment banks saw earnings from their fixed-income trading businesses rise for the first time in four years. But the drop in volatility this year has weighed on trading profits across the industry.  
At Bank of America Corp., rates traders are likely to see bonus pools shrink by as much as 10%, according to people briefed on the discussions. Those teams at JPMorgan Chase & Co., the world’s biggest trading bank, are set for declines of about 5%, according to Bloomberg’s sources." (2)  
European bank bonuses won't help....  
"The outlook is even grimmer for firms across the Atlantic. Traders at European banks are facing some of the worst bonuses in years, as the declines in both debt and equity revenue are steeper than those at US firms.  
Lenders including Barclays Plc, Deutsche Bank AG and Credit Suisse Group AG may see bonus pools for fixed-income traders drop by at least 10%. Some bankers might even be forced to accept “doughnuts” - industry slang for a 0% bonus." (3)  
But if you think Wall Street bonus money is going to kick in, the date to start watching is January 18th.  
"(H)ere's when Wall Street's top banks are expected to announce bonuses:  
Morgan Stanley is set to kick things off this Thursday (1/11/2018 most likely). A person familiar with the matter said the bank would also announce managing-director promotions.  
Citigroup is next up the following week. It is expected to announce just after the Martin Luther King Jr. holiday, so January 16.  
JPMorgan is expected to announce in the middle of that week, around January 17.  
Goldman Sachs is expected to announce at the end of next week, so around January 19.  
Bank of America Merrill Lynch is the last to go of the big US banks. It is planning to announce the following week, on January 23, according to a memo sent to staff Tuesday, people familiar with the matter told Business Insider." (4)  
The bonuses are typically paid out a week or two after they are announced.  
Walmart Willie:  
Everywhere I go, I ask if people have heard of Bitcoin. Barber, cashier, gas station attendant...all of them. And lately, many more have been aware of BitCoin and even more importantly, Alt Coins, and ALL have expressed an interest in getting involved.  
These folks are what I like to call Walmart Willie - and they also have a bonus season - when they get their tax refunds.  
I suspect the January bounce will happen in the end of February/ beginning of March. (5)(6)  
submitted by whatTheHeyYoda to CryptoCurrency [link] [comments]

Bank of America / Merril Lynch has begun to cover Bitcoin, saying in a new research report that it could be useful in E-commerce and Money transfers, and has a clear potential for growth as a medium of exchange. Link to Research paper in comments.

PDF of research report from Bank of America Merril Lynch.
"We believe that Bitcoin can be a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers. As a medium of exchange, bitcoin has clear potential for growth, in our view."
submitted by Godfreee to BitcoinMarkets [link] [comments]

Proyecto está ganando impulso, ¡conoce al equipo de estrellas!

Hola amigos! Tengo para ti es una gran noticia, un proyecto que he mencionado en mi artículo anterior titulado traceTo finalmente se designó la fecha clave de la ficha Seila, es decir, en el momento en que el proyecto se encuentra en fase de privatsale de lo que se puede aprender de mi primer artículo, pero la cuota mínima 150 eth permitieron participar solo en grandes inversores. Ahora, el equipo de Traceto ha anunciado que las próximas dos fases del token del comercial se llaman venta de acceso anticipado y venta pública.
Con el fin de participar en la venta Acess temprana es necesario crear una cuenta y hacer un depósito en una plataforma de GBX enlace al 21 de mayo, 2018 07:00 Moscú, esta fase del proyecto se da la ventaja de los primeros participantes en la forma de 5% de bonificación, pero para participar depósito mínimo debe ser equivalente a $ 1.000 en la ETH o fichas RKT (intercambio contador interno GBX), mientras que el máximo - $ 5,000. Esta fase durará un tiempo relativamente corto, solo 72 horas. Comience la venta anticipada de Acess en el mismo día 11:15 MSK.
Después del final de Acess temprana llegado siguiente etapa TGE - venta pública, empieza a 8 de junio de, 2018, 11:15 CET, en esta etapa pridusmotren ninguna prima y la cantidad mínima para participar es de 0,5 ETH (RKT o equivalente), la cantidad máxima que no tiene ¡es limitado!
Como hemos visto, un sistema de ICO tal es muy leal a todos los participantes, independientemente del tamaño de la pila, para participar y todos pueden, sólo tiene que elegir el momento apropiado ti.
En mis artículos anteriores he descrito la importancia de los procedimientos de conocimiento del cliente y cómo puede afectar a todo el mundo kriptovalyutny en su conjunto, así como sobre las ideas fundamentales del proyecto, pero el equipo no entiendo en detalle, y de hecho es muy interesante en mi opinión, hoy os quiero su conocido.
Chionh Chye Kit - CEO, inspiración y líder del proyecto, es uno de los cofundadores de Cynopsis Solutions. Su experiencia de casi 20 años en los mercados financieros que recibió trabajando en Macquarie Group e ING Bank. También es el fundador de CCK Solutions Private Limited dedicada a la consultoría en asuntos AML y CTF para instituciones financieras en Singapur. Asesor del proyecto de la red Kyber.
Dias Lonappan es el copropietario del proyecto, ingeniero. Responde a la tecnología traceTo, yavlyaetsya bitcoin evangelista kriptoentuziastom, sirvió como director técnico de Activos cuantificada Pte. Ltd., esta es una de las primeras startups basadas en Bitcoin en Singapur.
Ooi génica Yan - la evolución de la inteligencia iskustvnnogo llevó, co-fundador de la empresa Shentilium Tecnologías dedica a la máquina de aprendizaje profundo de la inteligencia artificial, los clientes Shentilium incluyen muchas grandes corporaciones incluyendo Razer y NetEase.
Dan Poh: responsable del equipo de marketing. Tiene más de 6 años de experiencia en administración de capital en bancos de inversión como JP Morgan Chase, Deutsche Bank y Bank of America Merrill Lynch. Dan es también el asesor regulador de Fintrux y FidentiaX.
Robin Lee - es cofundador de Inzsure y es responsable de administrar los asuntos de la compañía. Fue fundador Fondo para contrarrestar el lavado de dinero (G.R.A.C.E.) y las empresas EdTech / RegTech, que luego fue adquirida RHTLaw Taylor-Wessing, el bufete de abogados segunda mayor grado Singapure.Imeet de MBA.
También debe tenerse en cuenta que el proyecto Traceto tiene asesores muy fuertes, lo que hace que el proyecto sea muy atractivo, observo algunos de ellos:
Dr. Loi Luu - CEO de Kyber. Red de un intercambio criptográfico descentralizado exitoso, que beneficia a la comunidad crypto.
Nizam Ismail es socio de RHTLaw Taylor Wessing. También es co-fundador y jefe de THR Compliance Solutions, un proveedor especializado de servicios de consultoría, soluciones a uslug.Bolee financiera de 25 años de experiencia legal en la industria de servicios financieros.
Simon Kim es el CEO de Hashed, uno de los principales fondos de criptografía en Corea del Sur. John Ng es el fundador de Signum Capital, un conocido fondo especializado en ICO.
También en el proyecto hemos participado un gran número de fondos de inversión de capital como Signum, hash y grandes empresas Digix, Fintech y así sucesivamente, con una lista detallada se puede leer en el sitio. El proyecto está ganando impulso y llama la atención de miles de personas, preste su atención y usted.
Enlaces a todos los recursos del proyecto:
Sitio web:
Tema ANN:
Informe técnico:
submitted by 45erduks34 to u/45erduks34 [link] [comments]

Bitcoin reports by banks [Update #1]

I am compiling a list of publicly available Bitcoin reports done by banks. Did I miss any?
Central banks
Commercial banks
submitted by bobthesponge1 to Bitcoin [link] [comments]

This is the resistance new owners face in the real world

The below first paragraph is a copy of my friend responding to an email I sent him asking if he kept his BTC and some sort of fund that follows BTC during these past weeks. My response is a paste of my email back. This resistance from the established world will continue so be ready for it. Knock holes in my explanation if you would like to exercise your method to be a Crypto Missionary.
My friend: Had a conversation with a Merrill Lynch broker on Monday. He can not trade BC due to SEC reg’s, but he is firmly of the opinion that BC is a sham and has zero value. We had a lively discussion, and I walked away scratching my head on how either I am dead wrong (and you as well) or he is stuck in a paradigm of traditional investing and fiat money. Here is my take... He has made his nut with the skills learned when tech was still forming, and has not continued to evolve his skills to adapt to trending or evolving platforms. As I see it, technology has created a platform for people to escape the financial restrictions created by governments to control the economy. Money is slowly moving over to a freely traded platform that minimizes the risk of government manipulation.
My response: Your last statement is the Libertarian view and the reason why they think crypto is starting. Nirvana at it's novice finest in my opinion. (sorry Libertarians, I'm doing this for effect!)
The real reason crypto is becoming a thing is because of timing.
Isn't that how things happen, when the timing is right and all things are in place, someone starts something?
The timing is in my opinion includes - 1.The maturing of the platform of the internet, there is connectivity and it is stable. High uses of personal computers (meaning handheld phones capable have a penetration of 35% of the worlds population.) You can do peer to peer transactions with efficacy here. 2. Excessive fees for transference of money - For normal people, wire transfer is not an option. How do you get money owed to your parents in Italy? Either you send it by Western Union which costs 15 to 20% or you take a risk with another means. So the banks, with the lines, and the fees, and the Jamie Dimons, have created and environment rich for change. 3. Blockchain came first, then the first Bitcoin came second - The creation of blockchain was revolutionary and finally made possible a method to validate transactions and make them immutable and highly efficient without someone physically validating it. It also provides what is so far with todays technology, impossible to hack or "change" the ledger. Once it is transacted, it is completed on thousands of separate but identical files across thousands of independent servers. 4. In one of my friends investments, he required that the company undergo a certified audit by a known accounting firm of which he paid for. $10,000 for this eventual positive audit, with a signature at the bottom. What did he pay for? What did I get for $10K? A PDF FILE WITH SOME ACCOUNTANTS SIGNATURE! NOTHING MORE! NOT EVEN A KOZY CUP! What did I pay for? Something virtual? he paid for validation that the ledgers in that company are true, and that no one else lays claim, and that if he buys that company, the books are right. With Crypto that have been validated by miners, I lay claim and own a virtual ledger, an IOU of sorts that is guaranteed to hold the # of coins. No one can dispute that. It is exactly what value I put into a non-physical audit. Anyone that tells me how can a crypto hold value, I tell them that they do it everyday with current systems in software, audits, purchase of data, etc. 5. The best thing that can happen and the biggest challenge of crypto now is to make it mainstream. How? To have government regulations on it. I would welcome the US to say that they will regulate it. This will be the friction for the next couple of years in ADOPTION rate. 6. Mr. Wells Fargo, sorry Merrill Lynch tomorrow would sell you a fund if he had it if his company provided it. He would be marched into a meeting, be introduced to it on a powerpoint, and would be given orders to sell x amount over the next Y days. They would spend a half day on how to sell it and how to 'splain it to the Todd and Mark's of the world. They would say in their sales speel - " this should have a place in your portfolio to counter both inflation as well as put it in the far end of high risk/high rewards" Then he would call you. 7. Jamie Dimon recently said that crypto was crazy. No shit? He is the guy that is THE MAN with the status quo. This is a technology game changer. He has $28 million dollar salary reasons why he likes it the way it is. It is you and I that has to put up with the transfer costs, lack of them to desire to loan money because the US government has their downside. That is an easy job.
My take? 5 years from now, crypto will be regulated (I separate this from ICO coins) and used in the current big big big money transferring systems of the world like swift. Swift will use BTC after they take the money on the "on ramp" and easily buy btc....transfer the money to the other side of the proverbial pond.....sell it to the fiat currency of that place and it takes seconds and not days to do the ledgers. The cost is 1/50th and the consumer in the end will see some savings and improved service, and the banks will make more money in margin!
Phew..... Your broker is well intentioned but I promise you he knows less that you do. He is just a salesman.
submitted by DrSwammy to CryptoCurrency [link] [comments]

Relatórios de Bancos sobre Bitcoin

Se estiver faltando algum é só enviar o link
submitted by brasilbitcoin to BrasilBitcoin [link] [comments]

Blockchain confirmation time a liability?
I found a paragraph on the Merrill Lynch report on bitcoin that I could not understand. Page 6, 2nd paragraph.
"A 50 minute wait before payment receipt confirmation is received will prohibit wider use. Fifty minutes is the time needed for enough additional blocks to be added to the chain to protect against double spending. This is less of an issue for two parties that know each other because they trust the other will not double spend, but when dealing with an anonymous counterparty this creates a high level of unhedgeable risk. As a result, in the absence of a central counterparty verifying transaction/clearing Bitcoin is likely to remain illiquid, and will prevent it from becoming a significant international currency."
How is this an unhedgeable risk?
submitted by Bharatagarwal to Bitcoin [link] [comments]

Bitcoin trading banned by Merrill Lynch Merrill lynch bans bitcoin investments and the sec warns cryptocurrency investors Today in Bitcoin (2017-07-25) - Merrill Lynch & More Options Bitcoin Surges Back! 3 Small Caps I'm Buying For 2018, Merrill Lynch, Coinbase - CMTV 118 Bitcoin ban is bad for Merrill Lynch: Bart Chilton

Merrill Lynch is not bullish on Bitcoin….or is it? • Jan 3, 2018 Wall Street Journal article: • Merrill Lynch has blocked clients and financial advisers who trade on their behalf from buying bitcoin, citing concerns Jan 3, 2018 Wall Street Journal article: • Merrill Lynch has blocked clients and financial advisers who trade on their behalf from Why Merrill Lynch's Bitcoin ban is likely to continue 13 AUGUST 2018 M. Ridgway Barker PARTNER US CATEGORY: BLOG CLIENT TYPES: HIGH-NET-WORTH INDIVIDUALS TECHNOLOGY PUBLIC COMPANIES PRIVATE COMPANIES This article was initially posted on August 13, 2018 by Financial Advisor IQ and features Withers' Corporate Partner, Ridge Barker. Last week, the SEC delayed any ruling that would let Cboe ... Etwas später wird Merrill Lynch für 50 Milliarden US-Dollar verkauft an die Bank of America. 15. September: Es ist ein Schwarze Montag. Nach der Pleite der US-Investmentbank Lehman Brothers regiert blanke Panik. Dann kommt die Nachricht, dass auch der „Reserve Primary Fund“ illiquide ist. Die Börsen befinden sich im freien Fall. Um wenigstens die Geschäfte am Geldmarkt einigermaßen am ... PDF Bitcoin is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a Bitcoin investment from the standpoint of a U.S.... Find, read and cite all the research you ... Bitcoin is in fact a, or may be considered as a, currency. Until now, we cannot observe that Bitcoin ful lls the main properties of a standard currency. It is barely accepted as a medium of exchange (e.g. to buy some products online), it is not used as unit of account (there are no nancial statements valued in Bit- coins), and we can hardly believe that, given the great swings in price, anyone ...

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Bitcoin trading banned by Merrill Lynch

Fmr. Commissioner of the U.S. Commodity Futures Trading Commission Bart Chilton on Merrill Lynch blocking bitcoin trading and companies changing their name t... As #MerrillLynch plans a path for Bitcoin's global legitimacy, the #SEC has issued an investigative report today that concludes that the Digital Asset "DAO ICO Tokens" were indeed Securities ... FBN's Cheryl Casone on Merrill Lynch's decision to ban bitcoin trading due to the risks. Like all good altcoin parties, BTC decided to step in and cool things all. Today we're talking about how this impacts altcoins and 3 of my favorite small cap coins for 2018. Free Course - How To ... Donate Bitcoin: 1NX6ijFGErktMGNYUHayD5iHDcZSFHdAwe Be a Patreon: Merrill Lynch Plots Bitcoin's Path to Global Legitimacy ...