That's what we want to hear. Banks have no chance against cryptocurrencies in the long run.
Yesterday, Jim Cramer, host of the famous CNBC’s program Mad Money, talked about how he did not understand how bank stocks failed to score a rally after the Federal Reserve announced that they will be increasing interest rates four times in the next year. The host explained that by default they would have to rise, but he also had an alternative explanation for that.
Jim Cramer is an old school stock investor, since 1984. Working in hedge fund management from that year, he managed to have only one negative year. Since then, he founded TheStreet, an informative portal to give investors info on the stock market status. So, he has an incredible experience to grasp what the market is telling investors. Jim Cramer says that the only way that he could explain the mediocre performance of banking stocks even with the announcement of the federal reserve is that these stocks could be facing pressure from the new payment technologies such as Paypal, Venmo and also from cryptocurrencies. He stated:
“THERE ARE PLENTY OF YOUNGER PORTFOLIO MANAGERS WHO THINK THE BANKS ARE LIKE SEARS AND J.C. PENNEY: THEY’RE OLD-LINE BRICK-AND-MORTAR STORES THAT ARE ABOUT TO LOSE THEIR RELEVANCE.”
He praised Paypal as the “Amazon” of banking, and the international bank of the unbanked, telling that even if it is not a bank, it really acts like one to people in different countries around the world.
But then he commented on the influence of blockchain and cryptocurrencies as the emergent tech that is directed to terminate banks. He declared:
“THEN THERE ARE THE POTENTIALLY EXISTENTIAL THREATS THAT I JUST MENTIONED: BLOCKCHAIN, WHICH SOME PEOPLE BELIEVE COULD POSSIBLY END THE BANKS’ HEGEMONY OVER STOCK CLEARING, AND CRYPTOCURRENCIES, WHICH ARE THE POPULIST INSURGENTS OF THE BLOCKCHAIN MOVEMENT”
😁"let's take a university and put it on the blockchain"
Professors at Oxford are looking to open the world’s first blockchain University according to sources at CoinTelegraph. The professors are seeking full degree granting powers in Europe according to the team of academics behind Woolf Development.The university intends to adopt the traditional Oxbridge course structure with focus on individual led tutorial modules which will be available to students both off and online.Woolf Development’s whitepaper states that a blockchain powered university would address most of the issues currently affecting academics worldwide. Some of these issues include extremely high tuition fees, overcharged administration costs, and underpaid academic teaching posts.
The whitepaper also outlines how blockchain will allow the function of smart contracts which will automate student attendance, prevent students from falsifying academic records, and crediting academic paper submissions.So far, Woolf is seeking a full degree granting power from the European government and has been offered a clear pathway to accreditation into 2 other European jurisdictions so far.Blockchain has already made a significant difference on the impact of content. Many leading international universities now include blockchain, smart contracts, and cryptocurrency related courses within their curriculum. Cambridge University has conducted substantial research into the crypto finance field and Swiss University Lucerne accepts tuition payments via Bitcoin to cover all education fees.
👍I'm hearing about this movie for the first time, I'll definitely watch it. And you?
By William Suberg
Hollywood will shoot and release its first movie centered on cryptocurrency this year, industry media report today, June 15.
According to the Hollywood Reporter, ‘Crypto’ will focus on laundering of virtual assets and see star roles from the cast of popular US series including Westworld and Mad Men.The lead roles will be played by Beau Knapp of Netflix’s Seven Seconds, as well as Alexis Bledel of Gilmore Girls fame.“Cryptocurrency has captured the attention and imagination of consumers and entrepreneurs all over the world but has never been explored in film in such a nuanced and exciting way,” co-producer Jordan Levine told the publication. Set in upstate New York, the indie “thriller” will tell the story of how an anti-money laundering agent uncovers a network of fraud and corruption in a small town.
Bledel will play the source of the corrupt activities, in the form of a “mysterious art dealer.”Director John Stalberg Jr. meanwhile was upbeat about the project, calling its subject matter “timely."
“I am overjoyed to be working with such an incredible cast to bring this timely, thrilling story to life,” he told the Reporter.
19 2372 days ago
👏👏Adoption is real.
By Amrit Mirchandani
A company in Isreal is planning to pay their employees through the most popular cryptocurrency, Bitcoin. The company is into social networking and is called Spot.IM.Spot.IM is a social engagement platform that helps build online communities using digital content. It is headquartered in New York with previous work that includes top-notch companies such as AOL, NBC, and even Fox News.
Miri Regev is the CEO and CTO of Spot.IM. Regev earlier was responsible for founding Soluto which is a device protection service that integrates mobile application, web portals, proactive communications and remote device management into one service.Spot.IM will pay employees using Bitcoin once they get permission from the Israel Tax Authority. Since the salary paid to an employee has taxation to it, the company will have to thoroughly discuss how it will go about it with the concerned Israeli department.Spot.IM will open an account on a cryptocurrency exchange where the monthly salary will be converted to Bitcoin and send to the employee’s digital account. The BTC value will be the average of the highest and lowest BTC value on the specified day of transfer so that the volatility doesn’t affect the payment.The staff has the option to either receive Bitcoin or Fiat or a mixture of both in 50% slabs.So far the staff is excited with BTC payments as they do not bear the conversion fees.The other benefits will be transferred through fiat for now, as Spot.IM wants to roll onto BTC step by step.So far cryptocurrencies are assets that have a capital gains tax in Israel, and thus employee’s will have to pay a 25% tax on the Bitcoin gains they earn.