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The Vatican blocked US bishops from taking measures to address the clergy sex abuse scandal because US church leaders failed to sufficiently consult with the Holy See beforehand about legally problematic proposals, according to a letter obtained by the AP . The Nov. 11 letter from the Vatican’s Cardinal Marc Ouellet…
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50% of Chinese Stock Exchange Companies Investigated Fail to Demonstrate Real Applications for BlockchainDecember 27, 2018 | dailybusinessnews
According to Chinese state media, the Shanghai and Shenzhen stock exchanges have carried out investigations into 30 percent of companies listed on their exchanges that are performing operations pertaining to distributed ledger technology (DLT). Of the companies investigated, less than half were able to demonstrate applications for blockchain technology.
Listed Blockchain Companies Undergo Questioning From Shanghai and Shenzhen Stock Exchanges
The recent speculative frenzy surrounding cryptocurrencies has led to a number of businesses seeking to associate their operations with virtual currencies and DLT. In many cases, the purported foray into blockchain has appeared dubious at best, despite many companies seeing dramatic volatility in the price of their shares, buoyed by news of blockchain adoption.
Chinese state-operated media outlet Securities Daily estimates that 80 public companies listed on the exchanges purport to have included DLT in their business model. Of the 80 companies, 56 have seen a rise in price, placing blockchain among the few sectors to be performing well in the two cities.
Data produced by Hithink Flush Information Network has indicated that 70 of the 80 blockchain-related stocks have seen price moves meeting the daily limit 10 percent price volatility during 2018, seven of which exceeded the limit more than 10 times this year.
More than 50 Percent of Investigated Blockchain Companies Fail to Demonstrate DLT Applications
23 of the 80 DLT companies have been directly investigated by the Shenzhen and Shanghai stock exchanges. Two thirds of the examinations took place during the first quarter of 2018.
According to Sina, the exchanges’ investigations predominantly sought to ascertain “the specific model of the blockchain business, including application scenarios and profit models,” and potential “operational risks” that may arise as a consequence of adopting DLT.
When asked to demonstrate the results of their blockchain operations, the companies are reported to have most frequently used the words “exploration” and “research,” with 13 of the 23 companies suspected of having sought to associate themselves with blockchain solely to drive speculation while failing to evidence applications for DLT.
What is your response to the exchanges’ findings that the majority of companies seeking to ride the blockchain bandwagon have no intention of delivering products and applications built on the technology? Share your thoughts in the comments section below!
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“What should have been a holiday trip turned into a nightmare,” says the prime minister of Denmark—and it’s one that was apparently captured on video. Three more arrests have been made in the case of the two young women found murdered in Morocco on Monday, as police in Norway…
In our latest roundup of crypto chatter, tensions run high as Peter Schiff accuses Brian Kelly of dumping bitcoin on retail investors. The accusation surfaced after Kelly recently revealed that he is net short on BTC. Also, Vinny Lingham gives great advice to the crypto community on building for the future.
CNBC Regular Accused of P&D
Longtime gold proponent and bitcoin skeptic Peter Schiff has accused Brian Kelly Capital Management founder Brian Kelly of using his position as a CNBC regular to “pump and dump” bitcoin. In a recent video released by CNBC, Kelly casually mentions that he is net short on bitcoin.
Under normal circumstances, Kelly shorting bitcoin would not raise eyebrows in this bear market. However, Kelly’s recent comments seem to be entirely incongruent with almost every other clip of him on CNBC.
A Trip Down Memory Lane
Just watch this video of Kelly released by CNBC last August, where he heavily shills bitcoin. While referencing a BTC price that was around $ 7,400, Kelly boldly proclaims, “If you’re looking for an entry point in bitcoin this might just be the place”.
There is a huge disconnect between Kelly recommending the “completely under-appreciated” cryptocurrency markets in August and the same man sheepishly mentioning that we are “getting closer to the bottom” in the recent CNBC video.
Even more disturbing are the implications of Kelly’s actions, as he may have been shorting and dumping cryptocurrency bags on retail investors who listened to him on CNBC, which would be a massive conflict of interest. Alternatively, Kelly could have only recently taken short positions some time after he was shilling cryptocurrencies throughout most of 2018. That would imply that Kelly is unqualified to talk about cryptocurrency price movements, however, as he has been completely wrong on his predictions thus far.
Vinny Lingham on Building for the Future
In other news, Civic CEO Vinny Lingham has been tweeting advice for the cryptocurrency community to build for the future.
There is a large skill/knowledge gap between observers/speculators/traders and builders. Those who are building need to keep their heads down and continue to execute. Traders will trade & the market will judge the best projects in the long term, so ignore the short term sentiment
— Vinny Lingham (@VinnyLingham) December 18, 2018
Lingham explains that traders and speculators feed off volatility and do not care about creating value in the cryptocurrency ecosystem. He describes this profit-seeking behavior with no value creation as a skill gap for traders. Traders will trade and influence prices in the short term, but in the long run, the market will reveal the value of good cryptocurrency projects.
Quoting Jeff Bezos, Lingham explains that builders are “misunderstood for long periods of time.” Their hard work doesn’t seem to be reflected in the prices of the cryptocurrency projects that they are a part of. However, by keeping their heads down and focusing on real world adoption, builders will see the value of their work reflected in future prices.
What do you think of Schiff accusing Kelly of dumping on investors? What about Lingham’s advice for building? Let us know in the comments below.
Images courtesy of Shutterstock.
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The post Chatter Report: Schiff Accuses Kelly of Pump and Dump, Lingham Calls for ‘Real Adoption’ appeared first on Bitcoin News.
As the trade war between the U.S. and China intensifies, some American workers are already feeling the effects. We find out how Trump’s tariffs are impacting workers in farming and manufacturing in the midwest.
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It’s Nov. 29. If you’ve already had enough of the decorations and Christmas music, it’s possible you’re not a Scrooge—you’re just suffering from overexposure. The “Christmas creep” appears to have begun earlier than usual this year, if Mariah Carey’s “All I Want for Christmas Is You” is an accurate…
South Korea’s Kim Jong Yang was elected Interpol’s president on Wednesday, reports the AP , edging out a longtime veteran of Russia’s security services who was strongly opposed by the US, UK, and other European nations. Kim’s surprise election was seen as a victory for the White House and its European…
Make room Charlie Sheen, ’cause there may be another high-profile guest making an appearance on ‘Real Housewives’ … Teddi Jo Mellencamp’s future stepmom, Meg Ryan! We got Teddi, Lisa Rinna and Kyle Richards Friday at LAX. Their reaction…
The Federal Trade Commission announced Thursday that it’s looking to shut down the “largest overseas real estate investment scam” it has ever encountered: an unfinished luxury development in Belize whose owners, the agency said, bilked people out of more than $ 100 million.
The scheme’s perpetrators…