WhatsApp encryption, Igot collapse, central banking failure revealed by the Panama Papers, John McAfee’s take on cryptocurrency and Satoshi Nakamoto’s true identity are among the important news Cointelegraph has collected for your perfect Monday.
McAfee: Cryptocurrency Pandora's Box opened
In his interview for RT, John McAfee, Libertarian candidate for president, predicts that the market economy will control its own interest rate in the nearest future as it did before the Federal Reserve arrived, and that will be caused by the rise of cryptocurrency.
John McAfee claims:
“Cryptocurrency is coming, I promise you! It may or may not be Bitcoin, maybe something else. But it is coming. It is like the Pandora Box has been opened. You will never get this idea back in the box. And when it comes “the Fed” will disappear. It cannot exist in the world of cyber currency.”
Central banking is broken, Panama Papers reveal
The Panama Papers revealed the worst suspicions of a wary public about their rulers, super-rich, and celebrities: corruption, hypocrisy, and duplicity. They will not change their ways for more than a mere moment until public scrutiny passes. A decentralized, cryptocurrency-driven global financial system could very well put this sort of scandal into the dustbin of history.
WhatsApp is encrypting all
WhatsApp will encrypt files and voice calls along with text messages that are sent over its network. Everyone who has the latest version of WhatsApp will be able to use this feature, and there is no option to turn off encryption and no need to initiate encryption by starting a private chat either.
New encryption enabled WhatsApp users get a message saying, “Messages you send to this chat and calls are now secured with end-to-end encryption. Tap for more info.” Users can then tap on more info to get to a page that has a QR code which can be scanned on your contact’s phone to verify the end-to-end encryption.
Craig Wright is not Satoshi Nakamoto
WIRED writes that Craig Wright has to convince a highly skeptical cryptography community that he is Satoshi Nakamoto by offering some proof. So far there is a lot of evidence in the not-Satoshi column. However, this is the least of Wright’s problems. After WIRED’s and Gizmodo’s initial stories on Wright were published, his home near Melbourne was raided by the Australian Federal Police working on behalf of the Australian Tax Authority.
Walt Disney Now Loves Blockchain, Going Trustless in Seattle
Disney has come out with a wanted ad for an intern to work on its private blockchain. Companies in diverse sectors, not just financial services, are taking notice of the blockchain and everybody seems to love it. The position advertised has been for an intern at the Disney Private Blockchain within the DTSS (Disney Technology Solutions and Services) business unit.
Igot on verge of collapse
ABC News reports that Australian-founded bitcoin exchange Igot appears to be on the verge of collapse. Dozens of customers and clients are claiming to be owed hundreds of thousands of dollars. It turns out that the company, which buys and sells bitcoins on behalf of customers, has for months been unable to completely deliver on those bitcoins or refund their money. Its owner Rick Day admitted to the ABC that he was struggling to pay customers.
Death of banking sector greatly exaggerated
Forbes Chris Myers warns that if you’re gambling on fintech, you’d be wise to remember that the bank is the house. You might have a few wins here or there, but in the end, the house always comes out ahead. He says that it all comes down to money, and if a fintech player becomes too successful, a bank simply buys them out.
Cryptocurrency may not provide opportunities for developing world
The Atlantic points out that something strange is happening to Bitcoin. Once viewed as a way to do business in the darkest corners of the web, the digital currency has become a favorite talking point among humanitarians and international development enthusiasts.
However, the journalists do not believe that Bitcoin is the best way to think about establishing a digital commons for financial transactions. The Bitcoin network requires large amounts of bandwidth to run and uses enormous amounts of power, which makes it challenging for people in the developing world to participate in mining or use the network reliably.
10 financial mistakes you will regret at 50
Economic Times looks at 10 investing mistakes that young people may regret in later years. Investing in insurance, choosing the wrong investment vehicle or putting money in dubious schemes are only three of these 10 mistakes.
Waiting too long to invest, dipping into retirement savings, and splurging on needless items are other common mistakes that young people make.
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