Schlagwort: crypto business

• China’s central bank governor gave an update on the national currency being developed this week
• Anonymity and privacy will be protected, he argues
• Our Analyst Dan Ashmore is not so sure, believing these digital currencies are potentially very dystopian
• Having said that, there are advantages to the nascent concept, too
• But with China leading the way, there is definite concern about what the end goal will look like 

China is at the forefront of state-sponsored cryptocurrencies, known as CBDC’s (central bank digital currencies).

While technological innovation should be applauded, there are some very ominous concerns here. And it feels like they are creeping closer.

Concerns around control

Chinese central bank governor, Yi Gang, discussed how advanced the national digital currency was recently at the Hong Kong Fintech Week. Despite insisting that “privacy protection is one of the top issues on the agenda”, the reality is that this will give the Chinese state unprecedented power over its citizens – not that it had a lack of it to begin with.

You see, national currencies mean that, with one flick of a button, wallets (the equivalent of bank accounts) can be frozen. Worse still, they could be drained. The implications are endless here.

The government could introduce an automatic tax system, for example, where funds are drained each year. Or maybe some sort of fine system. The Social Credit System, which is a national credit rating and blacklist that is being developed, could also be integrated with a national currency. With the credit system tracking individuals and businesses for trustworthiness, is it so insane to think financial punishment or reward could be introduced with it?

I wrote about many of the concerns back in April of this year, when I focused on the Sand Dollar of the Bahamas. While it remains concerning, the track record of the Chinese state’s rule, as well as the size of the economy, means the it is on a different level and far easier to imagine a dystopian future.

How will the Chinese CBDC work?

Concerns aside, it is fascinating to read about how they work – if not terrifying. Yi gave some insight into the way it is being developed.

His advocation that anonymity would be protected centres around a two-layer payment system. At tier one, the central bank provides yuan to the operators, while only processing inter-institutional information. At tier two, the operators (all of who are authorised) collect only the personal information that is necessary for exchange and circulation of the currency to the individual citizens.

Yi went further, promising that date wil be encrypted and personal sensitive information not shared with third parties. Even more notably, transactions up to a certain level will be allowed to take place under full anonymity.

This definitely seems promising. Again, however, the evidence and history is not on the side of the Chinese state here. In digging further into Yi’s quotes, he did caveat that there would have to be an eye kept on this anonymity:

“We recognize that anonymity and transparency are not black and white, and there are many nuances that need to be carefully weighed. In particular, we need to strike a precise balance between protecting individual privacy and combating illegal activities.”

That balance is the line that is sometimes tough to toe in cryptocurrency. Just recently I wrote about the dangers of decentralisation, yet in this case, it is more a danger of centralisation.

For many, CBDC’s are incredibly dystopian. Obviously, assuming you have read this article until now, I fully see how this can be the case – and overall I am worried about what this could look like down the line in certain states.

Then again, CBDC’s and blockchain technology do have perks. Efficiency, lower fees, higher speed and greater accessibility are all powerful proponents. But the dangers are extremely stark. I guess we will all need to wait and see what happens, but for now it is China that seem to be leading the way – and I’m not sure that is a good thing.

The post China’s national cryptocurrency is getting more ominous appeared first on CoinJournal.

JasmyCoin price has done well in the past few days as investors buy the coin’s dip. JASMY was trading at $0.0055 on November 1st, which was about 33% above the lowest level in October. This price was also ~20% below the highest point last week. So, is Jasmy a good buy in November?

What is Jasmy and is it a good buy?

Jasmy is a Japanese blockchain project that is in the data management and fan token industries. It partners with companies like Toyota to help them manage their data well. It is also used in industries like tourism and healthcare. 

Jasmy was started by Kazumasa Sato, who was the head of Sony’s Style.com in Japan. His co-founders were Kunitake Ando and Takashi Hagiwara, who worked for Sony. The latter was the deputy head of Sony’s Vaio line of laptop project. In most cases, Jasmy is seen as Japan’s Bitcoin.

Jasmy’s goal is to work with companies and customers in a bid to promote data integrity. It has done that by merging blockchain and the Internet of Things (IoT) using Secure Knowledge Communicator (SKC). Its white paper said:

“… Therefore, it is important to have rules and regulations in place for the protection and use of data on these network devices and their security, as well as related personal data.”

SKC is a personal data locker that makes it possible for people to lock and manage their data in a safe environment. Other services in the ecosystem are Smart Guardian and a Secure Enterprise Service. 

Additionally, Jasmy has moved to the fan token industry. It recently helped Sagan Tosu, a leading Japanese soccer team launch its own fan token. Such tokens are used by teams to raise capital and deepen their engagements with their fans. 

JasmyCoin price prediction

The four-hour chart shows that the JASMY price has made a strong recovery in the past few days. This rebound happened after the coin found support at $0.0041. It has also moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved slightly above the neutral point of 50.

Therefore, JasmyCoin will likely continue rising as it forms a double-top pattern. If this happens, the next key resistance level to watch will be at $0.007, which is about 30% above the current level. The rally will depend on the performance of other cryptocurrencies.

The post Is JasmyCoin a good crypto to buy in November? appeared first on CoinJournal.

Shiba Inu price has done well in the past few days. The SHIB coin rose to a high of $0.000015, which was the highest level since August 17. This price was about 65% above the lowest level this year. On Tuesday, the coin was trading at $0.000013. 

SHIB outlook for November

Shiba Inu and Dogecoin have come back to life after staying in a consolidation phase for weeks. The main catalyst for the rebound was the conclusion of Elon Musk’s Twitter buyout last week. He paid $44 billion for the struggling and loss-making social media company.

Shiba Inu price rose because of the performance of Dogecoin. In the past two years, Musk has become one of the most active advocates for Dogecoin. In fact, Dogecoin was a sleepy and relatively unknown cryptocurrency before he endorsed it.

Shiba Inu and other meme coins started to become better alternatives to Dogecoin. Therefore, historically, the two have a close correlation.

Buyers seem to believe that Elon Musk will incorporate Dogecoin in Twitter’s ecosystem. He could do this by making it a payment option in Twitter, a platform that has more than 200 million daily active users (DAU). According to media reports, Musk is considering making people pay to be verified.

However, in my view, I believe that all these activities will not have a major impact on Dogecoin and Shiba Inu. For one, it is unclear how many people will prefer using coins as a payment option on Twitter. A good example is that very few people buy Tesla accessories using the coin. As such, this rally is simply based on hype and false assumptions. 

Shiba Inu price also rose because of the participation of Binance in Twitter’s acquisition. Binance contributed a substantial sum of money, meaning that the two companies could partner.

Shiba Inu price prediction

The four-hour chart shows that the SHIB price has been in a strong bullish trend in the past few days. It remains above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved slightly below the overbought level. 

The coin has crossed the key resistance level at $0.000012, which was the highest point on September 24th. It also seems like it is in the process of forming a double-top pattern. Therefore, the coin will likely keep rising as bulls target the double-top level at $0.000015. It will then resume the bearish trend.

The post Shiba Inu (SHIB) price prediction for November appeared first on CoinJournal.