Snippings

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The DCMNA is pioneering a technique it calls “clean mining,” meaning it selects which transactions to process based on wallet information instead of the most lucrative fee options. In other words, they’re promising to only mine transactions that the government approves of, even if it means revenue takes a hit.

“We can tell regulators our mining pools are not doing business with child traffickers, terrorists, or miners in Iran,” Okamoto said. “We’ll lose about 0.35% of our potential business. We think that’s a small price to pay for being able to say we are the good guys, according to the U.S. Treasury… if I point my business toward Chinese pools, they might be doing business with those bad actors.”

Combined, DCMNA’s two current members claim to make up almost 8 percent of the entire Bitcoin network’s hashrate. That’s nothing to sniff at, and they’re looking to swell their ranks with more miners willing to only process U.S. government-friendly transactions.

From The Era of Government-Friendly Bitcoin Miners Is Here:

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In December 2020, it was discovered that personal information from 243 million Brazilians from Brazil’s Ministry of Health’s database was exposed online in a government’s website source code

From Council Post: How Identity Fraud Can Lead To Financial And Societal Losses:

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The currency in circulation in India spiked up by a record 5 lakh crore in 2020 even though the country’s gross domestic product (GDP) is experiencing a contraction.

According to a report in timesnownews, the data released by the Reserve Bank of India states that the currency in circulation grew by Rs 5,01,405 crore between January 1, 2020, and January 1, 2021. Overall, the value of notes in circulation has risen to Rs 27,70,315 crore, up 22% from the previous year.

From Currency in circulation grows by Rs 5 lakh crore in 2020 in India, breaks record:

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The bank noticed the first fraudulent money transfer in summer 2017. It did not, however, start taking proper steps security measures or offer compensation until autumn 2019.

From Japan Post Bank to scrap its cashless payment service over security flaws | The Japan Times:

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Nike is suing 589 websites, the owners of 676 social media accounts and more than 100 unidentified companies and individuals for allegedly selling counterfeit versions of its Nike and Converse shoes online.

From Nike Sues 1K Websites For Alleged Counterfeiting | PYMNTS.com:

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Consumers are increasingly conscious of product provenance — “where did this come from, and how was it made?” Because Y allows a brand or a retailer to track that story back as far as they want, and because there is full transparency of that content. Remember once added, everyone can see any changes, and this helps improve consumer trust, which in competitive markets is a huge advantage.

From Blockchain takes on forgeries, counterfeits | Mobile Payments Today:

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Twenty years ago…

“Bill Gates went to great lengths to emphasis the importance of smart cards to the 60,000 attendees of NetWorld+Interop in Las Vegas.
Smart cards closely tied to PKI deployment in the corporate environment but, as a recent report by The Yankee Group points out, vendors and systems integrators have not got their acts together so far as PKI is concerned: the survey of 30 corporations found inadequate support and professional services.”

“Bill Gates Campaigns For Stronger ID” from Card Technology: p.26-30 (2000).

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Most consumers and small businesses don’t understand the difference between what commercial banks offer versus nontraditional lending entities—whether from fintech or investor-backed funds. Consumers want capital at reasonable rates and do not care about the source.

From Council Post: 11 Finance Experts Predict Big Changes Coming To The Banking Industry:

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Competition will be particularly tight in the world of payments, he said: “I expect to see very, very tough, brutal competition in the next 10 years,” Dimon said

From Jamie Dimon: JPMorgan Chase should absolutely be ‘scared s—less’ about fintech:

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Dimon said he sent his deputies a list of global competitors, and that PayPal, Square, Stripe, Ant Financial as well as Amazon, Apple and Google were names the bank needs to keep an eye on.

From Jamie Dimon: JPMorgan Chase should absolutely be ‘scared s—less’ about fintech:

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