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Showing posts with label ethereum. Show all posts
Showing posts with label ethereum. Show all posts

Sunday, June 18, 2017

Ethereum blockchain and cryptocurrencies could take over the world's refugee and welfare programs

For decades global relief agencies along with the United Nations have been stymied in trying to provide direct relief to needy individuals, especially in countries ruled by tyrannical dictators.  And there are many examples where these entities have tried to ship in food, medicine, and other items only to have the government seize them for their own purposes or profit.

But with the rise of digital banking, smartphones, and now blockchain technology, the ability for agencies to get relief directly to individuals in need has suddenly become much easier.  And with the United Nations having already done such direct relief efforts through the Ethereum Blockchain in recent weeks, the boundaries for aiding refugees, those on welfare, and any in need could one day be moved to the blockchain, thus eliminating billions in bureaucratic costs, and thousands of unnecessary pitfalls.

The United Nations World Food Programme uses the Ethereum Blockchain to transfer vouchers based on cryptocurrencies to refugees in Syria. The platform was able to transfer cryptocurrency vouchers to a total of 10,000 people. It was done through another platform that was created by Parity Technologies. 
Parity Technologies is a startup company led by Ethereum co-founder Gavin Wood.
"Funds that were sent to the refugees were specifically used for buying food. With the success of this project, the World Food Programme (WFP) plans to extend the project even further to cover 100,000 people in Jordan by late 2018." 
With this, the UN is planning more Blockchain technology-related projects that can help them move aid to disaster-stricken countries even faster. - Cointelegraph
In the meantime for sovereign economies, moving benefit programs out of bloated government bureaucracies onto the Ethereum Blockchain could also eliminate unnecessary waste as well as making it easier to get welfare payments directly into the hands of those in need.

Sunday, June 11, 2017

Russia intrigued about using Ethereum platform to run its oil and gas industry

Over the past few weeks there has been a great deal of chatter regarding Russia's central bank looking into adopting its own sovereign cryptocurrency sometime in the future.  And while this topic had significant discussion during the recent St. Petersburg International Economic Forum (SPIEF), the reality is that the Eurasian power is much more intrigued in blockchain technology rather than in cryptocurrencies.

And even more specific... the Ethereum platform model, which according to a new report is being seriously looked at as a means to integrate Russia's oil and gas industry.

You’ve likely heard of Bitcoin as the future of money, but it is not the only cryptocurrency in the running for cashless economy dominance. The second largest among them is found on the Ethereum blockchain and is called Ether. One of the critical differences between Bitcoin and Ether is that while Bitcoin is first and foremost a currency, Ether, however, can be a platform for a variety of decentralized applications. In short, Ether can do much more than Bitcoin. 
The adaptive quality of the platform may be part of the reason why Russia, under President Vladimir Putin, seem to be showing great interest in Ethereum. Reporting from Bloomberg reveals that Putin has been thinking about digital currency. “The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models,” he said at last week’s St. Petersburg Economic Forum. 
Russia could be looking at Ethereum as a way to expand the country’s economic profile of fossil fuels with technology. Bloomberg’s Leonid Bershidsky suggests that Putin is “…under the impression that, to wean the country off its oil dependence, they needed a major leap in some specific area of technology that wasn’t yet dominated by Western, Chinese, or Japanese tech giants.” - Futurism

Wednesday, April 26, 2017

Move over Bitcoin as SEC may choose to allow Ethereum ETF instead

With the SEC announcing yesterday that it was reopening the case for the Winklevoss twins Bitcoin ETF, another crypto-currency is also vying for the same market regulators approval.

And this one might have a better chance of success than the Father of All digital currencies.

Ethereum is a crypto-currency that has the backing of many large S&P 500 companies, and this provides it a much better foundation for approval as an exchange traded fund according to the SEC.

Image result for ethereum
Then today, in similarly favorable news for holders of Bitcoin's smaller peer, Ethereum, it was revealed that the SEC had quietly begun the process of considering whether to approve an exchange-traded fund for the cryptocurrency ethereum. Recall that ethereum exploded higher at the end of February when it was revealed that a consortium of venerable corporations including JPM, Intel, Microsoft and many others, had created a blockchain alliance based on the ether technology. 
In same ways, whereas bitcoin has been seen as the more venerable, if "renegade" cryptocurrency, ether has developed the reputation of the smaller, better-behaved relative, one which is backed by major banks and corporations, which in the past has distanced itself from bitcoin due to limitations associated with its specific blockchain technology. 
While ether and bitcoin are similar, they are also very different. First of all, none of the big Chinese exchanges lists ether for trading (which means it is only a matter of time before they do) sending it into orbit as the traditional Chinese bubble stampede does. Second, the two biggest ether exchanges are Coinbase and Kraken, both regulated.
Ethereum is backed by almost all household brands who have formed an alliance in support of the platform. Microsoft is a big proponent, with ether’s protocol added to Hyperledger, the open-source cross-industry blockchain development effort headed by the Linux Foundation. 
Whether that makes an ether-based ETF more likely remains to be seen. What we do know is that the backers of the EtherIndex Ether Trust first filed in July 2016, seeking to launch an ETF backed by a cache of ethers on the NYSE Arca exchange, according to Coindesk. NYSE Arca then filed for a proposed rule change clearing the way for the ETF listing in December, according to a notice published in January
Then, in a new notice from the SEC, the agency announced that it has begun considering whether to approve the proposed ETF, opening up a comment period for outsiders. - Zerohedge

Thursday, April 20, 2017

Billionaire investor announces he has put 10% of his money into Bitcoin and Ethereum

A former hedge fund manager and partner over at Goldman Sachs announced on April 19 at a forum at Harvard University that he has put 10% of his net worth into Bitcoin and Ethereum.

Billionaire Mike Novogratz also stated that he considers his investment into crypto-currencies as the 'best investment of his life', and considers that these and other forms of blockchain based currencies will be the future of money and finance.

Image result for bitcoin investment
Billionaire investor Mike Novogratz is betting big on digital currencies like Bitcoin and Ether. 
"Ten percent of my net worth is in this space," Novogratz said at a forum held at the Harvard Business School Club of New York Wednesday. He declined to say exactly how wealthy he is, but he's a former hedge fund manager at Fortress Investment Group and a Goldman Sachs partner who made the Forbes billionaire list in 2008. 
It's the "best investment of my life," Novogratz said. - CNN Money

Friday, June 17, 2016

Why gold over Bitcoin, bank accounts, or the Fed? Security.

A few months ago, Indonesian hackers broke into the most powerful bank in the world and made off with between $80 and $180 million dollars.  And according to numerous sources, this is not the first time the Federal Reserve has seen their operations broken into by cyber-thieves.

So while banking systems and individual accounts are never fully protected from theft or hacking (just ask the 100 million who have experienced identity theft in one form or another), the cypto-currency community has always promoted the idea that holding your wealth in currencies such as Bitcoin alleviates these potential threats.

Until today.

Bitcoin's largest crypto-currency competitor Ethereum was hacked recently and upwards of $60 million in digital money was stolen from accounts using this block-chain.


As Cryptcoinnews reports, Ethereum co-founder Vitalik Buterin has asked digital currency exchanges to “pause” ether and activity on the decentralized autonomous organization, or DAO, activity following a hack of the DAO smart contract address. As a reminder Ethereum is the blockchain platform that enabled the DAO’s creation. 
The DAO is currently being drained of ethers in a still-ongoing breach (as of this morning) to the unknown attacker’sETH address. The ongoing hack and possible theft, deemed as an “attack” on the DAO by Vitalik Buterin, has the co-founder of Ethereum issue a plea seeking digital currency exchanges to pause ether (ETH) and DAO transactions.
Thus we have the most powerful bank, and the second biggest crypto-currency, proven un-secure despite the fact that each are shielded with some of the best firewalls and anti-hacking measures in existence.

Which leaves us with the one form of money that is not subject to cyber-hacking or identity theft... that of physical gold and silver.

What's in your wallet?