Gold has been a very invaluable asset that has been used as a store of value from times immemorial. Owing to its scarcity and specific value-add characteristics, it has become the yardstick for bartering, pricing, and bartering goods and services. This eventually led to the development of ‘Gold Standard’- a monetary system where a country’s currency or paper money has a value directly linked to gold. As valuable as it may seem, usage of Gold as a means of payment has become increasingly difficult owing to the difficulty in transferring the physical asset. While this has been a problem in the past, Viewfin has launched a blockchain based token that is backed by Gold reserves. Hence in totality, it provides mobility for Gold over blockchain through this token called ‘Zengold.’ Let’s look into how Viewfin has planned the entire ecosystem over the metaverse blockchain.
What is ZENGOLD?
Zengold (ZNG) is a digital currency developed with blockchain technology and is backed by gold reserves in Shanghai Gold Exchange vault. Users can transfer ZNG using Metaverse blockchain wallets without any particular network conditions. Just like other digital currencies, ZNG is a secure token, which generates lower transaction costs and has an ability to be used as a payment at any time. Each ZNG token represents one gram of Gold and is divisible into 0.0001 gram. 0.1% of the total value of each transaction is the fee paid by the users of the network and has a cap of 1 ZNG. In this fashion, Gold can be digitally tokenized and transferred over Blockchain. This puts an end to the traditionally existing problem of Gold when it comes to transactions and payments. You can read the full Zengold whitepaper here.
How is ZENGOLD profitable?
The network generates profits by the transaction fee imposed on each of the transactions happening over the Zengold network. ZGC represents the right for its holders to receive a share from the generated profit of the ZenGold network. By coupling the newest and most innovative medium of exchange with the oldest form of transactional value, ZenGold combines history with technology, creating a new financial reality. ZenGold tokens will enable its holders to use gold as an efficient payment mechanism and credit system while benefiting from the transactional functionalities of Blockchain technology. With this unique confluence and a precious asset backing the token value, the network looks promising and has the potential to become even more trusted medium of exchange then cryptocurrencies.
Launch dynamics of ZENGOLD and its performance
The ICO campaign for Zengold was initiated on May 26th, 2017 and ended in just under 30 minutes raising over 2,000 BTC in a record time. A recent partnership with Chinese Viewfin is enabling the OpenLedger decentralized exchange to offer an additional reserved number of tokens for investors worldwide. During the ICO a total number of 63,000,000 tokens were distributed for holders to receive profits from the network. Out of the 100 million tokens planned, 70% of ZGC would be released to the market, while 10% will be reserved for the ZenGold developing team for future operation and project development, 20% will be assigned to the ZenGold foundation to ensure sustainable growth and development of the ecosystem.
The tokens are currently being exchanged on OpenLedger DEX with each token priced at $ 0.36 at the time of writing this post.
Vía Max Keiser http://ift.tt/2tr1M4C
From Mexico City, we discuss ‘green gold’, grasshoppers and inflation in Mexico. In the second half Max interviews Jose Rodriguez, VP of payments at Bitso, about bitcoin and other cryptocurrencies impact on the Mexican markets. They discuss initial coin offerings, hard forks, soft forks and crypto euphoria.
This is a re-upload including the ending which was accidentally cut on the previous upload.
Vía Max Keiser http://ift.tt/2u08BqA
Japan has found a way to write off nearly half its national debt without creating inflation. We could do that too.
Let’s face it. There is no way the US government is ever going to pay back a $20 trillion federal debt. The taxpayers will just continue to pay interest on it, year after year.
A lot of interest.
If the Federal Reserve raises the fed funds rate to 3.5% and sells its federal securities into the market, as it is proposing to do, by 2026 the projected tab will be $830 billion annually. That’s nearly $1 trillion owed by the taxpayers every year, just for interest.
Personal income taxes are at record highs, ringing in at $550 billion in the first four months of fiscal year 2017, or $1.6 trillion annually. But even at those high levels, handing over $830 billion to bondholders will wipe out over half the annual personal income tax take. Yet what is the alternative?
Japan seems to have found one. While the US government is busy driving up its “sovereign” debt and the interest owed on it, Japan has been canceling its debt at the rate of $720 billion (¥80tn) per year. How? By selling the debt to its own central bank, which returns the interest to the government. While most central banks have ended their quantitative easing programs and are planning to sell their federal securities, the Bank of Japan continues to aggressively buy its government’s debt. An interest-free debt owed to oneself that is rolled over from year to year is effectively void – a debt “jubilee.” As noted by fund manager Eric Lonergan in a February 2017 article:
The Bank of Japan is in the process of owning most of the outstanding government debt of Japan (it currently owns around 40%). BoJ holdings are part of the consolidated government balance sheet. So its holdings are in fact the accounting equivalent of a debt cancellation. If I buy back my own mortgage, I don’t have a mortgage.
If the Federal Reserve followed the same policy and bought 40% of the US national debt, the Fed would be holding $8 trillion in federal securities, three times its current holdings from its quantitative easing programs.
Eight trillion dollars in money created on a computer screen! Monetarists would be aghast. Surely that would trigger runaway hyperinflation!
But if Japan’s experience is any indication, it wouldn’t. Japan has a record low inflation rate of .02 percent. That’s not 2 percent, the Fed’s target inflation rate, but 1/100th of 2 percent – almost zero. Japan also has an unemployment rate that is at a 22-year low of 2.8%, and the yen was up nearly 6% for the year against the dollar as of April 2017.
Selling the government’s debt to its own central bank has not succeeded in driving up Japanese prices, even though that was the BoJ’s expressed intent. Meanwhile, the economy is doing well. In a February 2017 article in Mother Jones titled “The Enduring Mystery of Japan’s Economy,” Kevin Drum notes that over the past two decades, Japan’s gross domestic product per capita has grown steadily and is up by 20 percent. He writes:
It’s true that Japan has suffered through two decades of low growth . . . . [But] despite its persistently low inflation, Japan’s economy is doing fine. Their GDP per working-age adult is actually higher than ours. So why are they growing so much more slowly than we are? It’s just simple demographics . . . Japan is aging fast. Its working-age population peaked in 1997 and has been declining ever since. Fewer workers means a lower GDP even if those workers are as productive as anyone in the world.
Joseph Stiglitz, former chief economist for the World Bank, concurs. In a June 2013 article titled “Japan Is a Model, Not a Cautionary Tale,” he wrote:
Along many dimensions — greater income equality, longer life expectancy, lower unemployment, greater investments in children’s education and health, and even greater productivity relative to the size of the labor force — Japan has done better than the United States.
That is not to say that all is idyllic in Japan. Forty percent of Japanese workers lack secure full-time employment, adequate pensions and health insurance. But the point underscored here is that large-scale digital money-printing by the central bank used to buy back the government’s debt has not inflated prices, the alleged concern preventing other countries from doing it. Quantitative easing simply does not inflate the circulating money supply. In Japan, as in the US, QE is just an asset swap that occurs in the reserve accounts of banks. Government securities are swapped for reserves, which cannot be spent or lent into the consumer economy but can only be lent to other banks or used to buy more government securities.
The Bank of Japan is under heavy pressure to join the other central banks and start tightening the money supply, reversing the “accommodations” made after the 2008 banking crisis. But it is holding firm and is forging ahead with its bond-buying program. Reporting on the Bank of Japan’s policy meeting on June 15, 2017, The Financial Times stated that BoJ Governor Kuroda “refused to be drawn on an exit strategy from easy monetary policy, despite growing pressure from politicians, markets and the local media to set one out. He said the BoJ was still far from its 2 per cent inflation goal and the circumstances of a future exit were too uncertain.”
Rather than unwinding their securities purchases, the other central banks might do well to take a lesson from Japan and cancel their own governments’ debts. We have entered a new century and a new millennium. Ancient civilizations celebrated a changing of the guard with widespread debt cancellation. It is time for a twenty-first century jubilee from the crippling debts of governments, which could then work on generating some debt relief for their citizens.
Vía Max Keiser http://ift.tt/2uj7XnB
- Shrinkflation – Real inflation much higher than reported and realised
- Shrinkflation is taking hold in consumer sector
- Important consumer, financial, monetary and economic issue being largely ignored by financial analysts, financial advisers, economists, central banks and the media.
- Food becoming more expensive as consumers get less for price paid
- A form of stealth inflation, few can avoid it
- Brexit is the scapegoat for shrinkflation by the media and companies
- Consumers blame retailers rather than central banks
- Gold hedge has doubled in value since 2007
Editor: Mark O’Byrne
Shrinkflation: no one left untouched
600 new words entered our official lexicon this week as the Oxford English Dictionary announced the latest new additions to their online records.
One of the words reportedly up for consideration was shrinkflation. It did not make the final cut and as a result continues to be defined by the authority as ‘a portmanteau, made from combining shrink: ‘to become or make smaller in size’, with the economic sense of inflation: ‘a general increase in prices and fall in the purchasing value of money’.
In order for a word to be accepted into the OED it must have been in use for at least five years. But the latest list suggests that this isn’t the case and exceptions can be made. The inclusion of ‘superbrat’, a word which is usually associated with the behaviour of …..
Vía Max Keiser http://ift.tt/2sh25yL
When Rockstar Games released ‘GTA V’ in 2013, the whole world was awestruck as they got a glimpse of the future of the gaming industry. From that point on the gaming industry progressed in an unprecedented fashion as GTA V became the fastest selling entertainment product by earning $1 Billion in sales in 3 days. Later in 2015-2016, the Multiplayer Online Battle Arena games (MOBA) gained an excellent reputation and held 20% of the total market share of the gaming industry. With the projected estimates of the revenue from the gaming industry touching $110 Billion in 2017, it is now the cynosure for investors.
However, the industry requires substantial funding and is not easy for amateurs to get a platform to develop their games independently. Likewise, it’s hard for small – medium scale investors to invest in the development and reap industry profits. However, a decentralized platform called ‘GetGame‘ is trying to bridge the gap between the developers and the investors. Let’s dive deep into how ‘GetGame’ is bringing the much-needed disruption in the modus operandi of the gaming industry.
What is GetGame?
GetGame is a platform where developers and investors come together for the successful launch cycle of a game. The platform offers developers a chance to receive the necessary funding for the game, incubate, develop, market and reap profits of their hard work. The platform enables investors to invest in a multitude of projects and even create partnerships and portfolios. The added advantage of the decentralized marketplace to trade game tokens gives the comforts of traditional equity markets while supporting the change in the gaming landscape.
Before being accepted by the GetGame platform, each game must be validated and agree to share 10% of their future revenue with GetGame and all its ITO tokens, REALITY (REA), holders. This way, investors can own a part of GetGame and be part of the future success of the collective while the developers can see the dreams of their becoming ‘Reality.’
Above is an example of a GetGame game in development. The game is called DinoMess and is already live in Australia and the Philippines. You can see the full DinoMess prospectus here.
Ekaterina Samedova, DinoMess GeoGame developer said this about his new game. “Game developing is always a challenge. You try to catch the best trends and merge them carefully to get the successful product. For me DinoMess is more than just a mobile game. It reveals the opportunities, that have been unknown before. It embraces real life activities, it penetrates deeply into business processes, it provides powerful edutainment possibilities. I think that DinoMess is one of the projects, that will get gaming experience to the new level.”
How is ‘Reality’ profitable?
With an end to end service platform that monitors the launch and marketing of the game, ‘GetGame’ is your one stop decentralized marketplace for starting or investing in games. The GetGame platform provides unique opportunity to step into VR market as an investor. The platform offers support for the high-end mobile game titles and builds an ecosystem for both publishers and game developers. With Virtual and Augmented Reality games poised to be the future of the gaming industry, GetGame offers you a piece of this lucrative pie. Specializing in these verticals, GetGame is all set to become the platform that would nurture the future of hardcore gaming.
GetGame ICO launch
The tokens distributed in the ICO launch of GetGame will trade under the name ‘REALITY’ using the symbol REA. On purchasing the tokens, investors reserve the right to invest in the projects on the GetGame platform in the future using the tokens. This token is backed by the OpenLedger DC and the Danish company behind it all OpenLedger ApS. The planned supply of tokens is 2,000,000 REALITY and might go up to a max quantity of 10,000,000 REALITY. While the early bird offer to avail the tokens is over, the ICO is scheduled to be sometime in December this year. With such promising features, the platform is all set to disrupt the gaming industry in all sectors unequivocally.
You need to have a verified account on OpenLedger. If you do not have an interest in any future ICO, it is possible to buy without validation as well.
Vía Max Keiser http://ift.tt/2sfGjvh
In this episode of the Keiser Report from Mexico City, Max and Stacy discuss ‘green gold’, grasshoppers and inflation in Mexico. In the second half Max interviews Jose Rodriguez, VP of payments at Bitso, about bitcoin and other cryptocurrencies impact on the Mexican markets. They discuss initial coin offerings, hard forks, soft forks and crypto euphoria.
[Sorry, but whoever uploaded the video messed up because it does cut out suddenly at 18.08; here is the video in Spanish, if you can speak that.]
Vía Max Keiser http://ift.tt/2seIzCE
Goldman and Citigroup Turn Positive On Gold – Despite “Mysterious” Flash Crash
– Gold bounces higher after “mysterious” one minute “flash crash” mistake
– $2 billion, 50 tons or 1.8 million ounces “fat finger” trade blamed
– Massive selling at 0400 EST when U.S. markets closed and thin trading amid holidays in Muslim countries including Turkey, Singapore and Malaysia.
– Mystery is that “fat fingers” in gold market are always sell trades that push prices lower
– Traders or market ‘muppets’ frequently push gold market lower … not other markets
– Only small 0.9% loss on the day and bounce back shows deep liquidity and robust nature of gold market
– Similar massive selling of bitcoin or other crypto currencies would likely lead to massive price fall
Vía Max Keiser http://ift.tt/2tg01qd
The mistake that a digital currency and a cryptocurrency are the same things, is made often.
It is true that Maxcoin is both, a cryptocurrency and a digital currency.
But what exactly is a digital currency?
And what is a cryptocurrency?
What exactly is the difference between those two currencies?
Vía Max Keiser http://ift.tt/2scJ00o
Is Bitcoin really fast enough for it to be considered “instantaneous”?
Will it survive it’s faster competitors like Maxcoin? Is it a realistic platform for on-site transactions on the retail and on-trade environment?
Will it work alongside with faster coins as the “safer” and more “vintage” cousin of the family?
Or is it doomed to fall to faster and more modern competitors like Maxcoin?
Vía Max Keiser http://ift.tt/2tfFguO
Worst Crash In Our Lifetime Is Coming – Jim Rogers
Legendary investor Jim Rogers sat down with Business Insider CEO Henry Blodget on this week’s episode of “The Bottom Line.”
Rogers predicts a market crash “later this year or next …. write it down.” Rogers say the crash will rival anything he has seen in his lifetime.
Jim Rogers holds a gold coin (Digital Journal)
Here is a transcript of the Business Insider video:
Blodget: One of the things I’ve always admired about you as an investor is that you don’t talk about what should be. You figure out what is going to be and then you do that. So what is going to be with respect to the stock market? What’s going to happen?
Rogers: I learned very early in my investing careers: I better not invest in what I want. I better invest in what’s happening in the world. Otherwise I’ll be broke — dead broke. Well, what’s going to happen is it’s going to continue. Some stocks in America are turning into a bubble. The bubble’s gonna come. Then it’s going to collapse, and you should be very worried. But, Henry, this is good for you. Because someone has to report it. So you have job security. You’re a lucky soul.
Blodget: Well, yeah, TV ratings do seem to go up during crashes, but then they completely disappear when everyone is obliterated, so no one is hoping for that. So when is this going to happen?
Vía Max Keiser http://ift.tt/2s8ruuc