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Wall Street Analyst Gary Shilling: I Don’t Understand Bitcoin

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UTRUST Attending Blockchain Conferences in Europe, Asia and North America Ahead of November 2nd ICO

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Bitcoin Press Release: Two weeks ahead of its ICO on November 2nd 2017 (2pm UTC), cryptocurrency payments solution UTRUST has confirmed participation in key blockchain conferences across Europe, North America and Asia. These represent ongoing efforts to raise awareness and build new partnerships as part of UTRUST’s bid to be the world’s leading digital and blockchain payment platform.

October 19, 2017, Zug, Switzerland: After incorporation as a limited liability company in Switzerland and continued progress towards full regulatory compliance within the Swiss jurisdiction, UTRUST aims to further its goal through active participation in upcoming Internet and blockchain events over the coming weeks and months.

The team behind UTRUST will make their way across the globe, promoting awareness of its digital and crypto payments platform in at least nine conferences targeting professionals and corporations involved with digital currencies, blockchain innovations and Internet technology.

Beginning with the Long Finance – Digital Currencies Trade Fair in London, UK, on October 23, 2017, UTRUST will be represented at the following events:

– Long Finance – Digital Currencies Trade Fair October 23, London, UK
Blockchain Economic Forum 2017 – October 31 to November 1, New York, USA
–  Web Summit 2017 – November 6 to 9, Lisbon, Portugal
–  Blockchain & Cryptocurrency Conference– November 11, Tokyo, Japan
– Switzerland Wealth Innovation Tour – November 15, Zug, Switzerland
–  Blockchain Summit – November 22, Zug, Switzerland
– Blockchain Summit London Olympia – November 28, London, UK
– Blockshow Asia – November 29 and 30, Singapore
– Cryptocurrency World Expo – December 1 and 2, Warsaw, Poland

UTRUST hopes to raise its profile and build momentum leading up to its ICO launch on November 2nd, 2017 (2pm UTC),  while firming up business synergy with relevant partners throughout the duration of its project.

Users and supporters are welcome to meet and speak to the team members at any of these events, so if any are attending, do come up for introductions.

The UTRUST ICO will run for a maximum of seven days or until a hard cap of $49 million is reached from the sales of its tokens (priced at a base rate of $0.065 each), or until sold out, whichever occurs first. No further tokens will ever be issued and any unsold tokens will be burnt, permanently reducing the total supply, currently at 1 billion.

This ICO represents the final round of fundraising for the world’s first blockchain payments platform with consumer protections, that is also targeting some 2.5 billion unbanked worldwide.

About UTRUST

UTRUST has currently raised $3.5 Million through private early investors and the sold out pre-ICO, with the public ICO scheduled for November 2nd 2017.

UTRUST is the world’s first cryptocurrency payments platform to implement consumer protections on a mass scale. The company is building a global PayPal–like payments platform with extensive cryptocurrency support.

UTRUST’s end goal is to provide all the benefits of fast, secure, convenient, and inexpensive cryptocurrency transactions, in tandem with the world’s first cryptocurrency payment protections, which consumers need to fully embrace blockchain technology en masse.

With 2.5 billion unbanked people in Emerging Markets yet to benefit from financial inclusion, UTRUST is also planning to build the bridge to enable the unbanked worldwide to access the mainstream global financial system.

UTRUST ICO and Tokens

UTRUST’s public ICO will be held on November 2nd. The company will use the collected funds to establish key industry partnerships and to develop the world’s first PayPal-like cryptocurrency payments platform. The ERC20 compatible tokens are created over the Ethereum protocol, and can be used as a means of payment on UTRUST’s payment gateway along with other cryptocurrencies.

UTRUST’s token can be used for making zero fee payments to the thousands of merchants accepting any cryptocurrency via UTRUST, and be traded against other currencies on supported exchange platforms.

UTRUST will allocate a certain portion of the revenues to buyback and destroy the tokens in circulation. Being a deflationary currency by design, the demand for UTRUST tokens will increase with time, which combined with buyback should lead to appreciation in its market value.

To learn more about UTRUST’s ICO please go to: https://utrust.io/ico

The Team

UTRUST is backed by a highly experienced team from various sectors including corporate management, startups, payments, cryptocurrency development, law, finance, and computer science. Some of the prominent members of the team include:

Nuno Correia, CEO

Nuno Correia is an early cryptocurrency investor who has been involved in the cryptomarkets since the beginning of 2011. Having founded multiple B2C businesses in the past, Correia has a background in Law and Marketing, and his passion lies in transforming the future of digital payments.

Filipe Castro, CIO

Filipe Castro holds a business degree from MSENG and is passionate about disruptive technologies. He has experience developing electronic payment systems and other software solutions during the early days of his career. Castro is engaged in business development and strategic development of new ventures.

Artur Goulão, CTO

Artur Goulão comes with previous experience in the payments industry. He has previously donned the role of a CTO in one of leading digital payment platform and is currently serving as the Head of Development at a Swiss-based Cybersecurity company. With a background in computer science from IST and MIT, Goulão is well-acquainted with both classical and blockchain smart contract based approach.

Roberto Machado, CPO

Founder and Product Manager at several startups prior to UTRUST, he has been leading different teams to build highly-reliable software products, with a focus on the end user experience. Previously, he has worked together with major international companies such as AT&T, Betfair, Airtel, and Uphold, being responsible for the vision outline, goals and product strategy of solutions used by millions of users.

Other significant team members include Luis Ferreira as Head of Engineering; Laura Esteves as Head of Operations; Joao Ferreira as Head of Design; Nick Olender as Head of Sales and Partnerships; and Francisco Baila as Product Designer. UTRUST has a team of software engineers like Miguel Palhas, Gabriel Poca, Ronaldo Sousa, Fernando Mendes, Bruno Azevedo, Pedro Costa, and Joao Justo.

UTRUST’s diverse advisory team includes Francisco Maia, Francisco Cruz, Joao Paulo, Sergio Viana, Marc Howland, David Dryan, Daniel Pierce and Sascha Benz.

Learn more about UTRUST: https://utrust.io
Read the UTRUST Whitepaper: https://s3-eu-west-1.amazonaws.com/utrust/UTRUST-whitepaper-v1.0.1.pdf
Visit UTRUST on bitcointalk: https://bitcointalk.org/index.php?topic=2078433.0
Learn more about UTRUST’s ICO: https://utrust.io/ico
Follow UTRUST on Twitter: https://twitter.com/UTRUST_Official
Join UTRUST on Facebook: https://www.facebook.com/utrust.io/
Join the UTRUST Slack conversation: https://utrust-official.slack.com/
Join UTRUST on Telegram at: https://t.me/utrustofficial
Read UTRUST’s posts on Medium: https://medium.com/@UTRUST

Media Contact

Contact Name: Nuno Correia, UTRUST CEO
Contact Email: nuno@utrust.io
Contact Phone: +41 22 518 70 77
Location: Zug, Switzerland

Watch UTRUST‘s new video here:

UTRUST is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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Goldman Sachs Warns Investors Crypto Is Not Gold

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In a recent address, Goldman Sachs has advised clients to beware of cryptocurrency. Instead, the investment banking juggernaut favours precious metals as part of a balanced portfolio:

The use of precious metals is not a historical accident – they are still the best long-term store of value out of the known elements.

The note issued to investors this week detailed the differences between the two assets from a value perspective, concluding that gold remained the favourite. In their view, gold continues to satisfy the main characteristics of money better than Bitcoin and other cryptocurrencies. They highlight security, regulatory, and infrastructure risks, as well as the high fees associated with pre-SegWit transactions.

Using these metrics, it’s hard to see how Goldman Sachs favoured gold above crypto. Whilst it may enjoy historical precedence as a store of value, gold suffers from its own flaws making its worth just as arbitrary as Bitcoin. Both are currently backed by faith, rather than utility. Gold has had thousands of years to prove its use and, aside from a few small industrial applications, has failed to do so. Bitcoin, on the other hand, is just getting started.

The investment banking memo highlighted the risk of compromise digital wallets pose via attacks from hackers. However, if properly secured, the chances of this are immeasurably small. Most likely smaller than the chances of having a gold vault smashed into and the contents looted.

Goldman Sachs went on to highlight the steep transaction fees affecting the Bitcoin network pre-SegWit. Whilst true that earlier this summer, the price of transferring Bitcoin increased to such an extend that it was no longer usable for micro-payments, scaling technology aims to ensure that this is no longer the case. Users who’ve made a SegWit transaction already will vouch for the developers’ success in this regard. Now, compare that with gold. How much does it cost to send 10, 50, or even $100 million in gold around the world? We’ll wait…

The banking behemoth went on to claim that gold has no obvious competitors in the space. They highlight the number of cryptocurrencies currently in existence to support their case for its dominance over Bitcoin. We’re not sure what planet they’re living on when they make such arguments. Last time we checked there were many, many different metallic elements. All have value. Most even have more solid use cases. Copper might not be worth as much as gold but then again, Monero isn’t worth as much as Bitcoin. We’re at a very early stage in cryptocurrency and it’s only natural that the space would be crowded at this juncture. As the market matures, we’ll likely see a huge thinning of the number of digital assets available with only those with practical uses surviving.

Regulatory risk was another factor that the note observed. However, numerous country’s legislative have attacked Bitcoin in recent weeks, and the price showed naught but a small hiccup. The Chinese shutting down exchanges and banning initial coin offerings in September immediately caused fear in the market but investors quickly remembered that one of the central premises of Bitcoin is its government resistance.

Finally, the Goldman Sachs memo claimed that gold has much lower volatility than cryptocurrency. Whilst this is certainly true at present, basic economics suggests that if Bitcoin were to replace gold as the planet’s store of value, it would share exactly the same if not less price movement than any other commodity, share, or asset. The current extreme shifts in value are the result of Bitcoin’s relatively low market cap in comparison to the currency of countries and especially the entire worth of the whole planet’s gold market. If interest around the globe continues to grow there is no reason not to refute the central tenant of the Goldman letter from earlier this week:

Cryptocurrencies are not the ‘new gold’ despite their recent popularity.

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Goldman Sachs Warns Investors Crypto Is Not Gold

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In a recent address, Goldman Sachs has advised clients to beware of cryptocurrency. Instead, the investment banking juggernaut favours precious metals as part of a balanced portfolio:

The use of precious metals is not a historical accident – they are still the best long-term store of value out of the known elements.

The note issued to investors this week detailed the differences between the two assets from a value perspective, concluding that gold remained the favourite. In their view, gold continues to satisfy the main characteristics of money better than Bitcoin and other cryptocurrencies. They highlight security, regulatory, and infrastructure risks, as well as the high fees associated with pre-SegWit transactions.

Using these metrics, it’s hard to see how Goldman Sachs favoured gold above crypto. Whilst it may enjoy historical precedence as a store of value, gold suffers from its own flaws making its worth just as arbitrary as Bitcoin. Both are currently backed by faith, rather than utility. Gold has had thousands of years to prove its use and, aside from a few small industrial applications, has failed to do so. Bitcoin, on the other hand, is just getting started.

The investment banking memo highlighted the risk of compromise digital wallets pose via attacks from hackers. However, if properly secured, the chances of this are immeasurably small. Most likely smaller than the chances of having a gold vault smashed into and the contents looted.

Goldman Sachs went on to highlight the steep transaction fees affecting the Bitcoin network pre-SegWit. Whilst true that earlier this summer, the price of transferring Bitcoin increased to such an extend that it was no longer usable for micro-payments, scaling technology aims to ensure that this is no longer the case. Users who’ve made a SegWit transaction already will vouch for the developers’ success in this regard. Now, compare that with gold. How much does it cost to send 10, 50, or even $100 million in gold around the world? We’ll wait…

The banking behemoth went on to claim that gold has no obvious competitors in the space. They highlight the number of cryptocurrencies currently in existence to support their case for its dominance over Bitcoin. We’re not sure what planet they’re living on when they make such arguments. Last time we checked there were many, many different metallic elements. All have value. Most even have more solid use cases. Copper might not be worth as much as gold but then again, Monero isn’t worth as much as Bitcoin. We’re at a very early stage in cryptocurrency and it’s only natural that the space would be crowded at this juncture. As the market matures, we’ll likely see a huge thinning of the number of digital assets available with only those with practical uses surviving.

Regulatory risk was another factor that the note observed. However, numerous country’s legislative have attacked Bitcoin in recent weeks, and the price showed naught but a small hiccup. The Chinese shutting down exchanges and banning initial coin offerings in September immediately caused fear in the market but investors quickly remembered that one of the central premises of Bitcoin is its government resistance.

Finally, the Goldman Sachs memo claimed that gold has much lower volatility than cryptocurrency. Whilst this is certainly true at present, basic economics suggests that if Bitcoin were to replace gold as the planet’s store of value, it would share exactly the same if not less price movement than any other commodity, share, or asset. The current extreme shifts in value are the result of Bitcoin’s relatively low market cap in comparison to the currency of countries and especially the entire worth of the whole planet’s gold market. If interest around the globe continues to grow there is no reason not to refute the central tenant of the Goldman letter from earlier this week:

Cryptocurrencies are not the ‘new gold’ despite their recent popularity.

Image: Shutterstock

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Gold Versus Bitcoin, Goldman Sachs Prefers Metal to Crypto

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Markets and Prices 14 mins ago | By C. Edward Kelso – | 1752 | 4 Gold Versus Bitcoin, Goldman Sachs Prefers Metal to Crypto Bitcoin’s creator patterned his digital commodity money after history’s most famous analog store of value for currencies, gold. Debate rages as to whether bitcoin will overtake gold’s place.  Also read: Goldman […]

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Russian Economic Development Minister Calls Bitcoin Worse Than Casinos

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“First, you earn, then you will lose everything and be left with nothing.”: Russian Economic Development Minister Maksim Oreskin on Bitcoin

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Ethereum Fork Happened. Byzantium is Live. But Not Without Issues.

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Ethereum has forked for the fifth time and while Byzantium update had some bugs and delays, it was implemented with success and no significant community arguments.

Vitalik Buterin celebrated with a few developers, the success of the fork and posted this on twitter.

Hard fork celebration! pic.twitter.com/mL1ZyJOYeA

— Vitalik Buterin (@VitalikButerin) October 16, 2017

Byzantium is part of a package of improvements to the protocol that has been in development since 2015.

“Metropolis is a planned Ethereum development phase that includes two hard forks: Byzantium and Constantinople. Byzantium is occurring at block number 4.37mil. Constantinople does not currently have a release date, but is expected in 2018,” a blog post from late last week confirms.

After the fork, the price of ETH remained mainly stable, but it may seem that it will drop bellow 300$ in the following days.

ethereum evolution after byzantium fork

Metropolis intended to provide greater flexibility to smart contract developers. According to Hudson Jameson of the Ethereum Foundation, smart contracts will eventually be able to automatically pay their own fees, thus eliminating the need for users to externally fund smart contracts themselves.

Instability and risks still remain.

Aside from the faulty nodes that have yet to upgrade, there’s also a chance of security bugs in the current Byzantium software.

The most severe and frequent of these is the consensus bug (as mentioned above), which occurs when nodes cannot transmit and the blockchain splits into opposite chains creating a secondary “coin” based on Ethereum code.

Developers are now said to be running tests to try and locate these risks, hoping to catch any before they active.

According to Wood, if the network does contain this bug, it will take time to show itself.

“I don’t think anyone believed the network was going to self-combust on block 4,370,000,” Wood said.

Rather, if there is a problem, it will come to light over the following days.

And if this does happen, Wood is confident the developer team will release debugged software variations quickly, to avoid any excessive damage to the platform.

Regarding the faulty software that is already out there, lead security developer for Ethereum – Martin Holst Swende said:

This isn’t a cause for concern.

If consensus splits happen as a result of running the old software, he assured:

“They’ll simply be dropped off the chain, [then] look into it and update their client.”

Of course, Ethereum is no longer monitoring these nodes, so if a bug does show up, it won’t be visible on any of the blockchain explorers. Further, should the bug be exploited on the older software, we’re unlikely to hear about it, beyond the “noise on Reddit,” according to Holst Swende.

New security check for Ethereum called the “Fuzzer”, a future saver tool Anti-Forks.

Ethereum relies on a number of security screening processes, but the one that probably didn’t get sufficient airtime prior to release is what’s known as a “Fuzzer” – an automated testing process that can draw out the most subtle of code weaknesses.

This is a new security check for Ethereum, and as core developer Peter Szilagyi explained,

“It takes time to polish and effort to really make it part of the workflows. Rest assured that the Fuzzer will be a much more organic part of the next fork preparation.”

The Fuzzer is now running to ensure the safety of Byzantium, and, so far, no bugs have been discovered since the hard fork. And while the whole experience has led some developers to vouch for more careful updating in the future, the Ethereum team doesn’t seem keen on dialling back its more aggressive approach to blockchain upgrades.

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Jaguar-Backed Blockchain Startup Completes $12 Million ICO

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A blockchain startup funded by the venture arm of Jaguar Land Rover has raised roughly $12 million in an initial coin offering (ICO).

DOVU told CoinDesk that it had raised a total of 40,000 ethers, an amount worth approximately $12.5 million at press time. The token sale was divided in two parts, including a pre-sale and a public sale that concluded on Tuesday.

The startup had previously received an investment from InMotion Ventures, Jaguar Land Rover’s investment outfit. Creative England, a fund backed by the U.K. government, also bought an undisclosed stake in the firm.

DOVU is aiming to build a platform through which users will voluntarily submit data (from traffic reports to weather conditions) and be rewarded through the distribution of the “DOV” tokens. The idea is that the token will act as an incentive for getting more information on the platform, which can then be sent to connected devices and other entities that are using the network for up-to-date transport data.

In statements, the company said that the ICO is “the beginning” of a longer process to come, with the funding being devoted in part to building out the existing DOVU team.

“Over the course of the next few months we’ll be announcing exciting partnerships and protocol developments. We’re going the hire the best blockchain talent, so if that’s you, reach out. Now the hard work starts,” said Irfon Watkins, DOVU’s CEO.

As shown by CoinDesk data, the blockchain use case has seen growing interest since the start of the year. According to CoinDesk’s ICO Tracker, more than $2.5 billion has been raised through the funding model to date.

Image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

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Russian Economic Development Minister Calls Bitcoin Worse Than Casinos

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Russia moves quickly in its push against Bitcoin and other decentralised currencies, as it first issued a ban on access to exchanges, then followed that up with a state-mandated currency.

This play is to seemingly control the burgeoning cryptocurrency market within its state borders, allowing the government to be in charge of digital currencies and of course to tax them.

The Russian regulatory model is one that is seemingly not against digital currencies, but against ones that are decentralized and not controlled by powerful officials. This has in turn seen more and more of those at the top in Russia come out and slander Bitcoin.

Russia’s Economic Development Minister, Maksim Oreskin, has said that Bitcoin is no better than casinos.

Taking a gamble

In a talk at the World’s Festival of Youth in Sochi, Oreskin said Bitcoin had characteristics that made it worse than casinos, state-backed Russian media outlet RT reported.

He was speaking on a day which saw Bitcoin suffer its deepest one-day decline in a month, with rumours circulating that the USA may well be clamping down in the near future.

“As for Bitcoin, if you look at how the value of this asset fluctuates, it’s dozens of percent up, then dozens of a percent down. An asset that can be available for an unqualified investor should not have such characteristics, because it’s worse than casinos. First, you earn, then you will lose everything and be left with nothing,” Oreshkin said.

“Those who do not know how to manage risks in instruments with such volatility, should not be able to invest, because in 99.9 percent of cases it results in losses for such people and then they will find themselves in a difficult life situation, which is not good,” Oreshkin added.

A Russian way of doing things

In a manner similar to the Russian state capture of cryptocurrencies, the finance minister has his own thoughts on how to deal with Bitcoin in the country.

Oreshkin has proposed granting the right to trade Bitcoins only to qualified investors. To get the status, you need to have at least six million rubles in your account ($100,000), make at least 40 transactions a year with a turnover of six million rubles, or have worked for at least two years in a financial institution that traded securities.

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