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EthLend News

The FBI Is Seeking Bitconnect Victims to Aid in its Investigations of the Ponzi Scheme

The BitConnect ponzi scheme managed to rope in a lot of investors in the two year period it was operational. From February 2016 till January 2018, BCC was the coin that guaranteed profits for many investors. Some estimates put customer losses to around $1 Billion due to its eventual collapse. Bitconnect’s business plan allowed its investors to lend Bitcoin for interest. FBI Seeking the Input of Victims to Aid in its Investigations on BitConnect A majority of its victims hailed from the United States. Now the Federal Bureau of Investigation (FBI) through its Cleveland, Ohio branch, is seeking individuals who invested in BitConnect and were affected by its eventual collapse. The notice is on the official FBI website and invites all who were affected to fill out the questionnaire regardless of geographical location. The FBI is seeking potential victims who invested in the cryptocurrency Bitconnect coin (BCC), which was first released through an initial coin offering orchestrated by Bitconnect in November 2016. The notice goes on to explain that for a majority of BCC’s existence, all its trading was through the proprietary exchange hosted by Bitconnect. BCC’s market cap by mid-December 2017 was over $2.5 billion. The ponzi scheme promised investors up to a 1 percent daily return on their investment and based on the amount of capital they put in. The more you put in, the higher your returns would be. How to Aid the FBI Any victim of Bitconnect can fill out a brief questionnaire by the FBI that is available here. All responses are voluntary and will be used in the federal assessment of the case. Participants might be contacted by the FBI to provide further information based on their responses on the form. Vitalik Buterin Had Warned Against Bitconnect in Early November 2017 The co-founder of Ethereum, Vitalik Buterin, took to twitter to warn investors that the 1% per day plan was a clear indicator that Bitconnect was a ponzi. His tweet can be found below. Yeah, if 1%/day is what they offer then that's a ponzi. — Vitalik Non-giver of Ether (@VitalikButerin) November 2, 2017 The Famous Bitconnect Meme’s One of the most popular videos of the Bitconnect team is still on Youtube and has been the subject of many memes. The video can be found below. How it All Came Falling Down Bitconnect’s operations came to a halt in late January 2018 when securities regulators from Texas and North Carolina warned the public that its business model was a classic ponzi scheme. By January 17th, Bitconnect was shut down. The price of BCC crashed by 92% immediately after and its cryptocurrency was delisted from all exchanges by September 2018. What are your thoughts on the FBI seeking for input from the victims of Bitconnect? Will it further help in the recovery of funds or getting the perpetrators arrested? Please let us know in the comment section below. Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post The FBI Is Seeking Bitconnect Victims to Aid in its Investigations of the Ponzi Scheme appeared first on Ethereum World News.

2 hours ago

PR: KuCoin Launches Platform 2.0 With Advanced API and Various Order Types

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. KuCoin, one of the most popular cryptocurrency exchanges, has officially launched KuCoin Platform 2.0. In addition to brand-new interfaces for the KuCoin website, iOS and Android Apps, Platform 2.0 brings plenty of new features like a new WebSocket API, Stop Orders, Device Trust System, and SNS push notifications. KuCoin 2.0 is much more than a single exchange, it is a dynamic, secure and malleable trading platform that is able to provide stable and efficient services to KuCoin’s 5 million global users. “This upgrade is another milestone after our $20 million round A funding from IDG Capital, Matrix Partners, and NGC,” said Michael Gan, CEO at KuCoin. “As the ‘People’s Exchange’, we always listen to our users and have gained a number of insights during the R&D of Platform 2.0. The long-awaited multiple order types will better satisfy our investors’ trading needs. Meanwhile, the advanced WebSocket API and Rest API will contribute to improving our liquidity and market depth. We are confident that these features will make KuCoin a better place to trade.” KuCoin Platform 2.0 Advanced Brand New API - KuCoin’s APIs are designed to offer an easy and efficient way to develop a secure and programmatic trading strategy. LEVEL 2 and LEVEL 3 data has also been added. Various Order Types - KuCoin now offers users a suite of order types to give traders the tools they need for every scenario. These include Limit, Stop, Market, Post Only, Iceberg etc. Reliable Security Solutions - Multiple security mechanisms to protect users’ information and funds are our first priority. With the update, KuCoin now supports SMS authentication, a device trust system, and protective walls to reinforce user information and assets. More Attractive Fee Program - KuCoin will now be launching a new Tiered Trading Fee Discount Program, developing separate trading fees for Takers and Makers, creating high liquidity, and effectively reducing trading fees, all while improving transaction efficiency. More Convenient Self-service Management Features - Platform 2.0 has added support for internal transfers, self-service unbinding, self-service freezing/unfreezing of accounts, and other user self-service functionality to greatly improve service efficiency. Efficient Notification Module - The KuCoin WebSocket feed, together with newly added App and SMS push notifications, will let you easily gain access to real-time market data. KCS Surged 40% After announcing the news of the impending release of KuCoin’s Platform 2.0 upgrade on February 17th, KuCoin Shares (KCS) have gone up more than 17%, reaching $0.42. Soon after the completion of the upgrade, the token rallied to over $0.52, jumping almost 40% in three days. Similar to Binance’s BNB, KCS is the native token of the KuCoin Exchange. By staking the coin, holders can receive a pro rata share of 50% of all trading fees accrued by the platform, known as the KCS bonus. Also, according to KuCoin’s new tiered trading fee discount program, holding KCS will bring trading fees down to as low as 0.0125% for makers and 0.03% for takers. Investors who own more than 110,000 KCS could even get access to DMA and Colocation services. Michael Gan commented: “The price of KCS can partly reflect the public’s expectations for KuCoin’s future. Our Platform 2.0 brings many features that target institutional investors, and their attendance will contribute a lot to our market depth and trading volume alike. Meanwhile, another focus for us is to expand the use cases of KCS in the real world. One good example of this is that we recently worked with ETHLend to allow our users to get a crypto loan with KCS.” +++ About KuCoin The KuCoin Exchange opened for cryptocurrency trading in September 2017 and has enjoyed steady growth into 2018. The KuCoin exchange puts a high priority on the quality of the projects listed based on a well-trained research department that scours the blockchain industry for the highest quality projects. KuCoin provides an exchange service for users to conduct digital asset transactions securely and efficiently. Over time, KuCoin aims to provide long-lasting, increased value to its more than five million registered users, in over 100 countries. In November 2018 ‘The People’s Exchange’ officially partnered with IDG Capital, Matrix Partners, and Neo Global Capital. Press Contacts KuCoin: media@kucoin.com Supporting Link https://www.kucoin.com/ This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any co

3 hours ago

KuCoin Launches Platform 2.0 with Advanced API and Various Order Types

KuCoin, one of the most popular cryptocurrency exchanges, has officially launched KuCoin Platform 2.0. In addition to brand-new interfaces for the KuCoin website, iOS and Android Apps, Platform 2.0 brings plenty of new features like a new WebSocket API, Stop Orders, Device Trust System, and SNS push notifications. KuCoin 2.0 is much more than a single exchange, it is a dynamic, secure and malleable trading platform that is able to provide stable and efficient services to KuCoin’s 5 million global users. “This upgrade is another milestone after our $20 million round A funding from IDG Capital, Matrix Partners, and NGC,” said Michael Gan, CEO at KuCoin. “As the ‘People’s Exchange’, we always listen to our users and have gained a number of insights during the R&D of Platform 2.0. The long-awaited multiple order types will better satisfy our investors’ trading needs. Meanwhile, the advanced WebSocket API and Rest API will contribute to improving our liquidity and market depth. We are confident that these features will make KuCoin a better place to trade.” KuCoin Platform 2.0 Advanced Brand New API - KuCoin’s APIs are designed to offer an easy and efficient way to develop a secure and programmatic trading strategy. LEVEL 2 and LEVEL 3 data has also been added. Various Order Types - KuCoin now offers users a suite of order types to give traders the tools they need for every scenario. These include Limit, Stop, Market, Post Only, Iceberg etc. Reliable Security Solutions - Multiple security mechanisms to protect users’ information and funds are our first priority. With the update, KuCoin now supports SMS authentication, a device trust system, and protective walls to reinforce user information and assets. More Attractive Fee Program - KuCoin will now be launching a new Tiered Trading Fee Discount Program, developing separate trading fees for Takers and Makers, creating high liquidity, and effectively reducing trading fees, all while improving transaction efficiency. More Convenient Self-service Management Features - Platform 2.0 has added support for internal transfers, self-service unbinding, self-service freezing/unfreezing of accounts, and other user self-service functionality to greatly improve service efficiency. Efficient Notification Module - The KuCoin WebSocket feed, together with newly added App and SMS push notifications, will let you easily gain access to real-time market data. KCS Surged 40% After announcing the news of the impending release of KuCoin’s Platform 2.0 upgrade on February 17th, KuCoin Shares (KCS) have gone up more than 17%, reaching $0.42. Soon after the completion of the upgrade, the token rallied to over $0.52, jumping almost 40% in three days. Similar to Binance’s BNB, KCS is the native token of the KuCoin Exchange. By staking the coin, holders can receive a pro rata share of 50% of all trading fees accrued by the platform, known as the KCS bonus. Also, according to KuCoin’s new tiered trading fee discount program, holding KCS will bring trading fees down to as low as 0.0125% for makers and 0.03% for takers. Investors who own more than 110,000 KCS could even get access to DMA and Colocation services. Michael Gan commented: “The price of KCS can partly reflect the public’s expectations for KuCoin’s future. Our Platform 2.0 brings many features that target institutional investors, and their attendance will contribute a lot to our market depth and trading volume alike. Meanwhile, another focus for us is to expand the use cases of KCS in the real world. One good example of this is that we recently worked with ETHLend to allow our users to get a crypto loan with KCS.” About KuCoin The KuCoin Exchange opened for cryptocurrency trading in September 2017 and has enjoyed steady growth into 2018. The KuCoin exchange puts a high priority on the quality of the projects listed based on a well-trained research department that scours the blockchain industry for the highest quality projects. KuCoin provides an exchange service for users to conduct digital asset transactions securely and efficiently. Over time, KuCoin aims to provide long-lasting, increased value to its more than five million registered users, in over 100 countries. In November 2018 ‘The People’s Exchange’ officially partnered with IDG Capital, Matrix Partners, and Neo Global Capital. Press Contacts KuCoin:media@kucoin.com The post KuCoin Launches Platform 2.0 with Advanced API and Various Order Types appeared first on Live Bitcoin News.

a day ago

New Nova and IOTA Foundation Partnership Promises Breakaway Growth for IOTA Entrepreneurship

The Berlin-based IOTA Foundation has forged a new alliance with Nova, a startup cofoundery that promises to help aspiring entrepreneurs in turning “good ideas into great companies.” Both entities have agreed to combine their resources to create a seed fund for entrepreneurs working on distributed ledger technologies. At the core of this partnership is the vision to make it easier for up-and-coming technology startups to adopt Tangle, a type of distributed ledger that powers the IOTA ecosystem. Tangle promises to make decentralized transactions cheaper and quicker by offering a more scalable and highly adaptable alternative to the blockchain. Funding and Mentorship for IOTA-based Startups The partnership between Nova and the IOTA Foundation is aimed at addressing the underlying reasons that often restrict the scope and reach of tech startups. The seed fund is only a part of that gameplan. In addition to offering financial aid to entrepreneurs harnessing the Tangle, the IOTA Foundation will also open up its test lab for startups to build, improve, and test their Tangle-based solutions. Nova will chip in with its expertise in mentoring would-be entrepreneurs. The Liverpool-based startup cofoundery will lend its tech startup team comprising 20+ startup consultants for the cause and invest in tangible ideas rich in potential for user problem-fit. ‘Ideas Coming into Fruition’ With such an excellent support infrastructure in place, the IOTA Foundation is optimistic that IOTA entrepreneurs will now have the all the means at their disposal to further enrich the ecosystem by delivering innovative solutions with real-world impact. Reasserting that Tangle is more efficient and impactful than blockchain, IOTA co-founder David Sønstebø, stated that the evolving technology brings along huge potential for M2M payments. The partnership with NOVA, he added, will see ‘ideas coming to fruition.’ Andrew Dean, Head of Partnerships at Nova, echoed the sentiment by stating: “The fact that 90% of startups fail means that there are loads of brilliant business ideas out there that simply never materialize into anything meaningful, and a lot of talent and ambition is wasted.” “We want to make sure that IOTA entrepreneurs have the best possible chance of success. Some of the most exciting technological developments of our time are fueled by IOTA technology, and we’re looking forward to playing a part in bringing some of those ideas to market.” For the uninitiated, Nova is a platform dedicated to helping out entrepreneurs who have the expertise and experience in a field but lack the resources to launch a business from the ground-up. New Nova and IOTA Foundation Partnership Promises Breakaway Growth for IOTA Entrepreneurship was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

a day ago

Celsius Joins Forces with Monarch and Infinito to Allow Clients to earn Interests on their In-Wallet Cryptos

Celsius has announced a strategic deal with Monarch and Infinito, aimed at making it possible for users of their cryptocurrency wallet to earn a whopping 3 to 7 percent interest on saved digital assets. The partnership is aimed at making life easier for cryptocurrency investors in this bear market and enables them to hold onto their digital assets. Determined to eliminate all the challenges that come with the traditional banking system, Celsius wallet pays users an impressive 3-7 percent annually, sent on a weekly basis to hodlers of established digital assets. Over the last six months, Celsius has consistently fulfilled its promise to users, making it the number one interest earning platform for cryptos. A New White Label Solution Now, with the latest partnership with Monarch, users of the platform can earn significant interest in their crypto holdings through the savings account feature. Just like on the Celsius platform, users of Monarch will now be able to earn from 3 to 7 percent annually and they will receive the payments into their wallets every week. The Celsius Advantage It’s worth noting that no other bank or even crypto platform provide the same interest rates to users. That’s not all, unlike banks or other crypto platforms where users are mandated to lock up their funds for long periods, Celsius users can withdraw their funds at any time. Celsius also pays depositors as much as 80 percent of its revenues, while maintaining an unprecedented level of transparency in the way funds are used. Commenting on the development, Monarch CEO, Robert Beatles said that: “Monarch’s mission is to empower people to control all aspects of their finances from the palm of their hand. This partnership is an amazing win for the crypto industry. We can all agree the current banking system has failed us all. Celsius has honoured us in partnership, and we look forward to bringing power back to the people together.” Celsius services will also go live in the Infinito App Square this February and users will begin earning interest on their crypto holdings from Q2 2019. “Many crypto services lend out clients’ funds without giving proper notification and distribute meager returns on those funds. We hope these partnerships set a new industry precedent in digital finance,” said Alex Mashinsky, CEO of Celsius Network. Website: https://celsius.network/ Twitter: https://twitter.com/celsiusnetwork Facebook: https://www.facebook.com/CelsiusNetwork/ LinkedIn: https://www.linkedin.com/company/celsiusnetwork The post Celsius Joins Forces with Monarch and Infinito to Allow Clients to earn Interests on their In-Wallet Cryptos appeared first on ZyCrypto.

2 days ago

Rehypothecation: BTC’s path to becoming king of collateral

Concerns about rehypothecation in layer 2 protocols for Bitcoin are overblown. We don’t need to fear rehypothecation, we just need to accurately price its risk premiums. There’s inflationary and deflationary forms of derivative open interest. The deflationary version comes in the form of fully-backed synthetic cash positions, which fuels Bitcoin Dollarization and gives a sensible valuation-growth model for Bitcoin. To understand these nuances, we have to understand bank credit. If your collateral is so good, why not use it like any other collateral? What is fiat? Fiat is a b-side currency note, a form of immediate-term debt, it’s an asset, but only because of its legal connection to the amortization of debts. It is an anti-liability, but mathematically, by the transitive property - that’s an asset! To restore some sanity, we call these “financial assets”, derivatives are also financial assets, that’s why you can be short them. For every $1 in someone’s pocket, which they are “long”, the Central Bank or Commercial Banks are short $1. A real asset would be, for example, some Caterpillar machinery purchased with a secured loan. To buy real assets, people accept shorting units of fiat that they borrow, then spend. You get this phenomenon of “fiat” - let it be - the “creation” of new money in the form of credit. The difference between a licensed bank, and a pool of investors funding loans on LendingClub with full capital paid, or a bond investor, is that the bank has essentially a portfolio margin license from the government. You don’t have to fund loans with cash, you can fund them with credit. Your bank’s credit. Also, the checking account deposits everyone depends on to survive are a junior, most-subordinated liability of the bank — thanks for looking out for us. In essence, a lender is making a hypothesis that the borrower will pay them back. In the hypothetical scenario of a default, XYZ can be triggered (e.g. going and taking assets to settle the loan). So to hypothecate something, you just have to lend it. To rehypothecate something then, you just... lend it again! Currency units issued by a bank as consideration for a new debt note, which may cycle back to that same bank and generally these days the value stays in the banking system, and around and around it goes. One man’s leveraged capex is another man’s revenue is another bank account’s deposit. You get the money multiplier effect. People who are Pro-Bitcoin generally hate the Federal Reserve, inflation, and fractional reserve banking. This is because many of us came of age at a time where all of these institutions were called into question, amidst great cataclysm unleashed through corruption of the highest halls of capitalism, and also we saw this movie called Zeitgeist and watched Ron Paul run for president. We read Baby Boomers’ rants about gold manipulation on ZeroHedge, and then we found BTC. Murray Rothbard, Hayek, and the general school of Austrian economics figured in, but people who consider themselves a priori, categorically, it’s gotta be Austrian, Austrians, are not necessarily representative of the majority of Pro-Bitcoin people. Rehypothecation can fuel Lightning In the default model of the Lightning Network, lots of BTC is needed in a fully-collateralized fashion to facilitate payments, earning a low yield from routing fees of generally under 1 percent per annum (what Nik Bhatia calls the “Lightning Network Reference Rate”). The presumption here, was that LN is necessarily going to be used in that way, that BTC would necessarily dominate liquidity in an environment of cross-chain asset swaps, and that nobody would use BTC/LN in a way that would contravene these Austrian economics tenants of strictly deflationary currency - which by the way, aren’t strictly speaking representative of pre-Bitcoin Austrian economics, perhaps better described as Quebecois Economics, after its two most prolific proponents, Francis Pouliot and Pierre Rochard. Much respect. However, one of the greatest things about Bitcoin is that nobody can censor usage of it. The only thing you can do to discourage certain kinds of usage is, either get mass consensus for a soft fork, changing around parameters that make it more difficult to relay “spam”, or have it be generally uneconomical. But if it’s economical, enough clients will relay it, and a single block-winning miner will include it, it can get in. Lightning Network is also a client-agnostic network in the sense that is has no global consensus state or specific blockchain. So it reasons, LN clients that run a bit differently could be pretty amazing for getting yield on BTC. For those who know what they are doing, there’s nothing that can be done to stop that, and it will have some degree of synthetic dilutive effect on BTC in the Lightning Network. Rehypothecation of BTC across Lightning Nodes, creating some sort of money multiplier, is possible if channels are constructed that operate based on un-collateraliz

6 days ago

Venezuela’s New Crypto Rules Enter Into Force

The decree establishing a legal framework for cryptocurrencies in Venezuela has entered into force. It contains 63 articles including rules for the purchase, sale, use, distribution, and exchange of cryptocurrencies and related products. It also mandates a registration system and details audit procedures, penalties for non-compliance, and how mining equipment can be confiscated. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Legal Framework for Cryptocurrencies Venezuela’s “Constituent Decree on the Integral System of Crypto Assets” has been published in the country’s official gazette. The decree establishing the legal framework for cryptocurrencies and all related activities contains 63 articles; it entered into force with the publication in the gazette. Ramirez Joselit, the Superintendent of Sunacrip, Venezuela’s Superintendency of Crypto Assets and Related Activities, tweeted on Jan. 31: Today the constituent decree that will govern the operation of the Integral System of Crypto Assets of Venezuela was published in Official Gazette Number 41.575. The 63 articles are grouped into six sections. The first section comprises articles 1 to 5 which outline general information about the decree including its objectives and scope of application. It also defines blockchain, digital mining, crypto asset, sovereign crypto asset, cryptography, user, and public price. The second section explains the “structure of the Integral System of Crypto Assets” in articles 6 to 28. The third section sets rules for the new registration system in articles 29 to 33 while the fourth details the audit and inspection procedures in articles 34 to 41. Articles 42 to 51 make up the fifth section which discusses offenses and penalties whereas articles 52 to 63 are found in the last section which mostly describes administrative procedures. “The purpose of this constituent decree is to create and define the regulatory framework applicable to the Integral System of Crypto Assets,” the gazette reads. According to article 3: The scope of application of this constituent decree [covers] goods, services, values or activities related to the constitution, issuance, organization, operation and use of [the] national crypto assets and [other] crypto assets, within the national territory, as well as the purchase, sale, use, distribution and exchange of any product or service derived from them and other activities that are connected. Sunacrip and the Registration System Sunacrip, which has already been acting as the regulator of all crypto-related activities in Venezuela, has been given even more power by the decree which states: [Sunacrip] will exercise the broadest powers within the legal and constitutional framework, to regulate the creation, issuance, organization, operation and use of crypto assets, and consequently, to regulate the operation of the exchange houses and other crypto asset financial services, as well as activities associated with digital mining. In addition, individuals and legal entities wanting to carry out crypto-related activities including mining are required to register with Sunacrip. Article 11 states that the regulator must “coordinate and monitor the records of digital miners, exchange houses and other financial services” that deal with crypto assets. Article 29 further calls for the regulator to “create the necessary records to systematize the information corresponding to digital miners, exchange houses, other financial services in crypto assets and the intermediation of crypto assets.” Article 33 states that Sunacrip “will establish the public prices applicable to the system of registry, to the exchange operations, as well as to the services that lend and other considerations.” Inspections and Confiscations Article 34 of the decree details how Sunacrip will inspect the activities in the cryptocurrency sector to ensure compliance. If any signs of non-compliance are detected during an inspection, measures will be taken to prevent further violations, article 37 describes. These measures may consist of confiscation of any mining equipment found, and the “suspension of licenses, permits or authorizations” issued by Sunacrip, as well as the suspension of “Any other provision in the legal system to prevent the violation of the rights of citizens.” The article further details: When the confiscation measure is ordered on mining equipment, the superintendency will keep the respective assets, which ... may be arranged for social purposes. With all of the new powers granted to Sunacrip, Criptonoticias news outlet commented that “This could mean that Sunacrip would be in a position to monitor any platform that serves the commercialization of cryptocurrencies in Venezuela, whether national or international, centralized or decentralized ... which would encompass services like the one offered by Localbitcoins.” Penalties The decree also proclaims heavy penalties for unlicensed crypto act

17 days ago

Cryptocurrency Independence Under Threat As Regulation Encroaches

For governments, cryptocurrency is becoming too mainstream to ignore and too chaotic to neglect. Across the world, government agencies are targeting crypto investors not only with taxes but mandatory registration and full disclosure rules. This new wave of regulation poses a contradiction in that some of cryptocurrency’s strongest traits have always been privacy and autonomy. Also read: Canadian Exchange Insolvent After CEO Dies With Keys to $145M of Cryptocurrency State Regulation of Crypto Raises Questions Australia’s registration of 246 cryptocurrency exchanges between April 2018 and January 2019, hailed by observers and the exchanges themselves as boosting the credibility of the industry, likely indicates the direction that virtual currencies are taking in relation to regulation throughout the world. Some industry players speak approvingly of regulatory encroachment as a step towards respectability. State regulation increasingly appears to be the price the crypto community will have to pay for assimilation into the mainstream economy, raising existential questions about the direction of the industry. Whereas early cryptocurrency visionaries sought to operate a skeptical remove away from authority, emphasizing freedom, autonomy and democracy, some new movers are welcoming regulation as a solution to the trust problems that have affected the industry. Some of the regions that have weaponized the law books to meter aspects of virtual currencies include Malaysia, Australia, Japan, the EU and the U.S. As authorities across the world co-opt crypto’s “Escobar season” and drag it into the mainstream, it is interesting to observe just how much of what made crypto so appealing will remain. “The root problem with conventional currency is all the trust that’s required to make it work,” Satoshi Nakamoto wrote in his revolutionary proposition ten years ago. “Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts,” whereas cryptocurrency “is based on crypto proof rather than trust.” Regulation Rolls out With Benign Offers Regulation is rolling out with the innocuous sounding promise of support for innovation, but it is not clear how heavily government whims will impose upon investors and exchanges going forward. Individuals looking to operate in an insular system, away from central bank and state oversight, are increasingly confronted with new top-down demands for the industry which include the closure of firms and freezing accounts. Although Japan has traditionally been a liberal environment for crypto, it has been tightening regulation since the Coincheck hack early last year. The heist of $530 million sent Japan into regulatory overdrive, doubling down on the need for exchanges to be registered with the Financial Services Agency (FSA) as a condition of operation. South Korea prohibits the use of anonymous accounts in cryptocurrency trading and requires banks to observe strict reporting obligations on accounts held by digital asset exchanges. The south east Asian country has also banned financial institutes from trading on bitcoin futures. In March 2018, the U.S. Securities and Exchange Commission said that it considers many cryptocurrencies to be securities and that security laws will be comprehensively applied to wallets and exchanges where necessary. Cryptocurrency regulation is usually themed around money laundering and funding of terrorism. A series of heists has not helped the cause of crypto, with victims clamoring for governments to wade into the chaos in messianic garb. Exchanges have cautiously welcomed the governmental embrace, showing a break from crypto pioneers who maintained cynic detachment from authority. ‘Cryptocurrency Industry Has Moved On’ Speaking to Australia’s public broadcaster ABC, CMC Markets’ chief market strategist Michael McCarthy said the industry has moved on from its pioneers’ autonomous fundamentalism and is now seeking regulation and safety. Independent Reserve, the Australian digital asset trading platform, has also cited regulation as a requisite for bringing cryptocurrency into the mainstream, according to its head, Adrian Przelozny. Although virtual currency was conceived as an anti-authority invention where unmediated business is conducted peer-to-peer, lack of internal controls, requiring users to utilize their own discretion, has been exploited by those with criminal motives. For example, in 2018, more than 6,000 crypto-related scams, totalling losses of more than $9.5 million, were reported to Australia’s competition regulator. Investment scams, particularly deceptive marketing of initial coin offerings, and hacks running into millions have made customers vulnerable. Across the crypto universe, this all bundles into a disarming pretext for state control. The current direction

17 days ago

Crypto Concierge Reports Bumper 2018 with $250 Million Transaction Scoop

It appears that luxury goods purchased with cryptocurrency have not suffered from the current bear market if the 2018 receipts of firms such as The White Company are anything to go by. Elizabeth White’s company, which caters very much for those that have, and indeed want to spend large sums of cryptocurrency on luxury items, returned USD 250 million in transactions last year, according to latest figures released in January. However, the proprietor claims you don’t need to be rich to sign up. “Luxury is not just for the wealthy, and our customers from a variety of ages, incomes, occupations,” said White in a recent Forbes interview, although the company is clearly aimed at Bitcoin millionaires. She admits that many of her clients need help in purchasing luxury goods such as “Ferraris, Lamborghinis, rare art and jewelry” to clients all over the world paying in crypto. The White Company’s concierge service may be increasingly becoming a niche market but judging by last years figures, there are still plenty of potential clients out looking to spend cryptocurrency. And now that exchanges have more exacting regulations on large cash withdrawals, White’s site is often a go-to alternative when it comes to buying goods requiring fiat payment. She sees the bear market as no hurdle to progress in the industry: “The speculative bubble in cryptocurrency is over, which is a good thing, as it allows the community to focus for more serious, long term projects, such as the solutions that [the] White Company is building.” Another market which has profited from the current status quo is the lending sector with companies such as Celsius, SALT Lending and ETHLend recording higher profits than in previous bull periods. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? - View our Media Kit PDF here. Image Courtesy: Pixabay The post Crypto Concierge Reports Bumper 2018 with $250 Million Transaction Scoop appeared first on BitcoinNews.com.

17 days ago

Venezuela’s New Cryptocurrency Rules Enter Into Force

The decree establishing a legal framework for cryptocurrencies in Venezuela has entered into force. It contains 63 articles including rules for the purchase, sale, use, distribution, and exchange of cryptocurrencies and related products. It also mandates a registration system and details audit procedures, penalties for non-compliance, and how mining equipment can be confiscated. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Legal Framework for Cryptocurrencies Venezuela’s “Constituent Decree on the Integral System of Crypto Assets” has been published in the country’s official gazette. The decree establishing the legal framework for cryptocurrencies and all related activities contains 63 articles; it entered into force with the publication in the gazette. Ramirez Joselit, the Superintendent of Sunacrip, Venezuela’s Superintendency of Crypto Assets and Related Activities, tweeted on Jan. 31: Today the constituent decree that will govern the operation of the Integral System of Crypto Assets of Venezuela was published in Official Gazette Number 41.575. The 63 articles are grouped into six sections. The first section comprises articles 1 to 5 which outline general information about the decree including its objectives and scope of application. It also defines blockchain, digital mining, crypto asset, sovereign crypto asset, cryptography, user, and public price. The second section explains the “structure of the Integral System of Crypto Assets” in articles 6 to 28. The third section sets rules for the new registration system in articles 29 to 33 while the fourth details the audit and inspection procedures in articles 34 to 41. Articles 42 to 51 make up the fifth section which discusses offenses and penalties whereas articles 52 to 63 are found in the last section which mostly describes administrative procedures. “The purpose of this constituent decree is to create and define the regulatory framework applicable to the Integral System of Crypto Assets,” the gazette reads. According to article 3: The scope of application of this constituent decree [covers] goods, services, values or activities related to the constitution, issuance, organization, operation and use of [the] national crypto assets and [other] crypto assets, within the national territory, as well as the purchase, sale, use, distribution and exchange of any product or service derived from them and other activities that are connected. Sunacrip and the Registration System Sunacrip, which has already been acting as the regulator of all crypto-related activities in Venezuela, has been given even more power by the decree which states: [Sunacrip] will exercise the broadest powers within the legal and constitutional framework, to regulate the creation, issuance, organization, operation and use of crypto assets, and consequently, to regulate the operation of the exchange houses and other crypto asset financial services, as well as activities associated with digital mining. In addition, individuals and legal entities wanting to carry out crypto-related activities including mining are required to register with Sunacrip. Article 11 states that the regulator must “coordinate and monitor the records of digital miners, exchange houses and other financial services” that deal with crypto assets. Article 29 further calls for the regulator to “create the necessary records to systematize the information corresponding to digital miners, exchange houses, other financial services in crypto assets and the intermediation of crypto assets.” Article 33 states that Sunacrip “will establish the public prices applicable to the system of registry, to the exchange operations, as well as to the services that lend and other considerations.” Inspections and Confiscations Article 34 of the decree details how Sunacrip will inspect the activities in the cryptocurrency sector to ensure compliance. If any signs of non-compliance are detected during an inspection, measures will be taken to prevent further violations, article 37 describes. These measures may consist of confiscation of any mining equipment found, and the “suspension of licenses, permits or authorizations” issued by Sunacrip, as well as the suspension of “Any other provision in the legal system to prevent the violation of the rights of citizens.” The article further details: When the confiscation measure is ordered on mining equipment, the superintendency will keep the respective assets, which ... may be arranged for social purposes. With all of the new powers granted to Sunacrip, Criptonoticias news outlet commented that “This could mean that Sunacrip would be in a position to monitor any platform that serves the commercialization of cryptocurrencies in Venezuela, whether national or international, centralized or decentralized ... which would encompass services like the one offered by Localbitcoins.” Penalties The decree also proclaims heavy penalties for unlicensed crypto act

17 days ago

The benefits of trustless lending

Blockchain innovation has always been rooted in the concepts of creating, storing, and transacting in digital money. Whether it’s affordably sending money across borders or self-custodying wealth, demand for Bitcoin has largely been driven by the need for a financial service. Similarly, with Ether, demand has been a function of using the asset in investment contracts, financial derivatives, and lending agreements. As is expected of useful money, cryptocurrencies have quickly begun to develop credit markets in which long term holders can lend out their assets to those that have a greater immediate need for them. In exchange for lending out their capital, holders are compensated for the time value of their money via an interest rate. Interest rates are essential to any valuable forms of money because they help create non zero-sum wealth as both borrowers and long term investors can reap the reward of more efficient capital allocation. While the community continues its search for blockchain’s ‘killer app,’ secured lending has quickly emerged to be one of the largest and fastest growing crypto use cases. Genesis Capital originated over $1 billion USD in crypto-secured loans in 2018, and MakerDAO, a decentralized credit facility, originated roughly $200 million USD in Ether-collateralized loans since they launched earlier last year. Block by BlockBlock by Block: Crypto LendingRead More Crypto-secured lending requires a borrower to post one crypto-asset as collateral in order to borrow another asset, often times fiat currency or a stablecoin. Borrowers always have to supply more collateral than the value of their loan to protect lenders from the risk of losing their money. From a borrower’s stand point, the primary use cases for secured-lending are: Accessing working capital without incurring a tax liability Gaining leveraged long exposure to an asset they think will appreciate Shorting an asset they think will fall in price Quickly borrowing capital to take advantage of an arbitrage opportunity On the other side, lenders earn passive interest on their long-term holdings for providing this capital. Lending volumes to date have largely been driven by speculative trading activity and the need for short term cash. As Genesis pointed out in their Q4 2018 report, their main customers were crypto hedge funds looking to short assets like Bitcoin and Ether, proprietary trading desks that were arbitraging price discrepancies in the Bitcoin spot and futures markets, and companies that wanted short-term capital. While most crypto-secured lending to date has been done in a centralized manner — meaning through an OTC desk or brokerage — there is an evolving class of lending platforms being built on Ethereum that enable users to borrow and lend in a decentralized manner. Through the use of smart contracts, financial services can be created in which end-users don’t need to place trust in a single operator to provide them access. By removing financial middlemen, these trustless applications stand to be much more efficient than their centralized counterparts. Custodial vs. Non-Custodial Lending Generally speaking, crypto-secured loans can be originated through two distinct avenues: custodial and non-custodial. Custodial lending involves borrowing and lending assets directly from a trusted third party. This third party has complete custody of their clients’ funds at all times and acts as the counterparty within every transaction. Operators of custodial platforms also have more say in how interest rates are set as they essentially control the order book that borrowers and lenders transact through. In terms of popular asset types, most of the lending activity on custodial platforms is denominated in Bitcoin and various fiat currencies. The most popular custodial lending avenues include centralized exchanges like Bitfinex, OTC trading desks like Genesis Capital, and credit facilities like BlockFi. On the other hand, non-custodial lending involves borrowing and lending assets directly through smart contracts. In this case, smart contracts retain custody of the collateral throughout the entire loan life cycle, making counterparty malfeasance close to impossible. Often times, collateral is escrowed in a smart contract until either the borrower repays the loan or the loan goes into a state of default. If the borrower defaults, smart contracts can sell the underlying collateral through a DEX or a network of third parties in exchange for the principal plus interest. In this way, aside from the technical risk associated with smart contracts not working as planned, lenders using non-custodial avenues are exposed to far less counterparty risk than they would be by going through a centralized avenue. Since a majority of non-custodial platforms leverage Ethereum’s smart contracts, most of the lending activity is denominated in Ether. The most popular non-custodial lending avenues include MakerDAO, Dharma Lever, Compound, and dYdX. T

20 days ago

Former Morgan Stanley MD: Crypto Bulls Will Return When Speculators Exit

A crypto market preoccupied with short term returns will be an unlikely place for a bull run, believes a former Managing Director at Morgan Stanley. Speculators will have to leave the space first for prices to increase. Patrick Springer, who worked at Morgan Stanley for twenty years, eventually becoming the MD for the bank’s global equity sales and advisory side, said a bull market would return when buy and sell actions were no longer motivated by quick returns. This would be further helped by consolidating the number of cryptocurrencies, with weaker and ineffective assets being left by the wayside. “A bull market for crypto will come again when all the speculators have exited, i.e. when investors who believe in the greater fool theory of selling the same asset to someone but at a higher price, all leave,” writes Springer in an email. “It will also come again when there is a great shakeout in the number of cryptocurrencies and utility tokens - there is no value to having an unlimited number of digital currencies sprouting from numerous forks.” Tokenization Crypto is in a bear cycle. Most cryptocurrencies have seen significant drops in value in the past six months, as Crypto Briefing reported last week. This has had multiple effects. Hashrate on the Bitcoin (BTC) blockchain dropped by a third between November and December; miners turned off their rigs because it was no longer economically viable. Some companies have either gone out of business - like ETCDev - or cut down significantly on staff and operational capacity, like Consensys. Springer left Morgan Stanley last summer to join Polybird Exchange - a global exchange for tokenized assets - as an advisory board member. Its platform launches on Wednesday. But whereas ICOs and frantic speculation fulled the 2017 bull run, Springer sees a returning market relying more on security tokens and tokenized assets. He sees them representing a new and “enormous” opportunity for investors. They can make the existing financial system more efficient and transparent, while also developing new channels for investors. “[O]ur current capital markets do not address the needs of large swaths of the economy. Digitizing assets can bring benefits to asset markets that are currently private in nature and have a lot of cost frictions”, wrote Springer. Institutional involvement This will be no cakewalk. A lack of regulatory clarity, uncertain levels of demand and the sheer complexities surrounding tokenization, of real assets and equity, makes the path to global adoption filled with dead-ends and footfalls. It’s also unlikely that the big institutional players, like Springer’s former employer, will lend much of a helping hand, especially at the beginning. They already have a stake in an existing, “reasonably efficient” system, meaning “there is not a lot of incentive to be an aggressive first-mover”. Many will only develop a serious and genuine interest in cryptocurrency and blockchain once other projects have built out the technology and market, creating financial instruments that investors and their own client-base begin to demand. The end of speculation Speculation sometimes drowns out substantive debate on technological progress. Example: media outlets had to publish explainers, clarifying the Constantinople hard fork, earlier this month, because people erroneously thought they would receive new Ether (ETH) tokens. But it may be slowly fading - the growth in stablecoins, which began last year, highlights a change of priorities. Springer thinks they could become useful for cross-currency payments, one with low transaction fees. Still it’s unlikely that the next bull run will allow the average retail investors to sit in the driving seat like they did in 2017. Most tokenized assets and security tokens will be limited to accredited investors, who in the US are either worth more than a $1m or earn more than $200,000 a year. The author is invested in digital assets, including BTC which is mentioned in this article. Join the conversation on Telegram and Twitter! The post Former Morgan Stanley MD: Crypto Bulls Will Return When Speculators Exit appeared first on Crypto Briefing.

a month ago

Thai Stock Exchange applies for a cryptocurrency licence

The Stock Exchange of Thailand (SET) has decided to apply for a digital asset operating licence, The Bangkok Post reports. In a move to “catch the growing investment trend of digital assets,” the SET is planning to aid its securities firm members on their way to becoming token brokers and dealers. “Securities firms are currently waiting for the SET to apply for a licence,” said Pattera Dilokrungthirapop, vice-chairwoman of the SET’s board of governors. “For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.” As for the long-term goals, the SET’s plan is much more ambitious: it wants to set up a cryptocurrency exchange of its own. While the details of the endeavour are still in the works, the Thai Exchange may already have a potential partner for the project. Bitkub Group’s chief executive Jirayut Srupsrisopa has said that the licensed digital asset exchange would be willing to lend their five years worth of experience in functioning on the domestic cryptocurrency market. The post Thai Stock Exchange applies for a cryptocurrency licence appeared first on The Block.

a month ago

The Proof-of-Stake Pandora’s Box—A “Rich Get Richer” Formula?

It has been six days since Constantinople had to be forcefully put off because of a bug. Chain Security sniffed out the vulnerability just before miners upgraded gifting hackers—who appear to be on the prowl, to not only siphon out hard earned funds but revive the memories of 2016 DAO attack that as well all remember, forced a hard fork creating this semi-immutable blockchain called Ethereum. What dominates now is the talk of how Ethereum will shift from a proof of work system—or lest be labeled an environmental enemy—to a proof of stake system. The former, critics say, is energy sapping and participants are straight off destroying our green planet. Think about this: 5/ In the 19th & 20th centuries, people spent tons of money & effort trying to create a Perpetual Motion Machine. A Perpetual Motion Machine produces perpetual motion without requiring any energy, essentially creating energy out of thin air. — Hugo Nguyen (@hugohanoi) January 12, 2018 However, on second thought, isn’t it clear that despite Ethereum’s mega valuation developers are pushing for an algorithm that’s already in use by others like Cardano and Tezos? The Proof of stake is already mainstream and evolving. Read: UK Central Bank Adviser: Cryptocurrencies Not a Great Concern Systems employing this consensus algorithm encourage investors to stake their coins in return for interest. The more they leave their coins locked up at the platform, the more they passively earn. Platforms as EOS and Tron went a level deeper introducing delegated Proof of Stake system employing the same staking but while they are scalable, decentralization is sacrificed—Block Producers and Super Representatives, anyone? With proof of stake, Vitalik will be cut off the tails of environmental conservationists but open a Pandora’s Box. And the predicament from this new system is that ordinary, 0.5 ETH or 0.1 ETH holding owners will be fizzle out. Reason? there is more than ready demand from Hedge funds, VCs and other HNWIs with bags of otherwise illiquid tokens that they can earn interest from—without incurring the cost of power—just like everyone. Remember, Ethereum plans to adopt ProgPOW, promoting decentralization. There’s a recommendation for centralized exchanges to apply segregated accounts. Note a real need in the future for exchanges to explicitly inform clients whether their funds are used for staking purposes, & get specific consent. A policy I doubt any exchange has put in motion. 7 — Maya Zehavi (@mayazi) January 10, 2019 Now, with PoS promoting and causing an imbalance in a space that fronts distribution it will pave the way for centralization because the inconvenience of running a full node—which these players are not willing to handle—will be none existent. Also Read: BIS: Proof Of Work Bitcoin (BTC) Won’t Replace Wall Street Instead, what we shall have is a staking machine where behemoths earn interest as the liquid Ethereum turns into a bank, a fractional banking system which Satoshi Nakamoto tried so hard to rid off. Unlike these PoS systems, users don’t miss out because they excise control over their holdings. They can only earn if they lend out their coins. 14/ For the uninitiated, here’s a good write-up that highlights some of the fundamental design problems of proof-of-stake. Like I said, this is science experiment territory. https://t.co/BA1ukxqxsp — Tuur Demeester (@TuurDemeester) December 28, 2018 However, in the proof of stake systems, you earn by staking and that remains one of the biggest threats to decentralization. Besides, by staking our coins via third parties, governments will step in demanding a cut from these rewards through the guise of investor protection. This means it will be different ball game delaying the roll out of ETH related products as futures and ETF off a completely decentralized system where coin owners have control over their funds. Do you think Proof of Stake is a threat to decentralization? Let us know in the comment section below. The post The Proof-of-Stake Pandora’s Box—A “Rich Get Richer” Formula? appeared first on Ethereum World News.

a month ago

Huobi Finance Chief Says Stablecoins Are a Priority for 2019

Huobi Global, which is currently ranked as the No. 5 crypto exchange based on trading volume, has identified stablecoins as a priority for 2019. The company recently hosted an invitation-only event for institutional investors in which CFO Chris Lee outlined the exchange’s priorities to a group of more than 150 blockchain and investment professionals on Sunday. The event gave the crowd the opportunity “to network, connect and learn about what 2019 holds from Huobi’s speakers.” Separately, Huboi has decided to lend its marketing muscle to its U.S.-based partner exchange HBUS, the latter of which is being rebranded as Huobi. The new U.S. trading arm will support a fiat on-ramp for crypto trading, pitting Huobi directly against popular U.S.-based crypto exchange Coinbase. (GT)

a month ago

ConsenSys Lists 12 Ethereum DApps That Can Make You Money

Enterprise Ethereum Company ConsenSys recently listed 12 decentralized applications (DApps) and platforms on the Ethereum network that are usable right now and that users can make money on. The list includes DApps for bounties and freelance work, lending and staking platforms, and prediction markets. The 12 DApps listed are as follows: #1 - Gitcoin This DApp provides an easy of monetizing or incentivizing work in open source software by letting contributors explore and work on existing bounties. Gitcoin has helped 763 unique coders reach 305 funders since November 2017. #2 - Bounties Network It helps users create bounties for any tasks with transactions using ETH and ERC-20 tokens. It has generated $400,000 in total bounties to date and has enabled asks from grassroots social action to freelancing opportunities, and anything in between. #3 - Cent Another bounty network, Cent is based on the idea that social networks run on content but don’t provide enough value to the content creators. Creators can share and connect using the platform with users calling themselves Centians and use the term ‘centing’ for putting a bounty on something. #4 - Ethlance The platform allows users to find work they like or can do. Compensation is paid in digital currencies while the platform doesn’t charge any fees to the users and allows an unlimited amount of jobs to be created. Users post jobs in IT, writing, web development, app development, and other such categories. #5 - MakerDAO CDP MakerDAO CDP (Collateralized Debt Position) allows users to borrow DAI using ETH. The ETH remains locked in a smart contract until the burrowed DAI is paid back. The dApp currently holds 1.80% of the total ETH supply in these unique smart contracts. #6 - ETHLend Using its native token LEND, users can enjoy zero-fee lending using smart contracts where digital assets are provided as collaterals. It is a subsidiary of Aave. The collateralized assets are stored in a non-custodian depository smart contract. This helps in providing added security on the network. #7 - Compound Finance Compound Finance allows users to supply their idle crypto holdings to its open-source protocol for money markets on the Ethereum network. The algorithmic markets adjust the interest rates users can earn depending on the demand and supply of available crypto assets. #8 - Dharma Another Ethereum-based lending and borrowing platform, Dharma comes with a wide range of smart contracts that let users approve ERC721 tokens as collateral for loans. They provide a relayer starter kit along with several tutorials for users to get started on the platform. #9 - Gnosis Gnosis Olympia allows users to make predictions and win GNO tokens every time they are successful. The alpha version of the platform is designed to let users try their hands at trading. They also have a developer contest called Gnosis X offering up to $100k USD value in GNO coins to the winners. #10 - Augur Augur lets users stake ETH and make predictions about a wide range of topics- ranging from elections to the price of a cryptocurrency. #11 - Pdotindex The price-weighted index brings unique derivatives based on celebrities. It is derived from speculative positions on the Augur markets and has indices based on basketball star LeBron James, pop singer Ariana Grande, and many others. #12 - Veil Veil is a derivatives platform and peer-to-peer prediction market that is built on Ethereum, 0x, and Augur. The 0X protocol is used to improve the trading process as it minimizes the number of transactions required for the market creation and cancellation process. Veil’s newest instant settlement feature allows users to settle before the market is finalized on Augur. The full detailed and original version of this list can be found on the ConsenSys Medium channel. ConsenSys Lists 12 Ethereum DApps That Can Make You Money was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

a month ago

BitStarz Named Players’ Choice Casino at AskGamblers Awards!

Monday, January 21st, 2019 - The players have spoken and once again it’s BitStarz Casino that has walked away with the prize everyone is talking about. We’re officially the winners of the Players’ Choice award at the highly regarded AskGamblers Awards. With another award to add to our growing collection - we only have our players to thank, as they’ve turned out in big numbers to vote for us! AskGamblers is, has, and always will be one of the most well-respected casino review sites in the world. Giving players the low-down on thousands of online casinos, only the cream of the crop makes it to the awards stage each year. Beating more than 1,300 other online casinos to the title, BitStarz has been able to get its hands on one of the most truly coveted awards in the industry - the Players’ Choice award. BitStarz isn’t your ordinary online casino, which is exactly why our players have backed us since day one. Our philosophy is very simple. We’re combining the personal and quality service of a small establishment, with the game selection, prizes, free spins and bonuses of the largest operators out there. The games, bonuses, and big-time playing incentives don’t fall short in creating the most exciting casino experience around. Making sure our players can enjoy it all without fuss, our customer service is making waves throughout the industry. Players can access support through live chat and email 24/7, as there’s always somebody around to lend you a helping hand. Pushing us over the top, we’re also smashing records with our 10-minute cash outs. We’re always going the extra mile, but we would never have won this award without our players. We want to send our thanks to everyone that voted, as we couldn’t be happier to be winners at the AskGamblers Awards two years in a row. Trust us when we say that BitStarz won’t be taking its foot off the pedal just because it’s put another award in the trophy cabinet - we’ll want to make it a hat-trick of awards next year! www.bitstarz.eu For more information about our latest award win, along with everything else BitStarz has to offer, please contact Srdjan Kapor at srdjan.kapor@bitstarz.com. Press contact: Srdjan Kapor Marketing Manager srdjan.kapor@bitstarz.com www.bitstarz.eu The post BitStarz Named Players’ Choice Casino at AskGamblers Awards! appeared first on ZyCrypto.

a month ago

Yahoo co-founder Jerry Yang: Banks and trading have found a natural technology in blockchain

Speaking at a panel discussion in Singapore, Jerry Yang, the co-founder of Yahoo, threw his support behind blockchain technology and said that it is a natural technology for banks and trading. The co-founder of Yahoo was attending the Nikkei Innovation Trading Forum when he put forth his views on technology in the context of the US financial industry and its competitive rivalry with China’s emerging technological sphere. He said: “Blockchain is a natural technology for banks and trading. If you look at US institutions and banks, the kind of infrastructure that is being developed has long-term implications. For the technology to succeed, the question is can there be trust built? That can open huge amounts of doors.” Yang, who is also an investor in technology startups through his firm AME Cloud Ventures, further expressed his strong belief about the utility of cryptocurrencies and blockchain technology and implored banks and trading systems across the world to harness the applications emerging out of the nascent field. However, Yang also advised caution when he said that trust is key to the mass adoption of the blockchain and that the technology will fade if trust in it isn’t built or strengthened soon. Jerry Yang’s comments are welcome at a time when much of the early hype associated with cryptocurrencies is yet to be realized. His statement will only lend credence and support to countries such as Spain that have been adopting blockchain for wider purposes in the public sphere. Blockchain technologies have the potential to reshape everything from finance to banking and investing in such technology and its applications could have a revolutionary effect on the world. The post Yahoo co-founder Jerry Yang: Banks and trading have found a natural technology in blockchain appeared first on AMBCrypto.

a month ago

Yahoo co-founder Jerry Yang: Banks and trading has found a natural technology in blockchain

Speaking at a panel discussion in Singapore, Jerry Yang, the co-founder of Yahoo, threw his support behind blockchain technology and said that it is a natural technology for banks and trading. The co-founder of Yahoo was attending the Nikkei Innovation Trading Forum when he put forth his views on technology in the context of the US financial industry and its competitive rivalry with China’s emerging technological sphere. He said: “Blockchain is a natural technology for banks and trading. If you look at US institutions and banks, the kind of infrastructure that is being developed has long-term implications. For the technology to succeed, the question is can there be trust built? That can open huge amounts of doors.” Yang, who is also an investor in technology startups through his firm AME Cloud Ventures, further expressed his strong belief about the utility of cryptocurrencies and blockchain technology and implored banks and trading systems across the world to harness the applications emerging out of the nascent field. However, Yang also advised caution when he said that trust is key to the mass adoption of the blockchain and that the technology will fade if trust in it isn’t built or strengthened soon. Jerry Yang’s comments are welcome at a time when much of the early hype associated with cryptocurrencies is yet to be realized. His statement will only lend credence and support to countries such as Spain that have been adopting blockchain for wider purposes in the public sphere. Blockchain technologies have the potential to reshape everything from finance to banking and investing in such technology and its applications could have a revolutionary effect on the world. The post Yahoo co-founder Jerry Yang: Banks and trading has found a natural technology in blockchain appeared first on AMBCrypto.

a month ago

What is Poloniex? Beginner’s Guide To The Veteran Crypto Exchange

Poloniex is a well-known veteran cryptocurrency exchange based in the United States. The exchange was acquired by Circle in a $400 million deal. One of the unique things about Poloniex is that it doesn’t feature any fiat-to-cryptocurrency trading. Users aren’t able to trade their cryptocurrencies against fiat currencies. The ability to hedge does exist though, thanks to the stable coins (such as the Circle based USDC). From a positive point of view, Poloniex has the largest abundance of cryptocurrency trading pairs, which is something crucial for crypto traders. The overall experience of using Poloniex is somewhat simple. The exchange has an easy to understand user-interface which makes trading seamless and easy. Below, we take a complete look at how to open an account and how to begin trading on Poloniex. Why open an account on Poloniex? Variety: If you’re looking for a simple crypto-to-crypto exchange with an abundance of trading pairs and available assets, Poloniex is amongst the best exchanges. Security: Poloniex is also recognized as a cryptocurrency exchange with a solid reputation. Despite being hacked back in 2014, the platform seems to have integrated the necessary security protocols. For the record, following the 2014 hack, Poloniex returned all the stolen funds to its users. This speaks volumes about the integrity of their management team. Liquidity: Poloniex provides proper liquidity of more than $10 million traded daily (as of writing). Put simply, Poloniex is a trusted exchange with a user-friendly interface which makes for a trading experience you will undoubtedly enjoy. How do you register and open a Poloniex trading account? Opening an account with Poloniex is relatively straightforward. However, there is an ID verification process (KYC) that you have to go through if you want to access all the platform’s features fully. Starting from the official Poloniex website (due to Phishing threats, always double check the URL), proceed to “Create an Account.” Upon clicking it, you’ll see the following screen: You have to input all the above details and once done; you’ll receive a confirmation email with an activation link. Upon completing this, you’ll have to add some KYC information. Poloniex asks for a valid ID document such as a passport. As soon as everything is verified, your profile will be complete, and you’ll be ready to trade. Note that you don’t have to provide your ID details to access the platform. However, you’ll be restricted in the actions you can take without having your ID verified. How do you Trade on Poloniex? Once you have your account set up, you’ll be able to start trading. To do so, naturally, you need to add some funds. To deposit, click on the “Balances” button in the top right corner on your navigation menu. Note that Poloniex doesn’t allow you to deposit fiat currency as it is a strict cryptocurrency to cryptocurrency exchange. By doing this, you’ll see a page with a list of all the available digital assets. It looks like this: Choose the coin that you want to deposit and click the Deposit button. Note that this is also how you can withdraw your holdings. As soon as you click on the deposit option, a new deposit wallet address will be generated. Now that you have funds in your account, it’s time to start trading. From the top menu select “Exchange”. Below is what should possibly appear on your screen We say possibly because it matters what type of cryptocurrency you want to trade. On the right side, in the table, you can see that there are different markets that you can choose from. We’ve chosen BTC in our guide. The next thing that you’ll notice is the big “Ethereum Exchange” sign on your top left. That’s because we’ve chosen to trade BTC against ETH. The main screen shows the chart; below there are three boxes - “Buy ETH,” “Stop-Limit,” and “Sell ETH..” Enter the amount of the desired currency (in our case ETH) that you want to buy or sell, and the exchange will calculate its amount in BTC, make sure to set the price. The default is the best offer from the order book (which is shown on the right side). It will then create a Buy or Sell order, and as soon as your target prices are matched, the trade will be executed. The middle box, the “Stop-Limit,” is an order to place a regular buy or sell order as soon as the highest bid or lowest ask price (depending on whether you are buying or selling) reaches a specified price. This enables the ability to place stop loss commands. Poloniex Margin Trading Margin trading is an option for more advanced traders. However, margins can be used to protect or hedge your portfolio. To begin margin trading, you first have to transfer your funds which will be used as collateral from your Poloniex Exchange account to your Poloniex Margin account. The process happens instantly. When you are using the margin trading feature, all of the money you use to trade is borrowed from other users who’ve offered their funds on a peer-to-peer basis

a month ago

#CCC member 😎 @MosheMalawach has created #Nytro desktop lig...

#CCC member 😎 @MosheMalawach has created #Nytro desktop light wallet now on testnet and mainnet.🔥🔥🔥 Wanna lend a h… https://t.co/LpG7hNKA5C

a month ago

Korean Fintech Firms Using Blockchain Technologies to be Exempted From Regulatory Hurdles

Choi Jong-Ku, chairman of the Korean Financial Services Commission (FSC), said on Wednesday that they would lend more support to financial technology firms. From April, fintech firms using new technologies, such as blockchain and big data, will be exempted from regulatory hurdles under the so-called regulatory "sandbox". The move aims to turn small fintech firms into "unicorns" with higher market capitalization, which refers to private firms worth over US$1 billion. (RL)

a month ago

HSBC Credits Blockchain for Processing $250 Billion in Forex

In an announcement yesterday, multinational bank HSBC declared a clearing of USD 250 billion of forex trading in 2018 through blockchain. The bank further acknowledged the usefulness of the technology within its banking processes - beyond the speculative utility of cryptocurrencies alone. The bank said it had processed more than 3 million forex trades using the technology. While this represents a small fraction of its total currency business, it’s a plus for the industry seeing how a large mainstream financial entity could use the tech in simplifying a small fraction of forex trade processes. The bank developed its own blockchain solution dubbed FX Everywhere which has been used to coordinate over 150,000 payments across HSBC’s internal balance sheets in the course of a year. The bank said that it has helped it “drastically increase the efficiency of these internal workflows” and cut down spending. HSBC said that the technology has also enabled it to rely less on external technology providers. The distributed nature of the ledger offers real-time updates, therefore, executives within the organizations can view the changes made simultaneously as the transactions move from execution to settlement. In May last year, the bank said it had performed the world’s first commercially-viable trade finance transaction using blockchain technology when it issued a letter of credit for US food and agriculture firm Cargill. Now, the bank is making a move to offer the solution to clients handling treasury business and cross-border payments to lend a hand in their processes. Blockchain has once again proven itself as a useful infrastructure within the financial system. While some may still be hesitant to adopt the technology, others have invested huge amounts of resources to explore relevant use case areas. The results for most may still look stingy, however, a few have been able to attest to the true potential of the technology. Last year saw strides in the industry that included cross border payment solutions attempted by Kuwait Central Bank. In South Korea, Shinhan Bank has been considering blockchain to mitigate human error in banking. Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? - View our Media Kit PDF here. Image Courtesy: Pixabay The post HSBC Credits Blockchain for Processing $250 Billion in Forex appeared first on BitcoinNews.com.

a month ago

Living on Bitcoin Day 1: “That’s Not Going to Work”

“The point is to get people to think about bitcoin, not spend it. I don’t think it’s good for that. It’s not meant to be used like cash,” Jeremy Gardner, founder of Ausum Ventures, advised me.“Satoshi created a decentralized store of value,” probably encapsulates his thesis that bitcoin is best unspent — better to hoard it like gold. To Gardner, using it as a currency is not only impractical. It is counterintuitive.Well, I’m trying it anyway.After all, journalist Kashmir Hill experimented with living on bitcoin as early as 2013, so it should be easier now, right? Well, it is and it isn’t. Nearly six years later, I’m discovering that, while bitcoin’s payment infrastructure has advanced, its use as a method of payment, at least in San Francisco, has seemingly regressed.Before reporting to the conference I’m attending here in San Francisco, I had something important to do: I had to pay my respects to the pioneer.Before leaving my home in Nashville to start my experiment, I reached out to Kashmir Hill, a former Forbes-gone-Gizmodo journalist who did this in 2013 (and again in 2014). She graciously took me up on my request to meet up so I could pick her brain and seek advice.Getting to her was my first unbanked transaction. Transportation was a problem in her own experience until she got a bike, and even then, San Francisco’s hilly landscape is unforgiving, so it still wasn’t easy. It’s a way to get around, though, and I like the idea of being bike reliant for transport.All of my attempts to buy or rent one on Craigslist haven’t come to anything yet, so that’ll have to wait.I do have Paxful to buy Uber gift cards. Opting for this, I signed up for the exchange (where I had to give a phone number for authentication but no name) and transferred $25 worth of bitcoin from my BRD wallet. After executing a quick trade with one “Marxsmith,” I found myself with 25 bucks worth of Uber credit on my account.Hill arrived at La Boulangerie shortly after my Uber dropped me off, immediately recognizable, thanks to the turquoise highlights that accentuated the tips of her hair.When I thanked Hill for agreeing to meet with me, she replied she was naturally sympathetic to anyone who made the decision to live solely on bitcoin for a week. So sympathetic, she offered to pay my meal forward (the bakery doesn't accept bitcoin). I insisted on repaying her for the cheese danish and latte, but she said that she'd need to see if she remembered her Coinbase login to give me her public address."I wrote the articles and pretty much forgot about bitcoin," she joked.It was during the first major media cycle that came along with the 2013 bubble that Hill experimented with living on bitcoin. Not many people knew what bitcoin was yet. A few mainstream journalists were starting to pump out articles about what was, to many, a novel experience in itself: buying bitcoin.Hill's editor wanted to take the novelty farther: “Don't just buy bitcoin. Live on it for a week.” So she did."It was really on the fly — I got pretty lucky," she laughed, calling the planning and execution "lackadaisical."If her approach was lax, the execution was anything but. She attended one of San Francisco's famous “Bitcoin at $100” meetups, she shacked up in the crack-house-turned-hacker-hostel/cypher community, 20Mission, and she even toured Coinbase when it was “three guys in an apartment," she put it.As she mentioned this, a waiter brought our lattes. They were absurdly served in literal bowls about as big as my face.At the end of it, she remarked that she had very much been assimilated into this community. Using the bitcoin that the community had tipped her throughout the week, she took about 50 or so of them out to a sushi dinner, an 8-something BTC meal that, in a few years, would have been worth an Ivy League education. When I lived on Bitcoin in 2013, I treated a bunch of strangers to a sushi dinner that cost 10 bitcoin. At current valuation, that was a $99,000 sushi dinner!— Kashmir Hill (@kashhill) November 28, 2017 The crypto community in 2013 was devout but scant, and so were the places Hill could spend bitcoin. Her entire experience was punctuated by a sense of getting by. This is best encapsulated by the final line of her 2013 series: “I survived.”I compared notes with her about what I foresaw as being my biggest obstacles for the week, making mental notes to see if I could do more than “survive” and if 2013 might have actually been an easier year for the experiment.As our conversation came to a close, Hill left me with a nugget of advice that I’d adopted as a mantra for my own iteration of the experiment.“Don’t make the focus about yourself. Make it about other people, who the experiment allows you to access.”Leaving La Boulangerie, I took an Uber back to the conference venue, where I made arrangements with Jeremy Gardner to visit a new project he’s working on and, of course, tour the infamous Crypto Castle.We had a tight time frame; he was leaving for Park

a month ago

Kremlin Economist Insists that Russia is on the Verge of Investing $10 Billion into Bitcoin

Vladislav Ginko, a Russian economist with ties to the Kremlin, says that the Russian government will shift some of its USD reserves to Bitcoin as early as February 2019. The Telegraph also recently reported that the Kremlin is planning to invest nearly $10 billion into Bitcoin and according to Ginko, Russia must diversify its financial reserves due to U.S. sanctions and “these sanctions and the will to adopt modern financial technologies will lead Russia to the way of investing its reserves into Bitcoin.” Ginko also suggested that nearly 8 percent of the country’s GDP comes from crypto-activity and he expects Russia to launch a ‘Bitruble’ soon. Alexander Zhukov, the First Deputy Chairman of the State Duma seems to lend credibility to Ginko’s proclamations and an article on the Duma’s official webpage indicates that developing a regulatory framework and new legislation for cryptocurrency are top priorities for 2019. (RS)

a month ago

ICYMI: The ETHOS token has been listed on the Nitrogen Netwo...

ICYMI: The ETHOS token has been listed on the Nitrogen Network platform! A new way to borrow and lend crypto in a s… https://t.co/UCw85Ty3fL

a month ago

As Ethereum Classic (ETC) Suffered a 51% Attack, Is Bitcoin Also Vulnerable?

The recent 51% hack suffered by Ethereum classic known as the brother of ethereum the second rated Cryptocurrency on the 5th of January has thrown the crypto market into speculation of more 51% attack taking place. The 51% attack on ethereum classic saw a single person able to control about 60% of the mining power which created a longer blockchain which enables them to double spend. This event led to the freezing of its trading of the 18th largest Cryptocurrency on top exchanges such as coinbase. Opinions of Crypto Experts on the Hack The hack has led to worries in the crypto space as some envisage the top value Cryptocurrency Bitcoin to be the next in line to experience a 51% attack. One of the crypto experts that lend their thought on the event is the President of Blockchain at Columbia University, Nir Kabesa state that though it is difficult attacks on the larger Cryptocurrencies are no longer out of reach after the ETC 51% attack. He noted that with the power securing ETC and the market cap of its supply being less than 1/20th of the ethereum main chain; the attack is not surprising. He further stated that it is now clear that it is much cheaper to 51% attack supposed top tier project than many might have assumed. The ETC value which supposed to he absolute immutable has been indicated to be not immutable because of the attack. Also, the co-founder at Qtum and co-chair of the Smart Contracts Alliance Jordan Earls, lend his voice. He stated that this latest attack could see an update on proof of work model. To him, the attack highlights the danger in the use of the PoW consensus in the system and extol the proof of stake implemented in Qtum which maintains the freedom and censorship resistance of proof of work, and it is without the risk of 51% attack. Though many have doubts about PoS, there has been no record of 51% attack. Also, Senior Market Analyst at eToro, Mati Greenspan noted that the most common type of attack in crypto is the 51% attack. This happens when a foul player tries to control more than half of the network mining power, which leads to rewriting history. Mati stated that if anyone is dreaming of 51% attack Bitcoin would be in need of about 4,500 times the amount of hashrate than what is needed to attack ETC. In his opinion anyone thinking that the crypto market is in disarray is wrong. However, the issue of Bitcoin 51% attack is still subjected to time. The post As Ethereum Classic (ETC) Suffered a 51% Attack, Is Bitcoin Also Vulnerable? appeared first on ZyCrypto.

a month ago

Cryptocurrency Lenders Thriving in Bear Market

Cryptocurrency-While most of the investment base for cryptocurrency continues to reel from 2018’s bear cycle, which saw Bitcoin fall over 60 percent and the altcoin market drop further, crypto lenders and those betting on debt have still managed to come ahead. According to a recent report by Bloomberg, creditors targeting cryptocurrency lenders have found a booming market despite the otherwise abysmal year for token prices. Demand is being driven by investors and crypto companies fearful of selling ahead of the next rally, or looking to the current interim of depressed coin prices as a buyer’s opportunity, Creditors focusing on the crypto arena say they’re finding strong demand from borrowers who don’t want to sell their virtual coins at depressed prices, as well as from big investors eager to borrow coins for short selling. It’s putting lenders on both sides of Bitcoin’s bust: Helping believers pay their bills while awaiting a rebound, and also enabling bets by people who think the drop has further to go. The Bloomberg report goes on to profile two cryptocurrency lenders, BlockFi and Salt Lending, who have been expanding despite the downward trend in cryptocurrency valuation. BlockFi, which received a $52.5 million investment from Mike Novograt’z Galaxy Digital Ventures, reports seeing its customer base grow 10-fold since June. Aave, the group behind ETHLend, a cryptocurrency lending marketplace, recently opened an office in London with plans to enter the U.S. market in the near future. While the majority of crypto lenders have been established since 2017, their practices have changed over the last two years with the shift from a bullish to bearish market. Initially, lenders provided a source of cash for investors and crypto-ventures afraid to sell their stockpiling of coins as market prices continued to climb. With the crash in token value that occurred throughout 2018, lenders have now provided a source for currency lending in exchange for cash. Michael Moro, CEO of Genesis Capital, told Bloomberg in a phone interview that the bear market has helped his industry, “The bear market has certainly helped — at least has fueled the growth,” Genesis Capital, which lends coins in exchanges for users depositing U.S. dollars, has already issued $700 million worth of loans since opening in March 2018. It reports having about $140 in outstanding loans lasting an average duration of six weeks. Moro reports an intention to double his staff in the coming years, and shared some further insight on the profitability of his venture, “We’ve been profitable from day one,” Moro said. “We’ve certainly proven that there is market demand, that there’s product fit and that it’s time to invest even more in this side of the business.” The owners and companies profiled in the Bloomberg piece seem to be of the impression that their business is low-risk despite its interaction with the highly volatile cryptocurrency market. In addition, lending companies provide flexibility to investors in both bear and bull markets, allowing crypto stockpilers to hold their coins during upswings in price while also allowing a fast accumulation of coins during periods of depressed pricing. However, while traditional investors have been disappointed with coin prices in the ongoing bear market, lenders have been able to capitalize. “Everything flies in the bull market, but true magic happens when it does well in a bear market,” Aave CEO Stani Kulechov said in a phone interview. “The crypto-backed lending model is one of the rarest.” The post Cryptocurrency Lenders Thriving in Bear Market appeared first on Ethereum World News.

2 months ago

Lenders Profit From Both Bullish and Bearish Traders During Crypto Market Decline

Crypto lenders seem to be the only people who are benefitting in the current markets. After Bitcoin’s fall from grace last year, which led to a prolonged crypto winter, lenders are having a field day playing both sides of the market. They are finding demand from borrowers against selling coins at low prices and also from large investors trying to burrow coins for shorting purposes. The Double Whammy Brings Double Benefits Crypto lenders are seeing increased demand from borrowers who are HODLing on to their crypto reserves and don’t want to sell their coins for a low price. On the other hand, demand for borrowed coins is also strong among big investors who want to short digital assets. This is putting crypto lenders in a good position, helping them get business from crypto enthusiasts who will HODL and crypto deniers who want to short the coins. One of these lenders is BlockFi, whose customer base and revenue have grown by 10x since Mike Novogratz ‘s Galaxy Digital Ventures invested $52.5 million in their business in June 2018. The company is planning to launch new credit products, including a loyalty card that earns crypto and a Bitcoin interest-bearing savings account. ETHLend owner Aave recently opened an office in London and is nearing profitability while eyeing the US market. Aave CEO Stani Kulechov commented on the situation, saying: “Everything flies in the bull market, but true magic happens when it does well in a bear market. The crypto-backed lending model is one of the rarest.” Salt Lending, on the other hand, already employs an 80-strong team and growing revenues. It is hiring more everymonth as revenues increase. Bad Times for Crypto Market = Good Times For Lenders Most crypto lenders entered the business in 2017 when digital coins were happily moving to their all-time highs. Initially, they would offer crypto enthusiasts a chance to borrow against their crypto reserves without having to sell them. Post the market crash; lenders have now pivoted to different tactics and continue to flourish. Overall, the bad times in crypto are good times for lenders. Michael Moro, Genesis Capital CEO noted: “The bear market has certainly helped — at least has fueled the growth.” His company, established in March last year, allows institutional investors to borrow virtual coins against US dollars. Their customers have to deposit $1.2 million in fiat to borrow $1 million in crypto with interest going from 10 to 12%. They have issued $700 million in loans already and have $140 million in outstanding loans. The company wants to double its staff and expand to Asia this year. Moro added: “We’ve been profitable from day one. We’ve certainly proven that there is market demand, that there’s product fit and that it’s time to invest even more in this side of the business.” Lenders Profit From Both Bullish and Bearish Traders During Crypto Market Decline was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

2 months ago

Ten Years Later, a Reflection on Bitcoin’s Genesis and Satoshi’s Timing

October 31, 2008, and January 3, 2009.The two dates have cemented themselves with Promethean significance into Bitcoin’s lore. On October 31, Satoshi Nakamoto published the Bitcoin white paper, a constitution of sorts for his revolutionary monetary system and its intrinsic currency.On January 3, this constitution came alive with Bitcoin Block #0. Also known as the network’s genesis block, this cornerstone would provide the foundation for an ecosystem that would challenge our perception of how money is valued and managed in a digital age.Ten years later, we celebrate the birth of the Bitcoin network much like we might a nation. If the white paper is a declaration of monetary independence, then the genesis block is our independence day and the founding of a new system. By bootstrapping the network, Satoshi broke ground on a completely novel form of money: decentralized, algorithmically based and completely peer-to-peer digital cash for a digital age.For what the genesis block actually is, there’s little to tell. The first block on the network, it includes a single transaction: the 50 BTC block reward sent to Satoshi for mining it (which, along with his other mining rewards, he still hasn’t touched). It has all the trimmings of a regular block; besides being the first, there’s little distinguishing it from the rest, save the unique data it houses.With the January 3 Launch, Satoshi’s Intentions Are ClearRather than focus on what the genesis block is, today is a day to reflect on what the genesis block represents.The genesis block, by all rights, is emblematic of monetary sovereignty. It’s the digital embodiment of Satoshi’s monetary philosophy, a rejection of the centralized policies of the fiat system in favor of the decentralized processes of a cryptographically secured and mathematically verifiable digital system. Satoshi believed the old mode was failing, so he built a new one without all of the controls and hazards that can lead to the debasement of fiat currencies with reckless printing practices.His intent is covertly coded into the genesis block, though the meaning of this message is clear. Embedded in the hexadecimal code on the genesis block’s coinbase, the message, after being decoded, reads as follows: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”The message is a direct allusion to the headline for The Times the day Bitcoin launched. As the article details, Alistair Darling, the U.K.’s Chancellor of the Exchequer at the time, was debating a second bailout for U.K. banks. This capital infusion would come nearly a year after the government flushed the same banks in an attempt to ballast credit flow and stanch impending economic downturn, something the United States did for its own banks in October of 2008.The rest is obviously history.2009 would begin with the climactic unraveling of the global economy. Fractional reserve lending, bad debt and a mortgage crisis would send the world’s economic dominoes toppling after each other in the worst international crisis since the Great Depression some 80 years earlier.That the genesis block was founded on the same day as news of an imminent bank bailout is certainly symbolic. Satoshi’s early writings show that he was well versed in central banking monetary policy and the alleged hazards of a fiat-based economy. He saw the central banking practices that led to the 2008-2009 financial crisis, the conjoined nature of federal governments and national/private banks, as a hazard for both client trust and currency valuation.“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts,” he writes in a February 2009 forum post.This post came a little over a month after Satoshi bootstrapped the network, but he discussed implications of his creation in relation to modern banking practices before the Bitcoin blockchain went live.On the day he released the white paper, Satoshi sent his work to the Cryptography Mailing List. His work was feverishly engaged by a handful of recipients, including then Google engineer and later Bitcoin developer Mike Hearn.In the thread, interspersed between constructive criticism of Bitcoin’s potential design flaws, recipients compare notes and observations on legacy banking practices. Of course, they also philosophize on how Bitcoin fits into the larger picture, with one commenter, James A. Donald, positing that decentralized issuance could protect the economy from overbearing governments — though he also cautions that the power and influence of these governments should not be dismissed.“If a small numbe

2 months ago

Crypto-Lenders Are Winning The Bear Market By Playing Both Sides

Crypto lending has taken off despite the extended bear market of 2018, as these businesses took advantage by catering to both sides of the trade. Crypto Lenders Playing Both Sides of the Field During the extended bear market of 2018, as layoffs soared, and fortunes hemorrhaged, lenders were rubbing their hands in glee. It seems everyone was borrowing; bulls to avoid selling coins at post-crash values, and bears, so they could short them. Most crypto-lending companies formed during the bull-run of 2017, offering a way to borrow cash against crypto-assets without selling them. When the market about-turned, so did the lenders role, who maintained and even extended profits without skipping a beat. BlockFi reports ten-fold growth in revenue and customer base. The owners of ETHLend have just opened an office in London and plan to expand into the US soon. And Salt lending is adding to its 80 employees on a monthly basis as revenue increases. HODLers vs. Shorters Institutional investors wishing to borrow cryptocurrency can do so from companies like Genesis Capital, who have already issued $700 million in loans since their March 2018 launch. For around $1.2 million of fiat, they can take $1 million in bitcoin, paying yearly interest of 10-12 percent. As Bitcoinist reported, HODLer levels are growing, as seen by the increase in yearly price lows. Those who use their tokens as collateral for cash loans generally need a much larger buffer against falling prices. BlockFi typically asks for a $10,000 deposit of coins to release $5000 of fiat. Interest rates start at 7.9% If the collateral does fall in value, a customer may get a warning that holdings are at risk of being sold off. This allows the addition of more collateral to maintain the loan, or less often, for a customer to pay back the fiat and reclaim their collateral. Expansion And Diversification Crypto-lending businesses, it seems, are prospering, and many plan to diversify their product offerings. BlockFi is working on bitcoin interest-bearing savings accounts and crypto loyalty cards. ETHLend is working with partners in Switzerland and Australia to expand their geographical footprint. As Stani Kulechov, CEO of their parent company Aave, says: Everything flies in the bull market, but true magic happens when it does well in a bear market. Is growth of crypto lending a good sign for the whole industry? Share your thoughts below! Images courtesy of Shutterstock The post Crypto-Lenders Are Winning The Bear Market By Playing Both Sides appeared first on Bitcoinist.com.

2 months ago

You can now lend ETH and pay each loan directly with the lat...

You can now lend ETH and pay each loan directly with the latest version of our dApp 👉 https://t.co/QW7AkQ3EcB Plus!… https://t.co/IVGsgHCHlq

2 months ago

OKEx Launches OK PiggyBank to Let Users Earn Interest Daily by Lending Their Cryptocurrencies

OKEx has announced the launch of OK PiggyBank, a functionality which lets users lend their cryptocurrency holdings to margin traders. Per the announcement, users' spare coins will be placed in OK PiggyBank, which is lend to margin traders as margin loans. 85% of the interest collected from these traders is then placed to the users' OK PiggyBank as interest. OKEx will take the 15% daily margin interest as its returns. This PiggyBank supports XRP, ETC, EOS, LTC, BTC, USDT, and ETH, which have been availed for margin trading. (KE)

2 months ago

KuCoin Delists 10 Tokens For Failing To Maintain Listing Criteria

Cryptocurrency exchange KuCoin has announced the delisting of 10 tokens under its Special Treatment Rule framework. The framework was put in place to ensure that projects meet certain criteria to remain listed. The affected cryptocurrencies are Jibrel Network (JNT), WePower (WPR), Modum (MOD), EthLend (LEND), STK (STK), Asch (XAS), Bread (BRD), BitClave (CAT), and Mobius (MOBI). Trading was halted on December 24, and withdrawals will remain open till March 21, 2019. KuCoin recently completed a $20 million Series A funding round led by IDG Capital, Matrix Partners, and Neo Global Capital. KuCoin saw a volume of $23 million in the last 24 hours. (VS)

2 months ago

KuCoin to Delist 10 Digital Assets, Their Trading to Cease by the 24th of December

The cryptocurrency exchange of KuCoin has announce that it will be delisting 10 digital assets according to its ‘Special Treatment Rule’. The rule is focused on crypto projects and coins that fail to meet certain criteria according to KuCoin. Deposits of the 10 digital asset will be closed today, December 21st, at 8pm (UTC + 8). The list of affected coins is as follows: Jibrel Network (JNT) WePower (WPR) Modum (MOD) EthLend (LEND) STK (STK) Asch (XAS) Bread (BRD) BitClave (CAT) Mobius (MOBI) Bitcoin Gold (BTG) Last Day to Trade and Withdrawal Deadline The exchange also informed its customers that trading pairs associated with the 10 digital assets will be closed on the 24th of December, at 6pm (UTC + 8). Users of the platform are advised to cancel pending orders related to the digitial assets as soon as possible. Withdrawals of the affected cryptocurrencies, will continue to be supported until March 21st, 2019, 6pm (UTC + 8). Users are advised to plan ahead of time by withdrawing the affected coins before the March deadline. KuCoin’s Special Treatment Area KuCoin has what is known as a Special Treatment Area where they place projects at risk of being delisted due to the following criteria. Low liquidity for a certain period of time Struggling or ceasing business activities for 3 months The project fails to inform KuCoin of its material changes Failure of a project to cooperate with KuCoin for regular routine inspection Existence of a security issue in the project’s technology Project’s development not in line with the roadmap promised on the whitepaper, and no regular updates by the team on changes The project’s information disclosure is incomplete, misleading or untrue The project is insolvent, in the process of liquidation, bankruptcy, insolvency or similar financial constraints The project or its team member (including but not limited to founders, consultants) is under investigation for a suspected breach of or is convicted for an actual breach of any applicable laws, statutes and regulations The project carries out market misconduct such as wash trading, market manipulation or insider trading Any other situation KuCoin may deem risky for its users or platform The affected token/coin is then observed for a certain amount of time. Delisting might occur when the team related to the project, fail to take the necessary actions to remedy the situation. Recent Tokens Delisted by KuCoin A month ago, KuCoin delisted 6 other digital currencies. They were: EncrypGen (DNA), Publica (PBL), Raiden Network Token (RDN), Monetha (MTH), BlockMason Credit Protocol (BCPT) and Gladius Token (GLA) What are your thoughts on KuCoin planning to delist 10 more digital assets? Please let us know in the comment section below. Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post KuCoin to Delist 10 Digital Assets, Their Trading to Cease by the 24th of December appeared first on Ethereum World News.

2 months ago

KuCoin to Delist 10 Digital Assets

The cryptocurrency exchange of KuCoin has announce that it will be delisting 10 digital assets according to its ‘Special Treatment Rule’. The rule is focused on crypto projects and coins that fail to meet certain criteria according to KuCoin. Deposits of the 10 digital asset will be closed today, December 21st, at 8pm (UTC + 8). The list of affected coins is as follows: Jibrel Network (JNT) WePower (WPR) Modum (MOD) EthLend (LEND) STK (STK) Asch (XAS) Bread (BRD) BitClave (CAT) Mobius (MOBI) Bitcoin Gold (BTG) Last Day to Trade and Withdrawal Deadline The exchange also informed its customers that trading pairs associated with the 10 digital assets will be closed on the 24th of December, at 6pm (UTC + 8). Users of the platform are advised to cancel pending orders related to the digitial assets as soon as possible. Withdrawals of the affected cryptocurrencies, will continue to be supported until March 21st, 2019, 6pm (UTC + 8). Users are advised to plan ahead of time by withdrawing the affected coins before the March deadline. KuCoin’s Special Treatment Area KuCoin has what is known as a Special Treatment Area where they place projects at risk of being delisted due to the following criteria. Low liquidity for a certain period of time Struggling or ceasing business activities for 3 months The project fails to inform KuCoin of its material changes Failure of a project to cooperate with KuCoin for regular routine inspection Existence of a security issue in the project’s technology Project’s development not in line with the roadmap promised on the whitepaper, and no regular updates by the team on changes The project’s information disclosure is incomplete, misleading or untrue The project is insolvent, in the process of liquidation, bankruptcy, insolvency or similar financial constraints The project or its team member (including but not limited to founders, consultants) is under investigation for a suspected breach of or is convicted for an actual breach of any applicable laws, statutes and regulations The project carries out market misconduct such as wash trading, market manipulation or insider trading Any other situation KuCoin may deem risky for its users or platform The affected token/coin is then observed for a certain amount of time. Delisting might occur when the team related to the project, fail to take the necessary actions to remedy the situation. Recent Tokens Delisted by KuCoin A month ago, KuCoin delisted 6 other digital currencies. They were: EncrypGen (DNA), Publica (PBL), Raiden Network Token (RDN), Monetha (MTH), BlockMason Credit Protocol (BCPT) and Gladius Token (GLA) What are your thoughts on KuCoin planning to delist 10 more digital assets? Please let us know in the comment section below. Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post KuCoin to Delist 10 Digital Assets appeared first on Ethereum World News.

2 months ago

Bank of England poll reveals XRP and other cryptocurrencies as the most favorite way of receiving money

Recently, Bank of England, the Central Bank of United Kingdom conducted a poll on their official Twitter handle regarding digital currencies. The central bank laid out the question on people’s most preferred method of receiving money this Christmas. The options that were laid out by the bank were cash, bank transfer, gift voucher, and digital currency. With four more days to go for the poll to end, there are currently around 6662 total participants, and the majority of the partakers preferred receiving their Christmas money through digital currency as the option received a whopping 67% votes. The second most preferred money was cash, which received over 23% votes. Bank transfer got placed in the third position with over 8% votes and gift voucher turned out to be the least preferred with 2% votes. Bank of England poll on Twitter | Source: Twitter Additionally, the comment section of the official tweet showed that XRP was one among the most preferred digital currency. Scubaman said: “Not any digital currency! I’d accept XRP..the greatest digital asset ever created!” Dragon Master, a Twitterati said: “Cryptocurrencies right to one of my digital wallets. Instant transfer for a percentage of a penny in many cases. No need for banks, nobody taking a massive fee for slowing down my transfer. Cutting out the middle man is what’s smart, just like #XTZ” Crypto Wolf, another Twitterati said: “I am just an old dinosaur when it comes to cryptocurrency,, (in brief) in 2010 my son asked me could I lend him £20 to buy something called bitcoin ?? (what I had no clue about) so I gave him quite a bit more now please buy me @getbabb tokens “ Barnaby Perrin Aldous, an XRP enthusiast said: “In the past its been cash or transfer, but with reference to future ambitions, my attention is shifting to digital assets. I’m interested and incidentally would like to know more about where @bankofengland stands on the matter” The post Bank of England poll reveals XRP and other cryptocurrencies as the most favorite way of receiving money appeared first on AMBCrypto.

2 months ago

eToro to Expand its Crypto Wallet Services as Investors Owning XRP Demand Answers from the Platform

For almost a week now, XRP investors and community members who use the eToro trading platform have been demanding answers as to why they cannot directly access their digital assets unless cashing out to fiat. One of the first tweets demanding answers from eToro was by Tiffany Hayden who had this to say about the brokerage company. You can purchase $XRP from @etoro, but you can’t actually have it or transfer it or anything crazy like that. Oh, and eToro might convert it into a CFD without your permission, but it’s still totally yours. Really. So handover your credit card info and just be cool. #XRPCommunity The full tweet can be found below. You can purchase $XRP from @etoro, but you can’t actually have it or transfer it or anything crazy like that. Oh, and eToro might convert it into a CFD without your permission, but it’s still totally yours. Really. So handover your credit card info and just be cool.#XRPCommunity pic.twitter.com/hc49Db6u2i — Tiffany Hayden (@haydentiff) December 12, 2018 Perhaps It Was a Case of eToro’s Clients not Reading the Fine Print? Another tweet by @john_cherry1970 pointed out the following clause in the Terms and Conditions that eToro has for its clients. You authorize eToro to lend, as your agent, to ourselves or others any cryptocurrencies held by us for your benefit and neither we nor they shall have any obligation to retain under our or their possession and control a similar amount of such cryptocurrencies. In connection with such loans, we may receive certain benefits to which you shall not be entitled. (The above statement has been obtained from eToro’s Addendum to Terms and Conditions for Cryptocurrencies Trading that is available here.) XRP Investors Thinking about Leaving eToro Some XRP investors that use eToro have actually sold their XRP on the platform and opened up accounts on other platforms due to the fact that they cannot access their XRP. This is due to the fact that eToro does not have wallet services for users who fund their accounts using paypal and/or credit cards. One such eToro client tweeted the following. $Cashed$ all my XRP from eToro and bought via Wirex, feeling much better now! @haydentiff #XRP, #xrpthestandard ,#XRPcommunity — xrpemonty (@xrpemonty) December 17, 2018 Wallet Services Only for Users Who Fund Accounts Using Wire Transfers The team at eToro explains that wallet services are currently only available to users of the platform who use wire transfers to fund their accounts. Depending on the region and/or country the user resides, the minimum first time deposit on the platform varies from $200 to $10,000. eToro’s Response to its XRP Investors The uncertainty regarding how eToro handles cryptocurrencies owned by its users has prompted the CEO of eToro, Yoni assia, to issue a statement on the firm’s blog to clarify the matter. In the elaborate post, he explains that the firm offers brokerage services and must adhere to certain compliance requirements: eToro is a regulated broker offering clients a broad range of assets to trade and invest in. As a regulated brokerage service, eToro EU and eToro UK allows users to trade and invest in the global markets but does not offer third party payments, meaning clients can only deposit and withdraw fiat from their personal accounts. The blog post went on to explain why some eToro users cannot access the wallet services. The new eToro wallet is provided by eToroX Ltd. whom is regulated by Gibraltar Financial Services Commission (GFSC) under their distributed ledger technology (DLT) regulation... The wallet is a NEW product created by eToroX. While it integrates with the eToro platform, they are separate applications and offer different features. At first, the transfer of cryptoassets from the eToro platform to the wallet will be available for eToro Gold and above members only, and will be limited to the amount of money that has been deposited via wire transfer. Support for XRP by eToro’s Wallet Services The above explanation by eToro’s CEO provided a glimpse as to why the XRP community demanded answers. XRP investors could not withdraw, neither deposit any XRP. The blog post also added that: Support for XRP in the wallet is currently in the advanced stages of testing and will launch by the 25th December 2018. What are your thoughts on crypto wallet services on eToro being only available to specific clients? Please let us know in the comment section below. Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post eToro to Expand its Crypto Wallet Services as Investors Owning XRP Demand Answers from the Platform appeared first on Ethereum World News.

2 months ago

Former Goldman Sachs Exec Launches Crypto Startup Amid Bear Market

Although many are enamored with bashing the colloquial term “BUIDL,” for many Bitcoin diehards, 2018’s crypto market lull has been a time to unironically bolster this industry’s underlying infrastructure. This isn’t just hearsay, as 2018 has arguably been crypto’s strongest year yet, in terms of promising products, platforms, and startups, rather than day-to-day price action. Some of the world’s largest corporations and financial entities, such as the Intercontinental Exchange, Citigroup, Nasdaq, Microsoft, IBM, and Goldman Sachs, have all instituted crypto-centric initiatives. Yet, while these efforts are undeniably valiant, there remain entry barriers for a majority of keen parties, which curtails the growth of this industry. This issue isn’t flying under the radar, however, as startups have continued to crop up, seemingly in a bid to usher household names into this embryonic ecosystem. Meet Peter Thiel-backed Tagomi Peter Thiel, the head honcho of the so-called “Paypal Mafia” — ex-Paypal executives turned hotshots in Silicon Valley and Wall Street — has long been open to the concept of Bitcoin. On multiple occasions, Thiel, an advocate for libertarian principles, claimed that Bitcoin could become a hedge against economic downturns. So, it should as no surprise that his illustrious venture capital group, the San Francisco-based Founders Fund, has made notable capital allocations into crypto startups. As reported by NewsBTC in early-May, one of the fund’s allocations into this industry took the form of a multi-million dollar financing of Tagomi, a little-known firm at the time, with not much more than an ambitious vision. Now, over half a year since Tagomi secured Thiel’s rare stamp of approval, the startup has put its grandiose plan into action. On Monday, Tagomi, potentially slated to become the Fidelity Investments of the cryptosphere, launched its prime broker-dealer services — purportedly the first of its kind. For those who missed the memo, the startup is primarily focused on executing large orders for its bigwig clients. Speaking with Bloomberg, the upstart’s co-founder, Greg Tusar, and other key executives explained how its system operates. Tagomi takes advantage of its access to an array of exchanges to produce a liquidity pool, easing slippage for gargantuan block orders, while ensuring that transparency and proper trade reporting is upheld. Tusar, a former Goldman Sachs magnate, explained that there currently are pertinent issues plaguing crypto-friendly high net-worth investors today, namely custody, security, and a lack of liquidity. He stated: “The current environment is challenging, for sure, but we think there’s a lot of longer-term demand for digital assets and helping clients understand the transformative impact of crypto and blockchain.” In a separate interview with The Block, Tusar alluded to the fact that Tagomi is, or is aiming to, fill that gaping hole in this industry, and quick. He explained that there hasn’t been a single platform that has shepherded clients from depositing fiat, deciding on an investment thesis, allocating capital to cryptocurrencies, securing holdings, and all the way to managing these investments for the long haul. This is, of course, where the Peter Thiel-backed entity aims to come in and lend a helping hand. Institutions Look To Buy The Crypto Dip This launch of this innovative platform only underscores the fact that institutions see value in cryptocurrencies, but have resorted to staying on the sidelines due to the blockades that remain. Still, a number of startups backed by well-known institutions, like Fidelity and TD Ameritrade, have aimed to solve this problem. Related Reading: Why Are Novogratz, Fidelity, And Bakkt Banking On Institutional Crypto Investors? Fidelity, for instance, recently launched a crypto-centric subsidiary — Fidelity Digital Asset Services (FDAS) — after downing the Bitcoin red pill in 2014, when the firm’s launched its in-house blockchain research group. FDAS has its eyes on becoming a spiritual successor of its parent, but specifically in the context of crypto. More specifically, the fledgling arm has ambitions to launch top-notch cryptocurrency custody, coupled with trade execution for Fidelity’s 13,000 institutional clients. Similar moves from Bakkt, which has close ties to the parent of the New York Stock Exchange, and ErisX, a similar offering funded in part by TD Ameritrade, have again, only accentuated abounding institutional interest for digital assets. But the question that remains on everyone’s mind is — who will be the one to capture that demand? Featured Image from The post Former Goldman Sachs Exec Launches Crypto Startup Amid Bear Market appeared first on NewsBTC.

2 months ago

Blockchain Mining Benefits Beyond the Cryptocurrency Spectrum

Mining is an integral part of the cryptocurrency and blockchain technology narrative. However, the process of discovering, validating, and adding new blocks (mining) to the chain has the potential to do more than increasing the money supply of a particular cryptocurrency. Moving Past Cryptocurrency Mining Apart from being responsible for creating new tokens in a cryptocurrency blockchain that utilizes proof-of-work (PoW), mining also serves to protect the network. It is this function that is perhaps even most relevant for any examination of the positive elements of the mining process for distributed ledger technology (DLT) framework. Essentially, miners act as gatekeepers to help keep the blockchain running smoothly. On the blockchain, all transactions are linked to one another through blocks. As another transaction, or block, is added, the chain lengthens. To mine on the blockchain, users who lend their computing power (called miners) are presented with a puzzle to solve. Once the puzzle is solved and confirmed, the miner is rewarded with a payout (typically, some cryptocurrency or token) and a new block is added to the chain, in addition to transaction fees. While blockchain mining has typically been associated with Bitcoin and other cryptocurrencies, this is just one minor example of how mining can be utilized within decentralized technology. Let’s take a closer look at blockchain mining and the benefits that it provides miners and society as a whole. Data Democratization When Satoshi Nakamoto created Bitcoin, and with it, the first ever successful implementation of the DLT framework, the stage seemed set for the emergence of a fully decentralized digital space. Data democratization or the return of control over user data to the users themselves is a cause that has attracted the attention of many in recent times. In theory, public blockchains are decentralized, meaning that data ownership isn’t domiciled in any central server as with the mainstream internet. Every day we spend in our digital world means we are creating data. We may not think about it consciously, but the data we generate is utilized by many companies to improve their systems, as well as their profits. Often, though, we have no idea what is being done with our data until scandals arise, and we don’t typically see the value that can be created using this data. Those in the blockchain world have fought for the democratization of data, but up to this point, there hasn’t been a platform created with this purpose in mind. Blockchain Mining for Positive Social Impact Mining can be used to drive positive social engineering in the digital space. Projects like Lambda have even begun examining such use cases that utilize the transaction validation process beyond the creation of new cryptocurrency tokens. Using Lambda as a case study, it is possible for the activities of mining nodes to cause positive changes in the global business process. Recently, Ethereum World News reported that Lambda launched the first ever blockchain open-source proof-of-space-time (PoST) protocol on GitHub. Miners handle data, and as far as a blockchain is concerned, such data amounts to a massive volume. Nearly every industry can significantly benefit from blockchain mining, especially when used as a solid foundation for the development of services and products. So far, we have seen blockchain mining in a decentralized environment lead to advancements in the health-care, education, and finance industries, to name a few. When done correctly, mining on the blockchain can also lead to considerable profits for miners. For some, mining has even become a full-time career. Also, it’s relatively easy to begin mining. All a user requires to become a miner is a home computer and an internet connection. Overall, mining offers a new way of earning money, participating in a real blockchain project where the user holds tokens, and a way to give back to the community in which they’re participating by verifying information, as well as helping to advance so many industries by mining data for insights. Many view investing in the blockchain as solely a financial endeavor. However, with all of the benefits that miners bring to the cryptocurrency world, mining can provide a higher return than purely financial investments within decentralized technology. Are you ready to start taking advantage of the benefits of mining for blockchain? Images courtesy of Shutterstock. The post Blockchain Mining Benefits Beyond the Cryptocurrency Spectrum appeared first on Ethereum World News.

2 months ago

Op Ed: Bitcoin Is a Declaration of Our Monetary Independence

Nick Spanos is an early adopter and innovator in the blockchain space. He is best known for launching Bitcoin Center NYC, the world’s first live cryptocurrency exchange, in 2013, right next to the New York Stock Exchange — as immortalized in the Netflix documentary “Banking on Bitcoin.” As part of Bitcoin Magazine’s series of interviews and op eds leading up to the 10th Anniversary of Bitcoin, Nick shares his thoughts an early Bitcoin adopter.Before Bitcoin, I worked tirelessly for liberty-minded political candidates for many years. These candidates, the most prominent of whom was Dr. Ron Paul, spoke out against the Federal Reserve Bank because of its role in inflating the money supply which devalued the life savings of hard-working people. In almost every case, the mass media would sharply (and often unfairly) attack the image of the candidate with half-truths and misinformation, decimating our poll numbers, until they were sure that we would be defeated on Election Day. No matter how hard we worked or how much money we raised, we were no match for what I call the political bosses of today, the mainstream media.After two decades of struggle, I thought I had wasted my life fighting unwinnable battles. Then one day, I read the Bitcoin white paper. I read it half a dozen times and I thought, “Finally, I have a weapon that cannot be destroyed on Election Day.”Bitcoin for me is not an instrument for financial investment. Bitcoin for me is a declaration of our monetary independence.When I started the Bitcoin Center in 2013, I had a flourishing real estate business in downtown New York. I had an established career in developing technologies for political campaigns. Because of bitcoin’s reputation in the mainstream media back then, I knew that many of my relationships would be destroyed if I emerged as a public figure in the cryptocurrency space. When I launched the center, a press release was sent out revealing me as the founder even though I never wanted that information to go public. Immediately, concerned friends and family started calling me, asking me what I was getting myself into and wondering if I had lost my mind. Bitcoin was for illicit activities on the internet, they told me. This is nothing but video game money, said others. My life mission of personal freedom was more powerful than anything anyone could ever say to me.I knew I had to bring Bitcoin out of the back alleys and onto Wall Street for the world to take it seriously. So, for many years, by day, we taught reporters, stockbrokers, students, technologists and tour groups about bitcoin, for free, and by night, bitcoin and other cryptocurrencies were traded on the world’s first live cryptocurrency trading floor (also for free). Every day, we made our stand, not knowing which government agency might walk through the doors or what papers they might serve us, or even worse. Yet we stood there, like David with his slingshot up against the modern day Goliaths, in an open and notorious manner, unwavering and unafraid. For years, we fought tooth and nail and spread the ethos of decentralization far and wide, with a team of lawyers at the ready. Licenses were created against us to thwart the rate at which we were growing. Agencies worked tirelessly to figure out how to turn people off from adopting bitcoin, and yet the little bitcoin thrived against all odds.Then one day, we looked up and we realized something: Many big companies are attempting to bamboozle us. Microsoft, IBM, Goldman Sachs, JP Morgan, even Google and Facebook — overnight, all these goliaths of centralization are attempting to enter “blockchain.” They are touting what they call “blockchain,” but what they are actually peddling is another iteration of centralized control in, what is for many of them, a last ditch effort to stay relevant.Many people in our community were excited by the invasion of these goliaths because they had thought it might lend us legitimacy. But that’s only because they had been brainwashed into thinking that our community was otherwise illegitimate. We, the open, permissionless blockchain believers, are the legitimate ones.The reality is that the educational work we began at the Bitcoin Center is more important now than ever before as we continue to teach people the true meaning of decentralization. As many have said, and as I have said in forums in dozens of countries throughout the world, from Saudi Arabia to Sri Lanka: There can be no transparency, immutability or accountability without decentralization.The internet grew by leaps and bounds because it was permissionless. A permissioned internet would probably have been nothing in comparison. The same is true for the blockchain. Despite these powerful institutions and regulators who are shoving their centralized agendas down our throats, I am confident in the resilience and fortitude of our ever growing community to withstand these attacks. If we don’t all stand for something, we will fall for anything. We ha

2 months ago

State of Asia Cryptocurrency and Blockchain: Exchanges- Part 2

As you may have read in the last few weeks, we are rolling out a new post series for our Premium readers. It will feature recurring updates on the state of Asia Cryptocurrency and Blockchain. We have come up with 4 high-level topics, and every week we will be writing about one of these topics, and rotating through them in the following order. China (with commentary on recent regulatory trends, media sentiment, and touching on exchanges and company developments)Asia Countries ex-China (with commentary on regulations, media sentiments, crypto projects, exchanges, and company developments)Exchanges And Mining (Binance, Huobi, Upbit, Bitmain, Canaan, etc)Crypto Projects and Funding Trends Check out our previous pieces on China, Japan, Korea, Singapore, etc. This week, we are discussing Exchanges, specifically the Asian exchanges - Binance, OKEx, Huobi along with those that made headlines in Korea and Japan in the recent months. So many things have happened in the exchange world this past month. Since this is the first of our first monthly series on the topic, we are providing a deep-dive into Exchanges first, and will do another one on Mining in the next monthly series. We also recently saw great reception with our Quick Guide to Asia Market Entry - China, Korea, Japan, Singapore post, and we’ve shared a spreadsheet detailing the data here. Check it out and let us know if it’s helpful for you. Thank you for reading. This is part 2 of 2 of the series this week-we discussed Binance in part 1 of 2. In this second post of this week’s series, we’ll be discussing OKEx and Huobi and the exchanges in Korea and Japan. OKEx and Huobi Quick Take OKEx and Huobi’s recent housecleaning, and their US and international strategies What’s been happening: Despite being ranked the top 3 exchanges by volume, Binance, OKEx, and Huobi seem to have very different strategies and are approaching the exchange space from alternate angles. While Binance is doubling down in Singapore, OKEx looks to focus more on the US market, and Huobi in Asia. OKex has been doing some housecleaning. It has delisted a second swathe of trading pairs due to “weak liquidity”, removing a further 49 trading pairs from its order book. The company has also made progress in geographical expansion and product front. It has expanded in several regions in the last month including the Latin American market, with a trading platform that’s set to let users trade top cryptocurrencies against local fiat currencies. It has also built out a presence in Europe although have yet been given the green light to trade fiat. On the product front, the company announced a brand-new derivative product, Perpetual Swap, a peer-to-peer, virtual derivative developed by OKEx to enable traders to speculate the direction of the price of digital assets such as Bitcoin. OKEx’s new Piggybank product also enables customers to lend their fund as margin loans to margin traders. Meanwhile, the company also had to deal with an ongoing PR crisis. the firm was forced to push back against allegations made by Hong-Kong based trading firm Amber AI over its early settlement of bitcoin cash futures contracts last week, right before the BCH hard fork. As for Huobi, the exchange has also built out their presence around the world albeit with some operational hiccups along the way. For one, it has recently dismissed 60% of its workforce in Brazil, a country it entered a few months ago. Additionally, it has opened an office in Moscow, the first major crypto trading platform to have a physical presence in the country, notably with a Russian-language call center. In addition to the call center, this site provides back office support for OTC trading and listing, and personal managers for big clients. Despite such success, Huobi wasn’t able to get permission to setup fiat to crypto operation in Russia, similar to its US office. According to Coindesk, “They consulted with us a lot, and in the end, I think, we made them feel disappointed,” Vladimir Demin, head of the Center of Digital Transformations at the Russian government-owned development bank Vnesheconombank (VEB), told CoinDesk. “They were interested in providing fiat operations, but we told them it’s impossible.” In the meanwhile, the company created a new committee to work with China’s communist party, asserting that “it was necessary to implement” Communist Party principles and policies into private companies and maintain its foothold in China.” What this means: Despite being a relatively new entrant and underdog, Binance has outperformed the other 2 exchanges from an execution and branding perspective. OKEx has been constantly battling with image and operational issues such its trade execution hiccups, lack of transparency, and some even say integrity, at least from the surface. In both Chinese and US press, it’s frequently read that OKEx customers would bombard their China and Hong Kong offices and demand a response to their money loss or an e

2 months ago

Bain-backed Crypto Startup, Basis Says it’s Shutting Down

Basis, a crypto startup and once a high profile project which had bagged $133 million from top VCs announced that it is shutting down and also returning the money to investors. According to the report, it was an N.J-based cryptocurrency project which was started eight months ago and was working on ‘stable coin’. In fact, there was a lot of hype and interest it captures from the investors. No Ways To Escape From Security Classification Ventures capitalists that lend funds to this project was one-time Federal Reserve governor Kevin Warsh, longtime hedge fund manager Stan Druckenmiller, Digital Currency Group, NFX Ventures, Valor Capital, Bain Capital Ventures, GV, WingVC, Ceyuan, Andreessen Horowitz,one-time Lightspeed Venture Partners, Zhenfund, Sky9 Capital, Foundation Capital, and other A note mentioned on its officials website states as follows; Unfortunately, having to apply US securities regulation to the system had a serious negative impact on our ability to launch Basis. The basis was the brainchild of Nader Al-Naji who started it with former Princeton classmates Lawrence Diao and Josh Chen. However, the key reason behind closure is that the firm is unable to cope with the security status of token imposed by the U.S regulators. In fact, Basis founders also mentioned that they cannot assume what regulatory frameworks regulators may roll in future and henceforth its technology roadmap and regulations didn’t mix. CEO Al Naji said that “enforcing transfer restrictions would require a centralized whitelist, meaning our system would not only lose its censorship resistance, but also those on-chain auctions would have significantly less liquidity.” He writes that since their token is not registered as securities yet, they realized ‘there is no reason to escape from the regulations”. He went on to say that; “due to their status as unregistered securities, bond and share tokens would be subject to transfer restrictions, with [Basis] responsible for limiting token ownership to accredited investors in the U.S. for the first year after issuance, and for performing eligibility checks on international users.” These processes would result in a ‘fewer participants’ within a platform and thus affect the stability of Basis’. He asserted that ‘it modifies the whole point’ here. However, many things are still unclear about basis platform as to investors didn’t respond yet. Stay tuned with Coingape to know more about this. The post Bain-backed Crypto Startup, Basis Says it’s Shutting Down appeared first on Coingape.

2 months ago

With tools like the Crop, we see the ability to lend other a...

With tools like the Crop, we see the ability to lend other addresses your P3C and they collect dividends for a peri… https://t.co/KMjm5jwjBs

3 months ago

Top Asia Crypto News Roundup from Nov 29- Dec 1

What Crypto insiders are reading on Asia. Happy December! Thank you for your feedback on our new subscription service. As an appreciation, and for demonstrating that we are listening, we are offering our readers to try us out for just $5 a month. Use the code “december5” to get the offering or simply sign up through this link Separately, I will be moderating and spending several days at the World Digital Asset Summit in San Francisco from December 9th through 11th.Come talk to me about crypto and Asia, and meet all the other amazing speakers including Balaji Srinivasan and Lily Liu from Earn.com, Kyle Samani from Multicoin, Dawn Song from Oasis Labs, Avichal Garg from Electric Capital, and more. For a limited time, enjoy a 60% off to the conference with the code “wdas60” Share with Friends Top News in Asia from Wednesday to Saturday China’s regulator updates its crypto ranking for the 7th time — BTC upgraded from the 19th place in the previous month to the 13th place, EOS continues to occupy the top position of the overall ranking, followed by Ethereum: http://bit.ly/2zzszx1 Binance Info Gold Label Project aims to protect the blockchain community by encouraging projects themselves to update and maintain project-related information, alleviating the risk from information asymmetry. http://bit.ly/2KK5zQh Dan Larimer from EOS is reportedly working on a “token that would be immutable, nonprogrammable, and limited to a currency role.” http://bit.ly/2KOhAE0 Coinshares, a crypto research firm, estimates that 77.6% of bitcoin mining uses renewable energy and part of the answer lies in Sichuan, China. https://on.mktw.net/2KMasZ1 Bitcoin mining firm Canaan Creative temporarily cut prices across all of its crypto mining devices to $200 each in amidst bitcoin prices rebounding. http://bit.ly/2KSstVL SV Insight Research’s and Dapp dot com latest report on the “State of the Dapps” show that Chinese developers are leading the decentralized app charts with their gambling dApps. Coin and Token News Consensys works with Philippines to have its Manila residents paid in Ethereum for cleaning up Philippines’ polluted beaches: http://bit.ly/2DUrGSz ICON Team received the Korean ‘Minister of Science and ICT (MSIT) Award’ in recognition of its contributions to the development and popularization of the blockchain industry in Korea. http://bit.ly/2BL8GVa Steemit, Inc. is close to going belly-up and laid off 70% of their staff. http://bit.ly/2BK365f Deals and Funds Former Huobi CTO James Ju is launching a cryptocurrency exchange by the end the yearin Singapore. The exchange, which will be called BHEX, raised $15 million in equity from OKEx and Huobi, DHVC, Dfund, BlockVC and Genesis Capital: http://bit.ly/2U2Zy5l TRON announced its plans to launch a blockchain gaming fund dubbed TRON Arcade,$100 million over the next three years: http://bit.ly/2E7NzhZ Pundi X is partnering Singapore-based Quantum Energy Asset Management to launch a $100-million blockchain fund in January 2019. http://bit.ly/2KK3i7q Exchange News KuCoin, Singapore-based cryptocurrency exchange collaborated with Simplex to enable its user to purchase cryptocurrencies using their credit and debit cards. http://bit.ly/2KNFaB0 OKEx’s new Piggybank product enable hodlers to lend their fund as margin loans to margin traders. http://bit.ly/2KKkkCn Huobi US launched the first exchange billboard campaign in San Francisco. As part of the campaign, HBUS will eliminate all trading fees throughout the end of the year.http://bit.ly/2KMbsfR Regulation News India and Russia are to cooperate in blockchain amongst other tech areas, and both countries are increasingly looking towards utilizing blockchain’s potential within fintech and other sectors. http://bit.ly/2zDmUWB South Korea’s Ministry of Science and ICT will develop a blockchain voting system that will go on trial in the private sector in December. https://zd.net/2BK9qcZ Malaysian Finance Minister has revealed that a new set of comprehensive regulations guiding the activities of crypto exchanges and ICOs will come into effect in Q1 2019.http://bit.ly/2rh3h1U Business News Bitmain has launched a new cryptocurrency index as a benchmark for investors with a real-time spot price that is updated every second, and a daily reference price that is published once a day: http://bit.ly/2DUCBvs A Chinese cryptocurrency company plans to introduce a so-called “digital peso” inPhillipines next year to serve not only overseas Filipino workers but also Chinese nationals working here in the Philippines. http://bit.ly/2KMfbKm Taiwan-based tech giant Asus is now letting gamers use their GPUs to earn passive income when not being used for other PC tasks. Earnings will be paid out via PayPal or WeChat:http://bit.ly/2SmyKeF The Japanese arm of computer giant Microsoft has partnered with nascent blockchain startup LayerX to “accelerate” uptake of the technology: http://bit.ly/2U64Nky Japanese video platform c0ban.tv pays users its own cryptocu

3 months ago

Coinbase COO: Crypto is Enabling the Creation of Internet 3.0

The financial technology emerged from the underlying protocol of a crypto could be just the thing internet 3.0 is all about, believes Asiff Hirji. The president and chief operating officer of one of the largest regulated U.S. crypto exchange Coinbase put crypto technology at the forefront of the next internet revolution. Speaking at the latest Money2020 conference in the U.S., Hirji said that the next wave of innovation could witness the launch of many amazing companies that would solve two of the most significant problems of the internet today: money and privacy. “We are on the cusp on internet 3,” he explained. “We went from mainframe computing to distributed computing and created lots of value and amazing companies. Then, we went from distributed computing to cloud mobile - another wave of innovation, another wave of great companies being created. We are now creating a decentralized web.” Defining a Decentralized Web The term decentralization describes the state of being distributed while retaining a combined control over the system. It is more like a bottom to top approach, in which a system is governed by a protocol created and enforced by its limited number of actors. Bitcoin, for instance, became a prime example of a decentralized financial network. It is run by a protocol called blockchain, a chronologically-arranged chain of blocks containing information. In the case of Bitcoin, the info is mostly transactions. A single authority does not govern blockchain itself. Instead, it is run by a large group of miners that offer their computing power to record transactions on blocks. Therefore, the probability of data tampering becomes close to impossible as each miner keeps an eye on the rest of the miners. In return, miners receive Bitcoin tokens as rewards which, like Gold, can be traded over-the-counter (OTC) or online crypto-exchanges. Similarly, web decentralization also highlights a vision of a network that is genuinely peer-to-peer like that of Bitcoin. That said, this new internet should not require servers to run. Instead, it would need end-users to lend a part of their computing powers to run the entire network, making web 3.0 more autonomous than its predecessors. In its current format, the internet has become a highly controlled environment. It is now in the hands of a few players that creates the risks of data tampering and hacking. It also allows governments to misuse their power by putting their citizens under surveillance and impose censorship. Then, there are privacy issues that enable central authorities to steal, as well as sell users’ data to other bodies for monetary benefits. “We’re on the cusp of internet 3.” Watch @coinbase COO @asiffhirji explain how crypto is enabling the creation of the decentralized web at @money2020. “This will solve the two biggest problems with the internet today.” pic.twitter.com/Ek9hywE0Mk — Coinbase (@coinbase) November 28, 2018 “Internet 2.o didn’t take privacy seriously enough, which is why you and I and everybody else use these internet services for free,” said Hirji. “They mine all the data from us, and they turn us into products and sell us to advertisers. That’s the internet model of today, and it doesn’t have to be that way.” Related Reading: Coinbase Launches OTC Platform, Clients Still Bullish On Crypto Web decentralization is one of the most potential applications of the blockchain protocol. There are already companies in the space that is attempting to build the said solutions. Protocol Labs, for instance, launched Filecoin in August last year after raising $205m for a decentralized storage project. Nevertheless, the real potential of blockchain remains untapped due to issues related to scalability and interoperability. A centralized system is more likely to process requests and become adoptable than a decentralized one, which is why a separate digital ledger space is working sideways to find solutions for such problems. Hopefully, there will be. Featured image from Shutterstock. The post Coinbase COO: Crypto is Enabling the Creation of Internet 3.0 appeared first on NewsBTC.

3 months ago

OKEx Launches New Lending Portal, Offering Interest on Users' Cryptocurrencies

OKEx has entered the lending market with the launch of OK PiggyBank. This service allows users to lend their cryptocurrencies to margin traders, and in exchange, they’ll receive daily interest income.

3 months ago

Analyst: Too Early to Write Off Bitcoin, SEC Had Negligible Effect on Crypto Markets

As Bitcoin (BTC) fell further on Monday, finding itself under $5,000 in a first for 2018, industry savants quickly took to crypto’s side, in spite of the growing bearish sentiment. Surprisingly, a crypto-friendly partner at Washington, D.C.-based Anderson Kill, a centralized law organization, rushed to Bitcoin’s aid faster than many could utter “HODL.” SEC’s ICO Verdict Isn’t Bearish, Far From In Fact The Anderson Kill partner in question is Stephen Palley, who recently appeared on Bloomberg TV interview to lend his insight and tout his advocacy for cryptocurrencies. The Bloomberg host, touching on the U.S. Securities and Exchange Commission’s recent crackdown on Airfox and Paragon, asked Palley, a lawyer by trade, about the overarching “message” that the regulator was sending via its heavy-handed verdict. Related Reading: SEC Orders Airfox and Paragon to Return Millions to Investors on ICO Registration Violations Surprisingly, contradicting popular sentiment, Palley noted that the SEC “isn’t in business” of sending foreboding messages, especially when is enforcing laws and/or sending cease and desist orders. Instead, as made apparent by the SEC’s infamous DAO report and “Munchee” filing, the lawyer noted that the governmental agency is openly acknowledging that blockchain technologies are “nifty,” while seeking to make moves in its jurisdiction. And, as discussed by the Anderson Kill partner, this logic carries over to Airfox and Paragon, two ICO-funded crypto startups mandated to pay $250,000 in fines and refund investors affected by its illegal sale of securities. He elaborated: “What the SEC said [in the verdict] was common sense. Just because its newfangled technology doesn’t mean that these very established securities laws don’t apply... in a statement, the SEC, concurrent with the two verdicts, explained that the technology is ‘cool’ and they’re in favor of innovation, but don’t forget to obey the law.” Contradicting reports and rumors, Palley, wrapping up his comments on the matter, explained that latest crypto drawdown, which cut $40 billion off the aggregate cryptocurrency market capitalization, isn’t correlated with the SEC’s move against ICOs. Likely referencing ICORating’s recent report regarding the relative collapse of token sales, the host queried the lawyer about the disappearance of this formerly-booming cryptocurrency subset. Responding as a lawyer would, Palley noted that startup’s looking to raise capital, while skirting securities laws via token sales, are essentially writing dead letters. But, the Anderson Kill lawyer noted that the ICO model is far from dead in the water, or at least outside of the U.S. that is. “I Would Not Write Off Bitcoin Or Ethereum” Carrying this logic over to native cryptocurrencies, digital assets that aren’t created on the back of sales, Palley pointed out that he would be remiss to write off Bitcoin or Ethereum, adding that the technology itself is revolutionary. Even cutting out some time to talk prices, the cryptocurrency proponent noted that while the wallets of late-2017 entrants are likely hurting, from a long-term investment standpoint, BTC isn’t something to be cast to the wayside. Interestingly, this sentiment lines up with the results of a recent poll conducted by Ron Paul, a now-retired U.S. politician that has a penchant for pushing the envelope. The poll, which asked a simple, but thought-provoking question — If a wealthy person gifts you $10,000 for a 10-year investment, would you allocate the gift into Federal Reserve Notes, Gold, BTC, or US 10-yr Treasury Bonds? — quickly garnered thousands of votes. To the chagrin of traditionalists, 50% of respondents indicated that they would allocate their gift into BTC, while only 11% and 2% would throw the $10,000 at U.S. 10-year bonds and Federal Reserve notes respectively. Paul’s tweet undoubtedly underscores the sentiment that crypto is here to stay, despite the short-term price nuances. Featured Image from Shutterstock The post Analyst: Too Early to Write Off Bitcoin, SEC Had Negligible Effect on Crypto Markets appeared first on NewsBTC.

3 months ago

Americans are splurging on all flavors of subprime debt

American subprime borrowers are stocking up on all kinds of debt, from home mortgages to automobile loans and credit cards. Personal loans have been especially perky, as financial technology upstarts compete to lend to consumers with spotty credit histories. The amount of personal loans outstanding rose to $132 billion in September, an 18% increase from a year earlier, according to data from TransUnion, a credit bureau. The subprime segment grew at the fastest rate, expanding 28% from the same period in 2017. SoFi, Marcus, Prosper, Best Egg, Avant, and Upstart account for more than 30% of all new personal loans, according to Experian. A healthy economy is one reason for the borrowing uptick. So far, delinquency rates—a measure of how well loans are performing—are lower than they were in 2015 and 2016, according to TransUnion. Lending has also gotten a boost from the Trump administration, which has relaxed some financial regulations and prevented consumer protections targeting high-interest lenders and payday loans from coming into force. “The favorable regulatory environment has fueled growth in non-prime lending, with fintechs leading the way,” Jason Laky of TransUnion said in a statement. “Banks and credit unions continue to compete in the personal loan market and are offering larger loans and longer terms to prime and better consumers, whose overall balances are growing the quickest.” Personal loans used to be mainly used by people with poor credit who lacked access to credit cards or home-equity loans. Such debt is unsecured, meaning it’s not backed by collateral like for car loans and home mortgages. Unsecured debt can result in greater losses for lenders when there’s a default. Fintechs have reinvented personal loans. Their digital platforms can quickly analyze and make a decision on whether to lend money. The lack of collateral means less paperwork, which speeds up the borrowing process. While growing debt loads may be a sign of a robust economy, it also raises questions about how these loans will hold up when conditions eventually deteriorate. The new breed of financial firms sometimes tout proprietary credit scoring. Avant, for example, says it uses big data and machine learning in its lending decisions, but it hasn’t yet been tested in an economic contraction. Personal loans, which are sometimes used to refinance credit-card debt or for things like home improvement, are still a sliver of all consumer credit, which amounts to around $4 trillion. We may soon find out if fintech pixie dust is helping extend credit to underserved borrowers capable of paying it back, or whether the new subprime debt is a lot like the old subprime debt. The future of finance on Quartz This week Quartz launched its membership program. Our first series is about the future of digital money: Cash is dead— long live cash. We’ve got a giant guide to a world without paper money, a Q&A with Harvard’s anti-cash professor Kenneth Rogoff, as well as stories about the reinvention of M-Pesa and the cash economy that keeps America’s legal marijuana businesses running. Elsewhere at Quartz, India is looking to ban bitcoin. That could mean cracking down on exchanges, which may push trading underground. Technology is helping investors put their money where their morals are. A nonprofit has created an online screening tool to find out how a given mutual fund scores in terms of gender equality. Narendra Modi cracked a crypto tech joke. The Indian prime minister, of all people, said the best way to raise lots of cash is to say you’re working on a blockchain business. The future of finance elsewhere Swiss regulators are investigating whether the country’s major banks colluded to boycott mobile payment providers like Apple Pay and Samsung Pay. Credit Suisse and UBS are among the banks reportedly targeted in the probe. Berkshire Hathaway bought a $4 billion stake in JPMorgan. Warren Buffett’s investment conglomerate also has positions in Wells Fargo and Bank of America. The UK has lost two-thirds of its bank branches (paywall) in the past three decades. Less populated parts of Scotland have been hardest hit, as consumers do more banking online. Binance warned Iranian users to withdraw their funds from its accounts. The Malta-based crypto exchange (crypto, remember, was meant to be a stateless digital currency) is looking to comply with US sanctions against the Islamic Republic. Ant Financial says tech services will be its primary business and not just payments. Chinese authorities have cracked down on Ant and Tencent’s payment businesses. Previously, in Future of Finance Friday Nov. 9: People who use mobile fintech apps tend to make worse financial decisions Oct. 5: Elon Musk had a radical, revolutionary idea for finance in 1999 — it’s finally being realized Sept. 28: A booming Stripe shows digital payments aren’t about to be replaced by blockchain

3 months ago

Interesting cryptocurrency business ideas for 2019

2018 is the year, the world has woken up, all eyes wide to cryptocurrencies and blockchain. All of the sudden, there is a huge rush among entrepreneurs, investors, startups towards starting an innovative cryptocurrency business. Thanks to the sudden surge in ICO’s and the price of cryptocurrencies earlier this year, the belief in this ecosystem is seeing a hockey stick growth. Also thanks to Startups like “BitExchange”, you can get ready-made blockchain projects [along with 100% Source code] to kick start your venture in 2019 instantly. Cryptocurrency exchange business A cryptocurrency exchange allows anyone to seamlessly trade their cryptocurrencies for other cryptocurrencies or sell it and get fiat currency [USD, AUD, EUR, INR]. Users holding cryptocurrencies would want to trade and multiply or sell it to others. Because of the recent increase in awareness about cryptocurrencies, more and more people are trying to purchase them and this scale of demand cannot be handled by the existing exchanges. Hence, there’s scope for more exchanges. In the recent times, it is even easier for an entrepreneur to start a cryptocurrency exchange business by using a ready-made cryptocurrency exchange script that efficiently matches all the orders on the platform and safely execute the transactions. However, you would need to invest in securing the exchange as it is a prerequisite for starting an exchange. Because of its ease to start, this idea tops the trending cryptocurrency business ideas list. Blockchain powered cross-border payments app Even today, making payments to friends and family abroad is expensive and would take days, owing to middlemen [Banks, exchange agencies, etc] and settlement systems that were built to make money at every stage of transaction. This would bloat up the cost of sending payments to overseas. A blockchain powered app that uses Stellar Lumen’s token, XLM would enable faster transactions by cutting off additional middlemen that slow down the process. Payments made in the sender’s fiat currency [assuming it’s USD] would be converted to XLM tokens and the XLM tokens are sent to the recipient. The recipient can then request for withdrawal in their fiat currency [behind the scenes the XLM is converted to their region’s fiat currency and deposited to recipient’s bank account]. All this at a fraction of the cost and less than a day’s time and now you probably know why it’s among the list of trending cryptocurrency business ideas. Bitcoin borrowing/ lending business The lending and borrowing business thrives globally based on the growing needs and wants of the consumers. It is estimated to go trifold as more and more millennials are looking for avenues to make wise investments with less risks and high returns. As they are also one of the early adopters of cryptocurrencies and offering them a way to multiply their cryptocurrency asset is lucrative. Giving them a guaranteed return for a fixed period of time would woo investors who would want to lend their cryptocurrency assets. Using a Bitcoin borrowing and lending script, you can start a lending business, manage the customer’s, keep track of the transactions, automatically remind borrowers to payback on time across channels, etc. Your source of revenue would be partially through the investments you make with these cryptocurrencies and partially through the interest that is being backed by the borrowers. If you’ve been in the lending and borrowing industry for a while and know it inside-out, this would be your favorite among the trending cryptocurrency business ideas listed here. Bitcoin wallet-as-a-service business Next on our list of trending cryptocurrency business ideas is the Bitcoin Wallet-as-a-service. As you know, cryptocurrency exchanges are extremely vulnerable to attacks and keeping cryptocurrencies in the exchange’s own wallet can be compared to a ticking time bomb waiting to explode, the risk of losing cryptocurrencies is always high. Seasoned traders often shift the cryptocurrencies to a secure wallet that is not operated by the exchange to safeguard it. Starting a Wallet-as-a-service platform would require you to securely store the cryptocurrencies on behalf of the users. Additionally, if you can build the capability to send and receive cryptocurrencies, it makes people’s lives easier. Integrating it with other businesses will allow user to make cryptocurrency payments. You would make money on every transaction executed through the wallet or charge them a subscription fee. Blockchain crowdfunding business Aspiring creators with path breaking ideas often face rejection from investors who fail to see the value in the product. Their secondary medium of choice to raise funds? Crowdfunding. Crowdfunding is a concept that allows a large pool of general public to see what the idea is and then, if they believe in the idea, can choose to contribute sum as small as $5 to anything. Crowdfunding campaigns when backed by many people ha

3 months ago


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