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Chris Giancarlo: U.S. risks becoming ‘backwater’ without central bank digital currency

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One of the few high-profile public officials to have served under both the Obama and Trump administrations, Chris Giancarlo is a former Wall Street executive-turn-regulator who is widely-respected by nearly all parties on Capitol Hill. As the former Chairman of the Commodities Futures Trading Commission, however, his latest venture, the Digital Dollar Foundation, might well test his soft touch with politicians.

The former regulator is now leading the Foundation towards five pilot programs set to launch this year, part of a broader effort to help the United States regain the lead in a race against China towards a functioning CBDC.

According to Giancarlo, however, the US’s priorities when it comes to a CBDC shouldn’t merely be jingoistic:

“What’s very clear, [is] that China intends their digital yuan to be an instrument of state surveillance. […] And this is why it’s one of the reasons why the digital dollar project, we’re so animated, because we feel that our new mission is to make sure central banks wake up to this and the US Fed wakes up to this, that these social values that got us here, the rule of law, a free capital markets, free enterprise, zones of individual economic privacy, are ingrained in a new digital future of the US dollar, and that we don’t allow ourselves to be taken in by what China’s doing and match that state surveillance approach.”

However, the race to a CBDC isn’t merely about maintaining current US values, but also potnetially about unlocking new forms of smart contract-based value for the wider population. 

“The notion of a digital currency, whether it be sovereign and non-sovereign, tied to smart contracts, allows money to solve the old problem of being able to move it in place, i.e. moving around the globe as easily as you could send a text message, but also move it in time. Heretofore, money was a temporal thing, but with a smart contract you can say, I want to program my money today to go to my one grandchild in the future once they graduate college and all of those contingencies can be programmed in. […] With a programmable digital currency, you can program it today to move around the globe in space, but move around the globe in time. And that is such, I think, such a powerful construct.”

Ultimately, this work is part of an effort to ensure that America maintains technological supremacy. 

“You can’t stop the march of technology in time, and if you do, you become a backwater. We in the United States have always been open to innovation and we must be open to this innovation as well. In a prudent way, in a way that’s in correspondence with our society that expects investor protections and a role for government. […] And it’s one that I’m very excited to be involved in.”

Watch the full interview here:

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Chris Giancarlo: U.S. risks becoming \’backwater\’ without central bank digital currency

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Shanghai Man: Economist says El Salvador ‘on road to death’, salaries paid in e-CNY …

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Our Man in Shanghai has refused to let recent regulations slow down the news coming from China. Enterprise blockchain, central bank digital currencies and start up projects continue to make a positive impact in a region hoping to grow economic value through technology.

Death march for El Salvador

The debate around El Salvador continued this week as media and officials tried to digest the adoption of Bitcoin as a national currency. JPMorgan stated that there was little economic benefit, and John Hopkins University professor Steve Hanke warned that the move could “completely collapse the economy” of the small nation. The former Bank of China deputy governor Wang Yongli took a very hardline approach, by stating that volatility and a lack of regulation or controls would put the economy on a “road to death.” This quote, appearing in state run media The Paper June 9, was an unusually direct and colorful statement on the issue.

Crypto innovation can be productive

Zhou Xiaoquan, a former governor of the People’s Bank of China, had a few positive things to say about cryptocurrency as a technology on June 11. He spoke at an economic summit in Shanghai and noted the cryptocurrency innovation in China can be productive when it serves the real economy. He also took some shots at other countries, stating that people would be mistaken if they thought other countries were taking the same approach towards building financial services. Zhou, who is one of the most often-quoted economists in the country, felt there was little emphasis on the relationship between financial services and economic value elsewhere in the world. Based on the wild displays at the Miami Bitcoin conference a few weeks ago, his position might be more sound than others would care to admit.

Paid in e-CNY

China’s e-CNY tests continued with the first reported mass payment of salaries in Xiong’an, a district near the capital Beijing. According to Cointelegraph, the pilot received support from a number of national banks and saw subcontractors paying workers their salaries from a digital wallet.

Industrial blockchain worth $22.6B

On June 3, a government organization issued a report entitled the China Industrial Blockchain Development Status and Trend Report. According to the report, in 2020, 222 industrial blockchain policies were issued, 12,059 new blockchain-related patent applications were approved, and 776 new blockchain enterprises were established. The report also claimed that the current market size of the industrial blockchain sector was around $22.6 billion U.S. dollars. Industrial blockchain is an area that China is eager to grab control in, leading to this explosive growth in recent years.

Only 5X the fun

Leading exchange Huobi surprised futures traders by limiting them to only 5x leverage on perpetual swaps and blocking new users from accessing the feature altogether. Futures trading, particularly highly-leveraged futures trading, had always been popular features on exchanges like OKEx and Huobi. It will be interesting to see whether these new decisions to limit risk will be damaging to these large exchanges that still somewhat adhere to regulator rules. It’s also possible that it’s a short-term solution in order to avoid scrutiny during periods of tighter control.

Futures of Singapore

While Huobi was tightening controls on futures traders, Singapore-based platform SynFutures was completing a Series A for $14 million. The round was led by Polychain Capital and included names like Framework Capital, Pantera Capital, Bybit, Kronos Research, WOO Ventures, Wintermute, and IOSG Ventures. SynFutures is creating a trustless derivatives market where users can take positions on assets or anything that has an accurate feed, including Bitcoin, the price of gold, or even the Bitcoin hashrate. What many people don’t know is that the SynFutures team is composed of members from Matrixport, a financial service app that was an offshoot of massive Chinese mining conglomerate Bitmain. Now you know the whole story!

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

Shanghai Man: Economist says El Salvador \’on road to death\’, salaries paid in e-CNY …

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Here’s how Bitcoin’s impending death cross could be a contrarian buy signal

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Bitcoin’s (BTC) succession of sharp corrections from its all-time high at $64,900 has turned investor sentiment negative, at least for the short-term. While some analysts believe the bottom may have been hit, others are warning of a further fall due to the “Death Cross” pattern that, at the time of writing, is on the verge of completion. 

For new traders, the name death cross itself brings a lot of negativity and a feeling of impending doom. This sentiment can trigger selling panics, especially if the market has already been going through a bear phase prior to the pattern being spotted.

However, is a death cross something to be feared or is it a crystal ball that gives traders insight on when a plunge is imminent?

Let’s find out with the help of a few examples.

What is a death cross and how accurate is it?

The death cross forms when a faster period moving average, usually the 50-day simple moving average, crosses below the longer-term moving average, generally the 200-day SMA.

LTC/USD daily chart. Source: TradingView

The crossover is bearish as it shows that the uptrend has reversed direction. Large institutional investors generally do not buy in a falling market until a bottom is confirmed. Due to this, buying dries up and investors holding positions rush to the exit due to panic, exacerbating the decline.

Before looking at a few death cross examples in the crypto markets, let’s see how the pattern has affected the S&P 500 index between 1929 to 2019. According to Dorsey, Wright & Associates, LLC, the average fall after the formation of the death cross is 12.57% and the median fall is much lesser at 7.75%.

However, if only the post-1950 period is considered, the average fall is less than 10.37% and the median is at 5.38%.

While those figures are not startling, especially for volatility-accustomed crypto traders, the bearish convergence of these two moving averages should not be taken lightly.

History shows that the death cross has resulted in a few instances of massive declines in the U.S. stock market indices.

After the death cross on June 19, 1930, the S&P 500 plummeted 78.84% before bottoming out on Sep. 15, 1932. The next terrible death cross came with a 53.44% correction that occurred from Dec. 19, 2007, to June 17, 2009.

This shows how in select instances, the death cross has been able to predict a sharp correction. However, two sharp declines of over 50% in a 90-year history suggests the pattern is not reliable enough to instil instant fear in traders.

Recent Bitcoin death crosses

As cryptocurrencies are still a nascent market, the available data is limited. Let’s review a few instances of the death cross and how it has affected Bitcoin.

BTC/USD daily chart. Source: TradingView

The most recent death cross occurred on March 26, 2020, when the BTC/USD pair closed at $6,758.18. However, this death cross turned out to be an excellent contrarian buy signal as the pair had already formed a bottom2 weeks back at $3,858 on March 13.

Before that, the pair had formed a death cross on Oct. 26, 2019, when the price closed at $9,259.78. By then, the pair had already corrected 33% from the high at $13,868.44 made on June 26, 2019.

After the cross, the pair bottomed out at $6,430 on Dec. 18, 2019, suffering a further 30% fall. From the high of $13,868.44 to the low at $6,430, the total decline was roughly 53%.

BTC/USD daily chart. Source: TradingView

In another scenario, Bitcoin’s roaring bull market topped out at $19,891.99 on Dec. 17, 2017, and the death cross formed on March 30, 2018, when the pair closed at $6,848.01. By then, the pair had already corrected over 65% from the then all-time high.

Thereafter, the selling continued and the bear market bottom formed at $3,128.89 on Dec. 15, 2018. This meant a further fall of about 54% from the death cross and a total drawdown of 84% from the all-time high.

The above instances show how the death cross occurs late in the bear market cycle and investors who wait for the pattern to form give a lot of profits back to the market. At the same time, initiating bearish bets may work for short-term traders but could prove detrimental for long-term investors.

Key takeaways

The examples show how the death cross is a lagging pattern, which forms when a large part of the decline has already occurred. Typically, long-term investors don’t need to panic if they spot the death cross on the daily charts but it is a signal to be more attentive to and perhaps prepare one’s portfolio for positioning for a variety of unanticipated outcomes.

Death crosses can also, at times, be used as a contrarian signal so when they are spotted traders should look for other indications of the chart to spot a possible bottom.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Here’s how Bitcoin’s impending death cross could be a contrarian buy signal

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Everything You Need To learn About Safemoon, The New sensation in Crypto World

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SafeMoon is a newly added cryptocurrency that has seen a rise in its rates since its launch in March 2021.

Cryptocurrency trading is not an unusual practice any longer, particularly Nowadays when digital collectors and investors are extensively involved over these digital currencies. We already know that the crypto market is exceptionally uncertain. The most recent fluctuations in costs and abrupt decline are proof of this assertion. There are already a few cryptocurrencies accessible in the blockchain platform. The new eye grabbers have been Ethereum, bitcoin, StopElon, and  Dogecoin. The crypto world has numerous different currencies. SafeMoon is a new crypto that is quickly getting noticed around the world. You can see SafeMoon everywhere on the web now.

Table of content

  • What is SafeMoon?
  • How does SafeMoon work?
  • How to purchase SafeMoon?
  • Closing Thoughts

What is SafeMoon?

The name SafeMoon extends to “Safely to the Moon” and auctions itself as a Defi token. This getting to the moon expression was first presented with Dogecoin, and now SafeMoon follows it too. It is a decentralized money token that is like other cryptos such as Bitcoin and means to retouch the occurrence of unpredictability issues, in contrast to different currencies.

As per CoinMarketCap, the value of SafeMoon currency is 0.000003967 US dollars, with a market cap of 2.2 billion US dollars. The digital currency has encountered a consistent expansion in its costs since its launch in the market.

SafeMoon exists on the blockchain and doesn’t use any monetary foundations or trades as mediators. According to the whitepaper published, it expects to elevate distributed trade and has an absolute stock of 1 quadrillion tokens. Their launch supply was 777 trillion tokens, and 223 trillion is the measure of Burned Dev Tokens. SafeMoon is navigated by CEO John Karoly, who had been appointed as an All-Source Analyst under the U.S. Department of Defense. The CTO of SafeMoon is Thomas Smith, who recently filled in as the CIO of Goldsmith Blockchain Consulting. Jack Haines-Davies is the COO of this currency who previously served in LikeAndShare LTD, and Ben Philips is hired as a Manager, as indicated by the LinkedIn profile.

How Does Safemoon work?

SafeMoon utilizes a strategy wherein they prevent day exchanging of their coins to fix the value instability issue. SafeMoon declared a remuneration policy for the long-term and earliest holders of the tokens. Individuals selling the tokens will be hit by a 10% punishment charge expense on the exchanges, and 5% of these punishment exchange charges will be dispersed to the current token holders.

This strategy is set up to restrict the selling of the tokens and instead support its ownerships. The initiative will make the merchants think before they sell the tokens, and it gives added benefit to the current coin proprietors. This technique means to lessen the abrupt declines brought about by the sale of cryptos that result in varying prices and market fall.

The official site of SafeMoon explains, “Holders acquire passive compensations through static reflection as they see their stability of SafeMoon develop inconclusively.” The steady RFI bonuses make this digital currency remarkable among others. It utilizes a manual burn-in technique instead of digital burn-in techniques to control the stock and empower a fulfilling and helpful burn methodology to the long-term members and achievers.

How to purchase SafeMoon?

The official site records PancakesWap as the essential trade to purchase the tokens. The initial step is to make a trusted wallet. Then, one needs to change BNB over to a smart chain employing the trust wallet and amplify SafeMoon. Use Pancakeswap to change Binance Smart Chain over to SafeMoon. Post trading the transaction, the wallet will obtain SafeMoon. 

Anyway, SafeMoon has been under the eyes of skepticism. Professionals say that it is an unpredictable business to put money into SafeMoon as it isn’t directed by using any particular means. It has been compared with a Ponzi Scheme as most liquidity is claimed by the group. SafeMoon has excused these cynics and has declared its precise path for the coming years. The group intends to coordinate SafeMoon with African Markets, investigate different trades like Binance, and even begin its own trade.

Closing Thoughts

The secureness of SafeMoon is still a question among people. If you spend an hour on any of the online platforms talking about it, you’re probably going to discover viewpoints of each persuasion. Early adopters liked it as it immediately grew into great value. At the same time, there are people who express a lack of interest in SafeMoon’s future possibilities. 

An asset that depends vigorously on the fundamentals of supply and demand is known to go far. The news about SafeMoon has been spread all over the world. As more people will get on its radar, the more individuals will put investment into it eventually. The worth of crypto overall has been consistently going up for quite a long time. And as Manward Financial Digest author Andy Snyder anticipated toward the start of this year, crypto’s worth is simply going to rise.

Learn more about blockchain, and enroll for cryptocurrency certifications and courses under the best cryptocurrency auditor at BLOCKCHAIN COUNCIL.

Everything You Need To learn About Safemoon, The New sensation in Crypto World

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El Salvador set to make history by becoming the first country to adopt Bitcoin as legal tender

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El Salvador Planning to Soon Adopt Bitcoin As Legal Tender

El Salvador, a country in Central America, is planning to introduce a ruling with an intent to emerge as the world’s very first sovereign government to approve bitcoin as legal tender, along side the U.S. dollar.

The multi-day conference that took place in Minami in 2021 regarding bitcoin is recognized as the remarkable bitcoin event in history. El Salvador’s president Nayib Bukele declared an open coalition with digital wallet company “Strike” to look forward to the modern financial infrastructure of the country using bitcoin technology. He said, within the next week, a bill will be sent to Congress to accept bitcoin as a legal tender.

The founder of the fast-growing network payments platform Strike, Jack Mallers, said this move would go down as the revolutionary step for the world of bitcoin.

He continued, The transformative thing about this is that bitcoin can be assumed as the biggest reserve asset ever formulated as well as it is also an outstanding monetary network. Keeping bitcoin furnishes a means to safeguard expanding economies from probable concussions due to inflation of fiat currency. Communicating from the main stage, he added the scheme would help in unleashing the proficiency and capability of bitcoin for use cases relevant to everyday life with an open network that will benefit people, industries, and civil sector services.

How it will benefit El Salvador?

El Salvador is primarily a cash economy, where generally 70% of individuals don’t possess credit cards or bank accounts. Settlements, or the cash sent home by migrants, represent over 20% of El Salvador’s GDP. Official services can charge 10% or more expenses for dealing with worldwide exchanges, which can sometimes require days to show up and occasionally require a physical fatch.

A resource doesn’t sponsor Bitcoin, nor does it have the complete confidence and support of any one government. Its worth is determined, partially, from the knowledge that it is digitally scant; there will just be the presence of only 21 million bitcoin.

While factors are as yet approaching about how the rollout will function, the news outlets are informed that El Salvador has amassed a group of bitcoin pioneers to help fabricate another economic environment with bitcoin as the ground layer.

The CEO of Blockstream, Adam Back, stated that this move was under uncertainty, but it still took place to make El Salvador the first nation to adopt bitcoin as a legal tender. He added, he is planning to Provide technologies like satellite and liquid infrastructure to make this country a successful example for the world. 

Conclusion 

President Bukele’s party has considerable authority over the legislative assembly of the country, so we can reasonably assume that this bill will get passed. Also, This move isn’t new to El Salvador as in March, Strike introduced its mobile payments app, and it shortly came to be the most downloaded app in the nation.

Learn more about cryptocurrency and take up a suitable cryptocurrency course at Blockchain Council.

El Salvador set to make history by becoming the first country to adopt Bitcoin as legal tender

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A Comprehensive Guide to Enterprise Blockchain

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A Comprehensive Guide to Enterprise Blockchain

If you want to learn everything related to enterprise Blockchain, you have landed on the right page. This article talks about what exactly enterprise Blockchain is, top platforms for enterprise, and some of the notable companies that are exploring enterprise Blockchains. 

Table of Contents 

  • What is Enterprise Blockchain?
  • Top 5 Blockchain Platforms for Enterprises
  • Notable Companies Exploring Enterprise Blockchains
  • Concluding Lines 

What is Enterprise Blockchain?

It is a type of permissioned blockchain network that can be integrated and utilized for enterprise usages. Such blockchains are empowering enterprises and businesses with accountability, immutability, scalability, security, ease of use, and control, radically transforming the course of their business. 

Enterprise blockchains are generally permissioned and can be categorized as Private or Consortium. 

A private blockchain is a permissioned and restrictive blockchain that operates in a closed network. Such Blockchain is mainly used within an organization where only particular members are participants of a blockchain network. It is best suited for enterprises and businesses that want to use Blockchain only for internal uses.

Consortium Blockchain is best suited for organizational collaboration where a group of two or more parties jointly define the network rules, and each entity can contribute. The major benefit is that it offers scalability and is much secured.

If you are wondering how it is different from other Blockchains, please note that unlike permissionless ones that exist outside the control of anyone company or government and are resistant to censorship, enterprise blockchains are permissioned ones, meaning companies have direct control over them. 

If you are interested in learning more about permissioned and private Blockchains and gain an in-depth understanding of how these Blockchains work, you can get enrolled in Blockchain Council and become a Certified Blockchain Expert. 

Top Blockchain Platforms for Enterprises

  • Ethereum 

Ethereum is an open-source Blockchain platform to run smart contracts on the custom-built Blockchain network. Known for its smart contracting functionality and flexibility, Ethereum can be utilized across multiple industry use-cases. 

  • Hyperledger 

Hyperledger offers various free tools and frameworks, allowing developers to build their Blockchain-based solutions. This platform aims to accelerate industry-wide collaboration to develop high-performance and reliable DLT-based technology frameworks that could be used across various industries to enhance the performance and transactions of diverse business processes. 

This platform has the ability to handle applications that require powerful throughput processing and high speed of private transactions. Due to its capabilities, Quorum is becoming an indispensable part of banks and financial institutions where privacy of information is crucial.

Corda is an open-source platform that can be used to design applications specifically for financial organizations. Initially, it was designed by the financial industry, but today it has its implications in various sectors such as trade finance, supply chain, government authorities, among others. It operates on the permissioned network and, therefore, can be used to reduce transactions and streamline business operations.

  • Notable Companies Exploring Enterprise Blockchains

Many prominent companies have realized that blockchain solutions are efficient in streamlining their business processes and lowering their costs, and therefore they are using enterprise Blockchains.

When it comes to software giant Microsoft it has taken a more significant role in blockchain development. Last year, the company announced that it is collaborating with EY to use Ethereum for Xbox gaming royalties. 

Regarding the pandemic, it was announced that the Albany Airport is experimenting with a “Wellness Trace App” to ensure the cleanliness of surfaces inside the airport built using the Microsoft Azure enterprise blockchain.

  • Ernst & Young

Big Four firm Ernst & Young is one of the leading organizations that has played an active role in leading the way for public enterprise blockchain adoption.

For instance, the company continues to contribute to the Baseline Protocol development, which uses the Ethereum public mainnet as a tamper-resistant state machine to record business data. 

Apart from this, EY plans to make Nightfall and zero-knowledge proofs easier to use for developers. 

The largest online payments system, PayPal, since 2014 is focussed on leveraging blockchain technology in order to serve merchants and users better. In November, PayPal shocked the entire crypto sector when it announced that it is planning to launch crypto services for users of its platform globally in 2021. Last year in November, it was announced that PayPal’s crypto trading and payment platform went live for U.S. users. 

JPMorgan, the biggest bank in the United States, initially showed an interest in Blockchain in 2017 when it joined the Enterprise Ethereum Alliance. In February 2019, the bank announced its “JPM Coin” to help banks settle transactions which was launched the following year. Not only that, JPMorgan Chase announced that its native digital currency offering — the JPM Coin that can be deployed for mainstream use by one of the firm’s technical associates.

Concluding Lines 

Presently, many top companies are exploring the advantages of enterprise blockchains, but it’s also true that technology is far from taking over the world yet. 

This has led us to the end of our discussion. Hope you have gained a clear understanding of enterprise Blockchain.

If you want to build your own Blockchain, you can get enrolled in Blockchain Council and become a Certified Blockchain Developer. 

To get instant updates about Blockchain Technology and to learn more about online blockchain certifications, check out Blockchain Council.

A Comprehensive Guide to Enterprise Blockchain

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