Headline Feb 01, 2018/ ''' BLOCKCHAIN -*BITCOINS*- BOOMERANG '''

''' BLOCKCHAIN -*BITCOINS*- 

BOOMERANG '''

''IF THESE BEAUTIFUL *crypto-currencies* companies -give the World Students Society just about and up to 8% of their market value-

As a  gift-token of their great perceptions of the students of the world, I and the students would straighten up and listen very carefully and get thinking and get devising.

*THE WORLD IS BUSINESS* : Right? And on that the World Students Society will never ever, face an abyss.

Crypto-currencies and *blockchain  technology* are just too brilliant to pass by. The world, the world over, you all will soon be returning to it.

So, what we need is an international committee of some real brilliant and original thinkers to think through on this. So, I nominate.......

I nominate Naveed Iqbal Querishi, specialist in finance, KSA, Asst Professor M Hamad Khan/UK, specialist marketing, and Imran Khan, specialist capital markets-

To study this in greater detail, and let The World Students Society, have their best thinking.

JAKARTA/KUTA : THE RAIDING team found two cafes still using bitcoin as a means of payment, but 44 businesses including car rentals outlets-
Hotels, travel companies and jewelry stores, previously offering the service, had now stopped.

One of the cafes used bitcoin only for transactions of more than 243,000 rupiah, or about 0.001 bitcoin.

A single transaction took about 1 1/2 hours to be processed and included a fee of  123,000  rupiah so this had discouraged its wider use for payments, said the authorities.

The official declined to name the businesses because he was still waiting for instructions from Bank Indonesia in Jakarta.

''The next step is we will ban them as mandated by the law. We ask them not to use it anymore. Along with the Directorate of Special Crime Investigation unit, we will enforce the rule that all transactions in Indonesia must use rupiah.''

And only 8,000 nautical miles away, The Davos reception, however, has not been entirely positive.

UBS chairman Axel Weber reflected the mood of many in high finance when he told delegates-

*That his bank wouldn't touch Bitcoin, a crypto-currency that runs on blockchain, in case investors blame his business when its value collapses*.

There's opposition from environmentalists too, who worry about the amount of power blockchain  transactions require.

Joseph Lubin, the co-founder of a popular crypto-currency platform called Ethereum [one whose best known users are is probably DJ Gramatik] is not perturbed.

The former software engineer who did a stint at Goldman Sachs before turning his attention to   Blockchain, is evangelical about its powers.

''Our thesis is that the world has built tremendous layers technology, but it's not all on a foundation that is vulnerable to corruption and manipulation,'' he says referring to the current infrastructure of the Internet.

The core technology underlying cryptocurrencies, known as *blockchain* is premised on anonymity : Transactions are public but linked only to an electronic address.

THIS is a big, part of what makes blockchain so attractive.

BUT anonymity is also the main fuel for the underground economy, which is now conducted largely  via cash. The underground economy is a significant source of lost tax revenue.

The Internal Revenue System estimates that it loses around $500 billion annually because of  unreported wages alone.

And the underground economy in the United States -estimated at 8.4 percent of output -is relatively small compared with those of other countries.

If the cryptocurrencies were to replace cash as the preferred anonymous medium of exchange, they could significantly expand the underground economy because they are so much more convenient than cash.

There is no need to visit an A.T.M., and you can securely pay people regardless of their location.

No wonder Steven Mnuchin, the Treasury Secretary, expressed concerns recently that Bitcoin could become ''the next Swiss bank account.''

The I.R.S understands this, which is why it has been pushing to break the anonymity of cryptocurrencies.

In November, it persuaded a federal judge  to order  Coinbase, a popular Bitcoin exchange, to reveal the identity of the customers for more than 14,000 accounts [representing nearly nine million transactions].

The Honor and Serving of the latest ''Operational Research'' on crypto-currencies and Future continues.

With respectful dedication to Professor Richard Holden of Economics at the business school of University of New South Wales, and  Professor of Law Anup Malani, University of Chicago and-

Students, Professors and Teachers of the world. See Ya all on !WOW! -the World Students Society and Twitter-!E-WOW! -the Ecosystem 2011:

''' Classical Music '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless