Positive Markets Overnight, Swiss Trial of Blockchain Based Voting Successful & Bank of Finland FUD
More bullish momentum overnight in the cryptocurrency markets, the global cryptocurrency market cap up $17 billion to $273 billion, Bitcoin gained $222 rising to $6559 and Ethereum also rising, up by $61 to $469. Top level altcoins largely showing positive moves with many in the top 100 showing double digit percentage gains over the last 24 hours.
Authorities in Zug, Switzerland have announced the successful testing of their first local blockchain based voting trial using the city’s eID system. The eID system, set up in November enabled voters to vote using a smartphone by downloading an app. The test itself appears to have been relatively small by all accounts – out of a total of 240 voters would have had access to register and vote using the system, 72 actually voted using the app – Head of communications for the city of Zug, Dieter Müller commented “The premiere was a success” and acknowledged “the number of participants could have been higher” with participants finding it to be an easy process and only 3 comments noted by users in their feedback survey.
The Bank of Finland has released a paper on their “findings” concerning digital currencies with the rather ominous title “The Great Illusion of Cryptocurrencies” written by Aleksi Grym. When reading through the report, Grym appears to have simply trawled the net for anything negative in relation to cryptocurrencies purely to serve his argument whilst at the same time clearly demonstrating he doesn’t know what blockchain is, dlt or the purpose of cryptography, attempting to bolster his views with statements such as “cryptocurrencies are not real currencies but instead accounting systems for non-existent assets.” and “For all intents and purposes, that ledger is a centralised ledger. The fact that there are multiple synchronised copies of it, distributed across a network, is irrelevant, as each one has the same data.” Grym seems to be unable to grasp the fact that the current FIAT system no longer works the way it once did, and given that money itself is a man-made creation, it too can, could and should be changed in line with the modern world. On the subject of whether a digital currency can exist he opens with “the theory of money as a unit of account is the one that best fits the entire span of historical evidence, starting from the prehistoric era to the present day”. Quite what currencies were used by dinosaurs or cavemen in prehistoric times isn’t mentioned – no doubt we’ll find out when other countries begin to follow the digital currency road and Finland end up being left out in the cold with other blockchain dinosaurs like Visa.
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Created: Tuesday, July 3, 2018
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