Category Archives: forbes

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Blockchain Jobs are Number One In US – Upworks Skills Index

The number one position on Upworks US skills index is now blockchain expertise, making these the most sought-after positions for with current employers, writes Forbes.

The Upworks index is a strong indicator of the rising need within the US professional’s employment market for employees with blockchain experience and also is a gauge which indicates that blockchain has arrived and it is clearly not going away any time soon. According to Burning Glass Technologies, there were more than 5,743 jobs posted needing blockchain skills in the last 12 months.

As Bitcoin News has reported, multinationals such as IBM and Samsung have shown the world the value of the new technologies by embracing blockchain wholeheartedly. Companies such as Walmart are updating their supply chains and state governments in the US are increasingly turning to the technology to streamline government departments and state law.

What kind of blockchain related positions become available very much depends on demand. Blockchain developers, or engineers are top of the tree, being in high demand due to these positions highly technical nature. The whole process of developing a blockchain platform very much relies on the expertise that these professionals can bring to the project.

Blockchain project managers and designers are also in demand. The manager is responsible for tying technical aspects of the blockchain to the company’s actual business requirements. The job calls on standard management skills that might have been earned in other industries, using this ability to communicate to customers who may not have the tech skills nor vocabulary, but while still having the technical know-how themselves to communicate with staff.

One aspect of the tech that is becoming increasingly important, and perhaps is illustrated quite graphically by the recent Italian court case involving BitGrail, is the need for companies to employ a blockchain attorney or legal consultant in order to tackle the legal ramifications of using blockchain.

It is likely that the need for these professionals will swell over the next two years as blockchain takes on a more mainstream profile across sectors. Bernard Marr, writing in Forbes, suggests, “Blockchain has become what the “cloud” was in the mid-2000s, poised to be the most highly talked about technology and one that offers tremendous professional opportunity.”

 

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Blockchain Startups Refusing to Fail in the First Few Years Will Make History

Many CEOs and cryptocurrency experts are suggesting that many startups will fail but those remaining have the potential to be huge successes thanks to the blockchain, writes Business Insider.

References to the dotcom bubble have been made too many times for it to be an original view but pundits from within the industry continue to predict that cryptocurrencies have the potential to change/rewrite the rules of financial markets.

eToro CEO,Yoni Assia’s view that 95% of startups are going to end up badly is shared by many in the industry, suggesting that ‘Selling crypto now is like selling Apple in 2001’ he goes on to suggest that it’s the survivors who will reap the benefits and changed the face of the market, in the same way as the internet transformed people’s lives by becoming a feature of everyone’s lives.

Statistics show that more than 1,000 cryptocurrency startups worldwide have raised over $10 billion over the last two years to build significant market changing software projects. Over $9 billion has been raised through ICOs since the start of the year, according to consultancy Autonomous NEXT.

These views were shared by Ethereum co-founder Joe Lubin recently, suggesting the current situation is similar to the nineties’ dot-com bubble, which ended badly for many companies, but left the survivors thriving. Assia argues:

“If you’re into this technology, you’re like, why hasn’t everybody moved on to this technology? It’s an endless opportunity to move things on to the blockchain. You have an insane amount of very smart people who are envisioning this future and trying to build products for it.”

IOTA creator Dominik Schiener also shares the view suggesting that out of 1400 recent projects he expects less than 10 to make it. With former JPMorgan trader Danny Masters, it could be an even smaller figure: suggesting that no more than 5% percent of ICOs are worth backing.

Many pundits and crypto experts see digital currency’s underlying technology blockchain as the factor that will be the most transformational aspect of the predicted crypto boom, some going as far as to suggest it will “remake society.” A recent Forbes article suggested that in a study of 4,800 professionals from around the world, 66% of people believe that innovation will be the biggest factor influencing economic growth over the next 30 years, and one of the most promising of these developments was blockchain.

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Twitter Plagued by Fake Ether Giveaways in Growing Scam Worth Over $4M

Twitter has become a target for online crooks promoting fake “giveaways”, according to Bleeping Computer. Such activities are estimated to have tricked people out of ETH 8,148, currently worth around USD 4.3 million, much of it through social media, according to statistical data compiled in EtherScamDB.

John Backus, co-founder of crypto-related startups Bloom and Cognito, concurs, making his own “back of an envelope” calculation that ETH scam giveaways have returned around ETH 8,148 – which happens to be exactly the same amount estimated by EtherScamDB, writes Bitcoin.com.

EtherScamDB tracks online scamming which centers round Ethereum and associated assets and was established by the team behind MyCrypto wallet.

As the figures illustrate, fake Ether giveaways are growing exponentially, and Twitter has become one of the scammers’ favorite utilities. Criminals use well-known ecosystem names to target Twitter members, using mirrored accounts complete with avatars. Posts invite targets from the fake personalities’ following to participate in free crypto programs, which then separate the target from their funds.

An example of how the scammers operate is best illustrated by Forbes writer Laura Shin’s recent experiences on Twitter, covered in an article on Bitcoin.com, when she came across an interesting Tweet by Ari Paul, investor guru of Blocktower hedge fund fame.

She came across “fairly elaborate ether (ETH) come-ons, fake giveaways using mirror’d (sic) accounts” as a result. No sooner than she realized this, she discovered that she had been compromised.

“Someone with the account @XaedenJ was using Ms Shin’s professional reputation and likeness to tacitly approve a 10,000 Ethereum giveaway, and it directs readers to a website asking for payment,” read the report.

The “new” Laura Shin was then seen to be Tweeting, “If you’re late for this event… you’ll get your investment back at once!”. The Forbes writer did some further research and discovered that her scam post had received 28 likes, although Shin suggested that they were probably bots created to give the scam some credibility. The @XaedenJ address was later removed by Twitter.

In order to prevent such activities and falling foul to such scams, MyCrypto wrote a support document that recommends several protective measures including using hardware wallets, using cold storage or running wallets offline. It also recommends looking up ETH addresses on Etherscan.io to check for bad reviews, and to not trust any messages promising free ETH or hack alerts.

 

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Crypto Needs to Be Tied to Gold, Says Forbes

Steve Forbes, chairman and editor-in-chief of Forbes Media, has written that until cryptocurrency ties itself to gold, a basket of commodities, or a bundle of major currencies, it will never replace money.

In a piece written for Forbes online news, he suggests that the creators of cryptocurrencies have overlooked the fact that digital currencies basically are susceptible to one main flaw, which is also a factor of physical currency; value fluctuation.

Steve Forbes says, that as most buyers are trying to make a “quick buck”, they forget that one of the reasons cryptocurrencies were originally created was to negate the instability of government-produced money and its fluctuating fortunes. He cites an example that, “If in 2013 you had taken out a mortgage for USD 250,000 in Bitcoin, you’d owe the bank roughly USD 18 million today.”

Forbes goes on to say that he feels that digital currencies can’t replace money, however flawed the current central bank currencies may be, as they need to be a “real alternative”. To become this, cryptocurrencies need to be used for day-to-day transactions, without an artificially restricted supply.

According to Forbes, an artificially supply won’t create real value, but utility and trustworthiness do. He cites the Swiss franc, which has a bountiful supply, creating long-term stability and faring better than most currencies over the past 100 years.

Forbes maintains that Bitcoin’s fluctuating fortunes is an example of the destructiveness of monetary unreliability, and suggests there is a distinct parallel to the dollar’s instability following the abandoning of the gold standard in the US in the early 1970s.

Alternatively, there are some that have a completely different view regarding digital currencies, such as Bitcoin, commenting that rather than Bitcoin being tied to gold it should actually replace it. John Pfeffer of UK-based Pfeffer Capital made these comments at the Sohn investment conference in New York recently:

“Bitcoin is the first viable candidate to replace gold the world has ever seen. So if Bitcoin becomes the dominant non-sovereign store of value, it could be the new gold or new reserve currency.”

Pfeffer did not overlook the potential problems of cryptocurrencies, however. He advised that Bitcoin was by far the strongest investment asset, while other currencies still carried “substantial risks”.

 

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Kashmir Hill – Federal Judge Rules Bitcoin Is Real Money

Kashmir Hill – Federal Judge Rules Bitcoin Is Real Money:

Forbes.com contributor Kashmir Hill (@KashHill) highlights a new development regarding ways existing laws can be applied to Bitcoin-related activity.  Excerpts:

“In defending himself against the SEC suit, Shavers argued that Bitcoin isn’t actually money and that the SEC shouldn’t be able to prosecute him.”

“‘Shavers also contends that his transactions were all Bitcoin transactions and that no money ever exchanged hands.’”

“‘It is clear that Bitcoin can be used as money,’ writes Judge Mazzant in a ruling on Tuesday. ‘It can be used to purchase goods or services, and as Shavers stated, used to pay for individual living expenses.’”

”’[Bitcoin] can also be exchanged for conventional currencies, such as the U.S. dollar, Euro, Yen, and Yuan,’ writes Mazzant. ‘Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money.’”

 – http://onforb.es/14z4dAx
 – http://bitcointalk.org/index.php?topic=269612.0 (Futher discussion of this legal memorandum)

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