Tag Archives: might

Ethereum Bids for Wall Street with ETF Application

The ETF fever might be making a comeback as SEC places itself in the spotlight once again following its decision to review their rejection of the bitcoin ETF. Heat now might be turned up a notch as the new kid in the block, ethereum, is trying its luck too, in a bid for Wall Street.

Joseph Quintilian and Gregory DiPrisco have founded EtherIndex which is to act as a trust for an Ethereum ETF with Coinbase acting as a custodian and price based on GDAX while Kraken is to act as back-up, both regulated exchanges.

Not much is known about the two, but Quintilian appears to be a Wall Street banker or trader, seemingly very well connected and apparently politically involved. He is a board member of Concord 51, a political action committee that targets young professionals, and, according to their LinkedIn, “not just the young Republican establishment, but also the unengaged.”

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The two have also founded Axiom Markets, “a proprietary energy trading firm,” according to their website, and, interestingly, they say “Axiom Markets has melded technology and trading together. Our programmers and traders worked as a team during the development and implementation of our in-house proprietary platform.”

That makes it somewhat easy to see how they ended up at eth, but do they have a chance with their ETF? Mr. Eduardo A. Aleman, Assistant Secretary at the SEC, has made a new ruling on the eth ETF this April 21st 2017. It’s slightly confusing.

First of all, Aleman has instituted proceedings “to determine whether the proposed rule change should be approved or disapproved.” He wants written comments from the public (presumably because he can’t do his own research as we saw from his last decision where outdated and factually incorrect information was used) and, he says he hasn’t made a decision, but is “providing notice of the grounds for disapproval under consideration.” These grounds are now a bit familiar:

“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s… which requires, among other things, that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.”

Eth and bitcoin are similar, but also very different. First of all, none of the big Chinese exchanges lists eth for trading. Secondly, the two biggest eth exchanges are Coinbase and Kraken, both regulated.

Ethereum is backed by almost all household brands who have formed an alliance in support of the platform. Microsoft is a big proponent, with eth’s protocol added to the IBM spearheaded Hyperledger.

The currency has a philosophy of “political neutrality.” The state of Arizona has now declared that smart contracts are to be treated no differently than any other contracts. Mr. Aleman should approve.

Mr Aleman, Open the Doors for Business

If he keeps rejecting these ETFs then he will show to a new generation that regulators are standing in the way of innovation in the guise of “protecting the public” or “preventing manipulation.” Why hasn’t the SEC delisted the banks that manipulated the LIBOR rates if they so keen on “preventing manipulation?”

Because that’s probably just filler. The decision, instead, appears political, probably by a democrat who should be fired due to the shambolic way he handled the bitcoin ETF rejection, allowing widespread speculation for weeks even though a decision had seemingly been made and rejecting it at, literally, the last minute.

Get out of the way of this generation’s invention SEC. Open the doors for business or your youth will just go to Britain where they’ll be welcomed with open arms, further precipitating your “third-world airports,” as President Trump called them.

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What is False Teaching?

False teaching comes in many forms, but these teachings always deny the identity of God.

Written by Joy on 28/09/2014
Series: Weekly Devotional
Tags: Jesus, Lies, Truth
“This is what the Lord says – your Redeemer and Creator: ‘I am the Lord, who made all things. I alone stretched out the heavens. Who was with me when I made the earth? I expose the false prophets as liars and make fools of fortune-tellers. I cause the wise to give bad advice, thus proving them to be fools.’” Isaiah 44:24-25

False teaching comes in many forms, but these teachings always deny the identity of God. This is how false teaching denies God’s identity:

Denial of Creator God
False teachings often deny Genesis 1:1, which says “In the beginning, God created the heavens and the earth.” 2 Peter 3:3-8 even reminds us that in the last days people will purposely “forget that long ago by God’s word the heavens came into being and the earth was formed.” Denying God created the heavens and the earth is a false teaching.

Denial of God’s Standards
False teachings change God’s standards. God only requires faith to receive eternal life. But some false teachers say you can save yourself by doing good works. In John 14:6, Jesus tells us “I am the way and the truth and the life. No one comes to the Father except through me.” Your good works can’t get you to God. You can only be saved through faith in Jesus. Psalm 5:4 says “For You are not a God who takes pleasure in wickedness…” Many times, false teaching will also attempt to make sin seem ok. But God hates sin. False teaching disagrees with what God defines as sin, and leads people into a lifestyle that is not pleasing to God.

Denying that Jesus is the Only Way to God
False teachings may say there are many ways to God. Or, that you don’t need God because there is no sin, or judgement, to be saved from. Acts 4:12 says “There is salvation in no one else! God has given no other name under Heaven by which we must be saved.” That means Jesus is the only way to God, but false teachings do not agree with this truth.

Denial of a Loving God
God is not hateful. The truth is…. “God is Love. God showed how much he loved us by sending his one and only Son into the world so that we might have eternal life through him.” (1 John 4:8-9). God’s message is clear: He is God, our Creator and He saves us because He loves us so much.

Pray this week:

To know God for who He really is.

The world denies God's standards, and God's Word, and even denies that Jesus is the only Way to salvation… Do you know people who do this? How do you handle that? Talk to a Christian to find out.

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Oculus could cost Facebook up to $11 billion, but it might be worth it

In 2014, Facebook CEO Mark Zuckerberg spent $2 billion to purchase the virtual reality startup Oculus and its Rift headset. The deal was huge, not just from a price standpoint, but because it was proof of momentum behind the nascent VR industry.

Nearly three years later, though, it looks like that $2 billion was just a down payment for the VR company, as Facebook will likely have to shell out billions more until the social network can get the Oculus’ technology to a point where Zuckerberg and co. are satisfied.

The Facebook founder said as much while on the witness stand for a lawsuit that accuses Oculus of stealing some of its VR technology from video game company ZeniMax Media, according to The New York Times.

From $2 billion to $11 billion

That initial $2 billion payment for Oculus wasn’t even the entire amount Facebook paid for the company. The social networking giant also paid $700 million to keep certain Oculus employees and promised an additional $300 million if the company met specific milestones, according to the report.

On top of that, Zuckerberg said Facebook might have to dump an additional $3 billion into Oculus to shore up its technology.

Why commit to spending nearly $7 billion — plus an extra $2 billion if Oculus loses its lawsuit — on a technology that has yet to blow up in the consumer market? Well, because Zuckerberg is looking beyond VR in the traditional sense. See, where the Rift, HTC’s Vive and Sony’s PlayStation VR are primarily designed as gaming systems, the Facebook founder has his sights on making virtual reality a more social experience.

During the Oculus Connect 3 conference in October, Zuckerberg took the stage to show off a kind of virtual/augmented reality system the company was working on. In the demo Zuckerberg showed how he, through a digital avatar, could interact with friends and family in real time in a digital space as if they were all in the same room.

Price is still a barrier

It’s an interesting gambit, but it’s still far from complete. What’s more, the cost of VR systems like the Rift is still prohibitively high for many consumers. The company is working to bring prices down, though.

For instance, when Oculus launched the Rift in 2016, you needed to purchase a $1,000 to $1,500 PC to run the headset, plus another $600 for the device itself. Since then, the company has worked to ensure the Rift can run on systems that cost as little as $500. Still, at $1,100 for the whole setup, the Rift isn’t exactly cheap.

HTC’s Vive costs $800 and still requires a powerful PC, while Sony’s PSVR costs $400 and only works with that company’s PlayStation 4 console. Sure, gaming enthusiasts might not have a problem spending that kind of cash on a top-notch gaming experience, but none of these headsets is quite there yet. There’s no “killer app” for high-end VR systems.

The most successful headsets, so far at least, have been Samsung’s Gear VR, which costs $100 plus the price of a compatible Samsung smartphone, and Google’s Cardboard, which costs $15 in addition to the cost of a smartphone.

Zuckerberg’s big bet

Zuckerberg is obviously keenly aware of the importance of mobile platforms — the majority of Facebook’s traffic comes from mobile users and that will only continue to grow. Which is why Facebook split Oculus into two divisions, one primarily focused on PC-style VR and the other focused on mobile VR.

The hope is that Facebook and Oculus will be able to create a system impressive enough for all consumers to want to use. How long will it take for the company to get there? If Zuckerberg’s prediction on the stand holds up, it could take anywhere from 5 to 10 years.

Still, Oculus will be in an enviable position if Zuckerberg’s prognostications prove correct. That’s because the Facebook CEO sees gaming as just the tip of the VR iceberg. In its ultimate form, Zuckerberg sees virtual reality as a means to share experiences with others in real time and feel as though you’re actually there.

In a July interview with Bloomberg, Zuckerberg explained how virtual reality is the natural progression from sharing experiences via video, just as video was the natural progression of sharing experiences via photos. VR, then, will almost literally allow us to stand in another person’s shoes as they explore the world.

And with Facebook’s enormous audience — it has roughly 1.8 billion monthly active users, already sharing everything from selfies to wedding videos — the social network is just about the only company that can help push VR forward as a means to connect the masses. If that all works out, and Facebook becomes the VR company just as it is the social network, the billions Zuckerberg spent on Oculus will surely have been worth it.

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