GameStop affair: actions on DeFi, the false good idea?

The GameStop affair shook the financial world at the end of January. The withdrawal of stocks affected by speculative movements on Reddit shocked social media, providing a spotlight on decentralized finance. Is tokenizing DeFi shares the ultimate solution? Not really. Response elements.

What happened to the GameStop action?

Small reminder of the facts. On January 27, thousands of individuals spread the word on the Bitcoin Trader discussion forum to buy shares of companies in difficulty, including GameStop (the parent company of Micromania in France). All via the Robinhood trading application for individuals.

Goal ? Raise the share price in order to cause the bankruptcy of hedge funds (speculative funds), these giants of Wall Street who had bet on their collapse. And save the business from programmed death.

“This is called shortselling (short selling). It is a trade that pays big if the share falls, but which is expensive if the share rises, since hedge funds must then redeem themselves at a loss, ”says Anice Lajnef, former trader at Société Générale.

For GameStop, it was the Melvin Capital fund that was in the process. But the catch is that the appeal of individuals on Reddit has largely been followed. And the hedge fund lost five billion dollars on this operation. “The stock shot up to over $ 480, whereas it was trading a few tens of dollars before the deal. “

A show of force from WallStreetBets , the group of small traders gathered on Reddit. But why did Melvin Capital bet against the GameStop company?

“With the digitization of gaming, the company was in bad shape and it is for this reason that the financial sharks went to kill them. But the predator was attacked in turn. The little ones came to defend the company and won the fight. “

What about efficient markets?

Market efficiency is an investment theory that argues that it is impossible to “beat the market”. According to this theory, stocks always trade at their fair value. Undervalued or overvalued equities would therefore not exist.

And for Anice Lajnef, this event shows the whole world that the myth of market efficiency does not exist.

“The myth of efficient markets is shattered. The paradox is that in 2008, these same hedge funds were in terrible shape. Central banks saved them. On the one hand, we let predators kill companies with public money and when they get screwed at their own game, they change the rules. Here, by prohibiting the purchase of GameStop shares, ”he sighs.

And this is precisely what has greatly shocked about this affair. Following the surge in the price of GameStop, trading platforms for individuals have in fact withdrawn this action from their offer . One way to prevent the action from going higher and therefore to plug the losses of hedge funds . Never seen. “We have already prevented betting on the downside against equities, by suspending shortselling . But never buy it. “

These movements, as violent upward as downward, will leave traces on WallStreet and the markets. “The company is not worth more than the future cash flows it will generate. If the share was at $ 4, it was because it should bring in 4% at most, or 16 cents per share. The number of years of dividends it would take to pay $ 400 per share is getting huge. This total disconnection is pernicious. It often catches up with the company with a violent correction in its share price. „

For Anice, this operation raises another problem. “It discredits finance and especially currency. If there weren’t so much money in circulation, it never could have happened. “

To fight against these abuses, the former trader advocates for more decentralization „A finance in the hands of the SEC (the American federal body for regulation and control of financial markets), the FED (the American central bank) and private banks, it doesn’t work. We must move towards a system that is more and more decentralized, or under the democratic control of the people ”.

Takeover by „secret world power“? – BlackRock plans to invest in Bitcoin

The notorious asset management company is applying to be allowed to invest in Bitcoin futures.

The world’s largest and most influential asset management company BlackRock, which is also known as a “ secret world power ”, is planning investments in Corona Millionaire, more precisely in derivatives of the cryptocurrency. This emerges from two applications that were filed with the US Securities and Exchange Commission.

The two applications called „BlackRock Funds V“ and „BlackRock Global Allcoation Fund, Inc.“ were on Wednesday on the official website of the SEC published . In both letters, BlackRock cites a wide variety of derivatives that asset management intends to use as investment products for the investment funds applied for, whereby Bitcoin is explicitly mentioned several times.

So it says:

“Each of the mutual funds is intended to use instruments known as derivatives. These are financial products that derive their value from stocks, commodities (such as gold or oil), currencies (including Bitcoin), bonds or indices (i.e. financial products that serve as a yardstick for specific performance such as the S&P 500). “

However, BlackRock also uses the market-leading cryptocurrency as an example to explain the risk factors of derivatives. With Bitcoin this would be an impending lack of liquidity:

„Investing in Bitcoin futures carries the risk of insufficient liquidity, because Bitcoin futures are not traded as heavily as other futures because the market for Bitcoin futures is still relatively young.“

The management level of the „secret world power“ has already made positive comments about Bitcoin in the past few months. In November, CIO Rick Rieder said that Bitcoin had the potential to “take over large market shares from gold”.

BlackRock CEO Larry Fink added that Bitcoin has piqued his interest and could potentially become a globally recognized financial product

As Cointelegraph reported last month , BlackRock also plans to hire a new vice president for the blockchain area, which specializes in cryptocurrencies. This is to implement a strategy that “drives demand for the company’s investment products”.

The large asset management is also notorious in Germany, because the CDU politician and possible candidate for Chancellor Friedrich Merz was in a leading position at the German branch of BlackRock. The company is a shareholder in many important companies, so connections always controversial in politics discussed be. It remains to be seen whether Bitcoin is threatened with such a „takeover“.

DASH bricht aus, hat aber Probleme

DASH bricht aus, hat aber Probleme, die Rallye zu halten

  • DASH ist aus einer langfristigen absteigenden Widerstandslinie ausgebrochen.
  • Unterstützung gibt es bei $85,5.
  • DASH befindet sich wahrscheinlich in der Unterwelle 3 der Welle 3.

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Das Trust Project ist ein internationales Konsortium von Nachrichtenorganisationen, das Standards für Transparenz entwickelt.

Der DASH-Preis ist aus einem langfristigen Widerstandsbereich ausgebrochen, hat es aber nicht geschafft, eine signifikante Aufwärtsbewegung zu initiieren.

Obwohl DASH an einem wichtigen Unterstützungsbereich abgeprallt ist, hat er noch keinen Aufwärtstrend bestätigt.

Langfristiger Ausbruch

DASH folgte seit Juni 2018, als es bei 225 $ gehandelt wurde, einer absteigenden Widerstandslinie.

Nach vier erfolglosen Ausbruchsversuchen bewegte sich DASH schließlich Anfang Nov. 2020 über diese Linie und ist derzeit dabei, sie als Unterstützung zu bestätigen.

Die technischen Indikatoren sind relativ zinsbullisch laut Bitcoin System, auch wenn der MACD etwas an Stärke verloren zu haben scheint.

Sollte sich DASH weiter nach oben bewegen, lägen die nächsten Widerstandsbereiche bei $135 bzw. $175.

Der Kryptowährungshändler @Mesawine1 hat ein DASH-Chart skizziert, in dem er feststellt, dass DASH aus einer absteigenden Widerstandslinie ausgebrochen ist und sie anschließend als Unterstützung bestätigt hat.

Die Linie deckt sich mit der, die wir skizziert haben, und DASH ist tatsächlich ausgebrochen.

Immer noch auf einen Aufwärtstrend wartend

Der Tages-Chart zeigt den ersten Unterstützungsbereich bei 85,5 $, dem 0,618 Fib-Retracement-Level der gesamten Aufwärtsbewegung. DASH ist bereits dreimal an diesem Unterstützungsbereich abgeprallt, zuletzt am 4. Januar.

Während der Abprall hier möglicherweise darauf hindeutet, dass die Korrektur abgeschlossen ist, sind die technischen Indikatoren noch nicht zinsbullisch. Im Gegenteil, der Stochastic Oscillator hat ein bärisches Cross gebildet, und der RSI liegt unter 50.

Solange DASH nicht aus der kurzfristigen absteigenden Widerstandslinie ausbricht und/oder den Bereich von 98 $ zurückerobert, können wir den Trend nicht als zinsbullisch betrachten.

Nichtsdestotrotz sind die Indikatoren auf dem unteren zweistündlichen Zeitfenster, im Gegensatz zum täglichen Zeitfenster, zinsbullisch.

Die Wellenzählung deutet darauf hin, dass sich DASH in einer langfristigen Welle 3 befindet, die mit dem März-Tief begann (im Bild unten in weiß dargestellt).

Ein wahrscheinliches Ziel für die Spitze der Bewegung liegt zwischen 173 $ und 177 $, das anhand der Fib-Erweiterung von Welle 1 (weiß) und dem externen Fib-Retracement von Welle 2 (schwarz) ermittelt wurde.

Darüber hinaus deckt sich dieses Ziel mit dem langfristigen Widerstandsbereich, der im ersten Abschnitt skizziert wurde, was es zu einem wahrscheinlichen Ziel für die Spitze macht.

Ein Rückgang unter das Tief der Welle 2 bei 62,4 $ würde diese spezielle Wellenzählung ungültig machen.

Ethereum exceeds $ 700 for the first time since 2018

Ethereum broke through the $ 700 level for the first time since May 2018.

Ethereum locked in DeFi has increased by 1,500%.

The transition to Ethereum 2.0 has probably played a positive role.

As Bitcoin System continues its spectacular rally towards the $ 30,000 level, Ethereum has quietly kept pace in terms of annual percentage growth.

Although Bitcoin has already surpassed its previous record, Ethereum still has a bit more to do. In 2020, Ethereum rose 585 % from Bitcoin’s 370% growth.

Ethereum may not be gaining as much attention as Bitcoin lately, but the recovery from the $ 700 level and a market cap of $ 80 billion has generated a lot of excitement.

Ethereum Price Catalysts

There are many fundamental factors and events that have made Ethereum a more solid and more usable platform.

The two main drivers are the growth of decentralized financial applications on Ethereum and the transition to ETH 2.0.

At the start of 2020, the Total Locked-In Value (TVL) in ETH-based DeFi apps was less than $ 1 billion. Less than a year later, that figure is approaching $ 15 billion, which represents a monumental increase in its use.

This addition of value to the network, as well as the users transacting between applications, shows the real feasibility of Ethereum as a network capable of running decentralized financial applications.

Ethereum Miners Value

Another major positive factor in the Ethereum ecosystem has been the shift from validation of Proof of Work (PoW) to Proof of Stake (PoS) transactions.

This transition took place when the network changed from ETH 1.0 to ETH 2.0. With this newly implemented verification mechanism, transaction speeds on the network will theoretically be faster and overall transaction fees are expected to decrease.

Instead of using expensive and highly technical equipment to participate in network validation and earn rewards, users can now wager their ETH directly into the staking contract to start earning. To date, there is over 2 million ETH in the staking contract, which is almost 2% of the total supply and 30% of the TVL in DeFi applications.

Growth of institutional investors

Along with Ethereum’s fundamental growth, the network and its assets are also starting to gain more mainstream attention.

Grayscale Investments , one of the leading digital asset management companies, said it has institutional investors who are only interested in Ethereum, not Bitcoin. Grayscale continued to grow its underlying ETH holdings for its clients, approaching $ 2 billion in ETH.

In 43 days the CME $ ETH futures will go live.

There’s also the launch of Ethereum futures by the Chicago Mercantile Exchange, the world’s largest financial derivatives exchange. The CME has already launched Bitcoin futures, which appear to have worked well enough to warrant the creation of futures for the second largest cryptocurrency.

Overall, given the growth of Bitcoin and the cryptocurrency asset class, fundamental improvements in the Ethereum network, and the adoption of ETH by consumer and institutional businesses, Ethereum may continue to see its course reaching new heights with Bitcoin.

Bitcoin-kosten dalen als mempool naar nul wordt gewist

Een verminderde mempoolactiviteit leidt niet alleen tot lagere kosten, maar geeft gebruikers ook de kans om transacties uit te voeren die anders misschien niet praktisch zijn.

De Bitcoin-netwerkmempool is sinds medio oktober van deze week tot zijn kleinste omvang gekrompen, nadat de hashkracht van het netwerk een hoge vlucht had genomen.

De duidelijke mempool betekende dat duizenden vastzittende transacties in afwachting van bevestiging werden opgenomen in recente blokken, waardoor er nog maar weinig onbevestigde transacties uitstaan.

De piek in de hasjstroom is toegeschreven aan de heractivering van de in China gevestigde mijnwerkers die na het einde van het regenseizoen van de provincie uit Sichuan zijn gemigreerd.

Het hasjgehalte van Bitcoin steeg met 42% over een periode van twee dagen, 9 en 10 november.

Een kleinere mempool is goed nieuws voor regelmatige Bitcoin-gebruikers, omdat het de concurrentie tussen verse transacties vermindert om opgenomen te worden in de komende blokken. Verminderde concurrentie in de mempool helpt om de Bitcoin-transactiekosten te verlagen, omdat mijnwerkers alle transacties in de mempool kunnen opnemen, ongeacht hun individuele bedragen.

De gemiddelde Bitcoin-transactiekosten bereikten een piek van $13,16 per transactie op 30 oktober, toen er meer dan 140.000 transacties in behandeling waren in de mempool. Door de toestroom van nieuwe hash power in het weekend konden Bitcoin-blokken sneller gevonden worden dan de benchmark snelheid van 10 minuten per blok vanwege de relatief lage mijnbouwmoeilijkheden van het netwerk. Hierdoor konden de mijnwerkers het aantal onbevestigde transacties terugbrengen tot nul op 9 november.

Op het moment van schrijven waren er ongeveer 6.000 transacties in de mempool met een mediaan van 3 satoshis per byte of ruwweg $0,11. Sommige gebruikers hebben kosten gemeld die zo laag zijn als 1 sat/byte voor transacties die binnen een paar uur zijn bevestigd.

Moeilijkheden in de mijnbouw zouden bij de volgende aanpassing toenemen om rekening te houden met de toegenomen hash macht van het netwerk, wat zou betekenen dat het huidige uitstel van hoge kosten van korte duur kan zijn. Het hashtarief is momenteel echter volatiel en is de afgelopen dag met 37 exahashes per seconde gedaald.

De Bitcoin-transactiekosten waren in de tweede helft van 2020 relatief laag. In de laatste week van oktober consolideerde de prijs van BTC voor het eerst sinds december 2017 boven de $13.000 – wat samenviel met een massale toename van de transacties die naar de mempool werden gestuurd en resulteerde in een achterstand van onbevestigde transacties.

Nu de netwerkactiviteit in de loop van een bullish week afneemt, worden Bitcoin-gebruikers aangemoedigd om te profiteren van de huidige voorwaarden door transacties uit te voeren die mogelijk te duur zijn om met hogere kosten uit te voeren, zoals het openen van Lightning Netwerkkanalen en het consolideren van inputs.

BTC-Trader surprises: 3 reasons for Bitcoin decline by 2 percent

The Bitcoin price fell by 2 percent within an hour and traders did not expect it. 3 reasons for the decline.

The Bitcoin (BTC) price fell 2 percent in less than an hour on November 2. Traders were surprised by this. The CME Profit Revolution futures market opened with a new gap, making $13,100 an interesting area for sellers.

Three technical reasons contributed to Bitcoin’s abrupt price decline. CME gap, important resistance and monthly moving averages (MAs).
There are now four CME Bitcoin futures gaps

CME’s Bitcoin Futures market is closed on weekends and holidays. This means that if the BTC rises or falls sharply during these days, a gap between the CME and crypto currency exchanges is created.

While there is no comprehensive theory of why traders fill CME futures gaps, historically most CME Bitcoin gaps have been filled.

Since October, Bitcoin has experienced a strong rally. Over the weekend, BTC volumes tend to decline and the market becomes less active. However, in recent months, BTC has been growing steadily without a decrease in volume.

Consequently, this has led to four CME gaps in a row. Each weekly candle in the past month resulted in a new CME gap, which is rare for Bitcoin. This means that BTC also moved so fast on weekends that new consecutive gaps were created.

Bitcoin CME gaps on price chart.

The gaps are $13,100, $12,970, $11,505 and $11,100. These areas could be of interest to sellers. The range between $12,970 and $13,100 is an important area in terms of moving averages.

The next short-term monthly moving average for Bitcoin is below $12,500

On the Bitcoin monthly chart, the next short-term moving average is the 5-day moving average at $12,203. Throughout history, even during bull phases, at least one short-term moving average on the monthly chart has been reached before the continuation of a rally.

Bitcoin has recovered rapidly since early October, rising by more than 25 percent from $11,775 to $13,500. The pace of the rise meant that BTC was unable to establish clear support levels over the longer term.

Over the past two months, Bitcoin has repeated the rally pattern, followed by a brief period of consolidation. On the daily chart, this provided clear support and resistance levels and made the rally sustainable compared to previous ones.

On the weekly and monthly charts, however, Bitcoin is still far from remarkable short-term moving averages. The closest MA is the 5-day MA at around $ 12,200.

BTC has offered a lot of resistance

Bitcoin tested resistance at $14,000 on October 31 for the first time since December 2017. After such a major rally and an important retest, a sharp drop was expected.

Bitcoin (BTC) Update: Will $12,000 come into sight or will the price drop?

The Bitcoin (BTC) price at the time of writing is around $11,400. We look at the charts and discuss the possible scenarios, read the update here!

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Bitcoin update
It still looks bullish, Bitcoin’s course. With a test towards $12,000 in recent days, we can see the strength of the upward trend again at the moment.

The first test of over $11,700 has not yet held up. But support is already being found in several places. As a result of which the upward trend is once again in sight.

By keeping this level above $11,000 we can see that the price is still moving strongly. And keeping a price above $10,000 for a long time.

Signals that may indicate that we will soon also be able to see the $12,000. So far, however, that has been a difficult place for Bitcoin’s price. This could result in a strong reaction, with a chance of another dip.

Bitcoin day chart

The daily chart of Bitcoin’s share price shows a nice upward trend in recent days. With the breaking up of $11,350 which now also serves as support. The place where the price is now, around $11,400, is where we saw a longer consolidation last time. After which the exchange rate broke down, only to come back again now.

So there is a chance that we are going to see another period of consolidation. That depends on whether the current support around $11,350 knows how to hold.

But it also depends on whether the resistance around $11,750 gives a lot of resistance. However, we do see that the price is moving strongly upwards and a test of $11,750 may come soon. Should this test fail, we will most likely repeat the movement we saw during August.

Bitcoin day chart 15 October 2020

As a result, consolidation can continue for a longer period of time. Provided we see more volume and the price continues to rise. Then $12,000 quickly comes into sight. And it is important that $11,750 is maintained as support for a $12,000 test. Otherwise we will fall back into the consolidation zone.

With a dip down, $11,350 would be strong enough to sustain the price. Especially considering the many support and tests of this level. A lower dip is not to be expected, provided that bearish volume will suddenly rise sharply. What we do not see happening at the moment.

A consolidation or short-term increase are therefore the most obvious at the moment. Whether we will actually see the $12,000 soon depends, among other things, on the volume.

For the time being, as it looks now, consolidation is obvious and we will make this level a lot stronger again. In this way, the $10,000 will remain further and further behind us, a good sign!

Die Cyber-Gang von REvil hat 1 Million US-Dollar BTC für einen Rekrutierungsschub hinterlegt

Die in Russland ansässige Revil Cyber ​​Gang hat BTC im Wert von 1 Million US-Dollar in einem öffentlichen Forum eingereicht, um neue Gesichter für sich zu gewinnen. Die Revil Group ist bekannt dafür, Ransomware-Angriffe durchzuführen und ihre Opfer zu erpressen. Die Gruppe stahl einmal 1 TB Informationen aus der Anwaltskanzlei Grubman Shire Meiselas & Sacks und forderte ein Lösegeld, weil sie diese nicht weitergegeben hatte.

Es scheint, dass die Cyber-Bande jetzt versucht, neue Gesichter hinzuzufügen, um das Ausmaß der Angriffe zu erhöhen. Die Bande zielt darauf ab, professionelle Hacker neu zu ergänzen , um Angriffe zu verstärken. Um Vertrauen zu schaffen und ihre Eignung zu demonstrieren, hat die Revil-Cyberbande 99 Bitcoin Circuit im Wert von fast 1 Million US-Dollar auf einer offenen Plattform für Cyberkriminelle eingereicht .

Der RaaS-Betrieb der REvil Cyber ​​Gang ist privat

Die meisten Ransomware-Angriffe werden als Ransomware-as-a-Service (RaaS) ausgeführt. Die Entwickler von Malware haben die Aufgabe, den Schadcode und den Zahlungsweg zu erstellen und zu gestalten. Anschließend werden Partner registriert, um Entitäten zu verletzen und Ransomware-Angriffe zu starten.

Im Rahmen des Deals erhalten Entwickler zwischen 30 und 20 Prozent des Lösegeldbetrags, den jeder Partner verdient. Die verbundenen Unternehmen tendieren dazu, den Rest des Erlöses zwischen 70 und 80 Prozent zu halten. Innerhalb der Revil-Struktur ist die RaaS-Operation eine abgeschlossene Anordnung. Dies bedeutet, dass die Partner untersucht und befragt werden, bevor sie Teil des Prozesses werden.

Die Rekrutierung von Revil gibt Anlass zur Sorge

Die Bitcoin-Einzahlung sollte die Sicherheit erhöhen und das Vertrauen in die Hacking-Gruppe gewinnen. Die Mittel wurden von einem Registrierungsposten begleitet, in dem die Vorzüge der von ihnen beschafften Charaktere dargelegt wurden. Einige der genannten Fähigkeiten umfassen Penetrationstests, Erfahrung mit msf / cs / koadic, nas / tape, hyper-v.

Der leitende Wissenschaftler des Cybersicherheitsunternehmens McAfee, Raj Samani, erklärte, dass die jüngste Einschreibungsübung der Revil-Cyberbande Anlass zur Sorge gebe. Zurück im Jahr 2019, McAfee porträtierte den Ring als die Reinkarnation der GandCrab Cyber – Bande , die die Operationen von 23 regierungsnahen Organisationen in den Vereinigten Staaten unterbrochen

Bitcoin minearbejdere ændrer denne tendens. Hvad kan man forvente næste gang?

Bitcoin-minedrift er en ret simpel aktivitet fra et første-princippet økonomi-pov. Al anden aktivitet i netværket er komplementær og baseret på dette princip, og hvis Bitcoin ikke havde nogen andet end dets minearbejdere, ville den stadig overleve. Minedrift fortolkes imidlertid fejlagtigt af de fleste.

Hashrate påvirker pris eller hash følger pris. Ingen af ​​disse gælder i sin helhed, men det er kendt, at minearbejdere konsekvent leverer Bitcoin til børser og hjælper med at opretholde valutareserver. De sælger Bitcoin for at imødekomme deres driftsomkostninger. Denne aktivitet skaber pres på salgssiden, men dette hjælper netværk og detailhandlere ved at generere udbud til at absorbere efterspørgsel. Dette indikerer ikke, at minearbejdere har en uforholdsmæssig og enstemmig højborg på Bitcoin.

Minekapitulering og minearbejders positionsindeks er nogle få minedata, der er proportionale med Bitcoins pris. De er dog simpelthen indikatorer til forudsigelse af priser. Følgende diagram sporer ændringer i minepositionsværdien siden 2013.

Når Mining Position Value falder til under 0, indikerer det, at minearbejdere skifter Bitcoin, hvilket er en underlig udvikling i sig selv. Imidlertid har der i 2020 været flere tilfælde, hvor værdien er faldet til under 0. Der er ingen tendens til, at Mining Position Value følger, og det gør det uforudsigeligt, men for sent er Bitcoin-valutareserver faldet drastisk. Tilstrømningen af ​​Bitcoin til børser er på et laveste niveau sammenlignet med 2019 eller året før, og dette peger på muligheden for, at minearbejdere er HODLing Bitcoin.

De fleste Bitcoin fra minedrift rammer børser, men det har ændret sig inden for de sidste 4 uger.

Børser modtog primært Bitcoin fra minedrift og i øjeblikket forlader kun 44% af Bitcoin minedrift for at ramme børser. Dette tal er faldet fra 60% inden for de sidste 6 måneder. Minepulje Bitcoin registreres som i transit og fra transit rammer den tegnebøger i netværket. Minedrift vanskeligheder er vokset betydeligt, men minepuljer betaler regningen for driftsomkostninger, mens hodling Bitcoin venter på hvad?

En tyrkørsel?

Hvis dette ikke er en ventetid, signalerer diagrammer, at dette er skabelsen af ​​en bull run? Minearbejdere har muligvis ingen direkte indflydelse på priserne, men minepuljer har det. Minepuljekoncentration kan være årsagen til, at der er flere spekulative prisbobler i hver fase af Bitcoins markedscyklus. Find ud af mere om det her.

Det er en kendt kendsgerning, at miner kapitulation blandt andre faktorer er en forudsætning for en bull run. Minekapitulation er begyndt, og på trods af prisudsving på spotbørser har det ikke ændret mønsteret. Minearbejdere er HODLing og BTC tilstrømning til børser er faldet 37% på 1 dag. Det er muligt, at vi lukker ind i starten af ​​et tyrløb.

Opportunities or risks? Experts are divided on crypto currencies

A new survey by RUSI and ACAMS shows the extent to which opinions differ between cryptographic professionals and members of financial institutions and governments.

A British think tank has conducted an industry-wide survey on the risks of crypto currencies. A total of 566 experts from the traditional financial and crypto ecosystem were surveyed. These include financial regulators and financial intelligence agencies. As expected, opinions vary widely depending on the industry sector. Of those surveyed, 32 percent are from North America, 23 percent from Europe and 22 percent from Asia. 49 per cent are employees of financial institutions, 24 per cent are government employees and 10 per cent are directly involved in the crypto industry.

Less than half of the respondents (45 per cent) therefore agree that crypto-currencies should be considered legal tender. However, three quarters (76 per cent) of those employed in the crypto industry agree with this view. The difference is even greater when it comes to financial inclusion. 89 per cent from the crypto-economy agree here, while among financial institutions (42 per cent) and governments (47 per cent) again less than half agree.

The survey results regarding the use of crypto currencies are also enlightening. All respondents think that crypto-currency is mainly used for investments. But among those who do not work in the crypto-currency industry, the suspicion that crypto-currency is mainly used for illegal purposes is much stronger. This opinion is held by 35 percent of the employees of financial institutions. Of those working in the crypto industry, only a tiny two percent believe this.

Crypto currencies: Opportunities and risks

When asked whether they see the use of crypto currencies as a risk or an opportunity, the crypto currency industry continues to see the crypto currency on the rise compared to other sectors. More than three-quarters (80%) of the crypto-currency industry respondents view the use of crypto-currency as an opportunity. Only one-fifth of respondents from other sectors (19% for financial institutions, 23% for governments and 20% for the private sector) agree. Even more alarmingly, these sectors predominantly view the crypto-currency as a risk. This is the view of 63 per cent of those surveyed in financial institutions and 56 per cent of those surveyed in governments. There is broad agreement among respondents about the risk of financial crime. 58 % think that the crypto industry is the one that knows best how to assess the risks. Politicians (11 per cent) and the part of the public that does not have crypto-currencies (5 per cent) come off much worse.

The survey was commissioned by the Royal United Services Institute for Defence and Security Studies (RUSI) together with ACAMS, a leading provider of workforce solutions headquartered in the United States.