Newly Launched Cryptocurrency Enables Financial Transactions via Twitter


NEW YORK, NY, September 18, 2014 /24-7PressRelease/ — The cryptocurrency universe has broken new ground, thanks to an innovative coin known as SocialxBot (www.socialxbot.com). The currency is the first in history to use a Twitter bot that lets users send or receive cryptocurrency funds on the Twitter social networking platform.

M Scott Maxwell’s insight:

The cryptocurrency technology will allow anyone with a twitter account to send and receive funds securely, relatively anonymously and In a way that does not force either party to trust the other.  The transactions also cannot be repudiated, giving certainty that payment will be honoured.


Socialxbot is working in fertile ground here.  Firstly, Twitter been looking for ways to promote direct on-platform ecommerce for some time, last month announcing the role of of direct buy-now from tweets.


Secondly, in an increasingly packed altcoin field, finding a reason for existing is becoming difficult.  Socialxbot is certainly putting forward an offer that many may find valuable.


And finally, of course, is the reach that the platform immediately provides both in terms of installed base and low barrier to entry.  The cryptocurrency does not require any further installations or tech knowledge to use, beyond the use of their website.


One to watch.

Russia set to ban “surrogate” cryptocurrencies by 2015


Russia is set to become the latest country to restrict virtual currencies such as Bitcoin, after a top official announced that a law will be passed banning their exchange into real money by next sprin

M Scott Maxwell’s insight:

This follows the Russian Central Bank’s recommendation that Russians be “wary” of using cryptocurrencies back in January.  The ban appears to outlaw the exchange of cryptocurrencies to Rubles rather than the use of unexchanged cryptocurrencies.  


“People can play with their chips, and they can call them money, but they can’t use these surrogate currencies as tender.”  
Deputy Finance Minister Aleksey Moiseev

Curiously, Russian law-makers are citing Europe as the thought-leaders, saying that they are taking their lead from the positions laid out by the Bundesbank and the European Central Bank.  However, neither have called for a law of this sort, stating instead that they had concerns and were holing a watching-brief.


Mars Cosmonaut Needs Bitcoin for One-Way Flight Home

[embedded content] Mars One candidate, Heidi Hecht, is looking to finance her Mars travel expenses using Bitcoin. Today, on Reddit, she posted a link to her StartJoin fund raising page which features the above video. According to her StartJoin description, Heidi strives to become the first Mars… http://ift.tt/1nRNQ60

M Scott Maxwell’s insight:

Let’s hope the price doesn’t crash half way through the mission…

Bitcoin Ponzi Scheme Perpetrator Fined $40 Million

A Texas man charged with defrauding consumers through an illicit investment vehicle has been ordered to pay more than $40m in fines by a federal judge. The Thursday ruling brought to close a case launched last July that drew headlines at a time when many in the mainstream US media were only… http://ift.tt/1mltU0c

Pandacoin – a simple coin for the mass market?

PANDACOIN (PND)

Six reasons why you should get started and download PandaBank to start earning 2.5% annual interest.

  • Easy to Use
  • Easy to Obtain
  • Easy to Understand
  • Earn 2.5% Annual Interest
  • Low Inflation
  • Global Mass Appeal

 

What is Pandacoin?

Pandacoin has launched a bitcoin derived coin on six USPs (see tag line). Primarily it’s marketing on simplicity, which could be a powerful message in a market that’s still predominantly technical.

So do the USPs stack up?

Panda coins Unique Selling Points

Pandacoin has spent some effort on user interface design, which is always appreciated in tools that are to be widely used. The UI follows established design rules around financial services, again a plus point.Pandacoin PND

However, Pandacoin appears to have done little to reduce the number of tasks a user is expected to undertake. Mining, for example. Although this is a stalwart of many cryptocurrencies, mining is not necessary to follow distributed patterns. It’s also a common source of confusion and often needs explained. In a coin aimed at mass market, it would have been simpler still to leave it out.

Accessing Pandacoin has been made smooth by the use of Paypal, lowering the barrier for those who want to use it as a currency rather than as an asset.

The other USPS are less convincing.

As the main argument behind their ‘easy to understand’ bullet, Pandacoin has provided extensive FAQs – a large manual. By implying that there significant topics to learn before use they’re actually making the altcoin appear more complex, not less. Are there really 35 comprehensive articles worth of must-know information before a new user can use the coin?

Financial Sleight of Hand 

Likewise, the annual interest and low inflation features, although on the face of it sounding good for the user, don’t amount to much. Interest is the flip side if inflation. 2.5% on the value (from interest) and 2.5% off the value (paid to others in mining and transaction fees), nets out to close to zero. (Not quite zero as one is the reciprocal of the other, and you may not have you wallet open and online for the whole year to gain the full interest.)

They are right in saying that other coins suffer higher interest – they do. But that’s an argument for more transparency to the end user, rather than one for sleight of hand.

And high interest isn’t necessarily a problem. If the altcoin accumulates value, then it’s not noticed. If it doesn’t, then the inflation rate just needs to be clear and predictable to be accounted for. It is, however, an old-financial-world concern, which is presumably why Pandacoin are marketing it to it.

So in all an altcoin with an excellent aim, which it partly delivers and partly fails to live up to. Perhaps a marketing rethink would be helpful.

Newly Launched Cryptocurrency Enables Financial Transactions via Twitter


NEW YORK, NY, September 18, 2014 /24-7PressRelease/ — The cryptocurrency universe has broken new ground, thanks to an innovative coin known as SocialxBot (www.socialxbot.com). The currency is the first in history to use a Twitter bot that lets users send or receive cryptocurrency funds on the Twitter social networking platform.

M Scott Maxwell’s insight:

The cryptocurrency technology will allow anyone with a twitter account to send and receive funds securely, relatively anonymously and In a way that does not force either party to trust the other.  The transactions also cannot be repudiated, giving certainty that payment will be honoured.


Socialxbot is working in fertile ground here.  Firstly, Twitter been looking for ways to promote direct on-platform ecommerce for some time, last month announcing the role of of direct buy-now from tweets.


Secondly, in an increasingly packed altcoin field, finding a reason for existing is becoming difficult.  Socialxbot is certainly putting forward an offer that many may find valuable.


And finally, of course, is the reach that the platform immediately provides both in terms of installed base and low barrier to entry.  The cryptocurrency does not require any further installations or tech knowledge to use, beyond the use of their website.


One to watch.

Bitshares

The pitch from bitshares.org:BitSharesFinalTM

  1. Bitshares.org is an organization of businesses, decentralized companies, and individuals with a common interest in finding free market solutions.
  2. At bitshares.org we are bringing together a community of next generation entrepreneurs, investors, and developers to build an economic revolution as significant as the Industrial Revolution and the Information Age.
  3. Bitshares is about finding decentralized solutions to centralized problems through open source technologies.
  4. BitShares builds the technology that powers decentralized autonomous companies (DACs).
  5. Whether music, inventions, news articles, insurance, or currency speculation, there will be multiple opportunities for people to earn by sharing information.
  6. It can harness the combined power of all humanity to coordinate the discovery and aggregation of real-time knowledge, previously unobtainable.
  7. Consensus technology has the power to do for economics what the internet did for information.
  8. The long term benefit of DACs is the creation of millions of information-based jobs that allow those who contribute what they know to the market to make money.

Bitcoin Business

The world of Bitcoin and Cryptocurrencies is moving at an incredible speed.  The potential to create a new niche using the technology which later turns into the next Dropbox or Twitter is drawing in ever larger numbers of entrepreneurs and innovators.

This makes assessing what’s out there very difficult.  If new companies pop up every few days, the noise of launch announcements can easily drown out those that are now relatively well established.  What is commonplace and already in use in one area of the net can also be entirely overlooked in another.

So this section attempts to tame some of that by providing guides on the major new Bitcoin Businesses to emerge.

If you have a Bitcoin Business that’s not listed, please do drop me a line (Google+ is best.)  I review each one and write these guides up myself (no cutting and pasting from marketing material or outsourcing here.)  So I may be selective.  But genuine innovation will always get through.

Bitcoin Business Service Providers

Coinapult

CoinapultCoinaPult was originally set up as a Bitcoin Wallet provider.  The company has significant technical skill and has been working in the area since 2011, and so the recent announcement that it as pioneered a new method of reducing Bitcoin volatility by locking bitcoins in its service to real world assets has brought media attention.  Read more about the Coinapult LOCKS and Wallet Service here.

Bitshares

Bitshares is a platform for the creation and exchange of bitAssets.  (In this context BitAssets are synonymous with Cryptoassets.)  There are two classes of assets.  The first class are created buy the platform and pegged to existing asset classes such as gold and USD.  The second class are created by the users as Distributed Autonomous Corporations.  The most popular DAC traded on the platform is BitSharesS (BTSX), the cryptoasset created backed by BitShares itself.  In this way, the exchange itself can be seen as a distributed asset.  Read more about Bitshares here.