Top Crypto News – 07/11/2017

$8,000? Goldman Sachs Analysts See Possible Bitcoin Price Jump

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Goldman Sachs analysts predicted that the price of bitcoin could surge as high as $8,000 in a note distributed to clients earlier this week.

According to Business Insider and Bloomberg, the note came as the cryptocurrency’s price cleared a new all-time high above $7,600. Technical analysts Sheba Jafari and Jack Abramowitz cautioned that the signs are pointing to a new run up – albeit one that may take time to develop.

“This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation,” they wrote, according to Bloomberg.

At press time, the price of bitcoin is trading at around $7,092, according to CoinDesk’s Bitcoin Price Index (BPI).

The note represents the latest instance in which the investment bank has offered some possible guidance for its client base, which Goldman began circulating earlier this summer.

And amid rumors that Goldman is considering a new client-facing brokerage built around cryptocurrencies, its influential CEO, Lloyd Blankfein, has struck a decidedly neutral tone on bitcoin, declaring his “openness” in recent statements and interviews.

“I’ve learned over the years that there’s a lot of things that work out pretty well that I don’t love,” he told Bloomberg last week.

Markets graph image via Shutterstock
Written by CoinDesk

Bitcoin Ivy League! Yale, Wharton, Haas Offer Courses on Blockchain Tech

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Business schools are getting pressure from two sides: growing student population interest in cryptocurrencies, and successful companies, looking to hire graduates with practical knowledge in the technology (tech) undergirding the world’s most popular cryptocurrency, bitcoin.

Bitcoin Tech Accepted at Ivy League Schools

“We believe it will have the biggest impact on contracting, logistics and supply chains, healthcare, public administration, assets clearing, property, transactions,” Haas School of Business at UC Berkeley lecturer Greg LaBlanc told Agence France Presse, speaking about technology undergirding bitcoin, the blockchain.

“When people think about blockchain they think about cryptocurrencies,” Mr. LaBlanc continued. “Pretty much every function of businesses are going to be affected by this.”

Next semester, Haas School of Business  “will offer its first ever course in blockchain software,” AFP’s Luc Olinga writes. The school “will handpick 60 students from the departments of business, engineering and law and split them into groups of six to explore possible applications of the technology.”

Haas is ranked in the top ten business schools, seventh to be exact, according to US News & World Report.

Cliche as a Way to Cryptocurrencies

Blockchain, for whatever reason, is the most-oft put cliche in crypto circles. It’s almost a watchword when deciding how new someone is: the more they pepper sentences with phrases such as “blockchain technology,” the more keen listeners understand they’re probably lacking in real-world bitcoin knowledge.

Precisely because its been picked up by corporate business types, ironically, it has become a way for that community to embrace cryptocurrencies … which carry stigmas of unofficial or the anarchic (or can).

“It was originally developed as the accounting method for bitcoin,” Mr. Olinga explains. “But while that cryptocurrency remains controversial with some players in finance, bankers increasingly see exposure to blockchain as a must.”

Yale, Wharton, Oh My!

It’s a new world for business students, and a great deal of that change is due to bitcoin. As AFP notes, students “who wish to work in trading must learn how to code, while bankers need to understand algorithms and big data to be able to attract new clients and devise strategies for fast-changing markets.”

“At Yale, about 20 percent of 2016 graduates found jobs in finance,” according to AFP.

Yale School of Management’s Stephen Daffron puts a finer point on it, saying if students “don’t understand how to evaluate a company that tries to employs blockchain, then they won’t probably be a good fit for us.” .

The Wharton School’s Barbara Hewitt explains, “I increasingly see students opting to explore technical minors, such as in computer science, to be well prepared for the growing use of technology in many fields.”

What do you think of business schools teaching blockchain tech? Tell us in the comments below!


Images courtesy of: Pixabay, Yale School of Management.
Written by Bitcoin.com

India’s central bank is shutting the door on bitcoin and other crypto-currencies

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Crypto-currencies may be one of the most intriguing subjects in the world of finance right now but they have failed to impress India’s central bank.

In a fairly definitive expression of its stance, a director of the Reserve Bank of India (RBI) has signalled that virtual currencies like bitcoin won’t be allowed in the country. “Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end,” said S Ganesh Kumar, executive director of the RBI, at a conference in Mumbai on Nov. 06.

Kumar’s comments are likely to end much of the speculation over the legitimacy of virtual currencies in India. However, blockchain technology, which underlies these virtual currencies, has significant potential, added Kumar. Banks in India are already relying on blockchain to enable overseas transactions, international remittances, and other processes.

Crypto-currencies may be one of the most intriguing subjects in the world of finance right now but they have failed to impress India’s central bank.

In a fairly definitive expression of its stance, a director of the Reserve Bank of India (RBI) has signalled that virtual currencies like bitcoin won’t be allowed in the country. “Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end,” said S Ganesh Kumar, executive director of the RBI, at a conference in Mumbai on Nov. 06.

Kumar’s comments are likely to end much of the speculation over the legitimacy of virtual currencies in India. However, blockchain technology, which underlies these virtual currencies, has significant potential, added Kumar. Banks in India are already relying on blockchain to enable overseas transactions, international remittances, and other processes.

 

New French Restaurant in New York City Accepts Bitcoin, Ditches Visa/MasterCard

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A new French restaurant in New York City is taking things one step further to give diners a unique experience: it’s letting them pay in bitcoin.

La Sirène, which opened on Friday, is located on Upper West Side, and proclaims to be an authentic French bistro. This is the second La Sirène restaurant in New York. The first is located downtown in Lower Manhattan.

According to the West Side Rag blog, though, while the restaurant accepts bitcoin, cash, cheque, and American Express, it doesn’t take Visa or Mastercard.

Reacting to the blog post, one person wrote:

“They take bitcoin, but not Visa? Who are they hoping to market to? Makes no sense.”

“Bitcoin but no “regular” credit cards (Visa, MasterCard)? Guess they only want to attract the Amex crowd (biz travelers, business people?) … and millennials with bitcoin. And who writes checks anymore?”

As the crypto market continues to gain prominence restaurants are realizing the benefits of accepting the digital currency for payments.

Last August, a New Hampshire restaurant was reported as accepting the digital currency for everything on its menu. Called Street, and located in the west end of Portsmouth, it features a global menu while providing a casual atmosphere for hungry diners.

Shortly after that, Free Keene, a pro-decentralization and pro-bitcoin organization in New Hampshire, revealed that a food truck in Keene, New Hampshire, was accepting bitcoin. Featuring a bitcoin sign on the truck, Bon Vivant – Gourmet Street Food, is believed to be the first food truck in the U.S. to accept the digital currency.

However, it’s not just the food industry that is accepting the cryptocurrency.

In November, Italy’s biggest taxi firm, Cooperative RadioTaxi 3570, announced that it was accepting the digital currency as payment from its customers. In July, Japanese electronics retailer Bic Camera enabled the acceptance of bitcoin to customers across all its stores, becoming the first major Japanese retailer to do so. Whereas, tenants at a London residency can now pay their deposits in the cryptocurrency.

With the digital currency now worth over $5,000 it’s likely that more companies will begin accepting it as a form of payment.

Featured image from Shutterstock.
Written by CryptoCoinNews

How Cryptocurrencies And Blockchain Are Taking Esports To The Next Level

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Revenue from eSports — or competitive video gaming — will grow to $700m in 2017, a 41.3% increase from 2016 , according to Newzoo research. The industry is forecast to reach $1.5 billion by 2020. Major investors, high-profile celebrities, big-brand sponsors and major tech companies are banking on eSports’ profitable trajectory.

Blockchain-powered solutions are the latest trend to shake up transactions and data for the entire sector. To gamers, blockchains and digital currencies are nothing new, and this attitude enables the industry to adopt new technologies faster than other industries like banking or logistics. Part of that has to do with age. According to Newzoo’s 2017 Global Esports Market Report, electronic gaming entertains a young and marketable demographic: Millennials. More than half of eSports enthusiasts globally are aged between 21 and 35, and they are often early adopters of technology, including blockchain.

Blockchain applications across eSports

Startups are leveraging the benefits of blockchain to deploy smart contracts, fuel betting, host tournaments, and ease the purchase virtual assets, all of which help grow the eSports ecosystem. Much has been written about blockchain startups tackling eSports betting and the purchasing or trading of skins (cosmetic items), but another important application is how this technology can help amateur gamers on their pathway to going pro though both tournament and team building platforms.

Tournaments are a way of life for avid eSports gamers and online gaming platforms that have embraced blockchain are seeing the pay-off. FirstBlood, an eSports platform created on the Ethereum blockchain, decentralizes tournament setup and winnings distribution. It allows players to test their skills and to bet on games without being dependent on traditional money transfers, financial regulations and middleman corruption. With FirstBlood, players can game solo or with a team in order to improve their skill through games in a competitive environment. Other blockchain companies including Gilgam.es and EloPlay have entered the tournament space as well.

From amateur gamers to going pro 

While fostering a tournament environment can help players sharpen their skills, we believe there is an opportunity to take this one step further, by lessening the barrier of entry when it comes to building and managing teams.

There are 1.4 billion registered gamers, and most of those players are concentrated around the most competitive eSports titles that include LoL, CS:GO, Dota2 and Overwatch.  One of the most loved esports titles, League of Legends, has 250 million players players who want to build, grow and manage their teams, but there are only 100 League of Legends clubs worldwide. Let’s compare that to football, a traditional sport, with more than 300 million players globally, with around 300,000 clubs. This discrepancy of players to clubs was the catalyst for our company, DreamTeam, to develop a dynamic platform to solve this problem.

Building teams to advance 

DreamTeam takes blockchain-powered tournaments one step further by creating a recruitment and management platform for amateur, novice, and pro teams. Blockchain-based smart contracts ensure contractual financial relations for all users without participation of third parties. One function of DreamTeam is to aid the development of small tournaments and secure payments. On the DreamTeam platform, when a team that participates in a tournament gets a winning place, the prize money automatically transfers to their account according to predefined rules (the data is taken from game API’s — application program interface and oracles, or a service that verifies the data independently). All players receive their share of the prize money without issues or delay. This is just one aspect; we envision the platform developing into a multi-billion dollar ecosystem built upon media right sales, sponsorships, players salaries, and prize money.

Blockchain has the potential to revolutionize a wide variety of industries, but with eSports’ audience made up of younger, tech savvy individuals, blockchain is more easily embraced. Every corner of eSports is ripe for rethinking. Aiding amateur gamers through team building and tournaments is only the beginning.

Written by Forbes

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