Thursday, November 16, 2017

Project Ubin Phase 2: MAS and 11 Banks working on Crypto, I shit you not

There will always be disbelievers, but I am not fazed.

Here is the MAS media release regarding open sourcing the Project Ubin Phase 2 findings, and here is the full PDF report.

MAS even has a page for Project Ubin.

Anyway, here are 2 screenshots of things I wanted to point out:



Page 52: "Future phases of Proj Ubin could focus on a decentralized bonds payments system, which could be supported by MAS and the participant banks with execution driven by SGX. This could delivery a more efficient fixed income securities trading and settlement cycle through DLT."

Didn't I say that securities are one of the lowest hanging fruits, along with value transfers?

Questions? What is DLT? Answered here, along with why a national currency will never be issued on a public blockchain, but more likely on a private blockchain compatible with public chain communication.

What's the price of Ethereum today? $328 USD
Last week? $310 USD
Ooo, 1 week 6% gains.

Anyway, I'm already in. I don't need to be sold.

I'm just fanning the flames of FOMO for everyone else.

But sure, continue thinking it's a fraud and a bubble. I don't make any money convincing people to read and learn more about all of this.

16 comments:

  1. Toldcha long ago that govts & banks already got their hands dirty in blockchain. And their development applications are a whole lot more feasible than almost all ICOs out there. But they don't want to disrupt the status quo too much, or at least ensure that they will still get a majority cut of the profits / revenue.

    A lot of things like NRIC, MHA/SPF/SAF records, employment contracts, bank accounts, health/medical records, CVs, job search / headhunting, HDB records, IRAS, GST, insurance / insurability, credit cards, URA / MND / SLA / MinLaw / property caveats / titles, MOT vehicle registration / ownership, ERP, COE, parking charges, taxes, etc etc etc can be revamped NOW with blockchain. But they won't do it for the sake of doing it, nor will they do it overnight.

    ReplyDelete
    Replies
    1. Hi Anon,

      Wow the list of things you wrote are really the long hanging fruit that can be easily "blockchained", much more than the initial few I was thinking (securities, asset deeds, insurance, contracts).

      It will still be a long time for actual implementation, but reading the depth of the report blows me away at the deep level they are already researching at!

      Delete
  2. Hi GMGH,

    I had the same conviction towards Ethereum and personally I feel that it this is still relatively early phase for Ethereum.

    My mother was screaming at me when she know I got my hands dirty at crypto too :p

    ReplyDelete
    Replies
    1. Hi sleepydevil,

      Hehe yes I have been following your series of crypto posts silently!

      Everybody tries to counsel me these days when they hear I'm in crypto, wahaha. Get used to it!

      Delete
  3. I am puzzled why dbs cio says btc is a scam.

    ReplyDelete
    Replies
    1. Hi Anon,

      Honestly though, who is the DBS CIO and why would anyone care what he says? Haha. Never heard of him before today, and probably neither has anybody else in the world.

      Delete
  4. Hi GMGH,
    Relativly, new to crypto and if I am to invest 10k, would you suggest 50% btc and 50% eth or all on eth? Also what do you think about setting up mining rig for eth

    ReplyDelete
    Replies
    1. Hi Anon,

      Unless you have STRONG KNOWLEDGE regarding computer hardware, I STRONGLY STRONGLY ADVISE YOU AGAINST building a mining rig.

      You are much better off using that money and just buying the coins instead.

      It depends on your goal and investment horizon. In the long term, I expect Ethereum to outperform Bitcoin massively. In the short run, BTC has the CME futures and a lot of awareness and pent up demand - it is a very good position to rise on the back of all of that.

      Delete
    2. In the 1st place, really BAD idea to do mining in SG where elec price is among the highest in the world.

      The news had an interview with a local guy who bought a mining rig & currently mining ZCash or ZCoin (I forgot which) ... the guy said he'd take 2 years just to break even on the price he paid for the mining rig LOL!

      The only people earning big bucks are the outfits cashing in on building the mining rigs & unloading them onto FOMO people.

      Delete
    3. The big winners are the GPU and computer parts suppliers who are squeezing up the prices to sell machines to newbies getting interested in the space.

      Definitely not recommended for the average person.

      Delete
  5. Not promoting mining, but I do know people who are farming eth in SG. 390mh/s which earns them around 800sgd per mth. Hosted in their factories using industrial electricity which helps to bring the electricity cost down alot.

    ReplyDelete
    Replies
    1. Mining is profitable in Singapore, and a lot more so if you have access to cheaper industrial energy prices.

      I'm not a fan of mining though, I think its best to leave it to the professional large scale miners (like the people you know doing it at a factory).

      Delete
  6. Hi

    I would just like to say thank you. Just as you start to blog about eth, it soar, I profited a lot from your blog. Thanks you very much. My only regret is that i doubt in the beginning and did not start early and also because my IQ too low as I could not understand these vestment.I am glad that my profit of some 40% arrive in just so short time at the speed of light compare to my stock Genting which I vested for so ages. I know some out there will say, wait till u see it drop as fast, but I got set a trailing stop, before it got there I will be out still with handsome profit. But i do not see that happening now till end of the year. Thanks GMGH, God blessd you with abundance from this journey of crypto. Thanks again Amen

    victor

    ReplyDelete
    Replies
    1. Hi Victor, you deserve all the profits from also doing your own research and taking the risk with your money. I'm glad that my posts have helped you along the way. Glad to hear that you have put in place some mechanism to make sure that this adventure is a definite profit for you.

      Delete
  7. Hi GMGH,

    Thank you for the info. You actually had reignited my interest in cryptos from 2 years back. I bought thru coin base and absolute amount now has increased 4 fold. Pity i bought only a very small amount. Do you think buying bitcoin through CFDs is a good idea? ( as it helps negate hacking risk, unless you have a physical wallet)

    ReplyDelete
    Replies
    1. Hi Anon,

      I think if you're a trader a playing just for the price and fiat profits, then CFDs should suit you fine I suppose.

      As a trader you can leverage and go short.

      As a long term crypto holder, you should do neither and own your crypto via your own private keys.

      Delete

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