Category: Cryptocurrency

Ethereum Burning Bright With Potential

Etymology Of Ether 

Borrowing from Old French, ether, from Latin aethēr (“the upper pure, bright air”), from Ancient Greek αἰθήρ (aithḗr, “upper air”), from αἴθω (aíthō, “I burn, shine”).

The scaling dispute within the Bitcoin community isn’t over and it’s caused a lot of concern over the future of Bitcoin, prompting many to transfer to Ethereum. Suddenly, many are waking up to the possibility that Ethereum could eventually overtake Bitcoin. Although that’s unlikely for the time being, let’s talk about the prospects of Ethereum.

  • Ethereum could receive support from activists, libertarians, the “alternative right”, and many groups who advocate for transparency and lack of censorship. For example, a popular right-leaning news outlet, Breitbart, published an article on Ethereum Project’s aim of a censorship resistant computer. The various decentralization aims of the Ethereum Project will attract support from a large variety of groups and entities with the same aims.
  • Ethereum was already considered undervalued, to begin with, and its price can be expected to rise as it’s potential is continually realized.
  • If Ethereum gains enough momentum, a lot of investors will flip from Bitcoin to Ethereum causing a dramatic shift. This phenomenon is referred to as “the flippening” and while it has not truly begun, Ethereum is already holding a steady price of $45-50.
  • The Enterprise Ethereum Alliance essentially guarantees a bright future for Ethereum, with Microsoft, Intel, JP Morgan Chase, and many other big companies involved.
  • In a DigixGlobal live stream, the speaker states in regard to Enterprise Ethereum, that “you will be blown away when you see the next group of members onboarding, it’s kinda the who’s who of planet Earth”.
  • It’s flexible, professional, has a face to its leadership, a lot of development, and an untarnished name.
  • Ethereum is already getting mainstream media attention calling it the “new Bitcoin”.
  • Dark Market implementation is likely if not inevitable. This will not tarnish its name as Bitcoin has already absorbed that stigma and that negative association will not as easily transfer or be stabled onto Ethereum as it was with Bitcoin.
  • There is an apparent inverse relationship between Bitcoin and Ethereum that helps Ethereum’s growth in the long-run.
  • Bitcoin is no longer seen as infallible. A paradigm shift has opened people’s eyes to the possibility of Bitcoin failing as the dominant cryptocurrency, which opens the door for Ethereum and other alternatives. The market shares are shifting a lot and Bitcoin is not as dominant as it once was. Bitcoin will remain on top for quite some time unless something dramatic happens but the potential for alt-coins is there.
  • Ethereum is the most popular blockchain technology for enterprise development.
  • Storj is only one of many that will switch to the Ethereum blockchain if things become increasingly slow and complicated with Bitcoin.

Ethereum could simply be the silver to the gold that is Bitcoin and the scaling debate may turn out to be a blip on the radar. However, the above is only a small list of things to be excited about and Ethereum has a lot of potential and great leadership. In the long-run, I believe Ethereum will outperform Bitcoin in terms of development and then ‘the flippening’ COULD begin. This may not necessarily mean that Ethereum’s price is higher than Bitcoin’s but that it is no longer seen as a mere alternative or that they are viewed on more of an even playing field.

 

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Iconic: Federal Reserve Employee Used FED Computer To Mine Bitcoin

It’s incredibly iconic that an employee of the Federal Reserve, of all places, was caught mining Bitcoin with their own property.

“A former Federal Reserve employee was sentenced Friday to 12 months probation and a $5,000 fine after pleading guilty in October to installing unauthorized software on a computer server at the U.S. central bank.

Nicholas Berthaume, who as a communications analyst had access to computer servers at the Fed’s Board of Governors in Washington, installed software that connected to an online bitcoin network in order to earn units of the digital currency, according to a statement Monday from the central bank’s Office of Inspector General.

Berthaume also “modified certain security safeguards so that he could remotely access the server from home,” the statement said. When confronted, he tried to cover up his actions by deleting the software; eventually he was fired and admitted guilt, the office said. His actions didn’t result in the loss of any Fed information, and the board has enhanced security since the incident, the internal watchdog said.

Rebecca LeGrand, a lawyer who represented Berthaume, did not immediately return a request for comment.

Bitcoin is a software protocol for issuing and moving money across the Internet. New bitcoins are earned, or “mined,” by people who lend computing power to the networks that tally and certify transactions made using currency.” – Bloomberg

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National Intelligence Council Report: Positive Outlook On Cryptocurrency

The National Intelligence Council releases a global trends report every four years following the U.S. presidential election. This post-election report, Global Trends: Paradox of Progress, reflects a positive outlook on cryptocurrency.

Of many concerns the report discusses, ranging from terrorism to ‘gray-zone’ warfare, cryptocurrencies are not one of them. Instead, it acknowledges that “New financial technologies— including digital currencies, applications of “blockchain” technology for transactions, and AI and big data for predictive analytics—will reshape financial services“. ( Global Trends: Paradox of Progress, pg. 15 )

The geopolitical conditions implied by global trends indicate that it’s a good time to invest in cryptocurrency, gold, silver, or whatever hedge you have against inflation and economic instability.

Cons

Global trends indicate rising tensions within and between countries, weak economic growth, shrinking workforces, increased competition for good jobs globally, potential reductions of open trade, the increase of terrorism and disruptive groups, an increase of gray-zone warfare, clean drinking water shortages, etc.

Pros

Individuals will be more empowered with new technologies, the world will be even more interconnected and have greater access to information, governments will be forced to be more transparent, biological enhancements will improve and prolong human life and challenge what it means to be human, reduction of monopolized and centralized institutions will free individuals, groups and individuals will be able to bypass traditional systems to create changes faster, many governments, including the U.S., will become decentralized, and economies will become more diversified.

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