Blockchain News 16.10.2018

Chaos science journal declares Bitcoin as stable as oil and the Dollar

A new paper published in the science journal “Chaos” suggests that the volatility of cryptocurrency markets is very similar to what is expected of traditional assets like oil and gold. According to Stanislaw Drozdz, the main author of the study and professor at the Institute of Nuclear Physics of the Polish Academy of Sciences, this could mean that the Forex markets could be in for some real competition from the cryptosphere.

The paper explains that these trends can be taken as evidence that Bitcoin, and possibly other cryptocurrency markets, have real potential to become regular markets, in direct competition with the Forex market. Plus, the authors argue that cryptocurrencies offer unique views into the statistical features of market maturation trajectory, thanks to high-frequency price data being readily available.

Australian state eyes blockchain for property transactions

As part of a plan to put all property transactions into the digital realm, Australia’s New South Wales government is turning to blockchain technology. With the state having ordered the digitization of all property transactions by July 1, 2019, NSW Land Registry Services – the operator of land titling and registry operations in the state – is launching a proof-of-concept (PoC) trial to gauge if blockchain is the best way to go.

For the technical side of the effort, the agency is partnering with Sweden-based ChromaWay to conduct the PoC on its blockchain platform, with completion expected by early next year. Currently, the report states, all land transactions are recorded manually and are written into public registers. Once the digitization process is complete, that will no longer be the case and paper contracts will no longer be valid. The startup said: “It will provide a more complete and comprehensive view of land rights, restrictions, and responsibilities, which will streamline decision-making for government and land sector actors, provide increased information transparency, and reduce data duplication.”

Survey shows 52% of investors at top traditional brokerages are willing to invest in cryptocurrency

In a new survey covering mainstream interest in cryptocurrencies, LendEDU, explores the market of traditional investors. The results reveal that 52% of respondents would likely use their brokerage accounts to invest in cryptocurrency, if the option existed, and 59% of traditional investors believe their brokerage will offer cryptocurrencies in the near future.

The 1,000 adult American respondents who participated in the survey are not currently invested in cryptocurrencies. Instead, these investors hold traditional assets, such as stocks and bonds. They are customers of brokerages that do not offer direct cryptocurrency investments.

The respondents hold accounts at the following brokerages:

Fidelity – 17%
Etrade – 16%
TD Ameritrade/Scottrade – 11%
Charles Schwab – 10%
Merrill Lynch – 7%
Vanguard – 7%
Edward Jones – 7%
Ameriprise Financial – 5%
Interactive Brokers – 4%
TradeStation – 4%
Other – 12%

The account holders indicated that they would trust a traditional brokerage more than Coinbase to handle their crypto – 41% compared to 14%. They would also trust Amazon more than Coinbase – 39% compared to 15%. The survey reveals that traditional brokerages have a real first-mover advantage by being able to capture a combined 48% of the respondents. The online survey was conducted over a five-day period from September 21 to September 25, 2018.

Coinbase opens Dublin office

Coinbase has opened its new office in Dublin, Ireland. By opening a new Irish office, the company is expected to expand its operations into the entire European Union. Michael D’Arcy, the Irish Minister for Financial Services and Insurance said “I am delighted that Coinbase is opening an office in Dublin. This decision highlights the competitive offering and attractiveness of Ireland for financial services.”

Coinbase also commented “It is also a plan B for Brexit. As we plan for all eventualities, it’s important that we continue servicing our customers across Europe, and Ireland would be our preferred choice there if it comes to it.”

Blockchain News 16.10.2018

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