Consumers’ Research: Blockchain will protect consumers

With growing interest in the blockchain and distributed account system of Bitcoin, the industry is now focusing more on the application of technology far away from the financial world.

This has now included more time and money for identity and security applications, if not exclusively financial in nature. As further proof of the growing interest in the technology, a presentation of Keynote 2015 will be given on a less addressed area of technology – consumer protection.

Joe Colangelo, Managing Director of Consumers’ Research, was there to talk about this topic. The US non-profit organization was among the first to publish monthly magazines designed to help consumers make purchasing decisions.

In an interview, Colangelo opened the growing work of the over 80-year-old organization in the Bitcoin and Blockchain industry and stated that the technology will bring a fundamental change to consumer protection.

Colangelo told CoinDesk about Bitcoin formula:

“Consumers have always had to trust third parties about how to use their Bitcoin formula, even when it comes to cash. The whole model of Bitcoin formula protection is based on the assumption that consumers cannot easily find out which sources are reliable.

Colangelo relies more on consumer research than on the way his organization worked in the 1920s. These third parties are replaced by the ability of the blockchain to perform secure peer-to-peer transactions.

As The Wall Street Journal has shown, he recently organized a retreat at New Hampshire’s famous Bretton Woods, which brought together Michael J Casey (MIT Media Lab) and ChangeTips Community Manager Victoria van Eyk as well as other industrial celebrities.

The goal, Colangelo said, was to produce a document that would inform regulators and legislators of the potential benefits and opportunities of this technology.

“I have attended perhaps half of all major Bitcoin conferences in the last two years,” Colangelo said. “We always get a big bunch of genius people together, then they talk about what they do and then they leave.

New third-party Bitcoin trader

Although Bitcoin and blockchain technology give users direct control over their assets, many digital currency users interact with third parties like these: This includes hosted web wallets, Bitcoin exchange exchanges and private key custodians that protect Bitcoin trader digital money.

Of all these developments, Colangelo is most interested in multi-signature wallets that allow users to retain control over their assets while sharing access with other institutions, thus protecting their assets.

Colangelo believes that the application of this technology will be of growing benefit to the consumer, especially when it becomes possible to similarly manage personal information.

“Social engineering is one of the main methods used to commit [information] theft. This becomes increasingly difficult when dealing with multiple parties,” he said. “If I have a third party that manages my Bitcoins and I have a key with a partner like Third Key Solutions, then I don’t think it’ll be twice as hard, even four times as hard.”

Colangelo believes that it is a capability of Bitcoin to give users programmatically access to their money and data, which is ultimately the most attractive to them.

“You can start by making rules. For example, you could program a wallet so that it is not allowed to transmit more than 1 BTC per day. You can even reduce the risk to zero if you can program the money in such a way that it can only be transferred in a certain way.”

Colangelo sees Blockchain as an opportunity to give users back their possessions of their personal data. In the future, he claims, it may be possible to allow companies only temporary access to sensitive data, for example:

“We won’t have to share our information, we can temporarily share it with FitBit or Facebook or American Airlines and then take it back. We give them 24-hour access and keep the information,” he explained.

ASIC Bitcoin-Mining: CoinBau reports back!

The name “WOLFBLOOD eXtreme Efficiency” alone will make a Miner’s heart beat faster. Anyone who doesn’t hear a direct ring should think about an extremely powerful ASIC chip which, with values of 0.19 J/GH compared to conventional ASIC chips, requires only about half the power to mine Bitcoins. Conventional and previously used chips swallow an average of 0.37 J/GH and are therefore real power catapults.

But most of the Bitcoin trader probably remember that

We are talking about the Dresden-based startup ASICrising, founded in 2013. Under the name CoinBau and with a Bitcoin trader team of 10 highly qualified electrical engineers with strong roots in chip design and software development, the company has developed probably the world’s most efficient ASIC chip. Made in Germany!

These chips are now to be combined in a large Bitcoin mine. However, such a project requires sufficient capital and, as we reported in mid-August, the company was still looking for suitable investors at that time.

In an exclusive interview with BTC-Echo, CEO Sebastian Krause gave an interesting update on the current state of affairs:

The media response to the CoinBau project was quite large, but what about the reactions of potential investors?

Very good. We have received inquiries and signings from investors all over the world, most recently surprisingly for ourselves, especially from Latin America. We are on the right track, but will certainly need more time. But there were also very interesting enquiries from potential cooperation partners, which could speed things up.

Do you want to include a German crypto trader company?

That is correct. Following the crypto trader publication in the Wall Street Journal, a meeting was held with Smart Equtiy AG from Remscheid. The people responsible there are absolute experts in the field of cryptographic software solutions and have a very good investor network. The chemistry is right. We are currently engaged in correspondingly intensive discussions.

So a quick “exit” is also conceivable?

Absolutely not! It’s about advancing the CoinBau project together and using synergies. In addition, you can think a little bigger together.

So what happens now?

As planned… But if the cooperation with Smart Equity comes about, everything could happen very quickly. The plans for a joint roadshow with potential investors are already very far advanced.

So we are still excited and are already looking forward to the next CoinBau headline. We thank Sebastian Krause for the friendly interview and will report as soon as there are any news.

Bitcoin 2020 at one million? McAfee’s bet

According to John McAfee, the Bitcoin price is expected to rise to one million by the end of 2020. The well-known crypto evangelist is so sure that he is putting his best piece on this claim. But is this really realistic?

John McAfee is undoubtedly one of the more dazzling personalities in the crypto ecosystem

The founder of McAfee Associates has made a name for himself time and again before his interest in crypto currencies, but his interest in Bitcoin and other Altcoins has made him particularly present. Especially between the years he has attracted attention with controversial applications of different coins. As it came out later, he is rewarded for such appraisals princely.

While the endorsements for various ICOs or crypto currencies have a very short half-life, this cannot be said about a prognosis: In July 2017 he stiffened to the statement that Bitcoin would have a value of 500,000 US dollars by the end of 2020. He underlined this statement somewhat vulgarly:

“if not, I will eat my dick on national television.”

At the end of November, he made his bet even more interesting: since the price would have behaved much better than his underlying model, he would now assume one million US dollars. His paintings were still at stake.

According to his own statements, John McAfee can fall back on a doctorate in point-set topology and can thus predict the price. Although John McAfee does not look into the cards, according to various sources, McAfee’s claim can be described by means of an exponential price development.

Such models are not uncommon per se. Even classic investments such as the Dow Jones or the Dax can in principle be described by such a development:

The website offers interested parties an entertaining tool with which they can model such price forecasts themselves. And indeed, as some pages promise, a corresponding price development can be assumed – at least according to a sense of proportion. Unfortunately, it can only be said with a sense of proportion whether the model can really be justified on the basis of the data situation. In this article, therefore, an exponential price model is to be developed which best fits the actual price development.