How Sovereign Banks May Benefit from Adopting Blockchain-based Distributed Ledgers

Colleagues, the Bank of England, Singapore’s Monetary Authority and the Bank of Canada and are planning to upgrade their inter-bank systems. Their goals include facilitating trans-border currency flows, disrupt the financing of terrorism, reduce money laundering and interface with private sector businesses. Then Bank of England published a Proof of Concept (PoC) paper in April of this year. Bottom line question: Will the sovereign banks of other developed nations follow? The Cryptocurrency Academy predicts that the US, China, Japan and Germany will carefully track and assess the implementation of Blockchain DLT over the coming 3-5 years before committing to adopt the technology themselves. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

What impact will falling cryptocurrency prices have on ASIC mining vendors?

Colleagues, Ebang, Bitmain, nVidia, AMD and Canaan are among the elite cryptocurrency ASIC mining vendors worldwide. And although only Ebang, Bitmain and Canaan would be consider “pure plays” the demand for all of these vendors’ mining products are impacted price fluctuations of the currencies they are designed to mine. Using Coinbase point of reference crypto prices “in aggregate” have either fallen or remained neutral since early 2018. Which brings us to an interesting scenario: Image you are in the C-Suite of a major mining vendor involved in making ASIC investment decisions. Which cryptocurrencies do you focus your mining R&D on? The economic principle of supply and demand is quite simply, yet in reality, such decision – especially for public stockholder owned firms – is challenging at the very least. Cryptocurrency Academy concludes that any ASIC vendor must exercise the upmost diligence in assessing where to invest their ASIC mining budgets. Mortal man cannot predict the future. This matter calls for a double portion of business acumen and diversification of products and services. You make the call. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

US Fed Inches Closer to Embracing Cryptocurrencies

Colleagues, the St. Louis Fed appears much more receptive to the emerging crypto world order than other US Fed branches. Its Governor James Bullard attended the recent Consensus Crypto Conference in NYC. Moreover, his branch has added data points are obtained from San Francisco-based cryptocurrency exchange platform Coinbase with daily updates at 5 pm PST to its FRED economic barometer. Coinbase is a is a digital currency platform and wallet and platform where consumers and merchants alike transact new digital currencies  Nevertheless, the St. Louis Fed cites three similarities between cryptocurrencies and the US dollar. First, there is no middleman. Second, their intrinsic value is fiat-based (ever since the US dollar was delinked to the price of gold bullion in 1971. And third, both are in limited supply. So where does this leave the Fed’s relationship with cryptocurrencies? The answer depends upon who you ask. The St. Louis Fed does not have the gravitas enjoyed by the New York, Boston and San Francisco Fed branches.  And US Fed Chair Jerome Powell remains skeptical at best. However, the Cryptocurrency Academy predicts that this sentiment is likely to change over the next 3-5 years. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

What to look for when selecting a cryptocurrency/blockchain mutual fund or ETF

Colleagues, the past year has seen a steady stream of new IPOs, mutual funds and ETFs come to market in the cryptocurrency and blockchain segments. Some of most noteworthy vehicles including Innovation Shares NextGen Protocol, BLOK, Bitcoin Investment Trust, BLCN, Binance, Huobi and Block.one. Aside from trading or investing in individual ICOs what should medium-long term investors look for when selecting a securities vehicle? First, define your risk tolerance level and time horizon. Second, identify the percentage of your investable assets you plan to allocate to this sector. Third, carefully examine the track record of fund managers. And fourth, gain feedback from trusted sources such as regulatory bodies (e.g. US SEC), attestations from industry leaders and early investors in the fund(s) under consideration. At Cryptocurrency Academy our thesis is that for medium-long term investors, the underlying blockchain technology firms offer more stability and staying power than more fickle vehicles that focus on specific cryptocurrencies. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

How to Mitigate Crypto Malware Attacks on Siacoin Miners?

Colleagues, cyber criminals in China had conspired with computer maintenance companies in the country to inject computers belonging to internet cafes with malware used to mine Siacoin (SC). It is claimed that the group managed to mine SC worth approximately $800,000. A network technician at JinHua, an Internet café software firm, is believed to be behind the illegal cryptocurrency mining attack. Public Internet connections, especially at so-called Internet cafes, are notoriously susceptible to cybercrime. Saicoin is valued at some $15 m USD according to CoinMarketCap. To date, the cyber-attacks appear to be limited to 30 cities in China. While little is known about the attributes of this malware, some basic mitigation tactics may help: 1) Delete apps you no longer use and update those you do, 2) Do not root or jailbreak your device, 3) Never download apps from unofficial app stores, 4) Keep your device’s OS up-to-date, and 5) Do not grant applications admin permissions to unknown parties. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

Why has Ukraine become a haven for cryptocurrency exchange cyber criminals?

Colleagues, wowex.online, swapex.net, moneycraft.info, myexchanger.lv, iconvex.net and likechange.biz were all found to be fraudulent crypto exchanges by Ukrainian officials. This actions comes in the wake of the UPbit exchange being raided by South Korean officials who suspected fraud. By contrast, the Exmo, Kuna and BTC Trade UA cryptocurrency exchanges also based in Ukraine are believed to be authentic and legitimate. Bottom line: What are the warning signs that a trader or investor should look at before engaging with a cryptocurrency exchange? Cryptocurrency Academy recommends: 1) The level of government regulation and oversight, 2) References from credible users of the exchange, 3) Past history of fraud or suspected fraud within the country where the exchange is based, and 4) Contact government regulators and/or police to determine is there have been complaints against the exchange in question. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

Will the spread of cryptojacking lead to stricter cryptocurrency regulations?

Colleagues, cryptojacking is the practice of accessing unwitting users’ processing power in order to mine cryptocurrency for the gain of the attacker. The 16 recently arrested by Japanese officials in the Monero cryptojacking case purportedly only stole 70 percent of the cryptocurrency mined, with the remaining 30 going to Coinhive. South Korea, the world’s third largest cryptocurrency market, indicated it will follow cryptocurrency regulations imposed by the international financial community, including the Financial Action Task Force (FATF). G20 nations need to prevent, or at least mitigate, criminals and large-scale crime syndicates from using cryptocurrencies to finance illicit trade (including drug and money laundering transactions). Bottom line: Will rampant cryptojacking undermining the global crypto mining business? Visit us today and share a comment! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)