Jamie Dimon Says He Takes No Pleasure in Bitcoin Decline 1616

The CEO of JP Morgan Chase has once again spoken about Bitcoin (BTC). Jamie Dimon, who once called the digital currency a “fraud” and later backtracked on his comments has now said that he takes no pleasure in seeing prices take a short-term crash as he stated they would.

Speaking at the World Economic Forum in Davos, Switzerland with CNBC’s Squawk Box, the CEO also lamented his preference for blockchain technology over Bitcoin.

Jamie Dimon Finds No Satisfaction in Seeing Bitcoin Prices Slide

Despite having previously vowed to never discuss Bitcoin again, the CEO of JP Morgan Chase has once again commented on the subject. This time it was to state that he was not the kind of self-indulgent sadist to take pleasure in the losses of those who had invested in the technological innovation late in 2017 or throughout 2018.

The CNBC Squawk Box reporter asked Dimon directly if he took satisfaction about being proved right (in the short-term at least) about BTC prices. He answered simply that he “didn’t take any.”

Dimon has commented on his distaste for Bitcoin many times previously. Perhaps his most famous outburst was last September when the CEO slammed Bitcoin as a “fraud” and that those who bought it deserved to “pay the price one day.” He also stated that he would fire any of his employees found to be trading it.

Amusingly enough, JP Morgan was later accused of market manipulation since it emerged that the bank was one of the largest buyers of a BTC tracker fund called Bitcoin XBT. Nothing really became of this allegation and the next time Dimon hit the news in connection with Bitcoin was to state that he regretted saying that it was a fraud since that was all people wanted to talk to him about. From then on, he vowed to not mention the world’s first viable decentralised currency again.

Jamie Dimon has a history of talking Bitcoin, despite seemingly not wanting to.

Of course, it was not long before Jamie was breaking his own promise to tell the world that he really “didn’t give a s**t about Bitcoin” and that he did not want to be a spokesperson against the digital currency. This seems in line with his latest comments on the subject that he wishes no ill will on those who had lost money on Bitcoin or that had made investments that had not paid off yet.

Dimon Continues to Favour Blockchain Over Bitcoin

Dimon’s comments on Bitcoin at Davos were short. Instead, he favoured discussion about another closely related B-word – blockchain.

JP Morgan has been interested in the technology underlying Bitcoin for some time now. In 2017, the bank began exploring ways in which distributed ledger technology could remove trust for various transactions and increase the efficiency of financial services. Since then, the Royal Bank of Canada, as well as the Australia and New Zealand Banking Group have become partners in the project.

Speaking to CNBC, Dimon stated of blockchain technology:

“Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date.”

When put like that, blockchain technology sounds incredibly dull and unremarkable. These are the very reasons people like Dimon favour blockchain over Bitcoin. Blockchain is safe, manageable, and ultimately uninspiring. Bitcoin is potentially disruptive, world-changing, and a threat to the very existence of the likes of Dimon et. al.

 

Related Reading: ECB Latest Institution to Use “Blockchain Not Bitcoin” Narrative

Previous ArticleNext Article

Leave a Reply

ZebPay Expands Chainalysis Relationship in India 3170

Chainalysis, the blockchain analysis company, today announced the expansion of its partnership with ZebPay, the leading cryptocurrency exchange and wallet provider in India. Under the terms of the agreement, ZebPay will expand its use of Chainalysis KYT (Know Your Transaction) for transaction monitoring and compliance processes and Chainalysis Reactor for enhanced due diligence and investigations in India. The expanded relationship follows the recent regulatory developments regarding cryptocurrency in the country. ZebPay already uses Chainalysis software in Singapore.

“While there are still steps that need to be taken to strengthen cryptocurrency regulation in India, exchanges like ZebPay that implement robust compliance and investigative software will be well-equipped for future developments,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “We believe India is poised to make advancements for the cryptocurrency industry, and look forward to growing our business there. We are excited to partner with ZebPay during such a historic time.”

“We wanted to build a best-in-class compliance program in India from the start,” said Avinash Shekhar, President, ZebPay. “We already knew the power of Chainalysis KYT’s automated compliance features and Chainalysis Reactor’s advanced investigative capabilities from our work with them in other markets, and we know Chainalysis will set us up for successful expansion in India.”

By leveraging Chainalysis KYT, cryptocurrency businesses like ZebPay can monitor large volumes of cryptocurrency activity and identify high-risk transactions on a continuous basis. Real-time alerts on the highest-risk activity allow compliance teams to focus on the most urgent activity and fulfill their regulatory obligations to report suspicious activity. Chainalysis Reactor assists cryptocurrency businesses to further investigate suspicious transactions and provide more detailed reporting on criminal activity such as fraud, extortion, and money laundering on the blockchain.

About Chainalysis
Chainalysis is the blockchain analysis company providing data and analysis to government agencies, exchanges, and financial institutions across 40 countries. Our investigation and compliance tools, education, and support create transparency across blockchains so our customers can engage confidently with cryptocurrency. Backed by Accel, Benchmark, and other leading names in venture capital, Chainalysis builds trust in blockchains. For more information, visit www.chainalysis.com.

About ZebPay
ZebPay is India’s leading cryptocurrency exchange since 2014, offering the largest BTC-INR and BAT-INR markets in the world. ZebPay is headquartered in Singapore, with exchanges in India, Singapore, and Australia offering cryptocurrency trading facilities.

Core Scientific and Bitmain Partner to Bring Bitmain’s “Ant Training Academy” to North America 4889

Core Scientific, the leading US blockchain hosting provider, and Bitmain, the industry-leading fabless manufacturer of computing chips, today announced the launch of the new Dalton, GA based Ant Training Academy (ATA) location, the first outside China. The new location was created to allow more North American based participants access to the same highly regarded training and certification services of the China based Academy, without having to travel outside North America. Courses are expected to begin in fall 2020.

Core Scientific is a leader in Artificial Intelligence and Blockchain technologies, delivering best-in-class infrastructure and software solutions. In an increasingly distributed and connected world, Core Scientific believes AI and blockchain are changing the way information is processed, shared and stored across a range of industries.

Created by Bitmain in 2017, the ATA curriculum is based on years of knowledge dissemination and technology inheritance and accumulation. It is the sole training institution and certification authority officially certified by Antminer. ATA’s Maintenance Training Course is designed to educate maintenance personnel on how to install, operate, and repair mining equipment.

“We are very excited to partner with Bitmain to bring the world class Bitmain Ant Training Academy to North America” said Jeff Taylor, Chief Information Officer, Core Scientific. “Combining the proven ATA curriculum with accredited instructors from Core Scientific, where the white glove approach and strong operational excellence is part of our DNA, ensures attendees will walk away with the mission critical skills they need to operate at the highest level and secure the long term viability of their equipment.”

“As part of Bitmain’s commitment to providing continuous support and development for its global customers, we have partnered with Core Scientific, a company well-known for their professional work in the industry. We are confident that through this cooperation, customers will have better access to high-level professional training and certification from ATA to enhance the process of maintaining miners on a global scale”, said Nathaniel Yu, International Marketing Manager, Bitmain.

About Bitmain
Founded in 2013, Bitmain transforms computing by building industry-defining technology in cryptocurrency, blockchain, and artificial intelligence (AI). Bitmain leads the industry in the production of integrated circuits for cryptocurrency mining, as well as mining hardware under the Antminer brand. The company also operates the largest cryptocurrency mining pools worldwide-Antpool.com and BTC.com. Bitmain technology supports a wide range of blockchain platforms and startups.

About Core Scientific
With a team that has a multi-year blockchain success story, Core Scientific provides custom hosting solutions at scale. Core Scientific is pioneering new innovations and best practices in the AI and Blockchain landscape. To learn more, visit www.corescientific.com.

LG Joins Hedera Governing Council to Accelerate Innovation and Adoption of Public DLT Globally 4712

LG Electronics Inc. and Hedera Hashgraph, an enterprise-grade distributed ledger platform, today announced that LG has joined the Hedera Governing Council. The Council, designed to enable the most decentralized governance model for a public ledger, will comprise up to 39 global organizations from a diverse array of industries and geographies.

LG is the Council’s 14th member, joining Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, Magalu, Nomura, Swirlds, Swisscom Blockchain, Tata Communications, University College London (UCL), and Wipro. As the sole home appliance manufacturer to join the Hedera Governing Council, LG will work with Hedera and other members of the Council to identify ways that distributed ledger technology can benefit consumers and supply chain partners by enabling seamless transactions.

All members of the Hedera Governing Council will run a node on the Hedera Hashgraph public network and are responsible for approving Hedera’s roadmap and updates to the platform’s codebase. Members ensure the Council’s decentralization and diversity.

Mance Harmon, CEO and co-founder of Hedera Hashgraph, said, “We are thrilled to welcome industry leader LG to the Hedera Governing Council. For many years, LG has been visionary in their approach to adopting new technology in the name of improving the lives of customers and partners worldwide. We look forward to collaborating with LG and their ecosystem to explore the many potential ways that distributed ledger technology can similarly be applied to benefit their customer base.”

“Distributed ledger technology holds the potential to improve customer value and allow enterprises across many sectors to offer new services that take advantage of the trust, security, and speed that it provides,” said Cho Taeg-il, senior vice president of LG Electronics. “We look forward to being a part of the Hedera Governing Council and opportunities where we can collaborate with other leading organizations across a wide range of industries to further develop the application of distributed ledger technology to benefit businesses and consumers alike.”

Layer1 Launches Bitcoin Batteries to Stabilize Energy Grids by Releasing Electricity to Meet Market Demand 5891

Layer1 Technologies, the leading U.S. Bitcoin mining and energy infrastructure company, announced today that it has completed the installation of its proprietary demand-response technology based on the energy market standards developed by the Electric Reliability Council of Texas (ERCOT). Now, Layer1’s fully integrated, proprietary Bitcoin-mining data center containers serve as large-scale energy storage systems (“Bitcoin Batteries”) that can be tapped in real time to meet peak market demand. By centralizing the consumption and release of multiple Megawatts per data center container, Layer1’s Bitcoin Batteries stabilize national and local energy grids that frequently suffer from demand shocks.

“Layer1 is the first company in the global Bitcoin mining industry that can curtail large amounts of energy consumption during times of market need and release it to the grid at the push of a button,” said Alexander Liegl, co-founder and CEO, Layer1. “We are the first company to perfectly align the economic incentives of large-scale energy consumption for high-performance computing, such as Bitcoin mining or cloud computing, and the need for grid stabilization by energy market regulators.”

Utility commissions are required to provide grid reliability while serving the increasing consumer demand for electricity in their markets. For instance, when a heat wave strikes and amplifies retail demand for air-conditioning, citizens are threatened with blackouts in times of greatest need. Layer1’s proprietary demand-response software can be activated to stabilize the energy grid by dynamically managing its electricity usage during periods of peak market demand.

“The increased installation of renewable energy production capacity will require increased demand response services from companies like Layer1,” said Liegl. “While the increased generation of renewable energy enables the government to meet carbon emission reduction goals, the volatility of green energy production means there’s less certainty of supply for end-consumers. In order to continue guaranteeing energy grid stability, public utilities will need to increase their integration with cutting-edge demand response technology.”

Layer1’s developed, proprietary large-scale power management software and patent-pending immersed liquid-cooling infrastructure reduces the company’s all-in electricity costs by over 75%, enabling its cost of production per Bitcoin mined to be multiples lower than any other global competitor.

Layer1 continues its mission to be the only vertically integrated Bitcoin miner to deliver pioneering technology for the energy market. Layer1 has redesigned Bitcoin mining from first principles to control every profit and cost lever across its technology stack, from proprietary ASIC chips and liquid-cooled mining containers to wholly owned power development and procurement.

The Layer1 team brings together Bitcoin mining’s most experienced team, having built-out over 15% of the network as founders of some of the biggest players in the world. Armed with a full-stack approach and never-before-seen container power capacity that’s rapidly scalable, climate resistant, and plug-and-play deployable, the Layer1 team is on a mission to forever change the way large-scale mining works.

Mechanical Technology Incorporated Announces Closing of Previously Announced GigaWatt Acquisition 7582

Mechanical Technology, Incorporated (“MTI”), a publicly traded company (OTC Pink: MKTY) headquartered in Albany, New York, announced today that EcoChain, Inc. (“EcoChain”), a wholly-owned subsidiary of MTI, has closed its acquisition of the intellectual property of Giga Watt, Inc. (“GigaWatt”) and certain other property and rights of GigaWatt associated with GigaWatt’s operation of a crypto-mining operation located in Washington State.

The acquisition was approved by the United States Bankruptcy Court for the Eastern District of Washington and was consummated by EcoChain on May 20, 2020. As previously announced by MTI, EcoChain purchased the subject GigaWatt assets for cash consideration of $200,000 and will be assuming certain contractual obligations of GigaWatt related to existing leases and utility power supply. EcoChain intends to sell certain acquired equipment that is determined to be excess in nature so as to reduce EcoChain’s overall transaction costs. EcoChain expects that the newly acquired assets will form the cornerstone of EcoChain’s new pilot cryptocurrency mining operation.

About EcoChain
EcoChain, Inc., a wholly-owned subsidiary of MTI, is developing a pilot cryptocurrency mining facility powered by renewable energy to integrate with the bitcoin blockchain network.

About MTI
MTI is engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. MTI Instrument’s products use a comprehensive array of technologies to solve complex, real world applications in numerous industries including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage.

Harmony Launches Staking, Becomes the First Sharded Proof-of-Stake Blockchain to go Live 8723

Harmony upgraded its mainnet to support staking, becoming the first blockchain to successfully combine sharding and proof-of-stake. Launch partners include Binance, Huobi and BitMax as well as professional validators such as Blockdaemon, Stake.fish and Figment Networks. Stakers on Harmony can expect to earn annual yields ranging from 45% to 15% in the first year.

Background

In 2018, the combination of proof-of-stake and sharding emerged as a leading solution for blockchain scaling. Projects like Ethereum 2.0, Near Protocol and Harmony adopted this approach for its promise to increase transaction throughput and reduce cost, while preserving decentralization.

Theoretical promise quickly gave way to the daunting technical complexity of building such a system. Fast forward to 2020 and no project has yet been able to crack the nut of sharding and proof-of-stake. That is until Harmony announced it had successfully upgraded its 4-shard network to support staking.

Impact

Being first is one thing, but the real question is does this blockchain architecture deliver on promises? And here Harmony’s making remarkable progress. Transactions on Harmony settle in 8 seconds, a welcome change for those accustomed to waiting minutes for Ethereum transactions to finalize. Costs are significantly cheaper as well. A transaction on Harmony will set you back only $0.000·001.

Sharding allows Harmony to achieve these results without sacrificing decentralization. Harmony’s network consists of over 320 public nodes and Harmony plans to increase that number to 1000 and beyond by the end of the year. By contrast chains like EOS and Libra scale at the cost of decentralization by limiting their networks to 21 and 27 nodes respectively.

Proof-of-stake blockchains have been criticized for “rich get richer” economics, in which the largest stakers earn the most. Harmony’s novel staking mechanism called “Effective Proof of Stake” counters this problem by capping the rewards of large stakers and boosting the rewards of smaller ones.

Future

Now that the core protocol work is complete, Harmony will shift focus to solving a potentially harder challenge: adoption. Harmony’s EVM compatibility makes it easy for developers in the Ethereum ecosystem to test out the new network. In addition to the protocol’s features, a comprehensive set of developer grants are planned to encourage developers to take the leap.

“Now that we’re equipped with a battle-tested base layer, we will shift gears to pursue adoption with the same nonstop execution that enabled us to launch the first sharded PoS blockchain,” said Harmony CEO, Stephen Tse. “Our scalability, speed and cost will enable use cases and user experiences that no other blockchain before us could.”

Harmony’s roadmap for 2020 includes reducing settlement times below 8 seconds, transitioning to community governance, and pursuing several promising application areas including cross-border finance and branded digital collectables.

Partners

Among Harmony’s launch supporters are numerous professional validators and exchanges. Blockdaemon, Stake.fish, Staked.us, Wetez, Sesame Seed, Everstake and InfStones are among 16 staking partners who are also top validators on Tezos, Cosmos, EOS and TRON. Binance, BitMax and Kucoin will support Harmony staking on their platforms.

About Harmony

Harmony is a fast and open blockchain for decentralized applications. Its protocol has achieved secure and random state sharding. Harmony’s Mainnet supports thousands of nodes in multiple shards, producing blocks in a few seconds with instant finality. The network’s staking mechanism reduces centralization while supporting stake delegation, reward compounding and double-sign slashing. Harmony aims to build an open network of nodes operated and governed by a large community.