State Of Crypto (Q2, 2018), SEC And Casinos
Blockchains Vol 26, July 31, 2018
|Aug 2, 2018|| 1|
Blockchains have the potential to store over 10% of our global GDP, ~ $8 Trillion in value. At Proteum, we are dedicated to understanding tomorrow's "Internet of Value". This newsletter is our weekly roundup of some of the significant blockchain news this week. News we think is worth sharing for you to map your blockchain strategies, be aware of regulatory announcements and get an overview of the rapidly changing blockchain landscape.
Quote of the Week
"I still scratch my head [about Bitcoin] [...] I don’t have a single portfolio manager who has told me we should buy crypto, not a single portfolio manager.” - Ken Griffin, CEO and founder of the Citadel hedge fund
Bitcoin miner revenues fall by 22% along with average fees by 19%
Bitcoin hashrate grew by 26% (fall short of the previous quarter's 47% growth)
SEC declared ether not a security, and eth price saw a 9% jump shortly after
Total ICO funding reaches about $19 billion, with the average ICO $39 million
Majority of survey respondents think price declines were caused by shorts and rebounds from over-speculation
China represents an interesting dichotomy when it comes to cryptocurrencies and blockchain technology. On the one hand, they are incredibly restrictive, having instituted a nationwide ban on ICOs last year, as well as cracking down on crypto exchanges. On the other hand, however, aspects of both industries appear to be flourishing.
Some argue that blockchain and GDPR are fundamentally incompatible. Popular blockchain sceptic David Gerard warns that anyone trying to sell you a blockchain for personal data is a charlatan. If so, then how can blockchain operators comply with GDPR?
The bunker industry, with its multiple, complex transactions is ideal for blockchain technology. Blockchain technology is already being taken up across the shipping industry with Maersk, ZIM and APL developing systems. Ports around the world, including Rotterdam, Abu Dhabi, Brisbane and Antwerp, are also developing systems.
Distributed ledger technology or DLT for short, is, as the name suggests a database of records that isn’t stored or confirmed by any one central body. Sounds sort of like blockchain doesn’t it? But it’s not. And somewhat ironically, it is precisely the bodies that Bitcoin and blockchain aim to subvert that seem to use it the most – banks, governments and large corporations.
The SEC has shown it’s less jazzed about the world’s biggest cryptocurrency. Last week, the regulator issued its latest rejection of a Bitcoin exchange-traded product, citing concerns that exchanges can’t adequately police trading in the underlying digital tokens and that manipulation might be widespread. SEC's current thinking: “What we’re hoping is people will want to come into compliance.”
Brooklyn Roasting is tracking its Ethiopian Yirgacheffe coffee beans from the Banko Gotiti co-op in Ethiopia where they’re grown to where the beans are brewed in Brooklyn. A bean’s journey from farm to cup can sometimes pass through dozens of transactions—after a farm, it enters a mill before going to a broker before being shipped. And along the way, if a bean needs to be certified as fair trade or organic, there might be additional steps to make sure certification is issued properly.
A Hubble Space Telescope (HST) researcher is testing a blockchain network for processing the vast amounts of data produced. Using a decentralized network may provide a more efficient use of resources by allowing researchers to tap into a larger network than might be available via a traditional server farm.
Most traditional casinos tend to hide some information from users. This includes winnings. They also have various hidden tricks that give them an advantage over gamblers to win. When gamblers don’t get to know there are tricks that give the house better odds than them, they keep on gambling and losing without understanding the reason behind it. Hence, traditional casinos take advantage of them which is quite greedy and unscrupulous.
Blockchain casinos have eliminated this tricks which give the house a better edge in winning. They ensure transparency and ensure that all the odds are clear and transparent to gamblers. They offer a fair play platform for gamblers. This transparency also ensures that there is trust between both parties and eliminates scams. All this is enabled by the fact that most of the blockchain casinos earn from the value of the coin as users buy and use it rather than making money from gamblers losing.
Proteum is global blockchain advisory firm that works with public, private and start-up companies to help them transition into the world of blockchains and decentralized applications. We help companies strategically build their capabilities so that they can own and control their future. Let's put blockchains to work for your business.
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