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and crypto industries have not slowed down so far abacus Journal writes of how Goldman Sachs let investments position the firm to quickly scale up once the regulatory landscape is clear and defined they say that Morgan Stanley hasn’t made those any in-kind investments that match Goldman’s and clients and brokers have been grumbling about it but there may be some hopes according to two sources Morgan Stanley leadership is enamored with the path that fidelity is taking and believe they can take the same path and fashion it to be of interest to the firm’s largest institutional and UHMW clients are we behind yes that really can’t be disputed at this point said the first source near the top of a communications org chart at Morgan Stanley he added but that won’t be the case once we commit to a particular strategy we believe we are well positioned when the time is right a second source closer to the broker rank said the word we hear is that leadership finds the fidelity model for crypto appealing and that could be the way it goes down here whatever strategy they choose it needs to come quickly we are getting asked about it daily it does seem like clients that are aware of Bitcoin in particular see it as digital gold that phrase has popped up often with you hnw clients to market watchers point to Morgan Stanley as a buying opportunity saying the stock looks good from a technical and fundamental standpoint strategic wealth partners mark pepper believes the bull market is in its final innings and Morgan Stanley has diverse revenue streams that will hold up even if the economy slows he said with Morgan Stanley you know we have a company that has M&A exposure which is good and because we’re in this slow growth economy right now where companies are an acquisition mode to fund further growth M&A is good like Tepper insta nets Frank capillary says that Morgan Stanley is the most attractive financial stock at current levels although he too is not pounding the table on this trade he notes that the stock has been firmly in a downtrend over the last year shedding more than 30% since its recent high last March the stock has been through this before I point to the ten-year chart we see from 2009 to 2012 the stock was down 70% and then from 2015 to 2016 another 50% whole time it was able to make higher lows on a long-term basis and those rallies coincided with relative strength versus the XLF he explains Bitcoin mining proof of work and the reinvention of energy financial markets blocked shame-based innovations are as much about new technology as they are about new concepts of governance in particular the continued proliferation of proof-of-work panel consensus has the potential to fundamentally change the structure and incentives of the energy markets by translating physically trapped energy into global and digital a mobile value the energy economics of production and distribution may change one of the most common misconceptions about the blockchain and digital assets space is that we witnessing a technology driven revolution while the technology paradigm of distributed Ledger’s DL T’s certainly brings incremental innovations to the table mainly increased standardization and electronification arguably the big transformational innovation comes from new forms of distributed governance and incentive mechanisms dural innovations that drive blockchain and digital asset systems technology and governance it is perhaps not surprising that those who follow this space spend a significant amount of their time on governance and durability of incentives a decade in since the launch of the Bitcoin network and the introduction of proof-of-work panel consensus numerous arguments have been made and fiercely debated at its core proof of work power is an incentive mechanism designed around the consumption of energy in exchange for a reward from securing a global distributed data ledger so long as securing this ledger the blockchain rewards someone with economic value that is worth more than what they put in the incentive works wise person once said show me the incentive I’ll show you the outcome this deceivingly simple incentive has birthed new industries e.g krypter mining and has the potential to trigger knock-on effects for global energy systems and markets as proof of work consensus mechanisms mitchler traditional paradigms advocated in energy systems engineering energy economics and energy financial markets e.g power trading project financing green finance purchase power agreements could fundamentally change this article explores some of the context and significance for these changes split across three sections section 1 understanding the very basics of proof-of-work power and mining section 2 power and energy systems engineering and energy economics section 3 implications for energy markets understanding the very basics of proof-of-work and mining to set the appropriate context for the rest of the article it is important to understand the very high-level basics of proof-of-work power and crypto mining the basics of the proof-of-work process is to convert energy something which is globally distributed and available in various formats / quantities into a digital liquid and mobile form of economic value represented in the form of a cryptocurrency / token example Illustrated for the Bitcoin network the phrase proof-of-work refers to the fact that work in the form of energy consumption which has real costs is expended and converted into another form of economic value Bitcoin or other tokens institutions that participate in the proof-of-work process are called miners miners runs specialized Hardware / equipment to solve a cryptographic puzzle e.g sha 256 in the Bitcoin network those that can configure their mining operation to solve the puzzles and the fastest time while incurring the least amount of costs will have profitable businesses this is not too similar to other types of energy manufacturing e ge in the oil and gas industry except that the final economic good being manufactured is digital therefore so long as people ascribe a nonzero value to the tokens being mined e.g bitcoin there is an economic incentive to mine refer to an earlier article non-sovereign assets for y tokens may have nonzero value miners do not necessarily need to believe in the principles of the block chains they are helping to secure through mining in fact they can be 100% agnostic and mine the block chains that the market deems to be most valuable e.g the mined tokens that the market will pay them the most for in many ways this is the beauty and elegance of proof of work this property and incentive could have profound implications for those who study and work in the energy sector all away from exploration and production refining and distribution to energy financial markets and policy power and energy systems engineering and energy economics back in university i majored in chemical engineering in my final year i took a course called energy systems engineering which would proceed to have a major impact on my life the point of the course was to design and analyze energy systems that could technologically supply sufficient energy to meet the round-the-clock demands of customers of a given market while also being economically and financially viable the basics of energy systems engineering matching supply and demand by configuring the optimal energy mix matching supply and demand in a nutshell the key to understanding the complexity of energy systems revolves around matching the profile of energy supply how much energy can be produced in a given physical location at a given point in time versus the profile of energy demand how much energy does a community need in that same location at a given point in time the energy makes based on what technologies and methods are available reflect a complex optimization exercise in addition to supply and demand other real-world constraints can be overlaid include but not limited to things like environmental factors e.g burning coal releases more co2 versus burning natural gas versus running a wind farm build / decommissioning factors e.g building a nuclear power plant requires building 100-year financial reserves for future teardown life cycle operation factors e.g different types of ongoing servicing / maintenance required for up keep of different technologies from carbon-based to carbon free one of the main focuses of many energy systems engineering exercises today is to try and maximize the use of renewable carbon free sources political developments like that EWTN’s sustainable development goals / SDGs and the Paris climate agreement have further supported this however the challenge with achieving this often boils down to the inherent economics arising from renewable energy production the challenges most

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