News

See the big tech boys joining the fun one by one.

Asus Announces New Graphics Cards Focused on Cryptocurrency Mining

One of the world’s largest technology hardware makers has announced new graphics cards (GPUs) aimed at the cryptocurrency mining market.

Taiwan-based manufacturer Asus revaeled the Mining RX 470 and Mining P106, which were designed to handle the energy and heat intensive process of mining. Though not expressly pitched as such, the release is undoubtedly aimed at capturing some of the interest in mining ethereum. Bitcoin mining, by comparison, has evolved to a stage in which application-specific integrated circuits, or ASICs, are required to compete.

Cryptocurrency mining is a process by which new transaction blocks are added to the distributed network. When this happens, new blockchain tokens are introduced to the system and awarded to the miner as compensation – in this case, a profit is achieved when the cost of electricity and the operation itself is lower than the revenue generated by selling those tokens.

According to today’s Asus announcement, the new cards are “engineered especially for coin mining, positioning the products as capable of providing “maximum mega hash rates at minimum cost”.

Interest in cryptocurrency mining has led to reported shortages of GPUs in the global market. One hobbyist miner recently told CoinDesk that local tech stores have run low on the cards, adding that online marketplaces like Newegg, Amazon and eBay, among others, are also largely out of stock.

It’s a situation that echoes the earlier “GPU rush” from 2014, when mining activity around alternative cryptocurrencies like dogecoin and litecoin led to similar price increases and a decline in available inventory.

Shortages aside, ethereum network data suggests that more hash rate is coming into ply as time goes on.

According to  etherchain.org, the mining difficulty – which rises as more hashing power is brought online – nearly tripled from 27th April to 27th June.

The RX 470 will be available worldwide, according to Asus, while the Mining P106 card will be available in China and Eastern Europe only, beginning in July.

 

Forward from: coindesk.com, Chuan Tian, Asus Announces New Graphics Cards Focused on Cryptocurrency Mining

Experience does matter.

I really hope you get it.
Makes my day indeed.

Oh by the way
I am looking for a bitcoin developer
With at least ten years blockchain experience.

VISA Looking for an Ethereum Engineer, Wants Eight Years’ Experience

Credit card giant VISA is looking for an experienced blockchain engineer with a focus on Ethereum. However its ideal qualification requirements will narrow the field significantly.

VISA’s ad is for a “BlockChain Engineer” at its Product Development & Management section in Foster City, California. The job description is initially broad, working on “emerging technologies” and building proof-of-concepts. It later focuses on developing distributed apps (Dapps).

The company appears specifically interested in an Ethereum blockchain engineer. The exact wording (with grammar and punctuation errors intact) reads:

“We’re seeking a strong developer experienced with Ethereum and blockchain architecture to be a part of team tasked with building distributed application. Our ideal candidate has built and released distributed applications, has worked with the Ripple, R3, Ethereum and/or Bitcoin blockchain, and has experience with Solidity,”

It’s a good sign for Ethereum that a large financial institution like VISA is looking to develop on its platform. While the Enterprise Ethereum Alliance already has plenty of major corporations as members, it’s another win for public blockchains over private.

VISA Wants What Qualifications?

The “qualifications” section is an interesting read. Among the requirements are: a BS in computer science, hands-on blockchain technical experience, and 2+ years of experience with distributed software development.

ethereum logo grayIt also wants “Enjoyment of the wild startup rodeo. Yee haw!” and most curiously of all, “Total Industry experience myst be 8+ years” (sic). As well as all that, it wants someone with “experience in trade finance, equities, payments processing, wholesale credit”.

Phew.

From the advertisement’s wording, it appears VISA’s HR department at least has little knowledge of blockchain or Ethereum.

“Total industry experience” probably refers to the IT industry rather than Ethereum or even blockchain. Ethereum was proposed in 2013 but only went live in 2015. Bitcoin itself, with the original blockchain, has existed for just over eight years.

All Interested Applicants Should Apply Anyway

Job ads are also notorious for being overly-ambitious with requirements. We’re sure VISA would accept a candidate with fewer years in the industry, but with a thorough understanding of Ethereum.

VISA infinite privilege card
image source: VISA

Asking for a candidate with experience working with Ripple, R3 and/or Bitcoin would also narrow the field considerably. As ZeroHedge put it, “we are confident compensation will be generous”.

Or as one Reddit commentator also noted, “if you have been doing this for 5+ years, you’re probably a millionaire already”.

Anyone with experience in the cryptocurrency industry will tell you many of the developers (and experts) are quite young. Or in any case, too young to have the experience VISA describes. In the end, the company will probably settle for expertise and/or personal marketability.

Our recommendation is that anyone who wants to be a blockchain engineer and receive a big finance salary should have a shot. The blockchain gold rush is not over just yet.

 

Forward from: Jon Southurst, bitsonline.com,  VISA Looking for an Ethereum Engineer, Wants Eight Years’ Experience

 

Believe it or not, now India?!
They used to ban it, at least in 2015 as I could recall.
Maybe they think they might as well legalise bitcoin so that they can impose taxation on it!
Money talks bullshit walks.

Suddenly, Bitcoin to Be Officially Legal in India

CNBC India has revealed that the Indian government committee has ruled in favor of regulating Bitcoin.

On April 14, Cointelegraph reported that the Inter-Disciplinary Committee within India’s Ministry of Finance was actively investigating the legal status of Bitcoin and considering the possibility of regulating the market.

Efforts of Indian Bitcoin exchanges

Over the past three years, the big three Indian Bitcoin exchanges including ZebpayCoinsecureand Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market.

The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency.

On March 24, Cointelegraph reported that Kirit Somaiya, a member of parliament of the ruling BJP in India, was harshly criticized for his description of Bitcoin as a Ponzi scheme.

In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin.

The legalization of Bitcoin in India

In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.

Kalra said:

“Finally, something positive for the industry. Authorities are now taking this technology seriously. We have been trying to get their attention for years now. I am glad it’s all happening at the right time. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months.”

On June 20, CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term.

Prior to the announcement of the Indian government, Chris Burniske, ARK Invest’s crypto lead, noted that the trading volumes in India have been on the rise. Burniske previously revealed that the Indian Bitcoin exchange market is responsible for processing around 11 percent of Bitcoin-to-USD trades.

Hello #India?? we’ve been expecting you! Very curious to see where this goes for #bitcoin. h/t @BKBrianKelly pic.twitter.com/9uacy5GZH9

— Chris Burniske (@ARKblockchain) June 15, 2017

The legalization of Bitcoin in India is expected to further increase trading volumes and Bitcoin activities in India by significant margins.

 

Forward from : Joseph Young, Cointelegraph.com, Suddenly, Bitcoin to Be Officially Legal in India

A day to remember: 22nd May 2017

What a day
What an event
For Blockchain technology
This is for all of you who love blockchain!

A day to remember: 22nd May 2017
The BrandLaureate Best Brands Award 2016/2017
IT Blockchain Winner:
World Blockchain Foundation
Bitcoin World Tour

When blockchain technology gets mainstream attention.
Jack Liao of Lightning Asic on stage with Bitcoin Ambassador Lee Willson to receive this prestigious Award.
A physical bitcoin was presented as a very valuable souvenir to the organisers as a token of appreciation.

Beating Buffett Series

Investors Alert!

Now not only bitcoin is down, most of the major cyptos are also down, signifying capital withdrawal from the crypto market.
So for those who have been waiting for a good chance to go in, this could be a suitable period.
Transfer your fiat into the exchanges and get ready for some good buys.

For those who are starting to learn about bitcoin
And those who are concerned about important dates
Like birthdays, Christmas, new year, Valentine’s…
Bitcoin does have its very important days to celebrate too

Celebrate bitcoin’s milestones on these holidays

Bitcoin has already begun to radically change how people transact. Wondering how we got to where we are today? Here are a list of bitcoin’s milestones to date that have helped define the ecosystem and build a new financial future for millions across the globe.

Bitcoin’s White Paper – October 31, 2008

Bitcoin’s initial round of exposure to the world was an academic paper called “Bitcoin: A Peer-to-Peer Electronic Payment System”. Written by an unknown person or persons using the alias Satoshi Nakamoto, the paper laid the groundwork for the digital currency and the peer-to-peer decentralized payment network that powers it all. It’s been speculated that Halloween was intentionally chosen as a release date.

The Genesis Block – January 3, 2009

A few months after the release of the White Paper, Satoshi mined the very first bitcoin block, which was the first evidence of activity recorded on the block chain. This activity, referred to as the Genesis Block or Block 0, is commonly celebrated as the other half of bitcoin’s birthdate; the White Paper being the initial half. Both being important milestones, Block 0 represents the genesis of bitcoin in action. The first official bitcoin transaction followed soon after, with cryptographer Hal Finney receiving a total of 10 BTC from Nakamoto on January 12, 2009.

Bitcoinween – October 31, 2014

During 2014’s spooky season, a contest dubbed “Bitcoinween” was organized by our very own Nicolas Cary. The pumpkin carving contest put the spotlight on bitcoin-accepting nonprofits, with Cary donating $500 in bitcoin to the contest winner’s nonprofit of choice. While Bitcoinween was only a one-year event, one thing is clear: bitcoin is an epic transaction medium for nonprofits.

Bitcoin Pizza Day – May 22, 2010

Source: news.bitcoin.com

This holiday generates quite a bit of buzz on social media each year. Despite what a quick Google Search might lead newer users to think, this bitcoin milestone didn’t kick off because we’ve got some strange pizza fetish. The truth is that pizza was the first documented purchase of a good with bitcoin.

In May of 2010 BitcoinTalk.org user Laszlo posted an offer to pay 10,000 BTC to anyone who would order him two pizzas. At the time, bitcoin was still in its infancy and hadn’t been used for purchasing much of anything. On May 22, Laszlo’s offer was accepted and his bitcoin-for-pizza transaction marked the very beginning of bitcoin’s use potential as an everyday currency. The 10,000 BTC transaction was only worth $41 USD at the time, but now it holds a value of over 20 million dollars.

Fast forward to today, there are plenty of ways to buy yourself a slice of cheesy goodness, like Pizza For Coins, or through gift card e-tailers eGifter or Gyft. Thank you, Laszlo!

The Halving – once every four years

Illustration of a rocket awaiting launch with a countdown and stats on bitcoin's 2016 halving.
Source: thehalvening.com

Halving is a part of the bitcoin mining process. In short, bitcoin miners are rewarded with bitcoin for each block of transactions they validate. How much they receive is divided in half during the halving, which occurs about once every four years (or once every 210,000 blocks). To date, there have been two halvings. The first was in November 2012, which reduced the reward from 50 to 25 BTC. Last year, gatherings around the globe celebrated the second halving event, which saw it reduced again to 12.5 BTC.

The reward halving makes bitcoin increasingly difficult to mine. As its demand and utility also rises, this creates scarcity, which can have a significant influence on bitcoin’s market value.

And there you have it, a quick and (hopefully) insightful primer on  bitcoin’s milestones that have inspired parties, fundraising efforts, and a worldwide pizza party that’s been happening on the same date for the past 7 years.

 

Original from: Celebrate bitcoin’s milestones on these holidays, Alyson, blog.blockchain.com

A nice write-up by Mr Arthur Hayes of Bitmex:

In Defence of ICOs

The ICO mania elicits strong emotions from many market participants. Digital currency industry insiders and outsiders heap a constant stream of invective upon the ICO industry. While I believe the majority of ICO issues are worth close to zero, I do not dismiss the importance of this new mode of financing. In fact, I like many, believe the ICO phenomenon is part and parcel of the move to democratise financial services.
Professional Money Managers

The asset management industry comprised of hedge and venture capital (VC) funds began in earnest in the late 1960’s and early 1970’s. Labor’s victory over capital produced high union membership and demands for pension schemes in the public and private sector. That produced huge pools of investible capital worldwide, and especially in America.

In 1971 Nixon untethered the greenback from gold, and began the government issued fiat money bonanza that is still with us today. Alongside that, advances in technology produced the first commercial mainframes, which transformed financial markets and birthed many of the technology companies still in existence today.

Professional money managers were needed to allocate the vast amount of capital now available. Due to the large amount of dry powder available, VC investors could invest in companies with unproven technology and no operating experience. Traditional banks would never loan to such outfits.

Proliferation of VC funds helped provide funding for most of the technology that we enjoy today. VC funds take an extreme amount of risk, and the successful shops are rewarded with amazing returns on investment.

The vast majority of the world cannot invest in a technology firm before the company goes public. VC funds only take investments from large public or private pension funds, and or very wealthy individuals. The public markets previously were the only place regular individuals could invest. Once a company is public, the risk is lower and so is the return.

A large percentage of the world is financially repressed due to low interest rates. The scramble for yield has pushed valuations to extreme levels for private and public companies. Many small and medium investors want to get in on the VC game, but cannot due to regulations and access. ICOs will change that.
ICO or VC Funding?

Why would a talented team choose to ICO their product over selling equity in their company to a VC?

Speaking from experience, raising money is a full time job that distracts key members of a team from producing a good product. Most VC investors are sheep, which is why most firms lose money. They will only commit capital to fashionable sectors or business models. Career risk prevents most managers from taking bold risks. If you lose money with everyone else, you keep your job. If you lose money alone, you’re out on the street. If your product idea or business model is not sexy, you will not receive funding.

The ICO process is much simpler and generates more publicity for a product. Instead of selling equity in the company producing a piece of technology, the ICO sells an interest in the usage of the product itself.

Your intended user base can now own a piece of the product. That not only incentivises them to use it, but to tell others about it as well. Contrast this to VC funding, which generates a nice blurb on DealBook, but your target consumer is no more incentivised to use or talk about your product.

Because subscription for the ICO and distribution of the tokens is completely automated, it removes the investment banks from the capital raising picture. Investment banks typically charge between 3% to 7% of a traditional IPO’s deal size as a fee. That does not include payments to the hordes of lawyers needed to launch a deal.
Security or Token?

Breaking securities laws in many jurisdictions will land you in pound-me-in-the-ass prison. That is why teams issuing ICOs structure their tokens so they will not be construed as a security.

It is a token because it derives its value strictly from usage natively in an application(s) or protocol. Without properly functioning technology, the token is fairy dust. There is no ownership in the company producing the token, nor any income stream.

By lowering the barriers to obtaining funding, the masses can now participate in early stage and risky technology projects without the need for traditional gatekeepers. No gatekeepers means no fees to underperforming asset managers, banks, and most importantly regulators. Some governments will embrace ICOs, many will staunchly oppose them.

Swiss regulators are becoming relevant again by blessing the token structures of many high profile projects. However, the spineless Swiss turned rat on Americans with supposedly secret bank accounts. If the jealous American regulators start actions against high profile projects blessed in Switzerland, will the Swiss stand up and fight, or kiss the ring like they have in the past?

Teams should polish up on their soap handling skills, for some might spend a few nights in Rikers.
Shitcoin or Supernova?

Armed with a slick website, any two-bit charlatan can seduce money from desperate investors from the comfort of their parent’s basement. Early stage technology projects are inherently extremely risky. There is no proven market or use case for many of the projects coming to market.

The vast majority of tokens are worthless. However, diversification is prudent. If you hit one Ethereum, you can stomach many DAO’s.

The question is how to choose which projects will survive. The need for an expert opinion to help retail investors wade through a sea of shit will be needed. Firms that proport to conduct “research” will begin to produce ratings on projects they deem likely to survive. Many former tech analysts at banks and traditional research houses will transform into ICO analysts.
Hot or Not?

An ICO trader’s time horizon is in a matter of months. If they can get an allocation of the hot deals, they can easily flip them quickly for 50x to 100x returns.

During that time span, it is very difficult to surmise if the project will obtain mass adoption. The success of this strategy depends on a trader’s read on market sentiment, and access to favorable terms on deals.

For those who can’t feel the market well, lengthen your investment time horizon. The gyrations of the price during a less than 1 year time horizon are irrelevant if the technology is actually mass adopted.

Doing actual analysis and engaging in critical thought makes you more of an investor than a trader. Successful investors will hit 10,000x return jackpots over multi-year time frames, that traders would have exited at 100x within a few months.
Insider Trading

Being a successful trader means that you have better information and or access than the majority of the market. The digital token trading markets like traditional forex markets are not regulated, and will struggle to be. Therefore, if you can’t stomach insider trading, then don’t take on short-term positions.

Digital currency influencers and insiders are given discounts or guaranteed allocations so that they will publically lend their name to a project. Sometime exchanges are paid to list certain ICOs on their secondary markets. In other instances, exchange principles acquire a coin OTC, then list it on an exchange they control. Then they dump the shitcoin on unsuspecting newbie traders.

The existence of insider trading does not detract from the usefulness of ICO financing. The digital currency markets are the purest and freest form of trading available today. That is why I love working in this industry.

If insider trading were allowed in all asset classes, price discovery would be continuous. Otherwise the minority that trades using inside information earn above average returns because the plebes are stuck watching Jim Cramer for investment tips.
Onwards and Upwards

Unleashing the power of the 90% of the world’s population that is not served by the traditional financial services industry will be a chaotic experience. There will be booms and busts. The current exuberance borders on manic, but I wouldn’t short it.

The age of the expert is waning. Succeed or fail, adults are making free and clear decisions about how to allocate their precious wealth. If you don’t like it, I hear Bernie Madoff has a nice regulated vehicle open for investment.

After governments and banks
Now the trend has spread into messengers
Very soon more will join this crypto wave
Don’t believe? Just watch this space.

A “Kik” Forward in the Decentralized Chat World

Globally, chat continues to soar in popularity as a means of communication. Founded in 2009, Ontario, Canada based Kik Interactive, Inc., is one of many firms offering a connection to this world. The company is creator of Kik, a platform popular with U.S. teens where individuals can chat with friends and engage with chat-based services.

Recently the company announced the launch of Kin, a cryptocurrency that will serve as a foundation for a decentralized ecosystem of digital services. Kin will be curated as an ERC20 token on the Ethereum blockchain and will be used on Kik as the primary transaction currency.

Digital services, like chat apps and social platforms, are capturing the world of communication, information, and commerce in new and innovated ways. For future generations, this will be a natural and core aspect of their daily lives. At the same time, growing aspects of these services are controlled by fewer and fewer companies, leading to less innovation and choice. As a result, decentralization is increasingly being seen as a sustainable way forward.

BTCMANAGER reached out to Ted Livingston, founder and CEO of Kik, via email and he had this to say:

“Kik believes that Kin can bring together a broad group of participants to create an open ecosystem of digital services that prioritizes consumer experience and choice. As a leader in the chat space, we want to bring a fair and sustainable model for digital services to the market and fuel an alternative ecosystem for communications, information, and commerce.”

Envisioned as universal cryptocurrency for daily use in our digital lives, Kik believes that its millions of monthly active users will help drive mainstream consumer adoption of Kin, establishing demand and fundamental value for the cryptocurrency. This native integration Kin into the Kik app, positions it to become one of the most adopted and used cryptocurrencies in the world.

Via the Kin Rewards Engine, Kin will be populated into circulation as a daily reward, distributed among stakeholders by an algorithm that reflects each community’s contribution to the overall ecosystem. This foundational structure will create a natural incentive for owners of other digital services to adopt Kin and become partners in the Kin ecosystem. Over time, this Kin Engine will be employed as a fully decentralized system based on smart contract technology.

The Kin Foundation, envisioned as a non-profit governance body for the Kin Ecosystem has also been created. Its mandate is to foster an open network of digital services that consumers can easily embrace and find value in. Moreover, it will offer developers an open and sustainable platform to develop, enhance and monetize those services.

As the Kik project advances, the Kin Foundation will oversee the transition of the Kin Ecosystem to a fully decentralized model that operates with no assistance from Kik or any other entity. As a first step toward open governance, Kik will open source all of its client and server code, and will support others in building comprehensive digital services with integrated transaction economies.

“We believe cryptocurrency is the next important business model innovation in tech,” said Fred Wilson, partner at Union Square Ventures and Kik board member. “Kik will be the first mainstream application to integrate a cryptocurrency. This could be a watershed moment for the blockchain sector.”

Livingston, the aforementioned CEO of Kik, says he started the company with a small group of University of Waterloo students. “At the time, chat between Blackberry, Android and iPhone users was not possible, so we wanted to break down barriers and build a company that would allow users to chat with whoever, whenever. We thought chat would be much bigger than talking to your friends and have had the vision of becoming a chat platform since day one.”

He says that he’s always been interested in new technologies and how they can change the world. This philosophy helped him discover bitcoin in 2011. “Since then, we’ve seen digital services bring together communications, information, and commerce in new ways, and an increasing number of digital services are controlled by a decreasing number of companies. This consolidation can have negative impacts on user choice and privacy, developer monetization, and industry innovation.”

Concludes Livingston:

“The blockchain and related technologies offer the opportunity to create a fair and open ecosystem that supports diverse participation and innovation. Kin, I believe, is a first step to launching a decentralized ecosystem of digital services that’s both open and compelling.”

 

Original from: A “Kik” Forward in the Decentralized Chat World, Micheal Scott, btcmanager.com

It used to be only Bitcoin
But now others are making their presence felt too
Besides Ether there are also DASH, Monero, Zcash, Litecoin, Ripple and ETC, all becoming popular.
Face it, we will be eventually live in a world of crypto currencies.

BitCart Removes “Extremely Problematic” Bitcoin, Enables Dash Only

 

Irish gift card platform BitCart has announced its decision to disable Bitcoin from its platform and accept Dash orders only. This comes in the wake of extremely slow bitcoin transaction confirmations and settlement speeds, which were “crippling the company’s ability to provide a 24 hour turnaround to its customers.”

BitCart CEO Graham de Barra said: “Dash is by far the best e-commerce token in the world and it completely solves the instant transaction and settlement problems bitcoin currently faces. Since we integrated Dash six weeks ago, we haven’t had a single problem. Dash is so easy to use from both a consumer and merchant perspective and since we disabled bitcoin, demand for BitCart has gone through the roof. Dash can handle incredibly high volume of transactions; in fact there doesn’t seem to be a limit, and every order is seamless.”

In some cases, Bitcoin orders were taking three weeks to verify and settle.

“From a merchant’s point of view, bitcoin is extremely problematic. The backlog is vast and transactions speeds are terribly slow. I had to wait three entire weeks to fill two customer orders, simply waiting on the bitcoin network to clear. Bitcoin as a method of payment on BitCart is simply not sustainable and it’s a nightmare from a merchant point of view; every twenty or so transactions the platform would stop working and we would have to reintegrate the API.”

Dash VP of Business Development Daniel Diaz said: “It’s a very promising sign to see Dash being used more and more for added value applications, especially in the payments space. Confirmation times and fees are very important issues in the industry right now, and Dash offers a much superior user experience than bitcoin. We expected the demand for BitCart to soar once Dash was integrated, and even more so once it became exclusive on the platform. We have a vibrant and growing community with a strong appetite for gift cards, a strong appetite for savings, and a willingness to spend in a timely and cost effective manner.”

Diaz added: “Dash is expanding at a rapid pace as the network promotes itself in ways that are only possible in a self funded decentralized organization. As more and more people learn about Dash, services like Bitcart will grow in popularity and it’s great to see companies in the ecosystem do well as this invites other businesses to also adopt Dash.”

“I love that Dash invests in its own development, and invests in the development of services that use Dash through their unique funding model. Bitcoin has a severe lack of investment into its development and merchant tools, and that’s why we are leaning towards keeping bitcoin disabled on BitCart long term. The community want Dash to be the only thing to be used on Bitcart. It’s in the name, plain and simple, its digital cash, and Dash is king,” de Barra said.

 

Original from : BitCart Removes “Extremely Problematic” Bitcoin, Enables Dash Only, Avi Mizrahi, financemignates.com

First they say it’s a scam
Then they say it’s risky
Then they advise to stay away

Now they say they want to build a better one
Great.

Russia wants to build a better bitcoin

The Central Bank of Russia has plans to introduce a national cryptocurrency of its design, according to Deputy Governor Olga Skorobogatova.

“Regulators of all countries have come to the conclusion that it is necessary to do a national virtual currency. This is the future. Each country will decide the issue of a specific time and maturity independently,” said Skorobogatova, speaking at St. Petersburg International Economic Forum (SPIEF 2017).

Skorobogatova said testing of a national virtual currency has already taken place on the Masterchain and Hyperledger platforms.

She added that the details of the project could be revealed in two to three years.

While Russian officials have been divided on cryptocurrencies, the technology has been backed by the financial sector, most notably by Herman Gref the head of Russia’s largest lender Sberbank.

During the Forum, First Deputy Chairman of the Bank of Russia Sergey Shvetsov also said that one of the Russian stock exchanges is planning to allow trading in virtual currencies.

“There is a discussion whether it is a commodity or not,” he told RIA Novosti.

Cryptocurrencies could be recognized in Russia by 2018, said Deputy Finance Minister Aleksey Moiseev in April. Although he expressed concern about the anonymity of transactions.

“The state needs to know who at every moment of time stands on both sides of the financial chain,” Moiseev said in an interview, as cited by Bloomberg. “If there’s a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations.”

 

Original from : Russia wants to build a better bitcoin, www.rt.com