Will Banks Mint Their Own Stablecoins?

The USDF Consortium has set out to build a system for bank-minted stablecoins that would blend the attractions of digital currency, blockchain administration and faster payments. In time this could improve payments and other experiences for both companies and consumers.

To date, many of the uses for stablecoins — digital currencies denominated and tied to fiat currencies, such as the U.S. dollar — have been to facilitate other digital currency transactions. But the banking industry has fresh designs on the stablecoin. Beyond business payments, early intentions are to use the technology for consumer payments, as well. Also envisioned are financial marketplaces and crypto and securities lending.

Want to find out more? Check out the details form THE FINANCIAL BRAND HERE. 

Is the cryptocurrency trading boom creating a new generation of addicts?

With endorsements from celebrities and ads on TikTok, cryptocurrency has gone mainstream. But not everyone gets rich. The Guardian's Rob Davies reports on how crypto apps encourage addictive, high-risk trading habits.

Read or listen to his article HERE.

Warren Buffett: Why You Should NEVER Invest In Bitcoin

Warren Buffett is the greatest investor of all time. In this video you will hear his opinion on Bitcoin, including the new 2021 comments! Very important to watch this regardless of your attitude to cryptocurrencies (and absolutely necessary if you own any of them!) As Charlie Munger says, “If you disagree with somebody, you want to be able to state their case better than they can.” And at that point you've earned the right to disagree with them. 

Warren E. Buffett is an American long-term investor, philanthropist, business tycoon, and the chairman & CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth over 100 billion dollars. Buffett was born in Omaha, Nebraska. He developed an interest in business and investing in his youth and made truly incredible stock market returns over his career.

Building better blockchains is surprisingly hard

According to its fans, crypto is the key to paradise, particularly the financial kind. Greedy intermediaries, such as banks, will be replaced by smart contracts (self-executing rules) that run on blockchains (distributed databases). This will give rise to efficient and innovative financial services, collectively called “decentralized finance” (DeFi).

The foundations of this structure are shaky, however. Today’s blockchains may be masterworks of coding, but they are also fiendishly complex, energy-hungry and, perhaps counterintuitively, centralized. Despite years of work, crypto developers are still trying to fully overcome the trade-offs inherent in the technology. 

Read the the full article in The Economist HERE.

Bitcoin is setting the world on fire

Bitcoin was really hot in 2021, but not the way you might think. 

I'm talking about the massive energy and carbon footprint that has bloomed up as the Bitcoin network continues to grow. We've finally started to pay attention to it in 2021, with Elon Musk calling its energy consumption "insane," and calling into question its usefulness (and interestingly neither Tesla nor Musk have divested themselves of Bitcoin holdings).

It's true that Bitcoin uses an absurd amount of energy, and 2021 was the year that it truly skyrocketed, rising from somewhere around a 77 TWh/year forecast in the beginning of the year to more than 200 TWh/year by December 25. At this point, the Bitcoin network is burning through the same amount of power and fuel as some medium-sized countries, and an individual transaction eats up more power than an average U.S. household uses in 70 days!

Bitcoin, and other cryptocurrencies, need something big, like a transition to proof-of-stake, if they're going to survive a larger global transition to greener energy.

Watch Crypto expert explain the Blockchain to Congress

At a congressional hearing on crytpocurrency, Bitfury CEO Brian Brooks explains the blockchain and how it plays an integral role in Web 3.0.

 

Where crypto 'anarchy' will end - Lex Megatrends

Cryptocurrencies such as Bitcoin have gained traction in finance worldwide thanks to dissent, greed, idealism and fear of missing out. But, in the absence of centralised authority, where will it all end? Ever get the feeling you've been cheated?

 

Shiba Inu’s Rise Signals New Meme Coin Cryptocurrency Trends

Shiba Inu Coin’s recent surge, and subsequent fall in value, is part of a growing trend of meme coins that are rivaling some of the largest digital tokens in the world. WSJ retail investing reporter Caitlin McCabe explains why investors are pouring money into this meme based cryptocurrency. 

 

Soaring NFT sales redraw the art market - FT Film

The market for non-fungible tokens, or NFTs, is soaring, reaching $10.7bn in the third quarter of 2021. For the art world it's a new frontier, where ownership of digital assets is encrypted on the blockchain. The FT talks to artists, auction houses and collectors about how NFTs are bringing in new buyers and setting records for sales of digital works, and we follow a painter making his first NFT.

 

What are stablecoins and how do they work?

FT banking and fintech reporter Siddharth Venkataramakrishnan looks at how the digital assets are used, why they are growing in popularity - and why they are in regulators' sights.

 

Cryptocurrencies: how regulators lost control - FT Film

Leading voices from the cryptocurrency industry, including Binance CEO 'CZ' and Sam Bankman-Fried of FTX, and Financial Times reporters tell the story of how the cryptocurrency industry ballooned into a market worth more than $2tn with little regulatory oversight. How did regulators lose control and can they get a grip now? Or is there a danger that overregulation stifles innovation? 

 

DeFi: Crypto’s ‘Wild West’ of Finance - WSJ

Many are calling decentralized finance, or DeFi, the “Wild West of finance.” This fast-growing industry aims to provide automated banking services for cryptocurrencies to everyone, with no middle men. But DeFi is still in its early stages, which means there are risks. 

 

Visa is working on a universal payment channel

Visa is working on a universal payment channel project that connects blockchain networks to a variety of cryptocurrencies, stablecoins and central bank digital currencies (CBDCs).

The payments giant’s research and product teams are working on a universal payment channel (UPC) initiative, which is a blockchain interoperability hub that connects blockchain networks and allows for transfers of digital assets.

Get the details HERE.

Cybercrime Rising on Telegram? & SEC Seeks Crypto Regulation

Boom Bust - New reports from the Financial Times and Cyberint have shown that cybercrime is on the rise on the encrypted messaging platform Telegram. Boom Bust's Ben Swann brings us up to speed on the investigation and what it means for the service. (1:01) Then we turn to the ongoing labor shortage in the United States as the restaurant industry continues to bear the brunt of it. RT's Sayeh Tavangar brings us an on-the-ground report from the struggling sector. (6:28) And SEC head Gary Ginsler has called for greater control of the cryptocurrency industry this week on Capitol Hill. Boom Bust's Christy Ai and Jeffrey Tucker of the Brownstone Institute weigh in on the fintech's legal grey area. (16:21) 

 

Could digital currencies put banks out of business? - The Economist

Cryptocurrencies like Bitcoin have been billed as a major disruptor to finance. But digital currencies issued by governments might be even more radical—they may even threaten the future of traditional banking

 

What if bitcoin went to zero?

In a thought experiment The Economist uncovers the links between crypto and mainstream finance and sets out the repercussions of what could happen if the price of Bitcoin fell to zero. 

You can read the full analysis of such a disaster scenario HERE.

Read it and be afraid .... VERY AFRAID!

 

Could digital currencies make money more fragile?

While the future is unpredictable, one where digital currencies dominate both money and payments seems a reasonable possibility. The benefits of convenience, lower cost and the possibility of greater financial inclusion seem irresistible. 

However, An area that hasn’t attracted sufficient attention is the potential increased fragility of money. And this has nothing to do with volatile cryptocurrency valuations. 

Find out more HERE.

Could digital currencies put banks out of business? - The Economist

Cryptocurrencies like Bitcoin have been billed as a major disruptor to finance. But digital currencies issued by governments (CBDC) might be even more radical—they may even threaten the future of traditional banking.Could they even bankrupt banks?

Crypto: will the bitcoin dream succeed?

Bitcoin and other cryptocurrencies set out to upend the financial order and replace conventional money. Bitcoin has certainly disrupted the global financial system, but can it ever live up to the hype?

Bitcoin Price Falters on China Crackdown

Bitcoin's price is continuing to take a hit as China's crackdown on the premier cryptocurrency moves forward. Meanwhile, foreign investment in the United States has heated up amid the nation's economic recovery. Plus, Italy has emerged as the new stage in the battle over gig workers' rights as the nation calls for tougher rules ahead of a G20 summit.