Sorry Blockchain, Any Joe Schmoe Shouldn’t Be Able to Start a Bank
#sorrynotsorry. For years, tech startups sprung up on a daily basis, "revolutionizing" messaging, photo sharing, taxis, damn near everything. Dominant providers were swapped out for new intermediaries who took a cut, new underdogs turned into the new winners. Even bitcoin, a payment service meant to remove third parties from online transactions, fell into the trap whereby too many startups emerged all focusing on the same thing. In their hurry to build a buzzword-based product investors could throw money at, they missed that they were becoming the new intermediaries they meant to....
Related News
“You know what my fucking bank did to me?” Bill Burr, well-known comedian, says in a recent podcast. “I walked in. I had this account in New York, a little checking account. Had a little bit of money in it. All the sudden I notice they’re taking some fees out. That shouldn’t be. I get to New York, talk to the douchebag who works there.” Mr. Burr learns what’s been going on. “Yeah, they’re taking $27 a month out. Here, let me check to see what’s up. Yeah, we shouldn’t be doing this.” So Mr. Burr asks to see how long this has gone on. “Sorry, our records only go back for four months, because....
Shouldn’t the world of Bitcoin and its advanced new technology be making life easier? Shouldn’t sending an employee paycheck, in Bitcoins, be just as easy as sending payment via QR code? Fast, easy and as smooth as a swipe of your seven-inch screen, BitWage thinks so too. This week they’ve introduced the world to they first smartphone app for business....
Bitcoin and Blockchain are technologies which have the potential to dramatically change the world. If Blockchain technology is deployed rapidly and effectively, we can bank the unbanked, automate contracts and even get Blockchains to work with the Internet of Things (IOT) to create a Blockchain of Things. Yet the primary use of Blockchains remains as a medium to validate cryptocurrency transactions. If that is the case, one must ask the question, how soon before central banks not only accept Blockchain but also start to have more acceptance of Bitcoin and other cryptocurrencies? After all....
During an interview with China Central Television (CCTV), a predominant state television broadcaster, L H Li, the former governor of Bank of China, one of the largest banks owned by the Chinese government, and member of the People’s Congress, stated that the Chinese central bank should try to regulate Bitcoin companies and users rather than attempting to stop the adoption of Bitcoin. Can anyone or anything actually “kill” Bitcoin? Bitcoin runs on a peer-to-peer and decentralized architecture with the absence of centralized government and authority. Anyone within the network can initiate a....
Nigeria’s company registration agency, the Corporate Affairs Commission (CAC), reportedly rejected an application for registration by a start-up on the basis that blockchain is yet to be recognized by the Nigerian government. Decision Disappoints Blockchain Community According to a report, the unnamed start-up, which is building an API connection for blockchain gaming rewards, was told the agency will only process the application once the reference to blockchain technology is resolved. The CAC reportedly wrote: “Blockchain is yet to be recognised by the Nigerian government,....