Federal Reserve Governor: Blockchains "Genuinely Innovative" and Transformative
Lael Brainard, Federal Reserve Governor, made the case this Friday for blockchain technology in a speech delivered at the Institute of International Finance Annual Meeting announcing a “working group that is engaged in a 360-degree analysis of financial innovation across the broad range of our responsibilities” as well as a paper to be published later this year.
The governor stated that blockchain technology can allow for “significantly faster processing” and reduce costs in cross-border payments replacing a “long and opaque intermediation chains associated with current methods of correspondent banking.” For clearing and settlement, the use of blockchain technology where identical records are simultaneously shared among numerous nodes could be “compelling” as well as “provide coordination that facilitates exchange, clearing, and settlement of obligations” in commodities and derivatives markets which are currently heavily paper based. Brainard stated:
Earning Bitcoin to Watch Ads: Is the “Attention Economy” Finally Here?
A recent downgrade of Google noted that their advertising model was being potentially threatened by companies that will offer “paid attention” services to users. Could this rising attention economy be the silver bullet that digital currencies need?
Why Is the Attention Economy Important?
A recent analyst report by James Dix ad Wedbush Securities downgraded Google, warning of a future in which search as we know it is will no longer the “cash cow” that Google has controlled for years. His report focuses on what he calls, “The Four Horseman of the Search Apocalypse.” Dix points out the following:
“Digitizing commerce and advertising is easing targeting of self-identified consumers and consumer control of [internet]-delivered ads, and thus user-priced attention gateways. To target the market of people in the market, conditioning “paid attention” on purchase could often substitute for search advertising. Payments innovations should facilitate more seamless settlement of incentives.” Read More...
Greece Seizes 500,000 Bank Accounts worth Euro 1.6 Bln, Escape With Bitcoin
Tax authorities in Greece have seized half a million bank accounts, containing 1.6 billion Euros, in the first half of 2016.
In the first four months of the year alone, authorities seized 428,465 accounts, and the numbers included in May push that figure well over the half-million mark. This contrasts with last year, where 333,776 accounts were seized all year.
Seizures of Greek accounts by tax authorities continue to rise by leaps and bounds year after year. In 2014, seizures averaged about 7,000 per month, while in 2016 they currently average over 100,000, more than a tenfold total increase. Read More...
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