$BHP to use Ethereum and a custom Blockchain to track mining information.

BHP Billiton revealed at the second annual Global Blockchain Summit that it will use blockchain to record movements of wellbore rock and fluid samples and better secure the real-time data that is generated during delivery. According to BHP geophysicist R Tyler Smith, the new system will enable benefits for its internal efficiency while allowing it to work more effectively with partners.

“With blockchain, we would share data between the vendor and ourselves, and have a constant understanding of where it is,” Smith told CoinDesk, adding:

“Everything right now is being tracked through spreadsheets.”

BHP’s use case does not involve moving Ethereum for transferring monetary value. BHP’s use case is based on routing real time information using a combination public Blockchain and private Blockchain.

Because right now they are using fucking spreadsheets.

Blockchain is a revolutionary technology. An immutable, real time, public (or private) ledger opens new possibilities. Add in features like smart contracts, optional anonymity for transactions and zero Central Bank control and the fintech world has major changes ahead.

I, for one, welcome our new blockchain overlords.

BitMEX is out with an article on Bitcoin as a Reserve Currency for Cryptocurrency traders.

The holy grail for many users is a cryptocurrency that has a growing market cap, and falling price volatility. A large market cap helps improve liquidity and reduce transactions costs. Falling volatility means that Bitcoin can retain its value for longer periods of time. That helps facilitate its adoption in online commerce and as an asset used as a savings vehicle.

Bitcoin’s march towards reserve status is not welcomed by all. Many speculators, who account for a significant portion of trading volumes, prefer very volatile cryptocurrencies. Short-term trades with high leverage can yield stupendous returns. As Bitcoin’s volatility falls, it becomes boring and speculators search for the next hot altcoin.

The Cryptocurrency market is becoming a three horse race with: Bitcoin, Ethereum and Monero. Traders trade in and out of Ethereum and Monero using Bitcoin. Bitcoin has become the reserve currency in this market.

Bitcoin illustrates that for any coin to be successful, speculators must be attracted first by high volatility. The coin may be illiquid, but that is exactly what produces the wild price swings that keeps traders captivated. Volatility is the best form of advertising. A coin that is not volatile has either died, or is on the path towards reserve status like Bitcoin.

Calling Bitcoin stable is a bit of a stretch, but in comparison to other Cryptocurrency markets Bitcoin is the sanest choice in an insane world. As volatility decreases Bitcoin’s attractiveness as a store of value increases. This could be a feedback loop to drive price up over time.

All Eyez on Bitcoin:

https://www.youtube.com/watch?v=05PCmqjIeNE

 

This enterprising YouTuber is technically selling his house for Litecoin (rather than Bitcoin), but there are so many great things about this clip I had to share it.

Whether they choose Bitcoin or a shitcoin, there are people putting their money down on Cryptocurrency. For every pick up driving, no seatbelt wearing and possibly open container law breaking Duck Dynasty reject there are guys like Vinny Lingham and Andreas Antonopoulos who are all in regarding cryptocurrencies.

What I respect about this clip is “he’s willing to lose all of it”. He has big brass balls in those Kirkland Signature jeans. Shine on you Crazy Diamond.

A potential conversation that banks may be having about Bitcoin is depicted on Mr Robot.

They even hit on Bitcoin weakness (transaction limits).