Image Of The Weekend, 15-16 of December: Blokt, Forbes, The Daily Hodl and Others
We're presenting "image of the weekend". Bitnewstoday.com has chosen the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this weekend in the most indicative quotes are below!
1. A HOLISTIC FORCE FOR GOOD (Forbes)
Сan blockchain banking go mainstream?
For people in their early and mid-twenties, when reflecting on their parent’s life, though full of admiration for putting up what they had to in order to get where they wanted to go, feel that since tomorrow is never guaranteed, there is a little more emphasis on living in the moment whilst still planning and saving for the future.
The idea that a bank could be part of that, instead of being the nightmare that they tend to be, with inconvenient opening times and red tape galore is very intriguing. Now when I previously stated that there is a bigger sense of carpe diem with millennials, I do not mean in a frivolous way. Rather however they invest more in wellness. Most of them would gladly invest 20 minutes of our precious time to a TED talk, on the off chance that it might inspire us or change our perspective. Forty-somethings would never bother to listen to someone not known to be an expert on a subject, talk about it. They would be full of questions like, “Why should I listen to him/her?” or “What does she/he know about anything?”
2. PRESIDENT APPOINTED BITCOIN SUPPORTER (The Daily Hodl)
President Trump names Bitcoin and crypto supporter as white house chief of staff
President Trump has named the director of the Office of Management Mick Mulvaney as his new acting White House Chief of Staff. Mulvaney is a prominent supporter of Bitcoin and blockchain technology. During his time in the House of Representatives, the South Carolina Republican helped create the Blockchain Caucus, a group of House lawmakers dedicated to creating responsible new policies on the emerging technology.
“Blockchain technology has the potential to revolutionize the financial services industry, the u.s. economy and the delivery of government services, and i am proud to be involved with this initiative,” Mulvaney said at the time.
3. A PEOPLE PROBLEM (Spoon)
Blockchain and tracing food sources: startups are aiming to solve the people problem
Ask most people about blockchain, and they will likely have some familiarity with how the disruptive new technology promises to make traditional paper ledger-based transactions obsolete, replaced by digital ledgers. Headlines abound heralding how blockchain technology will revolutionize financial services markets, which remain burdened by unwieldy paper trails and costly proprietary software applications.
However, not everyone knows that the move toward developing blockchain has direct roots in the erosion of trust that grew as the financial crisis of 2007 and 2008 exploded around the globe. Blockchain allows people to record transactions securely via a decentralized platform without a lot of intermediaries. Because of the advantages it can bring to the process of tracing food sources, it also promises to have a transformative impact on safety and accountability in the food industry.
4. MISTER YES (Blokt)
Venezuelan pensioners were told that their funds are being converted to the cryptocurrency Petro
Pusers can still convert their Petros back into bolivars and transfer them to a bank account, but that option isn’t easily accessible on the website.The financial overhaul of the Venezuelan economy is based on a cryptocurrency called Petro, at least for the Maduro-led government.
Caracas Chronicles reported earlier this week that pensioners’ funds were credited into their accounts but instantly withdrawn for conversion into Petro (PTR).
As the economy of Venezuela is not in good shape, pensioners have become increasingly dependent on these government payments. On a typical day, a pensioner would receive the credit message, go to patrio.org.ve, transfer the money to their bank and then withdraw their money, however, often spending an entire day at the bank. The same web page now displays an option called “Savings Plan” allowing people to exchange their bolivars for Petros to protect themselves against hyperinflation.
5. OFF TO BASE (The Daily Hodl)
ICOs could be forced to return millions in crypto to investor
In the wake of the US Securities and Exchange Commission’s November 16th ruling that found two crypto startup companies in violation of securities laws, Pantera Capital Management says that up to 25% of the ICO-backed crypto and blockchain companies could be in violation. The backlash could have various consequences, one of which would be that the companies are forced to refund investors. Paragon Coin, one of the two companies found to be in violation, has already been ordered to repay its investors since they were regular people and not accredited investors.
Dan Morehead and Joey Krug, Pantera’s co-chief investment officers, wrote in the company’s newsletter on Thursday, cited by Bloomberg,“While we believe the vast majority of the projects in our portfolio should not be affected, approximately 25 percent of our fund’s capital is invested in projects with liquid tokens that sold to U.S. investors without using regulation D or regulation S. If any of these projects are deemed to be securities, the SEC’s position could adversely affect them. Of these projects, about a third (approximately 10 percent of the portfolio) are live and functional and, while they could technically continue without further development, ending development would hinder their progress.”