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August 2019

Joseph Stiglitz Thinks We Should Ban Cryptocurrencies

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Joseph Stiglitz

Joseph Stiglitz

Most people know who Joesph Stiglitz is. Some know him as the 2001 recipient of the Nobel Memorial Prize in Economic Sciences; others know him as a vocal cryptocurrency bear. This week, Stiglitz is getting a lot of attention for the latter. In a May 6 interview with CNBC, Stiglitz said we should shut down cryptocurrencies.

Here’s everything we know.

Joseph Stiglitz on Cryptocurrencies: The Latest

This week, of course, is not the first time Joseph Stiglitz, 76, has discussed cryptocurrencies in a negative manner. Back in November 2017, Stiglitz told Bloomberg TV that digital currencies, especially Bitcoin (BTC), are dangerous. His reasoning was that the popularity of the crypto market is driven largely by its potential to maneuver around government organizations. He also said the Bitcoin market will eventually hit a wall, leaving hundreds of investors in treacherous territory.

One year later, Joseph Stiglitz spoke again on cryptocurrencies. This time, he said virtual currencies like Bitcoin exist “because of the abuses.”

And this week, Stiglitz is raising his concerns once again.

In an interview with CNBC, the Economics Professor at Columbia University said we should shut down cryptocurrencies. While he admits that digital payments systems have value, he fears that cryptocurrencies facilitate illicit activity.

“I’ve been a great advocate of moving to an electronic payments mechanism,” said Stiglitz. “There are lots of efficiencies.” And yet, he continued to explain that he thinks “we should shut down the cryptocurrencies,” as cryptocurrencies “do not have those attributes” of a good currency, unlike the US dollar.

Fair Points

Cryptocurrencies are similar to penny stocks in the way that both can be used to make a lot of money very quickly. But like penny stocks, cryptocurrencies have considerable risk, so it’s not unreasonable for Stiglitz to have taken the approach that he has to digital currencies. Some take a genuine approach to the crypto market, while others do, in fact, use it to participate in illegal activity. In fact, “crypto crime has gotten worse because regulations are still weakly enforced,” said CipherTrace CEO Dave Jevans.

>> Binance Hack: Hackers Make Off with $40 Million in BTC

Takeaway

Some people might brush off Stiglitz’s comments, and we can’t stop them. But this is something people should keep an eye on, considering the value of losses from crime in the sector hit $1.7 billion last year.

What do you think? Should we ban cryptocurrencies? Let us know in the comments below!

Featured image: DepositPhotos © Imaginechina-Editorial

LiteLink Technologies Signs Definitive Agreement to Provide 1SHIFT Logistics Software to its First US Customer, Bay Water Transportation

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VANCOUVER, British Columbia, Sept. 06, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT) (OTC:LLNKF) (FRA:C0B), a key player in logistics platforms and payment solutions, is pleased to announce that it has signed its first U.S. 1SHIFT Logistics customer, Bay Water Transportation (“Bay Water”), a fully licensed and insured international logistics service provider headquartered in Houston, Texas.

Bay Water has been seeking an advanced freight & shipping visibility platform that they can seamlessly work in without any start-up costs, overhead, or fees to gain real-time visibility into freight, freight issues, advance ETAs, and real-time problem management and customer communications.

The definitive agreement will see LiteLink provide with Bay Water perpetual use of its 1SHIFT Logistics platform for advanced real-time freight visibility, interactive real-time maps, and ETA, route optimization, deviation from optimized routing, problem management, audit logs, problem management, digitization of bill of lading and proof of delivery that removes the need for faxes and emails.

“We are excited to roll this out to our first major brokerage group in the U.S, that have a real need for visibility to track shipments and enrich their customer experience and service,” said LiteLink CEO Ashik Karim. “Having visibility into real-time data, deviation of routes, and real-time updated ETA’s is something that every broker needs in their arsenal to deliver the highest customer service and to remain competitive.”

Bay Water has been given a 30-day free onboarding period to learn about and get comfortable with the platform. Bay Water will then pivot to a pay-per-load model.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT) (OTC:LLNKF) (FRA:C0B) is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries. Our flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time.

Forward-looking Statement

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information.  These forward-looking statements or information may relate to the nature of the business of LiteLink, and other factors or information. Such statements represent LiteLink’s current views with respect to future events and are necessarily based upon a number of assumptions and estimate that, while considered reasonable by LiteLink, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements.  LiteLink does not intend and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules, and regulations.

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Chinese Investors Jump on Bitcoin’s Bull Trend but at a Higher Price

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Bitcoin

Bitcoin

Cryptocurrency investment is on the rise right now, especially due to the recent Bitcoin uptick. BTC’s recent climb attracted Chinese investors, but they’re paying a premium price because they have to pay extra to purchase over the counter.

China previously banned cryptocurrency exchanges from operating within its borders and also banned crypto trading. However, Chinese crypto investors have been using OTC platforms to access the cryptocurrency markets. The downside is that they have to purchase Bitcoin and other cryptocurrencies at a higher price than the officially listed market value. Some of the OTC platforms include Huobi and OKEx, among others.

Chinese Investing Influencing Price?

The recent surge in the price of Bitcoin seems to have revived the cryptocurrency investment appetite of Chinese investors, who have kept off the market for quite some time during the lengthy bear market. The return of Chinese investors to the Bitcoin investment scene has led to speculation that they had something to do with the surge.

A cryptocurrency researcher called Anton Pagi stated that the Bitcoin surge happened after a notable uptick in trading volume on exchanges that have been associated with Chinese traders. Pagi even referred to a data analysis chart provided by CoinLib, a data analysis provider. The chart showed that there was a large Chinese fiat investment into Bitcoin and other digital currencies.

>> Cryptocurrency Witnesses Better Returns than Equities This Year

A news outlet called cnLedger revealed that Chinese cryptocurrency investors have recommended a ‘strong buy’ rating on Bitcoin. It also reveals that Chinese investors are using over the counter platforms as their main avenue of purchasing cryptocurrencies. Chinese investors are reportedly so confident about their bullish approach that they are willing to purchase cryptocurrencies at premium prices.

There is a high likelihood that the average bullish outlook and premium Bitcoin purchases are behind the recent surge in Bitcoin prices. Chinese investors have thus been positioning themselves to take advantage of the bullish market.

Featured image: Pixabay

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Ethereum SKALE Network’s Funding Round Raises $17.1 Million

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SKALE Network

SKALE Network

Ethereum’s scaling platform, SKALE Network, has reportedly raised $17.1 million in a recent funding round for the launch of its mainnet. The company has indicated that this is Ethereum’s best chance of beating other smart contract platforms.

SKALE Adds More Investors

Backed by US-based SKALE Labs and NODE Foundation of Licheinstein, the platform now has around 40 investors. The investors are from different parts of the globe, which include the US, EU, Korea, Hong Kong, Singapore, and Japan. The financing round consists of $10 million from SKALE Labs as well as its recent financing of $7 million. Other investment firms involved in the funding round include Arrington XRP Capital, Winklevoss Capital, ConsenSys Labs, Blockchange, Multicoin Capital, Hashkey, Hashed, and Recruit Holdings.

SKALE Labs’ contribution is mainly from its recent financing through a Simple Agreement for Future Tokens sale worth around $10 million. In these kinds of sales, investors do not receive tokens but instead, get access to projects during launch by signing an investment contract. The round also included a financing round of $8.68 million led by Multicoin Capital, as well as another $785,000 funding from investors in 2018.

Launch of Mainnet in Q4

This capital will speed up the building of the mainnet expected to launch in Q4 or early Q1. SKALE CEO Jack O’Holleran stated that more details of the launch will be available at the end of this month or early next month. The CEO added that they will use the capital to stabilize the platform’s proof-of-stake network and also enhance security.

>> Mastercard and Visa Reconsider Libra as Regulatory Criticism Intensifies

Multicoin Capital managing partner, Kyle Samani, indicated that the platform has tremendously grown in the last one year in virtually all aspects. He added that there is a lot to like about SKALE and that they are pleased with the capability of setting strategy, designing specifications, and executing.

The SKALE Network is an effort to enhance the scalability of Ethereum. It will allow dApps to perform several transactions per second at half the cost of what is possible currently.

Featured image: DepositPhotos © jamesteohart

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