Rolex Fastnet Race’s most complete pantheon of offshore race boats

Rolex Fastnet Race's most complete pantheon of offshore race boats

The most impressive collection of offshore racing hardware from across the globe is set to gather off Cowes for the start of the Rolex Fastnet Race on 3 August.

 

Following the 340 available places in the IRC fleet selling out in just four minutes and 37 seconds when entry opened on 7th January, the Royal Ocean Racing Club, organisers of this, the world’s largest offshore yacht race, has provided a sneak preview of the 2019 line-up.

 

While the bulk of the fleet remains the IRC entries, competing for both their class titles as well as the overall Fastnet Challenge Cup, 2019 will see an unprecedented entry of ‘non-IRC’ boats, the majority from France. Entered at present are 25 Class40s (plus two more in the IRC fleet). There are also set to be a handful of Ultimes. At 100ft long, these maxi trimarans are the world’s largest and fastest offshore race boats. The present race record for the Rolex Fastnet Race was set in 2011 by the 130ft trimaran Banque Populaire V, skippered by Loïck Peyron, in a time of 32 hours 48 minutes at an average speed of 18.5 knots. While shorter, any of the new generation Ultimes is capable of bettering this time.

 

Most staggering are the number of IMOCA 60s entered – 27 of them, making this one of the largest gatherings of these thoroughbred ocean racers outside of the race for which they are principally built – the Vendée Globe singlehanded non-stop round the world race. IMOCA 60s have been in the news in recent months as they are one of the classes set to be used for the next running of The Ocean Race (ex-Volvo Ocean Race) over 2021-22. The Rolex Fastnet Race line-up includes an unusually large number of British female skippers taking part, among them Initiatives Coeur’s Sam Davies and former Mini and Class40 sailor Pip Hare.

 

The international fleet is highly diverse, with boats ranging in size from 9m to 32m and a start sequence taking place over a 1hr 40min period off Cowes from the Royal Yacht Squadron line © Rolex/Kurt Arrigo

The international fleet is highly diverse, with boats ranging in size from 9m to 32m and a start sequence taking place over a 1hr 40min period off Cowes from the Royal Yacht Squadron line © Rolex/Kurt Arrigo

 

In sheer numbers the IRC fleet should once again be huge. At present the maximum entries has been comfortably exceeded although the exact number making it to the start will fluctuate due to circumstances, not least the requirement to comply with the RORC’s race qualification requirements.

 

In the fight for monohull line honours, leading the charge should be the Hong Kong entry, Scallywag 100, skippered by David Witt (from the team that competed in the last Volvo Ocean Race). But she will face stiff competition from the highly refined Rambler 88 of American George David, the Fastnet Race’s 2017 monohull line honours winner, and Ludde Ingvall’s CQS.

 

Among the fleet are many past winners. This includes the reigning Rolex Fastnet Race champion, Didier Gaudoux, who returns with his faithful JND 39 Lann Ael 2. Conversely, returning with yet another new boat is 2015 winner and race veteran Géry Trentesaux, back this time on the bigger version of his victorious Courrier Du Leon, the JPK 11.80 Courrier Recommande. Given that French boats have won the last three editions of the Rolex Fastnet Race outright, it is no surprise that after the UK, French boats are second largest entry this year – with 58 in the IRC fleet, plus an additional 35 or so in the non-IRC classes.

 

At present class splits are a long way off being decided, but it is these classes themselves, and not the overall prize, that provide the most serious competition within the Rolex Fastnet Race. However already identifiable are groups of similar boats, due to have exceptional competition on the biennial 605 mile race from Cowes to Plymouth via the Fastnet Ro

The symbol of the race is the Fastnet Rock, located off the southern coast of Ireland. Also known as the Teardrop of Ireland, the Rock marks an evocative turning point in the challenging race © Rolex/Kurt Arrigo

 

Before France’s domination of the race, the race was twice won (in 2009 and 2011) by Niklas Zennström’s Rán II. Mini Maxis and Maxi 72s are well represented again this year with Rán II back as Peter Harrison’s Sorcha. She will be up against Bryon Ehrhart's Lucky (formerly the Rolex Maxi 72 World Champion Bella Mente) and Sir Peter Ogden's elongated former Maxi 72 Jethou.

 

Ex-Volvo Ocean Race boats are well represented in six VO70s, including David and Peter Askew's Wizard, winner of this year's RORC Caribbean 600 and Johannes Schwarz' Green Dragon and E1, while there are two VO65s including Team Brunel. Former Brunel Synergy skipper from the 1996-97 round the world race, Hans Bouscholte, is sailing Boudragon, previously Lawrie Smith's Silk Cut – one of five VO60s taking part.

 

Perhaps the most intense battle in the IRC fleet will be between the seven Cookson 50s, including the fastest – American Ron O’Hanley’s Privateer. One example, Ger O'Rourke’s Chieftain, claimed the Rolex Fastnet Race outright in 2007. Also to be watched in this size range are the TP52s – Outsider, Tala and Rockall V plus Frenchman Eric de Turckheim's Nivelt-Muratet 54 Teasing Machine, winner of the 2017 RORC Transatlantic Race. The previous Teasing Machine, de Turckheim’s Commodores’ Cup-winning A13, is also competing now as Mark Emerson’s Phosphorus II.

 

In the 40ft range there are five FAST40+ type boats – the Ker 40s, Keronimo and Ed Broadway's Hooligan, plus James Neville's HH42 Ino XXX, Ed Fishwick’s GP42 Redshift and Stewart Whitehead's more contemporary Carkeek 40 Mk2, Rebellion.

 

Once sailors reach the Fastnet Rock, they are well over halfway to the finish in Plymouth © Rolex/Carlo Borlenghi

 

The late Paul Heys would be proud of the giant J/Boats entry. These range from the J/133s, Yves Grosjean’s Jivaro and Gilles Fournier and Corinne Migraine’s Pintia, down to the four J/105s and the fifteen J/109s, spanning the RAF Sailing Association’s Red Arrow (with an IRC TCC of 1.025), to Peter Rowe’s Ju Kyu (on 1.003), via J/112s, J/120s and a large gaggle of J/122s.

 

Beneteau is also well represented with thirteen First 40s set to be on the start line and an additional eight First 40.7s. However all eyes will be on the latest hardware from St Gilles Croix de Vie – the Figaro 3s, complete with their IMOCA 60-style foil packages. Three examples are entered including the Will Harris-skippered Hive Energy and from Ireland, Conor Fogerty’s Raw.

 

Similarly, following their victories in the 2013 and 2015 races, there will be a strong JPK turn-out, including nine 10.10s (similar to the Pascal and Alexis Loisin’s 2013 victor Night & Day) and five 10.80s (like Trentesaux’s Courrier Du Leon).

 

The smallest boat race in this year’s event will be between the trio of Contessa 32s, including Assent, campaigned by Simon Rogers of the Lymington-based Rogers clan that spawned the classic range.

 

A more complete pantheon of offshore race boats, you would be hard pressed to find anywhere, ever.

 

David – http://markethive.com/david-ogden

Cryptocurrency market update – Crypto bulls push Bitcoin BTC and major altcoins higher ranges still observed

Cryptocurrency market update – Crypto bulls push Bitcoin (BTC) and major altcoins higher; ranges still observed

  • Bitcoin and major altcoins are range-bound with bullish bias during early Asian hours.

  • A new catalyst is needed to push the coins out of ranges.

The cryptocurrency market has recovered from the recent lows. However, significant resistance levels remain unbroken as Bitcoin (BTC) and all major altcoins are still moving within the recent ranges.

 

Top-20 coins are all in the green zone, with Tezos gaining eye-watering 22% of its value in recent 24 hours. The gains of the rest are less impressive, ranging from 1% to 5%.

 

The total capitalization of all digital assets in circulation settled at $268 billion. The total trading volume slipped to $46 billion, while Bitcoin's market share stayed at 64.5%.

Top-4 coins price overview

Bitcoin (BTC/USD) recovered from the intraday low at $9,575 to trade at $9,660 by the time of writing. Despite the recovery, the bull's momentum is not strong enough to take the coin out of the range, while the critical $10,000 is still a distant dream. BTC/USD has gained about 2% on a day-on-day basis and stayed unchanged since the beginning of Wednesday.

 

Ethereum, the second-largest digital asset with the current market capitalization of $22.7 billion, has grown by 2% on a day-on-day basis and 1% since the start of the Asian session on Wednesday. ETH/USD is hovering above $210, off the intraday low registered at $209.66.

 

Ripple's XRP tested $0.3200 handle, but the barrier proved to be too strong for the bulls. The coin retreated towards $0.3170 and entered a consolidation mode amid low trading activity on the market. Ripple's current market capitalization is registered at $13.6 billion. The coin has gained 3% on a day-on-day basis and stayed unchanged since the beginning of Wednesday.

 

Litecoin (LTC/USD) is hovering around $91.00 during early Asian hours on Wednesday; however, the coin slipped to the fifth place in the global cryptocurrency market rating, giving way to Bitcoin Cash. Litecoin's current market capitalization is registered at $5.7, while an average daily trading volume surpassed $2 billion.

 

 

Tanya Abrosimova

FXStreet

David – http://markethive.com/david-ogden

Cryptocurrencies Are Booming in Smaller Countries

Cryptocurrencies Are Booming in Smaller Countries

Cryptocurrencies are earning their due, and we can thank most of the world’s smaller nations for this.

 

 Cryptocurrencies Are Growing in Stature

Many developed countries, such as the United States, see cryptocurrencies primarily as speculative tools; something to invest in for the sake of becoming rich five, ten or 20 years down the line. Other countries, however, see cryptocurrencies for what they really are – forms of payment. It’s always been the goals of most major cryptocurrencies to be utilized for purchasing goods and services. However, their volatility and consistent price swings have made this very difficult. Many companies do not wish to allow cryptocurrencies as means of payment due to the potential of losing money in the future. Think about this: you use $50 worth of bitcoin to make a purchase, but then the next day, the price goes down and that $50 turns into $30. You still walk off with all your merchandise, but the company has lost $20 in the process. Fair? Hardly, but it seems to be how crypto operates.

For this reason, many countries have sought to either reject or ban the notion of crypto being used to pay for everyday needs, but in some areas, crypto is the only hope for citizens. In third-world or developing nations, for example, where corruption runs rampant within the financial systems or where most people don’t have access to solid credit options like they would with standard institutions, crypto can solve a lot of problems. It moves quickly, for one thing. People can deposit or send money faster than it takes to send or receive fiat.

Prospects like these are beginning to garner notice in regions like Belarus of eastern Europe. Belarusian President Alexander Lukashenko met with cryptocurrency entrepreneur Viktor Prokopenya roughly two years ago to discuss regulating cryptocurrency activity within the nation’s borders. Belarus has since become one of the first nations on the planet to fully legalize and regulate cryptocurrency trades. Citizens are now able to sell, trade and receive cryptocurrencies through a digital exchange managed by Prokopenya. In a recent interview, the entrepreneur

stated:

 The idea was to create everything from scratch. To make sure that it is free in some of the aspects it needs to be free, and very stringent in other aspects.

Since then, other regions – such as Malta and Bahrain – have studied Belarus’ ways of monitoring crypto and implemented similar systems. The idea among these nations (and others) is to create their own specific rulebooks and avoid general legislation that other countries have tried so hard (and failed) to implement.

 Be Lenient and Tough at the Same Time

Jesse Overall, a crypto lawyer at Clifford Chance in New York,

states:

 There are jurisdictions in the see-no-evil, hear-no-evil camp. On the other end, there is the U.S., U.K. and the EU. In the middle, that’s the juicy part of the spectrum.

Article Produced By
Nick Marinoff

https://www.livebitcoinnews.com/cryptocurrencies-are-booming-in-smaller-countries/

David – http://markethive.com/david-ogden

Ten Tips to start the day

1) GIVE YOURSELF TIME

Getting up an hour earlier gives you the time to focus on yourself and set positive intentions for the day.

Rushing your morning routine means you’re more likely to feel flustered and agitated throughout the day. Be generous with yourself and relish that extra time! This will set the tone for the rest of your day.
 

2) ATTITUDE OF GRATITUDE

American super star Oprah Winfrey’s morning routine starts with opening her eyes and simply saying “Thank you”.

Appreciate the dawn of a new day with all of its myriad possibilities. It really puts a smile on your face.

 

3) DEEP BREATHING, GENTLE YOGA & MEDITATION

Are all great ways to blow off the cobwebs of sleep and gently awaken your mind and body.

On waking it’s a good idea to first take 8-10 deep breaths with one hand on your tummy, the other on the floor. This is both physically energizing and mentally calming. Yoga stretches will help to de-knot your muscles. And just 15 minutes of meditation creates a sense of peace that you’ll carry with you for the rest of the day.

 

4) WRITING

Keeping a notebook first thing in the morning is a great way to shake off worry and create positive intentions for the day ahead.

Just 10-15 minutes of “stream-of-consciousness” writing helps us to discard anxiety and create a sense of optimism and excitement to get the most out of our day, every day.

 

5) OUTDOORS / EXERCISE

Getting out in nature for a brisk walk or a run is a fantastic way to get your energy up.

Exercise releases endorphins – the happy hormones – that flood your body first thing in the morning, filling you with a sense of well being that lasts all day long!

 

6) FEEL GOOD SOUNDS AND SMELLS

Set an alarm tone that’s nice to wake up to, rather than the typical (and stressful!) B-b-b-beep. Create a morning playlist of all your favourite uplifting songs. It’s a sure-fire way to put a smile on your face and a spring in your step (singing along in the shower optional!).

 

You can also create a calm playlist to accompany your yoga or deep breathing. Use an aromatic shower gel or oil to turn your daily shower into a luxury. Wear a scent that gives you a sense of confidence. Put a fresh baguette in the oven or light a scented candle to make your kitchen smell wonderful!

 

7) EVENING ROUTINE

Why do we mention your evening routine when this article is about how to START your day?

Having a good evening routine before going to bed has a big impact on how you sleep – and therefore how well the following day begins. Simple things like turning off the TV an hour before you go to sleep, or taking a herbal tea to bed with a good book before turning off the light … These things can really help improve the quality of your sleep to ensure you wake up feeling refreshed and ready to go!

 

8) BREAKFAST

Well known as the most important meal of the day – yet so few of us have a proper breakfast.

Sit down to a delicious, healthy breakfast – it’s also an opportunity to catch up on the news, listen to the radio, enjoy chatting with the family or simply savour in silence. A good breakfast makes for a happy and energy-fuelled day. You wouldn’t drive a car without petrol!
 

9) CUDDLES

Make everyone happy! Start the day feeling loved by giving your kids, partner or pets an extra cuddle in the morning as you set off for the day!

 

10) A CUP OF TEA

Of course we would say that! But really, nothing beats a good cup of tea first thing in the morning.

Reassuringly familiar and always delicious, sit down and relish a cup of Breakfast tea to get your day off to a great start!

David – http://markethive.com/david-ogden

Work to Be Done Excerpt From 1979 Fastnet

Work to Be Done Excerpt From 1979 Fastnet

 

The anamometer was recording 60 in the gusts, and the seas were up. One moved about the deck in a crouch, hanging on with care while moving the clip of the safety harness from one point to another. There was work to be done. A change to the No. 5 jib (the smallest) had been called for. We raised a small staysail to keep the boat in balance between jibs and took the No. 4 down with difficulty. An hour later we would have had to cut it loose.
 

As it was, the spray coming off the bow struck us like whips, and only our safety lines clipped to the weather side kept us from sliding into the sea. Raising the No. 5 was out of the question. The wind was increasing. We would sail with the small staysail and the main reefed to maximum.
 

With the storm full on us, we took positions on the high side of the deck and held on. The three best helmsmen took turns facing painfully into blowing scud that stung like sand, looking for the optimum path through seas that lifted us up and up and rolled under us or struck us broadside, full force.

 

Driving was exhausting. The helms man would yell a warning the moment he knew he had been beaten by one of the monsters. We would double our grip and tuck our heads in as hundreds of gallons of solid water tried to batter us off the deck. Recoiling from one such wave, two crewmen fell against the yacht's owner, Jim Kilroy, crushing him against a winch. He went below in pain for the remainder of the race with two broken ribs.

 

Unlike the claustrophobic, ominous feel of most storms, this night presented the striking contrast of clear skies alight with a full compliment of stars. Occasional clusters of low, fastmoving fleecy clouds would pass through. The moon was high, threequarters full and brilliant, illuminating the steep seas with cold, eerie light. When clouds masked it, its beams peeked through to turn small patches of ocean to pure pounded silver. Astern, the big dipper was full to brimming.

 

Kialoa was reaching at 10 knots under minimal sail. Her fine racing bow sliced into the seas, carving off hunks of ocean that were splattered to either side as foam and heaved high into the air and blown into the sails. The water was thick with globs of phosphorescence that would stick on the mainsail and glow for a moment, or speed off to leeward on the wind like sparks from spent fireworks. From her mad dash through the storm, Kialoa left a swath of pure white foam astern fully 200 yards long that shimmered like a snowfield in the moonlight. I yearned to see us from a nearby vantage point. We must have been a sight.
 

 

Let us hope we are spared a similar storm

David – http://markethive.com/david-ogden

Perverse Outcomes – FATF Bitcoin and Financial Exclusion

Perverse Outcomes – FATF, Bitcoin and Financial Exclusion

In last week’s column — my third on Libra — I referred to a core dilemma confronting the cryptocurrency project’s financial inclusion goals: the impossibility of being both pro-privacy and pro-KYC.

I promise a break this week from Libra and its controversial founder, Facebook. But I want to dive deeper into that dilemma because the problem is hardly unique to that project. As “know-your-customer” rules have steadily encroached into their world, all cryptocurrency startups trying to expand financial access for the poor are hamstrung by requirements to identify and track the people they seek to serve.

This contradiction stems from tough policies contained under Anti-Money Laundering and Combating the Financing of Terrorism rules (AML-CFT), which were tightened worldwide after the September 11 attacks in 2001 and then again after the financial crisis. Since virtually every bank needs access to dollars, KYC rules everywhere tend to follow models laid down in the U.S. Bank Secrecy Act and in guidelines of the U.S. Financial Crimes Enforcement Network, or FinCEN. Further internationalizing pressure comes from the inter-governmental Financial Action Task Force, or FATF, which sets the regulatory standards by which countries pressure each other to comply.

This network of rules, which empower enforcement agencies to impose stiff fines, hold the Sword of Damocles over bankers’ heads, driving them into risk-averse positions. Bank compliance officers need only mention HSBC (fined $1.9 billion for enabling Mexican drug money laundering) or Standard Chartered (hit with a $1.1 billion fine for similar lapses with Iran) to convince their bosses of a rigorous approach to identifying and profiling customers.

Yet it’s not clear these measures are effective. The UnitedNations Office on Drugs and Crime (UNODC) estimates that a 2-5% of global GDP, or between $800 billion and $2 trillion, is still being laundered each year. Would the figures be higher without these tough rules? Maybe. But we have no counterfactual against which to measure performance.

Criminals still have a host of mechanisms to move money around and avoid sanctions. Yes, some use bitcoin – which is why the FATF this year introduced tougher rules for what it calls “virtual asset service providers” – but cryptocurrency’s role is far smaller than that played by fiat currency banknotes. And as revealed in the Panama Papers in 2015, all sorts of shady entities continue to help crooked politicians and their financiers hide identities and obscure money movements.

What we do know is that these rules hinder financial inclusion.

Caribbean governments, for example, complain that their economies have increasingly suffered “de-risking,” as tougher compliance has stanched investment flows to the islands.

The consequences are even more severe for poorer countries, where state-led IDs are either non-existent or easily forged. The heavy scrutiny that foreign banks apply to their counterparties in FATF-labeled “high-risk jurisdictions” means the bar for businesses and individuals in those countries to obtain local banking services is very high. It’s a key reason why 2 billion people worldwide are considered “unbanked.”

This, of course, has a negative impact on poverty, which in turn feeds crime and terrorism – the very problems AML-CFT is intended to fight.

Consider Somalia, a failed state whose institutions are often blacklisted by the world’s biggest banks. It’s difficult and costly for Somalian expats to send money home to family members who rely on such remittances. This perpetuates poverty, drives people into informal payment systems and fosters the disenfranchising economic conditions in which terrorist organizations such as the Somali-based Al Shabaab thrive.

Talk about a perverse effect.

Is cryptocurrency the answer?

The Cypherpunk answer is to say, screw governments. People should use bitcoin, since it enables peer-to-peer digital payments without the intermediation of a regulated entity.

The problem lies at the crypto on- and off-ramps, where government surveillance has become ever more intense. The FATF’s new “travel rule” says cryptocurrency exchanges should be required to obtain information, not only about their customers but also on their customers’ customers, forcing cross-exchange information-sharing. This suggests the only environment where cryptocurrency transactions will be free from KYC exists solely between self-custody wallets. The minute a transaction touches the custodial structure that underpins most exchanges, cryptocurrency will be subject to KYC reporting.

Decentralized exchanges, or DEXes, which provide price and matching services but take no custody of clients’ coins, might be a way around this problem. Recent FinCEN guidance excluded them from the definition of regulated money service businesses in the U.S.

However, cryptocurrency advocacy group Coin Center has raised concerns that the FATF’s definition of regulated “virtual asset service providers” includes a vague reference to entities which “transfer” funds. Vagueness creates uncertainty, which as we’ve seen with bank compliance officers, is toxic to risk appetites. Many lawyers will advise their DEX clients to impose KYC to be on the safe side.

Also, with Helsinki-based LocalBitcoins announcing new KYC rules this year due to a new Finnish anti-money laundering law, it has become much harder for people to find each other in person and agree on a price for exchanging cryptocurrency for fiat without being officially surveilled.

In any case, it’s simply impractical for people in the developing world to use bitcoin as their main unit of account and medium of exchange. Perhaps Libra, with its basket-based stability mechanism, could evolve into a day-to-day payment vehicle, but as we saw from David Marcus’s testimony to Congress, that corporate-backed project will require KYC.

Bottom line: the poor need an easy-access fiat on-ramp.

Monitoring tech advances

We’re back to square one: financial inclusion goals suffer at the expense of governments’ crime-fighting objectives.

One could argue governments should decriminalize money – combat the actual crimes of drug trafficking, arms dealing, and so forth, but treat the right to exchange value as a human right. Let’s be realistic, though: that isn’t going to happen.

So, how to escape this vicious cycle? The answer may lie in blockchain technology’s own capacity to track transfers between pseudonymous accounts – though not as currently applied.

For some time, transaction-trackers such as Elliptic and Chainalysis have helped law enforcement agencies trace cryptocurrency payments to and from bad guys and provided rigorous AML monitoring audit services to companies.

Now, newcomers such as the Coral Protocol and CipherTrace are using high-tech network analyses and cryptographic protections to help businesses share cryptocurrency metadata to flag suspicious behavior without revealing their customers’ personal identifying information, or PII. These could make it easier for companies to comply with the FATF travel rule and generally create a more sophisticated, systemic analysis of risk.

Quite apart from KYC rules, there’s real value here for a cryptocurrency economy increasingly dominated by “bots.”

Still, there’s no way around the law. At the on- and off-ramps, customers must be ID’ed. And, under order from a law enforcement agency armed with these sophisticated tracking tools, a firm must crack open the black box and release the PII to the authorities.

A new mindset

What if, though, governments concede that it’s both impossible and unnecessary to formally identify poor people at the on and off-ramps? What if they accepted an AML model that treats the endpoints as unidentified nodes and, drawing on these new analytic tools, actively managed access to networks based on behavior not identity?

Here, ongoing research in machine learning and high-performance computing by the MIT-IBM Watson AI Lab in collaboration with Elliptic could be a catalyst. As described by lab researcher Mark Weber, the team uses an approach known as “graph convolutional networks” to create enhanced money flow forensics to address the challenges posed by the “complex layering and obfuscation schemes utilized by sophisticated criminal networks.”

Mapping a massive pool of bitcoin transactions, the researchers have isolated patterns that distinguish between illicit and licit behavior. In a forthcoming paper, they posit their work as a contribution to financial inclusion goals.

One day businesses might use such tools to control access points to cryptocurrency networks without applying traditional KYC, ensuring that good guys get financial services but bad guys don’t, even if neither is furnishing an official ID.

Would regulators go for it? Not, it would seem, under the current mindset. Compliance is used to identify and catch criminals, not as way to control access per se. If anything, the regulatory trend has been toward a greater dependence on state ID and ever more conservative treatment of “high-risk” poor people by financial institutions.

Cryptocurrency compliance expert Juan Llanos complains that regulators “are not open to innovation.” He adds, “As long as government ID is the standard, we are going to have this problem. Anything anonymous is controversial and not allowed. It’s very unfortunate.”

Still, the FATF’s latest round of deliberations did contain one olive branch to innovators: a willingness to explore the potential for “digital identity provided by governments or by the private sector.”

Combine that “private sector” line with a brief reference in Libra’s white paper to “portable digital identity” as a financial inclusion solution, and one can at least imagine financial and tech companies such as those the Libra Association’s members hashing out an onboarding solution for the poor that no longer depends on the outdated notion of state IDs.

This approach won’t satisfy hardline privacy advocates, who rightly view exchange as a human right.

But as a pragmatic solution, it’s perhaps the best hope that the world’s 2 billion unbanked have.

 

 

Michael J Casey

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.

David – http://markethive.com/david-ogden

Fastnet 2019 – A Near Miss

I have been watching the post for the past few days, as I awaited a vital piece of equipment reuired for the Fastnet race, namely my AIS personal beacon which if I fall overboard during the race will help rescuers find me in the vaste of expance of the sea.  IT can be very difficult to spot a person head in the sea even with small waves and almost impossible at night with beaking waves.

I finanally gave up waiting and called the store I had ordered from, to be told they had run out of stock and it was on back order. you can imaginge I was not amused and I canncelled the order.

I then started looking around for another supplier and remebered a chandler at a nearby boatyard to where Troubadour is berthed. I quick telephone call and the problem was resolved. The chandlery in question had a policy of ensuring they had stock in order to meet the requirements of people competing in the Fastnet Race, some 30,000 persons. I paid over the phone and will pick up mine on Thursday on the way to Troubadour.

 

David Ogden

Fastnet Crewmember  – Troubadour

David – http://markethive.com/david-ogden

Florida Court Summons Wife and Associates of Craig Wright in Billion Dollar Lawsuit

Florida Court Summons Wife and Associates of Craig Wright in Billion Dollar Lawsuit

As part of a pending lawsuit, a Florida judge has requested international judicial assistance from the Queen’s Bench Division in London to summon and question Craig Wright’s wife and associates in court. The Kleiman estate had filed a $10 billion federal lawsuit against self-proclaimed Bitcoin founder Wright in February 2018.

The court filed the petition on behalf of Ira Kleiman, wife of the now-deceased computer scientist, Dave Kleiman. According to Ira, Wright allegedly embezzled over $5 billion worth of Bitcoin at the time of the lawsuit, from her husband, who worked with Wright from 2009 to 2013. The Kleiman estate is looking to recover at least 30,000 BTC from Wright, along with any forked assets.

Wright’s Business Associate and Author Summoned

The Kleiman estate has filed for the motion to question Ramona Watts, the wife of Craig Wright, since she “was identified in his initial disclosures as an individual with knowledge of the facts underlying the plaintiffs’ claims.”

According to the estate, Wright had revealed his mining partnership with Kleiman to his wife, who became the co-director of Bitcoin-related companies with her husband after their marriage.

I addition to questioning Ramona Watts, the Kleiman estate is also looking to obtain the testimony of Andrew O’Hagan, author of the book “The Satoshi Affair.” To prove that he was indeed the founder of Bitcoin, Satoshi Nakamoto, Wright provided O’Hagan “extensive access” to his life. The estate claimed:

“During this 6-month process, O’Hagan recorded many hours of tape” of his many dozens of hours of conversation with Wright” where they discussed information relevant to the lawsuit.”

Wright’s business associate, Robert MacGregor, was also named since he is acquainted with the details of the partnership between Wright and Kleiman, in addition to being the buyer of “Satoshi Nakamoto’s” life rights.

Bitcoin Inception Partnership: A Betraying Affair?

According to the initial lawsuit filed by the Kleiman estate in 2018, Wright forged Kleiman’s signature to steal his share of the partnership. The value of the overall Bitcoin mined by the duo was worth approximately $10 billion in 2018 when Kleiman’s estate sued Wright.

Addressing claims that the two individuals were involved in the creation of Bitcoin, the estate said that “it was unclear whether Craig, Dave, and/or both created Bitcoin.” Reiterating their demand to receive a fair share of Kleiman’s digital assets, they said,

“It is undeniable, however, that Craig and Dave were involved in Bitcoin from its inception and that they accumulated a vast wealth of bitcoins from 2009 to 2013”.

 

Author Rahul N.

David – http://markethive.com/david-ogden

Navigating the Fastnet Race

The interesting thing about the Rolex Fastnet Race is that for an offshore race there are a lot of inshore tactics to consider. Coupled with the start of the race being very intense due to its location and sheer number of boats, this makes it a great spectacle to watch from the shore.

To get the most out of your race, as with all offshore races, there is a significant amount of pre-race navigation and tactical work you can do that will identify the key decision points and help make decision making easier on the course. The four main areas to work on before the race are:

 

• Tide

• Land influences

• Weather information

• Decision points

 

Tide versus wind

The Fastnet course covers an area where tidal currents are very significant at different points and often the question is when does the tidal advantage take priority over a shift or pressure gain? There is often not one answer to that question, but good preparation for those moments can be vital in helping you choose how to make your decision.
 

One of the first things to do is to examine the tidal situation on its own, without considering any wind effects, and identify the potential key tidal points, particularly where you’d like to be on your ideal course to maximise tidal gain or minimise the loss of an adverse tide. From this you’ll establish points on the course where you know you do not want to be under any circumstances, regardless of the wind conditions. As a minimum I’d go through this process for the following locations:
 

The Solent: everyone should have a high-resolution tidal atlas of this area. Yes, the Fastnet race starts with favourable tide but the Solent has significant tidal differences across it that are key to your positioning, and can give you some great early gains – as well as a psychological advantage by busting out of the Solent in front of your rivals.

 

St Alban’s Head: the overfalls here create a tough sea state but also significant tidal gains/losses to be aware of.

Portland Bill: the decision whether to go inside or outside needs to be made significantly before you get there, so understanding your timing windows is key. You need to be able to mentally walk back through the race course to make the decision early enough.

 

Start Point: again, overfalls can create a difficult sea state as well as setting up tidal gains/losses to be made.

 

Lizard Point: this point often proves critical, and even more so on the final approach to Plymouth. It’s renowned for developing quite a change of sea state, which can influence what manoeuvres and sail changes you choose.

 

Land’s End: there is often a split created by the Traffic Separation Scheme (TSS), depending on the timing of tide.

 

Isles of Scilly: especially on the return leg you need to do some tidal prep to help decide how you might weave around the TSS, and especially how to pick your laylines.

 

Fastnet Rock: the key thing here is to identify whether you will turn the corner sharply, coming inside the smaller rock to the north, and if so to understand your track. There is a 0.1-mile gap that has enough depth at all points of tide at 11.6m.

 

If you are running navigational routing software a very visual way to see this is to run a route with a fixed wind direction and speed – I would use a course average of a south-westerly breeze of 240° SW at 14 knots.

Running this from several different start times to cover the tidal period will very quickly show you the key tidal gates, influences and the time-critical aspect of them. If you have time on your hands it would be worthwhile to also run the routing for a series of different wind directions as well, even if typically the race is referred to as upwind to the rock and downwind home!

Iconic Fastnet headlands that can make or break your race – and how to round them

There are three major headlands on the Rolex Fastnet Race route that are key to the success or otherwise of your…

 

Land influences

Due to the significant gains or loss that can be made from utilising the tide in the race you’ll often find yourself very close to land. Inshore tactics dominate the first one to four hours of this race as you leave the Solent. Being able to step up the intensity and make slick manoeuvres on the approaches to the key Fastnet headlands will give you an opportunity to make significant gains.

 

The majority of the tidal gates are also headlands so there is always an additional opportunity to make gains by using wind bends and wind shadows as you approach.

 

The bigger boats often arrive at Portland Bill in ebb tide with a back eddy forming in West Bay, so it pays to be just outside Shambles Bank

 

Again, I would take some time to assess the following headlands and think about how the wind will bend around them, where the land effects will cause acceleration and where there may well be wind shadows: Durlston Head; St Alban’s Head; Portland Bill; Start Point; Lizard Point; Land’s End.

Wind will generally prefer to go around, rather than over, land. Especially where the land is steep and high, you can get very pronounced wind bends that can create some good opportunities to make a gain by being inside the shift.

The goal is to approach just below the point where the land is at its widest relative to the wind direction, as that is where the most significant wind bend will occur. It will also be a bigger shift closer to the land, so you always have to dig in – and often do more than one manoeuvre as you sail into it.


 

 

Two hours later the tidal gate has closed so it pays to get offshore. Up to three miles offshore there will be 3-5 knots of tide against you

 

Weather information

Identify where you can get good real-time information from, and remember to always keep one eye on reality and check it against the forecast.

Take time to read the forecast service providers’ websites to learn more about your weather data, particularly the temporal and spatial resolution. Many software programs will happily interpolate between data points in both time and space, falsely leading you to believe there is more detailed information available than there actually is.

Set up a schedule of when you are able to get new weather data, and at what times the data you will be using is updated. Also, it’s easy to forget to download before leaving a shoreline if you are using a mobile data connection – the obvious spots where you are going to lose connectivity is going across Lyme Bay, leaving Land’s End and leaving the Fastnet Rock.

As soon as you start pressing offshore, antennae-dependant mobile signal will be quick to fade. Network coverage is less extensive generally as you head further south-west along the coast.

 

Start Point

Key decision points

From the preparation work you have done you should be able to identify where the key decisions you will need to be make are, and will have information available to make those decisions. These will be periods of increased intensity for all the crew, so you need to be confident in how you are going to take those decisions and when you need to start actioning them – which could be a couple of hours before.
 

Using a checklist can help keep you on track:

• What is the decision? For example, on the approach to Portland Bill where should we be positioned relative to the tidal situation?

• What is our action? What manoeuvres do we need to make – what sail changes, what are our timings, is the crew ready?

• Have we got all the information? What is wind strength at Portland, for example, what is the tidal window in which we need to be making our approach, where is the rest of our fleet, and what can the boats in front tell us (from the tracker)?

• How confident are we? If we are slower or faster by an hour what would be the potential outcome? If the wind direction changes what would it need to be to change our positional decision?

• When is the next key decision and when do we need to think about it?

 

David – http://markethive.com/david-ogden

Crypto billionaire Mike Novogratz: Bitcoin will reach 20000 this year

Crypto billionaire Mike Novogratz: Bitcoin will reach $20,000 this year

In a recent interview, crypto personality Mike Novogratz gives his view of the crypto world for the rest of the year.
 

Earlier this summer, crypto personality Mike Novogratz gave a somewhat modest forecast for bitcoin. He said that the price would stabilize between $10,000 and $14,000.
 

Sometime later, Novogratz, who founded Galaxy Digital (a company that helps institutional clients invest in cryptocurrencies), stated that this time he will not sell any bitcoin when the price hits $14,000.

 

In a recent interview with Bloomberg, Novogratz gives his view on the bitcoin price for the rest of the year. He believes the price will reach the previous record highs around $20,000 – as soon as institutional investors start showing great interest again.

This will happen towards the end of 2019, according to Novogratz, something he also mentioned in another prediction in June, Cointelegraph reports.

 

Number of users is crucial

Novogratz also highlighted Facebook’s entry into the crypto world with its planned cryptocurrency libra. He said the social media giant’s over two billion users will be crucial in getting many people to start experimenting with the cryptocurrency.

 

The hard part about doing business is usually to attract customers, according to Novogratz, who also emphasized that the messaging service Telegram will release its cryptocurrency “ton” in just a few months.
 

“In about two or three months Telegram is launching their blockchain. Telegram is about 218 million users. So before Facebook launches, we are going to have a real view at an experiment called Telegram, where they also have a user base”, Mike Novogratz said in the interview, according to Cointelegraph.
 

 

Christian Ploog

christian.ploog@trijo.co

 

David – http://markethive.com/david-ogden