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Beowulf Partners with The Biggest Telco in Vietnam to Pave Way for Smart City Development

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Beowulf Blockchain is pleased to announce a strategic partnership with VNPT, the most prominent post and telecommunication company in Vietnam to power pilot “Smart Travel” initiatives to the next wave of digital urban transformation through comprehensive communication, and a blockchain-based verification system for better data transparency. ———————– Our official channels: ▪️Telegram channel: https://t.me/BeowulfBlockchain ▪️Twitter: https://twitter.com/beowulfchain ▪️Facebook: https://www.facebook.com/beowulfchain/

Tags: Beowulf Blockchain, decentralized cloud network, QR code, QUICKOM

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Crypto exchange BTCNEXT seeking Japan license

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BTCNEXT, an Asian based cryptocurrency exchange, earlier this month announced it received notification from the Japan Financial Services Agency (FSA) that it must suspend services for Japanese residents.

As part of Noah Ark Technologies Ltd., BTCNEXT operates with a Virtual Currency Exchange license issued by the Cagayan special economic zone and Freeport Philippines.

The BTCNEXT team says that its legal department is currently working with the FSA in regards to getting a Japanese license and will take necessary steps to ensure full compliance with all FSA requests.

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NEO Price Prediction: Long-term (NEO) Value Forecast – June 2

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  • The long-term outlook is in a bullish trend.
  • The 1.618 in the fibs at $19.17 is the bulls target in the long-term.

NEO/USD Long-term Trend: Bullish

Supply zone: $20.00, $30.00, $40.00
Demand zone: $2.00, $1.00, $0.50

NEO continues in the uptrend in its long-term outlook. The strong pressure on the cryptocurrency by the bulls’ comeback at the 61.8 on 18th May has kept price up with new high each week. $12.59 and $15.04 in the supply area were the highs on 20th and 30th May respectively.

The new week is started on a bullish note with today’s opening candle at $13.72 higher than last week opening price at $11.45, an indication that the bulls are more in the market.

Price is above the two EMAs that are fanned apart which suggest strength in the trend and in this case the uptrend.

The journey to 1.618 of the fib extension with price at $19.17 in the supply area is the bulls target in the long-term as the bullish momentum increase and more bullish candle open and closed above the two EMAS.

The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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Why Bitcoin’s ‘Culture War’ Matters

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Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.


Let’s talk about bitcoin, toxicity and inclusiveness.

(Boy, my Twitter feed is going to have fun over the next few days.)

To start with, let me take a position: I stand with those people, especially women, who’ve lately been calling out maltreatment from members of the bitcoin community and citing rude and abusive behavior as proof of that community’s lack of inclusiveness. These are people who believe in cryptocurrency technology’s potential but feel discouraged to believe that they belong to the community’s dominant white-male subculture. If this technology is to fulfill its global potential, the community associated with it must confront this problem.

But the real point of this column is not to just defend these critics. It’s to debunk one of the more common positions adopted by those who take issue with their complaints, particularly on Twitter. In doing so, I hope to emphasize just how important the concepts of “community” and “culture” are to the healthy development of crypto technology and the ecosystem growing around it.

Hammer culture?

The line that’s most often thrown back at those calling out incivility is that bitcoin is nothing more than a technology, a tool, and that it’s meaningless to attach to it value judgments relating to human behavior. Bitcoin is amoral, apolitical and a-cultural, the argument goes, and like any technology it is used by good and bad people alike.

These pundits, warning of a political correctness-based threat to free speech, will then advise the injured party to take issue directly with the bad actors but refrain from agitating for community-wide change.

A perfect example of the genre came from outspoken lawyer Preston Byrne.

Clever, yes. But it’s extremely unhelpful, because the examples given do not share equivalent terms of reference.

Byrne’s “hammer” refers solely to the steel implement that tradesmen use. By contrast, people complaining about “bitcoin” are clearly using the word in a much wider context than in merely a reference to the code, to the ones and zeros that comprise the bitcoin protocol. They are inherently talking about the wider ecosystem and community gathered around the idea of bitcoin.

So, let’s equalize the terms, shall we? We can turn each of these nouns into a modifier of the word “community.”

While it might sound silly to talk about a “hammer community,” there may well be groups of hammer-obsessed souls who debate questions of design and ease of use at meetups and in chat rooms. If so, I’m going to guess that that community would probably also be predominantly male.

But the real issue is that such a hammer community is going to be far less important to the future design and evolution of hammer technology than bitcoin’s community is to its. I’m no expert, but I don’t see a great deal of change in hammer technology having occurred over the centuries and I’m not sure people expect much in the future. As such, we don’t see much jockeying among users to ensure that proposals for hammer upgrades are implemented and standardized to their preferred design.

By contrast, the open-source technology behind bitcoin is in a constant state of evolution. It is, by definition, under development, which is why we talk about the engineers who work on it as “developers,” not “custodians.” As such, there is a constant battle of interests over who gets to modify the code. Exhibit A: the block-size debate.

Counter-arguing that those who don’t like the process can just fork the code, as the large-blockers did, and set up their own new community, doesn’t cut it for me. Bitcoin is the brand that matters. Any newcomer will struggle to achieve the same network effects. Secession just isn’t viable for anyone who likes its current design but doesn’t like how its future is being defined.

Also, is there a “hammer ecosystem?” Maybe. But beyond producers of nails, and perhaps steel and rubber or wood suppliers, you can hardly call it a complex ecosystem.

Bitcoin, by contrast, which purports to reinvent the global system of money, has attracted an inherently vast array of different technology providers, all of whom have competing interests in how it is designed, managed and marketed to the world. I’m not just talking about businesses applications built on top of it, but also the developers of related encryption, payment channel, smart contract and other vitally important technologies, all of which are themselves in a constant state of flux.

(I’m guessing that the exhibition halls at hammer conventions don’t have quite the same spread of offerings as cryptocurrency events such as Consensus.)

Saying that bitcoin is nothing but a tool, is like saying that music is nothing but a system for ordering different audible tones.

Money = community

When Paul Vigna and I wrote The Age of Cryptocurrency, we spent a lot of time chronicling the emergence of the community that had formed around bitcoin, which we saw as fundamental to its success. It struck us that the notion of a bitcoin community was so prominent — the “c” word was always being bandied about — because bitcoin embodied a profound and sweeping social idea. It offered nothing less than a reinvention of money, a revolution in the entire system for coordinating human value exchange.

Money only works to the extent that there is widespread belief in it, that people buy into its core myth. Money, Felix Martin says, is a social technology, by which he means that its functionality and usability depend far less on the physical qualities of the token that represents it than on the collective agreement among large communities of people that their token captures, represents and communicates transferable value. This is true whether we’re talking about gold, dollar bills, entries in a bank account, or cryptocurrency.

By extension, then, for any form of money to succeed, it must sustain a vibrant, growing community.

Communities = culture

The thing about communities is that they inevitably develop cultures. In self-defining their boundaries of belonging, they develop shared ways of seeing and language — akin to a kind of social protocol – that regulate (in a very unofficial, and quite subconscious way) their members’ behavior.

As they evolve, cultures can become more or less open, more or less inclusive, more or less abrasive in their treatment of outsiders. And inevitably, these cultural features will either encourage or impede the growth of the community.

All this should hardly be a revelation. Anthropology, the study of culture, is a globally widespread and influential field (one that is now appropriately turning its attention to cryptocurrency communities.)

Studies of U.S. culture, from Alexis de Tocqueville down, have rightly pointed to the inclusiveness of the founding fathers’ ideas as a key driver of its economic expansion. In fact, American culture is arguably its most important ingredient for success, a social manifestation of Joseph Nye’s notion of the United States’ “soft power.”

So, yes, bitcoin culture really, really matters. If the compelling ideas behind permissionless, peer-to-peer exchange and censorship-resistant money that attract people of all stripes to it are to retain those people’s interest and grow in influence, the bitcoin community needs to evolve a more inclusive culture.

The only way to do that is to spur the kind of open debates that have always driven the progress of human culture — those which shifted norms and mores to the point that it became unacceptable to own slaves, to spit in public, or to jump a queue.

So, listen up, bitcoin. It’s time to confront your toxicity.

Hazard drums image via Shutterstock

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Argentina Using Bitcoin To “Skirt Capital Controls” – Economist Alex Kruger

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  • One BTC’s trading at $9,143 USD in Argentine exchange Ripio
  • Argentina’s black market peso fell 4.56% to an all-time low of 76.75 against USD
  • President Alberto Fernandez says Argentina is in virtual default, compares its economic solution to the 2001 crisis

Argentina is recording its highest volume week ever on LocalBitcoin, a peer-to-peer Bitcoin exchange platform. Although it has been at the highest volume in terms of the Argentine peso, the volume in terms of BTC is still small versus 2016.

In early April 2016, it hit its peak at 228 BTC, however, at that time, the value of 1 BTC was around $420. Today, 1 BTC is worth more than $7,365.

Source: Usefultulips.org

As per crypto exchange Ripio, the current value of 1 BTC is $548,197 Argentine peso which equals over $9,143 USD, trading at a premium of 23.5%.

On LocalCrypto, however, this is not the case as there are only about one hundred traders in Argentina in the past month. The Argentine peso is 25th by volume on the platform, reported LocalCryptos, but last month they added Bitcoin and could see these low volumes changing soon.

Capital Controls driving the need for Bitcoin?

Matt Ahlborg of UsefulTulips said, “Argentina had its highest volume day ever on Localbitcoins yesterday as capital controls on dollars increased earlier this week.”

Today, Argentina’s black market peso fell about 4.56% to an all-time low of 76.75 against the US dollar, pushing it further away from the official spot rate, which has been held steady by strict capital controls imposed in September.

Argentina’s new Cabinet chief, Santiago Cafiero said a new bill that is sent to Congress will hike taxes on goods and services purchased in US dollars to as high as 30%.

The move aims to stabilize peso that has lost over 80% of its value over the past four years, that fanned high levels of inflation, under former president Mauricio Macri.

On Sunday, new president Alberto Fernandez said Argentina is in virtual default, comparing its economic solution to the 2001 crisis. The country is currently in recession and its economy is expected to shrink by 3.1% in 2019.

“It is not the same as 2001, but it is similar. At that time poverty was at 57 percent, today we have 41 percent poor people; then we had a debt default, today we are in virtual default,” Fernández said in an interview.

Economist Says, That’s Not the case

Could it be that Argentineans are finding safety in Sats? According to economist and trader Alex Kruger, this is not the case.

“Bitcoin in Argentina is not used for safety, but as a temporary vehicle to skirt capital controls,” he said.

In September, he pointed out how the LocalBitcoin chart showing “exploring volumes” has been in the local term that has been because of the peso devaluation and not because Argentines are using the flagship cryptocurrency to “escape the economic crisis.”

In one of his recent tweets, he shared the findings of a poll he ran where he asked Argentine bitcoiners the reason behind their BTC purchase.

Out of the 3,000 people contacted, only 100 reverted that revealed only 10% bought BTC to protect themselves from the devaluing Argentine peso. The majority 80% is in it just for long or short term speculation.

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Facebook Holds Talks With CFTC Over GlobalCoin Cryptocurrency: Report

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Facebook has started a discussion with the U.S. Commodity and Futures Trading Commission (CFTC) over the social media giant’s crypto stablecoin initiative.

According to a report from the Financial Times on Sunday, the CFTC chairman Christopher Giancarlo said the agency held “very early stages of conversations” with Facebook. The goal was to better understand if the firm’s crypto stablecoin could potentially fall under the CFTC’s regulatory remit.

“We’re very interested in understanding it better,” Giancarlo was quoted as saying in the report. “We can only act on an application, we don’t have anything in front of us.”

The news comes amid recent reports that Facebook also held talks with government officials in both the U.S. and the U.K. to discuss opportunities and regulatory issues for its crypto stablecoin called GlobalCoin.

The cryptocurrency, under Facebook’s Project Libra, is reportedly aimed to allow Facebook’s global users to transfer money across borders and to make online purchases.

Giancarlo added it’s now too soon to say whether Facebook’s GlobalCoin could fall under CFTC’s remit but said if the cryptocurrency could be backed by the U.S. dollar, then there might be less of a need for derivatives tied to it.

“That’s very clever,” Giancarlo said of this design. However, the report added that one top compliance issue by regulators is whether and how Facebook will adhere to and implement the anti-money laundering and know-your-customer measures.

Facebook image via Shutterstock

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