Blockchain is not a panacea, but where needed, it’s the savior
For managers, entrepreneurs and builders working with blockchain, performing a cost-benefit analysis of DLT implementations is crucial.
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Fidelity Optimistic About Bitcoin Regulation Under Biden Administration — Sees Strong Institutional Demand
Fidelity Digital Assets President Tom Jessop has shared his view on the future of bitcoin and cryptocurrency regulation under the Biden administration. He confirms that Fidelity is seeing strong demand for bitcoin from institutional buyers.
Fidelity Digital Assets’ Head Optimistic About the Future of Bitcoin
Jessop explained what he expects in terms of cryptocurrency regulation from the Biden administration in an interview with CNBC last week. Jessop is head of Corporate Business Development for Fidelity Investments and president of Fidelity Digital Assets.
He began by talking about Joe Biden’s pick as the new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler. Given the MIT blockchain professor’s experience in the space, Jessop said, “I think it paints a more generally constructive attitude, or a picture, in terms of what we might expect going forward.”
The Fidelity Digital Assets head also believes that positive crypto regulations implemented during the Trump administration will continue. “I would note that we saw some fairly interesting and good regulatory developments last year,” he opined. “You look at the OCC and some of the guidance they’ve given banks around access to the asset class or even participating in some of these networks.” The Comptroller of the Currency (OCC), under Brian Brooks, introduced a number of positive regulations for cryptocurrency. However, Brooks recently resigned.
Jessop said that during the previous administration:
We’ve started to see more constructive engagement with the regulators … We think that will persist into the new year just given what we’re seeing in terms of institutional as well as retail demand.
Commenting on Janet Yellen’s recent remarks that cryptocurrencies are mainly used for illicit financing, Jessop admitted that it does worry him. However, he contradicted the new Treasury Secretary by quoting a recent report by blockchain analytics firm Chainalysis which found that crypto crime fell sharply to only 0.34% of all crypto transactions in 2020.
Without dismissing Yellen’s concern, Jessop said, “but I think that there are perhaps other places to look … where this activity [illicit financing] is occurring with greater frequency and in greater size. So, I would not diminish the risk but I think the risk is potentially smaller than people might suggest it to be.” Furthermore, he believes that “it’s diminishing or declining on a year-on-year basis, which again is positive in terms of further development of this ecosystem.”
As for the bitcoin market which has seen significant price movements over the past weeks, the Fidelity Digital Assets president shared:
Our clients, institutions that work with us, have been steady net buyers throughout the entire period and we continue to see strong demand among institutions for access to the asset class. That’s really our perspective on what’s happened recently.
“I think we are in a very different market now than the one we experienced in 2017,” the Fidelity executive said without ruling out the possibility of any future bitcoin price decline. “I think the composition of investor interest has changed dramatically,” he described, emphasizing that we have moved from 2017 which saw “a very retail-driven frenzy” and “now we’re seeing a much broader base of institutional adoption.”
Jessop proceeded by rapidly listing more evidence: “You’re seeing this certainly from service providers like us in our business. You’re seeing this through open interest on futures exchanges. You’re seeing this with Blackrock announcing that a few of their funds will have access to bitcoin futures.” He concluded:
I also think the market is maturing. There’s more liquidity. Volatility is down about 50% from where it was in 2017. So I do believe, we believe, that the composition of this investor base, what’s driving the market higher today, is fundamentally different than what we saw three years ago.
Do you agree with Fidelity’s Jessop about the future of bitcoin? Let us know in the comments section below.
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World’s Largest Hedge Fund Bridgewater Has Crypto Plans — Founder Ray Dalio Calls Bitcoin ‘One Hell of an Invention’
The founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund firm, has clarified his view on bitcoin and cryptocurrency. Ray Dalio also reveals that he and his colleagues at Bridgewater “are intently focusing on alternative storehold of wealth assets.”
Bridgewater Founder Ray Dalio ‘Greatly’ Admires Bitcoin
Ray Dalio, founder and chief investment officer of Bridgewater, has clarified his view on bitcoin and revealed what his company has in store for cryptocurrency. With about $140 billion in assets under management, his hedge fund is the largest in the world. AICIO Magazine and Wired Magazine have called Dalio the “Steve Jobs of Investing,” and TIME Magazine has named him one of the 100 Most Influential People.
In a research note published on the Bridgewater Associates’ website on Thursday, Dalio wrote: “I am writing this to clarify what I think of bitcoin. Please pay attention to what I am saying here and not what those in the media are saying I said because this is reliable.”
He began by admitting that he is not an expert on bitcoin or cryptocurrency. “Still, people demand my non-expert assessment of bitcoin and clarifications in my own words are better than distortions in the media so here it goes, presented with the warning not to rely on it,” Dalio declared, elaborating:
I believe bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment.
Emphasizing the current need for “alternative gold-like assets,” Dalio asserted that “Because there aren’t many of these gold-like storehold of wealth assets that can be held in privacy and because the sizes of their markets are relatively small, there exists the possibility that bitcoin and its competitors can fill that growing need.”
The Bridgewater founder noted: “It seems to me that bitcoin has succeeded in crossing the line from being a highly speculative idea that could well not be around in short order to probably being around and probably having some value in the future.”
He further said: “I greatly admire how bitcoin has stood the test of 10 years of time, not only in this regard but also in how its technology has been working so well and has not been hacked.” Nonetheless, the Bridgewater executive cautioned that those “holding digital/cyber assets at a time when cyber offense is much more powerful than cyber defense, the cyber risk is a risk that I can’t ignore.”
In conclusion, Dalio said bitcoin looks to him “like a long-duration option on a highly unknown future that I could put an amount of money in that I wouldn’t mind losing about 80% of.” He concluded, “That is what bitcoin looks like to this non-expert. I am eager to be corrected and learn more,” elaborating:
Believe me when I tell you that I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets.
Dalio further revealed: “Expect Bridgewater to soon offer an alt-cash fund and a storehold of wealth fund in order to better deal with the devaluation of money and credit that we consider to be a major risk and opportunity, and bitcoin won’t escape our scrutiny.” The head of Bridgewater clarified that when he uses the word “bitcoin,” he means “bitcoin and its analogous competitors.”
Dalio has recently been talking more about bitcoin. In November, he admitted that he may be wrong about the cryptocurrency but still had doubts. In December, he said bitcoin could be an alternative storehold of wealth to gold.
What do you think about Ray Dalio’s view on bitcoin? Let us know in the comments section below.
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Bitcoin Cash Transactions Intensify, Daily Count Nears BTC, Big Blocks Help Clear Throughput
Just recently, the Bitcoin Cash community has been discussing the large number of transactions the network has been seeing on a daily basis during the last month. Statistics show that bitcoin cash daily transactions have been increasing every day since the last week of 2020. Bitcoin Cash miners have processed upwards of 300,000+ daily transactions on various days during the past week.
The crypto economy and myriad of blockchain networks have been getting a lot more attention during the last few months. Not only has a number of digital assets jumped tremendously in value, but many of these tokens are seeing increased usage as well.
More recently, Bitcoin Cash proponents have been noticing that the BCH chain is handling a whole lot more transactions than usual. Since the last week of December 2020, BCH transaction counts per day have steadily risen northbound and have come awfully close to matching the Bitcoin (BTC) network’s daily output.
At the time of writing, onchain data shows the BCH chain processed 282,010 transactions during the last 24 hours while BTC has processed 334,793 in that time. This shows that BTC is handling 3.87 transactions per second, while BCH does 3.26 at this transaction rate.
Additionally, statistics from messari.io show that bitcoin cash (BCH) is currently the fourth most active blockchain under dogecoin (DOGE). Most of the time during the last month, BCH was the third-most active blockchain.
In terms of settlement, during the last 24 hours data shows the Bitcoin Cash network settled $4.34 billion among 80,529 active addresses. On Friday, Bitcoin Cash supporters discussed the increasing transaction count on Reddit.
One thread noted that on January 29, 2021, BCH had 322.26k transactions compared to BTC’s 322.22k daily count. “Community growth and utility is on the rise, and that’s the most important thing,” the author of the Reddit post stressed. Another person dubbed the “Transaction Maximalist” wrote:
The same throughput but still $0.001 transaction fees. Cool.
Even with the increase in transaction throughput BCH transaction fees have not risen. BCH has a 32MB block size parameter and in September 2018, participants observed the chain processing upwards of 2 million+ transactions in a 24 hour period.
During this period of time in 2018, a time the community called the “stress tests,” BCH miners processed massively sized blocks all week long. Bitcoin cash miners still process very large blocks, while BTC miners still deal with the 1MB limit and segregated witness (segwit) improvements.
On Saturday, BCH supporters celebrated a large 4723.044kB (4.7MB) block at block height 672,532. The large block processed 14,910 transactions and with the 6.25 BCH block rewards only $25 in fees were paid for the transaction confirmation. Software developer Jonathan Toomim talked about the larger sized block on Saturday morning as well.
“This block (672532) was mined at 8:30am UTC,” Toomim said. The previous block (672531) included only [one] transaction (Hathormm, aaarg!). The block before (672530) was mined at 7:12am UTC. So this 4.7 MB block comprised 1h28m worth of transactions. That’s about 0.53 MB per 10 minutes,” he added.
What do you think about the increased transaction count on the Bitcoin Cash blockchain? Let us know what you think about this subject in the comments section below.
- Published in Uncategorized
Bitcoin Cash Transactions Intensify, Daily Count Nears BTC, Big Blocks Help Clear Throughput
Just recently, the Bitcoin Cash community has been discussing the large number of transactions the network has been seeing on a daily basis during the last month. Statistics show that bitcoin cash daily transactions have been increasing every day since the last week of 2020. Bitcoin Cash miners have processed upwards of 300,000+ daily transactions on various days during the past week.
The crypto economy and myriad of blockchain networks have been getting a lot more attention during the last few months. Not only has a number of digital assets jumped tremendously in value, but many of these tokens are seeing increased usage as well.
More recently, Bitcoin Cash proponents have been noticing that the BCH chain is handling a whole lot more transactions than usual. Since the last week of December 2020, BCH transaction counts per day have steadily risen northbound and have come awfully close to matching the Bitcoin (BTC) network’s daily output.
At the time of writing, onchain data shows the BCH chain processed 282,010 transactions during the last 24 hours while BTC has processed 334,793 in that time. This shows that BTC is handling 3.87 transactions per second, while BCH does 3.26 at this transaction rate.
Additionally, statistics from messari.io show that bitcoin cash (BCH) is currently the fourth most active blockchain under dogecoin (DOGE). Most of the time during the last month, BCH was the third-most active blockchain.
In terms of settlement, during the last 24 hours data shows the Bitcoin Cash network settled $4.34 billion among 80,529 active addresses. On Friday, Bitcoin Cash supporters discussed the increasing transaction count on Reddit.
One thread noted that on January 29, 2021, BCH had 322.26k transactions compared to BTC’s 322.22k daily count. “Community growth and utility is on the rise, and that’s the most important thing,” the author of the Reddit post stressed. Another person dubbed the “Transaction Maximalist” wrote:
The same throughput but still $0.001 transaction fees. Cool.
Even with the increase in transaction throughput BCH transaction fees have not risen. BCH has a 32MB block size parameter and in September 2018, participants observed the chain processing upwards of 2 million+ transactions in a 24 hour period.
During this period of time in 2018, a time the community called the “stress tests,” BCH miners processed massively sized blocks all week long. Bitcoin cash miners still process very large blocks, while BTC miners still deal with the 1MB limit and segregated witness (segwit) improvements.
On Saturday, BCH supporters celebrated a large 4723.044kB (4.7MB) block at block height 672,532. The large block processed 14,910 transactions and with the 6.25 BCH block rewards only $25 in fees were paid for the transaction confirmation. Software developer Jonathan Toomim talked about the larger sized block on Saturday morning as well.
“This block (672532) was mined at 8:30am UTC,” Toomim said. The previous block (672531) included only [one] transaction (Hathormm, aaarg!). The block before (672530) was mined at 7:12am UTC. So this 4.7 MB block comprised 1h28m worth of transactions. That’s about 0.53 MB per 10 minutes,” he added.
What do you think about the increased transaction count on the Bitcoin Cash blockchain? Let us know what you think about this subject in the comments section below.
- Published in Uncategorized
DeFi is the future of banking that humanity deserves
Public trust in banks and bankers never fully recovered after the Great Recession, and DeFi has ground to cover in this particular area.
- Published in Uncategorized
DeFi is the future of banking that humanity deserves
Public trust in banks and bankers never fully recovered after the Great Recession, and DeFi has ground to cover in this particular area.
- Published in Uncategorized
Bitcoin Cash Transactions Intensify, Daily Count Nears BTC, Big Blocks Help Clear Throughput
Just recently, the Bitcoin Cash community has been discussing the large number of transactions the network has been seeing on a daily basis during the last month. Statistics show that bitcoin cash daily transactions have been increasing every day since the last week of 2020. Bitcoin Cash miners have processed upwards of 300,000+ daily transactions on various days during the past week.
The crypto economy and myriad of blockchain networks have been getting a lot more attention during the last few months. Not only has a number of digital assets jumped tremendously in value, but many of these tokens are seeing increased usage as well.
More recently, Bitcoin Cash proponents have been noticing that the BCH chain is handling a whole lot more transactions than usual. Since the last week of December 2020, BCH transaction counts per day have steadily risen northbound and have come awfully close to matching the Bitcoin (BTC) network’s daily output.
At the time of writing, onchain data shows the BCH chain processed 282,010 transactions during the last 24 hours while BTC has processed 334,793 in that time. This shows that BTC is handling 3.87 transactions per second, while BCH does 3.26 at this transaction rate.
Additionally, statistics from messari.io show that bitcoin cash (BCH) is currently the fourth most active blockchain under dogecoin (DOGE). Most of the time during the last month, BCH was the third-most active blockchain.
In terms of settlement, during the last 24 hours data shows the Bitcoin Cash network settled $4.34 billion among 80,529 active addresses. On Friday, Bitcoin Cash supporters discussed the increasing transaction count on Reddit.
One thread noted that on January 29, 2021, BCH had 322.26k transactions compared to BTC’s 322.22k daily count. “Community growth and utility is on the rise, and that’s the most important thing,” the author of the Reddit post stressed. Another person dubbed the “Transaction Maximalist” wrote:
The same throughput but still $0.001 transaction fees. Cool.
Even with the increase in transaction throughput BCH transaction fees have not risen. BCH has a 32MB block size parameter and in September 2018, participants observed the chain processing upwards of 2 million+ transactions in a 24 hour period.
During this period of time in 2018, a time the community called the “stress tests,” BCH miners processed massively sized blocks all week long. Bitcoin cash miners still process very large blocks, while BTC miners still deal with the 1MB limit and segregated witness (segwit) improvements.
On Saturday, BCH supporters celebrated a large 4723.044kB (4.7MB) block at block height 672,532. The large block processed 14,910 transactions and with the 6.25 BCH block rewards only $25 in fees were paid for the transaction confirmation. Software developer Jonathan Toomim talked about the larger sized block on Saturday morning as well.
“This block (672532) was mined at 8:30am UTC,” Toomim said. The previous block (672531) included only [one] transaction (Hathormm, aaarg!). The block before (672530) was mined at 7:12am UTC. So this 4.7 MB block comprised 1h28m worth of transactions. That’s about 0.53 MB per 10 minutes,” he added.
What do you think about the increased transaction count on the Bitcoin Cash blockchain? Let us know what you think about this subject in the comments section below.
- Published in Uncategorized
Bitcoin Cash Transactions Intensify, Daily Count Nears BTC, Big Blocks Help Clear Throughput
Just recently, the Bitcoin Cash community has been discussing the large number of transactions the network has been seeing on a daily basis during the last month. Statistics show that bitcoin cash daily transactions have been increasing every day since the last week of 2020. Bitcoin Cash miners have processed upwards of 300,000+ daily transactions on various days during the past week.
The crypto economy and myriad of blockchain networks have been getting a lot more attention during the last few months. Not only has a number of digital assets jumped tremendously in value, but many of these tokens are seeing increased usage as well.
More recently, Bitcoin Cash proponents have been noticing that the BCH chain is handling a whole lot more transactions than usual. Since the last week of December 2020, BCH transaction counts per day have steadily risen northbound and have come awfully close to matching the Bitcoin (BTC) network’s daily output.
At the time of writing, onchain data shows the BCH chain processed 282,010 transactions during the last 24 hours while BTC has processed 334,793 in that time. This shows that BTC is handling 3.87 transactions per second, while BCH does 3.26 at this transaction rate.
Additionally, statistics from messari.io show that bitcoin cash (BCH) is currently the fourth most active blockchain under dogecoin (DOGE). Most of the time during the last month, BCH was the third-most active blockchain.
In terms of settlement, during the last 24 hours data shows the Bitcoin Cash network settled $4.34 billion among 80,529 active addresses. On Friday, Bitcoin Cash supporters discussed the increasing transaction count on Reddit.
One thread noted that on January 29, 2021, BCH had 322.26k transactions compared to BTC’s 322.22k daily count. “Community growth and utility is on the rise, and that’s the most important thing,” the author of the Reddit post stressed. Another person dubbed the “Transaction Maximalist” wrote:
The same throughput but still $0.001 transaction fees. Cool.
Even with the increase in transaction throughput BCH transaction fees have not risen. BCH has a 32MB block size parameter and in September 2018, participants observed the chain processing upwards of 2 million+ transactions in a 24 hour period.
During this period of time in 2018, a time the community called the “stress tests,” BCH miners processed massively sized blocks all week long. Bitcoin cash miners still process very large blocks, while BTC miners still deal with the 1MB limit and segregated witness (segwit) improvements.
On Saturday, BCH supporters celebrated a large 4723.044kB (4.7MB) block at block height 672,532. The large block processed 14,910 transactions and with the 6.25 BCH block rewards only $25 in fees were paid for the transaction confirmation. Software developer Jonathan Toomim talked about the larger sized block on Saturday morning as well.
“This block (672532) was mined at 8:30am UTC,” Toomim said. The previous block (672531) included only [one] transaction (Hathormm, aaarg!). The block before (672530) was mined at 7:12am UTC. So this 4.7 MB block comprised 1h28m worth of transactions. That’s about 0.53 MB per 10 minutes,” he added.
What do you think about the increased transaction count on the Bitcoin Cash blockchain? Let us know what you think about this subject in the comments section below.
- Published in Uncategorized
World’s Largest Hedge Fund Bridgewater Has Crypto Plans — Founder Ray Dalio Calls Bitcoin ‘One Hell of an Invention’
The founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund firm, has clarified his view on bitcoin and cryptocurrency. Ray Dalio also reveals that he and his colleagues at Bridgewater “are intently focusing on alternative storehold of wealth assets.”
Bridgewater Founder Ray Dalio ‘Greatly’ Admires Bitcoin
Ray Dalio, founder and chief investment officer of Bridgewater, has clarified his view on bitcoin and revealed what his company has in store for cryptocurrency. With about $140 billion in assets under management, his hedge fund is the largest in the world. AICIO Magazine and Wired Magazine have called Dalio the “Steve Jobs of Investing,” and TIME Magazine has named him one of the 100 Most Influential People.
In a research note published on the Bridgewater Associates’ website on Thursday, Dalio wrote: “I am writing this to clarify what I think of bitcoin. Please pay attention to what I am saying here and not what those in the media are saying I said because this is reliable.”
He began by admitting that he is not an expert on bitcoin or cryptocurrency. “Still, people demand my non-expert assessment of bitcoin and clarifications in my own words are better than distortions in the media so here it goes, presented with the warning not to rely on it,” Dalio declared, elaborating:
I believe bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment.
Emphasizing the current need for “alternative gold-like assets,” Dalio asserted that “Because there aren’t many of these gold-like storehold of wealth assets that can be held in privacy and because the sizes of their markets are relatively small, there exists the possibility that bitcoin and its competitors can fill that growing need.”
The Bridgewater founder noted: “It seems to me that bitcoin has succeeded in crossing the line from being a highly speculative idea that could well not be around in short order to probably being around and probably having some value in the future.”
He further said: “I greatly admire how bitcoin has stood the test of 10 years of time, not only in this regard but also in how its technology has been working so well and has not been hacked.” Nonetheless, the Bridgewater executive cautioned that those “holding digital/cyber assets at a time when cyber offense is much more powerful than cyber defense, the cyber risk is a risk that I can’t ignore.”
In conclusion, Dalio said bitcoin looks to him “like a long-duration option on a highly unknown future that I could put an amount of money in that I wouldn’t mind losing about 80% of.” He concluded, “That is what bitcoin looks like to this non-expert. I am eager to be corrected and learn more,” elaborating:
Believe me when I tell you that I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets.
Dalio further revealed: “Expect Bridgewater to soon offer an alt-cash fund and a storehold of wealth fund in order to better deal with the devaluation of money and credit that we consider to be a major risk and opportunity, and bitcoin won’t escape our scrutiny.” The head of Bridgewater clarified that when he uses the word “bitcoin,” he means “bitcoin and its analogous competitors.”
Dalio has recently been talking more about bitcoin. In November, he admitted that he may be wrong about the cryptocurrency but still had doubts. In December, he said bitcoin could be an alternative storehold of wealth to gold.
What do you think about Ray Dalio’s view on bitcoin? Let us know in the comments section below.
- Published in Uncategorized