30.10.2020

Brazil’s New Blockchain Data Tool Cost $250K, Runs on Quorum

Banco Central do Brasil (BCB) began developing PIER in 2017 and launched it in early April. In total it cost the bank R$1,300,000, roughly equivalent to $252,700 USD, Press Officer Ivone Portes told CoinDesk.

Brazilian financial regulators’ new PIER data-sharing blockchain cost about $250,000 to build and it runs on the Quorum blockchain.

But BCB is confident that PIER will pay off. PIER is a unified data clearinghouse for BCB, the securities regulator (CVM), the private insurance regulator, (SUSEP) and eventually the social security superintendency (PRIVEC), replacing Brazil’s paper-based record sharing procedure with a fully digitized bureaucratic trove.

Tasks like business authorization “that took many hours or days” under the old process “now can take even seconds, since data is available online,” Portes said in an email.

PIER also makes that data more reliable by pulling it from the source, Portes said. It runs on JP Morgan’s open source Quorum blockchain, an Ethereum-based platform that BCB said is overlaid on a “private IT infrastructure.” BNamericas reported that PIER also utilizes Microsoft Azure cloud computing.

The blockchain gives each regulator easy access to its sister agencies’ records. That will help them process information – from vetting political appointees, to conducting financial investigations, to authorizing companies – more quickly and cheaply.

Buffett ‘Killed His Reputation’ by Being Stupid About BTC, Says Max Keiser

Warren Buffett, the fifth-richest person on the planet, has repeatedly expressed his unfriendly stance toward Bitcoin (BTC). One of the most successful investors of all time, Buffett might be killing his reputation by being that harsh to BTC, according to one industry player.

Max Keiser, famous American broadcaster and known Bitcoin bull, is confident that Buffett’s highly critical stance on Bitcoin is no good for the legendary investor.

Keiser argues that it’s time to leave Buffett in the past

On May 2, Buffett’s Berkshire Hathaway reported a $50 billion Q1 loss, with Buffett admitting a major investor mistake. Keiser subsequently argued that the legendary 89-year-old investor “killed his reputation by being stupid about BTC.”

He tweeted on May 3:

“Now that Buffett is out of the game and stock buybacks are rightly being called out as fraudulent, investors will ask… If Buffett was dead wrong about so much, was he also wrong about #Bitcoin and Gold? ANSWER: YES. Buffett killed his reputation by being stupid about BTC.”

Keiser further tweeted that it is time to leave Buffett in the past, outlining that millennials and Gen Z should look to Bitcoin. The Bitcoin bull also highlighted that Buffett “was already way overrated,” as he missed not only Bitcoin investment, but also gold, Apple and Amazon.

Pomp says that Buffett has enough cash to “buy every Bitcoin” in the circulating supply

By the end of March, Buffett’s Berkshire had a record $137 billion in cash and equivalent instruments. Anthony “Pomp” Pompliano, co-founder and partner at Morgan Creek Digital, tweeted on May 2 that Buffet is able to buy all circulating bitcoins with that amount. Pomp said:

“Warren Buffett has $137 billion in cash. That is almost enough to buy every Bitcoin in the circulating supply.”

Pomp’s tweet apparently was nothing but sarcasm though. In order to purchase all Bitcoin in circulation, Buffett would have to persuade every BTC hodler to sell him the cryptocurrency at current market price, Binance CEO Changpeng Zhao (CZ) pointed out.

Pomp subsequently supported CZ’s stance, outlining that having enough cash does not mean that one can get all the Bitcoin. “I’m not selling mine and I figure you’re not either,” Pomp concluded.

After claiming that Bitcoin is “rat poison squared” in 2018, Buffett did not change his stance to the cryptocurrency even after Tron CEO Justin Sun gave him Bitcoin at a historic charity lunch in February 2020. Although Buffett reportedly accepted Sun’s gift first, the legendary investor still claimed that cryptocurrencies have  “zero” value and don’t produce anything. Eventually, Buffett declared that he doesn’t own any crypto, reportedly having donated his crypto gift to charity.

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