Numeraire: New Kido on the Crypto Block

As if there wasn't every conceivable type of Cryptocurrency bouncing around on the Dark Web.

Well here is one more to throw in the ever growing pot.
Numeraire.
Only they don't want to call it a currency.
Even though its built on the back of Ethereum.
They've called it a Token.

The Experts say it is overtly complicated.
God knows what they would say about Steem/Steem Power/Steem Dollars.
Numeraire is meant to be a new sort of stock and a token currency combined.
Sounds like the Steem story to me.

They expect the Sharks on Wall Street to start using it, grow a heart and begin a cooperative spirit of adventure.

Pull the other one.

Welcome to the Token Pleasure Dome

Read On:

WALL STREET IS a competition, a Darwinian battle for the almighty dollar. Gordon Gekko said that greed is good, that it captures “the essence of the evolutionary spirit.” A hedge fund hunts for an edge and then maniacally guards it, locking down its trading data and barring its traders from joining the company next door. The big bucks lie in finding market inefficiencies no one else can, succeeding at the expense of others. But Richard Craib wants to change that. He wants to transform Wall Street from a cutthroat competition into a harmonious collaboration.

This morning, the 29-year-old South African technologist and his unorthodox hedge fund, Numerai, started issuing a new digital currency—kind of. Craib’s idea is so weird, so unlike anything else that has preceded it, that naming it becomes an exercise in approximation. Inspired by the same tech that underpins bitcoin, his creation joins a growing wave of what people in the world of crypto-finance call “digital tokens,” internet-based assets that enable the crowdsourcing of everything from venture capital to computing power. Craib hopes his particular token can turn Wall Street into a place where everyone’s on the same team. It’s a strange, complicated, and potentially powerful creation that builds on an already audacious arrangement, a new configuration of technology and money that calls into question the market’s most cherished premise. Greed is still good, but it’s better when people are working together.

Based in San Francisco, Numerai is a hedge fund in which an artificially intelligent system chooses all the trades. But it’s not a system Craib built alone. Instead, several thousand anonymous data scientists compete to create the best trading algorithms—and win bitcoin for their efforts. The whole concept may sound like a bad Silicon Valley joke. But Numerai has been making trades in this way for more than a year, and Craib says it’s making money. It’s also attracted marquee backers like Howard Morgan, a founder of Renaissance Technologies, the wildly successful hedge fund that pioneered an earlier iteration of tech-powered trading.

Read the Whole Article:
https://www.wired.com/2017/02/ai-hedge-fund-created-new-currency-make-wall-street-work-like-open-source/