This is episode 270 of You, Me, and BTC – your liberty and Bitcoin podcast.

It’s just Tim and you guys tonight. May the crypto gods have mercy on your souls.

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  • This is the one I use just because t is simple and tells you what you need to know

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  • One of the most well-known as well as one of its kind platform, Shanghai Wine and Liquor BlockchainAlliance, which was launched in 2018 has once again been in the news. Since there is no denial in the fact that this alliance has undoubtedly ended up enhancing the logistics as well as quality standards for the growing industry. This has also flourished as the middle-class Chinese consumers have gradually started developing a taste for the supple intoxicant. However, the concerning part is the counterfeiting part has equally grown along with the consumption. As per the reports, 65,000 counterfeit Penfolds bottles were seized by the Chinese authorities. COMBATING ILLICIT CHINESE WINE TRADE Well, this unethical Chinese wine trade undoubtedly needed strict action. Therefore, in order to fight with this illicit trade, one of the most renowned importers in the region, Shanghai Waigaoqiao Direct Imported Goods Co (D.I.G.) shook hands with VeChainThor. Together they ended up building a sophisticated as well as effective luxury wine authenticating system. HOW DOES IT AUTHENTICATE? Truth be told, this is indeed a really effective way to authenticate as the chances of illicit wine trade is minimized to a large extent. As per this authenticating technology, the blockchain-strapped bottles are equipped with NFC, i.e., Near-Field Communication chip. This is included so that the vintage’s provenance is tracked with better accuracy. Moreover, the entire process of authentication is even more trustworthy as the entire traceability program is overseen by two governmental bodies as well as the data included in the blockchain is independently verified by auditors like DNV GL. RAY OF HOPE One can never deny the fact that the sales, at one point of time, hit its lowest because of the illicit trades. However, situations are a bit less complex now as D.I.G mentions in a report that there is an overall increase of 10% in sales for vintages tracked by the authenticating program. Therefore since its launch, it has been a bright ray of hope for the market. News Source: TheCoinRepublic

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  • It has come to reports that the prices of Bitcoin have descended below $11,500 this Wednesday. The pattern has taken the shape of the fictional character Bart Simpson’s head. The predominant cryptocurrency had gone past $12000 but there was an abrupt descend only hours later from that. It rose high to $12,145 and slid down to $11,438 in that very afternoon. The unwelcoming pattern of Bart’s head, as so it has been named after the fictional character, Bart Simpson. It has, consequently, driven the crypto market to decay. The crypto industry had to incur a severe market sell-off. It is learned that newly-published research has affirmed that Bitcoin and crypto-currencies have led to the formation of an inverse correlation with the S&P 500. Nevertheless, it is also being noticed that both stock and crypto markets are in risk now. Bitcoin has come down by 0.55%. the Dow Jones industrial average loses 0.53% and the S and P sliding 0.31% for the day. The profits, it is learned, were to relinquish them in a vicious sell-off only hours later to the gains. Structure of Bart’s head wrecks havoc on the crypto domain Bitcoin had to suffer a huge loss by the unwelcoming Bart Simpson technical pattern. This pattern is consistently unwelcoming because the price spikes trade sideways and then swerve low to the point of collapse which is its original level. It has been named the “Bart” formation by the armchair traders as the pattern of lines are reminiscent of the head of Bart Simpson which is analogously spiked. This is a very rare occasion for the crypto traders but whenever it rears it’s head then it is because there are manipulators striving to exploit the market at the expense of retail traders. This pattern is heavily detrimental to the crypto market and hence intimidating to the operators of the market. The crypto market is operated under strict vigils and therefore, such forebodings are hard to sense and fortunately rare for this very reason. However, the stalwartz associated with the industry are devising ways to have riddance of such havocs, keeping in mind that no more losses or taints are caused to the market. It is also learned that preventive measures would be taken so that they can out-maneuver every kind of prospective threats. Speculatively, the security on technological terms would be strengthened even more. News Source: TheCoinRepublic  

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  • After Bitcoin prices dwindling from the past couple of weeks, Bitcoin suddenly soared this week, with the bitcoin price rising more than 20% in the last seven days and jumping over $500 per bitcoin in a matter of minutes last night, only to fall back again. The abrupt bitcoin price rally was largely put down to the escalating U.S. China trade war that’s being stoked by President Donald Trump and yesterday caused China’s yuan currency to weaken to its lowest point in more than a decade, prompting Trump to label Beijing a currency manipulator — but new data suggests there could be more to the latest bitcoin bull run. Many cryptocurrency experts and analysts were quick to suggest that bitcoin’s rise in tandem with the fall in the yuan means it’s becoming a safe haven asset, despite its extreme volatility and no one being able to accurately predict what bitcoin will do next. However, it would appear the bitcoin price suddenly soared last night before China announced an increase to the yuan’s reference rate, with analysis of trade volume data by The Block, a bitcoin and cryptocurrency industry website, finding the catalyst was unusually high bitcoin volume on Binance, the world’s largest bitcoin and crypto exchange. Bitcoin, despite being the most widely-traded cryptocurrency with volumes into the billions of dollars every day, still struggles with wild price swings due to so-called market whales moving large volumes of bitcoin at above or below the current market value. News Source: TheCoinRepublic

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  • On the 1st of August 2019, Walmart (the world’s largest company with the most revenue and employees) has filed a patent application for its own digital currency. This move follows the Facebook cryptocurrency initiative in the form of Libra. The ‘Walmart Coin’ specifications are similar to what Facebook has proposed for its Libra. Walmart’s cryptocurrency may have demographic appeal to legislators involved in the efforts of devising an alternative financial structure for people who are not regular users of banks or find banking costly. This new digital currency may not face the same regulatory trouble as Facebook’s Libra as there is a difference of scale between the two. Walmart’s cryptocurrency and Libra are different from others like Bitcoin in a very important manner; they are backed by a central authority and household names. Walmart’s digital currency is proposed to be a fiat-backed stable coin. It is also said that it may be pegged to the US dollar and available for use only at select retailers or partners. It seeks to make transactions cheaper and faster. It could be tied to some other digital currencies and may be purchased using cryptocurrencies like Bitcoin rather than fiat currency alone. It aims at providing a free or cheap way to store wealth that can be converted back to cash as and when the need arises. It could earn interest, be used for food payments and may replace debit or credit cards without cash. Savings may be offered to customers on purchases. It seeks to use artificial intelligence to help the customer purchase according to his budget and preferences. Walmart is trying to improve its inventory forecasts and predict consumer behavior by using thecryptocurrency to collect purchaser data with the ultimate aim of increasing its profitability. Its own tokens will also reduce the credit card processing fees, saving it billions of dollars each year. There are ambitious plans for this new digital currency including the provision of a freelancer platform, short-term emergency loans, digital currency futures, and multi-tender integration. Walmart is not new to the blockchain technology and at present, this technology covers its supply chain management and digital offerings for customers. Walmart’s cryptocurrency does involve a major privacy concern especially if it is used alongside the various other services provided by the Walmart ‘Money Centers’. It seems imminent that large corporations will foray into the area of cryptocurrency in the form of their own branded stable coins in an effort to exterminate banks from their financial ecosystem. Walmart has made a futuristic move. Whether this move proves to be beneficial is yet to be seen. News Source: TheCoinRepublic

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