Deutsche Bank: cryptocurrencies are "highly speculative"

Deutsche Bank team believes that by 2027, about 10% of world GDP will be somehow connected with blockchain
11 December 2017   970

Chief investment specialist Christian Nolting and Deutsche Bank IT Director Markus Muller published a presentation in which they presented their views on the prospects of blocking technologies.

According to experts, the potential impact of innovative technology on the financial market is comparable in scale with the advent of the Internet.

We expect that the blockchain will change the business model of companies in a sustained way. The blockchain technology enables a faster and cheaper exchange of assets and financial products between individuals without an [intermediary], which reduces the asymmetry of information between the individuals.

Deutsche Bank Presentation 

In addition, bankers are confident that by 2027, about 10% of world GDP will be somehow connected with blockchain.

Nevertheless, financiers responded coolly about the crypto-currencies themselves, calling them "highly speculative", given the lack of the original value or support from the central bank.

The presentation notes that although crypto currencies can become an alternative to fiat, especially in countries with high inflation, digital money must first be assigned the status of a legal asset and create an appropriate regulatory framework.

Also, bankers expressed concerns about the hardforks used to create new crypto-currencies. In their opinion, frequent "splits" of blockchain can lead to inflation.

In addition, central banks could develop their own cryptocurrencies and replace the private ones in the market.

Deutsche Bank Presentation 

I worth reminding that only this year it became known about at least five new "bitcoins": forks Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond have already taken place, two more - Lightning Bitcoin and Bitcoin God - are planned for the second half of December.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   273

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.