Financial experts and chief economists are often tasked with gauging the potential impact of a situation. The Bank of England’s Chief Economist made a grave miscalculation as far as the Brexit is concerned. Andrew Haldane admits his forecasts are incorrect, and his profession needs to adapt to regain public trust. Irrational behavior is hardly ever accounted for in the financial sector, even though it is a valuable indicator. Chief economists are slowly becoming a dying breed. Financial markets respond with unforeseen behavior these days, making predictions virtually impossible. Moreover, the need for financial experts is dwindling, and the profession risks becoming obsolete over the next few years. Financial Expert Forecasts Are Usually Wrong A lot of…
Bank ATMs have been attracting criminals from all over the world. Emptying these machines can be done in various ways, although careless fraud is becoming more prevalent. Cardless ATM transactions are the prime reason why criminals have a much easier time as of late. Once criminals obtain stolen bank account usernames and passwords, converting it into cash is just a few steps away. What makes fraudulent cardless ATM withdrawals so annoying is how affected customers are virtually unable to dispute the transaction. After all, the withdrawal indicates the cardholder was at the crime scene. It is nearly impossible for banks and financial institutions to distinguish between legitimate and fraudulent withdrawals. Cardless ATM access sounds convenient, but it is a…
The recent Bitcoin price surge is mostly driven by Chinese traders. Increasing fear of capital outflows and the ongoing Yuan devaluation make Bitcoin a viable alternative investment opportunity. It is evident the Chinese government is running out of ideas to stabilize the economy. In fact, it appears the Yuan will continue to slide down a slippery slope. To be more precise, it seems the increasing Bitcoin demand hints at a further Yuan devaluation. Even though the Chinese currency has consistently lost value throughout 2016, the problems are far from over. Another reason for the Bitcoin demand is fear of future capital controls. What Does 2017 Hold For The Yuan? It is becoming increasingly difficult for Chinese residents to make strategic investments. Converting…
Obtaining new rupee banknotes in India remains a big struggle to his very day. Nearly a month after the cash ban had gone into effect, a lot of residents are still waiting in line outside bank branches. Thanks to Snapdeal, it is now possible to purchase new bills online and have them delivered to a home address. Orders can be placed with debit cards, and there is one rupee commission. Things have gotten out of hand rather quickly in India. With banks unable to meet the new rupee banknote demand, a lot of consumers are left in the cold. Moreover, there is no improvement in sight regarding the distribution of new notes. But thankfully, SnapDeal has started offering the online sale of these bank notes, allowing residents to purchase cash with their debit card. A…
Ryan Uhr is CEO and founder of Coinplug, a South Korea-based bitcoin services company. In this CoinDesk 2016 in Review special feature, Uhr looks at how blockchain technology has fared in the East Asian country over the last 12 months and makes some predictions for 2017. It’s often outside the major US and European markets that blockchain companies produce the most interesting innovations, thanks to differences in both the regulatory and business environments in places like East Asia. It’s also why bitcoin and blockchain companies in places like South Korea and Japan often surprise people. They move in new directions, raise investment from unexpected sources and find new user bases. It’s proof that this technology is truly a worldwide…