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Educational material about cryptocurrency has already been introduced to several universities around the world, and it is now also possible to take a degree where you specialize in crypto-finance. Now, however, some are debating whether or not the future of cryptocurrency is so certain that it would be wise to start teaching it in schools.
From university to high school to…?
Among the American universities offering courses in crypto-finance is the University of California, University o Pennsylvania New York University and Stanford University. Countries like the United Kingdom has also begun offering the classes at places like Cambridge University for students studying finance.
Back in the United States, there has been an increase in demand from high school students that the teachers educate them on the world of cryptocurrency. So strong is the enthusiasm for this subject that the students are happy for it to be taught as a non-curricular educational session. CNN interviewed a high school teacher from New Jersey, who mentioned that cryptocurrency is now part of his Business and Personal Finance course.
Has the time come for cryptocurrency classes in schools?
As the trend only seems to go in one direction, the conversation has naturally fallen on whether or not schools should include cryptocurrency in their curricula. Nate Flanders, the owner of a cryptocurrency trading platform, notes how coding languages are becoming more relevant in today’s society. Studying the coding behind blockchain would, therefore, be very beneficial to students.
Flanders is not alone, as the CEO of Mandela Exchange also is of the opinion that coding should form a much larger part of a school’s curriculum than it does now. Some of the coding languages he thinks there should be more focus on including Java, C++, and Python. He does not believe the schools are far off. With there already being a movement to implement programming languages into school systems, it should only be a short step further to offer blockchain courses.
The volatility of the cryptocurrency market is creating uncertainty
One of the main factors holding cryptocurrency back is the extreme volatility of the market. Although Bitcoin has been around for a decade, it is still considered to be in its infancy. And it is easy to see why. With the popular coin having plummeted in value in 2018, it is anything but a stable currency or asset. It is then easy to understand that many would be hesitant to include courses on a phenomenon that might not be around in a few year’s time.
Many have criticized the volatility and think it is a sign of a Ponzi scheme. Christian Ferri, however, is of a different opinion. As the CEO of blockchain advisory company BlockStar, he believes that volatility is not only an inevitable phenomenon in any economy, but that is is also a good thing. Why? Because every savvy trader will be able to take advantage of all the ups and downs there is in an economy. The only question is who will make a profit and who will lose out.
Cryptocurrency mining has, up until recently, not been for everyone. In order to make a profit, one has to invest in an expensive mining rig, and be prepared for a huge electricity bill. As more tokens of a given cryptocurrency come into circulation, the processing power and electricity required to mine new tokens rises proportionally.
More recently, however, it has been possible to mine for cryptocurrency using smart devices like phones and tablets. This has allowed small-time miners to utilise the processing power of their devices when they are otherwise dormant. It has also allowed for app developers to exploit the app users by secretly using their phone to mine for tokens without their knowledge.
Apple bans Calendar 2 app
Earlier this year, Apple decided to ban one such app from their App Store. Calendar 2 was an app with a different business model than other apps. Rather than asking the users to pay for the app or show them advertisements, the developers opted to have the app mine for Monero tokens as a way of payment. This turned out to be a lucrative idea, as the team managed to earn $2,000 worth of Monero tokens in just three days by utilising the app users’ processing power to mine.
At that point, the reason for banning the app was a violations of Apple’s App Store guidelines, which states that “Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources.” Since cryptocurrency mining takes up a lot of resources and processing power, the Calendar 2 app was in clear violation of the guidelines as this is exactly what happens to devices when used for that purpose.
Apple rolls out new guidelines for hardware compatibility
Since the emergence of apps that use the devices for cryptocurrency mining, Apple have had to adjust their guidelines for apps in the App Store. Section 2.4.2 of Hardware Compatibility has now been changed to mention cryptocurrency mining specifically:
“Design your app to use power efficiently. Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources. Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”
Expanded guidelines for all Apple products
Moreover, Apple has expanded their guidelines section, and have laid out some rules that will apply to all of their devices and operating systems, including iOS (for iPhones and iPads), macOS (for MacBooks, iMacs, etc.), watchOS (for Apple Watch), and tvOS (for Apple TV). The rules are:
1. Apple will allow virtual currency wallet apps, as long as they’re offered by developers who are enrolled as organizations.
2. The only cryptocurrency mining apps allowed are those that mine outside of the device, like cloud-based mining.
3. Apps can help users make pay, trade, or receive cryptocurrency on an approved exchange, but the apps must be from the exchanges themselves.
4. Similarly, apps involved in initial coin offerings, bitcoin futures trading, or other cryptocurrency securities trading need to be from the banks, firms, or other approved financial institutions. And they must be lawful.
5. Cryptocurrency apps can’t offer users virtual coin for tasks like downloading other apps, getting other users to download the app, or boosting social media activity.
Vanig ICO Review
Shopping has undergone an immense transformation over the past couple of decades. Physical retail stores are in a constant race to compete with online stores, which have lower overheads and more flexibility. The shopping wars will probably go on for some time to come, but in the meantime, developers are working on improving e-commerce even more. Vanig is one of the many exciting projects that deal with supply chain management in the world of e-commerce. Whilst current shopping platforms offer users great flexibility and control like real-time tracking, this ICO promises to take e-commerce to the next level. Not only will the shopping experience become cheaper and simpler, but the supply chain will be shortened. Let us have a look at what exactly Vanig is, how it works, and how you can benefit from investing in their project.
What is Vanig?
The team behind Vanig are building an ecosystem underpinned by blockchain technology, in which businesses and customers can interact and do business with each other seamlessly. They brand their project as the “world’s first integrated e-commerce platform with supply chain”.
One of the main advantages of the Vanig platform is that is reduces the number of intermediaries required to get a product from the production site to the consumer’s home. Rather, customers can communicate directly with the supplier if they so wish. This is reminiscent of the Chinese Alibaba website, where customers contact the factory owners directly and negotiate their purchase with them instead of a middleman. Not only will a project like Vanig reduce the costs of business transactions, but it will also shorten the supply chain, and help build trust between consumers and suppliers.
How does Vanig work?
As mentioned, Vanig is build using blockchain technology, which means that everything is completely decentralized and all transactions are recorded on the ledger. The ledgers used by Vanig is developed by Hyperledger, which is one of the giants in the blockchain space. The platform will also make use of smart contracts, which will offer both businesses and their customers flexibility, control, and transparency. Essentially, the platform offers all the same capabilities like popular e-commerce stores like Amazon, eBay, and Alibaba, but with the added benefit of having everything in one place.
What are the key features of Vanig?
The main features of the Vanig platform include a self-contained ecosystem that allows everyone in the supply chain, from manufacturer to consumer, to easily communicate via a peer-to-peer system. All the data generated on the platform is distributed symmetrically, which will allow all users to recall it much faster. The simplicity of the smart contracts used on Vanig will ensure that all transactions are secure and easily executed. The platform also facilitates real-time tracking of products, and gives users access to the sensor feeds and data oracles that track the product. An advantage of the real-time tracking and ledger records is that returning defective products will be simpler. As with Amazon, Vanig will also allow for one-click orders for customers, and bulk upload of CVS files for businesses listing their products.
bitcointalk Username: Ico Friends
Apple recently tightened its guidelines for apps on the App Store. After experiencing quite a few apps that utilized the users’ devices to mine for cryptocurrency, Apple updated its official guidelines to include a section on cryptocurrency mining. Opinions are divided on whether or not this is a reasonable move. Some say that the revised guidelines are too harsh on app developers who make it clear that their revenue will come from cryptocurrency mining. Others say it is a wise move that will help combat phishing and malware, which are huge risks in the digital world.
New guidelines mention mining
Apple’s new guidelines are very thorough, and include references to ICOs, cryptocurrency mining, digital wallets, cryptocurrency exchange services, and any rewards based on digital currencies. Two of the clauses dealing specifically with these issues look like this:
2.4.2 Design your app to use power efficiently. Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources. Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.
3.1.5 (b) (ii) Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).
Why should mining apps be banned?
One of the main arguments for this kind of striction is that cryptocurrency mining is not profitable when you are using your smartphone. There is a good reason why professional cryptocurrency miners invest a lot of money in building mining rigs, which are essentially really powerful computers. It takes a lot of processing power to mine, and even the newest iPhone will not be able to mine enough for users to make a profit.
Using a smartphone or tablet for mining will, on the other hand, quickly wear down the device by making it work harder than it is designed to do. This will significantly shorten its lifespan, which means that users will need to replace it more often. The only way to make a profit from using devices to mine is to use other people’s devices. This way, you do not have to worry about buying a new smartphone to sustain your mining activities.
Scammers are everywhere
Scammers have caught on to this, and that is why mining malware is such a big problem in the cryptocurrency space. The mining malware is not restricted to smart devices like phones and tablets, however. Scammers have managed to infect several websites of prominent institutions, such as governments and tech companies. Everyone visiting these sites will then unwittingly be mining cryptocurrency for the scammers, using whatever device they visit the website with. Coinhive is a great example of this kind of scam.
While Apple has undoubtedly received some criticism for its restrictive guidelines, it is ultimately good news for the average user. Only by preventing scammers from putting their apps on the App Store can Apple help its users avoid being taken advantage of. Whether official government regulations will be rolled out to prevent malware like Coinhive from infecting websites in the future remains to be seen.
According to an article published on CCN, Fidelity Investment Firms has temporarily halted its intentions to launch cryptocurrency fund after key members and investors decided to leave the company. The Fund was launched in 2017 and its main objective is to come up with a cryptocurrency that will benefit the investors and the firm at large.
It is reported that the firm used the extra funds it had in account to invest in high-risk high return assets and this did not go down well with some of the members. Notably, the decision to invest in the assets was done after an extensive analysis of the financial stability of the firm.
However, a report that was made public in June 9th, 108 has revealed that the small fund set aside for cryptocurrency investment is not operational at the moment after some of the main staff members who were tasked with steering the department left the firm. As a result, plans for Fidelity to launch its own exchange platforms hangs on the balance as there is no clear information on whether the firm still plans to establish the exchange.
Fidelity Lost Cryptocurrency Experts
Interestingly, two former staff members who were part of the management team Nic Carter who worked as a financial analyst and Matt Walsh the ex-Vice President went ahead to establish an independent cryptocurrency fund after leaving Fidelity Investment Firm. The fund is called Castle Island Ventures but it is still not clear if it is operational.
Nonetheless, it is too early to conclude that the firm will not set up the exchange platform owing to the fact that it is ranked among the largest financial service provider of retirement products here in the United States. Launching the exchange platform and making sure it is fully functional would significantly promote its growth and expand its clientele base. Hordes of investors who are currently on the sidelines would take that opportunity to invest in the project thereby increasing its chances of being successful.
Other crypto-talents who left the firm include digital marketing manager Ben Pousty who joined Circle and Kinjal Shah who used to work as a consulting analyst. Shah ditched Fidelity to join Blockchain Capital. At the moment, the firm is desperately looking for a competent fund manager who will oversee the operations at the cryptocurrency department.
Other Financial Service Providers Venturing into Cryptocurrency
Fidelity Investment Firm is not the only company in this niche that is seriously considering venturing into the cryptocurrency industry. Other financial service providers who have shown interest in the industry include New York Stock Exchange and Intercontinental Exchange.
Goldman Sachs have also confirmed that they have completed setting up a bitcoin trading desk for its clients and will be fully operation later this year. Notably, a significant number of financial institutions are still reluctant to invest in digital currencies due to the various risks such as price volatility and lack of proper regulations in most parts of the country.
Despite the rapid growth of the cryptocurrency space, fiat money is still king in the real world. Even the most enthusiastic crypto-’hodler’ will, when they emerge from their dark caves to get some daylight, eventually have to use government-issued fiat money to pay for everyday goods and services. But much has changed in the world of fiat money. Although they are issued by central banks and declared legal tender by the government, they are not what they used to be. No longer backed by gold, they have little intrinsic value. And with contactless credit and debit cards being the norm, we are increasingly moving towards a cashless society. The next logical step would be to transform the economy from one of fiat currency to one of cryptocurrency. But what would that look like?
More people start using it
Without the people interested in using cryptocurrency, the project will never become a reality. Whilst the interest in cryptocurrency is big enough to hold a Bitcoin rally, it is nowhere near popular enough to be considered a household name. In order for cryptocurrency to become the standard, pretty much everyone would have to know about it and have some experience using it.
Businesses adapt to it
In order for people to use cryptocurrency, more shops and other businesses would need to start accepting it. Although a few businesses and charities have begun accepting cryptocurrency, there is a long way to go before we can use them to buy groceries at the local corner shop. Online stores will probably be the first businesses where it will be a mainstream to pay with Bitcoin. Physical stores will have to catch up so they do not lose out on business.
Governments will (begrudgingly) adapt
The governments will be one of the last local institutions to accept the transformation from fiat to crypto. The main reason for this is that it is in the government’s’ interest to maintain the status quo. Fiat money gives them a lot of control over a country’s economy, and they will be unlikely to relinquish that control easily. China is a great example of how governments are fighting off the crypto-revolution.
National and international spread
Once consumers are using it, businesses are accepting it, and governments are taking steps to implement it, cryptocurrency will be a nationwide legal tender. Once enough countries have reached this stage, an international economy based on cryptocurrency can begin to develop. This is probably not going to happen in the near future, due to the large inequality between the countries around the world.
What can be done to speed up the process?
It will take a lot of patience on the part of crypto-fans, as these things move a lot slower than one could want. The only way to speed up the process of transforming the economy from being based on fiat money to one based on cryptocurrency is (you guessed it) to use cryptocurrency. As much as possible, in as many places as possible. The more people use it, the more businesses will accept it, and the faster governments will have to act on it.
It is never wise to make predictions about the future, particularly not in finance. And when it comes to crypto-finance, it is especially hard to predict what will happen in the future — let alone today. This is not stopping anyone from making predictions, however. Quite a few writers have speculated on what the future of cryptocurrency will look like. Whilst it is impossible to pinpoint exact changes, some trends are more or less certain to continue. More investors will begin to buy into cryptocurrency, security and regulation will improve, and the market will probably remain volatile for the foreseeable future.
More funding from traditional investment sources
As cryptocurrency becomes more mainstream and governments are implementing proper regulations, investors who have been apprehensive will begin to fund blockchain projects. When the space becomes regulated, there will be less anxiety and fear about bad investment decisions. This will open up the doors for the more cautious investors. Because cryptocurrencies like Bitcoin and Ethereum have been in circulation for quite a while now, more people are beginning to view it as a serious financial investment. Although Bitcoin has taken a huge hit in terms of value since the crash last year, experts are predicting that it will actually rise higher than the all-time high of $20,000. Some have even speculated that the value of a Bitcoin will reach a quarter million dollars by 2022. There is still a long way to go before everyone is onboard the crypto-train, however.
Security and regulation will improve
One of the biggest concerns cited by apprehensive investors is the lack of security in the cryptocurrency space. A recent survey revealed that almost half of the respondents saw security in cryptocurrency as a big concern. Part of the problem is the lack of regulation of the market. Although more and more countries are slowly implementing proper regulations, the market as a whole remains largely unregulated. Compared to trading with fiat money, the cryptocurrency space is considered to be the Wild West. Hackers and scammers thrive when there is little to no regulation, which is also off-putting for investors. Fortunately, many countries are in talks of rolling out global regulations, which should remedy these concerns. The recent G20 meeting in Argentina saw proposals for cryptocurrency regulations being laid out for the future.
Volatility will continue
One of the main factors that worry investors is the volatility of the cryptocurrency market. Although this can mainly be put down to the temperament of the current traders, security is also a concern.
The recent hacking of Coinrail, and subsequent dip in the value of Bitcoin and Ethereum, is a good example of how a lack of security can impact the market as a whole. But trader temperament and security concerns are far from the only factors that make the market so volatile. The lack of intrinsic value of cryptocurrency is another major reason why the value can rise and fall so much and so fast. Although Stablecoins have physical goods like gold to back them up, these tokens are the exception rather than the rule. This indicates that, unless something changes, cryptocurrencies will continue to be volatile in the near future.
According to an article published on CCN, Fidelity Investment Firms has temporarily halted its intentions to launch cryptocurrency fund after key members and investors decided to leave the company. The Fund was launched in 2017 and its main objective is to come up with a cryptocurrency that will benefit the investors and the firm at large.
It is reported that the firm used the extra funds it had in account to invest in high-risk high return assets and this did not go down well with some of the members. Notably, the decision to invest in the assets was done after an extensive analysis of the financial stability of the firm.
However, a report that was made public in June 9th, 108 has revealed that the small fund set aside for cryptocurrency investment is not operational at the moment after some of the main staff members who were tasked with steering the department left the firm. As a result, plans for Fidelity to launch its own exchange platforms hangs on the balance as there is no clear information on whether the firm still plans to establish the exchange.
Fidelity Lost Cryptocurrency Experts
Interestingly, two former staff members who were part of the management team Nic Carter who worked as a financial analyst and Matt Walsh the ex-Vice President went ahead to establish an independent cryptocurrency fund after leaving Fidelity Investment Firm. The fund is called Castle Island Ventures but it is still not clear if it is operational.
Nonetheless, it is too early to conclude that the firm will not set up the exchange platform owing to the fact that it is ranked among the largest financial service provider of retirement products here in the United States. Launching the exchange platform and making sure it is fully functional would significantly promote its growth and expand its clientele base. Hordes of investors who are currently on the sidelines would take that opportunity to invest in the project thereby increasing its chances of being successful.
Other crypto-talents who left the firm include digital marketing manager Ben Pousty who joined Circle and Kinjal Shah who used to work as a consulting analyst. Shah ditched Fidelity to join Blockchain Capital. At the moment, the firm is desperately looking for a competent fund manager who will oversee the operations at the cryptocurrency department.
Other Financial Service Providers Venturing into Cryptocurrency
Fidelity Investment Firm is not the only company in this niche that is seriously considering venturing into the cryptocurrency industry. Other financial service providers who have shown interest in the industry include New York Stock Exchange and Intercontinental Exchange.
Goldman Sachs have also confirmed that they have completed setting up a bitcoin trading desk for its clients and will be fully operation later this year. Notably, a significant number of financial institutions are still reluctant to invest in digital currencies due to the various risks such as price volatility and lack of proper regulations in most parts of the country.
The ever-volatile market for cryptocurrency has taken another hit after a prominent South Korean cryptocurrency exchange got hacked. Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS are among the many cryptocurrencies that have dropped 10% or more in value as a result of the hack. According to the Wall Street Journal, the person behind the hack got away with cryptocurrency worth $40 million.
As a result of the hack Coinrail has been taken offline. According to Coinrail’s website, the team running the exchange managed to secure 70% of all the cryptocurrency tokens that were stored there. They managed to secure them by using a cold wallet, which is a hard drive not connected to the Internet. In the digital world, hackers are far from uncommon. The remaining 30% of the cryptocurrency tokens have been leaked.
Why is this interesting?
The interesting this about this case is the massive impact it had on the value of cryptocurrencies that were not even affected by the hack. Bitcoin, for example, was not affected by it, and yet the value dropped by a tenth. The only reason why the value of the otherwise unaffected cryptocurrencies has dropped is because investors decided to sell their tokens after hearing about the hack.
The reason why investors have decided to back off of cryptocurrency after the hack remains unclear. Had one of the major cryptocurrency exchanges been hacked, their decision would perhaps have been more obvious. However, Coinrail is not one of the major exchanges. According to the Wall Street Journal, they come in as number 100 on the list of the world’s largest cryptocurrency exchanges.
Why did the investors back off?
Some have speculated that the reason could be the unpredictable environment in the cryptocurrency space. Because many find the technology is difficult to understand and the governments have yet to solidify their regulations, cryptocurrency traders are looking at any other warning signs to guide their investment decisions.
Many media outlets have attempted to do the calculations on exactly how much this hack has cost the cryptocurrency market. Bloomberg, among others, have come to the conclusion that up to $42 million has been lost as a result of the hack. This is more than what was lost during the hack itself. What this indicates is that investor temperament can be just as, if not more, damaging than a cyber attack.
Maybe it has nothing to do with the hack
Experts, however, are of a different opinion., Some point to the fact that, according to CoinDesk, Bitcoin was already on its way down prior to the hack. After the all-time high of December 2017, Bitcoin has had a hard time recovering its value in 2018. As a matter of fact, the first quarter of 2018 has been the worst yet for Bitcoin.
The same can be said for the other cryptocurrencies that were apparently affected by the hack of Coinrail. Looking at Ethereum and Ripple shows a similar pattern. Ethereum lost almost half of its value by dropping 47.7%, and Ripple lost the majority of its value when it lost 77% of it. This could indicate that the hack was actually not the reason for the drop in cryptocurrency value. Rather, 2018 has just not been a great year for the big cryptocurrencies.
The world has been on edge since Donald Trump and Kim Jong Un started to throw barbs at each other. What was first an early indicator of an impending nuclear war has now been dialed down to peace talks between the United States and North Korea.
The situation is no longer as tense as it was before, and there could be more than one reason for that. Rather than relying on Donald Trump’s diplomatic skills, former basketball star Dennis Rodman decided to join in on the peace talks to provide some much-needed moral support. Dennis Rodman and Kim Jong Un are old buddies, as they watched a game between their countries back in 2013.
But what does all this have to do with cryptocurrency?
PotCoin publicity stunt?
What caught the eye of the mass media was not so much the return of Dennis Rodman to the Far East. Rather, it was his outfit that got people talking. The t-shirt he wore had a peaceful slogan emblazoned on it, which said ‘peace starts in Singapore’. Nothing controversial here.
What was controversial, however, was the fact that it also had the logo for PotCoin on it. The cryptocurrency, which has sponsored Dennis Rodman’s trip to Singapore, was given a shoutout on his Twitter prior to his departure from the United States.
This is not the first time PotCoin has sponsored Dennis Rodman’s travels. Last year, the cryptocurrency team paid for his trip to North Korea. Here, Rodman and his colleagues were also seen wearing PotCoin merchandise, including t-shirts and baseball caps.
Why is this controversial?
It is not uncommon for a company to sponsor a celebrity traveling somewhere. It is an old marketing trick to have a well-known person wear your company’s clothing in order to create brand awareness. What makes the PotCoin sponsorship of Dennis Rodman’s trips to Singapore and North Korea controversial is that marijuana is illegal in both countries.
The situation is a bit more serious in these two countries than it is in Europe and the United States, for example. In North Korea, marijuana is listed as a controlled substance on par with much stronger drugs like heroin and cocaine. In Singapore, being in possession of marijuana is an even graver offense. The maximum penalty for being caught with marijuana is death.
Dennis Rodman seems enthusiastic about PotCoin, so it would under any other circumstances probably be a good match for a publicity campaign. Why PotCoin would choose to sponsor his trips to two countries where the substance is subject to such severe penalties, however, is uncertain. It definitely got the media talking about them, so if that was the aim then mission accomplished.
What is PotCoin exactly?
PotCoin calls itself a ‘network and banking solution’ for the legal cannabis industry around the world. As with other cryptocurrency platforms, PotCoin allows for cheaper, faster, and safer financial transactions for people trading in cannabis and cannabis-related products.
It is by no means a high-value cryptocurrency token, with one PotCoin being worth around $0.07. Their market cap is $17 million, compared to Bitcoin’s market cap of $115 billion. It is not the only one of its kind, however. In addition to PotCoin, there is also CannabisCoin, DopeCoin, and MarijuanaCoin. None of these cryptocurrencies have a significant market cap, however.
Whether or not PotCoin’s sponsorship of Dennis Rodman will aid his contribution to the peace talks between the United States and North Korea remains to be seen. The cryptocurrency team, however, are optimistic about the endeavor: “We at PotCoin definitely believe that Dennis Rodman deserves the Nobel Peace Prize.”