- Overstocks Token Exchange plans its own ICO!
- Lufthansa is introducing Blockchain Technology into the Travel Industry!
- Australian University tests Certificates Directory based on Blockchain!
- Ex-IMF Economist Kenneth Rogoff: The Bitcoin Bubble will burst!
- BITCOIN COURSE CHALLENGE Week 1
According to media reports, the online retailer Overstock.com plans to launch its new token exchange using an ICO.
The Token Sale will be the launch of the new exchange, which will be the first market place for tokens, which will be viewed as securities in the US. Overstock's capital market tØ will manage the service.
During fundraising, a tØ-specific token is issued, which will be used in future for the use of the service.
Patrick Byrne, CEO of Overstock, explained to the International Business Times (IBT) that the token is different from others, it represents less a share than more an access ticket.
Byrne is confident that the company will collect between 200 and 500 million US dollars through the ICO.
Through a joint venture with RenGen and the Argon Group, the future exchange market will be valued as a so-called alternative trading system (ATS) and thus adheres to the US Securities and Exchange Commission (SEC) and financial regulators (FINRA).
Originally, tØ was chosen for trading in blockchain based equities, but the company hoped to see an emerging market through the hype surrounding ICOs.
Since the tØ has already been regulated by the SEC, Byrne told the IBT that the new service naturally fits into it: "We have taken something that is already legal and legitimate, and only adapted it so that it can interact with the blockchain . "
He added:
The platform will be released before 4 November, the American "Thanksgiving".
The blockchain adaptation is also advancing in Germany: The Lufthansa Group, Germany's largest airline, is partnering with the blockchain travel platform Winding Tree. The aim is to further explore the technology and its application.
As Lufthansa announced today, Lufthansa is entering into a strategic partnership with the Swiss Blockchain start-up Winding Tree. Winding Tree is currently building the first public, blockchain-based marketplace. This platform is intended to make travelers easier and more economical to book their travel as a whole package, as well as to meet the bidders and make their business more profitable.
In a press release, Lufthansa announces that the task of establishing digitization in the travel sector is extremely complex. Especially with the selection of the appropriate flights as well as the finding of the best travel accommodation, the majority of the customers were overwhelmed. This condition makes efficient market use impossible without a central third party, such as a flight or hotel search engine.
However, Lufthansa sees itself as a "pioneer of innovative distribution solutions and digitization" and is therefore pursuing its own plan from now on, which provides for a collaboration with Winding Tree, whose platform would revolutionize travel sales. In the future, start-ups and companies will be able to offer their services in a decentralized B2B marketplace system, which will make blockchain based bookings of travel possible. As part of the partnership, the Lufthansa Group is participating in the pro-sale of the Lif-Token, the crypto currency of the Winding Tree platform.
Markus Binkert, Senior Vice President of Distribution & Revenue Management Lufthansa Group Airlines said:
Maksim Izmaylov, founder and CEO of Winding Tree said:
In order to finance the initial development and promote acceptance among the suppliers, Winding Tree will start a sale of its crypto currency "Líf" on 1 November. In order to reaffirm confidence in the new technology, the Lufthansa Group is participating in this advance sale following the successful legal examination by the Swiss authorities.
The University of Melbourne is using the blockchain technology for the first time to record the students' degrees which where made at the institute.
The blockchain is also increasingly used in the education sector. According to the Ministry of Education and Employment of the Republic of Malta, which has launched an initiative to record the provision of services with the help of a blockchain based platform, this application now also attracts increased attention in Australia.
As the University of Melbourne, a state-owned Australian university, announced this week, it wants to be the first educational institution in the Asia-Pacific region to capture the degrees of its students on the blockchain. The university, like the Maltese government, is working with a system of the blockchain start-up learning machine, which makes it easier for its users to create official directories using the blockchain.
The performance credentials of the Learning Machine Blockchain use the Blockchain Open Standard, which means they are owned by the learner, are portable, and are interoperable with all other systems that use Blockcerts or Open Badges 2.0.
Similar to Malta, the Australian test is designed for a certain time to summarize and evaluate the success of the blockchain application.
Gregor Kennedy, the vice-chancellor of the University of Melbourne said:
Learning Machines CEO Chris Jagers said:
The University of Melbourne was joining a select group of universities worldwide to trial the blockchain technology and was trialed in an internal professional development program this July. A larger, sweeping roll-out is planned to be greenlit for 2018.
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The former IMF economist Kenneth Rogoff is certain: the bitcoin market is a bubble and will collapse, but other crypto-currencies would thrive and determine the future of the financial system. This is the quintessence of an editorial by the Harvard professor, published this week in the British Guardian. Thus, the list of prominent Bitcoin skeptics is growing by another name.
Are crypto currencies the undisputed future of digital finance, or are they perhaps just the next bubble in the face of dizzying currency rates?
This question was answered by the former Chief Economist of the International Monetary Fund (IMF) Kenneth Rogoff this week with a disgruntled forecast. His look into the future prophesies: The Bitcoin course is a bubble that will collapse. It is not a refusal to crypto currencies, however, the technology would "thrive for a long time", Rogoff confirms the view of the current IMF Director Christine Lagarde. The current course sprint, however, would come to an end, Bitcoin itself as a currency will be replaced.
After JPMorgan Chase CEO Jamie Dimon had already sent the Bitcoin course with its fraudulent allegation in September, a new well-known voice from the business now paints a gloomy future picture for the currency.
Regulation frightens investors
Rogoff's simple pessimistic prospects are justified by Rogoff: Governments could not and would not allow the currencies of decentralized providers to control the future of finance, without tax, and at the same time catalyze tax fraud and money laundering. Sooner or later, Bitcoin will catch the fate of all currencies, so Rogoff's gaze into the glass ball. And this was the subordination of state authority.
According to Rogoff, this is the end of the attractiveness of Bitcoin: As a result of upcoming regulatory efforts, investors' long-term interest in speculative interest will be deterred and the market will be dampened. He analyzes: If the almost anonymity and the liberation of state control are not applicable, this also applies to the justification of ever new price peaks.
He sees this further in the already existing density of alternative coins and the possible development of new central bank-regulated crypto-currencies which deprive Bitcoin of the existence and the adjustment of the existence. It would be possible to foresee an end of the course heights.
While regulatory responses from the government side, for example, are already emerging from Russia and thus signal such a comprehensive governmental control, other countries are aiming to exploit the potential of Bitcoin. This looks for Rogoffs critically. Corresponding attempts by Japan to recognize Bitcoin as the official currency are assessing Rogoff as a risk of possible tax havens and safe havens for crime financing.
Meanwhile, the trade with Bitcoin is flourishing, and has recovered after the course of Jamie Dimon's statements and particularly intensified regulation of China in September abruptly fallen. The exchange rate on Monday, 10 October 2017, reaches a monthly rate of 4,638.07 US dollars. As a result, the currency has risen by 365% since the beginning of the year.
Kenneth Rogoff has been a professor at Harvard University since 1999. From 2001 to 2003 he was chief economist of the International Monetary Fund (IMF).
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