Thursday, July 30, 2015

Fed Chair Yellen Testified about Potential of Regulating Bitcoin

ARE CRYPTOCURRENCY’S LEGAL? As far as U.S.A. is concerned, there has been no formal advanced activities and opinions from the Federal Reserve since the following scene. They have seemed to keep the standing of the nonchalant bystander until now. The Senate Banking Committee and Senate Homeland Security Committee held hearings on Bitcoin back in November of 2013. The outcomes were largely positive for Bitcoin with the Obama administration and Senate willing to leave Bitcoin/Cryptocurrency alone for now. Senator Joe Manchin (D-WV) has called for a ban on bitcoins, and the Senate Banking Committee brought in the Federal Reserve Chair Janet Yellen to testify about the potential for regulating Bitcoin. The thing is there is NO such potential for regulating Bitcoin, Yellen said, at least not now. Yellen testified that Bitcoin “a payment innovation that's taking place outside the banking industry”, and added: To the best of my knowledge there’s NO intersection at all, in ANY way, between Bitcoin and banks that the Federal Reserve has the ability to supervise and regulate. So the Fed doesn’t have the authority to supervise or regulate Bitcoin in any way! ​ You can earn and learn BitCoin here at CLICK !!


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Monday, April 20, 2015

Have Banks Started to Lose Sleep Over Bitcoin?

By GauthamApr 18, 2015 11:00PM BST

The growing popularity of Bitcoin as a powerful transaction tool and its ability to bank the unbanked has finally started making enough noise to wake up the traditional banking giants. Banks and financial services companies have been enjoying monopoly over the “money-moving” business for a long time, since its inception. Their only competition so far has been other companies delivering similar services. Not anymore, as the impact of Bitcoin on the banking sector is now being openly acknowledged by Jamie Dimon, CEO ofJPMorgan Chase in his recent letter to shareholders.

Banking the Unbanked

In the letter, while discussing the strategy and outlook, Jamie has outlined the challenges posed by Bitcoin along with startups working on banking alternatives, merchants developing their own networks, PayPal and services similar to PayPal to traditional banking business. It is not possible for traditional banks like JPMorgan Chase to provide real-time payment processing and there is a cost involved in moving money through traditional banking systems. Newer technologies like digital wallets and Bitcoin protocol have an inherent advantage over these things. With bitcoin, transactions happen in real-time and money can be transferred to anywhere in the world within minutes. In addition, the cost of transactions over the Bitcoin network is negligible in comparison to traditional options.

The Banking Industry’s Worst Nightmare

While Jamie expresses his annoyance and pledges to fight the odds to stay on top of the competition, the message of this letter clearly showcases the banking industry’s fears. He had expressed his concerns over the emergence of new age alternatives to the investors over a year ago, since then the threat has grown in size, causing panic in the banking sector. In order to stay in business, banks will have to innovate fast and push the countries to adopt digital currency. In this fight between David (Bitcoin services) and the Goliath(Traditional Banking), we have to see who will emerge victorious.
여태껏 금융에서 소외되어 온 사람들에게 금융을 제공하는 강력한 거래 수단이자 기능으로서의 비트코인이 날로 그 인기를 더 해 가자 드디어 전통적인 금융기관 거인들이 깨어나 경각심을 가지기 시작했다. 은행과 기타 금융 서비스 회사들은 그 시작 이래 오랫 동안 이른 바 "돈 보내기" 사업 분야에서 독점을 누려 왔다. 그들의 유일한 경쟁자라고는 유사한 서비스를 제공하는 다른 회사들뿐이었다. JPMorgan Chase의 수장 Jamie Dimon이 최근 그 주주들에게 보낸 서신에서 금융 분야에 대한 비트코인의 영향을 공개적으로 인정함으로써 더 이상 그렇지 않음이 감지되고 있다.

   금융 소외자에 대한 금융 서비스     

이 서신에서 Jamie는 전통적 은행 업무에 의존하지 않는 사업자 자체 연결망 조직 개발, PayPal과 PayPal에 유사한 서비스와 함께 Bitcoin이 제기하는 도전에 대해 이야기하고 있다. 그 핵심은 JPMorgan Chase와 같은 재래 은행으로서는 실시간 송금 서비스를 제공할 수 없고 또 전통적인 금융 시스템에 의한 자금 이동에는 일정한 비용이 든다는 점이다. 이러한 현상에 반해 전자 지갑이나 Bitcoin 방식과 같은 최신 기법은 본질적인 장점을 가진다. Bitcoin 거래는 실시간으로 이루어진다는 명제에 따라 송금은 이 세상 어디로나 수 분 안에 이루어 질 수 있는 것이다. 게다가, Bitcoin 거래망을 통한 거래 비용은 종래의 방식에 따른 그것과 비교하면 무시해도 좋을 만한 정도이지 않은가.

  금융 산업에 닥칠 최악의 악몽

Jamie가 이 경쟁에서 살아 남기 위해 강적과 싸울 전의와 분기를 표시했지만, 또한 이 서신으로 금융 산업이 감지하는 두려움을 여과없이 드러냈다. 일 여 년 전에도 새로운 시대의 돌발적인 대체 상황에 대한 우려를 드러낸 바 있지만, 그 간 그 위협은 더욱 커져 금융 산업계의 공황을 불러 일으키고 있는 것이다. 업계에 살아 남기 위해서라도, 은행은 신속하게 자기 혁신하고 국가로 하여금 전자 화폐 제도를 도입하도록 압력을 넣어야 할 것이다. 이 다비드(Bitcoin)와 골리아드(전통 금융)의 싸움에서 누가 승자로 떠 오를 지 우리는 지켜 보게 될 것이다.  

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Sunday, April 5, 2015

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Monday, March 16, 2015

BitCoin is Plot of U.S. Intelligence Agencies

A lawmaker from the Liberal Democratic Party of Russia is speaking out against bitcoin and other digital currencies on the grounds the technology is part of a US plot to undermine the country’s efforts internationally.
The comments, made by MP Andrei Svintsov, came during remarks addressing the ongoing debate in Russia over whether bitcoin and digital currencies should be banned as part of a broader effort to stop capital flight.
Nonetheless, Svintsov’s remarks count as some of the more extreme to emanate from the discussion. Svintsov told Russian broadcast news agency REGNUM:
"All these cryptocurrencies [were] created by US intelligence agencies just to finance terrorism and revolutions.”
Svintsov reportedly went on to explain how cryptocurrencies have started to become a payment method for consumer spending, and cited reports that terrorist organisations are seeking to use the technology for illicit means.
While pointed, the statements do not seem to represent the views on bitcoin from within the federal legislature. For example, the chairman of the State Duma Committee on Financial Markets has stated as recently as August that she opposes criminal penalties for bitcoin use.
Svintsov has also been associated with such movements as one that would find tobacco and alcohol products removed from the windows of retail outlets.
Russian Duma image via Shutterstock

러시아 자유 민주당 출신 입법 의원이 비트코인과 기타 암호 통화를 공격하는 발언을 했는 데, 그 이유는 그런 기술이 미국의 음모의 일환으로 러시아의 국가적 역량을 국제적으로 잠식하려는 데 있다는 것이었다.

이러한 주장은 듀마 멤버인 안드레이 스빈쵸프가 했는 데, 그 발단은 자본 도피를 막기 위해서는 비트코인 등 디지탈 통화의 유통을 금지시켜야 하는 가에 있었다.

어쨋든 스빈쵸프의 주장은 극단적인 것 치고도 심한 것이었다. 러시아 뉴스 에이전시인 레그눔과의 회견에서 다음과 같이 말했다:

   "이 모든 암호 통화는 미국 정보 당국이 개발한 것으로 단지 테러와 혁명의 재정적 지원을 위한 것이지요."

그는 암호 통화가 어떻게 소비자 지급 수단으로 시작되었는 지 장황하게 언론 보도를 인용하고 또 테러 단체들이 불법 목적으로 이 기술을 사용하려 하는 지를 전했다.

이런 주장을 하는 가운데에서도, 비트코인에 대한 연방 입법 기관내의 다른 견해가 있다는 사실에 대해서는 언급을 하지 않았다. 예를 들면 최근 8월에 있었던 듀마 금융 시장 위원장의 비트코인 사용자에 대한 형사 처벌 반대 입장이다.

스빈쵸프는 또한 소매 아울렛 점포에서 담배와 주류 제품을 치우는 운동에도 관련해 왔다.  

Saturday, February 7, 2015

Life inside a Chinese massive BitCoin mining factory

 Though you don't set up this kind of the BitCoin mining factory all by yourselves, you can earn BitCoin or equivalent Euro money with investing your computing powers from your desktop computers without the money out of your pocket or your affordable seed money.

 Not a Chinese mine but an Estonian one, Cointellect awaits for you to lend your computing powers both of Central Process Units and Graphic Process Units or to put your money to the collective mining pool for your lot or stake.

 You can earn from a few Euros up to some thousands Euros per month and further more by recruiting the like minded people.  

'BitCoin is better than Currency'

Friday, January 2, 2015

"Banks are to Fall from BitCoin Spread" predicts Tapscott

"The conventional banks are to fall down from BitCoin spread." said in prospect Don Tapscott, the chairman of the Tapscott Group on his interview with Chosun Ilbo newspaper, "All of us will behold the situation that the role of the BitCoin, the virtual money as the most remarkable trend among 3 IT disruptive innovations of the diffusion of the electronic cash and the perish of the conventional banks, the radical development of the internet of things and the 100% digital educational revolution will change 180 degrees," and "the traditional banking institutions will probably fade away."

"Why do you consider the BitCoin, the digital money as the top listing of the mega trends?"

"2015 will be the year when the BitCoin will be activated in the mainstream beyond the level of the mere curiosity. Please pay attention to the information site of the BitCoin called Blockchain. It's the BitCoin site and the mobile app mostly visited from the world and functions like kind of the bank with recording of all the transaction of the digital cash, sorting out the fake and the deformed and storing the currency. I think the growth of the virtual currency will let the conventional banks transformed to other types or shut down at all."

Don Tapscott(68), the chairman of Moxie Insight,the worldly futurologist and the digital guru has circulated the concepts of wikinomics, prosumer, digital economy and crowdsourcing as the common words of nowadays.