The New Financial Revolution – A blog by Vinny Lingham
Crypto-tokens are supercharging network effects by aligning incentives like never seen before. These “DApp” tokens are going to enable the next wave of business models, where micro-incentives and rewards will share the value that a business generates with their users. A business model where early token holders are rewarded for being early adopters, spreading the word, and spending the coin, where companies can change consumer behaviour through incentives. These features are opening business up to customers who were previously excluded, such as the underbanked.
Lastly, in a world of chaos, let’s not forget about “Hope”. Many of us are hoping for a better world. We’re willing to take risks and bet the farm in the face of all likelihood of failure. We do this because we know that it’s on us to make the world a better place for the next generation. With the same breath, we are finding that there are others out there with the same dream that have never been given the chance to participate in the changing world because of the previous boundaries of the financial system. That world is gone. This is the New Financial Revolution. It’s going to be a rough ride — it may look like it won’t work at some point. Some will give up. Those who persevere will be rewarded. We’re going to have to change everything — starting from regulations to the public utilities to government systems and even democracy. In the end it will be worth it. I “Hope”.
Source: The New Financial Revolution – A blog by Vinny Lingham, October 13, 2017
Read MoreRegulatory Frameworks & Smart Contracts?
How to Promote Innovation, Transparency, and Trust
Much has been and will be written and talked about centralized regulatory authorities wanting to regulate decentralized technologies and the organizations created by them. As funny as that may seem, there is some logic behind it and hopefully, a middle ground for everyone to claim a win.
Read MoreGibraltar: Does Statement on Initial Coin Offerings Include New Regulatory Framework? | Crowdfund Insider
While there may be broad agreement that a good argument may exist regarding suitability and appropriateness in respect of certain investments, some may not agree that a person who has accumulated a significant degree of wealth will always be in a better position to assess an investment into certain blockchain-based businesses or startups. It may be that only those with substantial technical expertise will be in a position to really understand the business (and ultimately the code) that they are investing in.
Source: Gibraltar: Does Statement on Initial Coin Offerings Include New Regulatory Framework? | Crowdfund Insider, October 15, 2017 @ 4:17 pm By Joey Garcia and Joshua Ashley Klayman
Read MoreIBM’s Stellar Move: Tech Giant Uses Cryptocurrency in Cross-Border Payments – CoinDesk
Perhaps the platform’s most distinguishing characteristic, however, is that the project showcases how private and public blockchain technologies are increasingly being used in tandem. While IBM’s blockchain solutions are designed to complete much of the workflow around transaction clearing, the actual settlement will be conducted using Stellar’s blockchain.
“For the first time, blockchain is being used in production to facilitate cross-border payments in multiple integrated currency corridors,” Bell said.
Source: IBM’s Stellar Move: Tech Giant Uses Cryptocurrency in Cross-Border Payments – CoinDesk, Michael del Castillo, October 16, 2017
Read MoreObvious Bubble? SEC Committee Lashes Out at Bitcoin and ICOs – CoinDesk
“As somebody who’s been around financial bubbles a [long time], my ‘alarmo-meter’ is at DEFCON 5,” said Silvers. “My sense is that most of the conversation that goes on around this is essentially designed to obscure. [It] uses big ideas and technical jargon to evade fundamental questions that should be asked in this institution about any investment product.”
“These investments are seen as cutting-edge opportunities for individual investors, but these investments may not be suitable for all investors because they carry such significant risk,” said SEC Commissioner Kara Stein.
Stein continued, putting forth her opinion that blockchain technology has the potential to “revolutionize” securities trading and fundraising, but cautioned that clear regulatory oversight was needed to combat growing incidences of fraud.
Source: Obvious Bubble? SEC Committee Lashes Out at Bitcoin and ICOs – CoinDesk Aaron Stanley, October 16, 2017
Read MoreResearch Shows Half a Billion People Are Mining Cryptocurrencies Without Knowing It – Bitcoin News
The ethical way for a website to earn money by mining through its audience’s computers is to ask the audience for permission first, and to allow them the possibility to opt out. Actually, such a practice could make mining even more ethical than ads. After all, nobody asks us if we would like to see ads on a website.
Source: Research Shows Half a Billion People Are Mining Cryptocurrencies Without Knowing It – Bitcoin News
Read MoreCryptocurrencies Expected to Cause “Massive Disruption” – IMF Managing Director
The managing director of the International Monetary Fund (IMF), Christine Lagarde warned financial institutions that “we are about to see massive disruptions” as a result of cryptocurrency and distributed ledger technologies. The IMF head stressed the need for institutions and regulators to “adjust… to the impact of the combined breakthrough technologies that will impact markets.”
Source: Cryptocurrencies Expected to Cause “Massive Disruption” – IMF Managing Director
Read MoreWhat Your Innovation Process Should Look Like | HBR
When organizations lack a formal innovation pipeline process, project approvals tend to be based on who has the best demo or slides, or who lobbies the hardest. There is no burden on those who proposed a new idea or technology to talk to customers, build minimal viable products, test hypotheses or understand the barriers to deployment. And they count on well-intentioned, smart people sitting in a committee to decide which ideas are worth pursuing.
Instead, what organizations need is a self-regulating, evidence-based innovation pipeline. Instead of having a committee vet ideas, they need a process that operates with speed and urgency, and that helps innovators and other stakeholders to curate and prioritize problems, ideas, and technologies.
Source: What Your Innovation Process Should Look Like | HBR, Steve Blank, Pete Newell, September 11, 2017
Read MoreExclusive: Royal Bank of Canada using blockchain for U.S./Canada payments – executive | Reuters
Although concerns remain about the legitimacy of bitcoin, which JP Morgan (JP.N) Chief Executive Jamie Dimon described as a fraud earlier this month, the credibility of the blockchain technology itself has increased.
A growing number of senior bankers have said they believe it will eventually revolutionize the way payments are made across the industry, reducing complexity and costs of back-office processes.
Source: Exclusive: Royal Bank of Canada using blockchain for U.S./Canada payments – executive, Matt Scuffham, September 27, 2017 / 6:44 PM
Read MoreBlockchain Could Help Us Reclaim Control of Our Personal Data | HBR
Equifax and others have shown the weakness of central databases in the hands of a single firm. Mutual distributed ledger systems have the potential to provide us with identity and activity management, even permitting us to make a market selling information about ourselves, taking control and cash back from companies like Equifax and Yahoo and giving it back to ourselves. There will certainly be mistakes along the way, but how can we truly object to reclaiming control of our most private property — our personal data?
Source: Blockchain Could Help Us Reclaim Control of Our Personal Data, Michael Mainelli, October 05, 2017
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