In the last few days this week we have seen a massive sell off in crypto currencies. Bitcoin lost $1000 in 24 hours. Other currencies like ethereum, ripple, bitcoin cash and EOS, all dropped by around 20 per cent. As of this Thursday, one Bitcoin is worth $6,486.45 USD. This is down from nearly $20,000 in December 2017.
One reason for the sell-off is attributed to a report that Goldman Sachs is dropping plans for a cryptocurrency trading desk. Another reason being given is the introduction of trading in bitcoin futures in early 2018, where we have seen massive market manipulation and suppression by experienced futures traders. There has also been an increase in crypto mining, the stealing of electricity and CPU cycles for blockchain mining, and crypto jacking which is essentially ransomware for bitcoins. A college student allegedly stole bitcoins by SIM swapping of mobile phones and stealing bitcoins through the mobile phone numbers of bitcoin investors. One of the crypto entrepreneurs that he hacked had just crowd funded $1million for an ICO. He was caught when his high spending life style drew attention and he was tracked through blockchain.
If terms like blockchain mining and ICO are new to you, you need to attend David Pinski's Blockchain session at NEXT 2018, September 25 to 27 in San Diego. David is the Chief Strategist for Financial Innovation and Head of the Hitachi Financial Innovation Laboratory. David’s breakout session is titled: Blockchain: Build Digital Trust in Your Enterprise. It is scheduled for Thursday 9/27 from 5:00 to 5:30.
David has a banking and technology background covering architecture, core banking systems, payments, strategy and venture with major banks such as Capital One, ING Direct and Bank of America. He has startup experience in areas of fraud, identity, loan origination with companies such as Zumigo, Silver Tail Systems, Octane Lending. And has been issued four patents in the area of fraud mitigation, payment networks and banking systems with a dozen more pending.
Hitachi's NEXT 2018 is the premier event for the digital revolution. It's for business leaders who embrace the digital economy and base decisions on data to ensure success. ... Come to NEXT 2018 to see what's next for your data center, data governance, insights and innovation, from Hitachi and our many partners. Register at NEXT 2018