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What are stablecoins?

Cryptocurrencies are extremely volatile assets, which is why they are primarily of interest to potential investors as exchange instruments for trading. However, it is legally challenging for exchanges to launch cryptocurrency trading pairs with fiat currencies because it requires obtaining an extended broker license in most countries. This is why there was a need to create cryptocurrencies whose value would be tied to the price of a specific asset. Thus, stablecoins emerged. Their main task is to simplify exchange trading.

Are stablecoins cryptocurrencies?
Technically, stablecoins are cryptocurrency tokens with a blockchain and a decentralized network. However, their value is pegged to a real asset, which can be:
specific currencies (dollar, euro);
securities (stocks of various companies);
non-financial assets (oil, gold, silver).It is important to understand that stablecoins are issued by a specific company. Its task is to conduct emission and ensure that the exchange rate of their token closely matches the value of the asset to which they are pegged. Dollar is often used for this purpose, thus simplifying exchange calculations. Launching stablecoins allows cryptocurrency exchanges to completely abandon the use of fiat currency pairs.

So, the fundamental differences are as follows:
for cryptocurrencies, the price is not tied to assets, it depends only on demand, supply, and total emission;
for stablecoins, the price is tied to a specific asset, and emission is possible only through its exchange by the issuer (the company that issues the coin).

What if Bitcoin was a Scam and Most Cryptocurrencies Were Worth Zero?

Michael K. Spencer

Blockchain Mark Consultant, tech Futurist, prolific writer. WeChat: mikekevinspencer
Oct 15



Time

What if Bitcoin was a Scam and Most Cryptocurrencies Were Worth Zero?

A lot of banking executives have said some rather remarkably ignorant things about Bitcoin and crypto-assets over the years.

Nouriel Roubini is an American economist. As a renowned Global economist he’s one of the few who predicted the 2008 financial crisis, and he’s making sure U.S. senators don’t miss his warning on cryptocurrency. His basic message believe it or not is this:
Blockchain isn’t about democracy and decentralisation — it’s about greed!

There’s no doubt hundreds of ICOs have been scams, real fraud has occured in crypto and even Jimmy Song thinks EOS is a scam and ETH is amateurish. The debates about crypto have been some of the best in tech in the 2015 to 2020 period.
What if Bitcoin Really was a Scam

“Crypto is the mother or father of all scams and bubbles,” Roubini, also a professor at New York University, told the U.S. Senate Committee on Banking, Housing and Community Affairs at a hearing.

A Harvard alumnus and now a professor at NYU Stern School of Business, Mr. Roubini has always been critical of the crypto and blockchain industry. It’s important to have economists who don’t agree with crypto, it gives the generational divide some really interesting meat on the fate of digital assets and blockchain adoption.

He may however be right, most cryptos are likely worth close to nothing. EOS could indeed be a shitcoin. It’s not outside the realm of possibility. Bitcoin’s price we have to admit is a fairly manipulated and volatile asset, whatever the movers on its price seem to be. Apparently, CNBC is one of them.

Yet in 2018 we’ve basically learned that the fate of stablecoins could actually be to protect the global economy in times of crashes and hyper-inflation. Nevermind that for now though, to congress Nouriel said: I can see a bubble when there is one — and to me, this entire space has been the mother and the father of all financial bubbles and now it’s [going to] burst.

So if you bought in to Bitcoin late, for instance when it was at its peak — you probably lost 70 percent of your value. It is a bit like gambling. Crypto in many ways has been the high-risk high-reward play that young men would be most prone to.

The self-described expert on international financial markets, asset and credit bubbles and their bust, said the first warning sign came after late last year as bitcoin neared a high of almost $20,000. Yet people seem to have stronger views on crypto than they do on politics or religion. It inspires fanatical nearly cult-like following. Is it greed, or something else?

CNBC puts crypto skeptics on their stage on a regular basis. This feeds the flames of crypto propaganda whereby manipulation of these digital assets can take place for profit. It’s not good or bad journalism, but it certainly is clickbait. With everything in America, the internet is a tool for propaganda. However, with a Bitcoin ETF, Etheruem Futures, Bakkt launching and many other factors, we could actually see another bull run for Bitcoin. Whether you agree or disagree with it, it does exist and it’s slowly legitimatizing digital assets in a way few saw coming on a macro level.

Does the world really need public blockchains, privacy and stable coins, xxxxcoins? Probably not, we would be fine without all of these things. Is Blockchain the most hyped technology most people don’t understand? Without a doubt.

CNBC goes on quoting him: “Especially folks with zero financial literacy — individuals who could not tell the difference between stocks and bonds — went into a literal manic frenzy of Bitcoin and Crypto buying,” Roubini said in prepared testimony. If we were financially literate would we be investing in Wall Street instead — basically a tool the rich user to get richer? Can most of us even afford to do so?

Crypto is a poor man’s investment, where Bitcoin has become an idol — and that crypto greed is really a symbol of our poverty. Nouriel Roubini doesn’t have to be right, blockchain like AI can strengthen and make the global economy more resilient even if true decentralization might not manifest in our lifetime. The world can laugh at crypto, but it’s not ready for real decentralization. So what’s left? Likely a lot of frauds and ponzi-schemes.


Source

L.L. Bean says it might offer discounts for clothing that tracks you

Dennis Green


1h

AP/Pat Wellenbach

• L.L. Bean said Wednesday that it will be starting a pilot to sew sensors to clothing to track certain things about its usage.
• This information would be fed into a blockchain and then anonymized for later use.
• The company indicated it may offer discounts on items equipped with the new technology.

First, there were customer surveys. Now, there's the blockchain.

L.L. Bean says it will start sewing in sensors in its clothing to track how customers use the items in a new pilot test, according to a new report in the Wall Street Journal. These sensors — which will start being used in coats and boots — will collect stats about how people wear and use the items. That information will then be sent the Ethereum blockchain, anonymized, and available for use for the company as raw data.

That will include things like temperature the garments experience, how often they're worn, and how many times they've been washed. That information is a gold mine for a retailer, which can then use the information for creating new products, marketing products, and talking with suppliers. Clothing retailers and makers are currently only able to get such information from things like customer surveys and focus groups.

Blockchain is being used because it can effectively encrypts the data and can take data from many sources. Customers will transfer the data from their garment using an app on their phone that can bridge the garment to the internet. LL Bean will access the data from Ethereum, and not directly from customers themselves.

Chad Leeder, an innovation specialist at LL Bean, indicated to the Journal that it may provide discounts to those that enter the test, making the clothing with the sensors cheaper than comparable clothing without the sensors. Customers will have to consent to giving over the data at the time of purchase, and hand over some other demographic data to give a fuller picture of who is using the items.

Source

Millennials, Here's How Cryptocurrency Could Transform Your Future

Jan 9, 2018 @ 06:31 PM 

Jules Schroeder ,
Contributor I write about millennials following nontraditional paths Opinions expressed by Forbes Contributors are their own.



Pexels
Source: www.pexels.com


To be completely honest, conversations about finances and investments usually tend to put me to sleep. But for some reason, all of this buzz about cryptocurrency really has my attention.

Some call cryptocurrency the “digital gold rush,” magnetizing thousands around the world to invest in digital currencies like Bitcoin and other alternative coins like Litecoin and TRON. Although skeptics have their concerns, there’s no denying cryptocurrency has an exponential growth trend that appears to be steadily rising.

For millennials, cryptocurrency could be the investment opportunity of a lifetime. Not to mention, it’s ushering in a tidal wave of technological innovation.

The biggest barrier to entry for most? Decoding all of that tech jargon.

It’s about time someone explained cryptocurrency to you in a language you can actually understand.

That’s why I’ve just launched one of the world’s first online crypto and blockchain summits, where 21 industry-leading experts will be sharing everything you need to know about cryptocurrency over the course of three days.

This week on the Unconventional Life Podcast, I spoke with a cryptocurrency geek who’s done all of the heavy lifting for you. Meet Michael Graziano, the founder of Global Degree, one of the largest online communities for millennial travelers worldwide. He’s racing to become the youngest North American male to visit all 193 countries in the world, documenting all of his adventures online. Across his social channels, and including collaborations with Discovery Channel and MTV, Graziano has a combined reach of 50M+.

“I’ve been to over 100 different countries and seen all different types of economies, people, and ways of life. Some of these countries’ databases are incredibly inefficient and outdated. Can you imagine what the world will look like when everyone’s on one database?” Graziano says.

Enter the blockchain.

If you don’t yet know what that is, don’t sweat it—below, I’ve transcribed my Q&A with Graziano where he breaks down the fundamentals of cryptocurrency, blockchain, and more, so you can finally get up to speed on everything crypto.