Malaysian Now Use Bitcoin To Buy Durian!

While Bitcoin continues its quest to make record high, and brouhaha still going on around the world (such as the recent debate on whether it is a fraud) regarding the legality and application of this cryptocurrency, more and more Malaysians are now using Bitcoin as a form of payment in their daily life, from paying workshop service fees of their automobile maintenance to even buying the King of fruits – Durian!

Bitcoin and durian

Image: Durian is a famous tropical fruit from Malaysia.

In a video where customer making a paying for his Durian purchase (which was uploaded to Youtube sometime in April 2017), it clearly shows that how 0.007 Bitcoin was transferred from the buyer to the seller in a Durian trade. The Durian seller must be very happy now if those coins are still with him, as the price of Bitcoin back then was only around USD1175, and we are seeing USD8200 at the time of writing.

In another video uploaded in Jun 2017, where a customer making payment for workshop fees, the car owner is paying the mechanic in Bitcoin using one of the popular exchange most Malaysian are familiar with, which is Luno. It clearly shows that the payment of MYR 200 equivalent in Bitcoin was made through a Luno account.

Luno – One of Bitcoin Exchange in Malaysia

The public who are exposed to the Crypto world in Malaysia knows that if they were to trade or convert their Bitcoin into local sovereign currency (Malaysian Ringgit), one of the services they can use is that of Luno, because it is able to link to their local bank accounts.

For Malaysian to trade Bitcoin and Ethereum on Luno, all they need is to prove that they are genuine, real residents in Malaysia through some documents such as electricity bill. Once verified, they can start transferring money in between Crypto and Fiat through authorized banks, either Maybank or CIMB Bank at the moment. There may be more banks to come, once the Malaysian government finalize and make their stand on Crypto Economy clear. The move of identity proofing might be needed in comply with KYC and AML policies, where the government of Malaysia is committed to fighting terrorism and globalized illegal activities.

Bitcoin – A Challenge of Price Volatility

While Bitcoin is gaining its share in the mining, trading, and daily usage in the Malaysian society, it still quite a distance away from mass market acceptance, due to its high volatility in price.

You wouldn’t want to receive a bitcoin that is worth USD 7,000 in the morning and suddenly realize it is only worth USD 6,500 in less than 24 hours (this happened in early November 2017). A whopping USD 500 loss in value in less than one day. Yes, of course the opposite might happen, but do you want to take that bet? Most people won’t, especially those selling physical goods with relatively low margins.

Digital Currencies – Towards The New Normal

While the price volatility is a general challenge, which the community and the stakeholders are trying to solve, the Malaysian government and related industry players are making their best effort in adopting and embrace this new technology into the country.

The Prime Minister of Malaysia, Najib Razak, mentioned these words: Blockchain, digital currency(crypto) and cashless transaction as the new normal in part of his speech addressing to a crowd of entrepreneurs. He is setting the direction pretty clear for the country. The Crypto Tech and Crypto Economy could be the complementing piece to the government’s DFTZ (Digital Free Trade Zone) effort, in making Malaysia one of the forefront of the Digital Economy.

The Malaysian Central Bank, BNM (Bank Negara Malaysia), had just made a step forward as well, clearing the air by announcing the government’s standpoint when it comes to Cryptocurrencies conversion. In a press release made on Nov 22, 2017 through Bernama (The National News Agency of Malaysia), it stated that Bank Negara Malaysia (BNM) will designate persons converting crypto currencies into fiat money as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 beginning next year.

There are also comments and suggestions made by top notch bankers in Malaysia. For instance, CEO of AmInvestment Bank, Raja Teh Maimunah Raja Abdul Aziz, had called the government to allow cryptocurrencies’ usage as electronic money.

“It’s just an electronic currency that doesn’t belong to anybody while fiat currency is sovereign based where it has its own jurisdiction regulators. I support cryptocurrency because it is a global trade,” said Raja Teh Maimunah.

While a final decision will only be made by end of the year, and clearer framework could only come after that, we are seeing a positive initiative from the country’s top leader, regulators, industry players, and the public acceptance of cryptocurrencies in Malaysia.

I would like to end this article quoting what Neo said in the movie “The Matrix”:

To my fellow Malaysians, where we go from here is a choice I leave to you.

Reference Links

https://coinmarketcap.com/currencies/bitcoin/#charts

Beli Durian Pun Guna BITCOIN?

“SERVIS KERETA”, BAYAR GUNA BITCOIN!

PM Malaysia Galakkan Blockchain dan Crypto Currency Bitcoin

BNM To Enforce Crypto Regulation Next Year
http://www.bernama.com/bernama/v8/bu/newsbusiness.php?id=1412883

Allow cryptocurrency’s usage as electronic money – Raja Teh Maimunah
https://www.thestar.com.my/business/business-news/2017/11/22/allow-cryptocurrency-usage-but-ban-its-use-as-speculative-tool/

Decision on usage of cryptocurrencies by year end, Bank Negara governor says
http://www.themalaymailonline.com/money/article/bnm-says-may-ban-bitcoin-cryptocurrencies

The Web, All Over Again

The Web, All Over Again

Blockchains are new technology layers that rewire the Internet and threaten to side-step older legacy constructs and centrally served businesses. At its core, a blockchain injects trust into the network, cutting off some intermediaries from serving that function and creatively disrupting how they operate. Metaphorically, blockchains are the ultimate non-stop computers. Once launched, they never go down, and offer an incredible amount of resiliency, making them dependable and attractive for running a new generation of decentralized services and software applications.

The Business Blockchain charts new territory in advancing our understanding of the blockchain by unpacking its elements like no other before. William Mougayar anticipates a future that consists of thousands, if not millions of blockchains that will enable not only frictionless value exchange, but also a new flow of value, redefining roles, relationships, power and governance. In this book, Mougayar makes two other strategic assertions. First, the blockchain has polymorphic characteristics; its application will result in a multiplicity of effects. Second, we shouldn’t ask ourselves what problems the blockchain solves, because that gives us a narrow view on its potential. Rather, we should imagine new opportunities, and tackle even more ambitious problems that cross organizational, regulatory and mental boundaries.

The future of money

A sharing session by Andreas Antonopoulos* in Berlin on 29th March 2016, Thoughts On The Future of Money.

If you got time, the whole presentation till 20:21 minutes is worth it. The rest is Q&A session.

If you want to get the whole picture of why the Bitcoin movement, the info shared from 17:20 – 20:21 is good enough, to save you some time.

As an engaging public speaker, teacher, and writer, Andreas make complex subjects accessible and easy to understand. In this video sharing below, Andreas uses the analogy of Lego and fast food burger to illustrate the Blockchain technology as compared to our current banking system.

Andreas Antonopoulos: On the Future of Money – Berlin 29 March 2016

Some notes:

It is a platform that guarantees certain trust functions. If you happen to have a platform that guarantees certain trust functions, one very useful application for that is to build a currency, and a payment network. But you can build more things.

It’s a perspective of how you look at things because from an abstract perspective, Lego is messy.

Cooking is a perfect combination of art and science.

The point is unleashing creativity by giving me the tools and the elements I need to build something unique.

This is a set of ingredients (Blockchain technology) and you have one recipe (which is Bitcoin) but you can make a different recipe.

Hashlock time contract + multiple payment channels connected together = Lightning Network

We are trying to unleash the creativity of an entire generation.

We are building a system on top of which, a thousand applications that require trust can be built.

When you have the ingredients, when you have these basic elements, what recipe you build is entirely up to you.

We subject ourselves to this mechanism that has streamlined itself. They have built a system that can only do one thing, enslave us, impoverish us.

That system removes freedom in the most possible to deliver profit.

* As a bitcoin entrepreneur, Andreas has founded a number of bitcoin businesses and launched several community open-source projects. He is a widely published author of articles and blog posts on bitcoin and is a frequent speaker at technology and security conferences worldwide.

“Blockchain” or Bitcoin: Understanding the differences

It is a space that had existed for only 7 years.  It does represent something truly revolutionary.

  • A fundamental change in our understanding of trust.
  • A change in the way we organize authority and trust from hierarchy system to network-centric flex system.
  • A reimagining of what it means to have currency, how currency derives its value.
  • A new system for disintermediating intermediaries.
  • A rebalancing of world affairs.

All of these things are true but we don’t really know how this is going to play out.

Sitting in the front row of history. Observing history in the making.

What is bitcoin? What is the blockchain?

Bitcoin is the first blockchain.
Bitcoin is the largest open global blockchain that exists today.
Bitcoin is the first borderless, transnational, open system of access for financial payments and trust that enables innovation without permission, with high resistance to censorship, coercion and geopolitical manipulation.
Bitcoin is a mathematical prove system that is fundamentally neutral to participants. It exhibits the principle on the internet that we called net-neutrality and bring that to finance, which of course, terrifies people.

Finance without concern for a source, destination, or amount?
Neutral routing of transactions?
Equal for everyone?
That idea is terrifying. Where does authority come from? Where does trust come from?

It’s almost as if suddenly we no longer pay attention to, the New York Times, and instead, anyone can publish their opinion without an editor. What will the world come to?

What the internet did for communication, bitcoin is doing for finance.

It is introducing a fundamentally different network centric and flex system that allows us to do transactions without recourse to authorities or intermediaries and that derives trust from the collaboration and computation of thousands of nodes. It uses a blockchain. The blockchain is one of the several components that make bitcoin works. And if you focus too much on blockchain you may miss the point.

The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World

An understanding of how Bitcoin is changing the future of finance, and even the nature of the Internet itself, is mandatory for anyone looking to invest in or prepare for new trading platforms. Uniquely, The Bitcoin Big Bang emphasizes the technological underpinning of Bitcoin – the “blockchain.”

Whether Bitcoin is or isn’t a legitimate currency is, according to Brian Kelly, next to irrelevant.

With its ability to record every Bitcoin transaction and securely transfer value over insecure networks,

the blockchain is a game changer.

Ultimately, The Bitcoin Big Bang answers one of the most pressing questions in finance, business, government, and beyond: “What is Bitcoin and how will it change the world?”

It is a story of evolution.

It is the evolution of currencies, payment systems, how money is used, financial services, and even the way business is organized. It is that moment when you realize the world has changed, permanently and forever. Evolution is a laborious grind, until BANG – everything changes at once.

Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people wonder why its powerful promise wasn’t more obvious from the start. What technology am I talking about? Personal computers in 1975, the Internet in 1993, and – I believe – Bitcoin in 2014. ~ Marc Andreessen, inventor of the Web browser and cofounder of Netscape

From the book:

The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World

Is Bitcoin A Fraud?

Bitcoin “is a fraud” and will blow up, said Jamie Dimon, chief executive of JPMorgan Chase & Co, on Tuesday, 13th September 2017.

Coming from someone that was responsible to pay 13 billion for the financial crisis.

Load of crap. He said the same thing 2 years ago. The reality is that it threatens banking industry and there’s no way of stopping it.

And these info further explain why the statement above:
Big Business Giants From Microsoft to J.P. Morgan Are Getting Behind Ethereum
JPMorgan Chase To Integrate Zcash Technology To Its Enterprise Blockchain Platform

Vested interest in Ethereum and ZCash. You bet.

Indeed, Bitcoin has died 160 times.

Big banks like JP Morgan have had a ‘monopoly on money’ for far too long, and for the first time ever, that’s changing.

You just can’t stop hundreds of millions of consumers who are fed up with an archaic monetary system that is controlled by a handful of wealthy Wall Streeters.

Be ready to compete against hundreds of thousands of hungry young entrepreneurs ready to solve the problems you’ve left untouched for decades.

Blockchain and Us

This is a very good and informative video produced by Manuel Stagars. The goal of this film is to encourage the conversation about the economic and social impacts of blockchain technology.

Despite its mysterious beginnings, the blockchain may be the airplane of our time.

Economist and filmmaker Manuel Stagars portrays this exciting technology in interviews with software developers, cryptologists, researchers, entrepreneurs, consultants, VCs, authors, politicians, and futurists from the United States, Canada, Switzerland, the UK, and Australia.

The documentary is divided into 7 sections:

1. First Contact With The Blockchain
2. Blockchain Technology
3. Influence of the Blockchain
4. New Business Opportunities
5. The Blockchain and Banks
6. The Blockchain and Financial Inclusion
7. The Real Revolution
8. The Blockchain and Us

Blockchain and Us by Manuel Stagars

Roger Wattenhofer
Professor, Distributed Computing Group, Swiss Federal Institute of Technology (ETH)
Zurich, Switzerland

“For me, part of the fascination is that we don’t yet know exactly what this thing is, and yet there are still lots of people getting around it. I thought of it as it’s like a space rock that crashed on Earth. You have a bunch of people that gather around and all pointing to it, what this thing is? You don’t really know what it is but it is still very interesting.”
Taylor Gerring
Co-Founder, Ethereum
Zug, Switzerland

Blockchains are military grade cryptography.

“We are really seeing a new way of transacting value on the internet.”
Elizabeth Stark
Co-Founder & CEO, Lightning
San Francisco, USA

What matters to people is what they can do with the technology.

“I think within 20 years, financial services will be just software and the smart contract technology, in particular, is going to automate a lot of things that institutions and people handle today.”
Caitlin Long
Chairman of the Board & President at Symbiont.io
New York, USA

“”When they saw the whole opportunity, they are ready to change, hey I don’t understand everything but I understand there’s something behind, so we really need to go forward.”
Jan Seffinga
Partner, Deloitte Switzerland
Zurich, Switzerland

What prosperity offers you, is independent.

“We are at the cross road here. We have the graviton now to create the technology that will actually help the entire human race. The question is, will we do it? But we can do it now.”
Rik Willard
Founder & Managing Director, Agentic Group
New York, USA

3 Must Watch Videos To Better Understand Blockchain

Bitcoin is definitely not just something for people to speculate and to make money through its volatile price movement. There is more to this crypto currency. We had gone through quite some video info and we think the 3 videos that we are going to share in this post are among the best for anyone to get a full picture on cryptocurrency, bitcoin, the blockchain, and the possible future where these technologies can bring us into.

We need to know the philosophy of Bitcoin, categories of money and how we get into the current financial mess. The blockchain is the main thing not to be missed. It is the web, all over again.

In order to understand Blockchain, we should to take a look into Bitcoin, which is one of the most successful Blockchain application at the time of writing.

Bitcoin: Where the Laws of Mathematics Prevail

In this talk, Andreas speaks about Bitcoin as a system of commerce that is the culmination of decades of research into cryptography and digital currencies, and how it achieves digital scarcity through proof-of-work and decentralized consensus. He argues that Bitcoin is powerful because it is where the laws of mathematics prevail to deliver robust security, financial autonomy, and censorship resistance.

Blockchain 101 – A Visual Demo

The explanation about what is blockchain might be a bit technical in this embedded video. However, you should be able to understand at least something from it. We consider the explanation in the video below is pretty much on the intermediate level. A little bit of programming background might help.

This is a very basic visual introduction to the concepts behind a Blockchain. Published by Anders Brownworth on Nov 5, 2016.

As you can see, the idea of an immutable ledger was introduced using an interactive web demo. If you are interested in playing with this on your own, it is available online at: http://anders.com/blockchain

The Power of the Blockchain




Once you went through above video with some basics on the technical aspect, you may want to check out this video by Siraj Raval which was published on Jun 9, 2017.

Use case #1: Giving datasets and models a reputation
Use case #2: Peer to peer Model training
Use case #3: AI-run Companies!

This video also goes through a little bit of demonstration by building a Blockchain in Python.

In summary, we barely have begun to explore what happens when we use the blockchain as a way to improve our AI:

– Help verify data + model quanlity
– P2P exchanges
– Entirely new business models
– AI based companies, create independent organizations run entirely by AI

Enjoy the video!

19 Industries The Blockchain Will Disrupt

All in all, Blockchain will disrupt industries that require a check and balance procedure. It could also do away anything that requires the middlemen.

To illustrate what kind of disruptive innovation we are talking about when it comes to Blockchain Technology:

The blockchain will do to banking what the internet did to media.

And perhaps the most exciting thing blockchain can do at the moment would be ICO, something similar to conventional IPO yet bypassed all the procedure of conventional financial and banking system.

The future is uncertain but promising.

Though it’s kinda A-List content, it’s worth a view if you willing to spend some 9 minutes+ of your time to know further about Blockchain.

19 Industries The Blockchain Will Disrupt

The blockchain is a distributed ledger technology that underlies cryptocurrencies like Bitcoin. It provides a way to record and transfer data that is transparent, safe, auditable, and resistant to outages. The blockchain has the ability to make the organizations that use it transparent, democratic, decentralized, efficient, and secure. It’s a technology that holds a lot of promise for the future, and it is already disrupting many industries.

1. Banking & Payments
2. Cyber Security
3. Supply Chain Management
4. Forecasting
5. Networking & IoT
6. Insurance
7. Private Transport & Ride Sharing
8. Online Data Storage
9. Charity
10. Voting
11. Government
12. Public Benefits
13. Healthcare
14. Energy Management
15. Online Music
16. Retail
17. Real Estates
18. Crowdfunding
19. YOUR Industry