AXA offers flight insurance on Ethereum. China’s ICO regulation dance. J.P. Morgan CEO labels Bitcoin a fraud. 200+ Bitcoin ATM’s on way to Argentina. Open Bazaar 2.0 Beta is released. “Crypto is Currency Day” set for September 29. Boise brings blockchain to city government. Russian finance ministry to treat crypto as securities. Darren sets up a Bitcoin Cash node!
We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from Darren and JJ!
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|Traditional Financial Markets||Cryptocurrency Markets|
|Gold $1,322||Bitcoin (BTC) $3,891|
|Silver $17.72||Ethereum (ETH) $272|
|Oil $49.37||DASH $297|
|Dow Jones 22,135 points||Litecoin (LTC) $61.67|
|30Y UST Yield 2.796%||Bitcoin Cash (BCH) $503|
The product is called Fizzy and a user would opt into flight insurance which creates a record of the transaction on the Ethereum public blockchain. In the event your flight is delayed more than 2 hours, you would get an automatic insurance payment to your credit card. As far as dipping your toes in the blockchain water this seems like a pretty straightforward application using smart contracts. Currently it is only covering flights to and from France, but they plan to expand offerings worldwide in the future.
Rumors circulating that China is shutting down exchanges turned into a full-blown fake news story. No exchanges were shut down, but rather some tokens related to recent ICOs and token sales have been removed from trade books. It just goes to show both how easily some of the market is frightened and how many do not fact check a news story before making financial decisions.
China and cryptocurrencies have shared a storied past. The latest round is focused on ICOs and the exchanges that trade such tokens. At this point ICOs have been banned in China awaiting the next phase of the dance: licensing.
The dance seems to go something like this:
(1) Chinese authorities allow something to grow seemingly ignoring it.
(2) Once a certain level of renown or success is achieved it is banned.
(3) Next up the licensing is mandated to regulate the market.
(4) The sector is allowed to grow and mature more.
(5) There is a surprise inspection and strong language from regulators.
(6) Another ban is put in place as more regulations are prepared.
(7) This cycle continues until only a few players are left.
J.P. Morgan knows a thing or two about fraud. Since 2010 J.P Morgan has been penalized more than $28 Billion for toxic security abuses, mortgage abuses, banking violations, market manipulation and many more!
The Odyssey Group is installing more than 200 bidirectional ATMs in Argentina that accept fiat, Bitcoin, Ethereum, and Litecoin. Australia is also getting bidirectional ATMs starting next year with the first batch of 500.
Open Bazaar released their 2.0 Beta version to the public. This version uses real Bitcoin and listings. It features offline stores through IPFS, and search functionality has been opened up to third party providers. The onion router or TOR can now be used with Open Bazaar, and a new array of vendor tools has been added.
A Thunderclap event has been scheduled for September 29th lead by the OB1 team — the developers for Open Bazaar. The Thunderclap will broadcast the message: “I support the use of cryptocurrencies, like #Bitcoin, as a currency for all kinds of purchases. #CryptoisCurrency
As of this episode they have 118 of 500 supporters signed up.
The government of Boise, Idaho, has signed a deal with a blockchain startup called ULedger to explore various potential uses for blockchain technology in city goverment. In a statement, the city’s chief information officer, Darrin Harris, described blockchain technology as “transformative” and said the city would be working “to mitigate data and security risks, improve data integrity and continuity, streamline process and deliver a first in class experience to the citizens of Boise.”
This past week Russian Finance Minister Anton Siluanov told reporters that cryptocurrencies would be treated like securities.
“The state certainly understands that cryptocurrencies are a reality, there is no point in prohibiting them. It is possible to regulate them, so the Finance Ministry will draw up a bill by the end of the year.”
Darren’s New Bitcoin Cash Node!
Darren announced that he has set up a Bitcoin Cash node! He looks forward to seeing how this experiment goes and will report back in future episodes.
An Important Disclaimer
We would like to remind you that any content on the Neocash Radio podcast and/or website should not be regarded as financial or legal advice. Please be mindful of any and all regulations regarding cryptocurrency in your particular jurisdiction. Never invest/gamble more than you are willing to lose and always safeguard any digital currencies you own by keeping them in a wallet whose private keys you control.
JJ – email@example.com
Co-Founder, Producer, Managing Director
Darren – Darren@neocashradio.com
Co-Founder, Technical Writer
Pedro – firstname.lastname@example.org
Ethereum and Crypto-mining Expert
Randy – email@example.com
Former Co-host and Cool Dude
BTC Address: 1MmFwDeZPgxJ4GyzbfmZVLJv3aZcpxSfR5
ETH Address: 0xe4689EF88F239C6eed1Ff262876e2499495c1617
DASH Address: XtLEPo6DKeu45e2czdHLEb5EzJRVDz2aLZ
NXT Address: NXT-TT49-WV65-HZJA-5EJF9
BCH Address: 173ADKUvvRcSmb9tnKiYAMQAoB6RhsgQQd