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Despite possible Brexit: Bitcoin course remains unimpressed

Despite a short period of volatility, the global Bitcoin market has remained quite resilient over the past week, with the price floating between $410 and $450. According to the CoinDesk price index, the price per Bitcoin rose from 0:00 (UTC) on February 10 to 423.52 USD on February 26 at 0:00 (UTC). Remarkably, the price was not impressed by the potential macroeconomic instability in the European zone and showed no signs of a bullish trend.

Brexit leaves Bitcoin formula unimpressed

Even though rumours of a possible Brexit impending have contributed some to last week’s volatility of the Bitcoin formula, the effect has not been as strong as it was at the time of the Grexit debate or the Cyprus crisis. Should there actually be a Brexit, the UK would leave the 28-member European Union (EU).

On February 20, the Bitcoin formula jumped 5% from USD 421.33 to USD 443.02, up from USD 421.33 to USD 443.02. The trend also continued on the following day, when the exchange rate continued to develop positively from 426.12 USD to 446.74 USD. Shortly thereafter, however, the price per BTC fell abruptly back to USD 429.99. The price of BTCs fell from USD 426.12 to USD 446.74. Later in the week, the price levelled off at around USD 423.

The week before, the price rose from USD 377.82 on the 12th to USD 421.69 on the 19th.

Even though the British have long been sceptical of the EU in political and economic matters, it has never been enough for a “liberation strike”. The trend among citizens, however, seems to be beginning to show a clear trend. In February last year, 38% of citizens voted for Breit in a poll. In September, the figure was already 40%.

Now the whole country is waiting for the referendum on 23 June. Citizens will now finally vote on whether the UK will turn its back on the EU.

This date can lead to great uncertainty and give a fresh boost to the Bitcoin trader course

In times of uncertainty and market turbulence, Bitcoin has often proven to be a safe haven for Bitcoin trader. Should a Brexit actually occur, this would probably drive the price higher. Arthur Hayes, co-founder of the Bitcoin trader exchange BitMEX, says in an interview:

“Should the traffic lights in June actually be on Brexit, we will certainly see a bullish pump of the Grexit order of magnitude.

Russia’s largest bank replaces 3000 employees with virtual lawyers

HOME PAGE TECH COMPANY BIGGEST BANK IN RUSSIA REPLACES 3000 EMPLOYEES WITH VIRTUAL LAWYERS
Virtual lawyers: Smart contract and blockchains put many professions at risk, not only among low-income earners.

More and more companies are beginning to use artificial intelligence for routine tasks. Virtual lawyers are intended to make legal systems more cost-efficient. But these developments come at a price.

Bitcoin trader against machine

Sberbank, Russia’s largest bank, has announced that it will use a virtual lawyer to handle Bitcoin trader complaints. However, this innovation will mean dismissal for about 3000 Bitcoin trader. Sberbank Deputy Chairman Vadim Kulik said that the “Robot Lawyer” was launched at the end of 2016 and is scheduled for completion in early 2017.

“This virtual assistant freed 3000 experts from this work. And we want to use these assistants in even larger contexts.”

According to Kulik, this innovation frees specialists from routine tasks. In the future, all legal documentation will be automated, so that lawyers will only have to deal with serious legal procedures.

The employees who have carried out these routine activities so far should have the opportunity to further their education through special training courses. In this context, Kulik would like to investigate where these specialists can be deployed meaningfully in the future.

Crypto trader lawyers: from parking tickets to bankruptcy proceedings

The AI software could soon be something quite normal. In the end, it has already begun. It wasn’t long ago that ROSS Intelligence installed its crypto trader software in various law firms (such as BakerHostetler) across the United States. ROSS uses the computing power of the IBM Watson supercomputer to handle complex bankruptcies and large amounts of crypto trader data.

Another example is DoNotPay: as early as 20105, Joshua Browder wrote a chatbot that she believes allows users to automatically object to unjustified parking tickets.

Unfortunately, some people will lose their jobs due to this technology. From a business perspective, however, the benefits outweigh the benefits for both the business itself and its customers. In the US, 80 percent who need a lawyer cannot afford one. With programs like ROSS, law firms can charge significantly lower fees.

For traditional law firms it will be tight
In general, artificial intelligence could become a big thing for the judiciary. Programs like ROSS or DoNotPay are adaptive, so they can handle more complex cases over time. The more cases the software has to handle, the more errors it can correct, so that at some point it could work better than large teams of experts.

It will take a long time to convince courts and lawyers of the benefits. However, much of the day-to-day legal business has already been automated and optimized: Document review, legal research and drafting of legal texts are increasingly supported by software. This trend will continue with artificial intelligence.

And the blockchain? Also this plays a role here. Especially when we think of Smart Contracts – contracts that execute themselves without legal scholars – this role becomes clear. Added to this is the decentralized storage of those smart contracts, whereby they can be stored unalterably, transparently and automatically in a controlled manner.

The double combination of blockchain and AI can also completely push many specialists out of the competition, as the need for trustworthy middlemen disappears and is replaced by open, transparent and direct interaction.

Those companies and institutions that welcome the current technological revolution will be rewarded with a major competitive advantage in the future. Accordingly, more and more companies will combine existing expertise with emerging technologies to get the most out of disruptive trends. But how do you take care of those who will be replaced by the new technology?

A Place for Digital Innovation – An Evening at the Deloitte Greenhouse

New ideas in chic design – the Deloitte Greenhouse has opened its doors at Kranzler Eck on Ku-Damm. A place where digital ideas are to be developed.

If there are two words that can describe the ambience of the Greenhouse, it is the words “the finest”. The Kranzler Eck itself is a very respectable address on Kurfürstendamm, i.e. in the old City West.

As you can see in the pictures here, the dress code was upscale and the interior was tastefully furnished. The interior is designed in such a way that groups of different sizes can retreat to a brainstorming session, so that new ideas can be developed in different workshop forms.

In separate rooms you could experience digital innovation live: On large touch screens you could see the possibilities of Big Data and Data Science. I had a very pleasant conversation with the speaker about the possibilities of data visualization in quality control.

In another room a pretty wacky experiment was set up: On the basis of the response (i.e. facial expression, eye movement and brain activity) to certain visual stimuli, Deloitte asked to develop a sales concept suitable for the person after evaluating this data.

I can’t say if this sales concept works – the crowds there were quite large, so that I couldn’t experience this experiment. The sales concept of the experiment seems to work anyway!

The Deloitte Greenhouse is an innovation space in which you want to develop digital solutions for companies. Unfortunately, little could be learned about concrete projects, but this is certainly due to the fact that the Greenhouse has only just opened its doors.

Berlin 2020: Bitcoin profit surrounded by digital villages?

The opening was initiated by several Bitcoin profit lectures: https://www.geldplus.net/en/bitcoin-profit-review/. The invited speakers were Mr. Dobrindt, Federal Minister of Transport and Digital Infrastructure, Prof. Dr. Peter Liggesmeyer of the Gesellschaft für Informatik e.V., Prof. Dr. Christian Thomsen of the TU-Berlin and Dr. Jens Krüger of the SAP Innovation Center.

On the one hand, the lectures talked a lot about Berlin as an innovative city. According to a Deloitte analysis, Berlin is number one in terms of innovation: there are 620 start-ups in the Berlin area and with the universities and institutes there is a very good research landscape.

In contrast, Prof. Dr. Liggesmeyer discussed a dark side of the Smart City: The focus on the big cities holds the danger that the country will bleed to death. This would be fatal in the medium term if one considers that 60% of industry is located in rural areas.

Therefore, the villages, the pampa, should not be forgotten in the digital transformation. And so there are initiatives which push digital developments in rural areas or push things like possibilities to work in the home office – those who can work at home can also work in the pampas.

In the end, it was shown that these two models can not only exist side by side, but are mutually dependent. Berlin is surrounded by Brandenburg and, as at least every Urberliner can confirm, wins by the excursion destinations such as Chorin or Werder – and the surrounding area wins by the huge city.

Deloitte Greenhouse – a place for the Bitcoin profit blockchain

One of the digital innovations that Deloitte Greenhouse wants to drive forward is the Bitcoin profit blockchain. The company plans to hold a Blockchain Hackathon in the summer of 2016: https://www.forexaktuell.com/en/bitcoin-profit-scam/ Asked about this hackathon, Mr Andersen, partner at Deloitte and chairman of the evening, emphasized that this blockchain hackathon wants to keep an eye on innovations beyond the use as currency, thinking of things like idea management, supply chain management, etc.

This makes sense in two ways; first, you have to keep Deloitte’s target customers in mind, who often come from the world of Fortune 500 companies. For these companies – just think of the RWE Innovation Hub – these applications are the interesting usecases of the blockchain.

Secondly, much of what was discussed at the opening of the Greenhouse is aimed at innovations in value creation – think Industrie 4.0, Internet of Everything, Big Data.

All in all, it was an inspiring evening that whets the appetite for more!

The ICO gold rush and the South Sea bubble

In this article, Chris DeRose Software Developer, Bitcoin Evangelist and Lead Developer at Drop Zone presents parallels between the South Sea bubble and the ICO frenzy.

The South Sea Bubble – a Bitcoin news trader scam from the past

At the beginning of this article with a review by onlinebetrug, let us take a look into the past: Charles II of Spain had died without there being successors to the throne. This Bitcoin news trader scam power vacuum was naturally interesting for the nations in Europe. In 1701, the Spanish War of Succession lasted for almost 15 years.

In the end there was no real winner, but a ceasefire agreement defined new borders in Europe and America. What remained of Spain was given to Philip V, a member of the French aristocracy closest to the old Spanish royal house. Great Britain and France received territories of the New World in North and South America.

What all parties “won”, as it were, was a good amount of debt – and thus the need to build trade routes in these newly dispersed countries. And here we get to know the South Sea Company.
The South Sea Company was a trading company founded in 1711 as a partnership between the British Parliament and the Bank of England.

Like many other companies at the time, it was created by a royal charter. This gave it a monopoly position with regard to trade in the South Seas. The company was able to obtain money through the sale of shares, similar to what is known today in public limited companies.
The South Sea Company was granted the right to offer further shares by taking over the national debts of various countries. Many investors saw the acquisition of shares in the company with a monopoly position as a profitable business for trading in the South Sea region. Trading boomed accordingly, even though those who traded the stock were probably aware of the thin ice of their profit forecasts.

Bubble companies and Bitcoin formula scam

What was new about Bitcoin formula scam in the South Sea Company was that for the first time not only members of the nobility were sold shares, but also ordinary citizens could participate in these speculative Bitcoin formula scam transactions – which they did.

Like Snapchat today, the South Sea Company was hyped into the stars – and the value of the shares rose. It wasn’t long before the first people realized they could emulate the success of the South Sea Company – and sell their own shares.

These so-called bubble companies all had meaningful goals. Long before the first whitepaper, these companies quickly explained their goals and concepts to potential investors in small brochures.

Many of the companies had a focus on insurance and other then modern ideas, but – to distance themselves from classic business models – they had refined their business models with “but with the blockchain, uh, new world”.

With increasing demand for such investment opportunities, the claims of the bubble companies became increasingly absurd; they promised “to make iron from coal,” “to turn mercury into a precious metal,” or “the perpetual motion machine.

The hype went on: promoters of these companies, also known as “stock jobbers”, appeared on the streets of London and distributed the brochures of their companies between the coffee houses of the city.

The beginning of the end
At peak times, the market capital of the South Sea Company was $4 trillion. Pretty much everyone had shares in the project.

But then the end began: in 1719 the company had still not made a profit and could not pay the year-end dividend to its shareholders.

This led to concerns among bankers and politicians alike. Bankers realized that they could not raise company valuations indefinitely, while politicians saw that the bubble companies mentioned here would repeat the drama that was already emerging there.

Investors finally began to sell their shares, which led to a huge selloff. There were insolvent companies and bankrupt former investors in numbers that never existed before. Within half a year the price of the South Sea Company has fallen by 90%. It came to civil war-like conditions. Overall, the South Sea bubble has led to a great economic depression. The South Sea Company itself never made a profit.

Fighting boy Bitcoin – Bank of Finland finds: BTC is not a currency

The Bank of Finland denies that digital currencies like Bitcoin have any potential to replace cash and established currencies.

Last week the Finnish Central Bank published a study in which it underscored its critical stance towards crypto currencies. The paper bears the meaningful name “The great illusion of digital currencies” and was published by Aleksi Grym, the Bank of Finland’s Digitisation Officer. The analysis concludes that crypto currencies are not currencies, but “accounting systems for non-existent assets”. Grym sees crypto currencies as a special case of digital currency. However, it is not possible to digitize a currency, at least not without it leading to a centralized form of account management. Apart from the technical side, the innovative value of crypto currencies is very low.

What is money?

Before Grym reaches for his devastating criticism of crypto currencies, he first tries to clarify the question of what money actually is. He refers to the widespread and generally accepted view that money must fulfil the following three functions: First, it must serve as a store of value, i.e. its exchange value should remain approximately constant over time. This also means that it must be limited in quantity.

Secondly, money should serve as a transport medium for values

Its acceptance is based solely on the assumption that it can later be exchanged for other goods and services. Finally, money must meet the criterion of the unit of account, i.e. it must be able to be broken down into the smallest units defined in advance. This is what makes it possible in the first place to relate production costs to the selling price of a good or service. Grym, however, understands currency to mean money in circulation that is recognised as a means of payment in corresponding geographical or economic regions. As a “special case” of money, it is “practically synonymous with coins and banknotes”.