[2017-06-29] Blockchain for Bankers & Bitcoin Speculators

[ivanpoldark]

By now, most technically minded people agree that blockchain technology is good. The big question I’ve been asking myself lately is…. good for who?

The blockchain was developed to level the playing field between Wall Street and Main Street and through the power of the Internet narrow the gap between rich and poor.

However, lately, it seems that cigar smoking banksters of the world are getting their grubby hands all over the blockchains in ways that are a bit unsettling.

Just yesterday, it was announced that IBM will be taking charge of an ongoing project known as HyperLedger, which is Wall Streets version of a Blockchain for Bankers.

IBM has a particularly nefarious history when it comes to misusing technology, but that was a long time ago. We sincerely hope that they’ll get it right this time.

–Mati Greenspan
eToro, Senior Market Analyst

Please note: All data, figures & graphs are valid as of June 29th. All trading carries risk. Only risk capital you can afford to lose.


Bitcoin Bounce

It looks like the bitcoin dip did indeed find some major buyers but not the usual kind. Looking at the volumes over the last 24 hours we can see that the number one customer is the Korean exchange bithumb.

This is the first time that I’ve seen the Korean’s trump volumes of Poloniex.

We need to keep in mind that at this time Koreans do not have any practical use for bitcoins. They don’t have many stores that accept them, and the new government has more important things to deal with at this time than a regulatory framework for digital assets.

The only country that does have a rapidly growing number of vendors accepting bitcoin is Japan. As we can see above, bitFlyer is currently number 10. Not that they’ve gone down recently, but they certainly haven’t increased their buy orders since the peak.

Therefore, we can probably conclude that the reason bitcoin has been rising lately is due to speculation. Now, that’s not necessarily a bad thing, just something to keep in mind.

As always, please feel free to contact me directly with any questions, comments, and feedback. Have a spectacular day ahead!

https://hacked.com/blockchain-for-bankers-bitcoin-speculators/+&cd=2&hl=en&ct=clnk&gl=ua&client=firefox-b-ab

[aso118]

There isn't any *one* particular blockchain which would get tainted because it has been eyed by bankers. This is technology. Bankers can adopt it and make use of it, just like anybody else.

[d5000]

The only country that does have a rapidly growing number of vendors accepting bitcoin is Japan. As we can see above, bitFlyer is currently number 10. Not that they’ve gone down recently, but they certainly haven’t increased their buy orders since the peak.

Therefore, we can probably conclude that the reason bitcoin has been rising lately is due to speculation. Now, that’s not necessarily a bad thing, just something to keep in mind.

Yep, speculation - in my opinion, fear of missing the "Segwit2x" train that could bring Bitcoin up to $5000. But no massive buying still because uncertainty is still high.

As the article mentions Japan as a growing market, it's time for another reality check. About two months ago, I checked the number of nodes located in Japan and it was stable between 80 and 90. Now, we have 89 full nodes in Japan. Still not what I expect from a "Bitcoin country" (Germany and France have more than 500 nodes, and they have much less inhabitants than Japan). So the "Japan growth" is still purely speculative, too.

[bitart]

There isn't any *one* particular blockchain which would get tainted because it has been eyed by bankers. This is technology. Bankers can adopt it and make use of it, just like anybody else.

The technology (blockchain) is there and known for bankers too. But banks haven't decided yet about the best usage of this technology. They are developing and testing systems, but it seems that they haven't found the proper system to implement the new solution.
Bitcoin is not suitable for them, because of the decentralized model. They need a centralized system, because of the control.
They can implement a new solution for micro payment (international and domestic as well), because Paypal, WesternUnion and the others are really pricy with the help of blockchain systems.
And on the long run, blockchain based solution could eliminate the bank cards, people will use their smartphones to pay with NFC with the help of a blockchain network.

[digaran]

And we should care for IBM launching hyperledger because of what exactly? Korean are using it to earn their own profits so as every body else, it just shows how good Bitcoin is working as it was intended to, being a totally decentralized currency giving every body regardless of their age or gender the freedom over their money, you can't have that and also have the ones you don't like out of it.