The Fourth Industrial Revolution is upon us, and there has been a dismal effort at best to prepare both students and the current workforce for upcoming jobs. Building upon the Third Industrial Revolution that among other things, first introduced us to digital technology, the Fourth will issue in an era of robots and automation, self-driving cars, nanotechnology, artificial intelligence, the Internet of Things, quantum computing, and for the sake of time, let’s just call the rest ‘smart-everything’. The speed of this innovational change is unprecedented, and will impact virtually every industry on a global scale. The Fourth Industrial Revolution will fundamentally change almost every aspect of our lives, making the need for basic digital literacy an issue that urgently needs to be addressed.
In part one of this series, I talked about how money derives its value as a medium of exchange, and how cryptocurrency could appreciate in value if adopted by a much broader user base. Currencies like Bitcoin are often used to escape local capital controls, process faster remittance payments, provide improved anonymity and security, and reduce transfer fees. However, Bitcoin—the largest cryptocurrency—remains a long way from mainstream adoption. A significant portion of any digital currency’s price value and demand is purely speculative and based on its potential future superiority over fiat money (government issued currency). Part two of this series will explore the main drivers of short-term digital money market volatility, and explore their emergent qualities in the more distant future.
Domestic governments who provide foreign aid need to start thinking about how a global digital currency could help provide more accountability for the money their taxpayers contribute to developing nations. Charities also need to be mindful of this new type of currency that is on the verge of being ready for mainstream adoption; carrying the potential to increase transparency for donors, digital currency is a topic they best be informed on. Backed by blockchain technology, cryptocurrencies are paving the way for comprehensive donation tracking, and have the potential to streamline audit efficiency. Fund distribution can be monitored in near real-time, therefore discrepancies or irregularities that look suspicious can be reported immediately. People would also be more likely to send money to private charities if donors could see the entire contribution making its way directly to those in need.
The global gaming market currently exceeds a market capitalization of 100 billion dollars, and is expected to steadily grow over the next 20 years. As of right now there is a tendency in the word of blockchain tech to overlook sectors like gaming, focusing instead on the financial industry. Gamecredits Inc aims to change cryptocurrency investors’ perspectives with the company’s latest announcement of its free to use API.
Regulation is a touchy subject in the bitcoin industry. Many cryptocurrency idealists who truly believe they are invincible to government reach, also believe that the lack of bitcoin-specific regulation gives them a free pass. They may be in for a nasty surprise when they find out just how long ‘the long arm of the law’ really is. Governments around the world already have an arsenal of catch-all laws that can be used to fight tax evasion and other illegal activities that attempt to hide behind the anonymity of some cryptocurrencies and related services.
Transparency versus anonymity has been a hotly contested debate in the cryptocurrency industry. The debate however, has mostly been framed by one side as a way to hide their activity from government and law enforcement. The other side has made the rebuttal that anonymity provides cover for illegal activities and terror financing; which they are certain we are all guilty of. The truth lies somewhere in the middle, and both sides raise some valid points.
Like many technological advances before it, cryptocurrency has spawned a rapidly developing industry. In this highly competitive field it is important to have every advantage you can get. Anyone can put together a team of individuals and give themselves impressive sounding titles, but few have watched the process of innovation take place first hand, because most are too young to remember the internet and personal computer booms, as well as the subsequent bubbles. The same cannot be said for DNotes co-founder Alan Yong, however – a man who has 40 years of business experience, including 20 years as a pioneering innovator in the software and personal computer industries.
His company, Dauphin Technology, went head-to-head with industry giants such as Apple computer Inc., Tandy Corp., and Motorola in the early days of the personal computer revolution. Since he has seen firsthand the trials and tribulations that projects in emerging tech sectors can face, he knows better than most how to avoid the pitfalls that threaten most entrepreneurs.
Are you considering an investment in Bitcoin? Or considering throwing some spare change at a promising alternative in the cryptosphere? Maybe unsure whether digital currency counts as ‘real’ money? The crypto-industry is rife with exciting developments, rapid environmental changes, and price movements that have made many people very happy, while news stories from less-fortunate people have caused would-be investors and consumers to question the long-term viability of digital money. Many people could have avoided harm if a comprehensive guide existed to inform investors with a base knowledge of cryptocurrency and a rubric for analyzing currencies that goes beyond the general myopic focus on short-term price speculation in the media. This multi-part guide has been compiled to make it easier to understand the value proposition of digital money, and to explain some of the factors that can affect its price and value over time.
The US regulation of digital currencies is out of date, impractical, and damaging to a potentially lucrative economy. The lack of unity in state regulations has created an unworkable system that makes the operations of Fintech (Financial Technology) companies complicated and confusing. A unified and clear regulatory policy would clear these muddy waters and benefit the digital currency industry, and have a positive impact on the American economy as a whole.
As DNotes celebrates its 3rd Birthday, Co-Founder Alan Yong offered his thoughts on DNotes’ long term vision to gain mass acceptance of digital currency and the blockchain technology that makes it possible. In his most recent remarks, Yong described this as a generational opportunity with world-changing implications.
In a new article published today, DNotes Global Inc. Founder Alan Yong has his own thoughts to share on the current climate for U.S. businesses – with a special focus on new startups. Ever the realist, Yong doesn’t shy away from reminding us about just how bad things have been for small businesses in recent years.
Elections have consequences. Understandably, it is seldom easy to accept a high level of uncertainty in the face of highly charged emotions. It is important to question everything, and equally important to keep an open mind. Contrary to the apocalypse some people are predicting with the Trump administration, I am quite optimistic for the fate of cryptocurrency under President Trump. President Trump has not commented publicly on cryptocurrency or Bitcoin, but he did appoint early Bitcoin adopter and South Carolina Congressman Mick Mulvaney as Budget Director.
Large corporations, particularly multinationals, as well as some of the wealthiest members of society, often go to great lengths to get out of paying income tax. Their unlimited resources give them access to the best lawyers and accountants that can scour the tax code looking for any loophole that will allow them to pay less. Deep pockets and connections allow them to come up with complicated and often convoluted flow of capital plans, that sees their money move in and out of shell accounts in various tax havens around the world.
Tax avoidance and evasion by this elite segment of society has a trickle-down negative psychological effect on everyone. When an individual or small business owner who is barely getting by, sees this privileged group getting away with it, they are more likely to engage in similar illegal or immoral activities.
The three day Global Conference on Money Laundering and Digital Currencies, organized jointly by Interpol, Europol, and the Basel Institute on Governance, wrapped up January 18, 2017 in Qatar. In attendance was over four hundred financial crimes investigators and experts, looking to gain an understanding of what is needed to detect and fight crimes involving cryptocurrencies.
Interview with Movie Producer Tony Caradonna – First Ethereum Financed Movie ‘The Pitts Circus’ with ROI
The Ethereum platform is supporting many exciting new developments. We caught up with Tony Caradonna from ‘A Ken Evil Thing’ to discuss a movie that he is working as producer on called ‘The Pitts Circus’.
The Criminal Intelligence Service Canada states that financial crimes committed by organized crime groups are costing Canadians around $5 billion a year. They further state that every one of these groups in Canada participates in some form of financial crime. Using the internet, they can actively and successfully reroute money to foreign countries, or try to legitimize it (launder it) through the stock market, online gambling sites, and anywhere else that presents an opportunity.
Many government officials are pointing a finger at digital currencies such as bitcoin as a haven for money launderers, even though it has an open, permanent, immutable ledger of every transaction that has ever occurred.
Hyperinflation has destroyed the economic prosperity of Venezuelans. The oil-rich nation is now home to some of the highest crime rates in the world, and the banknotes required to conduct everyday life there are reminiscent of Germany’s Weimar Republic. Venezuela’s government has proven itself inept by printing money and spending themselves to oblivion, and by making everyday trade more difficult in their attempts to curtail the resulting hyperinflation. We heard from Leon about the challenges his family are facing in Venezuela, and how his discovery of Bitcoin has given him new hope for his family’s future.
The Crypto Capitalism Center is a research project that collects and analyzes data on fintech and the rise of the bitcoin economy. Founded in 2014 by Jean-Philippe Vergne, a professor at Ivey Business School in Ontario, Canada, the data is used to publish unbiased, high quality research papers and to develop educational material. Since a lot of the existing publicly available research has been done with a definite slant toward whatever side of the bitcoin / fintech table you are on, the work done by the Center will be a valuable resource to regulators, policy makers, and others needing accurate information.
Absent unexpected shocks in world markets, any rate hikes by the Fed this week could see moderate short-term Bitcoin selling pressure as some holders sell and move into safer asset classes that offer improved returns. Seen in isolation, the longer-term effects of a rate hike would likely see capital returning to Bitcoin markets as its effects are felt by businesses and international trading partners. Higher-risk altcoin markets are likely to fall against Bitcoin as they use it as a reserve currency to escape to the safer US dollar.
Many people paint a mental picture in their heads of crony capitalism as a room full of old rich guys, smoking cigars, watching the ticker, and counting piles of money freshly squeezed from peasant folk. In reality, crony capitalism is more about the government wielding their monopoly of unquestionable force to choose which private businesses are winners, and which ones are losers. Some might compare crony capitalism to fascist style control over the private sector. Mega corporations and unions have very deep pockets and can buy favors such as subsidies or favorable regulation that can give them an almost monopolistic advantage over small businesses. Governments should instead be championing small businesses and all the real economic benefits they bring to the country, because without a fair and level playing field, many of these small enterprises will fail.
Cryptocurrency can play a role in ending this cycle, helping free markets thrive once again.