Will OPEC nations accept Cryptocurrency payments for crude oil?

Colleagues, OPEC was founded in 1960 and as of 2018 has 14 member nations which produce 44% of the world’s crude oil and possess 73$ of the world's "proven" oil reserves.  OPEC members include Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola and Equatorial Guinea. Crude oil itself is a quasi-world currency today. We also know that some of these countries – most notably Iran – intend to use cryptocurrencies as a means of bypassing economic trade sanctions. And others such as Saudi Arabia may issue their own state-sponsored crude oil-backed cryptocurrencies. However, a separate question remains: Will there come a time when one or perhaps all of these nations will accept cryptocurrencies as “payment” for their crude oil? We are beginning to see corporate entities such as Amazon seriously exploring the acceptance of cryptocurrencies for their goods and services. Will OPEC follow? Share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Does Currencies Direct’s Testing of Ripple’s xRapid platform move the currency into the mainstream?

Colleagues, overshadowed by its most established competitors Bitcoin, Ethereum and LiteCoin, Ripple’s cryptocurrency token is seeking to gain credibility as a top-tier player. Enter UK-based Currencies Direct. Earlier this week the forex brokerage firm reported it successfully completed multiple trans-border transactions using the RippleNet platform. These transactions purported closed within seconds rather than days with an OPEX savings of some 60%-70%. RTGS Blockchain’s real-time gross settlement system lies at the core of Ripple’s XRP platform is being administered by several financial organizations around the world. Two bottom line questions arise: First, will these successful tests help Ripple gain the recognition and adoption is so desperately is seeking? And second, how well do these test bode for international payment processing for cryptocurrencies in general? Share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Ushering in the Exahash Era with the SHA-256 Cryptocurrency Mining Algorithm

Colleagues, the Exahash era of SHA-256 mining is rapidly moving into the mainstream … and much sooner than expected. Exascale computing is defined as a system that can process more than one exaflop per second — which is equal to a billion billion calculations per second. The BTC network surpassed 1 exaflop in May 0f 2013, which at the time was up to eight times faster than the combined speed of the top 500 supercomputers in the world. Enter 2018. The BTC hashrate is over 30-35 exahash per second or over 30 billion gigahashes per second, and the BCH network is 3-5 exahash per second or over 5 billion gigahashes per second. Nakamoto consensus is a name for Bitcoin’s decentralized, pseudonymous consensus protocol and is considered as Bitcoin’s core development and innovation. So when will we see the 500 exahash zetahash era? Share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Japan’s Mitsubishi Financial Group latest firm to adopt Blockchain

Colleagues, payment speed increase and OPEX reduction once again are the business drivers behind Japan’s largest bank to adopt Blockchain. Sounds familiar. MUFG in partnership with Akamai expect it to process over a million transactions per second with less latencies of less than two seconds per transaction and ultimately with underlying Blockchain architecture that is “expected to be extensible to 10 million transactions per second.” By comparison, when Bitcoin backed by the world’s first Blockchain can process seven transactions per second with latencies exceeding 10 minutes. Read the joint May 21, 2018 announcement by clicking here. This action comes just months after MUFG announces plans to issue its own yen-backed cryptocurrency in January of this year. The Cryptocurrency Academy is not surprised by this move. Moreover, we predict a veritable tsunami of cryptocurrency related Blockchain initiatives from major financial institutions across North America, Asia and Europe in the coming months. So who is next in line? Send us your comments and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

How does the new Japanese GMO Titan V 8GPU Bitcoin Miner Stack-up against the Competition?

Colleagues, GMO Internet, the Japanese technology firm will launch its new B2 miner with 7nm capabilities on June 6 with mass production and shipment starting by late October. The GMO B2 7nm product uses semiconductors are very small yet house over 20 billion transistors that will allow devices to perform more complex calculations and purportedly at lower energy consumption levels (… to be verified). We at the Cryptocurrency Academy we unable to locate a publicly published price for the new mining device. Nonetheless, the key question remains: How will the GMO B2 measure-up on a performance-to-cost basis (when energy consumption is included in the equation) against leading products today? Well, the TITAN V 8GPU rig sells for $33.5k, Bitcoin Miner A1 costs $11.9k, TITAN XP/V 8 GPU has an $8.9k price tag and the Bitmain Antminer S9 which sells for $6.9k. Send us your comments and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

Will PayPal’s Expedited Virtual Currency Transaction System Speed-up Payments?

Colleagues, the goal of PayPal’s application for a “Expedited Virtual Currency Transaction System" with the US Patent and Trademark Office is to speed-up payment processing. Reducing speed generally carries the benefit of lower OPEX. To achieve this the leading payments services firm proposed a method creating secondary wallets with their own unique private keys for sellers and buyers. This innovative system would transfer private keys tied to an exact amount of a cryptocurrency. PayPal joins the ranks of JP Morgan and other firms seeking a first mover advantage in the processing of Blockchain-based cryptocurrencies. On a broader front, PayPal is among the growing list firms such as Microsoft, PizzaforCoins, Overstock, Shopify and Subway who accept payments in cryptocurrencies. Will PayPal’s new technology – once approved – expedite payments (and lower transaction costs)? And which firm(s) are next in line to accept cryptocurrency payments? Send us your comments and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

Sizing-up the new Infinito ‘Universal’ Wallet – Reality or Hype?

Colleagues, cryptocurrency wallets … hardware, software, paper-based and electronic. They come in a variety of form factors. Enter the Infinito Wallet which purports to universally carry your codes for a multitude of cryptocurrencies. Among its key features are enhanced speeds, price optimization, QR code scanning, contracts management, touch ID support and more. The Crytocurrency Academy’s chief concern is security and convenience, otherwise this next gen feature set is quite impressive. While the concept of a ‘universal’ coin wallet is not new, if Infinito can in fact deliver on its feature and function claims this new wallet would appear to be bleeding edge. Any crypto wallet is no better than the security it provides to its owners. By contrast, the ability to carry one wallet from which you can trade multiple currencies offers significant convenience. Bottom line: How does the Infinito Wallet compare to the most popular wallets on the market today including TREZOR, KeepKey, Coinbase, Ledger BLUE and the Ledger Nano S? Send us your comments and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

J.P. Morgan Pioneers Blockchain for Inter-Bank Payments with US Patent application

Colleagues, after initial hesitation toward Blockchain in 2015-2017 Jamie Dimon’s team a J.P. Morgan filed a patent for inter-bank payments using the technology late last year as disclosed by the US Patent Office this month. The focus of this patent – awaiting approval – in on cross-border payments which require “a number of messages” be sent between the bank and 3^rd party clearing houses involved in the transaction. These transactions on a Blockchain would reduce high costs, process payments in real time with a verifiably true audit trail while providing accurately logging of the transactions. Cryptocurrency Academy believes this is a sign of things to come and fully expects other money center banks worldwide to file their own patents. Bottom line: Blockchain has the potential to reduce costs, speed-up payment processing and do so in a secure manner. In March 2018 financial messaging provider SWIFT worked with 34 global banks to test a DLT proof of concept (PoC) to help with Nostro account reconciliation. Share a comment and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

How Pervasive is the Google Chrome Malware Nigelify Used for Crypto Mining?

Colleagues, StatCounter reports that 58.4% of Internet users use Chrome which we know if the target of numerous cyber security attacks: Enter Nigelify. Radware, an Israel-based security firm recently detected this new malware which purported has infected 1000,000 systems globally and uses the CryptoNight algorithm for crypto mining. The cryptocurrencies most likely affected include Bytecoin, Electroneum and Monero. Our check of the Chrome security portal does not identify any specific extension patches for Nigelify. Nonetheless, it is incumbent upon individual and enterprise users to install all appropriate patches once available. Is your system be used by Nigelify for crypto mining? Guidance: Perform a Chrome security scan and follow the instruction from VirusResearch.org. Share a comment and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

Will Iran Use Cryptocurrencies to Evade US Sanctions Following JCPOA Exit?

Friends, the US stands ready to aggressively apply economic and technology sanctions on Iran following its May 9, 2018 withdrawal from JCPOA. However, do not expect Iran to passively accept the reinstatement of sanctions which have crippled its economy. A key premise shared by the Cryptocurrency Academy and other entities is that Iran will actively pursue the use of trans-border trade with Russia and its other allies to evade US sanctions. Security vulnerabilities, money laundering and limited ability to monitor international trade transactions represent the dark side of cryptocurrencies. We predict that Iran is not alone, rather bad actors – whether state-sponsored or independent – including Russia, Syria, North Korean, Venezuela, ISIS and AOAP should all be on the US intelligence radar screen for using Cryptocurrencies to conduct transactions which defy international law and United Nations degrees. Bottom line: The US CIA in conjunction with the Treasury Department need to double-down on their proactive and forensic crypto surveillance capabilities to thwart illicit trade using Cryptocurrencies. Comment and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

Can Amazon Meet the Blockchain Needs of its AWS Customers via Kaleido?

Friends, although AWS represents only 9% of Amazon’s revenue its 49% growth rate and strong margins are rapidly moving it to cash cow status with the firms portfolio of businesses. Enter Blockchain. Specifically, AWS’ 1m+ active users are demanding the tools and resources to Blockchain-enable their AWS services. Where to begin? Today Amazon announced a Blockchain partnership with Consensys (a Blockchain incubator) graduate Kaleido. Little is known about Kaleido, yet we are sure that Amazon has done its due diligence. Let’s give Amazon credit for forming this partnership. However, questions remain. Does Kaleido’s products and services have the functionality, scalability and support capabilities needed to support the voracious Blockchain appetite of 1m+ AWS users? Prediction: As Amazon tests the water with Kaleido, if this week’s Consensus 2018 Conference in any indicator, we expect the Seattle behemoth to make one if not multiple Blockchain acquisitions during the next year for AWS. And by the way we would not be surprised to see Amazon make one or more Cryptocurrency acquisitions in the next 3-5 years to fuel the payments site of its global eCommerce empire. Share your comments and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

Prediction: A New World Order - Blockchain + Internet 2.0 + Next Gen Cryptocurrencies

Friends, for those who witnessed the “dot.com bust” and “irrational exuberance” of the late 1990s-early 2000s we also observed the re-emergence of tech and social media a decade later which far outweighed the cataclysmic downturn. Enter 2018: It is not unfathomable to anticipate a similar business cycle for Blockchain, the Internet and Cryptocurrencies. We predict with a 50%+ probability that the next 3-5 years will likely see a disruptive shakeout of major proportions. Bottom line: This shakeout is likely to have three crucial elements. First, the widespread adoption of Blockchain across multiple industries and business processes … far beyond the financial sector. Second, the emergence of a Blockchain-enabled Internet 2.0 featuring voice, video, data and AI. And third, next gen Cryptocurrencies purpose-built for the Internet 2.0 used for both individual and institutional along with domestic and trans-border secure transactions and payments. Together these three capabilities will propel the global 21^st century economy beyond anything we have witnessed to date. And yes, much more to come on this topic. Share your comments today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

What does Facebook’s Future Hold Regarding Blockchain and Cryptocurrencies?

Friends, some 1.2B of Facebook’s 2.2B monthly active users engage with the social media firm’s Messenger service. Moreover, much of Facebook’s business model is based upon centralized systems and databases. Enter Blockchain featuring DLT (Distributed Ledger Technology) and the explosive growth of Cryptocurrencies which by their very design are highly decentralized architectures and value chains. If you we sitting in Mark Zuckerberg’s CEO chair what is your strategy? Well, the company formally announced it will evaluate the potential of Blockchain led by hand-picked David Marcus, Facebook’s VP of Messenger, former President of PayPal and Coinbase board member. Our view is that any large tech company needs to embrace rather than resist the megatrend called Blockchain … even if it involves overhauling its business model. The question then becomes: Does the free world’s largest social media company also pursue the creation and launch of its own Cryptocurrency? And if so, which assets are used to back such a currency? This is a pivotal nexus in the firm’s history – it can choose to lead or follow. Despite obvious uncertainty we believe Facebook needs to take appropriate risks needed to maintain its leadership role starting today. More, much more to come on this topic. Share your thoughts! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

From Prediction to Reality: Goldman Sachs’ Intent to Launch Bitcoin Trading

Friends, recently we published a post entitled “Prediction: Cryptocurrency Trading Services Will Be Launched on NASDAQ and Leading Financial Management Firms.” Soon thereafter Wall Street’s largest investment bank Goldman Sachs reported that their customers see alternative stores of value in holding Bitcoin or Bitcoin futures. And like any market/customer-driven business Goldman apparently listened. Yes, many questions needs to be answered before launching such a service. Among them: Minimum investment amount? Array of investment alternatives – whether actual crypto tokens and or futures contracts? Will the service be available to any and all Goldman customers or only legacy institutional customers? Externally, top of mind questions which arise include which competing investment firms will follows? The breadth and scope of their services? The amount of overhead (OPEX) such firms will be willing to invest to please their clients, etc? Lesson learned: Successful businesses focus their attention and resources on delivering bona fide “value” to their customers. Share your thoughts today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

Prediction: Cryptocurrency Trading Services Will Be Launched on Nasdaq and Leading Financial Management Firms

Friends, we believe that in the next 2-3 years Cryptocurrencies will be traded on the Nasdaq and that leading financial management-investment firms will establish dedicated services for both traders and investment professionals … initially in the US and rapidly followed by Asia and Western Europe. CEO Adena Friedman recently said that “certainly Nasdaq would considering become a crypto exchange over time.” Topping the short list of challenges are 1) Cryptocurrencies being officially categorized as securities, and 2) Appropriate regulatory oversight by the US SEC. Other key issues include transparency and security which cast significant fear, uncertainty and doubt around this this topic. Few doubt the growing inertia of the Cryptocurrency juggernaut. As such, it is not untenable to foresee the likes of Blackrock, Fidelity, BNP Pariba, Schwab, Vanguard, Goldman, Amundi, SuMi TRUST and Deutsche Asset Management forming Cryptocurrency trading services for retail and institutional investors. Let us know your thoughts today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

Fast Approaching the Intersection of Blockchain and Artificial Intelligence

Friends, imagine two opposing technical worldviews racing toward a common destination - to empower and transform society as we know it. This analogy holds true when it comes to Blockchain (a more centralized view) and AI/Machine Learning (a more centralized view). Both technologies have untold value and potential, however, when some of the brightest minds on planet earth envisage their convergence the stakes rise exponentially. Cryptics will introduce an algorithm focusing on predicting changes in the valuation of crypto-assets globally. Neureal’s focus is on peer-to-peer AI supercomputing. KapeIQ’s mission is to deliver fraud detection for healthcare organizations. And EthVentures’ goal is to manage investments on digital tokens. These firms are but the tip of the proverbial Blockchain-AI iceberg which is rapidly moving from the fringe to mainstream business transformation. Just what will the Blockchain-AI arena look like 2-3 years from now may defy one’s imagination? So share your insights today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)