Tag Archives: target

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comments from the public (presumably because he can’t do his own research as we saw from his last decision where outdated and factually incorrect information was used) and, he says he hasn’t made a decision, but is “providing notice of the grounds for disapproval under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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Mercedes Targets Silicon Valley Rivals With Robo-Taxis by 2023

by Elisabeth Behrmann
Daimler, Bosch plot autonomous cars for California, Germany
Self-driving vehicles set to grab market share: study
Daimler AG and the world’s biggest auto-parts maker plan to offer robo-taxis in the U.S. and Germany within six years, as competition to become the first provider of autonomous shared cars intensifies.

Daimler’s Mercedes-Benz division and automotive technology giant Robert Bosch GmbH have teamed up to run the vehicles in at least four locations, including Silicon Valley and their hometown of Stuttgart, according to a statement on Tuesday. Competing with newer entrants such as Uber Technologies Inc. and traditional rival BMW AG, the project will allow customers to order automated cars via smartphone.

Source: Mercedes-Benz – Daimler AG
“The idea behind it is that the vehicle should come to the driver rather than the other way round,” Daimler, parent of the world’s biggest luxury-car maker and Bosch said in the statement. The venture will have a workforce of a few hundred people.

Carmakers and new competitors like ride-hailing startup Uber are pouring billions into making vehicles smart enough to navigate streets on their own. While some traditional manufacturers such as Fiat Chrysler Automobiles NV are tying up with technology providers to save costs, Daimler is developing models for a new era of self-driving vehicles largely on its own.

Building a fleet of robo-taxis will allow the German company, which is also the world’s largest maker of commercial vehicles and the owner of the Smart city-car brand, to monetize the technology once it hits the mainstream and avoid becoming a lower-margin hardware supplier to Silicon Valley newcomers. It also allows Daimler to retain control of the relationship with drivers and the valuable data they generate — even if they no longer own the cars they ride.

Beating Rivals

The partnership between two German automotive heavyweights is part of a broader shift as the industry braces for disruption. Daimler must adjust to “fundamental changes” as autos become increasingly capable of driving themselves and run on electric motors, Chairman Manfred Bischoff said at the annual shareholders meeting last week.

Investing in the future has been costly for Daimler, which has been experimenting with autonomous features for years. The company warned its profit will rise only slightly in 2017, as research and development costs continue to climb after jumping 15 percent last year to 7.6 billion euros.

Daimler has already branched into new services in response to shifts in how people use vehicles. In 2015, BMW, Daimler and Volkswagen AG’s Audi division joined up to buy Nokia Oyj’s HERE real-time maps unit for 2.8 billion euros. The Daimler-Bosch venture will use HERE’s technology. The reliability of self-driving vehicles will be a critical focus of the new project after Uber suspended an automated-car trial because of a crash in Arizona last month.

The Mercedes parent also owns the Car2Go auto-sharing business, with 2.2 million global members, and cab-hailing app Mytaxi, which merged with its U.K. equivalent Hailo last year. The German manufacturer bought U.S. ride-booking service RideScout LLC in 2014 and runs Moovel, which combines taxi, car and bicycle sharing services with public transport.

Even if shifting into services and self-driving vehicles risks sapping demand for private cars, there may be no alternative for manufacturers. Autonomous vehicles will probably make up 25 percent of new car sales by 2035, according to a Boston Consulting Group study.

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