Please share if you find this article interesting. Fake ICOs, Common Crypto Scams and How to Avoid Them The cryptocurrency world is full of stories of people who are either getting hacked for their precious digital currencies, or they are falling into scams and traps. Because of the decentralized and open nature of the cryptocurrency world, protection is not freely offered. Users are rather expected to be savvy enough to not fall for scams and traps, but that takes some work. Below are a number of notable types of scams and some tips on how to avoid them. Fake ICOs The ICO market and its related frenzy have been unprecedented in recent times. As a crowdfunding exercise, companies have seen millions of dollars roll in in a matter of minutes as people look to invest in the latest s...
Please share if you find this article interesting. Bitcoin ‘Trying to find Stability’: Allianz's El-Erian Softens Stance on Crypto Allianz’s chief economic adviser Mohamed El-Erian has joined Bitcoin skeptics appearing to soften their stance on the cryptocurrency. In a manner similar to JPMorgan’s Jamie Dimon, El-Erian, who previously stated Bitcoin should be worth 50 percent of its value, told CNBC it was “trying to find stability.” “...It's more of a commodity than it's a currency," he said, comparing Bitcoin to a commodity rather than a currency. As Bitcoin reaches new all-time highs of $7,500, bubble concerns many expected are taking a back seat in light of a key decision by Wall Street giant CME Group to offer Bitcoin futures trading by the end of 2017. When El-Erian made
Please share if you find this article interesting. The What and Why Bitcoin Price Reached $7,000 This week, Bitcoin price, on its usual upward trajectory, barely blinked as it smashed through the $7,000 mark. The Bitcoin community obviously celebrated as the king of digital currencies shows no sign of slowing, but what is behind this latest rally? The biggest factor behind the rally was the announcement of Chicago Mercantile Exchange’s decision to offer Bitcoin futures. Firstly, what is a Bitcoin future and why is it causing such a buzz on main street, Wall Street, as well as on the Bitcoin price. Banking on what lies ahead Futures are an essential part of mainstreet trading and investing; however they are also reserved for more steady and less volatile assets. Now, with this dec
Please share if you find this article interesting. Credit Suisse CEO Has No Appetite for Bitcoin, Cries “Bubble” While the lack of regulation and use by criminals once formed the basis of attacks on Bitcoin, “bubble” is the latest condemnation used by skeptics. Credit Suisse CEO Thiam used the same logic to attack Bitcoin. Speaking at a news conference in Zurich, Thiam said: "From what we can identify, the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble." He went on to add that in the history of finance, such speculation has rarely ended well. Banks have no appetite Tidjane also pointed out that banks are regulated entities, with strict know your customer (KYC) norms and anti-money launde
Please share if you find this article interesting. Bitcoin May Change it All: Brief History of Interest, Inflation Interest is a subject with a very chequered history that today works hand-in-hand with inflation to control the world’s major economies. The story of interest is as old as that of money, but recently digital currencies have begun to add a major wrinkle. Once humans had invented currency to facilitate trade it became a common view that money effectively replaced the animals and cereal seeds for which it was exchanged and, therefore, should have similar properties of reproduction, i.e. increasing with time. This was all good and well as long as the currencies had the intrinsic value of the metals from which they were then minted. Religious influences Meanwhile, various
Please share if you find this article interesting. Vietnam Bans Bitcoin Payments, Global Markets Unfazed Four days have passed since the State Bank of Vietnam had announced that cryptocurrencies are illegal means of payment in the country. Prime Minister Nguyen Xuan Phuc, the official who shut down Bitcoin payments, has achieved his goal of building the new legal framework for cryptocurrencies in Vietnam. His solution? Ban all cryptocurrencies. Following Indonesia, Vietnam is the second country that officially banned digital currencies and their use as payment methods. However, since both Vietnam and Indonesia didn’t contribute too much to the overall trading volumes, their bans are expected to cause little effect in Bitcoin’s price. The fact that Bitcoin has reached a historic h
Please share if you find this article interesting. A Tale of Two ICOs: How Maidsafe, Tezos Endangered Own Projects With Critical Mistakes ICOs are experiencing a tremendous popularity boom right now, and many participants might think that the concept is a new one, when in fact it isn’t. Long before Ethereum-based ERC20 tokens began to be offered for sale, Ethereum itself was launched using an ICO. Many don’t realize that the history of ICOs goes even further back than this, though. Mastercoin Imagine that somebody tells you that a new cryptocurrency is about to be created that will enable the use of smart contracts and will allow people to create their own digital currencies. Sounds familiar? No, we’re not talking about Ethereum, but something called Mastercoin. Mastercoin was la
Please share if you find this article interesting. What Happens When Traders Quit Stock Exchanges for Online Trading Hong Kong’s stock exchange has become the first to close down its physical trading floor after 31 years. Because of the changing nature of markets, Hong Kong may just be the first of many to follow this route. The rationale behind the closure is, of course, the rise of electronic and Internet trading. According to the BBC, Hong Kong's stock exchange was home to more than a thousand floor traders at its peak. Now, its floor is being considered for renovation and subsequently will be turned into a space for conventions and exhibitions. What trading floor? Stock exchanges are crucial to their national, and indeed the global, economy. They allow stock brokers and trade
Please share if you find this article interesting. Californian Professor Prefers Central Bank-Backed Digital Currencies Over Decentralized Cryptocurrencies Well-respected University of California Professor of Economics and Political Science Barry Eichengreen has claimed that he favors the use of central bank-issued virtual currencies over decentralized cryptocurrencies. He added that the latter will not play a major part in the future of the financial sector. In his interview with CNBC, Eichengreen said that the central bank-backed digital currencies will streamline existing financial services, while the decentralized virtual currencies will be utilized in illegal activities that can adversely affect their mainstream adoption. “I think there is a role for central bank-issued dig
Please share if you find this article interesting. The Birth of an Asset Class: Expert Blog We have passed a tipping point for the evolution of Blockchain technology as the token universe moves firmly into asset class territory. The market has consistently held value in excess of $100 bln since the summer, with daily volumes in excess of $4 bln The rhetoric on Bitcoin has become more measured with broader considered views and a shift in focus to the potential of the technology Every day a stream of the large global corporates announce Blockchain initiatives The sophistication level of financial products providing Blockchain asset exposure is increasing As a former senior investment banker and having spent almost two decades focused on Asian equity capital markets, I am used to se...