IBM testing cryptocurrency tied to US dollar


IBM on Tuesday said it is experimenting with a new cryptocurrency that is directly tied to the U.S. dollar, in a bid to avoid the pricing volatility associated with other digital currencies.

The tech giant is partnering with a startup called Stronghold to launch a “stable coin,” which will serve as a “tokenized representation” of the U.S. dollar. Consumers will be able to exchange their dollars for Stronghold coins on a 1-to-1 basis, and all cash exchanged in the transactions will be deposited at banks insured by the Federal Deposit Insurance Corp.

“As the name suggests, a stable coin is a digital token that has low price volatility because it is pegged to an underlying fiat currency,” Jesse Lund, vice president of global blockchain market development at IBM, said in a blog post. “Thus, it would work well for practical applications involving payments on a blockchain network as a store of value, a medium of exchange and unit of accounting for routine and everyday transactions of both large and small values.”

“As applications that make use of blockchain and stable coins become more mainstream, they can help provide merchants, consumers and global suppliers with cheaper, better, faster and more secure alternatives to cash, credit cards, debit cards and wire transfers,” Lund added. – READ MORE


A man suspected of having stolen 600 Bitcoin mining rigs in Iceland was able to break out of jail and then board a plane to Sweden. This actually happened, it’s not a plot for a movie of questionable quality.

The name of the man is Sindri Thor Stefansson, who’s apparently the mastermind behind the heist. It’s still unclear what happened with the 600 computers, but they haven’t popped up in Iceland. The country is tiny, so it’s likely someone would have noticed them.

Stefansson was arrested by local police in January according to Associated Press, He was transferred to Sogn prison in rural Iceland only 10 days ago, but he did not spend too much time there.

That jail, for that matter, was a low-security one, where inmates had access to the internet and phones. All Stefansson had to do was to break a window and get out. And that’s precisely what he did. The prison didn’t even have a fence.

The man then traveled some 59 miles to Iceland’s international airport in Keflavik where he boarded a plane bought in someone else’s name. – READ  MORE

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