Anej Korsic, Author at 2100NEWS

Anej KorsicMay 8, 2018

4min648

Warren Buffett appeared on CNBC and again warned investors not to invest in Bitcoin. When asked about his current view about Bitcoin in reference to his previous statement Bitcoin being rat poison, which was a few years ago when Bitcoin was about $100, Warren answered rat poisoned squared”

 

Becky Quick from CNBC Squawk Box

 Warren repeatedly had defamatory statements against Bitcoin and other cryptocurrencies:

In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.

If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth

Why should we listen to Warren Buffet?

  • Known as the ”Oracle of Omaha” he is one of the most successful investors of all time
  • A net worth of around $84 Billion as of May 8th
  • He runs Berkshire Hathaway, which owns more than 60 companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen
  • The son of a U.S. congressman, he first bought a stock at age 11 and first filed taxes at age 13
  • He has committed to giving more than 99% of his fortune to charity. So far he has given nearly $32 billion

 

Warren Buffett on Bitcoin | January 2018

As seen above he is more than just an extraordinary man. With a lifetime experience in the old financial world. Which also explains his impact in the world of old financial assets.  Which is the exact reason to ask the question?

 

Why shouldn’t we listen to Warren Buffet, when it comes to Cryptocurrencies?

  • Being born in 1930 in Omaha, Nebraska he will be 88 years old this year. Why is this a negative point in the digitalization environment? Because things  but they have transcended physical form like money in the bank account is not physical money in the Bank but is in Binary (code from 1’s and 0’s). 
  • Doesn’t invest in Cryptocurrencies because he doesn’t know enough about them
  • He said ”I am no genius I just stay within my circle of competence” which explains his resistance to invest in the new economy

 


 

What do you think? Leave a comment below.

 

Read the latest article here.


Anej KorsicApril 18, 2018

5min642

At The Decoding Blockchain KSA event, will be presented a production solution for the energy industry. It is said that with innovations, blockchain technology brings, production costs could be cut by five or more percent.

 


Is Blockchain the solution for the energy industry?

Relentless demand for efficiency and transparency – paired with little progress – brings the energy industry to a crossroads. Paper contracts and archaic trading platforms, implementing blockchain’s distributed ledgers and smart contracts could finally catapult the industry into the digital era.

In the heat of the world’s oil production, Saudi Arabia’s huge investments in high tech make it by far one of the most fertile regions in the world for Blockchain.

Nick Spanos, Co-founder of Zap.org, who will speak at the event, said:

The future has arrived for Saudi Arabia’s energy market. As Blockchain reinvents every aspect of the energy industry, it’s good news for  a sector that for decades has seen very little progress

With smart contracts using Zap.org oracles, firms can now track the production of a barrel of oil from when it leaves the ground, to its delivery to the consumer. This way, contractors, vendors and taxes at every stage — upstream, downstream, and shipping — would be paid the instant they’re owed, based only on what the smart contract verifies has occurred in that stage of production or shipping.

Thanks to this reinvention of chain-of-custody logistics, transport, and shipping will be seamless, accounting will occur on the spot, and clearing will be instant.

Analysts also point out that it could reduce expenses by five percent — or more. For Saudi Arabian oil producers and the government, that’s billions of dollars saved, every year.

Until recently, a smart contract could generally only function with data already programmed in the blockchain. Now, using Zap.org’s ‘oracles’, smart contracts can verify trusted sources of data and events, and make the contracts dynamic and responsive.

Their Energy Ledger project is customizing blockchain solutions that private industry and governments can use to smooth out the supply chain, slash arbitration and clearing costs, and nearly eliminate tangled backroom trading and accounting offices.

Decentralized, peer-to-peer trading is the future; it means unprecedented transparency, less administrative burden, and fewer middlemen,”

explained Mr. Spanos.

Spanos adds that blockchain’s distributed ledger reduces vulnerability to cyber terror, by ensuring that there’s no longer a single point of attack for cybercriminals. Instead of passwords and data being in a central database, each user controls their private key and data.

In a globally-connected economy, the impact of transitioning to blockchain technology is expected to be profound and turn any industry on its head — particularly the oil industry. Even if the oil sector has lagged behind in adopting this technology, industry leaders say that it is bound to happen. As oil producers struggle to find stability and strive to reduce costs — while consumers increasingly demand greater transparency — could blockchain finally offer the solution?

Come find out from the best minds in the blockchain space at Decoding Blockchain KSA, Saudi Arabia’s very first blockchain conference. While the conference offers unique networking opportunities for attendees to connect with Blockchain industry leaders and innovators, it will also present a range of speaker sessions through which participants are given the opportunity to meet with innovators who offer business solutions that will help the oil and gas industry reduce costs and improve efficiency and integrity.

Hear from blockchain industry leaders from across the pan-Saudi region — as well as the rest of the world — when they convene on a single platform on April 23rd and 24th, 2018 at The Riyadh Marriott.

 


 

Read the latest article here.


Anej KorsicApril 13, 2018

4min799
  • Scholar recently concluded that Bitcoin is Sharia Law compliant in some specific cases
  • Being Sharia compliant could see the world’s Muslim population take an interest in cryptocurrency
Cryptocurrency market opened to 1.6 Billion people of Islam

Scholar, who is also a member of Islam, recently concluded that Bitcoin is Sharia law compliant, which may potentially open the cryptocurrency market to the world’s Muslim population of over 1.6 billion people.

Mufti Muhammad Abu Bakar, the scholar, which is also A sharia adviser and compliance officer at Blossom Finance in Jakarta said:

In Germany, Bitcoin is recognized as a legal currency and therefore qualifies as Islamic money in Germany. In countries such as the US, Bitcoin lacks official legal monetary status but is accepted for payment at a variety of merchants, and therefore qualifies as Islamic customary money.

Islam’s strict monetary policy

Islam has strict guidelines concerning money, and when a currency doesn’t meet those definitions it is considered forbidden. Commodities, considered to have inherent value like gold, are favored by Sharia Law and for digital or paper currency to be recognized as a valid payment method, it needs to be backed by a commodity at a fixed exchange rate.

Of course, who’s to say what has inherent value? Sharia law also allows ”customary money” currency that has become accepted as a payment method through social o government mandate. This is the clause that allows Bitcoin to be considered as a permitted method of payment.

Interestingly, blockchain is actually more permissible than banking in many ways. ”Loaning money into existence”, as Bakar puts it, is completely forbidden and falls under the definition of usury – loaning at high interest rates.

Fractional reserve banking is therefore non-compliant with Sharia Law. Blockchain, on the other hand, does not work like this – the assets and their owners are at all times traceable in the ledger, making it amenable to Sharia law scholars.

A major conference of Islamic scholars was held on April 9 to discuss cryptocurrencies, a sign that the issue of crypto in the massive Islamic banking world is one that can no longer be ignored.

Being approved may have helped bitcoin rally, as it is currently up over 10% in the last 24h period, and as covered recently breached the $8,000 mark.


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Anej KorsicApril 12, 2018

3min444

JPMorgan is being sued in Manhattan federal court for Bitcoin fraud. Accusing it of charging surprise fees when it stopped letting customers buy cryptocurrency with credit cards in late January and began treating the purchases as cash advances.


 

Bitcoin fraud lawsuit

The lawsuit was filed on this Tuesday on behalf of a proposed nationwide class. JPM is accused of charging both extra fees and substantially higher interest rates on the cash advances than on the credit cards and refused to refund the charges when customers complained.

The spokeswoman for JPMorgan, Jane Rogers, declined to comment on the lawsuit but added that the bank stopped processing credit card purchases of cryptocurrency pm Feb. 3 because of the credit risk involved. Clients can still use their Morgan debit cards to buy cryptocurrency from their accounts without acquiring cash advance charges.

Several banks in Canada, Britain and the United States, banned the use of credit cards and debit cards to buy cryptocurrencies. This came after a 65% correction of the Bitcoin, the most popular cryptocurrency.

Bitcoin has fallen in value from a peak of almost $20,000 in December amid concerns about regulatory crackdown.

The named plaintiff in the lawsuit, Idaho resident Brady Tucker, was hit with $143,30 in fees and $20,61 in surprise interest charges by Chase for five cryptocurency transactions between Jan. 27 and Feb. 2, his lawsuit said. Hundreds or possibly thousands of other Chase customers were hit with the charges, Tucker said.

Tucker called Chase’s customer service line to dispute the charges but the bank refused to remove them, according to the lawsuit.

With no advance warning, Chase “stuck the plaintiff with the bill, after the fact of his transactions, and insisted that he pay it,” the lawsuit said. A lawyer for Tucker could not be reached for comment.

The lawsuit accuses Chase of violating the U.S. Truth in Lending Act, which requires credit card issuers to notify customers in writing of any significant change in charges or terms. The lawsuit is asking for actual damages and statutory damages of $1 million.

The case is Brady Tucker et al v Chase Bank USA, U.S. District Court, Southern District of New York, No 18-3155

 


Anej KorsicApril 11, 2018

4min627

It seems that Bitcoin has a new rival on the block. As cryptocurrencies plummet in value since the start of the year, VeChain has not yield and actually even grew by almost 30 percent.

 


About the VeChain

VeChain is priced $2.70  as of today on April 11th and stands as the 16th largest crypto based on its market cap. What made it so popular were attention-grabbing headlines of partnerships with a variety of companies. All of this improves adoption and makes it a useful asset to own.

Several industries including luxury goods, agriculture, logistics, food, and governments are already using Vechain blockchain technology. 

The VeChain Foundation, the company behind the cryptocurrency, has this year rebranded and renamed the crypto, Vechain Thor.

This apothesis is not a day, a logo, or an economic model but rather it is a full revamp from a private blockchain to a qualified decentralized application platform servicing public application, on a decentralized ledger, capable of evolving how the world defines business ecosystems.” Said the Vechain Foundation.

We chain Thor uses a mix of blockchain and a chip technology to track luxury goods and confirm that they’re not counterfeit. 

Tim Draper, well known Silicon Valley investor has also backed the cryptocurrency. Mr. Draper has invested in Skype, Tesla, and Bitcoin before turning his attention to Vechain. 

Last month, VeChain Foundation tweeted:

We see eye to eye with our investor, Tim Draper regarding the future of crypturrencies and use of blockchain solutions.

Mr. Draper has been a vocal backer of the cryptocurrency for some time now and said recently: 

In five years you’re going to walk in and try to pay fiat [a government-backed currency] for a Starbucks coffee, and the barista is going to laugh at you

Investors believe the corporate ties the cryptocurrency has made have boosted prices.

Derek Kim, head of research at BK Capital Management, said:

They have a really good way of marketing their relationships with companies they’re developing products for. The big catalyst for token price appreciation is company relationships

It’s price structure has prevented the sell off numerous other cryptocurrencies have experienced. In January, it was announced that those who hold the virtual currency for a longer period of time will receive more rewards and voting rights.

That structure makes token holder base a bit more sticky. They have to lock up tokens within the structure, which takes supply and selling pressure and protected them from the sell-off


Previous article.

 

 

 


Anej KorsicApril 10, 2018

4min544

Earlier this week, a Canadian bank, Bank of Montreal Financial Group has put a restriction on their customers. They are not able to buy cryptocurrencies not only with credit but also with a debit card. With renewed policy, they joined ranks of American and U.K. banks who already made these restrictions.


 

Another Canadian bank implements the restricting policy

Canadian Bank BMO’s decision followed several of the biggest banks, who already banned cryptocurrency transaction over the past few months. This decision comes as part of a global crackdown led by major lenders and credit card issuers. Toronto-Dominion Bank (TD Bank), Canada’s largest bank has already blocked attempts to buy digital currencies last month.

Canada’s second-largest bank by assets, Royal Bank of Canada (RBC) didn’t cut off card purchases but said it would only allow transactions involving cryptocurrency in limited circumstances.

Prince on the decentralized horse

LOCALBITCOINS TRAFFIC VOLUME.

It seems that in spite all the restrictions, customers are willing to jump through some hoops to get their coins. The chart above is the volume of the LocalBitcoins buying and selling volume in the national Canadian currency. The volume shot up from less than $1.2 million to more than $7.2 milion in the period of the last 3 weeks. This is when Canadian banks started to ban crypto trading. Change in the traffic volume is extagering 500%. Canadians obviously won’t be topped by the bank-imposed ban and will simply avoid them by using p2p platforms like localbitcoins.

Ironicaly this is actually the whole point cryptocurrencies and blockchin in general: individual freedom and taking ownership over your own money. The hypocrisy of governments and banks is more than well-known to all of us and their alleged ”consumer protecion” is an actual direct attack on human rights. Individual freedom is derived from economic freedom – you have the right o spend your money the way you want, not the way banks will let you.

Seeing all of this, itis crucial to understand te importance of p2p platforms and decentralized exchanges. Development of such platforms is essential for the survival of bitcoin and cryptocurrencies in general.

Although this is a clear attack and violation on human rights, banks are actually making an opposite effect. First by taking control over customers money and robbing them of the choises, making it clear that you have as much control as they let you. Second, by doing so, they forced customers to seek other alternatives and hopefully,y majority will find it before be discuraged

 


Previous article on banks banning crypto.


Anej KorsicApril 10, 2018

5min665

There are some strange things going on with Verge (XVG) and the team behind it. To say that last week was quite bumpy for the top 20 cryptocurrency would be a definite understatement. Verge is slowly becoming one of the most controversial cryptocurrency projects.

 


 

Verge’s history

Verge started way back in 2014 by a developer who goes by the allies of Sunerok with a support of 200 community volunteers. For the most part, Verge was not very well known but its popularity rose relatively steadily. It wasn’t until John McAfee promoted the coin at the December 13th, which pumped up the price. This is where the start of the controversy

John Mcafee promotion

Founder of McAfee Antivirus, John McAfee allegedly promoted the coin on Twitter for $105,000 to his  800,000 followers. This resulted in 100% increase in price within 24h. But the hype didn’t stop there. Over a course of 10 days, Verge skyrocketed and reached an all-time high of $0,29 per coin. To get more of a feel for what a boom this was. The cryptocurrency went from #79 and $115mln  Market cap to #16 and over $4.3bln in just 10 days.

But the word came out when Verge didn’t give John a penny for the $3bln increase in market cap. Allegedly John’s phone was hacked and positive claims about Verge made on twitter simply were not true.

Wraith protocol

Following the McAfee incident, Wraith protocol was announced on Verges official channels on medium and Twitter. Date of release was set for December 31 of 2107. However, the team delayed the release date four times.

Wraith Protocol is a technology that allows the user to seamlessly switch between public and private ledgers on the Verge Blockchain.

Once the Protocol was finally out, technically it wasn’t anything impressive. The lack of transparency and plain manipulation of the community caused many Verge investors to sell their holdings.

Verge developers asking for charity

The lead developer, Justin Sunerok, has launched a crowdfunding campaign to raise nearly $3m in XVG coins. He claimed that the funds gathered will be used to secure a ”strategic business alliance” with an unnamed global organization. Meanwhile, Sunerok made a thread on twitter asking for the help of the community about the Coinbase situation. This action backfired immensely and resulted in community backlash. Although there isn’t concrete evidence the community formed an opinion that Sunerok launched the crowdfunding to help pay his taxes. Postponing the release date until 17th of April which is a day later than taxes are due does not help his defense.

 

The team  unknowingly hard forked mid 51% attack

On April 4th, Verge was the target of a 51% attack, which lasted much longer than just 3h. In fact, the attack was put in place the next day. It was assessed that the attacker mined additional 19,500,000 coins. What is even more amazing is that the developers rushed a fix, which turned out to be a hard fork. Since the attacker already hijacked the network this didn’t make much impact, but it shows in how capable hands is the top 20 cryptocurrency.

 


Because of all of the above, I would recommend exercising extreme caution in dealing with the Verge cryptocurrency. Although the community does not seem to be phased by all of this. Pushing the price of the coin over 60% up to $0,088 per coin.

Last article on Verge.


Anej KorsicApril 6, 2018

3min455
Jay Clayton, chairman of the U.S. Securities and Exchange Commision (SEC)

The SEC chairman appears to be changing his stance toward ICOs, where before was focusing primarily on the dangers ICOs bring, now is softening his view. At a Princeton University event Thursday, The SEC’s highest-ranking official surprised everyone with a positive note on ICO environment. He rejected the idea that all ICOs are fraudulent, answering ”absolutely not” to a question centered on whether the agency’s actions against some founders of blockchain projects amounts to such an admission.

 


 

The SEC chairman Jay Clayton’s remark came during a talk on ”Cryptocurrency and Initial Coin Offerings,” one of more notable past statements, including his most famous issued in February, in which he said that he believes ”every ICO” he and his team researched, qualifies as a security. He opened the talk by telling the assembled students he believes that ”distributed ledger technology has incredible promise for the financial industry.”

Clayton went on to argue that the steps taken by the agency in recent months could actually help the industry mature overall.

He told the students: 

Is the approach taken in Washington by the SEC adversely affecting distributed ledger technology in other areas? My quick answer is that my hope is that it’s actually helping – because this technology is being used for fraud and to the extent that it’s being used for fraud, history shows that government comes down harshly on that technology later.

Clayton’s remarks follow the SEC’s recent charges against Floyd Mayweather’s promoted Cryptocurrency Centra tech. Specifically the co-founders of the coin. The agency stopped the ICO and charged Sohrab and Rober Farka with Fraud after they raised $32 million by selling ”unregistered securities.” 

The SEC chairman said that such actions were in the industry’s best interests. ”I think if we don’t stop the fraudsters, there is a serious of risk regulatory pendulum – the regulatory actions will be so severe that they will restrict the capacity of this new security,” he reportedly told the audience.


 

Read the latest article: 51% attack on Verge


Anej KorsicApril 5, 2018

3min392

According to sources, the 51% attack on Verge was launched yesterday, 04.04.2018  at 06:00 UTV time. The first block to be successfully exploited was 2007365. It has been assessed that almost 20M Verge coins got stolen with the exploit. At the time of this writing its worth around 1,150,000$.

 


 

What is the 51% attack?

Is when an organization through exploits in the code, or with its hashing power is able to control the majority of the Network mining power (hashrate). The 51% comes from controlling 51% of the infrastructure, with that you can hijack the network. The attackers would be able to prevent new transactions from gaining confirmations, allowing them to halt payments to some or all users. 

More on the 51% attack you can read it here.

 

Verge’s attempt to resolve

All this began on bitcointalk.org forum where OCminer brought the exploit to attention.  Being part of the Verge mining pools, he was directly impacted by the 51% attack. Verge’s response wasn’t very appreciative. Didn’t seem to grasp the depth of the situation. Later they rushed out a fix, which happened to be a Hard fork. This resulted in Verge wallets not being able to Sync and the current chain was not usable anymore.  The first hard fork attempt failed and additional 19.500.000 Verge coins were generated with the exploit. 

 

Censorship

Many of the Verge ”hodlers” got scared for their tokens and began to search for answers on different forums and official social media. However, many of the posts asking questions got deleted. Which lead to many members of the community scream censorship. Team member said: ” It’s already been addressed [problem]  in both places. We don’t need it spammed everywhere, thanks.”

 


 

More on the topic on: bitcointalk.org


Anej KorsicApril 3, 2018

4min427

The SEC Arrested Co-founders of Centra Tech. Inc. Sohrab Sam Sharma and Robert Farkas. Who Masterminded a fraudulent ICO in which Centra offered and sold unregistered investments through a ”CTR Token”. They claimed to offer a debit card backed by Visa and MasterCard that would allow users to instantly convert hard-to-spend cryptocurrency into U.S. dollars or another legal tender. But in reality, Centra had no relationships with Visa or MasterCard. The SEC also alleges that to promote the ICO, Sharma and Farkas created Fictional executives with impressive biographies, posted false or misleading marketing materials to Centra’s website, and paid celebrities to tout the ICO on Social media such as Floyd Mayweather.

 


Centra co-founders arrested

Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement said: ”We allege that Centra sold investors on the promise of new digital technologies by using a sophisticated marketing campaign to spin a web of lies about their supposed partnerships with legitimate businesses. As the complaint alleges, these and other claims were simply false.”

”As we allege, the defendants relied heavily on celebrity endorsements and social media to market their scheme.  Endorsements and glossy marketing materials are no substitute for the SEC’s registration and disclosure requirements as well as diligence by investors.”

The SEC’s complaint, filed in federal court in the Southern District of New York, charges Sharma and Farkas with violating the anti.fraud and registration provisions of the federal securities laws. The complaint seeks permanent injunctions, the return of allegedly ill-gotten gains plus interest and penalties, as well as bars against Sharma and Farkas serving as public company officers or directors and from participating in any offering of digital or other securities. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against the two of them.

”This lawsuit, which for the most part, appears to repeat unfounded claims regarding Centra Tech., alleges that Centra Tech’s initial coin offering of Centra Tokens was an unregistered sale of securities. The plaintiff’s complaint attempts to mimic claims and allegations the Securities and Exchange Commission has lodged against other cryptos.

Floyd Mayweather promoting scam ICO project

The Centra ICO was notably promoted by Mayweather as well as music producer DJ Khaled prior to its completion. Though the timing is currently unclear, the original posts by Mayweather on Instagram and Facebook that promoted the sale more ap to have been deleted and a post on Instagram by DJ Khaled is also unavailable as of press time.

 

 



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