You could be forgiven if noisy, opposing opinions on cryptocurrency from international banking and investment executives sounded more like a World Wrestling Federation match.
Our cryptocurrency news gathers a collection of these divergent, passionate opinions on digital currency investments and new blockchain business use cases from Wall Street to Main Street and around the globe. No holds barred.
Bitcoin Battles
Cointelegraph does a roundup of Wall Street’s opinions on bitcoin and they’re passionate, pro and against, and all over the place. Blackrock CEO Larry Fink is a “big believer” in the future of cryptocurrency but said today it’s dominated by speculators. Fink also said bitcoin points to the huge scale of the global money laundering problem.
At a Dublin conference of global bankers, Barclays Vice Chair, Jeremy Wilson expressed optimism about blockchain technology for the future. Avanza Bank, Sweden’s largest online stockbroker, now lets customers track digital coin assets in their accounts. The company’s Chief Economist, Claes Hemberg, was not consulted on the product and calls bitcoin “a pyramid scheme.”
Morgan Stanley CEO James Gorman likes its privacy and security and says bitcoin is “more than a fad.” John Normand, JP Morgan SVP compares cryptocurrency with “air miles.” SEC Chair Jay Clayton says he’s confident his organization can catch ICO bad actors.
Blockchain Business
Kik messenger, Munchee food reviews and Codemojo are just three apps using blockchain technology to help manage their business. Japan’s Ministry of Environment is using blockchain to track and manage a wild game problem. Singapore is testing blockchain technology to provide banking services to more than 19,000 unbanked migrants.
Business Insider posted an excellent overview of global banks exploring blockchain technology. New freelance platform Coinlancer hopes it can provide freelancers with lower fees and faster payments using blockchain technology.
Wall Street Great Bitcoin Divide
Where Wall Street was once a united front in running the financials of America, and to an extent, the rest of the world, it is suffering a polarization as Bitcoin disrupts opinions. As the digital currency keeps booming, investors, financial managers and major banking CEOs are finding themselves in different camps for different reasons. Those for it The most recent championing move for Bitcoin has come from Goldman Sachs, a company that has slowly come around to the digital currency, as they are exploring a new trading platform that would be centered on trading Bitcoin and Ethereum. Via cointelegraph.com
BlackRock CEO Larry Fink Is a ‘Big Believer’ in Cryptocurrency
In a new interview with Bloomberg TV, BlackRock chief Larry Fink said that he’s a “big believer”, but that the current market today is primarily focused on speculation. His comments come months after the firm’s chief strategist said that, to him, the cryptocurrency market charts at the time looked “pretty scary.” Via coindesk.com
Bitcoin Gives Window into Rampant Money Laundering
Blackrock CEO Larry Fink thinks there is merit in Bitcoin, however he sees its rapid rise as an indicator that may help to identify the extent of money laundering happening across the globe. Bitcoin, while not to be blamed, has become a tool of money laundering, and that for Fink indicates how much money laundering is going on globally. The rapid ascent of cryptocurrencies “identifies how much money laundering there is being done in the world,” Fink said. Via cointelegraph.com
When Not If? Banks Strike Optimistic Tone on Blockchain Impact
Leading off with a panel of C-Suite executives from large financial institutions, it was here Barclays Vice Chair, Jeremy Wilson issued his positioning statement, one that added to the outlooks of other panelists assembled to provide a top-down view of blockchain work originating in the financial sector. However, if Wilson appeared awe-struck at the enormity of the promise of blockchain and distributed ledger applications, he was equally critical of the work the industry is doing to assess ethical and moral dimensions of the coming impact. Via coindesk.com
Sweden’s Largest Online Stockbroker Avanza Bank Adds Bitcoin Services
This week, Avanza Bank, Sweden’s largest online stockbroker with over 600,000 customers is now providing clients with the ability to track bitcoin and other digital assets using their account interface. The company’s Chief Economist however was not consulted and doesn’t agree with cryptocurrencies security. Via news.bitcoin.com
Bitcoin ‘More Than a Fad’: Morgan Stanley CEO
Morgan Stanley CEO James Gorman has said that Bitcoin is at least “more than a fad” and that the privacy and control it offers is appealing. I’ve talked to a lot of people who have. The talk of bubbles has been on the lips of many investors who do not want to take the plunge in case it could all end in a big pop. Via cointelegraph.com
Bitcoin is Like Air Miles, Says JP Morgan Executive (a Critic)
Normand, who is now head of FX and commodities at JP Morgan said: There are people who are using [bitcoin] for good intentions, there people who are using it for malevolent intentions. Another analogy – other than Ponzi – is maybe air miles because there are lots of things that can be used to acquire goods and services. The same way that air miles can, cryptocurrency can too. Via cryptocoinsnews.com
SEC Chair ‘Optimistic’ on Efforts to Catch ICO Bad Buys
“Pump-and-dump – it’s actually easier here than it is in the penny stock area, because it’s all electronic, it’s all anonymous, [and] it’s harder to catch the bad guys at the end of the day.” The SEC chair also suggested that the prevalence of potential fraud could hamper wider adoption of the tech in capital markets. Via coindesk.com
Blockchain Business Use Cases
Here’s a collection of the latest blockchain business use cases to spark your own ideas for business applications.
From Messengers to Food Reviews, Companies Incorporate Blockchain into Apps
Many of these startups received millions in contributions without even a working prototype of their product. In the eyes of some investors, this has led to speculations that the ICO market has already entered bubble territory. It is yet to see how many teams will actually be in a position to keep the promises made to investors and to deliver their product. Via cointelegraph.com
Japanese Use Blockchain to Track Game Meat
The Japanese wild boar Inoshishi can be found in parts of the country ranging from Kyushu, Shikoku and Honshu. The problem of this ‘excess’ wildlife came into being due to the Japanese eliminating natural predators that existed on the islands, like the wolf. The Japanese wolf went extinct in 1905, leading to the present glut of wildlife that is causing numerous issues in the Pacific country. Via cointelegraph.com
Singapore Tests Blockchain Payments for 19,000 Unbanked Migrants
A Singapore bank has signed an agreement which will see Blockchain payments help up to 19,000 migrants transact without banking access. CrossPay uses Blockchain for storing consumer identities and includes a private platform for making payments. The migrant workers in the first site number 16,800, with a further 2,000 potential users due to come on board at a smaller site in Mandai later. Via cointelegraph.com
Blockchain Technology Applications & Use Cases
As Bitcoin and other cryptocurrencies have been on fire for a large portion of 2017, focus has turned to blockchain, the underlying technology that powers these digital currencies. Basically, the tech exists as a shared database filled with entries that must be confirmed and encrypted. Business Insider looks at a number of banks applying technology. Via businessinsider.com
Freelancers of the World, Unite!
A new platform called Coinlancer is aiming to meet the needs of the freelancing community and change the way freelancers get hired forever. If you’ve ever done freelancing work for an online portal or talked to someone who has, you’ll hear a lengthy gripe session about how much the portals charge in fees. Most portals require either a 20% fee on earnings or a 10% fee on earnings plus upfront account fees. Via cointelegraph.com
Author: Douglas Hall, Publisher & Executive Editor
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