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Volkswagen buys D-Wave quantum computers which sell for $15 million each – Robotics and Automation News (press release) (registration)

D-Waves quantum computing system

Volkswagen has become a customer of D-Wave Systems, which builds quantum computers that cost $15 million each.

Martin Hofmann, VWs chief information officer, told New York Times that the investment in quantum computing technology is a sign of things to come.For us, its a new era of technology, he said.

VW is claimed to have used a D-Wave computer to steer the movements of 10,000 taxis in Beijing simultaneously, optimising their routes and reducing congestion, according to the report in NYT.

While some expressed scepticism over the test, many computer technology experts agree that binary computing systems will not be capable of keeping up with the colossal growth in both the volume of data and the requirements for processing it.

Quantum computing, which some say might be the solution, is still in the experimental stage and there are many challenges to overcome, never mind the fact that no one understands anything about it.

Quantum craziness

Quantum computers, as the name suggests, is supposed to utilise the strange occurrences of the quantum world, which are very different from the binary computing world.

In binary systems, which is what all current computers use, the transistors on a microchip are either on or off 0 or 1. Either of these states is a bit, or a binary digit, in computing jargon, and is the smallest unit of data.

Combinations of these zeros and ones are called bytes in computing. So, an eight-bit byte could look like this: 11111111. Thats eight ones. Such a byte is often considered a unit of memory size; in this example, this would be an 8-bit memory size.

Most desktop computers or microcomputers as they used to be called these days have 64-bit processors, which means they can handle instructions of 64 bits at a time. And they may have one terabyte of hard disk space, which means they store 1,000,000,000,000,000 bytes of memory.

All of this is reasonably logical, even if youre eyes can go funny looking at all those zeros.

Looking at the quantum world, however, can make your brain go funny, as nothing is as logical as it is in the binary world.

Its a reasonably well known fact that scientists have observed the same quantum particle in two places at once, the reasons for which they are yet to adequately explain.

But even without explaining the reasons why, scientists and technologists have been able to utilise quantum phenomena to create real-world products like funnily enough computer chips.

The light that binds

Apparently, every element in the periodic table absorbs and emits light of very particular frequencies, and these unique spectral lines are regularly used to identify the composition of various substances, according to an interesting explanation on Forbes.com.

Using this key observation, or set of observations, scientists and technologists have been able to create the modern computer-driven, electronic world.

Quantum computing, however, is looking to go deeper into the quantum world beyond electrons and the light each set of atoms emits. They may even go to the sub-atomic level, where particles can behave in even more extreme and inexplicable ways.

Nonetheless, a number of the leading tech companies IBM, Google, Intel and other chipmakers, and of course D-Wave are developing microprocessors and computing systems based on quantum phenomena.

The companies measure their systems capabilities using something called a qubit, or quantum bit, which is like a bit or binary digit.

The difference is that whereas a bit is either a zero or a one, a qubit can be also either a zero or one or both at the same time because of something called quantum superposition, meaning that, unlike a human being, a quantum being can be in two places at once.

This inexplicable ability is said to hold the promise of quantum computers with far more power than binary computers will ever attain.

Big claims for tiny particles

D-Wave claims its system has 2,000 qubits, although its probably not a good idea at this stage for mere mortals to use such numbers to compare different systems until more is understood about them. Not that theres an awful lot of competitors to D-Waves systems.

IBM has produced a processor for quantum computing which it says is configured in 16-qubit and 17-qubit forms, as reported in Technology Review.

Google says it has built a quantum computer chip which has six qubits, also reported in Technology Review, although the company says designs for devices of 30 to 50 qubits are already in progress.

A number of other companies and organisations including Microsoft, Nasa, the US government, and probably Apple are all working on quantum computing systems.

What this means for the automotive sector, or any other sector, is yet unknown, beyond the obvious the more computing power, the better.

But certainly, VWs investment in the technology shows that the traditional automotive giants have realised the quantum computing is the future of cars and perhaps every other technology, even if no one understands what it is.

Auto manufacturers tend to use very large computing systems in the design and development of vehicles, but whereas they may have hired the capability before, they want to own it now.

Often, such companies will hire time on a supercomputer, and some say that a well-programmed supercomputer is still much faster than any of the quantum computers on the market today.

Supercomputers still rule

The hierarchy of computing power not including cloud or cluster computing might look like the following list, with the most powerful at the top:

Quantum computers are looking to enter the list at the very top, above supercomputers.

One of the reasons for wanting to own or even produce the computing infrastructure, however, could be that, even though todays binary computer chips and systems are said to be capable of autonomously driving a car, tomorrows auto giants could be the ones who build or develop their own custom quantum chips and systems, or at least understand quantum phenomena well enough to write firmware for quantum chips like the ones produced by IBM and Google.

Otherwise they might be left stranded in the binary world, and clearly VW has no intention of being left behind.

Other companies from the automotive sector in Germany are also making significant investments in computing technology.

BMW is busy building a new data centre that is 10 times the size of the companys existing facility, according to the NYT.

Reinhard Stolle, a vice president in charge of artificial intelligence at BMW, said: The processing power needed to deal with all this data is orders of magnitude larger than what we are used to.

The traditional control engineering techniques are just not able to handle the complexity anymore.

Meanwhile,Bosch is building a massive chip factory which will represent the biggest investment in the companys 130-year history.

Bosch chairman Volkmar Denner says: By expanding our manufacturing capacities for semiconductors, we are looking forward to the future and strengthen our competitiveness.

Bosch is one of the worlds leading suppliers of advanced driver assistance systems to the big automotive companies.

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Why You Won’t Be Buying a Coffee With Bitcoin Anytime Soon – Wall Street Journal (subscription)


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Why You Won't Be Buying a Coffee With Bitcoin Anytime Soon
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The cost for investors and consumers to buy or sell bitcoin hit an average of $5 per transaction in early June, the highest rate of its eight-year history as an alternative means of payment. The fee has since come down to about $3.50. Two years ago, it ...

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Clean up and protect your devices with 2TB of ultra-secure cloud storage only $59.99 – TNW

They stack up like old magazines in your doctors office. A new app, a dozen pictures from your weekend, a quick downloaded video or two before you know it, your smartphone, tablet or laptop is awash in extraneous files that can ultimately slow your device down to a crawl.

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Degoo will make sure your phone or other device is always straightened up and uncluttered with unneeded files. You can sync it to all your devices, do regular, even automatic backups and safely store images, videos, documents and other files you dont use often under ultra protected 256-bit AES encryption.

Degoo even sports high-speed transfers so you can get those files into storage quickly and keep all your devices working fast and efficiently.

Keep your files safely protected and away from any cyber-snoops with 2TB of Degoos lifetime storage. That would usually cost $1,200, but you can get it right now foronly $59.99while this offer lasts.

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Ethereum Price Drops Below $300 Amid Technical Issues and … – The Merkle

Things are not looking all that great for Ethereum right now. The popular cryptocurrency suffereda major crash not too long ago and it remains the market is still recovering. The past two days have heralded another downturn for Ether, making it highly doubtful Ethereum will pass Bitcoin in market cap anytime soon. It seems safe to say more volatility is on the horizon for Ethereum holders.

Looking over the Ethereum price charts leaves traders and investors disappointed, as their hopes for challenging Bitcoins crown subside. More specifically, the ETH price has taken another beating, as it declined by 7.65% over the past 24 hours. This puts the value of one Ether well below the US$300 mark and it is possible this value will keep heading toward US$270 or lower over the coming days. This momentum is not entirely surprising given Ethereums bullish trend throughout the first half of 2017.

It is not hard to forget once ETH was worth under US$11 back in early January of this year. Things have certainly picked up over the past few months, culminating in an Ether price peak of nearly US$400, according to Coinmarketcap. Such a spectacular price increase can only be met with future price volatility, which is what we are seeing on a daily basis right now. Even so, the Ether value increase has been nothing short of impressivethis year.

Ethereum enthusiasts have referred to a phenomenon known as the flippening all year. This trend would occur once Ethereums market cap surpasses that of Bitcoin. Although both currencies were only separated by just US$8bn, the gap has widened once again. More specifically, Bitcoins market cap is close to US$41bn right now, whereas Ethereums is only US$26.32bn. The flippening will not be happening anytime soon at this rate.

The bigger question is why Ethereum is facing such a setback right now. Shifting market conditions are likely the culprit. Moreover, the Ethereum blockchain and its technology are weighed down by the influx of cryptocurrency ICOs. Transactions are confirmed far slower when a big ICO happens, and smart contracts used by these projects often contain issues which need to be fixed later on. The technology is still premature, yet investors also see this can become a much bigger problem if things arent resolved quickly.

Speaking of cryptocurrency ICOs, they have quickly become the main use case of the Ether currency. That is not necessarily a positive development either. With so many projects raising funds in Ether, the chances of a market dump will increase as well. When teams need funding, they will convert ETH to fiat currency, creating negative pressure across the exchanges. When more projects sell off their raised funds, the price per ETH will undoubtedly continue to go down quite quickly. It is unclear if that is part of the ongoing price drop right now, but it is something to keep in mind.

It is unclear what the future will hold for Ethereum right now. The Ethereum price is very volatile, which is only to be expected at this point. However, Ethereum is not a store-of-value by any means. With so many dumb money flowing into Ethereum to participate in cryptocurrency ICOs, it is virtually impossible to determine the real value of the existing coin supply. Technical issues are becoming a major problem as well. If this trend keeps up, the flippening may never happen at all. These are interesting times for Ethereum to prove its value, but so far, the projectleaves quite a bit to be desired.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

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Microsoft reportedly set to lay off thousands as part of massive sales reorganization – GeekWire

Thousands of layoffs are planned to hit Microsofts global workforce this week, part of a shakeup of the companys sales organization, according to a report Sunday in TechCrunch.

As part of the layoffs, Microsoft plans to merge parts of its enterprise customer business with its small-and-medium-enterprise business unit, according to TechCrunch,citing a source with knowledge of the downsizing.

Weve reached out to Microsoft for comment, and well update this post as we learn more.

On Friday, Bloomberg reported that Microsoft was planning a reorganization of its sales group in order to focus more intently on its growing cloud computing business. Bloomberg did not report on the number of potential layoffs, but noted that the changes were likely to be announced this week.

The changes in the sales operation appear to be putting even more weight behind Microsofts Azure business, which is growing rapidly. Microsofts commercial cloud run rate hit $15.2 billion during the second quarter, up from $14 billion in the previous quarter. Meanwhile, revenue in the companys intelligent cloud group grew by 93 percent to $6.8 billion in the second quarter.

It is unclear whether the layoffs will be accompanied by new cloud-focused job openings.

Microsofts fiscal year ended on June 30, so the timing of the cutbacks could be tied to the companys move into a new fiscal year, which started on July 1.

Last July, Microsoft cut 2,850 people from its smartphone and sales teams.

As of March 31, Microsoft employed 121,567 worldwide, including 45,535 in Washington state.

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Securing Cloud Infrastructure and Services with Blockchain-Enabled Cybersecurity – TechBullion

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Adoption of cloud services continues to grow among enterprises worldwide for strategic and tactical benefits. While a few years ago, the cloud remained an interesting concept that most organizations were wary about, nearly every organization has migrated a portion of its IT infrastructure into a cloud model. Gartner estimates the worldwide public cloud services market to touch $246.8 billion in 2017, growing 18% since 2016.

However, security remains one of the top concerns for organizations in the cloud. According to a study by Gartner in association with Goldman Sachs and IDC, 74.6% of organizations ranked security significant or very significant among various challenges/issues ascribed to a cloud/on-demand model for IT infrastructure.

An increasingly mobile workforce, ever expanding enterprise perimeter and business drivers for an extended enterprise ecosystem are forcing enterprises to consider moving their core applications and business processes into a cloud-based infrastructure. However, the convenience of scale and cost savings that cloud offers also comes with an added element of cyber risk.

As cyberattacks become more and more sophisticated and inexpensive to execute, the security risk of moving to the cloud becomes more pertinent. In addition, existing solutions available in the market employ conventional perimeter-based defense techniques of cybersecurity, which may not be as effective in securing data in a cloud-based infrastructure.

Protecting a virtualized environment like the cloud requires a similar approach to security. Unlike traditional cybersecurity solutions, a Software Defined Perimeter (SDP) architecture integrates the principles of device authentication, identity-based access and dynamically provisioned connectivity to offer higher resilience against network attacks. Adopting a security model based on the SDP architecture makes it possible for organizations to protect their cloud servers from all kinds of network attacks, including DDoS, Man-in-the-Middle (MitM), Server Query (OWASP 10) as well as Advanced Persistent Threats (APTs).

The need of the hour, however, as cybercriminals employ more sophisticated techniques to launch attacks against enterprises, is for a future-proof cybersecurity approach which can protect enterprises critical infrastructure in the cloud not just from present day cyberattacks, but work just as effectively in the future as well. Blockchain technology offers a much-needed solution to protect against next-generation cyberattacks.

A Blockchain Defined Perimeter (BDP) leverages enhanced SDP architecture, along with blockchain and TLS and SDN technologies, to ring fence an enterprises cloud servers, and only allow authenticated users to gain access to data stored in these cloud servers. At the same time, the BDP also harnesses blockchain based digital signatures to identify and authenticate authorized users and devices, and give them access to data stored in these cloud servers.

The concept of the BDP merges benefits of the SDP like giving centralized control to authorized users via a secure medium with the benefits of blockchain technology like decentralization, cryptographic encryption, immutability and consensus-based control. The resulting architecture offers organizations an opportunity to tackle current as well as future cybersecurity challenges in a smarter, faster and distinctly more effective manner.

Using the BDP, organizations can secure critical information in the cloud, offer cryptographically secure digital identity and access management, and render their cloud servers locked down and invisible. This approach makes it nearly impossible for hackers to detect and launch attacks against enterprises cloud-based infrastructure, provides best-in-class encryption for secure access. In addition, it enables organizations to maintain immutable and tamper-proof logs and records on the blockchain about access to data in the cloud.

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Saturday Slump: Ethereum, Bitcoin Prices Headline Crypto Market Downturn – CryptoCoinsNews

The crypto markets slumped on Saturday following several days of consistent gains. Both bitcoin and ethereum prices slid into the red, and most altcoins experienced declines as well.

Todays bitcoin price decline was not as pronounced as the one it experienced earlier this week, but it still fell 1.73% to $2,496. More important is the fact that the bitcoin price has experienced a fairly steady skid over the past seven days, as the chart below indicates.Bitcoin now has a market cap of just under $41 billion.

Seven-Day Bitcoin Price Chart from CoinMarketCap

One must wonder if concern over the impending network fork is fueling the recent bitcoin price decline and encouraging investors to cash out recent gains in anticipation of a potential price dip following the fork. If such a dip does occur, proactive investors will be able to acquire coins at a steep discount from current prices.

Earlier this week the total cryptocurrency market cap had inched its way back to $100 billion after the Monday Massacre, but todays events erased that progress. The total market cap slid back beneath $100 billion and currently sits at $98.9 billion.

Chart from CoinMarketCap

Earlier in June, the ethereum price managed to climb even when bitcoin and other altcoins fell. That has not been the case this week, as the downward trend has often hit ethereum worse than bitcoin. Today, ethereum price fell to $283. This 8% decrease caused ethereum to lose some ground in the fight to supplant bitcoin as the dominant cryptocurrency.

As tends to happen in widespread market downturns, bitcoin regained a bit of its market dominance. Bitcoin dominance rose to 41.5% for a 24-hour increase of 1%.

Chart from CoinMarketCap

Ethereum controls a 26.7% market cap share with a total valuation of $26.4 billion, down from 27.7% on Friday. Once again, Ripple and litecoin held steady at 10% and 2% of total market cap.

Every altcoin in the top ten experienced a price decline. The Ripple price fell 2.3%, dropping its market cap below $10 billion. The litecoin price managed to stay above $40, but it still fell by 2.7%. Ethereum Classic dropped 5% following a social engineering hack of Classic Ether Wallet. NEM and Dash declined 4.76% and 2.42%, respectively. IOTA fell 9%, despite news of a new blockchain research partnership with prominent Norwegian healthcare providers. To round out the top ten, Monero fell 4.35% and BitShares fell by 7%.

A few altcoins managed to resist the slump. As the chart below demonstrates, the Bytecoin price rose 28% today, placing it 13th on the market cap charts. If Byetcoin can continue its upward trend, it could threaten to replace either Monero or BitShares in the top 10.

Chart from CoinMarketCap

A few smaller altcoins rose as well. PIVX saw a 42% rise to $2.63 and the 39th spot on the market cap charts. Numeraire rose 45% to $53 and the 49th-largest valuation.

Featured image from Shutterstock.

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Amazon, Google, and Microsoft Aren’t the Only Cloud Innovators Around – Fortune

When it comes to data center expertise, many tech professionals would say that Amazon , Google , Microsoft , and yes, Facebook are driving most of innovation. These companies design much of the hardware and software that they run in their own massive data centers.

There's no arguing with that perception, but make no mistake: The big cloud players don't have a monopoly on data center disruption, according to Al Sadowsky, research vice president for 451 Research. Instead, a raft of other, smaller players are doing their bit to make data centers more efficient, more adaptable, and easier to manage.

That's important to remember, because while many corporate applications are moving to a public cloud like Amazon ( amzn ) Web Services or Microsoft ( msft ) Azure, we are still early in the cloud era and many businesses still want to control their own infrastructure for some jobs.

Sadowski cites the work that Equinix ( eqix ) is doing with its home-grown data center management software . This software gives customers a view into how their workloads are operating and the physical conditions at the various Equinix facilities. Equinix operates about 179 data centers around the world used by many customers.

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But there are other interesting infrastructure plays out there. Backblaze is a feisty startup that made waves by claiming to store customers' archival data storage data cheaper than any of the name-brand cloud providers. (Anecdotal accounts from customers back that up.) The company builds its own storage hardware to facilitate that and has even made the design specifications available to anyone who wants to build their own.

The San Mateo, Calif. company launched its B2 storage service a year ago , and many are impressed. Because Backblaze specializes in data backup, it has a set usage pattern which lets it tailor its offering for that sort of work, says Sebastian Stadil, CEO of Scalr, a San Francisco cloud monitoring company.The newer B2 service, however, can be used for any sort of storage, Backblaze CEO Gleb Budman told Fortune .

"Since the work is so specific and constant, Backblaze can be optimized for it, while Amazon's S3 storage has to accommodate lots of different use cases including sudden spikes and traffic bursts," he said.

Cloud storage provider Dropbox is also innovating. Up until last year, Dropbox user data had resided in Amazon's cloud. But is now in Dropbox data centers in the U.S. Last week the company said it is rolling out a worldwide private network and load balancers of its own to speed file access for the 75% of its half-billion users living outside the U.S. (Dropbox still uses AWS data centers in countries that mandate that user data stay local.)

Most of us know Netflix ( nflx ) as the leader in streaming video. But the company has also made a name for itself among techies for a building a set of key software tools that help it run on AWS more efficiently. Netflix itself finished its transition to AWS servers last year, and has made a practice of filling gaps in those services with its own software, which is available on Github, a sort of library for freely available software.

Here's What LinkedIn Could Mean for Microsoft Cloud

LinkedIn earns mentioneven though it is now owned by Microsoft because it still seems to be pursuing its own data center agenda. It is, for example, backing the Open19 Foundation, a group that is pushing companies to build a new generation of data center hardware that will fit into existing data center racks.

As my colleague Jonathan Vanian wrote last month, businesses use the racks to house their servers and routers. Since that gear tends to be stacked one atop the other, its important to have a standard rack for those devices. Complicating matters is that another standard from the Open Compute Foundation , backed by Facebook ( fb ) , Google ( goog ) , as well as LinkedIn parent Microsoft, is about building larger servers which will not fit into that mold.

As Yuval Bashar, LinkedIn principal engineer and president of Open19 told Fortune , the Open Compute Foundation may be great for the biggest of the big web companies like Google but is less applicable for the many smaller businesses that still run their own data centers.

Note: (June 30, 2017 8:23 p.m. ET) This story was updated to add Backblaze comment.

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Tintri up slightly after lowering IPO price – TechCrunch

Enterprise cloud company Tintri was supposed to debut on the public markets yesterday with an IPO price between $10.50 to $12.50, but then pushed things back a day and lowered its price to $7. Shares were up about 3.5 percent midday Friday, trading at roughly $7.25 per share.

In what seems to be a tough week for tech IPOs, cooking kit delivery service Blue Apron also significantly lowered its price range after weak investor demand. It could be a sign that the appetite for technology IPOs is cooling.

But Tintris business is a lot more like Nutanix or Pure Storage, other venture-backed companies that have gone public in the past two years. Tintri is a flash storage provider, and it also offers cloud storage for large businesses, with a system that will be compatible with Amazon Web Services.

Tintri co-founder and CTO Kieran Harty told TechCrunch they are providing the AWS-like cloud in your own data center. He views this as a way forbusinesses to get the benefit of the public cloud without the downside.

Tintri has more than 1,250 enterprise clients, including Sony Computer, MillerCoors and The Carlyle Group. Harty says their systems are better equipped than some of the competition to supporttens of thousands or even hundreds of thousands of workloads.

It brought in $125.1 million in revenue for its latest fiscal year, but its losses were almost as big, in the red for $105.8 million. Yet this is a better ratio than last year when revenue was $86 million and losses stood at $100.1 million. The prior year also had losses that exceeded revenue.

Sales and marketing is Tintris biggest expense and cost the company $108.9 million this past year. The company also spent $53.4 million on research and development.

In the risk factors section of the filing, Tintri warns it has a history of losses and may not be able to achieve or maintain profitability. Their accumulated deficit is $338.7 million. We anticipate that our operating expenses will increase substantially in the foreseeable future as we continue to hire additional employees, develop our technology and enhance our product and service offerings, expand our sales and marketing teams, make investments in our distribution channels, expand our operations and prepare to become a public reporting company, the filing added.

Tintri also recognizes it faces intense competition from numerous established companies that sell enterprise cloud infrastructure systems or storage solutions. Theres a long list of data center competitors, including EMC, Dell, NetApp, IBM and VMware. Tintri not only competes with Nutanix and Pure Storage in flash storage, but also Nimble Storage from HP Enterprise.

Nutanix went public last year and has had a volatile ride on the stock market, but it is still trading above its IPO price. This may be a good sign for Tintri if investors consider them a comparable. Pure Storage, however, is trading below its 2015 IPO price, which could be seen as a negative indicator.

The Mountain View, California-based company has raised more than $260 million in fundingsince 2011.Its valuation at the last funding round was said to be $785 million.This is definitely a down-round IPO for the company, with its market cap currently at $225 million. We are increasingly seeing companies debut beneath their last private round, which is a letdown for late-stage investors and also some employees.

New Enterprise Associates (NEA) had the largest stake at 22.7 percent prior to the offering. Silver Lake owned 20.4 percent, Insight Venture Partners owned 20.2 percent and Lightspeed Venture Partners owned 14.5 percent.

The company listed on the Nasdaq, under the ticker TNTR. Morgan Stanley and Merrill Lynch co-managed the IPO.

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Bitcoin Nears Bear Market Territory – Fortune

Photograph by Getty Images

Bitcoin is currently down about $500, or nearly 17%, from its June 12 th peak of $3,000 per coin. Essentially every other major cryptocurrency, including Ethereum and Litecoin, has seen similar declines. There have been fluctuations since the peak, but the overall trend has been steadily downhill for weeks.

While it can seem odd to apply old-school securities terms to newfangled digital money, that means the crypto market is nearing the conventional 20% decline that defines bear territory.

Few insiders or regular Fortune readers are likely surprised by this. "Bubble" was maybe the single word most consistently spoken by expert panelists at the Consensus conference in late May. Our Robert Hackett diagnosed a speculative bubble two weeks before the peak.

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Recent weeks losses werent the one-day implosion often associated with a bubble. But the more important feature of bubbles delirious optimism ungrounded in reality has been swirling for months. Investment Strategist Matt Prusak, writing at Coindesk, has rounded up some novel examples of "dumb money" (his term) rushing into cryptocurrency. Many of them are quite entertaining if you arent among those taking losses right now.

Prusak points out, for instance, this account of amateurs rushing into the market as it peaked:

The tweet is particularly notable, of course, because Dmitry Buterin is the father of Vitalik Buterin creator of #2 cryptocurrency Ethereum. Dmitry, like most insiders, has been watching for a correction for weeks.

Pusak also points out this doubly amusing post from BroBible, titled "What is The Etherum [sic] Cyrptocurrency [sic] and How Will It Make You Rich AF?" It was posted, misspellings and all, as the market was already heading down.

Pusak dives into several other dimensions of crypto-mania, but Ill cite just one more thats particularly illuminating. Through the entire course of the runup, the value of Ethereum (ETH) has been tracked closely by the value of Ethereum Classic (ETC). While Ethereum may be the cryptocurrency with the broadest real-world adoption, Ethereum Classic is a so-called fork, completely distinct from Ethereum and with barely a fraction of Ethereums adoption.

Pusak says it is "highly likely the price [of ETC] has been driven significantly higher by uninformed investors simply not understanding the difference between the two similar to how adding ".com" to a companys name in 1999 sent stock prices up on average 74%."

To be clear, calling the cryptocurrency market in a given month a hype-driven bubble is not the same thing as deriding the technology. This is revolutionary stuff with huge long-term potential, and for some, declining prices will mean a buying opportunity . But it's an extremely volatile, high-risk asset, and theres every chance that any particular coin even Bitcoin itself could end up being worth nothing at all.

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