The ‘winning’ blockchain platform is not yet in the market, Gartner says – CIO Dive

by Naomi Eide    October 16, 2017

Dive Brief:

  • Of the blockchain platforms in development, the one that will “win” is the “one not yet in the market,” according to Ray Valdes, VP and Gartner Fellow, speaking at the Gartner Symposium/ITxpo in Orlando earlier this month.
  • On its way toward the “trough of disillusionment” in Gartner’s hype cycle, blockchain technology has a long ways to go before it reaches maturity. Blockchain is on a steady “slow growth ramp” until 2030, when the exponential growth curve kicks in, said Valdes. By 2030, blockchain will have a $3.1 trillion business value-add.
  • Right now there are about 100 blockchain platforms being built, but none are compatible and 90% have yet to be released, according to Valdes. And there are only two truly operational blockchain platforms available: Bitcoin and Ethereum, though Valdes said Bitcoin is “doomed” as a platform.

More at: The ‘winning’ blockchain platform is not yet in the market, Gartner says – CIO Dive


J.P. Morgan’s James Dimon May Hate Bitcoin, but He Loves Blockchain – WSJ (paywall)

By Emily Glazer    October 16, 2017

James Dimon, center, the chief executive of J.P. Morgan. PHOTO: ANDREW HARRER/BLOOMBERG NEWS

J.P. Morgan Chase JPM -0.14% & Co. CEO James Dimon  recently trashed the digital currency bitcoin as a fraud that will blow up. But he’s still enamored with the technology that underpins it and other virtual currencies.

The latest sign is expected Monday, when the nation’s largest bank rolls out its next pilot program to use the record-keeping technology, known as blockchain. The initiative will enable the faster, more secure transfer of cross-border payments between J.P. Morgan, Royal Bank of Canada RY 0.27%  and  Australia and New Zealand Banking Group Ltd.ANZBY 0.96%

The new program doesn’t use and won’t trade bitcoin, which has generated skepticism from a wide variety of financiers, including Mr. Dimon and BlackRock CEO Laurence Fink. But it will use technology that underpins the second-largest virtual currency behind bitcoin, Ethereum.

More at: J.P. Morgan’s James Dimon May Hate Bitcoin, but He Loves Blockchain – WSJ (paywall)

Jamie Dimon says he’s not going to talk about bitcoin anymore – CNBC

By Evelyn Cheng    October 12, 2017

Jamie Dimon, chairman and CEO of JPMorgan Chase, said he is no longer going to discuss bitcoin after his comments last month that the digital currency was a “fraud” caused quite the stir on Wall Street and Silicon Valley.

“I wouldn’t put this high on the category of important things in the world. But I’m not going to talk about bitcoin anymore,” said Dimon in response to a question during the bank’s third-quarter earnings call with media on Thursday.

JPMorgan CFO Marianne Lake then took over the conversation.
“We are open-minded for digital currencies that are properly controlled and regulated,” she said, also discussing the potential merits of blockchain, the technology behind bitcoin.

More at: Jamie Dimon says he’s not going to talk about bitcoin anymore – CNBC

Don’t get caught in the ‘hype cycle’ of blockchain –

By Jason Miller    October 9, 2017

The hottest new federal buzzword is blockchain. You can’t got to a conference without a session on or someone talking about this emerging technology.

But as one vendor, who cornered me recently after a session on blockchain, asked, “Is any agency actually doing anything around blockchain or are they just talking about it?”

That’s a fair question and one I didn’t have an answer for.

It’s clear from the Gartner hype cycle that blockchain is past the “peak of inflated expectations,” and heading into the “trough of disillusionment.”

More at: Don’t get caught in the ‘hype cycle’ of blockchain –

5 Things Ray Dalio Hasn’t Learned About Crypto Yet – Forbes Digital Money #Cutting Edge

By Noah Jessop    October 9, 2017

“Bitcoin today you can’t make much transactions in it. You can’t spend it very easily.”

That’s what Ray Dalio, founder of mega hedge fund Bridgewater, had to say about crypto last month. He went on to say:

“It’s not an effective storehold of wealth because it has volatility to it, unlike gold […] Bitcoin is a highly speculative market. Bitcoin is a bubble.”

These remarks (as well as a recent barrage on the topic by JPMorgan CEO Jamie Dimon) got me excited.

 Excited because the very people who have built modern “Big Money” don’t understand the power that crypto is unleashing around the world. What’s being built isn’t a new area of finance—it’s an entirely new parallel replacement.

More at: 5 Things Ray Dalio Hasn’t Learned About Crypto Yet – Forbes Digital Money #CuttingEdge

Mastercard CEO says Non-Government Digital Currency is “Junk” – Cryptovest

By Hunain Naseer    October 8, 2017

Ajay Banga, the first President and CEO of Mastercard, recently spoke about cryptocurrencies, calling them “junk” if they do not have government backing.

Ajay Banga, the first Indian President and CEO of Mastercard, a global payment technology company, recently shared his views on the prevailing digital currencies, calling them “junk”.

In an interview with Economic Times, the CEO was asked about the move towards digital currency, something that presents a big challenge for a company that provides payment solutions around the world – an industry that can be disrupted by cryptocurrencies and blockchain-powered financial solutions.

His response should come as no surprise:

“If the government creates digital currency, we will find a way to be in the game. We will provide rails for moving currency from customer to merchant. The government mandated digital currencies are interesting. Non-government mandated currency is junk.”

Source: Mastercard CEO says Non-Government Digital Currency is “Junk” – Cryptovest

$500 Million: tZERO ICO Will ‘Raise a Fortune’, Predicts Patrick Byrne – CryptoCoinsNews

By Josiah Wilmoth    October 8, 2017

Overstock CEO Patrick Byrne confirmed that SEC-compliant token exchange and marketplace tZERO will hold an initial coin offering (ICO) by Thanksgiving. Byrne predicts the tZERO ICO could “easily” raise as much as $200 million to $500 million, potentially breaking the record for token sale fundraising.

Last month, Overstock made waves by announcing that tZERO, one of the online retailer’s blockchain subsidiaries, had entered into a joint venture with RenGen and the Argon Group to develop the first FINRA- and SEC-compliant ICO marketplace. Overstock’s share price soared following the announcement, and Overstock CEO Patrick Byrne says his phone began ringing off the hook with people clamoring to invest upwards of $20 million in the tZERO ICO — which Overstock had not even officially announced.

Now, Byrne has confirmed the rumors: there will be a tZERO ICO. Although the token exchange will comply with securities regulations, Byrne bills the platform’s native token as a utility coin that customers will use to pay for access to the platform. He compares the token to gas fees users pay to run Ethereum smart contracts.

He told the International Business Times that the tZERO ICO will open before Thanksgiving.

“So in about six weeks you will see us do an ICO token to use the exchange and our system will become live, handling ICOs,” he told the publication. “All [the platform’s services] are going to take fuel to actually use them so what we are doing is pre selling the fuel.”

More at: $500 Million: tZERO ICO Will ‘Raise a Fortune’, Predicts Patrick Byrne – CryptoCoinsNews