The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Ridgewood NJ, The American Blockchain PAC-Endorsed Incumbents and Candidates Will Help Lead the Present and Future Landscape of Critical Technological Innovation in Washington, D.C.
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Ridgewood NJ, the founders of Three Arrows Capital (3AC) are nowhere to be found. Liquidators are having trouble finding them and they have not received any meaningful cooperation from the two founders.
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Ridgewood NJ, DeSci, the decentralized science movement, connects the efforts within the scientific community to change how research is funded and knowledge is shared and the crypto-focused movement to shift ownership and value away from industry intermediaries. The movement aims to enhance scientific funding, unlock knowledge, eliminate reliance on intermediaries such as publishers, and increase collaboration across the field.
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Ridgewood NJ, The Republic of Palau has partnered with Cryptic Labs to launch a digital residency program using Cryptic Labs’ Root Name System. Global citizens will be able to claim digital residency backed by the Republic of Palau using the blockchain and receive perks of residency without physically living there. Approved applicants will be issued a physical resident ID card and digital ID in the form of an NFT. Cryptic Labs has yet to announce which blockchain the protocol will use.
photo by Boyd Loving of the empty Hudson Parking Garage
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Ridgewood NJ, so you want to become a blockchain billionaire ,or maybe you think the Village or Township or Borough could use a token , this new tutorial teaches developers how to create a cryptocurrency using Solidity and the ERC20 Token standard. Readers will learn how to develop and deploy Ethereum Smart Contracts, create ERA20 Tokens, set up local Ethereum development environments, deploy on Polygon Mumbai, and visualize custom tokens on MetaMask. No previous Solidity knowledge is required.
Continue reading How To Develop A Cryptocurrency – The Complete Guide
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Washington DC, on December 8th, the House Financial Services Committee held the first of undoubtedly many more hearings on the future of cryptocurrency and digital assets in America’s financial ecosystem.
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WASHINGTON DC, The American Blockchain Political Action Committee (PAC) has officially launched its goal to raise $300 million dollars to advance and support present and future innovation of digital assets and blockchain in the United States.
Experts who study the online gambling market have different assessments of its future, but the overwhelming majority agree that it will grow, and it will grow rapidly. But what can we expect? What technologies will revolutionize the industry?
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Wyckoff NJ, Assemblyman Christopher DePhillips’s bill to permit corporations to use blockchain for certain recordkeeping requirements passed the Assembly Science, Innovation and Technology Committee Wednesday. The bill (A1178) clarifies that New Jersey corporations may use blockchain to simplify recordkeeping requirements.
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Trenton NJ, Governor Phil Murphy today signed S2297 and A5111 into law, establishing the New Jersey Blockchain Initiative Task Force and creating the Innovation District Designation Program. Governor Murphy announced the signings while participating in a panel discussion at the Propelify Innovation Summit at Nokia Bell Labs in Murray Hill.
“Growing New Jersey’s innovation economy will take more than just new and smart government policy. It will also require new and smart infrastructure that enables businesses and governments to work with greater speed and efficiency, as well as a collaborative way of thinking that includes government, higher education, and the private sector,” said Governor Murphy. “These two important bills go a long way toward accomplishing those goals.”
Continue reading Governor Phil Murphy signs Law Establishing the New Jersey Blockchain Initiative Task Force
January 10,2018
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Ridgewood NJ, With cryptocurrencies continuing to attract headlines, Attorney General Christopher S. Porrino and the Bureau of Securities, which is within the Division of Consumer Affairs, today reminded New Jersey investors to be cautious about investments involving cryptocurrencies.
“Cryptocurrencies may be the new rage when it comes to investments, but there are significant risks associated with transactions involving these predominantly unregulated currencies,” said Attorney General Porrino. “Investors should fully understand the types of currency and transactions being pitched to them before agreeing to invest.”
Cryptocurrencies are a medium of exchange that are created and stored electronically in the blockchain, a distributed public database that keeps a permanent record of digital transactions. Current common cryptocurrencies include Bitcoin, Ethereum and Litecoin. Unlike traditional currency, these alternatives have no physical form and typically are not backed by tangible assets. They are not insured or controlled by a central bank or other governmental authority, cannot always be exchanged for other commodities, and are subject to little or no regulation.
A survey of state and provincial securities regulators by the North American Securities Administrators Association (NASAA), of which the Bureau of Securities is a member, shows 94 percent believe there is a “high risk of fraud” involving cryptocurrencies. Regulators also were unanimous in their view that more regulation is needed for cryptocurrency to provide greater investor protection.
“Because of the high risk of fraud and some projections of huge returns, investors must be on alert and not be tempted to invest in cryptocurrency-related investments without first vigorously vetting any transaction,” said Sharon M. Joyce, Acting Director of the Division of Consumer Affairs. “Understanding what is being sold is the best armor an investor has against fraud.”
Last month, NASAA identified Initial Coin Offerings (ICOs) and cryptocurrency-related investment products as emerging investor threats for 2018. Unlike an Initial Public Offering (IPO) when a company sells stocks in order to raise capital, an ICO sells “tokens” in order to fund a project, usually related to the blockchain. The token likely has no value at the time of purchase. Some tokens constitute, or may be exchangeable for, a new cryptocurrency to be launched by the project, while others entitle investors to a discount, or early rights to a product or service proposed to be offered by the project.
“Transactions involving cryptocurrency are often complicated and confusing with an unproven track record. They are not designed for investors with a low tolerance for risk or volatility,” said Christopher W. Gerold, Chief of the Bureau of Securities. “The best advice we can give is for investors to be completely aware of the risks before investing and act accordingly.”
NASAA offers a short animated video to help investors understand the risks associated with ICOs and cryptocurrencies. NASAA and its members first alerted investors of the risks associated with cryptocurrencies in 2014.
Common Cryptocurrency Concerns
The following are some common concerns investors should consider before investing in any offering containing cryptocurrency:
Cryptocurrency is subject to minimal regulatory oversight, susceptible to cybersecurity breaches or hacks, and there may be no recourse should the cryptocurrency disappear.
Cryptocurrency accounts are not insured by the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits up to $250,000.
The high volatility of cryptocurrency investments makes them unsuitable for most investors, especially those investing for long-term goals or retirement.
Investors in cryptocurrency are highly reliant upon unregulated companies, including some that may lack appropriate internal controls and may be more susceptible to fraud and theft than regulated financial institutions.
Investors will have to rely upon the strength of their own computer security systems, as well as security systems provided by third parties, to protect purchased cryptocurrencies from theft.
Common Red Flags of Fraud
The Bureau of Securities also reminds investors to keep watch for these common red flags of investment fraud:
“Guaranteed” high investment returns. There is no such thing as guaranteed investment returns, and there is no guarantee that the cryptocurrency will increase in value. Be wary of anyone who promises a high rate of return with little or no risk.
Unsolicited offers. An unsolicited sales pitch may be part of a fraudulent investment scheme. Cryptocurrency investment opportunities are promoted aggressively through social media. Be very wary of an unsolicited communication—meaning you didn’t ask for it and don’t know the sender—about an investment opportunity.
Sounds too good to be true. If the project sounds too good to be true, it probably is. Watch out for exaggerated claims about the project’s future success.
Pressure to buy immediately. Take time to research an investment opportunity before handing over your money. Watch out for pressure to act fast or “get in on the ground floor” of a new tech trend.
Unlicensed sellers. Many fraudulent investment schemes involve unlicensed individuals or unregistered firms. The Bureau of Securities can help investors research the background of those selling or advising the purchase of an investment.
