Bitcoin Continues Moon-Bound Bull Run, SEC & Indian Supreme Court Delays Push Back Major Rulings to September
Further gains in the cryptocurrency markets overnight, the global cryptocurrency market cap up $7 billion, finally rising above the $300 billion mark to $301 billion, Bitcoin continues in a moon-bound direction, gaining $307 to $8304, meanwhile Ethereum appears sluggish rising just $4 to $475. Recent press covering the possibility of Bitcoin ETF’s being approved has likely been a major contributor to Bitcoin’s bull run, however the SEC has apparently delayed it’s ruling under a special extension period which gives the SEC an additional 60 days to reach a decision. The final ruling date as a result is now 21st September.
On the subject of regulatory decisions, India’s Supreme Court has delayed their ruling on the Reserve Bank of India’s ban on cryptocurrency. The Supreme Court was expected to reach a decision on whether to overturn the central banks ban on cryptocurrencies on July 20th, but delayed the ruling for a further 7 weeks with no clear reason given at the time for the delay. Subsequently the new expected ruling date is now September 11th. The outcome of both the SEC and the Indian Supreme Court rulings will no doubt add volatility to the cryptocurrency markets as the ruling dates approach – if both rulings favour the cryptocurrency markets it could be enough to see unprecedented gains in the markets overall.
General Electric (GE) have filed a blockchain related patent aimed at verifying and validating 3D printed components in its supply chain in a bid to protect itself from fake reproductions of replacement parts. The idea behind the patent itself is not bad (despite being somewhat vague in parts). Essentially the intent behind it appears to be that the build file, materials identifier and build file author(s) and subsequently writing the result for the produced object to a blockchain that can be later queried to verify the object as genuine. There is however a potential issue if GE were to put the idea into practice, in the abstract, the patent claims the intent to “control the manufacturing hardware using the build file to generate the object using the particular lot of manufacturing media”. Whilst the build file is of course designed to do just that, it puts GE very much in control of how components are produced (which is a good thing) but also enables GE to be significantly more control over third party suppliers – forcing them to use not just the specified materials, but also the cost, supply times and potentially the manufacturing equipment authorized to use the build files - arguably leading to the possibility of a stranglehold situation where GE could control it's suppliers through the pricing of equipment and media supplies.
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Created: Wednesday, July 25, 2018
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