Weekly News (Blockchain Tech, Bitcoin Price vs Gold Price, Dogecoin, etc.)
After a relatively slow week in any major news, Bitcoin has once again reached and then broken the previous “All Time High” record in terms of value. Not only did this happen once this week, but twice. The sentiment is that Bitcoin will most likely break the $1,300 USD mark very soon. Other than the increasing value of Bitcoin, there was not much news, let alone any major news regarding the cryptocurrency or the blockchain tech that supports it. We had a smattering of typical and even expected news stories with no real shocking information. This is not a bad thing. It just helps to back the notion of Bitcoin being recognized and accepted as a global currency in an official capacity. The little bit of news we do mention is, however, important to the everyday flow of the cryptocurrency and Fintech world.
Blockchain Tech in Need of Larger Talent Pool
The DTTC Fintech Symposium, which was held in New York City this past week. One of the major topics of discussion was on the low numbers of techs who have the experience and talent needed when it comes to blockchain technology. CEO Mike Bodson said that this was one of his company’s major concerns. Others echoed this sentiment. Brian Behelendorf, the director of the Linux Foundation-led Hyperledger stated that because the talent pool was so thin, that recruiting was becoming more difficult.
According to a report released earlier this month, companies that were in the process of a building a blockchain that had at least 100 employees numbered only 4 and the top ten blockchain companies only had 600 employees total. Not everyone agrees with the industry having a shortage of talent. Some hold the view that it is exactly the opposite and there is so much taken out there that it is the true superstars within the field that there is a shortage of.
The Price of Bitcoin is Now Worth More Than One Ounce of Gold
As of March 5, 2017, the price of an ounce of gold was $1,233.32 and a single Bitcoin was $1,272.22 according to the Coinbase Bitcoin Index (BPI). Since the beginning of this year, Bitcoin has flirted with and surpassed its previous All-Time High on several different occasions. The most recent was this past week, where Bitcoin saw and surpassed the mark two times.
Many owe this increasing value to a bullish sentiment due to the many recent changes overtaking the larger Bitcoin Exchanges in China, as well as the increased interest in Bitcoin by the governments of large and traditionally “World Power” nations.
Dogecoin, The Joke That is Fighting Death with Tooth and Nail
To many people, Dogecoin was, is, and shall ever be nothing but a joke. A cute little meme, a worthless cryptocurrency and something for the new guys to cryptocurrency to cut their teeth on. The coin has not seen a single code update in a year and a half, October 2015 being the last one. The development team consists of three people who volunteer to handle it in their spare time, if they even have time. Yet, Dogecoin still exists and is still traded at up to $200,000.00 in daily volume.
The value of Dogecoin, which peaked at 200 Satoshis, is now down to 1/200th of that value, trading at the lowest possible value that most exchanges or markets allow. It does not have any serious developments coming or even expected and there is no hype, no pump and dump scheme and it does not get any kind of boost from a slick marketing campaign. It is unprofitable, and in fact, a guaranteed way to lose money if you mine Dogecoin, yet its hashing power keeps going up, up and up. So how can this beat, rundown and ignored cryptocurrency keep on wagging its tail?
Litecoin. Yes, Litecoin is keeping the Dogecoin alive. Look at it as Dogecoin being the pet dog of Litecoin. Since Dogecoin is merge mined with Litecoin, most of the hashing power increases can be attributed to Litecoin and since Litecoin is growing and showing truly positive signs of progression, it provides a sort of security for Dogecoin. As long as Litecoin is being mined, Dogecoin appears to be safe; for the time being.
Without an update to the code and other coding to keep with the ever-changing tech that is involved in having a cryptocurrency, Dogecoin will simply fade out of existence. While this is inevitable if it continues to go ignored, it will sustain a period, where the alt coin will become more like a Zombie Coin. It will survive on the momentum it is carrying, that is being produced, in essence, by Litecoin for a while. Then it will fizzle out in to nothingness.
To keep it alive will take people. A good number of people who are dedicated, loyal, and determined to keep the little doggy going. Only time will tell if Dogecoin will get the support it so desperately needs.
Bank of England and The Fed Join Linux-Foundation’s Hyperledger
The Hyperledger that is being led by the Linux Foundation added the Federal Reserve Bank of Boston and the Bank of England to the list of over 100 Fintech Blockchain startups, enterprise firms and other financial institutions this past week. The Hyperledger, which has members from China’s central bank, leading healthcare companies and blockchain startups has a total of 122 members so far and they are hoping to recruit a few more still. The big names, like American Express and Daimler(Chrysler) are already among members that are eagerly awaiting the software release, which is expected towards the end of this month or early in April.
The Fed, which has published some research on the tech, along with the bank of England which is actively pursuing several projects surrounding the tech are both expected to be huge contributors to the project and it is also expected that their membership will help to induce some “on-the-fence” entities to finally make the decision to join the quickly growing consortium.
This comes just a day after former English Prime Minister, David Cameron publicly praised the Blockchain and the tech, saying that this would allow for greater government transparency and improve financial inclusion. This just added to legitimizing the Hyperledger even farther in the eyes of the skeptics that deem it a waste of resources and helped to stimulate the topic amongst other top level executives and lawmakers around the globe.
The Right to Bare Bitcoin, If A Texas Lawmaker Gets His Way
Matt Schaefer (R), a representative for District 6 in Texas has proposed a bill that would modify Article I of the Texas state constitution to enshrine the right to use any “mutually agreed upon medium of exchange”
If the bill passes the needed votes within the house and senate for the State of Texas, it would then be included on a ballot this November and left up to the voting people of Texas to make the final decision. It is no real surprise to see a bill of this nature come from Texas, who has historically been extremely liberal and supportive of the tech in recent years.
While the bill will not put Bitcoin at the same level as currency, it will give it its place in the trading venues and the holders legal rights in case of any negligence or wrongdoing in any transaction where it was agreed upon by both parties to be used in trade for goods or services.
As stated, this was a slow news week, and unlike most other news mediums who would fluff the piece with cute stories of puppies and kittens, here at Coinstaker are above that kind of tasteless action and cheap attempt to gain your attention for longer than is absolutely necessary, and instead just shorten the weekly summary so that you can get on with your busy life. It is a changing world, and we are here. Now. In the present. To be going through this unprecedented change, to experience the joining of nations through corporate partnerships, governmental agreements and even a mix of the two; all in pursuit of a better, more efficient and ultimately more integrated world, is an experience that could be honored, cherished and recognized by all.
Gene is an avid Bitcoin enthusiast and computer programmer who is currently studying to be a software engineer. He is 40 years old and lives in Daytona Beach, Florida with his girlfriend and their son.