Central banks beat Bitcoin at own game with rival supercurrency


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The proto-currency known as RSCoin has vastly greater scope than Bitcoin, used for peer-to-peer transactions by libertarians across the world, and beyond the control of any political authority.

The purpose would be turned upside down. RSCoin would be a tool of state control, allowing the central bank to keep a tight grip on the money supply and respond to crises. It would erode the exorbitant privilege of commercial banks of creating money out of thin air under a fractional reserve financial system.

“Whoever reacts too slowly to these developments is going to take it on the chin. They will lose their businesses,” said Dr George Danezis, who is working on the design at University College London.

“My advice is that companies should play very close attention to what is happening, because this will not go away,” he said.  Layers of middlemen in payments systems face a creeping threat across the nexus of commerce, stockbroking, currency trading or derivatives. Many risk extinction over time.

http://www.telegraph.co.uk/business/2016/03/13/central-banks-beat-bitcoin-at-own-game-with-rival-supercurrency/

40 banks test bitcoin tech for trading bonds


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A group of 40 major banks, including Goldman Sachs and Barclays, have tested a way to trade fixed income assets using the blockchain, the technology that underpins bitcoin, in a move that highlights how serious the world’s biggest lenders are about the technology.

Financial technology firm R3 CEV, which brought together the banks last year to work on blockchain applications, announced the move Thursday.

Blockchain works like a huge, decentralized ledger for the digital currency bitcoin, recording every transaction and stores this information on a global network so it cannot be tampered with. However, most experts agree that the technology is not close to mass adoption and is still just in the trial phase.

The technology can be potentially be applied to wide array of uses and, for financial firms, some of the most interesting areas involve the clearing of trades. Experts say the blockchain will allow a large number of transactions to be settled in a matter of minutes or even seconds as well as being more secure, since each transaction is recorded and cannot be tampered with. At the moment, the process of settling some trades can take days.

http://www.cnbc.com/2016/03/03/40-banks-trial-bitcoin-tech-for-trading-bonds.html

As global markets flounder, Bitcoin rockets up 6%


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Bitcoin, the world’s most popular digital currency, has skyrocketed despite a floundering global market.

The currency dipped to $312 in November — after jumping more than 70 percent in October to $410 — but has steadily risen to more than $450 in the last two months.

http://www.cnbc.com/2016/01/07/as-global-markets-flounder-bitcoin-rockets-up-6.html

AS GLOBAL MARKETS FLOUNDER, BITCOIN ROCKETS UP 6%


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The currency dipped to $312 in November — after jumping more than 70 percent in October to $410 — but has steadily risen to more than $450 in the last two months.

Bitcoin was up 6 percent on Thursday morning, after opening at $429.

As Global Markets Flounder, Bitcoin Rockets Up 6%

Why bitcoin’s tech could ‘change everything’ for banks


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Bitcoin may have risen over 35 percent so far this year, but it’s the underlying technology behind the cryptocurrency that is exciting the world’s major banks.

Called the blockchain, it has been heralded as a potentially disruptive force in finance by major institutions, which claim that bitcoin is just the “opening act” in something bigger.

http://www.cnbc.com/2015/12/31/blockchain-what-the-big-banks-say-about-the-tech.html

WHY BITCOIN’S TECH COULD ‘CHANGE EVERYTHING’ FOR BANKS


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Called the blockchain, it has been heralded as a potentially disruptive force in finance by major institutions, which claim that bitcoin is just the “opening act” in something bigger.

Blockchain works like a huge, decentralized ledger for the digital currency bitcoin which records every transaction and stores this information on a global network so it cannot be tampered with. It’s this technology that banks feel can be utilized in areas from remittances to securities exchanges.

Why Bitcoin’s Tech Could ‘change everything’ for Banks