NASDAQ CEO Says that Bitcoin is at its Hype’s Peak

President and CEO of NASDAQ Inc., Adena Friedman, recently stated that digital currencies have reached the peak of their hype cycle and can turn out to be a commercial segment of the internet.

Freidman said that NASDAQ has a grey outlook about digital currencies and the company is taking a research-oriented and cautious approach towards its involvement in virtual coins. She said that the company has started to understand the ins and outs of the new technology and hopes that it might become a financial part of the internet.

The CEO added that virtual currencies could be considered as a speculative asset class which lacks a foundation or goals in the world of international commerce. In her view, as soon as the digital asset becomes more mature, it will assist in the smooth functioning of commercial activities. Although she does not know which digital currency would lead the charge yet, she believes that time will create its utility.

As of now, crypto space is enjoying a peak in its hype cycle due to a large number of players in the market. NASDAQ stands out of the crowd as it can provide market information and surveillance technologies to few crypto exchanges. She added that blockchain does not possess the scalability required to handle her company’s super huge trading volume. But, it does have the potential to manage some of the markets.

She said, “There are massive inefficiencies where there is paper instead of automation, where there’s really poor record keeping, and everything’s in a drawer somewhere, like private securities. So we have to deploy blockchain into the private market, where you can find really long settlement cycles, and how [blockchain] can shorten those.”

The CEO does see some substantial opportunities for blockchain to grow. According to her, it is a fascinating technology which can turn out to be troublesome in the long run. It is also difficult to employ as it needs support from a massive network to implement it at the same time. Freidman further said that over time it could become possible and blockchain can be of great help to boost the business.

Earlier in April, she claimed that the stock market was capable of trading digital coins in the future under more regulations from the authority. NASDAQ can possibly become a crypto exchange if things go as planned.

It should be noted that virtual currencies are still having a tough time in America as owners do not want to consider their tokens as securities. The SEC has also launched many probes in cases of ICO as most of them have duped investors in the past. Meanwhile few crypto experts have speculated bitcoin to surpass the $20,000 mark by the end of the year.

Most of the big players in the market are not making irrational decisions about getting into the world of cryptocurrencies. Blockchain, on the other hand, is enjoying compliments from around the globe. It won’t be a shock id someday NASDAQ becomes a fully functional crypto exchange.…

Blockchain Technology Could Bring a Revolution in online Security

Co-founder of Ethereum, the second biggest cryptocurrency in terms of market cap, Joe Lubin thinks that the internet is awesome though it is broken. It is probably because of this reason there were security threats. However, he believes that blockchain technology could revolutionize the online security with advantages attached to the new age technology. One of the notable speaker during the two-day MoneyConf in RDS in which about 5.137 persons have attended from 84 countries.

Inherently Unsafe

The co-founder of Ethereum pointed out that the internet was not safe historically. He attributed it mainly because of lack of identity construction at its heart. Alternatively, he believes that it was not created with natively-built money, Irish Times reported. Some of the experts have reiterated time and again that the blockchain technology as a secured one though there were hacking in some of the cryptocurrency exchanges in the current year itself.

Lubin said that “We have built a world of internet services that have turned out to be wonderful in so many ways, but they have outgrown the architecture of the internet and the web.” He called for a more reliable and collaborative infrastructure from the public blockchain platform. That is because it could lead to a completely free market design offering low entry barriers.

Offline Payment

On the other hand, Square’s chief financial officer, Sarah Friar, thinks that there is enough hype around the financial technology. However, the reality is quite different as most people are making payments only through offline mode even now. Incidentally, the company is founded by Twitter’s co-founder, Jack Dorsey, who thinks that bitcoin could become the single biggest currency in about ten years.

At the MoneyConf, Square CFO pointed out that 20 million small businesses have failed to accept electronic payments in the United States. As far as Great Britain is concerned, half of the smaller companies are not ready to accept them. Incidentally, the market is starting to be a growing one. The payments company is managing over $50 billion in transactions per year.

Banking Is Not Disrupted

Friar also pointed out that banking sector is not disrupted due to digital transformation compared to other industry sectors. However, the change is happening with start-ups showing the way to the rest. In any case, she thinks that it is not an easy thing for the incumbents to disrupt as they come from tech stacks, which are of older in nature. That also makes it harder to nimble and moves quickly.

Friar’s frustration with the banks was quite evident when she said that it was a slow-going process whenever the CFO had to work with banks. She pointed out it might take even three-month for getting a signature for a non-disclosure agreement. That does not bode well for the kind of pace with which the sector is moving forward to innovate.

Meanwhile, the organizer of the Web Summit indicated that it might hold more events in Dublin since it could accommodate a maximum of 20,000 people. That meant MoneyConf would be located in Ireland.…

Three of Cryptocurrency Heist Pleads Not Guilty

Three of Cryptocurrency Heist Pleads Not Guilty

Three cyber criminals who were involved in an elaborate heist of $1.8 million digital currency pleaded that they are not guilty of charges slapped on them. This included an education department staffer and a church worker. The trio is facing charges of kidnapping, grand larceny, and other charges and faces a maximum of 25 years in jail if the court founds them to be guilty. In the current year alone, more than $1 billion worth of digital currencies were stolen.

Scheme Organized

According to New York Post, Louis Meza, aged 35, has allegedly organized a scheme on November 4 last year. He was arrested later in May for the theft. He was accused of establishing a meeting with an unidentified victim then. The prosecutors said that he pretended to order an Uber to take him home whereas Allan Nunez, who was also in the similar age group, posed as a driver of the cab.

The third person, Darrell Colon, has hidden on the minivan’s back. As soon as the victim entered the cab, Colon has pulled a gun and demanded a memory stick connected with his Ether currency account and the keys. Colon told investigators that “I stuck the gun in the guy’s ribs and took his stuff.” The accused has confirmed that the weapon was a BB gun.

The trio has frightened the victim and held him as a captive for two hours inside the van with a hood on his head before the victim has started to escape. This was disclosed before the Manhattan Supreme Court by an Assistant District Attorney, James Vinocur. The prosecutor also pointed out that the victim was on the run until he reached a grocery store and called 911 for help. He was a terrified lot and ran two blocks.

Meza felt that he could recruit his friend, Cesar Guzman, who was working as a DOE professional so that they could plan the heist. On the other hand, Guzman, at the age of 38, has enlisted a church worker, Nunez, apart from Colon from his motorcycle club. Even as the victim was trapped inside the van, Guzman and Meza have broken into the victim’s house.

Incidentally, Meza was accused of stealing data with the purpose of moving the funds to his personal account. However, authorities indicated that they were able to recover most of the stolen digital currency.

Seeks Bail

Guzman Lawyer, Michael Barsky, has argued for a reasonable bail for his client citing that he is managing a neighborhood charity apart from taking care of his autistic nephew. Similarly, Nunez lawyer, Rob Georges, has sought a bail pointing out the case involving movie magnate Harvey Weinstein for the alleged sex assault.

Georges also pointed out that the disgraced producer was given a bail package terming it as a pre-arranged one. However, the Justice, Melissa Jackson, did not want to compare the two cases. Instead, the Judge ordered bail for Nunez on $50,000 and Colon on $75,000 while Guzman faced $100,000. The three cyber criminals could face a maximum of 25 years in jail if the court finds them of committing the frauds.…