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Crypto Today: Investing Lessons from Late Jack Bogle, Crypto Markets Gain Stability

“This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro” Key Highlights for the day Investing Lessons from Late Jack Bogle Crypto markets remain in a stable zone over the week Bitcoin remains apathetic rest of the financial markets Rest in peace Jack Bogle Well, the investing community has lost a shining star. No obituary could ever cover the stature and achievements that Jack Bogle who was the founder of one of the largest asset management firms in the world, Vanguard. Back in the 70s when the financial markets were an even more closed nit racket than they are today, Bogle introduced the first index funds as a tool for individual investors to reduce risk and fees. At that time the idea laughed off as ludicrous but it soon became the industry standard saving average joes billions, probably trillions of dollars over the last half-century. Even though his views were not very friendly for Bitcoin, his style of investing and wisdom has left a good amount of lessons for crypto investors. He was one of those who would’ve appreciated the HODL ethos. Bogle firmly believed that stock picking and day trading was a terrible long-term strategy. So, he advocated strongly that people should ignore short-term movements of the markets and simply stay the course of their investments. This is exactly the strategy crypto investors of today need to develop. Cryptos remain stable despite volatility across other financial markets Despite the apparent volatility in the stock markets and general air of uncertainty depicted above, the crypto markets remain steady as a rock. Its already the second half of the week and many crypto assets have moved less than 3% since the start of the week. In fact, the crypto markets so far this year have become increasingly apathetic to what’s happening in the rest of the financial markets. This graph shows that the short-term correlations between bitcoin and gold, the US Dollar, and the stock markets have all moved to near zero. The post Crypto Today: Investing Lessons from Late Jack Bogle, Crypto Markets Gain Stability appeared first on Coingape.
CoinGape

New Ethos Update Launches With ShapeShift and Simplex in Universal Wallet

SINGAPORE, Jan. 15, 2019 /PRNewswire/ -- Ethos has just released their highly anticipated update to the Universal Wallet, release v1.6. This update significantly builds on the existing ability to store, send and receive over 140 coins/tokens, now enabling users to buy crypto with Simplex and conduct coin swaps with ShapeShift. In addition to these major feature integrations, UTK and two additional stable coins, GUSD and TUSD, are now supported by the Universal Wallet. Buy Crypto Using Simplex Directly in the Wallet Through the integration of Simplex, users can easily and safely buy crypto directly in their self-custodied Universal Wallet. Simplex is a global fiat purchase service enabling bitcoin and alt-coin purchases with credit and debit cards. This integration provides Ethos customers access to liquidity and exchange services between fiat and cryptocurrencies on an international scale, and every purchase deposits directly into their SmartWallet. Please visit https://www.simplex.com/support/ for more information about Simplex and any service restrictions. Earlier this year, Ethos announced a multi-phased approach to building out Fiat Gateway services, with ...Full story available on Benzinga.com
Benzinga

Gemini’s Winklevoss Twins Believe Bitcoin’s Future Lies in Regulation

Bitcoin evangelists and Gemini founders Tyler and Cameron Winklevoss believe cryptocurrency has a “bright future,” given banking-style regulations are applied to the burgeoning sector. In an interview with Fortune on Jan. 13, the Winklevoss twins noted the current market conditions of the cryptocurrency space are impeding growth for the industry’s development. The twins are notable for their work in shaping the sector, primarily from their efforts in founding Gemini Exchange, a regulated cryptocurrency brokerage, in 2014 and launching related services under the Gemini banner, such as custodial offerings and a stablecoin product. Earlier last week, and on the tenth anniversary of Bitcoin, the twins took out a full-page advertisement in The New York Times promoting the Gemini Exchange and its newly-launched mobile app, close on the heels of rival exchange BitMEX They have also launched a campaign aimed at educating and spreading awareness of bitcoin to the masses and, hopefully, gain some users for Gemini. Find the @Gemini #cryptobus around Manhattan all week! #cryptowithoutchaos pic.twitter.com/5kwhG0czaF — Gemini (@Gemini) January 8, 2019 Pushing for Crypto-Regulation Titled “Revolutions Need Rules,” the advertisement follows Gemini’s seemingly long-held business ethos of keeping the authorities pleased and not operating in a legal grey area. Since Gemini’s inception in 2014, the Winklevoss twins have sought all the necessary licenses and permits for operation while offering a limited range of cryptocurrencies to trade. Tyler stated in the interview: “The idea is that companies that build on top of things like Bitcoin should have regulation that’s thoughtful and that doesn’t stifle innovation.” Cameron added bitcoin’s long-term growth is affected by a misconception of the asset’s anonymity features. Contrary to popular convention, Bitcoin addresses are similar to transaction IDs and wallet addresses are available for public viewing on its underlying blockchain. Coins such as Monero and ZCash, however, mask their addresses. Furthermore, he notes negative media coverage adds to unfavorable public sentiment and promotes cryptocurrency as a financial tool for criminals. Gemini’s full-page ad in the New York Times Despite the bear market, the Twins hold on to their longtime prediction of bitcoin usurping gold in the future, mostly due to the divisibility and fungibility of the digital asset class over the world’s most preferred store-of-value. Cameron believes “the only thing gold has over bitcoin is a 3000-year head start.” Meanwhile, the twins had no luck launching a Bitcoin ETF last year, despite offering several traditional market features to Gemini customers, such as insurance of all digital assets and custody services. The duo also heads the Virtual Commodity Association, a self-regulatory body based in New York that aims to replicate FINRA’s work in the crypto markets. The brothers are no longer pursuing another ETF application, confirmed Cameron, but believe that stablecoins show great promise in the broader crypto markets in terms of development and usage. The post Gemini’s Winklevoss Twins Believe Bitcoin’s Future Lies in Regulation appeared first on CryptoSlate.
Cryptoslate

Nonprofit Co-Founder Says the Industry Needs an Active Approach to Blockchain Inclusion

In a recent article published by Alexis Gauba, the co-founder at she256, she explains why the industry needs to take an active approach towards Blockchain inclusion. She256 is a nonprofit that works trying to reduce entry barriers to the blockchain space. According to her, 2018 saw an incredible number of projects that were very interesting and aimed at unlocking new ideas that did not exist in the past, and perhaps they were not even possible to be implemented. Nevertheless, Gauba says that those involved in the crypto and blockchain space should consider the wider implications of the technologies and projects that we are building. That means that it is important to know who is going to be benefited with a specific development and how their life is going to improve. According to her, space is driven by an ethos to enable individuals to take actions that they were not able to take before. However, this is just the beginning. But if people want to improve the future of the world, developers will have to build these technologies representing a diverse global population. The first thing that it is important to address is the fact that most of the people do not understand blockchain technology and how it works. This is why the industry needs to bring more people to build and understand how this technology works. That includes lawyers, designers, economists, policymakers and more. About it, she commented: “The cool thing about this space, though, is that because it’s still in its infancy, we have the opportunity to set a precedent right now, to build in diversity and inclusion as a priority and value from the very beginning. And there are people doing amazing work while also actively prioritizing these values.” One of the most important things that she mentions is to build bridges that would reduce the difficulty for global participants to enter the space. Is not easy to start participating and welcome members without these bridges. Clear communication and helpful abstractions are just some of the possible ways to help individuals understanding more about the blockchain industry. This is why it is a key thing to share workplaces, collaborate with different communities and inspire more people to do the same.
Bitcoin Exchange Guide

China Cybersecurity System Forces Blockchain Projects to Censor and Share Private Data with Authorities

The Chinese government seems to be taking further steps to control its population. Authorities are pressing blockchain companies to censor content, store users’ private data such as identity and share this information with the local government. The main intention behind it is to support ‘orderly development.’ The Cyberspace Administration of China (CAC) is pressing users of blockchain platforms to submit their real names and be compliant with strict know-your-customer (KYC) procedures. In a report released on January 10, Reuters says that the CAC will require users to provide national ID or their telephone number. Those companies that do not follow these rules could be subject to fines or prosecution. Although the intention is to regulate the market and keep it under its control, the government encourages companies to keep investing in distributed ledger technology (DLT). China has been an important player in the blockchain market. Back in 2017, China was the most active filer of blockchain patent applications in the world. Back in September 2017, the Chinese government imposed a ban on cryptocurrencies and Initial Coin Offerings (ICOs). The Chinese Yuan was one of the most traded fiat currencies against Bitcoin. Now, they represent less than 1% of the total Bitcoin transaction volume according to some reports. Clearly, China is taking measures that are against the Bitcoin, blockchain and crypto ethos. In the future, companies in China would face the consequences of being highly regulated. Users would search companies that protect their privacy and handle their information seriously rather than giving all the data to regulators. China has several companies that are developing different blockchain networks and solutions. In the future, new firms that want to enter the space might be persuaded and find a more blockchain-friendly country for their investments.
Bitcoin Exchange Guide

The EVM Is Fundamentally Unsafe

An in-depth examination of the Ethereum Virtual Machine vs. Kadena’s Pact smart contract languageOver the past three years of smart contract development, the cryptocurrency community has seen smart contracts written in Solidity subverted by a variety of bugs and exploits (the DAO exploit, the Parity multi-sig wallet bug, etc.), and it is common to pin the blame for the preponderance of unsafe smart contracts on the Solidity smart contract language and its many quirks. However, we maintain that some of the worst flaws in Solidity — a lack of inspection and traceability, the opacity and illegibility of code on-chain, and expensive, slow, and dangerous calls to external smart contracts — stem directly from foundational design decisions in the architecture of the Ethereum Virtual Machine (EVM).While we are aware that the EWASM Working Group seeks to advance the state of smart contract technology on Ethereum, we caution against disregarding the flaws in EVM and pointing at the shiny new solution, because if design flaws are not identified they are at grave risk of being repeated. In discussing these flaws we will also contrast them with the decisions that inform the design of Pact, Kadena’s open-source smart contract language, which consciously avoids many of these pitfalls.Virtual Machines and BeyondA well-constructed Virtual Machine (VM) seeks to protect language designers from dangerous mistakes and support efficient construction with central features like dispatch support, name resolution and so forth. The EVM, however, fails to provide similar guarantees, often with the vague justification of embodying a core ethos of Ethereum, to present “a global computation machine.” It is possible to have a Turing-complete machine without subjecting developers to risks that modern VMs have eliminated for decades. Instead, the EVM disregards this wisdom and expects the surface languages that compile to it to address them.Indeed, the EVM is too complex to be safe in the austerity of its bytecode language and native functionality, but does not contain enough of the features of a proper VM to be safe by construction. If the EVM were to adopt a stricter, Turing-incomplete computational model, it could approach the safety guarantees of Bitcoin bytecode. On the other hand, if the EVM offered features that one would expect from a modern VM, then it would approach the low-level safety afforded by machines such as the Java Virtual Machine (JVM).Hence, any language targeting the EVM must contend with its unsafe design choices and lack of modern VM features. Features such as dispatch and abstraction must be handled entirely by the user-facing language, which leaves language designers, such as the authors of Solidity, with a particularly difficult job, and too many opportunities to make critical mistakes.EVM bytecode is not human-readableBitcoin provides a safe, simple, and effectively legible bytecode language intended to guarantee the consistency and correctness of programs run on the blockchain. It offers a minimal instruction set and uses bytecode primarily to keep payloads small. It was never intended to be a compile target for a general-purpose language. These deliberate, language-level restrictions minimize the cognitive overhead of understanding what a given payload is actually doing so that developers can reason more effectively about both their own code as well as the code of others. Indeed, experienced Bitcoin developers can read and interpret Bitcoin opcodes directly.The creators of the EVM retained the bytecode model but ditched the idea of small, easy-to-understand programs. Instead, they looked at bytecode as a “target machine code” into which human-readable code is compiled. This is why Solidity is impossible to read on-chain and must be decompiled to be debugged or validated. Several projects within the Ethereum ecosystem seek to provide additional assurance around the compiled code, such as the efforts to formally verify Ethereum smart contracts via the F* theorem proving language, by specifying a Turing-incomplete sub-language of Solidity, albeit still in its infancy as a research project. But as with many architectures with low-level design mistakes, this represents a great deal of effort that could have been avoided with the right design. Instead, the EVM extends Bitcoin bytecode but makes it do too much in pursuit of providing a minimal compile target for arbitrary higher-level code. In doing so, it loses the critical safety feature of having human-readable contracts.Pact takes a different approach by offering an interpreted language that is directly executed, instead of compiled like Solidity. Additionally, it is also built with a “smaller is better” ethos that is directly inspired by Bitcoin script. The argument that a compiled language will be more performant than an interpreted one is belied by countless databases running SQL at great speed, as well as the huge strides made in improving Javascript interpreters. As history has shown, if a language cannot provide inlining, caching, and “just-in-time” optimization, an interpreted language can out-perform its compiled competitor, while offering superior legibility.The use of an interpreter means that deployed Pact code puts human-readable smart contracts directly on-chain. Any language built on top of the EVM, in contrast, will produce bytecode that will be illegible and unverifiable by humans, and thus will only ever yield an incomplete understanding of the functionality of programs written in that language. Finally, Pact reinforces this notion of assurance by being a value-oriented functional programming language: a developer or reader can use equational reasoning about Pact code in a way that EVM bytecode could never admit.The EVM allows languages to be Turing completeBitcoin’s bytecode, in the vein of guaranteeing correctness, also contains another important feature for safety purposes: Turing incompleteness. In doing so, Bitcoin bytecode protects programs from vulnerability to recursive attacks, and the risk of getting unintentionally trapped in an infinite loop, which is both expensive on a distributed computer and a security exploit waiting to happen.At the inception of the EVM, Ethereum developers attempted to improve upon the Bitcoin bytecode by offering an instruction set that was putatively similar to Bitcoin but eliminating the Turing-incomplete constraint by adding JUMP, CALL, and related instructions. These allow for non-terminating recursion, and arbitrary control flow to code locations and other contracts in the system.This has powerful and far-reaching consequences for the expressiveness and correctness of programs run on the EVM, opening up these programs to an entire class of bugs and non-deterministic behaviors that are inexpressible by a Turing-incomplete language. The DAO exploit provides an excellent example, in which the attacker could recursively withdraw from a wallet before balances were settled, depositing millions into their accounts before terminating. The DAO exploit also took advantage of the Solidity “default method” dispatch model, which any sane modern VM would prohibit on principle, showing the danger of leaving such functionality to higher-level constructs. Still, if the EVM had restricted Turing-completeness in the first case, the DAO exploit could not have occurred.We see today the emergence of best practices in the Solidity development ecosystem that require some sort of termination condition in the case where either gas runs out, or recursion is provably terminating. This is a case of users restricting their own instruction set; a situation that could have been avoided with a more restricted computational model of the EVM.In contrast, Pact, by design, is Turing-incomplete, to prevent recursion errors and associated bad usage patterns. We maintain that the proportion of genuine use-cases for recursion in the blockchain transactional environment is both vanishingly small and not worth the safety risk to support. Plus, a blockchain is by definition a computationally restricted environment, which is why a gas model is needed, meaning that true recursive use cases will result in an inability to predict resource usage, and should properly be executed off-chain.The EVM execution model is expensive, slow, and unsafeThe EVM leaves many features and critical components of its execution model unhandled, forcing language designers to manually implement them. For example, the EVM leaves the following features up to the language implementor:True library support, instead of just blessed CALL targets at well-known addressesRicher data typesDirect support and enforcement of interfaces/APIsIn this way, the EVM abandons many of the defining features of true VMs, such as dispatch, code introspection and the provision of a standard library, which causes the execution environment to be expensive, slow, and unsafe.In the EVM, when a contract is executed, the EVM employs an opaque, “top-down” execution model, in which the entire body of the smart contract is loaded as an opaque block of code and blindly executed from the first instruction, to run through until it terminates. VMs like the JVM, in contrast, understand what functions are expressed in particular namespaces or modules and allows them to be loaded individually and called directly. The “top-down” model means that when an external contract is called, the EVM must load the entire contract in order to find and execute a single function.Standard libraries are another common VM feature that is not supported by the EVM. In the JVM for example, many common core functions are stored in a standard “rt.jar” library distributed with the VM. If smart contracts had access to a standard library, they would be able to defer many common tasks to the standard library rather than implementing them in the smart contract directly. The cost of executing every single instruction in a user smart contract every time forces developers to pay significant extra gas just for the privilege of setting up basic functionality needed to write the contract, making smart contracts on the EVM much more expensive. Built-in contracts represent an unsatisfying workaround that can mitigate gas cost but do nothing to improve the inefficient execution model.In addition to being slow and expensive, external calls on the EVM are deeply unsafe. Because a calling contract has no ability to determine what in-contract references are valid in some other contract, there is absolutely no protection at runtime from a reference that refers to an absent or malformed reference. This phenomenon fueled the Parity wallet issue, where wallets called a central, core contract that was subsequently deleted, locking up funds contained in those wallets. Meanwhile, the DAO hack was an example of an unsafe contract reference, designed only for “user” accounts (EOAs or “externally owned accounts”), which when called by a malicious contract account allowed the default method (inexplicably executed on the “send” method for payment) to initiate the recursion exploit.Pact, in contrast, offers a standard library as a first principle, providing all of the necessary tools a Pact author might need in order to write safe and effective contracts. Moreover, Pact will never “run out of opcodes” or built-in contract addresses, allowing it to incorporate new features as demand for them is demonstrated. As a result, the gas model remains well-defined and static for natively defined functions, which allows the user to construct their code in a modular way while still retaining the ability to reason not just about the functionality of their code, but its cost at runtime.Additionally, when a Pact author invokes another contract on the blockchain, the specific function code (with all of its transitive dependencies) are permanently inlined at the user’s call site, so that execution is not only fast (code is in the immediate scope) but also impossible to subvert at a later time, and thus far safer.The EVM lacks native multi-sig support and upgradeable contractsContracts and accounts in Ethereum are referenced by address, which is a hashed representation of some public key that innately enjoys the right to access the address with elevated privileges. The consequence of this design choice commits Ethereum and the EVM to disallowing native support for multi-signature authentication and undergirds the misguided “code is law” design choice to make smart contracts forever unable to upgrade the code at a particular address. This is indeed one of the reasons the EVM lacks a modern dispatch mechanism as to do this without any kind of name-based resolution would be an even more opaque system than what confronts us today. However, the lack of dispatch and name-based resolution essentially guarantees that the code cannot be upgraded, as there is no primitive representation whatsoever of what code is contained at an address (like a content hash, etc) so there would be no way to know if code was upgraded.To make matters worse, the single-address format essentially forces all contracts in the EVM to be single signature and employ expensive built-in contracts and/or multiple transaction calls to support multi-sig. If the EVM had dispatch, a contract could be associated with an abstract name, which would decouple signatures from a contract address, allowing for a contract to be natively multi-sig.As a result of these deficiencies, a cottage industry of multisig wallets, contract standards, and techniques have been introduced in order to fill this void. Proxy contracts, multi-sig validation functions, and wallets such as the Gnosis, or Parity Multisig have been introduced to provide this much-needed feature, but at the cost of additional expense to the multitude of addresses governing the transaction. In contrast, Bitcoin and subsequently Pact never constrained their designs around a single-signature approach, eliminating the motivation for such workarounds. Indeed, Pact offers keysets as the validation primitive, meaning that any transaction can choose to be multi- or single-sig with no added complexity for the programmer. In addition, Pact provides a proper dispatch model, allowing for named (and therefore upgradeable) smart contracts as governed by a single- or multi-sig keyset.ConclusionEWASM is a new effort to provide a safer alternative to the EVM on Ethereum, and the EVM team has made incremental improvements to the EVM over the years. Unfortunately, many of the factors that contribute to a unsafe and inefficient user experience in the EVM cannot be resolved by patches or quick fixes, as they are a consequence of deep architectural problems in the EVM’s design. The EVM abandons the elegant simplicity of Bitcoin bytecode and the users pay for it: it does not provide a safe and usable execution environment for language developers.While this article is critical of the EVM, we do not wish to pick fights with Ethereum developers and respect the efforts being made to introduce a safer alternative with EWASM. But insofar as EWASM does not challenge each of these core concepts in the EVM, it will suffer a similar fate, as will the businesses and developers who try to gain adoption of innovative ideas and use-cases, only to lose money in avoidable exploits or excessive gas costs. At Kadena, we designed Pact to tackle security and usability on a blockchain in a clearly different way. An approach that puts control and safety back in the hands of the developer. But we also hope that a clear view of EVM’s shortcomings will enrich the general community’s understanding of the EVM and what EWASM must correct to make a better future.The EVM Is Fundamentally Unsafe was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Coinbase CEO Brian Armstrong Still in Love with Bitcoin (BTC)

Bitcoin (BTC), Coinbase, Cryptocurrency–The fall in Bitcoin price throughout last year has not dampened the spirits of one cryptocurrency exchange CEO. Brian Armstrong, founder and chief executive officer at U.S. based exchange Coinbase, has reaffirmed his support for the original cryptocurrency in a series of tweets commemorating the ten year anniversary of BTC’s genesis block. 1/ Today is a big day for Bitcoin, as it marks 10 years since the Genesis Block. Some people think I don’t like to talk about Bitcoin (), but today I have a few words to say — Brian Armstrong (@brian_armstrong) January 3, 2019 Armstrong goes on to give a mini history of first encountering Bitcoin, why the prospect of cryptocurrency and digital assets appealed to him at the time, and his own journey of building one of the most popular crypto exchanges with over 13 million users. Despite routinely being labeled as a “Bitcoin fanboy,” with some investors accusing Coinbase’s glacial process of adding news coins as an attempt to keep the focus on BTC, Armstrong shares a poignant moment of respect for the original cryptocurrency, “Bitcoin is one of the most important inventions of all time and has launched a global movement. It’s awesome to see an entire ecosystem spring up around it, but Bitcoin is my first love.” While Armstrong did little to quell the rumors surrounding his affinity for Bitcoin over other altcoins, he did show the public a side that is every bit passionate and committed to improving the industry of cryptocurrency–an ethos that has had trickle down effects for his company. Coinbase ended 2017 on shaky terms with investors following its highly publicized debacle integrating Bitcoin Cash for trading. The price movement for BCH in the days leading up to the unannounced listing led many users to cry foul over insider trading, allegations which would lead to multiple lawsuits for the exchange throughout 2018. Some investors responded with more direct action, by closing their Coinbase accounts and taking their business elsewhere. However, the most recent calendar year was more promising for the exchange. Despite falling token prices, cryptocurrency exchanges across the board experienced massive growth, with many reporting record profits. Coinbase took its path to greater adoption a step further, promising users the addition of new coins and following through in the final quarter of the year. Coinbase also announced a commitment to improving education for general users and investors in cryptocurrency, and introduced a program which incentivizes learning about blockchain and popular currencies. While the move came at a time when Bitcoin was experiencing some of its worst losses in over seven years, it does provide insight into the direction of the exchange going forward: prioritizing prolonged use for the currencies as opposed to growing the exchange through trading alone. Cryptocurrency has at times been compared to a viral epidemic, growing by infecting investors for a brief, but intense period of time as they empty their bank accounts into buying Bitcoin. Coinbase is attempting to go against this narrative, providing investors more information about using their coins and the technology that underlies them rather than speculating on the exchange. While industry figures have condemned the current path of exchange-driven growth, the massive user base of Coinbase affords the opportunity to disseminate knowledge on a scale that is untenable for a grassroots approach. Brian Armstrong may not have pleased altcoin investment bases, particularly XRP, with his overwhelming praise for Bitcoin, but it should reassure crypto diehards that one of their own is at the helm of such an influential exchange. The post Coinbase CEO Brian Armstrong Still in Love with Bitcoin (BTC) appeared first on Ethereum World News.
Ethereum World News

NobleBridge Wealth Asset Managing Director: Bitcoin ETF Would Help Wall Street Make More Money

Tyrone V. Ross Jr. Says Bitcoin ETF Would Help Wall Street Make More Money In a recent interview with Naomi Brockwell, Tyrone V. Ross Jr. Talked about Bitcoin (BTC) and the possible approval of a Bitcoin exchange-traded fund (ETF) in February 2019. According to him, Bitcoin itself is more important than a Bitcoin ETF. Tyrone Ross is a Managing Partner of NobelBridge, a company that provides investment management and strategic wealth planning. During the interview with Naomi Brockwell, he said that he would not let his clients be close to a Bitcoin ETF if approved. The U.S. Securities and Exchange Commission (SEC) will have to take a decision on whether it approves or not the Bitcoin ETF proposal made by VanEck and SolidX. He explained that he is a true believer in the original ethos of crypto in which everyone holds their assets individually. He went on saying that people purchased stocks of companies such as Johnson & Johnson or General Mills and hold them rather than sell them. This is why Ross would advise his clients to take the same decision with Bitcoin. Although he agrees with the fact that it is easier for investors to rely on the responsibility of holding the asset and managing it, this situation does not represent Bitcoin’s real ethos of holding and managing your private keys. "We don't need an ETF" says Wall Street financial advisor @TR401. We talk about why he believes holding actual bitcoin is more important than an ETF, and other unconventional perspectives he has that you don't commonly find on Wall Street. https://t.co/pEQDujCqI7 pic.twitter.com/8tR21j0mlM — Naomi Brockwell (@naomibrockwell) January 2, 2019   On the matter, he commented: “In an asset that is supposed to be decentralized and about being peer-to-peer and personally banked that lets us own the actual asset I think the issue for the financial services is that they don’t want people to teach people to do that.” Furthermore, he said that this technology can be hard to understand for common people and that this makes it difficult for people to understand how this market works and invest in it in a safe way. He added that a Bitcoin ETF is something that people would not be able to understand, and indeed Wall Street could make more money with it, ‘it’s a joke.’ He has also compared Coinbase and an ETF. Both are managed by centralized institutions, but using Coinbase seems to be the best alternative for investors.
Bitcoin Exchange Guide

Bitcoin [BTC] ETF is a joke for Wall Street to make money says Managing Partner at NobleBridge Wealth

Tyrone V. Ross Jr. spoke about Bitcoin and its ETF [Exchange Traded Fund] that is pending approval and opined that holding Bitcoin is more important than Bitcoin ETF in an interview with Naomi Brockwell. Ross Jr., Managing Partner at NobleBridge Wealth & Asset Management Services said that he believes in holding the actual Bitcoins than buying ETFs, during the interview. He further substantiated that he would recommend the same to his clients. Bitcoin ETF was supposed to be launched back in 2018, but was rescheduled and is now said to be launched on January 24, 2019, by Bakkt, which is being headed by Kelly Loeffler. He added: “I’m not a fan, and if and when it ever happens, I will not let my clients go near it [ETF]… I’m a true believer in the original ethos of crypto, which is, everyone holds the assets themselves, individually.” Ross Jr. continued that people who accumulated wealth bought stocks of companies like Hershey’s, Johnson & Johnson, and General Mills and held on to them. Since Bitcoin is taking the traditional route, Ross Jr said that he would advise his clients to do the same with Bitcoins. Referring to the above points, Ross Jr. continued: “In an asset that is supposed to be decentralized and about being peer-to-peer and personally banked that lets us own the actual asset I think the issue for the financial services is that they don’t want people to teach people to do that.” He continued that common people already find technology hard to understand, but now that cryptocurrencies have emerged it has become even more difficult for people to actually understand the technology behind the assets and invest in it in a safe manner. Furthermore, Ross Jr. said that he supports ETF to an extent, but Bitcoin or ETFs for cryptocurrencies is something that people wouldn’t understand. He added: ” … it’s just layering on nonsense just simply so Wall Street could make money, it’s a joke” Exciting World Crypto, a YouTuber commented: “I agree as well, BTC does not need an ETF. Just going by a video from advice from Andreas Antonopoulos,. Makes more sense, why would you want to partly hold something when you could still hold something entirely. In general though. if your the holder and someone is buying an ETF from you, then your going to benefit. Catch 22. Thanks for sharing. JR” The post Bitcoin [BTC] ETF is a joke for Wall Street to make money says Managing Partner at NobleBridge Wealth appeared first on AMBCrypto.
AMBCrypto

The 2018 Tech Trailblazers Awards Finalists Announced

Global awards for enterprise IT startups announce shortlist: Voting is now open! The Tech Trailblazers Awards, the first annual awards program for enterprise information technology startups, has announced a shortlist of the most innovative entrants and concepts in enterprise technology.  The shortlist, judged by a panel of IT industry heavyweights, is now open to public vote. Now in its seventh year, the scheme continues to focus around the ethos of finding innovation from anywhere in the world, from the smallest startups to more established players. This aim to highlight both up-and-coming and established talent from all regions is reflected in the Firestarter Award for non-VC funded early stage startups. The voting public can now help determine who will win in all categories. To view the shortlist and vote online visit http://www.techtrailblazers.com/shortlist.  Voting closes 11.59 Pacific Time Wednesday 16th January 2019. Rose Ross, founder of the Tech Trailblazers Awards, said “Our expert judges have highlighted the star quality entrants and now the public can help decide which innovations deserve the Tech Trailblazer title. The quality of concepts and offerings amongst our entrants this year has been incredibly high, so we’re proud to announce the diverse shortlist. Congratulations to all finalists, it’s now time for the voting public to influence the competition. We eagerly await the results!” The post The 2018 Tech Trailblazers Awards Finalists Announced appeared first on The Fintech Times.
The Fintech Times

Facebook May Launch a Stablecoin to Target India’s $69 Billion Remittance Market

Cryptocurrency’s first killer application may be well on its way from the rosters of Facebook, a company ironically known for practices contrary to the ethos of decentralized currencies and blockchains, reported South China Morning Post on December 21, 2018. Facebook’s Crypto Deal The San Francisco-headquartered social media giant is leveraging India’s mammoth $69 billion remittance market, which also forms the...Read More. The post by Shaurya Malwa appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
BTC Manager

Why Blockchain As A Service Solutions Aren’t Blockchains

The news that IBM and Walmart are using blockchain to track food seems like a win for the larger blockchain initiative. I had friends and family sending me recent articles about the Food Trust platform, saying, “Hey, isn’t this what you do?”More awareness is certainly a good thing, there’s no doubt about it.Food safety is so very important in our increasingly globalized and networked supply chains. I mean, come on, folks are dying after eating a BLT sandwich with tainted romaine lettuce. Packaged food is no safer, as we saw after 100 Salmonella infections in 33 states tied to Kellog’s cereal.But as the co-founder of a company working towards establishing an industry-run, decentralized blockchain solution, the Walmart and IBM blockchain is a joke. No one should own the supply chain or set up a blockchain as a service (BaaS) platform.I have nothing against large companies, but a centralized solution goes against the ethos of blockchain. The service is being marketed as an ecosystem, but it’s not.It’s a centralized product — buying it is just like buying a cloud service.It’s not beneficial for the blockchain space if companies are lightly throwing around terms like “solution,” “protocol,” or “ecosystem.” The last thing the industry needs is for meaningful terms to become overused, malleable buzzwords that are defined according to the needs of a company.Creating a true blockchain ecosystem requires companies to rethink the structure of their businesses and their business models. It’s not the easiest way to implement these solutions, but it will have the most value in the long run.Here’s why the centralized approach lacks the same impact:A true blockchain ecosystem is a decentralized network governed by nodes.The BaaS approach several companies are taking is fundamentally at odds with the ethos of decentralization. They’re marketing, building, and selling blockchain as if it’s a platform or a solution. They’re using the word “ecosystem” to describe what they’re building, but they’re not operating the technology in a way that gives life to that term.If companies want to create an ecosystem, they have to spend time figuring out who belongs in the network and then bring everyone together to participate and collaborate on the challenges of governance.Instead, companies are taking the approach of owning and managing the blockchain themselves.It’s very clear when a business is running a centralized platform, using blockchain as a buzzword. It’s a top-down approach, in which the company becomes the gatekeeper who controls the nodes and the services on the network.As a purist, I think anything that requires human governance to be at odds with the concept of decentralization. I also believe that permissioned networks fundamentally challenge the concept of what it means to be a blockchain but hey, we aren’t there yet.The blockchain industry may still be young, but I don’t think it’s fair or accurate to call something an ecosystem when it’s controlled by one company.No one group should own the operations.A truly decentralized network isn’t practical, no matter the industry.There has to be an entity that facilitates the network and brings participants together. Yet larger companies are using that line of reasoning to create an entirely centralized platform.The beauty of blockchain is that it’s possible to create intra-industry use cases that have previously evaded the participants. But the only way to do that is through ecosystem building and industry-wide participation.For instance, take a look at what IBM and Walmart did earlier in the year when they tracked mangoes through the supply chain. That point-to-point routing was a great use of the technology, and it wouldn’t have been possible without a blockchain solution. The issue here isn’t necessarily whether or not the two companies are using blockchain for valid solutions — it’s how they’re executing and implementing those solutions.As massive companies, they’re going to influence the future of blockchain adoption. So, it’s important for them to be working towards solutions that provide long-term value to the companies that use them.It’s difficult to broaden and become decentralized if a blockchain network begins in a very centralized manner.There’s no doubt the relationship between IBM and Walmart will affect how other companies build their networks. There was always going to be a degree of centralization in this space because some people simply won’t be able to let go of the way they’ve always done things.Still, this isn’t the best way for the industry to move forward, because it sets a standard some businesses may decide to fall in line with. Once that happens, they’ll never get past the point of centralization.Other companies are trying to tackle these issues in the right way, facilitating decentralized networks by offering tools to allow industry ecosystems to form. The goal should be to bring parties together and offer them a way to participate and contribute to the formation and governance of the network.Only when everyone has a voice can the solutions that truly change an industry be built.Thanks for reading!Follow me on Twitter and Quora for more insights on blockchain technology. Or get in touch with the Chronicled team here.Why Blockchain As A Service Solutions Aren’t Blockchains was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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