B.Y.O.B. – Advantages & disadvantages of Bitcoin loophole

In the crypto world, B.Y.O.B. does not stand for “Bring Your Own Beer”, but for “Be Your Own Bank”. Under this consideration, B.Y.O.B. represents the original mantra behind Bitcoin – the vision of Satoshi Nakamoto’s independence from state-run currencies. But freedom does not come without a price. This sentence is often used in a wide variety of contexts – including the universe of Bitcoin & Co.

Your own Bitcoin loophole

The 2008/2009 financial crisis gave the banking system a deep rift. Lehman Brothers bankruptcy was the biggest in world history. In 2008, the US government adopted a “rescue package” of 700 billion US dollars. In addition, the US Federal Reserve Bank launched the so-called “Quantitative Relaxation” and printed around 3.5 trillion US dollars as a result. This money ultimately comes out of taxpayers’ pockets. The population has no choice – the legal tender must be used (for example to pay the tax burden). The people are hostage to an economic Bitcoin loophole experiment of epic proportions. Here is the Bitcoin loophole review.

Bitcoin comes just in time. Thanks to Satoshi Nakamoto, there is now an alternative means of payment that people can use if they wish. Bitcoin offers each of us an opportunity: You can be responsible for your own money – your own bank. What’s the catch?

Don’t pay for the mistakes of others

Given the experimental monetary policy of the central banks, the advantage of Bitcoin is obvious. The amount of money in Bitcoin is given by the source code and cannot be arbitrarily changed. In Bitcoin, a state cannot decide to print several trillions. Confiscation of the population’s funds is also impossible. In this respect, Bitcoin is a safe haven: the rules are clear, no central authority can change them. That is why Bitcoin is independent of state money systems.

Bitcoin users are also independent of trustees. Apart from a missing publisher, users can also manage their money themselves. In short: B.Y.O.B. This protects against eventualities such as Lehman Brothers bankruptcy. Not to forget that many retirees lost their old-age provision at that time.

Thus: The own holding of the money extinguishes the counterparty risk. This means the risk of losing one’s money through mismanagement by another party (e.g. the bank). In addition, Bitcoin is independent of a central issuer of the currency. Bitcoins are automatically and impartially distributed according to the rules of computer code.

Buying Bitcoin alone does not offer independence. If the digital coins remain on a centralised exchange, nothing is gained. Only those who have sole control of the private keys have financial freedom.

“Forgotten password” is not an option in the Wild Crypto West
What a power! – be your own bank. The “disadvantage” is that you are responsible yourself. If you lose your private key, send a transaction to the wrong address or take bad security precautions, you are on your own. There are no responsible persons who can be asked for help. This circumstance requires that one is sufficiently familiar with the technology, that one can estimate the risk and that one protects oneself accordingly with back-ups.

So you are responsible for yourself. A disadvantage for all those who don’t know where is up and down – an advantage for all those who are up to the responsibility. BTC-ECHO has set itself the task of closing the gap as far as possible. That’s why we report news daily and place them in the overall picture.

Finding Nemo: Swiss food importer tracks tuna with blockchain

Another case of acute blockchain adaptation has occurred in Switzerland. The Swiss food importer Gustav Gerig AG has teamed up with the blockchain service provider Atato to enable blockchain-based tracking of MSC tuna.

Food tracking and the Bitcoin secret

A Bitcoin secret with a future: Is Bitcoin Secret a Scam? Beware, Read our Review First After US retail giant Walmart has been using the technology for lettuce supply chain monitoring since September, competition from Europe is slowly but surely following suit. Customers of Europe’s second largest retailer, Carrefour, have been able to track poultry products by QR code since the middle of the month.

The Swiss food importer Gustav Gerig AG is now planning something similar. In cooperation with the blockchain service provider Atato and the tuna marketing company Pacifica, MSC-certified tuna is to be added to the blockchain. This is stated in a press release issued by Gustav Gerig AG on November 28. Specifically, it concerns products of the “Raimond Freres” brand, which in future will be able to reveal their origin to consumers via a QR code scan.

Unlike Walmart and Carrefour, who rely on the Hyperledger Fabric from IBM, de Gustav Gerig AG uses Ethereum. The Thai blockchain service provider Atato is responsible for the technical implementation.

Everything in the spirit of sustainability…

The background for the decision for Gustav Gerig AG was ‘above all the attitude to offer sustainable goods’. It is to be assumed that the decision is not based on good humankind, but on economic interests. For example, the clarification of the causes of food scandals can be carried out much more efficiently and cost-effectively by means of blockchain-based monitoring of supply chains. At Walmart, an E. Coli scandal forced the company to turn to Blockain technology.

At Gustav Gerig AG, there was a food safety problem last August. The company had to start a recall campaign together with Nissin Foods, Migros and Migrolino. This involved Nissin instant noodles in which pieces of glass were found. Cases like these will not be prevented in the future. But the blockchain technology will significantly speed up the investigation. Under certain circumstances, this can save lives.

Exclusive information on the status quo of the blockchain ecosystem in Germany can be found in a new study by BTC-ECHO and BlockState.

Bitcoin formula falls below the 250 dollar mark

The Bitcoin price has fallen below the 250 dollar mark and if you look at the order books of the major stock exchanges, the Bitcoin price seems to be falling even further.

Today’s opening price was USD 267.08 and fell drastically after only two hours. Shortly after 4 a.m. the price then dropped below the 250 mark, which according to experts is an important psychological limit. As a result, the price was able to stabilize for a short time, but then fell further and broke through the 230 dollar mark.

At present (14 o’clock) the current Bitcoin formula lies with 228 US Dollar and/or 193 euro

Market observers had previously warned that if the 250 US dollar mark was breached, a further Bitcoin formula slump could occur. Athur Hayes of BitMEX wrote in his Bitcoin formula trading newsletter that the next psychological limit will be 200 dollars.

Market depth 10:35am. Source: Bfxdata.com
Order books show large sales orders
The order books of the major Bitcoin exchanges show an outbreak of trading volume today. Primarily consisting of sell orders.

On Bitfinex the trading volume of the last hour consisted of 70% sell orders. In the last 24 hours this value was 64%.

Also on the Bitcoin stock exchange Bitstamp, which recently went online again, the sales orders have clearly picked up speed. Around 1,000 coins are for sale at a price of 244 USD.

The miners pulled the plug

The Bitcoin descent has several effects on the Bitcoin world. While traders try to sell their Bitcoins at the best possible price or take advantage of volatility to make small profits, Bitcoin miners do not feel fairly rewarded due to the low price. For example, the cloud mining service CEX.IO has temporarily discontinued the service due to the low price. Although the Bitcoin mining problem found its way to Plateau, it is still at a new all-time high.

“This is the point where mining costs outweigh profits,” says CEX.io Officer Jeffrey Smith in a blog post.

Mining Difficulty
Source: Blockchain.info
So how low is the Bitcoin rate going to fall?
As already mentioned by several market observers, the Bitcoin price, after breaking through the $250 market, could still fall below the 200 market.

Martin Tillier (Nasdaq) assumes that the true value of a Bitcoin is around 140 US dollars. This is slightly more than the price before the big “bull run” in autumn 2013.

Update 14.01.2015 08:50h: The 200 US-Dollar mark was broken half an hour ago. It remains to be seen whether Martin Tillier’s assumption that the real Bitcoin price is around 140 USD will come true.

Blockchain app design and the news spy and what you can learn from Apple

HOME PAGE TECH BLOCKCHAIN BLOCKCHAIN-APP DESIGN AND WHAT YOU CAN LEARN FROM APPLE
Steve Ehrlich is an associate and lead analyst at Spitzberg Partners, a consulting firm with strategic relationships with companies such as Ming Labs and the Wall Street Blockchain Alliance. Matthias Roebel is CEO of Ming Labs and Ron Quaranta is Chairman of the Wall Street Blockchain Alliance.

In this special CoinDesk 2016 Review Ehrlich, Quaranta and Roebel explain how Blockchain companies with a focus on user experience score better on the mainstream market. For 2017 and beyond. Many people hear the word blockchain and must immediately admit that they can never take advantage of this innovative technology because they can either “not use encryption” or cannot program.

For some of us in the blockchain sector something is changing for 2017. This year we are going beyond the purgatory of proof-of-concepts and pilot projects. Now it’s about full product integrations and so it’s important to eliminate mental barriers for potential users.

Fortunately, this is not a new problem for the news spy

You can simply ask a few random people on the news spy how the Simple Mail Transport Protocol (SMTP) works. In the vast majority of cases, you’ll get at most a questioning look. You know right away that you press a button and the email reaches the news spy within seconds.

What does that mean? This means that users should not focus on the functionality of the blockchain, but on future applications. To reach this point, blockchain applications must be intuitive enough for the everyday user. The crux of the matter is a simple and elegant user experience or User Experience (UX).

A bite from Apple
Many of us know people who are even overwhelmed with normal mobile phones, of smartphones first of all no talk. How many of us know someone who doesn’t know how to listen to a voice message? You have to keep in mind that the iPhone was not the first smartphone with its launch in 2007. And yet it took over the market because it was intuitive, easy to use and rich in functionality.

In short: it worked

Apple’s more than 10 years of leadership comes from its ability to meet customers’ expectations on a long-term basis. The means are formative products and technologies that are attractive, simple and appealing.

Blockchain developers would be smart if they kept the principle of the Cupertino company in mind.

Implications for Blockchain
Today’s blockchain developers and industrial stakeholders face similar challenges to Apple. They need to educate their customers and bring certain unique Blockchain features to the fore. And yet everything has to be arranged in such a way that it is intuitive and familiar to the user.

The focus should not be on what the blockchain offers from a technical point of view, because this way quickly leads to “a solution looking for a problem”.

Ali Nazem, Vice President of Corporate Development at Blockchain-Identity Fima ShoCard, sums up the challenge nicely:

“The key to blockchain adoption is to show use cases made possible by technology. Users don’t need to know the complexity of the underlying technology, just that the solution is intuitive and secure.

Olivier Veyrac, Vice President of Customer Development for payment service provider Align Commerce, confirmed:

“Most customers know nothing special about blockchain technology, all they really care about is that it’s fast, traceable, and easy to use,” he said.

Veyrac explained that when customers have questions, they explain Blockchain to them and everything makes sense.

But this is actually a demanding process.

Brian Kelly: Bitcoin Bull Run is coming 2019

Bitcoin bull Brian Kelly clings to the Bull Run narrative. Despite a 60 percent loss since the beginning of the year, the CNBC presenter sees no reason to panic. The institutional newcomers like Fidelity Investments in the Crypto Arena are “fantastic news” for all Bitcoin investors.

The news about Fidelity’s announced crypto trading desk does not leave even well-known Bitcoin friends like “Fast Money” presenter Brian Kelly cold. During a conversation with CNBC television, the Bitcoin advocate renews his bullish tones:

Cryptosoft is a fantastic message!

Kelly once again serves the narrative of institutional cryptosoft money in the show, which is to fuel the next Bull Run. When asked when to expect the big investors, Kelly answers in his usual euphoric manner: https://www.onlinebetrug.net/en/cryptosoft/

“Fidelity has put its stamp on cryptos and established it: Yes, this is a new asset class. And at least as far as the institutions are concerned, you must now have either a [crypto] investment strategy or reasons why you are not [invested]. […] I expect companies like [Charles Schwab Corporation] to enter the market in the first quarter of 2019.”

So the argument is based on the emerging market pressure. The more investors prominently announce their entry into the crypto market, the more pressure this puts on companies at the margin to position themselves.

In six months at the latest, the “proverbial herd” will be on its way to market entry. Then “Big Money” had finally arrived.

“Institutional FOMO” through Fidelity Digital Assets

It was great news: When Fidelity Investments announced a pure crypto division last week, some saw it as responsible for a short-term increase in Bitcoin’s share price. As a result, renowned Bitcoin enthusiasts such as Galaxy Digital founder Mike Novogratz referred to the increasing competitive pressure for the big players. Then one would have a situation of the “institutional FOMO”, thus the fear of the large banks to miss a unique business chance. This brings in the long run all large money houses to think about own investments into the crypto market.

As BKCM-CEO not completely unbiased
As a Bitcoin bull, however, Brian Kelly has already achieved some fame. He has good reasons for this: As CEO of BKCM LLC, he heads one of the largest crypto funds in the world. The New York fund invests primarily in Bitcoin, Ethereum and ICOs. It is therefore in one’s own interest to place positive news about future market developments.

Brian Kelly: Bitcoin Bull Run is coming 2019

Bitcoin bull Brian Kelly clings to the Bull Run narrative. Despite a 60 percent loss since the beginning of the year, the CNBC presenter sees no reason to panic. The institutional newcomers like Fidelity Investments in the Crypto Arena are “fantastic news” for all Bitcoin investors.

The news about Fidelity’s announced crypto trading desk does not leave even well-known Bitcoin friends like “Fast Money” presenter Brian Kelly cold. During a conversation with CNBC television, the Bitcoin advocate renews his bullish tones:

Fidelity is a fantastic message!

Kelly once again serves the narrative of institutional money in the show, which is to fuel the next Bull Run. When asked when to expect the big investors, Kelly answers in his usual euphoric manner:

“Fidelity has put its stamp on cryptos and established it: Yes, this is a new asset class. And at least as far as the institutions are concerned, you must now have either a [crypto] investment strategy or reasons why you are not [invested]. […] I expect companies like [Charles Schwab Corporation] to enter the market in the first quarter of 2019.”

So the argument is based on the emerging market pressure. The more investors prominently announce their entry into the crypto market, the more pressure this puts on companies at the margin to position themselves.

In six months at the latest, the “proverbial herd” will be on its way to market entry. Then “Big Money” had finally arrived.

“Institutional FOMO” through Fidelity Digital Assets

It was great news: When Fidelity Investments announced a pure crypto division last week, some saw it as responsible for a short-term increase in Bitcoin’s share price. As a result, renowned Bitcoin enthusiasts such as Galaxy Digital founder Mike Novogratz referred to the increasing competitive pressure for the big players. Then one would have a situation of the “institutional FOMO”, thus the fear of the large banks to miss a unique business chance. This brings in the long run all large money houses to think about own investments into the crypto market.

As BKCM-CEO not completely unbiased
As a Bitcoin bull, however, Brian Kelly has already achieved some fame. He has good reasons for this: As CEO of BKCM LLC, he heads one of the largest crypto funds in the world. The New York fund invests primarily in Bitcoin, Ethereum and ICOs. It is therefore in one’s own interest to place positive news about future market developments.