Pittsburgh Post-Gazette | March on Google: Self-proclaimed 'First Amendment supporters' to ... Pittsburgh Post-Gazette The group, reacting partly to a memo written by ex-Googler James Damore, will meet at Google offices across the country. March on Google comes to Pittsburgh this weekend , one of eight cities Planned protest at Google's Pittsburgh office not an alt-right event ... |
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March on Google: Self-proclaimed 'First Amendment supporters' to ... - Pittsburgh Post-Gazette
Jackson: That brings to mind the recent investor letter which Oaktree's Howard Marks sent out in which he said that Bitcoin and other digital assets aren't real. What do you say to that?
Sacks: Marks isn't wrong to raise an alarm bell about speculation, but he's wrong in saying it's not "real." That's like saying software isn't real. Of course it's real.
Did the U.S. dollar become less real when it stopped being backed by gold? Cryptocurrency is the next step in that same evolution to make currency more virtual.
In its purest form, currency is confidence. It's a network effect around an agreed-upon medium of exchange that has some promise of scarcity. Bitcoin enforces its scarcity through a combination of cryptography and economic incentives ("cryptoeconomics"). A lot of people find that more comforting than relying on the good faith of a government. In math we trust.
People in the U.S. and especially longtime participants in the U.S. financial system have tended to underestimate bitcoin because we have long enjoyed relatively stable political and financial systems. People in parts of the world with less trusted systems have gotten it sooner because almost anything would be preferable to having their life's work trapped in a fiat currency that could collapse or be confiscated at any moment.
Jackson: If the current moment with cryptocurrencies is like the dot-com era, does that make it a bubble, and if so are we in 1995 or 1999?
Sacks: The technology is probably 1995 and the pricing is either 1999 or getting close. It's a combination of something real with a lot of speculation.
What I've been trying to figure out is: Who are the good teams and interesting projects in the space? Also I've been trying to understand the future regulatory environment and invest only in companies that have structured correctly and are likely to survive the inevitable crackdown.
I think the trigger for a big correction is more likely to be regulatory than technical. The SEC provided some important guidance in its DAO report a couple of weeks ago, but we will learn a lot more if there's an enforcement action. That's going to be much more important to the future of this movement than the dreaded bitcoin fork that occurred a couple weeks ago and turned out to be a Y2K-like non-event.
Jackson: So is there going to be a similar three-year nuclear winter when the bubble bursts like what happened after the dot-com boom?
Sacks: Hopefully it will be a soft landing rather than a nuclear winter. It could be a positive thing if all the scammers and pumpers get washed out of the space.
There's going to be a correction though. Many of these ICOs are still just slideware but are getting a Series D type of valuation. They don't deserve that type of valuation at this stage of development. That will rationalize at some point.
Jackson: How are ICOs and future SEC regulation going to mesh?
Sacks: Hopefully the SEC distinguishes between "protocol coins" (which have an actual use in a software ecosystem and should not be viewed as securities) and "asset coins" (which are securities). The public policy think tank CoinCenter has done some excellent work in laying out the legal frameworks and policy rationales for this.
Until now, most of the action in ICOs has been in protocol coins. The better projects have worked hard to structure their tokens so they are not securities.
However, I believe we will soon see the emergence of asset coins (aka traditional asset tokens). These will be securities. It must be done correctly, but it's going to be an exciting area.
Jackson: What securities could tokenize?
Sacks: Almost any illiquid asset today lends itself well to moving onto the blockchain and becoming tokenized. It will create a deeper market with improved price discovery and should increase the value of those assets.
In the long run, even liquid assets like stocks could move onto a blockchain because of the benefits of this platform.
Ultimately this is a technology for maximizing the efficiency of every asset, means of ownership, fluidity of markets, and mechanism of payments. The goal is the optimization and maximization of the world economy. That may make it the biggest revolution of all.
Jackson: Are digital assets and tokenization a long-term threat to traditional venture capital?
Sacks: Yes in two ways.
First, a lot of start-ups that would have sought venture capital can now raise money through an ICO. I've called this "crypto capitalism" in contradistinction to venture capitalism.
The terms of crypto capital are more favorable to entrepreneurs than venture capital. So any start-up that can ICO will ICO. Whether a start-up can ICO will depend on technical and regulatory suitability, but it could ultimately be a very large category of start-ups.
If so, that will certainly challenge VC. Larger VCs who would typically invest after the ICO will have to compete with hedge funds, which is not a great place to be. VCs who want to invest before the ICO will have to compete with angels to offer a real value-add.
Second, at the level of the VC's own investors, I think LP interests are likely to be tokenized, along with most other illiquid assets. The prestige VC firms will resist this, but there are already a few new VC firms at the margins that are tokenizing. Soon, a few more will do it. Then a few more. Eventually, illiquidity will be a competitive disadvantage in fundraising that only the top firms will be able to justify.
All of this being said, the SEC's rulings in this area will have a huge impact on how this plays out. If those rulings support innovation, that will lead to a more competitive world for VCs, whose world is already quite competitive. But that world will also be more frictionless and efficient.
Sacks posted a tweet storm about this idea:
Jackson: What are the biggest challenges that still lie ahead for cryptocurrencies?
Sacks: I see three big areas for concern: scalability, slideware and regulatory.
First, the number of transactions per second that either bitcoin or ethereum can handle is still orders of magnitude less than what PayPal or the Visa network can do. It's been estimated that ethereum, which is the main developer platform for decentralized apps, would need a 250x improvement to run a 10 million user app and 25,000x improvement to run a billion-user app like Facebook. That improvement requires real work and involves some risk. There's a product roadmap, but it's going to take years.
Second, most of the ideas out there today for ICOs are still just white papers, or what we used to call "slideware." There is a lot of execution risk in turning these ideas into usable software that actually gets adopted. One fortunate effect of the crypto boom is that it has been helpful in attracting talent to the space. We will need that migration of talent to continue in order to realize the potential.
Third, as we've discussed, will be the extent and nature of regulatory acceptance. The eventual rules governing the application of securities laws to tokens will have a major impact on adoption and innovation in the space, at least in the United States. There is some risk that if the wrong regulatory regime gets adopted in the U.S., then the center of innovation could move to other countries. If blockchains are the next internet, that would be a very unfortunate development for the U.S.
Jackson: We have bitcoin and ethereum plus a number of smaller, lesser-known currencies out there including the new Filecoin ICO. What lesser-known currencies intrigue you most?
Sacks: I prefer to think in terms of use cases, rather than recommending specific currencies. The most promising use cases to date are: store of value, payments, crowdfunding, file storage, identity management and authentication, prediction markets, escrow, title chains, notary chains, provenance, and supply chains. There are 1,500 ICOs already launched or announced, plus many other blockchain companies, so there's a lot more to come. This is an extremely exciting and fast-moving space.
That said, one admonition I would make to your readers is that most probably shouldn't be investing in ICOs directly. We are seeing white papers for technology that doesn't truly belong on the blockchain or, worse, could be pump-and-dump schemes. Many of the scams originate outside of the United States, so they will be harder to regulate. Just like a lot of retail investors lost money in the dot-com era, the ICO era has the potential to do the same unless people really take the time to understand what they are investing in. A number of professionally managed crypto funds, with real technical expertise to evaluate ICOs, are starting to emerge and may be a safer way to participate than investing directly.
So I would just urge everyone to temper their excitement with sound business judgment. Or does that sound too much like Howard Marks?
Sign up for Eric's monthly Tech & Media Email. You can follow Eric on Twitter @ericjackson .
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David Sacks: Cryptocurrency fulfills the 'original vision' we tried to build at PayPal - CNBC
Image: pixabay
By Team CommerceMashable Shopping2017-08-14 18:44:31 UTC
Want to get rich enough to fill bathtubs with dollar bills just for kicks? Could Bitcoin make that happen? Let's dive in.
When Bitcoin debuted in 2009, its early adopters bought up large amounts of the digital currency for pennies. Since then, Bitcoins value has increased dramatically, turning several of those initial investors into millionaires. But the economics surrounding Bitcoin and other forms of digital currency like Ethereum, Ripple, Litecoin, and most recently, Bitcoin Cash, all dubbed cryptocurrency, can be unpredictable and complicated.
One huge benefit to using cryptocurrency is that it can't be stolen or counterfeit. When digital currencies are exchanged, they're converted into illegible code that not only makes them secure but also makes the sender and receiver appear anonymous. Unlike normal currency, digital currencies are not government regulated. No high bank fees, no fluctuations based on government regulations, and no corrupt bank antics. Sounds pretty nice, right?
Unfortunately, with decentralization comes instability, and cryptocurrencies are known for being highly volatile and unpredictable. Like most high-risk investments, this leaves opportunity for reaching ridiculous levels of wealth (meaning you can finally blow your nose in hundred dollar bills).
For the average person to achieve success in cryptocurrency marketplaces, he or she will need to get learning. Thats where the Beginners Guide to Cryptocurrency Investing comes in. It will give you all the knowledge youll need to make smart choices and turn your physical cash into a sizable digital stash.
Over the course of 27 lectures and 2.5 hours of content, this program will teach you methods for investing in altcoins, how to maximize your return, and how to convert those coins back into real money. Youll learn about the various cryptocurrencies available and which is right for you and you'll dive into the digital currency community, gathering valuable research and insights along the way. Finally, youll be able to estimate the true value of the entire market and decide where and when to make your move.
Now is the time to make your digital fortune. Pick up the Beginners Guide to Cryptocurrency Investing for $15, an incredible reduction from the regular $180 price.
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The wild world of cryptocurrencyand how it could make you rich - Mashable
Will Cryptocurrency Replace Other Forms of Payment? To answer that question I look to author Andrew Smith who iscredited with the quote. People fear what they dont understand and hate what they cant conquer. I believe this quote can be applied to many situations and still hold true.
For instance, one area in which this quote may hit the mark is with cryptocurrency. Of course, it may not be fear itself that is driving the cryptocurrency craze. Instead, it could be fueled more by FOMO, or fear of missing out.
This leads me to question whether or not cryptocurrency will replace other forms of payment.
Cryptocurrencyis a form of digital currency that uses encryption to make financial transactions secure. As a result, monetary exchanges are difficult to forge and do not require bank intervention to complete.
You cant hold cryptocurrency in your hand or pocket. The only place it exists is on computers through the exchange of digital currency.
There are a lot of reasons why cryptocurrency is currently making stronggains in popularityand use. When taken together these reasons could be enough to secure cryptocurrencies place in our society and replace other forms of payment in the future.
Cash is heavier, dirtier, easier to steal, and easier to forge than digital currency making it less appealing than its digital replacement. Checks, as an alternative, can also be easily stolen and forged and take up more room than cryptocurrency.
Other forms of payment, such as credit and debit cards, are similarly less appealing in comparison to digital currency because they can be hacked or stolen costing you thousands.
Transaction fees that banks charge for the exchange of money may be lower by using cryptocurrency or even avoided altogether, adding to the appeal.
With all of these reasons behind it you would think cryptocurrency would be the logical next step to replace other forms of payment. But there may be reasons to be wary of its use.
One reason to be cautious of using cryptocurrency as a means of payment is because of thewild changes in its value. Gold values, which are often still used as a comparison, have remained fairly steady over the past seven years. However, cryptocurrency, Bitcoin in particular, has seen values that have remained volatile over the same timeframe.
An additional reason to be cautious in the use of digital currency is legality. Not all countries yet recognize cryptocurrency as a means of payment for goods and services. The U.S., in fact, does not yet distinguish it as legal tender.
Cyber theft is another threat that could deter the widespread use of digital currency. Because cryptocurrency exists only in an intangible form on the internet it is vulnerable to theft by hackers.
Reportedly, some large corporations have used cryptocurrency to legally evade their taxes since the IRS does not recognize it as money. The IRS is trying to put a stop to this. But, as more businesses and citizens catch on to this loophole there could be further tax losses.
Some may fear cryptocurrency and others may embrace its use. But whether or not cryptocurrency will replace other forms of payment in the future is not yet clear. It is likely only time will tell.
This article was originally published on Due.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Will Cryptocurrency Replace Other Forms Of Payment? - Nasdaq
Bitcoin soared to a new high above $4,300 today, rising more than 28% over the past week. The digital currency has now more than quadrupled in value from around $997 at the start of the year. $1 invested in bitcoin seven years ago is now worth over $1.4 million .
Recent surge in bitcoin price resulted from strong investor demand from Japan as also some safe haven buying. Investors have also become increasingly bullish after the smooth split of the cryptocurrency into two. (Read: 4 ETF Ways to Hedge Against Volatility )
Bitcoin's gains this weekend appeared to be at the expense of other newer digital currencies. Below is the one-week price chart from coindesk.com:
What is Bitcoin?
Unlike traditional currencies, which are issued by central banks, bitcoin is a decentralized digital currency. It trades 24/7 around the world without any involvement of central administrator or clearing agency. The market, which remains largely unregulated, is more like a peer-to-peer digital payment network.
Creation and transactions in bitcoin are controlled through cryptography to keep transactions secure. And, while users remain anonymous, the record of these transactions is available on the bitcoin network.
Bitcoin Becoming Mainstream?
Bitcoin now has a market value exceeding $70 billion per coinmarketcap.com. Total value of all cryptocurrencies is more than $139 billion now. They are no longer fancy assets with few backers.
In April, Japanese regulators announced rules for bitcoin, establishing it as a legitimate method of payment in the country.
Per Goldman Sachs analysts , "whether or not you believe in the merit of investing in cryptocurrencies (you know who you are), real dollars are at work here and warrant watching."
Nvidia ( NVDA )'s CEO said in a recent conference call, "cryptocurrency and blockchain is here to stay. The market need for it is going to grow, and over time it will become quite large." Nvidia and AMD ( AMD ) are among the main supplier of chips used for cryptocurrency mining.
Is Bitcoin a Bubble?
Bitcoin's astronomical surge has raised bubble fears. Some are even comparing it to tulip mania. But unlike tulips, bitcoin has real value and is accepted by hundreds of thousands of merchants worldwide.
One of the reasons behind the surge is bitcoin's limited supply. According to the Economist, there are about 16.3 million bitcoin in circulation, with only 1,800 new ones minted every day. The currency's total supply would be capped at 21 million units . (Read: Follow Gundlach with These ETF Strategies )
On the other hand, demand has been rising due to geopolitical uncertainty. Many consider bitcoin a safe have asset like Gold. Due to its low correlation with other asset classes, it also acts as a portfolio diversifier.
It is difficult to arrive at a fair value for the bitcoin. I read about a model in FT that is based on the presumption that bitcoin's core utility value is serving as a currency for the dark economy. The model found the cryptocurrency to be grossly overvalued.
Standpoint's Ronnie Moas raised his price target on bitcoin to $7,500 today as he told CNBC , "I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars."
Another bitcoin bull Max Keiser predicts $5,000 would be the next target, driven by panic buying by the world's affluent with "rising war tensions and central bank malfeasance."
If bitcoin's surge looks excessive, consider this-bitcoin's closest rival ethereum is up more than 3,400% this year. (Read: Ethereum ETF? The Bitcoin Crushing Digital Currency Explained )
Bitcoin ETFs Under SEC Review
The race to the first digital currency ETF is heating up. VanEck Vectors recently filed for an actively managed " Bitcoin Strategy ETF " which will invest in exchange-traded bitcoin-linked derivative instruments and other investment vehicles that provide exposure to bitcoin.
Earlier this year, the SEC had rejected the ETF proposed by Winklevoss twins but they are now reviewing the decision again. Another bitcoin ETF, proposed by SolidX Management, was also rejected in March. The third one proposed by Grayscale's Bitcoin Investment Trust (GBTC) is being reviewed. (Read: 5 Smart Beta ETFs with Brilliant Returns )
Bitcoin derivatives are likely to be available to investors much sooner. CBOE plans to launch bitcoin futures in the fourth quarter of 2017 or early 2018, pending regulatory approval.
Last month, the Commodity Futures Trading Commission (CFTC) approved digital currency-trading platform LedgerX to clear bitcoin options. The exchange plans to launch bitcoin options in early fall, and ethereum options within a few months, per CNBC.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Bitcoin Skyrockets, Race to First Cryptocurrency ETF Heats Up - Nasdaq
A U.S. economist and businessman known for his work in spearheading the early development offutures contracts is seeking a cryptocurrency patent.
Richard Sandor, a former Chicago Board of Trade chief economist and vice president, advanced the utilization of financial futures back in the 1970s, earning him the moniker "the father of financial futures" and, later, "the father of carbon trading," according to Time.
Notably, perhaps, Sandoris now listed as the first of three inventors for the "Secure Electronic Storage Devices for Physical Delivery of Digital Currencies When Trading" patent application, released on August 10 by the U.S. Patent and Trademark Office.
Sandor is currently the chairman and CEO of Environmental Financial Products LLC, which is listed as the applicant for the patent.The application itself details a hardware concept for the storage of digital currencies tied to derivatives contracts.
It explains:
"The invention relates to a method to facilitate trading of digital currencies, which comprises electronically storing an amount of a digital currency on an electronic storage device or electronic registry; and physically storing the storage device or electronic registry in a secure, physical repository that is not publicly accessible with the storage device or electronic registry available for use in subsequent delivery of the digital currency."
It's the latest submission to focus on cryptocurrency-related derivatives, coming on the heels of news that options exchange CBOE is planning to launch products in this area later this year.
Firms like CME have also moved to obtain intellectual property tied to cryptocurrencies. As CoinDesk previously reported, CME's patent applications reveal an interest in bitcoin mining derivatives.
Richard Sandor image viaJon Lothian News/YouTube
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].
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'Father of Financial Futures' Seeks Cryptocurrency Hardware Patent - CoinDesk
News world
In Ukraine, cryptocurrency does not have an official status. By the end of August 2017, the Eastern European nation will clarify its position through a meeting of the Financial Stability Council.
On August 11, 2017, the National Bank of Ukraine released a statement by deputy chairman Oleg Churiy. According to Churiy, the Financial Stability Council (FSC) will meet by the end of August 2017 to work out a joint position on the legal status of bitcoin and its regulation.
Although Churiys comments specifically single out bitcoin, it seems likely that the FSCs conversation will encompass additional blockchain-based digital assets. The term bitcoin often functions as a catch-all placeholder for government agencies.
To date, the National Bank of Ukraine has collaborated with many governmental agencies on the topic, including:
Ukraine is clearly taking a broad and holistic approach to its digital asset guidance. A multi-pronged approach is vital because of the many functions of virtual money. The Ukrainian government may consider instances where a digital asset serves as currency, provides utility to consumers, or even grants ownership in a company.
In his statement, Churiy references the diverse cryptocurrency regulatory schemes currently employed by the European Union, Israel, Japan, Australia, Canada, and the Peoples Bank of China. He notes that discordant regulatory schemes around the world have made it difficult to give bitcoin a definite status in Ukraine. The FSCs meeting should generate needed dialogue, if not a resolution.
In the meantime, a lack of government guidance has not prevented Ukrainian involvement in cryptocurrency. For example, a Ukrainian white hat helped rescue funds from wallets that were compromised during Julys Parity hack. More recently, the Kyiv Post reported that a group of Ukrainian entrepreneurs have invested in 150 bitcoin teller machines, to be installed across the country by January 2018.
Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles.
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National Bank Of Ukraine To Clarify Legal Status Of Cryptocurrency - ETHNews
News business and finance
The predominant financial information website for Chinese speaking investors in the United States and abroad announced the launch of a cryptocurrency education and trading subscription service.
On August 14, 2017, ChineseInvestors.com, Inc. (CIIX) launched a new subscription-based service that will cover the emerging world of cryptocurrencies. The new service will provide timely news and analysis for cryptocurrencies, like Ether, including pricing and industry trends.
CIIX is a periodical with offices in Los Angeles, New York, and Shanghai serving the Chinese speaking population in the United States and abroad. CIIX offers a variety of subscription services and websites for investment and educational content. Such topics range from basic information about companies listed on US exchanges and real-time analysis and market quotes to trend analysis of market sectors and trading simulations highlighting different trading techniques for instructive purposes. CIIX is renowned for providing its customers with educational content regarding how to evaluate investments using fundamental and technical analysis methodologies.
Cryptocurrencies like bitcoin have become a global phenomenon, stated Warren Wang, founder and CEO of CIIX. Since January 2015, the price of bitcoin has increased 500% from $200 to $1,000 in January 2017, and just spiked to a record high over $4,000 as US-North Korea tensions escalated. Likewise, Ethereum has surged from less than $10 to more than $300 this year.
Asia has been a relative hotbed for cryptocurrencies since their inception in 2008 and implementation in 2009. This move by CIIX serves as an indicator that demand for cryptocurrencies and related information is still growing in Asia. Countries like China, which possesses an estimated 85% market share of bitcoin, along with neighboring nations like Japan, which recently legalized bitcoin as a form of payment, stand to benefit greatly from CIIXs new service. Straightforward explanations of what cryptocurrencies are and how to use them will be included in the newly offered subscription. The news agency will also cater to experienced cryptocurrency users by providing content spanning from mining and blockchain technology to pricing trends and exchange traded funds.
Founded in 1999, CIIX has built a reputation primarily on real-time market commentary, advertising, and public relation related support services. In addition to its financial market services, CIIX also has a foothold in the US cannabis industry, investing in research, development, and distribution of cannabidiol (CBD) medicine and health products.
Jordan Daniell is a writer living in Los Angeles. He brings a decade of business intelligence experience, researching emerging technologies, to bear in reporting on blockchain and Ethereum developments. He is passionate about blockchain technologies and believes they will fundamentally shape the future. Jordan is a full-time staff writer for ETHNews.
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Bitcoin's latest leap higher brings the digital currency closer to a near-term top, Goldman Sachs' chart analyst said.
The digital currency is riding a "fifth wave" of an "impulsive" rally that could run as high as $4,827 in the short term, technical analyst Sheba Jafari said in a Sunday report of charts to watch for the week ahead.
However, "once a full five-wave sequence is in place, the market should in theory enter a corrective phase," she said. "This can last at least one-third of the time it took to complete the preceding advance and retrace at least 38.2 percent of the entire move."
At the time of the report's publication, Jafari said that correction could take bitcoin down to around $2,221.
Bitcoin is nearing its target for the "fifth wave" that theoretically leads to a correction
Source: Goldman Sachs
Bitcoin hit a record high of $4,348.23 on Monday, according to CoinDesk, quadrupling in value for the year. That leaves just 11 percent in gains for bitcoin before hitting the high end of Jafari's forecast.
Already at above $4,300, bitcoin trades well beyond the $4,133 price that Jafari identified as possibly "a level from which to watch for signs of a near-term consolidation."
Although Jafari didn't explicitly name it, the five-wave principle of technical analysis is known as the "Elliott Wave." In July, The Elliott Wave Theorist newsletter also pointed out that bitcoin is "making a final fifth wave from six cents" after predicting the digital currency's surge seven years ago.
That said, other analysts predict bitcoin can climb into the tens of thousands in the next few years. They expect that growing investor interest in a digital currency with a limited circulation of 21 million coins should naturally drive prices higher.
Bitcoin would also have to fall under $2,935 "to signal that a top is already in place," Jafari said in the report.
Dramatic price swings of several hundred dollars or more are not uncommon in the digital currency world. In the month after hitting a prior record of $3,025 in mid-June, bitcoin lost more than $1,000, before rallying to all-time highs in the last two weeks.
Analysts attributed the gains to investor optimism about bitcoin after the uneventful bitcoin split on Aug. 1 into bitcoin and bitcoin cash, as well as greater interest from institutional investors.
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Goldman Sachs says bitcoin may rise about $500 more, before losing half its value - CNBC
A rule in the original software, released in 2009, limited the number of transactions that could move through the system to about five a second.
In the last two years, an outspoken group of Bitcoin aficionados wanted to see the currency expand quickly to compete with Visa and PayPal.
But that camp faced opposition from the so-called core developers, a few dozens programmers who maintain the basic Bitcoin software, generally on a volunteer basis.
At the end of July, some of the people who wanted Bitcoin to expand quickly broke off and created a rival digital money, known as Bitcoin Cash, that can handle more frequent transactions.
That new currency has attracted a small following, and retained a relatively stable value around $300.
Most Bitcoin investors and companies, however, have stayed with the original Bitcoin network and the core developers who are working on it.
The core developers have come up with their own solution to increase the number of transactions running through the system, known as Segregated Witness, or SegWit.
While SegWit does not expand the network as quickly as Bitcoin Cash, it makes it easier to build services on top of the Bitcoin network, such as the so-called Lightning Network, that will allow for faster transactions.
The biggest backers of the network agreed last week to proceed with SegWit, and it is that agreement, on scaling the network, that is the most obvious reason for the recent surge.
Scaling has been the major catalyst for the price rally, said Charles Hayter, the founder of the data company CryptoCompare. The scaling debate has certainly been holding the Bitcoin price back.
Many backers of the core developers have said that Bitcoin is more likely to be a base layer that other services are built atop. In this vision, Bitcoin would be more like gold in the old gold standard than like a payment network.
The gold analogy and the scarcity of Bitcoin the rules of the network dictate that only 21 million will ever be created have led some investors to believe that the value of the currency will continue to rise as more people look to store their wealth in the system.
This vision has caught particular fire in Japan and South Korea, which have accounted for an increasing proportion of all Bitcoin trading this year, taking over from China, which once was responsible for the highest trading volume.
The introduction of SegWit does not resolve all of the arguments that have divided the Bitcoin community.
Many large Bitcoin companies are still hoping to follow through with an agreement, reached in the spring, that would change the Bitcoin software in November to allow twice as many transactions to flow through the network.
The core developers have made it clear in various forums that they do not plan to update the software in November to double the network capacity. When the November deadline is reached, some of the companies hoping to double the network capacity could again split off from the core developers.
There is a history of animosity between Bitcoin factions with vested interests, and these tensions could flare up again, Mr. Hayter said.
For now, though, Bitcoin has been rising steadily, and much faster than any of the competing virtual currencies that have cropped up in recent years.
Earlier in the year, the prices of many other virtual currencies were rising faster than the price of Bitcoin, most of all Ethereum, a virtual currency that has more programmable features than Bitcoin.
The price of Ethereum has been rising this month, but more slowly than Bitcoin and it remains below the record high it reached in June. On Monday, the price stood around $300.
Investors are buying Ethereum and Bitcoin to invest in so-called initial coin offerings, a new method of fund-raising in which entrepreneurs create and sell their own virtual currencies.
Such offerings have continued to come onto the market despite warnings from regulators that some of them may violate securities laws.
A version of this article appears in print on August 15, 2017, on Page B3 of the New York edition with the headline: The Price of Bitcoin Surges After an Agreement on a Key Software Update.
Original post:
Bitcoin Price Surges After Agreement on Software Update - New York Times
Bitcoin hit another record Monday, but commodities whiz Dennis Gartman still isn't buying.
"It is a punter's dream," Gartman told CNBC's "Fast Money." "I give them credit for that, but it is something that I will absolutely stay away from, have stayed away from it, didn't understand it to begin with, don't understand it now."
Gartman said he appreciates bitcoin's introduction of blockchain technology. However, the cryptocurrency's price fluctuates too much to convince him to invest.
"What bothers me is that something that can move 5, 10, 15, 18 percent in the course of the day for what's supposed to be a pricing mechanism," Gartman said. "How can you buy a house? How can you buy a car? How can you buy Starbucks with bitcoin when the price is going to fluctuate as [dramatically] as it has?"
When bitcoin was introduced, it was supposed to be better than common currencies like the dollar or euro because it was supposed to be finite, Gartman said. Now, it's become an infinite currency, he said, and that's a big problem.
"We'll walk in one day and this will all have ended," he said. "And it will end very badly."
Link:
Dennis Gartman shares why he is staying away from bitcoin: 'Don't ... - CNBC
Longtime stock researcher Ronnie Moas raised his price target on bitcoin by $2,500 on Monday after the digital currency hit all-time highs over the weekend.
"What's happening is the floodgates are opening," Moas, founder of Standpoint Research, said in a phone interview with CNBC on Monday. "I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars."
Moas first laid out his views on bitcoin's potential in early July and issued a formal report at the end of last month with a price target of $5,000 for next year.
He told clients Monday he now expects bitcoin to hit climb nearly 80 percent from the weekend's records to $7,500, and maintained the digital currency could surge to $50,000 in 2027 representing a 28 percent annual compounded growth rate.
Bitcoin three-month performance
Source: CoinDesk
After bitcoin's uneventful split into bitcoin and bitcoin cash on Aug. 1, bitcoin has soared more than 40 percent to all-time highs.
Bitcoin climbed 5 percent Monday morning to a record high of $4,321.08, more than quadruple in value for the year, according to CoinDesk. At that price, the digital currency has gained about 50 percent in August.
As institutional investor interest in bitcoin grows, Moas expects digital currencies to become part of "strategic reserves" and "asset allocation models in the near future." He also said people in foreign countries will likely want to buy digital currencies as a more stable alternative to their national currencies.
"You can't look at this as a normal situation," he said. "We're in an industry that will probably go from $140 billion to $2 trillion and the bitcoin price will probably move with that."
The total market value of more than 800 digital coins listed on CoinMarketCap.com has climbed from around $20 billion at the start of this year to about $140 billion on Monday. Bitcoin accounts for about half of that value.
Year-to-date change in global value of digital currencies
Source: CoinMarketCap
Another digital currency, ethereum, traded 1 percent higher near $307, according to CoinDesk. Ethereum has shot up more than 3,000 percent this year.
Bitcoin cash, an alternative version of bitcoin supported by a minority of developers, held steady near $300, according to CoinMarketCap.
Moas told CNBC that 100 percent of his investments are in digital currencies, with the majority in bitcoin and ethereum. He said he never invested in the stocks he issued reports on.
He added in his Monday note to clients:
"Any way that I look at these numbers, my forecasts are looking conservative. It looks to me as though we are at the same point in the adoption curve as we were in 1995 when we went from one million internet users to ten million. The following year the Netscape browser came online and we went from 10 million users to hundreds of millions of users overnight.
I expect that within a couple of years we will have between 50 and 100 million cryptocurrency users -- up from approximately ~10 million today. We only have 0.15% market penetration right now -- if that goes to 2% or 3% we will get to the $50,000 price target that I set at the beginning of July."
To be sure, many note that bitcoin remains like the Wild West compared with the established Wall Street market.
"People should understand they're not dealing with the NYSE right now. There's no regulation, there's no face that you can attach to these exchanges," Moas told CNBC, noting his digital currency holdings are spread across five exchanges.
Bitcoin lost more than half its value in 2014 as Mt.Gox, then the largest exchange by far, said it lost about 850,000 bitcoins (worth about half a billion U.S. dollars at the time) and filed for bankruptcy.
This July, the U.S. Department of Justice alleged in an indictment that a "sizeable portion" of the Mt.Gox losses were deposited in accounts controlled, owned and operated by an exchange called BTC-e and a Russian national named Alexander Vinnik. Vinnik was arrested in late July.
Reuters contributed to this report.
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Standpoint's Ronnie Moas raises bitcoin price target to $7,500 - CNBC
Bitcoin prices have set an all-time high above $4,400.
Just an hour after the August 15 session opened, the average price of bitcoin was up across global exchanges, rising from an opening total of $4,382. At press time, the price continued to edge upward, following a day in which in gained more than $200, rising to $4,382 from $4,111 on Sunday.
Week-over-week, price gains were even more impressive, with the value of the cryptocurrency rising just over 30% from $3,382 at the end of trading aweek ago.
The movement comes at a time when institutional investors are beginning to take a new interest in bitcoin and the larger cryptocurrency asset class.
Not only are major investment managers and analysts now tracking the asset, but accredited investors have been seeking to diversify opportunities in the space, investing nearly $200 million in an initial coin offering (ICO) for a blockchain network called filecoin last week, a venture aimed at creating a distributed protocol for file storage.
Also up on the day was the value of all cryptocurrencies issued, with data from Coinmarketcap indicating the asset class is now valued at $141 billion, up nearly 20 percent from $118 billion last week.
Bitcoin image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].
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Bitcoin Price Tops $4400 As Crypto Market Nears $150 Billion - CoinDesk
A year ago, a single bitcoin BTCUSD, +2.51% was valued at $570. Today, after a dramatic year of big ups and downs, bitcoin is over $4,000 and its market cap has gone over $70 billion for the first time.
If youre struggling to understand how this came to be or just looking to relive the glory (or nightmare, depending on your perspective) come along with us on a trip down meme-ory lane.
First, some history.
As bitcoin legend has it, Satoshi Nakamoto started hashing out the concept of a decentralized digital currency in 2007. To this day, the true identity of the person (or people) behind bitcoin remains a mystery.
In January 2009, the very first bitcoin was created and just days later, the first transaction took place between Nakamoto and crypto activist Hal Finney.
It wasnt until a year later that the very first real-world bitcoin transaction took place. Programmer Laszlo Hanyecz apparently paid 10,000 bitcoin for a pizza. At the time, that was worth only $25.
Still, the bitcoin world remained a mystery to many.
Then, in the summer of 2010, bitcoins value surged tenfold in just five days. Bitcoin fans were thrilled, but the naysayers still werent interested.
In November of that year, bitcoins market cap reached $1 million.
Silk Road opened for business in 2011, and became best known as a bitcoin marketplace for selling illegal drugs on the dark web.
Just a few months after reaching parity with the dollar, bitcoin hit $10 in June 2011.
And still the volatility:
It rallied above $31 before plunging in the crash of 2011 all the way back to single digits. By the time the sellers were through, bitcoin was 93% off its peak.
The bitcoin faithful stood strong, and the recovery began.
Mt. Gox, which became the worlds largest bitcoin exchange after opening in 2010, shut down some four years later amid hacks and security breaches that cast a shadow on the future of cryptocurrencies.
There were eventually calls for the government to ban bitcoin. But bitcoin survived, of course, and more and more cryptocurrencies were created.
Then Donald Trump gets elected president...
... and bitcoin really explodes. Ethereum goes along for the ride, and then some.
Which has some people calling Bubble!
And others, To the Moon!
Even some of the biggest bulls, though, were biting their nails going into the Aug. 1 hard fork that brought about a new version of the currency called Bitcoin Cash. But, fork or no fork, bitcoins rally wouldnt be held down and a week after the split, bitcoin was at an all-time high.
Meanwhile, bitcoin is also gaining a reputation as hackers ransom of choice.
Given all the hoopla, its not so much of a surprise that regulators are finally stepping in.
So, peak bitcoin?
Its yet to be seen, but as cryptocurrencies climb ever higher, the bitcoin faithful feel vindicated, for now...
... and the skeptics are left to consider how to play a crypto future.
See more here:
22 internet memes that let you relive bitcoin's historic rise - MarketWatch
The countdown starts today for the Halifax County High School football teams first test under fire. Comets Head Coach Grayson Throckmorton and his varsity team have four days left to prepare for the teams first test the annual Virginia High School League Benefit Game against Buckingham County High School to be held Friday at 7 p.m. at Tuck Dillard Memorial Stadium.
The Comets JV team also faces its first test Friday with a scrimmage against the Buckingham County High School JV squad at 6 p.m. at Halifax County High School.
As far as past pre-season preparations have gone, the norm had been a scrimmage with the benefit game set a week later. However, with a twist in this seasons schedule that has the Comets getting their open date on the first play week of the regular season, the Comets will face the benefit game as their first pre-season test.
Throckmorton said the way things have worked out make Friday nights benefit game a tough task for his team to face.
Its going to be a formidable task because its a benefit game, which is not optimal for your first scrimmage because you have to have some special teams things in as well as other things, Throckmorton pointed out.
Normally, youd like to have a regular scrimmage first, and then the benefit game.
With Friday nights benefit game being his teams first live test against an outside opponent, Throckmorton said he and his coaching staff are going to keep things as simple as possible for the players.
Its a benefit game, and yes, we want to win all of our games, but were going to stick to our guns, Throckmorton pointed out.
Its a glorified practice. Even though we want to win it, its really our first glorified practice where we can get a measure of exactly where we are.
Throckmorton said he and the coaching staff are going to stick with the installation process they have outlined throughout this week and in Friday nights benefit game.
Were going to be running our base stuff offensively and defensively, he noted.
Were not going to game-plan or anything. Its just going to be basic things.
Friday nights benefit game will serve chiefly as an evaluation tool for Throckmorton and his coaching staff, a tool to help define the areas that need the most work.
Its part of a growing and learning process, Throckmorton said of the benefit game.
Were going to evaluate personnel and see what we do well and what we dont do so well. If we can hold onto the ball and play some decent defense, we will be okay. Thats what were going to work on doing right off the bat.
After Friday nights benefit game, the Comets will have the following week to prepare for their final pre-season test, a scrimmage against Colonial Heights on Thursday, Aug. 23.
We will go into more of a game situation against Colonial Heights to prepare ourselves for the ultimate test, our first real game against E.C. Glass on Sept. 1, Throckmorton concluded.
Excerpt from:
Blue Comets gridders gearing up for Friday VHSL Benefit Game - YourGV.com
You could call them the Golden Girls. But given how young they are, players on the Cole Harbour Comets U-13 softball team will never be confused with the stars of the hit TV sitcom, older women in their golden years in sunny Miami.
And they wont remember the show.
But fresh from winning gold at the provincials in Stellarton in late July, the Comets have earned their way to the Eastern Canadian Softball Championships in balmy Cobourg, Ont., which take place Aug. 24-27.
The Comets, who regularly compete in the U-14 bracket (despite seven of their 12 players still being eligible to play U-12 softball), have been on a roll this year, routinely winning gold or silver at every tournament theyve played while constantly being up against older competition.
The rep team from the Cole Harbour Comets Association won gold at the East Coast Games in Saint John, N.B. They also won gold at the Bulldog tournament at Waterville, Maine, becoming the first Canadian team to win the prestigious tourney. The previous year, in 2016, the Comets won gold at the Blue Demon Dash, also the first Maple Leaf team to win that Waterville tourney.
Most recently, at provincials this year, the youngest team on the diamond went undefeated, pounding the Comet Angels a team from their own association 9-2 in the final and outscoring all rivals 56-6.
The girls showed their dominance, both in defence and in offence, said Cheryl Tanner, team manager, who also praised the pitching staff.
These girls are fierce, said Tanner, whose daughter Hailey is the team captain and whose husband Art is assistant coach. They just go up there and get the job done. Comets players all love the game, their manager said. Their drive to succeed is incredible.
Among the individual accolades won at various tournaments, player of the tournament awards went to Jenaiya Fraser at provincials and Taylor Nickerson at the East Coast Games, with Temma Parsons-Hudson earning the top pitcher nod at the May Madness Tournament.
Yes, they won gold there too.
In the provincials Game 4 semi-final against Cape Breton, an 11-0 whitewash, pitchers Callie Dearman and Dakota Donovan threw a no-hitter. In Games 1 (8-0 laugher against Eastern Shore) and 2 (17-0 romp over Stellarton), Donovan and Dearman combined with Jordan Bruce and Emily Martin to pitch shutouts.
In Game 3 (11-4 pounding of Sackville) Bruce and Sammie Balfour each drove in two runs. In the championship fifth game, Tanner, Fraser and Parsons-Hudson each had multiple hits, as the Comets cruised.
Hailey, 13, who began playing ball at the tender age of four, credits the Comets coaches, including head coach Shawn Fuller for the teams success.
Our coaches put a lot of dedication and work into it, the things they teach us, she said, also noting the girls closeness as friends, who are always willing to help each other.
They are a great group of girls, Art Tanner said. They all want to get better. They dont care how old they are or how old the other team is. They just want to beat them.
Looking ahead to the Eastern Canadians, he hopes the Comets can make it to the finals, even though theyll be facing some traditionally strong Ontario and Quebec teams.
Still, he feels that the ever-improving Comets squad can contend. The competition is tougher than before, he believes, but then, so are the Comets.
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Cole Harbour Comets U-13 girls win softball provincials - TheChronicleHerald.ca
THE FRESH TOAST
Monday, August 14, 2017, 11:50 AM
Psoriasis is an autoimmune disease that causes itchy scaling of the skin. It typically affects the elbows, knees, and scalp, but any skin-covered place will do.
About7.5 million Americanshave psoriasis. For most, it will manifest only in patches. But if it extends over more than five percent of your surface area, then you are among the one-in-five who have a severe case.
RELATED STORY: Little-known health effects of medical marijuana
There are many faces of psoriasis. Lesions may be slivery or fiery red, pussy or merely bloody, small or expansive in scale. Fingernails may or may not discolor, crumble, and detach. As many as a third of people with this condition will receive the bonus gift of psoriatic arthritis.
Genetically inherited, psoriasis is yet another trauma we receive from our parents, but its appearance tends to be triggered by physical or emotional stress.
During an outburst, T cells that normally protect us from bacterial incursions mistakenly begin to attack our own skin cells. As white blood cells rush into the fray, the blood vessels dilate, causing inflammation. The body then goes into overdrive to replace the dead and dying skin. New cells push up, as much as ten times faster than normal, accumulating on the surface in thick mounds of dead skin and white corpuscles, intertwined like the corpses of ice-zombies and men of the Nights Watch strewn across the plains of the frozen North.
Because of cannabiss well known anti-inflammatory andimmunosuppressiveeffects, its a natch that it ought to have some ameliorating effect onthe heartbreak of psoriasis. But the medical evidence is thin.
RELATED STORY: Why wont my doctor prescribe medical marijuana for me?
One of the most intriguing findings comes from a2007 studythat tested the effects of five different cannabinoids (including everybodys favorites THC and CBD) on skin cells that were induced to hyper-productivity in vitro. All five cannabinoids inhibited proliferation. (Thats good news!) But heres something that flouted all expectation: Blocking both the CB1 and CB2 cannabinoid receptors had no effect on the outcome. In other words, the cannabinoids were operating by some means other than the two scientifically recognized pathways.
What that means is, however, still unknown.
Read the rest here:
Here's how medical marijuana can help with psoriasis - NY Daily ... - New York Daily News
As multiple forecasts predict continued growth in corporate travel, its no surprise that many travel agencies hitch their fortunes to this potentially profitable segment. But without the right technology, training and business strategy, ill-prepared agents may fall flat when trying to navigate the complex factors that affect how business travel is sold.
The segments appeal is easy to understand. Worldwide business travel is expected to increase 3.7 percent a year over the next decade, according to a recent report by the World Travel & Tourism Council and Travelport. In the United States alone, companies spent $424 billion on corporate travel in 2016, according to the Global Business Travel Association (GBTA). And 86 percent of business travel-focused travel agents expected bookings to remain high or grow even more this year, according to the 2017 Business Travel Trends Survey conducted by Travel Leaders Group.
All that means big money for agencies that understand how to serve the market.
While business and leisure travel may share some common elements, they are decidedly not the samewhich makes specialization crucial for agents who are serious about growth.
The leisure traveler is buying a destination. The business traveler is buying the journey, says Dave Hershberger, president of Travel Leaders/Prestige Travel in Cincinnati, Ohio. The fun side is leisure travel, but corporate is where most companies, like mine, are going to make most of their money.
Christy Prescott, CEO of Corporate Travel Planners in San Antonio, Texas, describes the subtle variations in approach that are necessary for success. The largest difference between selling leisure and corporate are the nuances, she says. Within corporate travel, exceptional service is the differentiator between travel management companies. While corporate agents make sales based off of price and schedulethe customers real preference is high-touch, world-class service.
As in any business, you have to spend money to make moneyand investment in technology and productivity tools should be a priority, according to Jay Ellenby, president of Safe Harbors Business Travel in Bel Air, Maryland. To be in the corporate travel marketplace, you really have to be loaded up to provide the technology features, such as online booking systems, he explains. You have to have office technology, you have to have mid-office systems and a program that supports that. And in addition to technology, you have to have the reporting that corporations expect, the data that they can use to make decisions.
Prescott uses one word repeatedly when asked about her keys to success. The most important tools today are automation, automation, automation, she says. Within business travel sales, its paramount to have a robust mid-office tool alongside the online booking tool, allowing travelers the freedom to make their own choices. Whats more, automation allows travel managers peace of mind, knowing their policies are enforced.
Corporate travel policies might come from the client side, but they arent a one-way street. Data derived from an agencys own technological tools can aid the development of a clients policy, says Ellenby. Our philosophy is that every policy, every company is different and we have to respect and support the travel policy initiatives of every company, he says. But were always working with our clients to maintain travel policies, because travel and issues are changing daily, and we want to make sure that our companies are updating them.
Hershberger notes that sometimes his agency must take the lead in formulating a clients travel policy. Believe it or not, some companies we start with dont have one, he says. But a complicated corporate travel policy doesnt necessarily make it better. A well-written one, a well thought-out one and one that addresses your major concerns is what works best.
Thats why policy is one of the first topics that Hershberger brings up with new clients. One of the first things we ask is, Do you have a corporate travel policy? And if they dont, we say, Lets work on one together, and here are some suggestions for it. Thats how theyre going to see the real benefits of working with a travel management company. Travel management companies and travel policies go hand in hand. Its a great way to enforce a policy and its a great way to build an effective one.
Both Safe Harbors Business Travel and Travel Leaders/Prestige Travel take a similar approach to policies related to supplier partners: Respect for the clients supplier relationships, coupled with readiness to offer help and ideas for improvement. If a company has supplier partners, we honor them and support them, Ellenby says. And we always look at what can we do to tweak or help that relationship with a supplier and make it even more manageable for our client.
Hershberger also notes that his agencys own relationships with suppliers can work to a clients advantage. For us, its really a customers call, he says. We never lead with a particular supplier unless the client has no choices. But we have certain vendors we work with that offer special discounts to our clients.
If a company is only as good as its staff, then providing appropriate training is imperative. Ellenbys agency takes a multi-pronged approach to education. We constantly do customer service training, he says. Thats the core of what we provide. We also do ad hoc training when necessary, when new products become available. We invest quite a bit of time and resources to make sure that our team is fully up to speed.
Hershberger tailors his staff training to fit different clients, and he takes advantage of various educational opportunities. A good consortium will have good travel agent tools in the training arena, he says. One phenomenal thing that Travel Leaders does a couple times each summer is to fly corporate agents someplace and show them behind the scenes at the airport, with the airline reservation system and at a car rental facility. I had an agent go last year and she just raved about it.
The changing demographics of todays business traveler is also a topic that deserves attention. The effect of Millennial travelers, for example, cannot be understated, according to Hershberger. Its the biggest growing segment in the corporate world, he says. The difference between Millennials and Boomers or Gen Xers is that they dont want to talk to you. I hate to generalize; obviously there are exceptions. But Millennials want to text you, they want to email you, they want to use an online booking tool and they want to be contacted by mobile device much more than other generations do.
Ellenby agrees that Millennials differ from older travelers in myriad ways. Millennials have an interest in the sharing economy for rooms and rides, he says. That makes it necessary for agencies to be current about new options and their effect on issues like corporate travel policies. We have to stay on top of all the new entrants into the market.
In addition, Prescott notes, Millennials do not buy into their parents never take a vacation day/work 80 hours a week mantra. They believe in bleeding their business and personal lives together and creating extended bleisure trips. That tendency can naturally create additional sales opportunities for travel agencies.
Selling corporate travel is an intricate endeavor. So is there an overarching philosophy that can lead an agency to success? Thats the $64,000 question, says Hershberger. There is no one easy way to do this.
Still, he has some suggestions. A lot of agencies make the mistake of having an account manager/salesperson, and that just doesnt work, he says. You have to have a full-time salesperson, and they have to be beating the bushes. We also have a full-time account manager. Both of those are absolute bare necessities to have a successful corporate travel program. It doesnt do any good to have a great salesperson if then you dont maintain that account.
Also essential, according to Ellenby, is a dedication to customer service. Sometimes you can take customer service for granted, and thats a bad place to be, he says. Wed better be good at other things, but if we cant provide good customer service training, then it doesnt separate us from our competition.
Prescott says that existing clients can be a valuable source of new opportunities. Organic growth within an existing account can be built with additional services, such as small meetings, incentive travel, etc., she explains. Find what you do best and build that platform.
A positive attitude can also work wonders, adds Hershberger. You just have to keep plugging at it, he advises. You need to stay with the times. You need to upgrade your technology. You need to have good staff. You need to treat your staff well so they treat your customers well. If you have one bad day, it doesnt work. Every day you have to show up and deliver.
Aligning with a consortium or franchise can resolve some of the trickiest aspects of achieving success in the corporate travel segment. And Travel Leadersone of North Americas largest travel companiesfeatures a number of tools and benefits for agencies hungry for growth.
Its never easy to grow corporate travel business in a hyper-competitive market, and it isnt going to get any easier, says Michael Boult, senior vice president of corporate sales for Travel Leaders. By aligning with Travel Leaders Network, ambitious agencies keep what is special about their business and bring on a partner who provides access and management to help them to grow their business.
The benefits of partnering with a consortium are multifold, according to Boult. Many excellent small agencies plateau, and without significant investments in people, technology and processes, they struggle to build corporate business outside of their natural but constrained geographic market, he explains. Agencies who join Travel Leaders Network receive the latest travel technologies, unique rates and value-adds from a broad range of global suppliers. They also receive proven training programs that ensure maximum results from agents, account managers and sales resources, access to multinational fulfillment when clients expand and ultimately a team of industry experts who care about their success.
The company maintains a laser-like focus to create success for its member agencies, Boult says. The Travel Leaders Network Business Travel Center of Excellence is organized around four key principles: lead generation, sales, implementation and customer success, he notes. We believe optimizing this cycle ensures the success of our partners.
As part of these principles, Travel Leaders manages online agency profiles and invests in search engine marketing. They also provide specialized and immersive sales training and dozens of project plans to support all the facets of the implementation process with new customers.
In addition, Boult notes, We provide ongoing training for account managers, to transform their existing customer relationships to support the notion of customer for life, by proving and resetting the type of value the agency is providing to the customer.
Affiliation with the Travel Leaders Network also helps agencies deal with complicated issues like duty of care. We see increasing levels of investment and innovation from new entrants who are bringing powerful new solutions to the market, Boult says. We have long-standing relationships with multiple vendors and most recently launched an RFI so that we can identify new opportunities to improve our solutions further. We look forward to analyzing responses and enhancing this critical service.
The companys business travel site, TravelLeadersBusiness.com, is designed to ensure maximum exposure in key online search environments, according to Boult. We invest heavily in promoting this website and the results have been impressive with thousands of leads generated since we launched in late 2016. The profiles are easy to maintain and update. Most importantly, they are being found by the right audience and business is being contracted efficiently. For more information on opportunities with Travel Leaders Network, visit TravelLeadersNetwork.com.
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EyeforTravel takes a look at how Hostelworld has continued to boost investments in technology to meet the needs of travellers ditching the 9-5. We also throw in a free video of a Hostelworld presentation
Right on timing, products and pricesthat is Hostelworlds story. Numbers in its latest survey, out in mid-July, on US travel shows the trends going its way. More and more are saying goodbye to the 9-5 grind in favour of a more flexible work environment it found, freeing them to travel. Since US citizens between the age of 18 and 29 are most likely to consider working remotely while travelling, the key age group for hostelling, it all looks good! As Hostelworld commented: the Digital Nomad Tribe is growing!
To help the travellers, Hostelworld has continued to boost its investment in technology with a very data-driven strategy, adding a new feature (in May) to its IOS and Android app called Speak the World. It instantly translates up to 43 languages, including Bengali, Hindi and Thai, as well as the more predictable English, Spanish and French. Powered by Google Cloud Translate Technology, it takes just a few seconds.
Breffni Horgan, Hostelworlds Head of Product, said at the launch that the aim was to empower travellers to go even further off the beaten track. This new technology would help tackle the language barrier in a fun way.
The approach to apps
Hostelworlds strategy is to use its mobile app to add to its customer base, describing its aim as building a community. Our customers are highly mobile and look for experiences, not souvenirs: theyre also very sociable, want to live as locals do and meet the world.
Last year it added new mobile app features through its partnership with Gogobot to create a customised experience for travellers calledMy Trips. This delivers travellers relevant information about what to see and do in their destination from the moment they book their hostel. For example, if a traveller booked a hostel in Sydney the app shows the weather in Sydney, things to do, attractions, places to eat etc.
That was followed this year by an app experience called Hostel Noticeboard, located in My Trips, which is a digital replica of the traditional on-the-wall hostel notice board. This shows the different types of social events happening in hostels 24/7 and around the world. Ultimately, the idea is that Noticeboard will allow a hostel operator to communicate with a guest in a way they have not before and for guests to communicate with each other.
As Breffni Horgan told the EyeforTravel European conference in May, hostels are different to other accommodation in that they are designed to bring people together and Hostel Noticeboard further encourages this.
Not only, it is hoped, will these apps increase Hostelworlds business, but it helps differentiate the product from competitors such as Pricelines Bookings.com. As the analysts at Ellerston Global Investments point out, despite being the second biggest player in hostels, Bookings.com has not been innovating at the same pace. After all, hostels are only 1-2 per cent of its revenues.
Approximately, two thirds of global hostel revenue is generated via online channels, with circa 70% of all online hostel bookings made via an online travel agent (OTA) such as Hostelworld or Booking.com, Ellerston Global points out. With a 40% market share, Hostelworld is the long-established market leader in a niche market that has been growing and consolidating.
In a mobile first and social second world, Hostelworld has already built the platform, brand name and user base and is now entering the next stage of its lifecycle. The company is optimising its platform via mobile and developing applications that create a social network, marketplace and communication tool for hostel travellers that will further widen the moat around its platform.
It seems to be working last year bookings at core brand Hostelworld increased by 18% to 6.2 million. It now has 36,000 properties, of which 14,000 are hostels. Average commission rate earned was 13.8%, up from 13.1% the previous year. It is, Hostelworld says, comfortable with expectations of eight per cent growth.
Main Image Courtesy: trip.com
Social Media Image used on our other platforms, Credit: blog.ebags.com
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Kettering University didnt just open doors professionally for Sam Daleo 17. The opportunities he received as a student allowed him to see the world from a different perspective.
Daleo, a Computer Engineering major at Kettering, studied abroad in Germany for three months before coming back to campus for his last term.
I knew about the study abroad program since I started at Kettering. I have been planning my entire curriculum around those three months, he said. It was an opportunity I didn't want to give up. I have been speaking German since I was 14. Ive always enjoyed their culture. Its an eye opening experience to see a completely different culture and viewpoints from people around the world.
Daleo studied at Hochschule Ulm in southern Germany. He immersed himself in the culture as much as possible.
I had to change how I lived entirely to fit in with the culture, he said. I was on a train. I was on a plane. I was always going somewhere. Every weekend I had was planned out. I was going and exploring Europe and many other places.
When not studying and exploring Germany, Daleo also traveled to Austria, Switzerland, Italy, the United Kingdom, Iceland and Spain. He was able to travel to Sicily and visit the small city of Terrasini, where his fathers side of the family is from.
He also traveled and backpacked around Iceland by himself for eight days covering 800 miles round trip.
As a photographer I was just always in awe of the nature and views that I experienced. It was great to meet people from all over the place, Daleo said. The entire study abroad experience was fascinating and eye opening. It continues to remind you that you are you and somebody else is somebody else. And thats OK. You have to learn to coincide. People across the world have vast differences and religious beliefs, but they can all still work together.
Studying abroad while in school is something Daleo would recommend to anyone. Any worries or concerns students have will all go away once they start the experience, he said.
An experience like this is something you wont easily find again. Being at Kettering definitely opened doors to a once-in-a-lifetime experience, Daleo said. My advice to students is to really step outside of your box and try as many new things as possible. Try new foods and have conversations with people you might not have otherwise. Theres a whole world out there. Every day you are reminded that you are only within your bubble. We all have differences but there is so much we have in common without realizing it.
Apply for Fall 2018 Study Abroad Programs beginning Monday, August 7. The Office of International Programs (OIP) will be accepting applications to the Fall 2018 Study Abroad programs through March. Interested students should visit OIP in 3-340 AB or email international@kettering.edu to request approval forms to begin the application process. Studying abroad is a great way to earn credit towards your degree while broadening your worldview and understanding of different cultures. Study Abroad also serves to boost your resume by providing you a chance to develop a more global perspective and develop skills such as problem solving, time management, and independence. Visit OIP to speak with a Study Abroad Adviser today!
Written By Sarah Schuch | Contact: Sarah Schuch - sschuch@kettering.edu - (810) 762-9639
An experience like this is something you wont easily find again. Being at Kettering definitely opened doors to a once-in-a-lifetime experience.
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Kettering University gives students opportunities to travel the world - Kettering University News