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Much of the media attention is surrounding Donald Trump’s visit to the United Kingdom. However, just before he left the United States this Thursday, he signed an executive order on cryptocurrency investigations.
Cryptocurrency task force
Why create a cryptocurrency task force? The simple answer is ‘fraud’. You will recall all the Internet giants like Google, Twitter, Facebook, and Reddit placing bans on ICO and cryptocurrency advertisements. That was due to the many scams and fraudulent activities in the industry. Now, the president has signed an executive order for a new task force to be formed within the Department of Justice.
The executive order replaces a previous task force that was created back in 2009. The Financial Fraud Enforcement Task Force is now outdated in the wake of cryptocurrency.
The mandate the new task force have been given is to investigate and prosecute the criminal elements within the cryptocurrency community. The task force is also responsible for bringing justice to the American people by returning the money that have been stolen or scammed to their rightful owners.
Who are the members of the task force?
Trump seems to have renewed faith in the FBI, after he fired the previous director James Comey. The new director of the FBI, Christopher Wray, will be heading the newly created taskforce. Among the members will also be Deputy Attorney General Rod Rosenstein. Wray and Rosenstein will be accompanied by various representatives from departments like Securities and Exchange Commission, the Consumer Financial Protection Bureau, and the Federal Trade Commission.
In addition to the members of the US-based task force, the group will also collaborate internationally in order to address the global issue of cryptocurrency fraud and crime.
What are the primary goals of the task force?
As mentioned, the goal of the task force is to investigate fraud and crime within the cryptocurrency space. This goal will cover not only the American government, but also the general public as well as the financial market. Although the main focus of the task force will be on digital currencies, the task force will cover all aspects of cyber-fraud.
Some of the fraudulent activities that will be investigated are the ‘pump and dump’ schemes common to cryptocurrency exchanges and initial coin offerings. The aim of these schemes is to make a lot of investor pour money into the project by selling cryptocurrency tokens, and then declaring the project to be bankrupt. This way, the scammers get to retain all the money they have made without having to deliver anything to the investors in return.
White House not explicitly against cryptocurrency
On the face of it, it could seem like the president of the US is against the cryptocurrency industry. However, the previous White House Chief Strategist Steve Bannon has in the past declared his fondness for cryptocurrencies as a concept. Bannon even made a joke about launching his own cryptocurrency token called the Deplorables Coin. The name was in reference to presidential candidate Hillary Clinton labelling all of Trump’s supporters as ‘deplorable’.
Have you ever thought about how profitable mining Ethereum would be? If so, then you have also probably considered making your own GPU mining rig for Ethereum. Of course, everyone knows that there are many different ways that you would be able to get into mining Ethereum. One of them is cloud mining, purchasing a mining rig that is someone else’s, and also creating your own rig. Of course, those are only the most popular out of all of the options there are. One of the best ways is to build your own Ethereum mining computer.
This is one of the best ways simply because if you did this, you would be able to have total control over the system, all of it. Really, you would only need to know a couple of basic steps in order to create your own mining PC, and a great one at that. Of course, when following the steps, it is very important to pay attention to detail, because every detail can either help or harm the amount of profit that you will be seeing.
The first step that you need to know is very simple, do research on the components and make sure to pick out the best ones that will help in creating the best system. Of course, this means that the next step is to actually build the system. To do this, you will have to make use of all of the components that you have found and researched and put them together. Makes sense, right? Unfortunately, this process takes varying amounts of time. Really, it will all depend on how much research you are going to be doing on the components, delivery or pick up time, and then how long you take to put it all together. Of course, then you have to make sure to configure it properly so as to make sure that it is running the best that it can, which takes varying amounts of time. So, expect to spend anywhere from a few days, to as much as a few weeks building your masterpiece.
Of course, when you are building a Ethereum mining rig, you really are just creating a computer. This means that you will be needing to choose an operating system. Of course, the big debate is if you should use Linux or Windows. Obviously, I personally would say Linux, even though it does come with a bit of a learning curve, as soon as you are able to get used to using Linux, you will notice that your mining rig is benefiting because of how lightweight most of the Linux distros are. Although, you probably already know this, because if you are trying to build your own mining rig, let’s face it, you’re probably already tired of hearing about the battle between Windows and Linux fans, even though some of the jokes are quite hilarious. Anyway, using Windows for this would suck because it has a lot of bloat, and when I say a lot, I mean A LOT! Of course, this means that it will take up some valuable resources and those resources could instead be making you money.
Get The Right Components
Of course, you might hear people talking about how cheap it is to build a mining PC, but the truth is, it is quite expensive. Of course, the better the GPU you build, the more expensive it will be. However, just imagine the profit, and it will make you feel better about the cost!
When it comes to building your own mining rig, you are first going to want to purchase a motherboard. When you take a look at a human, you know that the brain and nerves are the things behind all of the movements and speech of that human. Well, the motherboard is like the nervous system of your rig. This means that all of the hardware that you get will hook up to the motherboard and that is how they will be able to function properly. Of course, this means that the most important choice is what motherboard you choose. If you take a look at the Radeon HD 7950, you will realize that you are able to get three of those babies to fit into one motherboard that has 3 PCI Express slots. Of course, each of these will come with their own hash rate of 20MH/s. When you realize that, then you realize that, that means that you will be getting a hashrate that is 60MH/s. The best GPU you will probably be able to find for your mining rig is the GA-Z97Z Gaming 3.
The hard drive is the next essential component for your rig. This is the piece that you will be putting your operating system on. Make sure to get one that is at least 1TB. The next thing would be the RAM. You should have at least 4GB of ram, but it is even better for you to splurge and get the 6 or 8 GB. Of course, the last part is the power supply. Now, if you were thinking about getting a power supply unit that was cheap, think again, you have to get one that will have a lot of power.
Finishing Touches
Now that you have the need to know on how to build your mining rig and what to get, it is time to get to it!
Imperial College London has released a research paper in collaboration with eToro, and their findings are very exciting: we could see cryptocurrency payments become mainstream within the next ten years.
The research paper also outlines a few of the issues we would need to address before this will become a reality, however.
Cryptocurrency ticks all the boxes
The paper does a very good job of introducing the concepts behind blockchain technology, cryptocurrency tokens, crypto-commodities, digital ledgers, and smart contracts.
The paper also outlines how cryptocurrency, contrary to popular belief outside of the crypto-community, actually does meet the three tenets of what constitutes a currency.
These tenets are that it has to be a medium of exchange (check), be a unit of account (check), and a store of value (also check).
Simplicity is the key to success
According to the researchers, one of the main areas blockchain projects need to bear in mind when they develop their business is user-friendliness. Without app interfaces that have been designed as simple and easy-to-use, the various blockchain-based products and services will simply not take off.
This makes sense, and many of the most popular apps and devices achieved their status due to their simplicity. Think Google and Apple. Both companies pride themselves on simplicity without compromising utility.
What is holding back cryptocurrency?
One of the more interesting points raised by the researchers was the similarities between fiat money and cryptocurrency. Citing the textbook ‘Macroeconomics’ from 1999 by Morris Perlman, the paper lays out how all the fears associated with cryptocurrencies today were also attributed to fiat money in the past.
The main issue many investors have with cryptocurrencies is that it is money not backed by anything with intrinsic value. This is no different to fiat money, which also have no intrinsic value compared to silver and gold coins. Yet, people are more than happy to sell their gold, which has intrinsic value, in exchange for fiat money, which does not.
This would indicate that it is simply a matter of time and familiarity that will make cryptocurrency as widely accepted as fiat money is today.
The challenges remain
Going back to the three tenets of currency (medium of exchange, unit of account, store of value), the researchers raised the issue of volatility. That fact that most, if not all, cryptocurrency tokens are highly volatile damages their credibility when it comes to all three of the tenets.
A second concern was the lack of scalability inherent to cryptocurrencies. Restrictions on block size and transaction complexity can lead to a massive increase in transaction times and costs — and indeed has done in the cases of Bitcoin and Ethereum.
Another issue that few people have thought about were the transparency of the cryptocurrency system. Because of the public nature of blockchain, everyone will be able to see what everyone else is doing. The researchers feared that this could lead to industry sabotage between companies who can use this feature to spy on each other.
Moolya ICO Review
There has never been a better time to start a company. Why? Because the Internet has allowed us to be located anywhere in the world, and collaborate with others across borders and timezones.
This means that there are now more startup companies popping up than ever before. But new businesses and the entrepreneurs that run them need support, guidance, investment, resources and groups to brainstorm with. While the Internet does a great job at facilitating this, many entrepreneurs are clustered in smaller groups around the web. Moolya is a project that aims to bring all these groups together, in order to create an ecosystem that everyone can benefit from.
What is Moolya?
Moolya is an entrepreneurship ecosystem built around blockchain technology. It is a place that hopes to aggregate all the entrepreneurs, investors, service providers, institutions, consultants, mentors and collaborators together into one global community of creative business minds. By gathering everyone in one place, the possibilities for networking and collaboration will be unprecedented. The team behind Moolya have already begun to form relationships with popular startup countries, such as the United Kingdom, the United States, the United Arab Emirates, Australia, China, and Singapore.
How does Moolya work?
The Moolya community will bring together institutions, startups, investors, companies, service providers, mentors, gurus, and partners to form the world’s first global entrepreneurial platform. These entities can communicate and collaborate via the platform, and the native currency being used will be the MoolyaCoin. This cryptocurrency token will be the main currency with which investors can fund projects, businesses can purchase products and services from each other, and entrepreneurs can pay advisors with. Furthermore, all the products and services produced by the startups will be accessible through the platform, which in turn will aid the startup businesses in reaching their target markets.
What are the benefits of Moolya?
As with other online platforms, Moolya will be universal and not bound by any physical borders. Being based on the blockchain technology as it is, the network will be decentralized and more secure than existing digital platforms. All the funding and transactions will be trackable and verifiable by the users on the network. One of the many advantages of cryptocurrency transactions is that they are much cheaper and faster than traditional financial transactions. The cryptocurrency system will also provide the users with the benefit of instant liquidity and increased purchasing power. This is particularly useful for startup companies with limited funds and cash flows. As there is a limited supply of tokens, there will be no inflation to worry about. By being connected to the Moolya network, entrepreneurs will also be able to access services not currently available to them.
What are the main features of Moolya?
The Moolya ecosystem platform is already live as of January 2018, with their official patent still pending. By using blockchain technology to facilitate the network, Moolya already place themselves head and shoulders above similar competing platforms. The team behind the project is made up of entrepreneurs, engineers, architects, digital experts, and marketing gurus. The roadmap for the project is very solid and detailed, with much research being conducted on a consistent basis.
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