EthLend LEND

$0.0066
Market Cap $ 7.211 MM (#264)
24h Volume $ 113.113 K
Chg. 24h: -4.75%
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EthLend News

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

9 days 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

13 days 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.

15 days 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.

17 days 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.

24 days 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

a month 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

a month ago

IMF Urges Consideration of National Crypto: Harness Benefits, Manage Risks

Reaffirming an open stance to the versatile application of blockchain technologies and digital currencies, International Monetary Fund (IMF) Managing Director Christine Lagarde has furthered the discussion surrounding the prospect of central bank digital currencies (CBDCs). She said that they should be considered and urged further discussion about the potential roles of central banks. Speaking at the Singapore Fintech Festival on 14 November 2018, Lagarde opened up to the audience about the disruptive nature of technological change and said: “The key to is to harness the benefits while managing the risks”. Crypto-race In her speech, she noted three areas for her address: the evolving nature of money and fintech development, central bank roles in the new financial landscape, especially regarding CBDC, and an examination of downsides and steps toward mitigation. Noting the larger names in the space such as Bitcoin, Ethereum and Ripple, Lagarde believes that cryptocurrencies are seeking a firm position in the “cashless world” and are “constantly reinventing themselves” as they hope to seek more legitimate grounds through stable values, as well as cheaper and faster transaction settlements. CBDCs According to Lagarde, e-money providers consider themselves to be less risky than banks due to the fact that they do not lend money and that cryptocurrencies are seeking to “anchor trust in technology”. However, she remains skeptical and retains the belief that “proper regulations of these entities will remain a pillar of trust”. Lagarde published an article earlier this month (November 2018) that established the case for regulations that don’t stifle innovations, offering a balanced argument for and against cryptocurrencies. After revealing the latest IMF paper named ‘Casting Light on Central Bank Digital Currencies‘, one that covers the pros and cons of the concept, Lagarde said, “We should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy.” Key points Firstly, she argued that CBDCs may offer “great promise” in the area of financial inclusion; at their core, cryptocurrencies are capable of reaching any corner of the globe with a computer and an internet connection, thus providing rural areas populated with individuals and businesses with a robust financial tool. Efforts to connect unbanked rural areas to the national financial network are already underway in the Philippines. Secondly, she discusses digital currency in the context of security and consumer protections; suggesting that just as the introduction and subsequent dominance of cash (paper and coins) provided a low-cost and widely available solution, digital currencies can also do so. She said: “Regulation may not be able to fully redress these downsides. A digital currency could offer advantages, as a backup means of payment. And it could boost competition by offering a low-cost and efficient alternative — as did its grandfather, the old reliable paper note.” Lagarde sees digital currencies as having a third potential benefit which is privacy, though she also argues that banks would not be ready to offer a fully anonymous digital currency due to it creating a “bonanza for criminals”. Lastly, she lists three downsides to CBDCs: Financial integrity risks, financial stability, and risks to innovation, areas that have also been questioned by other institutions around the world including the Bank of England. Conclusively, Lagarde looks optimistically toward the future and “more fundamentally”, retaining an open mind to change. She said, “In the world of fintech, we need to harness change so it is fair, safe, efficient, and dynamic.” 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 IMF Urges Consideration of National Crypto: Harness Benefits, Manage Risks appeared first on BitcoinNews.com.

a month ago

Retail Giant Target Becomes Latest Victim of Bitcoin Twitter Scam

The latest victim of a crypto Twitter scam is global retailer, Target. The U.S.-based corporation confirmed that they had suffered a 30-minute security breach. Twitter has been abuzz (aflutter?) recently with crypto scams. Just last week, Live Bitcoin News reported on how billionaire entrepreneur, Elon Musk’s, account was hacked with the Tesla CEO seemingly promising massive returns on investments if followers simply contribute a small number of bitcoins. Now, according to The Next Web, the Twitter account of major U.S. retailer, Target, is the latest to be hacked. In a tweet that has since been deleted, the company’s two million followers were allegedly promised over $31 million worth of Bitcoin. Target Becomes a, Well, Target The tweet stated: We giving 5 000 Bitcoin to all community! We present cryptocurrency payments for your purchases in our store, and want to celebrate this event with all users! We organize the biggest crypto-giveaway in the world! The poorly written tweet then goes on to request that users send 0.2 to 2 BTC to the address provided, after which, they will receive 2 to 40 BTC back. But wait, there’s more! If they send more than 1 BTC, they’ll get an extra 200% back! Can you believe it!? No? Neither can we. In order to make the scam somewhat believable, the comments section showed a slew of equally hacked happy customers. These include the University of Toledo Athletic Department, who received 20 BTC and even, randomly, the United Nations High Commissioner for Refugees in Serbia. This is a common modus operandi of these Twitter fraudsters as they believe that comments by well-known people will lend more legitimacy to their cause. Breach Confirmed A spokesperson for Target confirmed the security breach: Early this morning, Target’s Twitter account was inappropriately accessed. The access lasted for approximately half an hour and one fake tweet was posted during that time about a Bitcoin scam. We’re in close contact with Twitter, have deleted the tweet and have locked the account while we investigate further. However, while now contained, there is still no information on who the culprits of the scam are. Live Bitcoin News has previously reported that security researchers have found over 15,000 bots in the Twittersphere pushing cryptocurrency scams. In fact, they concluded that some of these fraudsters are even working together, going for the old strength-in-numbers approach. While this appears to add to the erroneous assumption that the cryptocurrency industry as a whole is dodgy, that’s obviously not the case. These hacks and security breaches will most likely continue but potential victims need to be able to spot these scams and steer clear. If its too good to be true, it is. Have you ever found yourself the victim of a crypto Twitter scam? Let us know in the comments below! Images courtesy of Shutterstock. The post Retail Giant Target Becomes Latest Victim of Bitcoin Twitter Scam appeared first on Live Bitcoin News.

a month ago

@BrooksClifford Sorry about that! We’re working on finalizin...

@BrooksClifford Sorry about that! We’re working on finalizing our ability to lend in Minnesota and will be sure to… https://t.co/iyq9sM05cz

a month ago

XRP Price Will Benefit From Support by Cred and UAE Exchange

Most of the top cryptocurrencies appear to be recovering some of their lost value in the past 24 hours. Although there is plenty of work to be done, the current trend is a lot more promising than anything traders have seen since Monday. For XRP, the renewed push to $0.55 appears to be in full effect. A lot of great news shows this asset remains of great value to both speculators and enthusiasts alike. XRP Price Starts to Look Bullish Again It is evident people have high hopes for XRP moving forward. That is only normal, as this asset has always been a lot more bullish compared to other cryptocurrencies. This has become even more apparent throughout 2018, although the year is far from over. The expected push to $0.55 in the past few weeks never materialized, but this current rebound paints an interesting future. Over the past 24 hours, there has been a very small XRP uptrend in both the USD and BTC department. These gains are not spectacular by any means, but there is some reason to get somewhat excited at this time. Considering how XRP has not had much luck this week, this new momentum has some people speculating about what comes next. Even though the partnership between RippleNet and National bank of Kuwait was inked in May of 2018, it is getting a lot of renewed attention this week. No official news has been released in this regard, but it is evident there are plenty of potential consequences regarding this partnership. It is a bit unclear if and when a commercialized product will come to market in this regard. NBK leads the way in Kuwait in a partnership with RippleNet to offer instant cross-border payments to customers@Ripple pic.twitter.com/YCbDtmxnqV — National Bank of Kuwait (@NBKPage) May 29, 2018 Secondly, it would appear there is a new partnership between the AUE Exchange and Ripple. Both entities want to promote and smoothen cross-border payments. As part of this agreement. UAE Exchange will become the first money transfer business in the Middle East to promote real-time settlement solutions. Another notch in the belt for Ripple. #UAEExchange partners with @Ripple for instant cross-border payments & becomes the first global #money_transfer business in Middle East to offer real-time, seamless #payment solutions using #blockchain technology. Read more: https://t.co/iXbUycOB6b pic.twitter.com/vC8cagF3s9 — UAE Exchange (@uaeexchange) February 11, 2018 Last but not least, XR continues to make inroads in the financial sector. Cred, a provider of cryptocurrency-backed lending services, is currently in the process of collateralizing its loans with XRP. That is a very valid use case for RIpple’s digital asset and one that can effectively drive higher adoption moving forward. A lot of puzzle pieces are coming together for XRP right now, which can push the value a lot higher. Cred @ihaveCred Secures $50 Million Global Credit Facility to Lend Against XRP https://t.co/Ml4i5HcWnK #xrp. — XRP.co (@xrp_co) November 10, 2018 Based on the current circumstances, there is a very good chance thing will improve for the XRP value in the coming hours and days. A renewed push to $0.55 is not out of the question, albeit it remains a bit unclear how long this uptrend can last. If Bitcoin is to dip again, every other currency will quickly follow suit. XRP is not an exception in this department. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post XRP Price Will Benefit From Support by Cred and UAE Exchange appeared first on NullTX.

a month ago

Bakkt Launch Next Month May Not End Bear Market

Intercontinental Exchange’s “regulated ecosystem” for Bakkt should launch December 12, but “lingering concerns” remain, industry figures warn this week. ‘Lingering Concerns’ Over Long-Term Plans In a series of tweets, securities lawyer and regular social media commentator Jake Chervinsky summarized the gaps in public knowledge about Bakkt, which is still awaiting regulatory permission to begin operations. “In the minds of many, Bakkt’s launch has become a full-fledged narrative for when & how the bear market will end,” he wrote. “ Hype aside, some people have lingering concerns about Bakkt.” 0/ @Bakkt plans to launch next month on December 12, and some people are hoping it kicks off another crypto bull run. Now seems like a good time for a quick discussion on: - what Bakkt is- why it might be exciting- when it will get regulatory approval Thread. — Jake Chervinsky (@jchervinsky) November 6, 2018 If all goes to plan, December 12th will see the company launch one-day physical Bitcoin futures. As Bitcoinist has previously reported, this will allow institutional investors to take physical ownership of cryptocurrency, setting the offering aside from many current futures available on the market, including pioneers CME Group and Cboe. Buzzword Rehypothecation While Bakkt executives have used that narrative to quash fears about the platform having a detrimental effect on Bitcoin 00 long term, critics maintain they have not been thorough enough in their explanation. Highlighting the lack of a complete picture, Chervinsky quotes ex-Morgan Stanley senior executive Caitlin Long, who in October relayed her concerns on social media. These specifically revolve around rehypothecation, the practice of financial institutions using deposited client collateral to their own ends. “[A] big open question (is) will (Bakkt) lend coins in its warehouse?” she explained. Rehypothecation could happen at any of 3 levels (futures contract, clearinghouse, warehouse) - Bakkt has only answered regarding futures contract. [The] warehouse is where it would normally happen (and) that question not answered Bakkt officials subsequently reiterated their “transparent” approach to their offering in what was seemingly a fresh bid to calm industry doubts. Further “mysteries” remain on the horizon regarding the platform. After the futures, Chervinsky notes, the next phase of the platform’s expansion could be a different offering altogether, yet the major partners involved for him suggest “some type of consumer-grade payment system. Maybe the kind you’d use at Starbucks to buy coffee with bitcoin,” he added. “We’ll have to wait and see.” What do you think about Bakkt’s unanswered questions? Let us know in the comments below! Images and media courtesy of Shutterstock, Twitter (@jchervinsky) The post Bakkt Launch Next Month May Not End Bear Market appeared first on Bitcoinist.com.

a month ago

World's Largest Decentralized Lending Protocol EthLend Launches In The US

EthLend, the world's largest decentralized lending protocol has opened its doors to US clients. It has over $15 million in lending volume since the beginning of 2018. Also, the company is working on a new update that would make EthLend platform usable without requiring MetaMask. With less than two more months to go, EthLend expects to reach $20 Million in lending volume by the end of this year. EthLend (LEND) is priced at $0.020506, gaining 3.49% in the last 24 hours. (VS)

a month ago

Spain Bank BBVA Announces $150 Million Syndicated Loan on Blockchain

Spanish banking behemoth BBVA has announced it has completed a pilot test of a syndicated loan through a DLT system, according to a report from Financial Times. The report states that the Spanish bank organized the loan for Red Electrica, the national grid operator and the biggest electricity distribution company in the country. BBVA organized the syndicated loan through two other banks namely Mitsubishi UFJ Financial Group and Paribas from France. The loan was agreed by these three banks and then recorded on the Ethereum blockchain to make the transaction immutable. A syndicated loan is when a number of banks team up to lend money to one borrower, usually a big company itself. Since syndicated loans normally involve significant funds, the data for the loan was time-stamped at each step of the process. Traditionally, banks rely on centralized records for complex information like a syndicated loan. They normally involve fax papers which is not only slow but also expensive and inefficient. Blockchain has been touted as a major disruption technology for banking circles which are most affected by these outdated technologies. It can also lower the transaction times from two weeks to one or two days while reducing operational costs. BBVA, buoyed by the recent success of a blockchain-based syndicated loan process, is now investing more into DLT and will look to process more loans like that in the future. This is not the first time the bank has issued a blockchain-recorded loan. In April, a USD 91 million sum was approved for corporate clients and recorded on the Ethereum blockchain for safe-keeping. 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: Pexels.com The post Spain Bank BBVA Announces $150 Million Syndicated Loan on Blockchain appeared first on BitcoinNews.com.

a month ago

Bitcoin Twitter Scam: Hackers Rake in $180,000 in BTC Posing as Elon Musk

Hackers posing as notable tech billionaire, Elon Musk, on Twitter are defrauding people via fake Bitcoin giveaways. One attempt, in particular, amassed more than $180,000 in Bitcoin from the scam. Fake Bitcoin Giveway An elaborate Bitcoin scam recently surfaced on Twitter with fraudsters pretending to Tesla CEO, Elon Musk, promoting a cryptocurrency giveaway. The fake giveaways usually promise a return of 10x for people who send between 0.1-3 BTC to a listed Bitcoin address. To make matters worse, many of these attempts are even supported with targeted ads on Twitter giving them more extensive exposure. The fraudsters also try to create websites that contain elements relating to Elon Musk including companies like SpaceX. One such attempt - by Musk imposter @PantheonBooks - directed users to musk[.]plus and, using the BTC address 1KAGE12gtYVfizicQSDQmnPHYfA29bu8Da, managed to scam participants out of $180,000 worth of Bitcoin. To lend further legitimacy to the scam, these hackers are gaining control of Twitter accounts of government agencies in different countries. These commandeered Twitter profiles are then used to post false claims of being recipients of the BTC giveaway. Twitter Scam Bots Entering a New Dimension These days, scam bots on Twitter are stepping up their game even as the platform tries to combat their activities. In this latest iteration, rather than create fake Elon Musk Twitter profiles, scammers hijack other verified accounts, changing the name to that of the Tesla CEO, or something that looks like it at a casual glance. Not content with impersonating Elon Musk (who for some reason appears to be the preferred “face” of this scam), these fraudsters go on to appear on legitimate tweets by the Tesla CEO. They act like they are the real Elon Musk before posting links to fake cryptocurrency giveaways. Recently, Pathe UK; a film studio, has its Twitter name changed to Elon Musk and used to promote a fake Bitcoin giveaway for “spacex[.]plus.” Pathe has since been able to take back control of its account, deleting the fake posts. For their part, Twitter continues to fight against such practices. In a statement to the BBC, a spokesperson for the social media giant said: Impersonating another individual to deceive users is a clear violation of the Twitter Rules. Twitter has also substantially improved how we tackle cryptocurrency scams on the platform. In recent weeks, user impressions have fallen by a multiple of 10 in recent weeks as we continue to invest in more proactive tools to detect spammy and malicious activity. This is a significant improvement on previous action rates. Why do people continue to fall for such obvious scams and what can be done about it? Let us know what you think in the comments below. Images courtesy of Bleeping Computer, Shutterstock The post Bitcoin Twitter Scam: Hackers Rake in $180,000 in BTC Posing as Elon Musk appeared first on Live Bitcoin News.

a month ago

Giacomo Zucco Exclusive Interview (Complete and Uncut)

In his exclusive interview with Crypto Insider’s Vlad Costea, Italian Bitcoin maximalist Giacomo Zucco has been very talkative and open about his beliefs. He took his time to explain his vision for The B Foundation, he provided precious details about his personal definition of Bitcoin maximalism, and was even kind enough to rank the top 20 cryptocurrency projects on CoinMarketCap. In between, Mr. Zucco has also expressed his view on the cryptocurrency community at large and how the libertarian ideals were never dissolved by greed. The interview itself is 97 minutes long and does exactly what Giacomo Zucco suggests: it lays down the ideas that he never seems to find the time to write down in articles. It’s a collection of fascinating opinions on the current state of the cryptocurrency market and community, and it’s very likely that some moments will become a point of reference in the future. Enjoy watching this charismatic Italian deliver an entire marathon of arguments for Bitcoin maximalism! Attached you will find a complete transcript: Vlad: Hello this is Vlad and welcome to the Interview of Crypto Insider! Today I’m going to be talking with Giacomo Zucco who is a well known Bitcoin maximalist and one of the few people who embraced the label of being a maximalist despite all the bad meanings that it might have. And that’s something that we’ll be discussing today, so hello Giacomo! Giacomo Zucco: Hi everybody! We’re not so few, I mean there are a lot of people that are self labelling maximalist but, yeah. Vlad: It seems to me like a derogatory term on Twitter, and some people appropriate the idea and say “you know I’m also a maximalist but at the same time I also believe in Monero or in Litecoin or whatever”. And I remember the last episode of Magical Crypto Friends which is with Charlie Lee and Fluffy Pony, Whale Panda, and Samson Mow, and at some point they all said “you know we are all bitcoin maximalists in the sense that we want bitcoin to succeed and we want it to be the best coin but we don’t want it to be the only one, or not necessarily”. So do you think there are layers to being a maximalist? Giacomo Zucco: There certainly are because the term itself was created in a derogatory form from Vitalik Buterin and others in order to represent these approaches as wrong. So it was some kind of blockchain slang and some of us adopted that in order to diffuse their rhetorical attempt. So now everybody is using the term in different ways. I tried to give a presentation about a very very scary street definition of maximalist with a lot of bad connotation in order to try to prove that even that very very scary cult like definition of maximalist is actually very very close to what a cautious approach would be to this ecosystem. So yeah there are Fluffy Pony and Charlie Lee are people who are contributing somehow to bitcoin so in a way I would say they are defintiely bitcoiners. I tend to use the term maximalist in order to imply that I really do not think that altcoins can succeed in general. So while I’m not sure that Bitcoin will succeed, I’m kind of sure, as sure as I am as other things like that small private internet that you create in your garage is not going to take over the internet very very soon. In that same way I’m sure that altcoins cannot be sustainable and deliver what they promise. While bitcoin could very well fail itself. From a destitute point of view, I am like a fifth morning maximalistmeaning that I recognize right now that the USD unfortunately is the kind of money that people is using. It sucks because it’s manipulated and inflated and difficult to transmit over the internet without third parties and third parties can sensor you and spy on you and track you they can enforce KYC/AML mafias. So it’s a bad situation but that’s the reality. Bitcoin could, maybe overthrow that. I hope that it will. And I think there are very very good chances it will. While altcoins by definition I think they cannot succeed. Vlad: I remembered last week I had an interview with Jimmy Song and he had a controversial statement that it’s a good idea to spend with you credit card and then pay with bitcoin that you have. Do you think that up to this point it’s a better idea to actually use fiat for your purchases and save your bitcoin just for emergency spending? Giacomo Zucco: Yea I completely agree. Actually in the presentation of Riga about maximalism I included also this part. So I argued these points in a satirical and sarcastic way but also serious in a way with some nuances, I argued first my position about altcoins and that they cannot succeed. Basically, altcoins are a scam in very loose definition of the term for some, and a very strict definition of the term for others. The second point was that any important change to the base rules of bitcoin is also something that we should reject and we should basically not accept. And the third point was about spending. I simplified version of wh

a month ago

Iceland Farmers’ Innovative Solution To Bitcoin’s Energy Challenge

Bitcoin’s energy-intensive mining process has been one of its greatest challenges and while various solutions have been proposed, none has quite solved the challenge. However, a group of farmers in a small village in Iceland have found an innovative way to earn cryptos while warming up their houses. The farmers lend out their excess geothermal energy to one of the locals who operates crypto mining equipment, thereby earning extra income. The farmers further use the excess power for other uses such as heating their homes. Mining With A Difference In Iceland, crypto mining has quickly grown to become one of the most vibrant globally, aided by the cold weather and the cheap electricity. The small nation supplies more electricity to crypto mining firms than it does to its 334,000 citizens. Most of the mining is done by multinational mining firms such as Genesis and BitFury. However, one of the residents in the southwest Reykjanes region has been making steady progress in crypto mining, and she has found a way to incorporate the local community. Krista Hannesdóttir, a native of the Reykjanes region in southwest Iceland, has a crypto mining firm that is admittedly tiny located in a former fishing factory near the local Keflavik airport. However, it’s her initiative with the local farmers that has proven to be quite profitable. Krista installs her crypto mining equipment, pays the farmers for their excess geothermal and then uses the machines’ excess power for other uses such as heating, a welcome benefit in the usually cold Icelandic weather. With most farmers having large unutilized space in their farms, Krista gets to reduce the rent she would have had to pay had she rented commercial space. Speaking to Wired, she stated: Farmers have a lot of storage space, so it’s easier for us to move our equipment to their location. You can also heat up the storage space, which is quite clean. So generally speaking, it’s reducing rent, and reducing energy cost. The initiative wasn’t without its challenges, Krista revealed. For one, convincing the farmers to let her set up her equipment on their premises wasn’t an easy task. Most of the farmers hadn’t heard about cryptos before this. We really had to explain what it was, that it’s a machine that makes money and uses energy. People are wary, obviously, because it sounds too good to be true. But in reality it’s really beneficial for us to get energy and space at a lower cost. The activity has been kept under the radar for quite some time now. The farmers, who have been making some good passive income, are not too eager to let the authorities learn of what’s happening on their farms as they fear it could lead the government to revise the subsidies it gives them for geothermal energy. The legal framework for the activity is also uncertain, further incentivizing the farmers to keep mum about the activities. Crypto mining has elicited sharp debate globally, with environmentalists insisting that it’s unsustainable. In June, Quebec province in Canada increased its electricity rates by 300 percent for Bitcoin miners in a move meant to discourage the rising number of crypto miners. The post Iceland Farmers’ Innovative Solution To Bitcoin’s Energy Challenge appeared first on NullTX.

a month ago

Victims Lose $130K in Elon Musk Scam through Movie Firm’s Twitter Hack

The Twitter account of Pathé - Europe’s second largest film studio and the world’s second oldest operating movie company - was recently hacked netting perpetrators over $130,000 in BTC. Update: as of 5:30 pm (CET), Pathé has managed to recover its Twitter account. The scammers posted a sponsored tweet, in which they requested small amounts of Bitcoins, promising unrealistically high returns. To lend more credibility to their scam, the perpetrators even updated the movie company’s Twitter account to impersonate Elon Musk. “To verify your address, send from 0.1 to 1 BTC to the address below and get from 1 to 10 BTC back! BONUS: Addresses with 0.50 BTC or more sent, gets additional +200% back,” as stated, impersonating Elon Musk and faking a 10,000 BTC giveaway. Since Pathé has recovered its Twitter account and deleted the malicious tweet, the hackers had quite a track record with 850 retweets and 3,700 likes. The movie company has since edited the avatar of its profile as well as the display name and removed every mention of Elon Musk from its Twitter account. However, that small amount of time was enough for the perpetrators to dupe people out of more than 20 BTC (over $130,000). The fake giveaway was particularly devastating as Pathé has a verified Twitter account and well over 20,000 followers. The “Elon Musk Giveaway”: History of fraud The criminals used the “trending” Elon Musk fraud, in which the perpetrators impersonate the Tesla CEO, claiming that he is holding a “crypto giveaway.” To enter the giveaway, you obviously have to send BTC or any other cryptocurrencies to the swindler’s address. Of course, in the end, no one gets any coins - except the con artists who leave with all the money, stealing the hard-earned cryptocurrencies of the victims. Elon Musk Giveaway. Image by TheCoinShark If you are a regular Twitter user checking out crypto-related tweets each day, there’s a good chance you have already come across this scam. A few weeks ago, even Elon Musk (the real one this time) tweeted, asking his followers jokingly if they want to buy some BTC. Soon after Musk tweeted the message, Twitter locked down the account of the Tesla CEO, possibly thinking that it was another crypto hack. Twitter plans to fight off scams with the blockchain During his hearing before a U.S. Congressional committee in September 2018, Twitter CEO Jack Dorsey stated that his team is exploring how the company can improve their security and fight off con-artists by using blockchain technology. California Representative Doris Matsui, knowing that Mr. Dorsey had previously expressed interest in using blockchain technology, including his efforts to verify identity on the platform to combat rip-off merchants and other malicious attackers, asked the Twitter CEO about the potential applications he sees in the blockchain. “First and foremost we need to start with the problems that we’re trying to solve and the problems we’re solving for our customers and look at all available technology in order to understand if it could help us accelerate or make those outcomes much better,” Mr. Dorsey answered. He added that blockchain tech has enormous potential, especially in the cases of distributed enforcement and trust methodology. However, this is only a plan, as - at the time of Mr. Dorsey’s hearing - the company is yet to make any progress with its research into blockchain tech. The post Victims Lose $130K in Elon Musk Scam through Movie Firm’s Twitter Hack appeared first on CryptoPotato.

a month ago

Meet The Top 5 Crypto Loan Platforms

Featured Content - In November-December of 2017, the majority of late crypto adopters found themselves on the very top of the crypto hype that seemed, back then, like an easy opportunity for anyone to multiply one’s capital. The hype went down, and those who invested at the peak of the hype had to face the inevitable consequences. Some sold Bitcoin shortly after the price went down. Others decided not to give up, and they continued to HODL up until this very moment. What to do if you need cash but don’t want to give up on your crypto? The demand for instant cash sparked the need for a new type of financial services - “crypto loans.” Crypto loan platforms are a type of service that allows one to put his/her crypto down as collateral and borrow fiat at a ratio. Below are some of the most notable crypto loan services that currently exist on the market. SALT Lending SALT Lending is a blockchain-backed loan platform that allows you to get cash deposited directly into your bank account. The company has over $50M in loans serviced, 30 lendable jurisdictions worldwide, and over 64,000 platform users. On the downside, SALT is limited to a low number of cryptocurrencies that can be used as collateral. Additionally, the loan-to-value ratio is relatively low (up to 60%). Nexo Nexo calls its services “The World’s First Instant Crypto-backed Loans.” Loan amounts are from $1,000 to $2,000,000. Nexo uses Onfido (trusted by Coinbase and others) for its regulatory compliance. Moreover, the platform has over $1 billion in instant crypto-backed loan requests. On the down side, Nexo is known for its hidden fees, limited number of collateral crypto wallets and limitations when it comes to cash withdrawals. Unchained Capital Unchained Capital is a service that offers dedicated collateral addresses on blockchain for easy monitoring. The site offers 12-18% APR over a length of 3-60 months. The site does not perform hard credit checks. Interest rates will vary by state. On the down side, the site offers BTC/ETH loans only. Also the company’s loan to value ration is pretty low - 35-50%. ETHLend ETHLend is a platform for digital asset-backed loans, allowing the LEND token to be used as the medium of exchange where fees can be reduced to 0. The digital assets that are used as loan collateral are stored in a public Ethereum blockchain to obtain high network security with the use of a non-custodian depository smart contract. Because the transactions are broadcasted on a public Ethereum blockchain ledger, the transactions are transparent and auditable by the public. On the downside, ETHLend is limited to 1 crypto collateral only - ETH. YouToken Loan Perhaps one of the youngest and most promising crypto backed loan platforms, YouToken Loan is a service platform with bank accounts in Switzerland. The platform allows for someone to lend crypto as collateral with a high loan-to-value ratio of up to 70%, for up to $10,000 in fiat/cash (bigger loans are offered to selected borrowers). YouToken Loan has its own fund and accepts all major cryptocurrencies as collateral (BTC, ETH, LTC, BCH, XRP, etc.). In addition, the platform accepts all major Cards (Visa, MasterCard, Maestro, American Express, etc.) and all major types of web payments (Qiwi, PayPal, Apple Pay, Skrill, etc.). Unlike the majority of other crypto backed platforms, YouToken offers transparency and absolutely no hidden fees. No credit checks are required. YouToken’s interface is simple and sexy. On the downside, YouToken Loan does NOT serve U.S. citizens, as well as citizens of China and Korea. Conclusion Today, we live in a period of time after the crypto market fell. The demand by crypto investors for instant cash has built the foundation for the crypto loan industry. It seems that crypto HODL-ing is an ongoing trend, and one of its symptoms is the rise of crypto loan service platforms. Will we see investors still HODL-ing in 2018 and 2019? Only patience and time will tell. The post Meet The Top 5 Crypto Loan Platforms appeared first on CryptoPotato.

a month ago

How to Short Bitcoin Without Losing Your Shirt And Your Savings

You can short bitcoin by borrowing BTC on Bitmex, Bitfinex or Poloniex with the intention of paying it back at a later date. Investors and traders can short other cryptocurrencies on these sites as well, such as Tron, XRP, Litecoin, Cardano, Bitcoin Cash, and 0x. Traders must pay an interest fee on the bitcoin that they borrow, and there is a borrowing limit depending on the size of your account and the amount of leverage that the exchange offers. The ability to ‘short’ cryptocurrency derives from the ability to borrow the coin. When an exchange allows a trader to enter short and long positions that is often referred to as allowing margin trading. This article will go over the basics of margin trading at a high level. What is margin trading? Margin trading is simply the ability to borrow an asset from a broker to fund trading (similar to a loan) which allows you to trade more of the asset than you normally would. This gives you what’s called “purchasing power.” For example, if I want to buy (long) 10 bitcoin and I only own 1 bitcoin then I can borrow 9 bitcoin from a broker and return it after I complete my trade. Margin trading increases your risk, which means you can win big, but lose even bigger - so it is incredibly important to do your own research before opening a margin account. There are two types of trades to make: Short: You are betting that the price of bitcoin will decrease. You borrow bitcoin from your broker and then sell it on the market with the intention of repurchasing the same amount at a lower price. For example, let’s assume bitcoin is currently trading at $6500 but I believe it will fall to $5500. I can borrow 1 bitcoin, sell it for $6500, repurchase the bitcoin at $5500, and then return the bitcoin to the lender. I’d profit $1000 from this 15% decrease in the asset. Long: You are betting that the price of bitcoin will increase and purchase bitcoin on the market with the intention of selling it at a higher price. A trader can make larger trades in both of these scenarios with what is called “leverage”. Leverage means taking on debt and is an investment strategy of using borrowed money to increase the returns on investment (ROI). The term “high leverage” refers to having a high ratio of debt (borrowed money) to equity (your money). Leverage magnifies gains and losses. Why is margin trading risky? Margin trading allows you to borrow someone else’s money to make a trade. This is referred to as increasing your purchasing power. You need to return that money regardless of the outcome of that trade. You can amplify your potential earnings, but you also amplify your risk. The epitome of that risk is referred to as getting “margin called.” A margin call occurs when your collateral (for example the bitcoin position you own) falls below the required minimum value. This minimum value changes depending on the amount of leverage you are using. For example, Bitmex offers 100x leverage. 100x leverage means that you can trade 100x your available balance. If you have 0.01 BTC you can trade 1 BTC, but if bitcoin drops 1% you get margin called and lose your 0.01 BTC. Here is a more sensible example of why margin trading bitcoin can be risky. Let’s assume you own 1 bitcoin, but want to short 2 bitcoin at 2x leverage and that the price of bitcoin is $6500. Scenario A: Bitcoin rises 50% to $9750 You get margin called and lose 100% of your investment. You used 2x leverage, which means a 50% move in the opposite direction gets you margin called; forcing you to buy bitcoin at $9750. Scenario B: Bitcoin falls 50% to $3250 You close your position and buy bitcoin at $3250, which earns you 100% return on your investment. Key Terminology Opening a margin trading account can be daunting because there are a lot of terms and jargon that investors may not be familiar with. The most popular site right now for margin trading is Bitmex, and key terms there are: Quantity: This may sound trivial, but futures products on Bitmex settle in bitcoins. Your order is for the amount of USD you want in bitcoins, or the number of units you want in altcoins. Mark Price: Current market price. Price is defined as the last agreed upon sale. This number is used to calculate your ROE (explained below). Liquidation Price: This is the price, based on the leverage you’ve used, where your position will be liquidated and you’ll lose your position to cover. Unrealised PNL: PNL stands for “profit and loss” and ROE stands for return on equity. Your PNL is calculated based on a scenario where you immediately exit the position at the mark price, and the ROE % is the percent gain on your initial position (not including what you borrowed). This value automatically updates on Bitmex as you buy/sell on a specific contract. Realised PNL: When you are in a position you may have to pay or receive interest every 8 hours. Your realised profit and loss is a calculation of the interest you’ve received or earned since opening that position.

a month ago

Tax on Crypto Is a Self Goal; President Trump Is Right to Call the FED Crazy: Ron Paul

Former U.S. Presidential candidate Ron Paul has published an article advising against taxation on cryptocurrencies and precious metals in order to avoid a looming financial crisis. Paul is hard-hitting in his article and goes as far as calling the US Federal Reserve’s recent increase in interest rates a “crazy” idea. Trump is Right! Ron Paul, a famed libertarian economist who has served as a U.S. representative for more than 10 years, is widely recognized as a crypto proponent and Federal Reserve critic. Paul recently published a blog post saying that bringing cryptocurrencies under the purview of a stringent tax regime is uncalled for as it could prove counter-productive in the efforts to ward off yet another recession. In fact, he goes a step further and says that if a recession strikes in the foreseeable future, it will most likely be an outcome of the “monetary madness,” exhibited by the Federal Reserves. Reacting dismissively to the Federal Reserve’s decision to increase interest rates, Paul said President Trump was right to call it a “crazy” move. “President Trump recently called the Federal Reserve’s interest rate hikes crazy. Leaving aside President Trump’s specific complaint, which is likely motivated by the belief that low rates will help him win reelection, he is right that ‘crazy’ is a good way to describe the Federal Reserve.” A Fed-created Recession is Looming Paul, who ran for president in 1998, has long maintained that gold, silver, and other precious metals have the potential to better serve as a reserve currency. According to the Austrian School economist, using fiat currencies as reserves is risky as they tend to be vulnerable to manipulation and instability. He stretched the point by saying that using tools like quantitative easing to manipulate fiat could lend the current Federal Reserve System to a “major catastrophe” in the form of a Fed-created recession. This could also mark the end of fiat currency, he warned. With the ever-increasing popularity of cryptocurrencies such as Bitcoin, Paul has added the asset class to the store of value basket. The former presidential candidate didn’t stop at mere criticizing. He also briefly suggested a solution. Saying that a Fed-created recession would come “sooner than later,” Paul suggested that the first step to avoid any such unwarranted situation would be to pass the “Audit the Fed” bill. This, in his opinion, would pave the way for people to make use of alternate currencies. He also mentioned that for this corrective measure to yield the desired outcome, the government must exempt all transactions carried out using cryptocurrencies and precious metals from capital gains and other taxes. Tax on Crypto Is a Self Goal; President Trump Is Right to Call the FED Crazy: Ron Paul was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

a month ago

Nexo Entices Non-USDT Stablecoin Holders to Provide Loan Liquidity

The cryptocurrency world has seen an influx of stablecoins. While their initial purpose is to provide a stable asset value, Nexo sees merit in this concept for different reasons. The crypto-oriented loan platform will offer hefty interest rates to users storing major stablecoins on this platform. Nexo has Unusual Plans The purpose of a stablecoin is to create digitized versions of existing assets. In this case, they usually represent 1 US Dollar in digital form. These digital currencies can be traded freely across many exchanges supporting Bitcoin and altcoins. However, it appears they will also provide an interest-bearing alternative to traditional bank accounts. Nexo, the loan platform focusing on cryptocurrencies, sees merit in these new assets. Holders of such coins can earn interest rates of up to 6.5%. Those rates are high, especially for currencies which do not fluctuate in value. This is a rather surprising development for a company trying to position itself in the world of cryptocurrency lending. The company confirms they are looking for owners of the “major” stablecoins. That list includes TUSD, USDC, GUSD, PAX, and DAI. One notably absent currency is Tether’s USDT. That asset has not been able to maintain a $1 valuation for nearly two weeks now. All other stablecoins have no problems in this department, which makes them of greater interest to Nexo. Crypto Lending Slowly Becomes Successful Volatile currencies such as Bitcoin lend themselves perfectly to lending service providers. The fluctuating value of this asset seems to attract a lot of attention. Nexo also supports Ethereum, Binance Coin, NEXO, and XRP as collateral options. The addition of these major stablecoins brings the total to 10 different supported assets. These new rates put an interesting spin on crypto lending as a whole. Extending such a loan carries certain risks. The recipient of a loan can back out of the deal and never refund the lender. That has been a problem for platforms such as BTCJam in the past few years. How Nexo will address such potential situations, remains to be determined. Using a stablecoin for loans seems counterproductive. It is virtually the same as obtaining a cash loan, but in digital format. This new decision may improve the overall liquidity of all supported stablecoins accordingly. None of them comes close to rivaling Tether’s USDT in terms of supply and market cap. This high interest offered by Nexo may help change that situation over the coming months. Why do you think Nexo is offering such high interest gains for stablecoin holders? Let us know in the comments. Images courtesy of ShutterStock The post Nexo Entices Non-USDT Stablecoin Holders to Provide Loan Liquidity appeared first on Live Bitcoin News.

a month ago

Blockchain and Serverless: a Marriage Made in Cyberspace

CoinSpeaker Blockchain and Serverless: a Marriage Made in Cyberspace Two emerging software development methodologies are exploding right now and show no signs of slowing. The first is Blockchain. According to the latest Upwork Skills Index (Q2 2018), Blockchain topped the list of in-demand skills for the second quarter in a row with developers charging as much as $120 an hour. The second highest trending new technology on that list is an instance of a new programming architecture called Serverless computing or just Serverless for short. Serverless solution architects are suddenly making $130k - $150k a year. Serverless computing or FaaS as it’s sometimes called stands for “Function as a Service” and is a cloud computing paradigm that abstracts everything away down to a bare language-specific execution environment. With Serverless, the user doesn’t provision or orchestrate servers or have to worry about scaling at all. You just write a function and that function just kind of lives in the cloud abstractly. What’s so interesting about the Blockchain and Serverless computing approaches is they lend themselves to each other beautifully. Blockchain provides guaranteed execution and zero trust financial transactions and Serverless nicely fills the gap for all off-chain constrains. You see, it’s still not feasible or desirable to put large applications on the Blockchain because they are slow and expensive. DApps also need some mechanism to get information about the real world. This has to happen through an off-chain mechanism, typically referred to as an Oracle. These are real engineering tradeoffs that have to be taken into consideration when deciding on-chain and off-chain functionality. What makes the Blockchain and Serverless approaches so complementary though are their similarities. We’ll look at three of them. They both outsource infrastructure. You don’t have a specific physical or virtual machine that hosts or executes your code on a Blockchain or Serverless platform. That is abstracted away. No machine orchestration is required by you. You can exclusively focus on business logic without any concern for a technology “stack”. Another similarity is that they both work on a pay-per-execution cost structure. You don’t pay anything to have your code exist on a Blockchain or on a Serverless platform. You only pay to have your code executed and that relative to the expended resources required to run that execution. Both of these features should make these programming paradigms attractive to any organization. The last similarity these technologies have is that they both have various competing but comparable platform offerings. This is attractive because it, ideally, should mitigate against platform lock-in. On the DApp platform-side you have Ethereum, EOS, Cardano, NEO, QTUM, Stellar, and Hyperledger Fabric, to name a few and on the Serverless side you have AWS Lambda, Microsoft Azure, IBM OpenWhisk, Google Cloud Platform, Kubeless, Spotinist, Fn Project, and Cloudflare Workers as some major players. It should be noted that some new DApp platforms are including off-chain features directly into their development platform in order to address the challenges of scalability but It’s my opinion that that role shouldn’t be leveraged by the smart contract platform. The entire point of the Blockchain approach is enabling zero trust interactions. The best way to preserve that is to control your own off-chain features and use an on-chain product for those features that only a Blockchain architecture can provide. With Blockchain you are able to enter into trustless financial contracts with guaranteed execution and with Serverless you get high-speed high-availability complex compute time. It’s this complement that should be leveraged specifically and individually. This exemplifies the principle of maintaining a separation of concerns. The above mentioned properties are good reasons these two technologies are trending right now and have been for a while. They both complement each other and offer what the other lacks. It may turn out that Blockchain acts as the mechanism that enables untrusted Serverless microservices to interact with each other with trust and enforced predictability and Serverless acts to fill the gap in keeping smart contracts connected to events in the real world. However it plays out, one thing is for sure. It would behoove developers and organizations to explore both of these technologies in depth. Blockchain and Serverless: a Marriage Made in Cyberspace

a month ago

What Is HOT? Introduction to Holochain

What Is Holochain? Holochain is a distributed computing network that may perform faster than blockchain technology. It is claimed to have infinite scaling capacity through peer-to-peer networking, so that as distributed applications are added there is no degradation in the performance of the network. The HOT token is the current unit of cryptocurrency. Introduction To Holo Many blockchain projects are built to be decentralized, but Holochain went a different route by building a distributed network. It’s a minor difference that relates to sharding and relieving congestion. We’ll get a bit more into the weeds on it below if you’re already salivating. Cofounders Arthur Brock and Eric Harris-Braun, along with the development team, believe they developed an enterprise-grade platform that’s so next-gen, it isn’t even recognizable as a blockchain anymore. Instead, they dubbed it Holochain. It has no limits in its ability to scale and host dApps, and it’s built with today’s distributed cloud-based IT infrastructure in mind. Of course, many on Reddit and other crypto forums wonder (quite aggressively, if you can believe it) whether the mainnet launch and HOT’s ERC-20 conversion to Holofuel will be worthwhile. There’s a lot of vaporware, and crypto is a “show and prove” market these days. Hodlers and ICO investors shouldn’t worry too much. There’s a lot of active development on the project, and Brock already cofounded Holo.host, Holochain’s flagship testnet app that will make it further development on the platform. This doesn’t guarantee success though, so let’s review the entire project, starting with HOT, the Holochain token that was sold during the ICO. Breakdown of HOT Holochain currently has a market cap of $140,097,332 (CMC, October 28th 2018), which is based on a circulating supply of 133,214,575,156 HOT (out of a total supply of 177,619,433,541) and an exchange rate of $0.001052. Its peak price so far was $0.002 on May 5, 2018. The Holochain ICO occurred from March 29 through April 28, 2018, at which time 25,000,000,000 HOT were released as ERC-20 tokens. The supply was steadily increased until 133,214,575,156 HOT were minted and 30,202 ETH was raised. Of the tokens released, 75 percent were distributed through the crowdsale, and 25 percent were held by the founding team to fund future expenses. Because it’s an ERC-20 token, HOT is supported by most ERC20-compatible wallets. HOT is supported by a wide variety of popular exchanges, including Binance, Latoken, Hotbit, and Fatbtc. Its trading pairs are typically ETH and BTC, although it can also be exchanged for USDT on Liqui, should you need it. Once the Holochain mainnet goes live, Holochain Tokens will convert to Holofuel at a 1:1 ratio. It’s unclear yet which wallets and exchanges will retain compatibility during this transition, although it is expected that Binance will do so. The organization appears to be planning another ICO for Holofuel once the mainnet beta launches though. The Move to Distributed Over Decentralized As I said at the start, Holochain’s big focus is on distributed computing over decentralized, and there’s a good reason for this. Over 96 percent of enterprises currently use cloud computing, and they’re not all exclusively cloud-based. Instead, most modern corporations use a cloud hybrid IT model, whether using on-site employees or virtual teams. Cloud computing is a $130 billion industry, and major players like IBM are also deeply entrenched in blockchain technology too. Startups like Dropbox managed to squeeze $1.1 billion annual market share in this space because it was ahead of the curve. Like Dropbox, Holochain is ahead of the curve in many ways. It’s at the forefront of blockchain - in fact, it claims to be “beyond blockchain” - which is one of the most important technologies developing over the next decade. But it’s not all roses for the Holochain project - there are plenty of obstacles ahead. For one thing, offering a cloud-based storage solution isn’t the reason we know what Dropbox is. It’s not just technology that matters, and Dropbox aggressively pushed a referral marketing campaign that’s still paying off dividends to this day. Holochain doesn’t have the explosive growth of Dropbox yet, but it does have a thriving community that’s continuing to grow. Community support and belief in the project could catapult Holochain into the limelight, but it’ll need a functional mainnet before we start popping the champagne. Is Holo’s Promise a Hollow Promise? The major difference between distributed over decentralized computing is in how the blockchain is processed. With a decentralized network like Ethereum, every node has to process the entire chain, which is present in its entirety on each node. Distribution removes the need for this redundant information, and data integrity is maintained among unlimited peers without a consensus mechanism needed. It’s the same concept used by sidechain or mother/child chain networks like EOS wi

2 months ago

Dharma Lever, a Blockchain Platform Seeks to Alleviate High Volume Trading Margin

Earlier this week, Dharma, a blockchain firm that develops lending products announced the launch of Dharma Lever, a trustless service that facilitates the accessing of margin in high volume. The platform incorporates the Dharma protocol’s open-source smart contract framework. Per the announcement, Dharma Lever fills the infrastructural gap for merchants seeking to borrow and lend cryptocurrencies without trust. This feature circumvents the liquidity and security restrictions in centralized exchanges. The platform mitigates the process of locking up collateral and obtaining margin funds. According to Dharma, the system is compatible with all crypto wallets. (KE)

2 months ago

Planting Bitcoin —  Season (2/4)

Planting Bitcoin — Season (2/4)Central banks and the 2008 Financial Crisis“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...

2 months ago

Blockchain Aids Water Regulation In South Africa

The blockchain company, Hashcash will become crucial in the regulation of water in South Africa. The company will lend its services to implement a high-tech infrastructure to monitor water usage. After the water crisis this year, this is a vital issue. The legislative capital of South Africa and one of the biggest tourist destinations in the world, Cape Town suffered a severe drought this year which brought the capital into the headlines. This served as a wake-up call for the growing water crisis affecting major urban settlements from across the globe. Governments and municipalities are soliciting the expertise of software development companies to device ways to sustain their water reserves. HashCash Consultants is one of the first to be enlisted for this service. As said by Water Online: “The drought which is said to have been triggered by El Nino two years ago took a toll on agricultural production and economic growth throughout the country, but it was Cape Town’s predicament that had it declared a national disaster. The severity of the crisis was evident when the water level behind the Voëlvlei Dam dropped low enough to raise alarm.” The government has been preparing for ‘Day Zero’ when all the public taps would be switched off in the city as a measure to bring wastage of water under control. Aside from climate change and global warming, the main reasons which made the situation worse were rapid urbanisation, a failure to harness rainwater and lack of education on the preservation of water for the population. Restoring to a blockchain system to plan out ways to tackle these areas of contention streamlines its execution. Hashcash is working with regulators to record the rainwater footprint on a decentralised immutable ledger that can be accessed by all for verification and reference. The platform aims to take a net-positive approach to track water usage by manufacturing units, agricultural lands and housing complexes. Currently, Cape Town has a population of around four million and auditing their daily water consumption is a massive feat and requires a computing base with unlimited storage to prevent a system fault and delayed the processing of data. Blockchain technology is an exciting product, with real implications to transform the way we do a lot of things. This is an example of blockchain not only being important but being absolutely vital in the future. Without water management, simply put, people will die. The blockchain has the ability to address many issues here, so it’s great to see the likes of Hashcash actually making the most of that. What are your thoughts? Let us know what you think down below in the comments! googletag.cmd.push(function() { googletag.display('div-gpt-ad-1538128067916-0'); }); The post Blockchain Aids Water Regulation In South Africa appeared first on Crypto Daily™.

2 months ago

What does Gold and the Blockchain have in Common?

When we watch the news we always hear about the “new gold” that is making an appearance in the economic arena that can radically change the world we live in. But why are we searching for a “new” gold when we already have one? Instead of looking elsewhere, why don’t we just implement what we have in a better, more convenient way? One new solution that has come to light resulted in the creation of a precious-metal based cryptocurrency which has experienced a pique of interest as of late. Why do we need this “digital gold” and how does actual gold come into play. Let’s find out together! Thanks to agency.howtotoken.com for support in creating this topic (First platform with proven ICO contractors) Why can’t we get away from gold? All the Reasons Cryptocurrencies Will Never Replace Gold As Your Financial Hedge by Olivier Garret. Olivier Garret is the Founding Partner and CEO of Mauldin Economics, a leading publisher of financial research geared towards individual investors and institutions. A long time ago, silver and gold coins were considered the best way to issue money as they were valuable as a rare metal by themselves. Later on, we moved to the gold-backed paper money and now we have fiat money with gold being used as a sort of “Plan B” reserve. Now, when we look at cryptocurrencies some of us see them as a revolution among financial institutions, but it is, in fact, an evolution of plain fiat money that inherits some of their weaknesses. “It’s clear that cryptocurrencies partially fit the definition of fiat money. They may not be legal tender yet, but they’re also not backed by any sort of physical commodity. And while total supply is artificially constrained, that constraint is just... well, artificial...You can’t compare that to the physical constraint on gold’s supply.” One of those weaknesses is considered to be their “artificial” nature that they share with paper money. However, paper money is backed by governments and cryptocurrencies lack widespread support, which may result in high volatility and inaccessibility, thus creating major disadvantages from using them. “Security is a major drawback facing the cryptocurrency community. It seems that every other month, there is some news of a major hack involving a Bitcoin exchange.” It’s true that in order for a currency to be useful it should be secure and although there are various exceptions fiat money, as an analog counterpart to digital currencies, is definitely not inferior. Actually, it seems as though the current situation favored conventional currency more after the numerous breaches and hacker assaults on various cryptocurrencies. You simply can’t hack gold and paper. “Most stocks that had risen in the first wave of the Internet craze were wiped out after the burst of the dot-com bubble in 2000...The same will probably happen with cryptocurrencies... Only a few will become the standard, and nobody knows which ones at this point... What little data we have on cryptocurrencies does not show the same. Consider this year alone: while the U.S. stock market continues to run record highs, the same goes for Bitcoin.” One of the main drawbacks of digital currencies is that we still know precious little about them. The crypto industry is still underdeveloped and we have yet to receive any “certain” results out of it. The dawn of digital currencies and its impact today National Security Implications of Virtual Currency by Joshua Baron, Angela O’Mahony, David Manheim, Cynthia Dion-Schwarz. Cynthia Dion-Schwarz is a senior scientist at the RAND Corporation, focusing predominantly on cyber security technology and policy. Prior to joining RAND, Dion-Schwarz served as a senior executive at the National Science Foundation and the Department of Defense. Angela O’Mahony is a senior political scientist at the RAND Corporation and a professor at the Pardee RAND Graduate School. Her research has focused on how international political, economic, and military ties affect policymaking. Although it’s common to see Bitcoin as the forefather of digital currencies, that’s not exactly correct. Long before Bitcoin there was another form, called virtual currencies (VC), present and their existence may have served as the foundation for modern cryptocurrencies. “VCs have been in use well before the invention of Bitcoin, though they were not decentralized. Digital gold currency and similar systems comprised the first wave of VCs that were created and used. Began in 1996, e-gold was a precursor to the type of system proposed by Chaum.” Being the first to realize such ideas, the predecessors of modern crypto projects faced numerous problem starting with plain operational issues and ending with core conceptual principles by which this currency should be made. The most obvious and practical way of creating a virtual currency was by getting to the root of the conventional currencies and connecting this virtual entity to real and valuable goods, like precious metal. “A first

2 months ago

The New Blockchain Finance Sector — 3 Companies That Will Find Their Niche

Blockchain will be just way superior to traditional business models in just about every industry sector. Ok, I say ‘will be’ because blockchain and cryptocurrency are still in their infancy and there is a little way to go before businesses start leaping onto the blockchain wholesale. It has taken time for blockchain startups to get financed (ICOs) and to build their tech. Also, no one is sure just how regulation will play out so big Wall Street investment is still on the sidelines looking in. One thing is for sure though, replacement of existing business models with blockchain will happen sooner rather than later. One sector where things are really starting to happen is in Finance and this essay is written from the perspective of disruption of this sector and the companies that will flourish in three of the finance niches. Lendingblock — Cross-chain crypto to crypto lending “Lendingblock, a cross-chain professional trading exchange that specialises in crypto to crypto loans. They are focused on bringing the securities lending model to the digital asset economy.” Lendingblock has a hugely competent team with vast experience in banking and fintech. They have been under the radar for a long time now and they are unique in that they are not looking to attract your average retail investors which other lending companies such as Nexo, Ethlend and Moneytoken are focussed on. In fact, Lendingblock has far bigger fish to fry and is targeting the really big players such as hedge funds, institutions and exchanges. A really big competitor, Genesis Capital, is one of the biggest institutional OTC providers and has now become the first institutional provider for borrowing and lending cryptocurrencies with more than $500 million in loans flowing through its platform since launch. However, Lendingblock differs in that it’s platform is electronic whilst Genesis Capital’s is manual — making Lendingblock’s platform infinitely more scalable. If that wasn’t enough, both companies have now partnered and Genesis Capital was among the first of about 25 or so institutional lenders and exchanges to sign up for Alpha group testing of the Lendingblock platform. The Lendingblock platform will be using real capital and real Lnd in Q4 after the Alpha group testing and is then set to launch for all investors in Q1 2019 and so the price should be ticking up quite soon. A small market cap of only $3 million means that there is plenty of room for growth and the present price is about a quarter of what it was at listing. Do the maths... Polymath — the ‘Ethereum’ for security tokens “Let the stampede begin” The rallying cry from a platform that seeks to be the link between Wall Street and the blockchain. Polymath is a dApp built on Ethereum that tokenises securities. If you consider that ICOs raised over 7 billion this year in capital to mainly fund utility tokens you might get a little excited to think that STOs (Security token offerings) can potentially tokenise trillions of dollars of securities. Imagine the whole of Wall Street tokenised! When we are talking securities we are talking regulation and compliance. How Polymath gets around the problem of allowing any business to tokenise their assets is that they have built KYC and regulatory requirements into the token itself so that it can only be transacted by verified and authorised holders. This does sound problematic for small time investors wishing to buy tokenised assets and only being able to buy certain ones because of the country they come from and as to whether they are accredited or not. Proponents of decentralised cryptocurrencies would probably take umbrage with this system. However, holders of the Poly token would look to see huge gains in growth as more and more businesses pay in Poly in order to launch their own STO. Also, another part of the service Polymath offers is to take care of legalities in order to ensure that businesses are totally compliant — again, paid in Poly. Polymath has huge partners backing it and has one of the biggest communities out there. The Poly token price at present is fairly near its bottom. Look for this to rise as security tokens become the next big thing in the world of crypto. Digitex Futures — The commission free futures exchange The US futures market was estimated to have a value of $27 trillion in 2017! When even a part of this arrives on the blockchain well... Futures are a contract to buy or sell an asset on a given date with an agreed price. Futures typically earn (or lose) money much faster than trading stocks given that price volatility is a lot greater. They are also highly leveraged with the requirement to put up only 10% to 15% of the actual contract. The Digitex Futures token sold out at ICO in only 17 minutes — giving a feel for how highly rated this platform is. We are now very near the actual launch of the platform in Q4 and traders will be able to make short term trades for 0% commission, something that is not available anywhere e

2 months ago

Litecoin [LTC] tries to escape the clutches of the bear; update announcements try to lend a hand -AMBCrypto

Litecoin [LTC] tries to escape the clutches of the bear; update announcements try to lend a hand -AMBCrypto The cryptocurrency market seems to be coming out of its slump with a lot of cryptocurrencies trying to get out of the bear’s grasp. Litecoin [LTC] which has been announcing multiple updates over the past few weeks

2 months ago

Litecoin [LTC] tries to escape the clutches of the bear; update announcements try to lend a hand

The cryptocurrency market seems to be coming out of its slump with a lot of cryptocurrencies trying to get out of the bear’s grasp. Litecoin [LTC] which has been announcing multiple updates over the past few weeks has also joined cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP in trying to climb out of the bear pit. The Charlie Lee founded cryptocurrency was recently given a boost when Wirex, the currency exchange platform, and cryptocurrency wallet provider revealed that LTC along with XRP and ETH has been added to its fold. Wirex tweeted: “We will soon be launching Wirex prepaid cards in the USA! For the first time, US-based Wirex users will be able to instantly buy and convert #XRP#BTC#LTC#ETH into USD - letting you spend your digital tokens seamlessly in everyday life.” The move is targeted for the holders and investors in the United States who will be able to handle their holders on the Wirex app or the internet browser. The news was met with a lot of enthusiasm by the community with one investor stating: “This is massive for mass adoption. Thank you wirex! I hope we can top up seamlessly and pay at the counter with fav crypto.” Charlie Lee also made news when he stated that his main aim is to get Litecoin listed on all the main cryptocurrency exchanges to increase the cryptocurrency liquidity, especially after the Mt.Gox collapse. He said: “Ever since MtGox announced Litecoin support in 2013 and failed to deliver, I’ve been on a mission to get LTC added to exchanges to help increase liquidity. With the launch of LTC on Gemini today, every single major Bitcoin exchange supports Litecoin. Mission accomplished!” The post Litecoin [LTC] tries to escape the clutches of the bear; update announcements try to lend a hand appeared first on AMBCrypto.

2 months ago

Uphold Earn Pays Higher Interest Than Your Bank: On Crypto

Once upon a time, banks were places that could make your money grow. You’d put your paycheck in a savings account, allowing the bank to lend your money to various business ventures, and feel reasonably secure about the future as your savings compounded by several percent each year. Those days are over; the banking model no longer rewards customers for lending their extra income. “The average savings account has a measly 0.06% APY,” CNN reported back in 2013, “and many of the nation’s biggest banks pay rates as low as 0.01%.” Since then, average interest has risen to a luxurious 0.08% Inflation, by the way, is over two percent. When you take banking fees into account, some banks are actually charging you for the pleasure of using your money. However, there’s one account that actually pays decent interest. Uphold, a leading wallet for cryptocurrency and other assets, has teamed up with Cred to release two new financial products to put unused assets to work. The first, Uphold Earn, will allow customers to lend out their savings and earn interest. The second product, Uphold Borrow, allows users to—you guessed it—borrow money, using crypto as collateral. In a joint press release, the companies revealed that customers who opt-in to Uphold Earn would receive “attractive and competitive rates” as high as five percent. Qualifying users hodling at least $1,000 in digital assets can borrow against their crypto, and get their coins back when they repay the loan. Both products are facilitated by the Universal Dollar, an ERC-20 stablecoin announced earlier this month. As Crypto Briefing has previously reported, Universal Dollars are collateralized by 1-1 deposits in FDIC-insured, US-domiciled banks, thereby protecting users from the uncertainty of stablecoins like Tether. Moreover, unlike the Gemini USD, the Universal Dollar cannot be “paused” by any central authority. “Uphold Earn and Borrow mark the first time that we’ve seen fiat currencies, stablecoin currencies and blockchain working together to benefit a mass consumer market,” said Uphold CEO JP Thieriot, in a statement. “Traditionally, the average consumer has been wary of digital currency for two reasons: volatility and a fear that, if they lose their key, they lose their money.” Uphold has anticipated these concerns with features appealing to the least tech-savvy of users. Unlike most crypto storage systems, the Universal Dollar wallet comes with built-in loss recovery and optional custody of your private keys. A “detachable” wallet function also reduces exchange risk, allowing “self-custody” when trading crypto. Best of all, users can nominate a beneficiary to their wallet assets—ensuring that your family can keep hodling for you in the event of an accident. It’s not quite clear if Uphold and Cred can out-bank the banks, but with recoverable wallets and five percent interest, it seems very likely to attract more casual users to crypto. Indeed, that’s the kind of certainty you can take to the bank. The author is invested in digital assets, but not those mentioned in this article. The post Uphold Earn Pays Higher Interest Than Your Bank: On Crypto appeared first on Crypto Briefing.

2 months ago

Yes, You Can Mine Stablecoins

Stablecoins are all the rage, and everyone’s trying to become the next Tether. Although these tokens have their value fixed, that doesn’t stop people from trying to get money out of them: Uphold lets users lend out their tokens for (potentially) better interest than a savings account, and Gemini dollars reached 120 cents on some exchanges. And Kowala, an algorithmic stablecoin system backed by math and code, has opened the public sale of its mining coins, which will allow the public to maintain the network in exchange for dollar-valued tokens. As Crypto Briefing has previously reported, the Kowala network is designed to algorithmically peg the stable kUSD token to the US dollar. The mining token mUSD, which is currently for sale, grants users the right to mine on Kowala’s proof-of-stake blockchain network. The stable token, kUSD, is distributed in mining rewards. By automatically burning transaction fees and changing the block rewards, the network is expected to keep kUSD values close to the dollar. The pre-functionality sale will be open to more than half of the world’s population, including US accredited investors and some jurisdictions overseas, the company said in a press release. The mUSD is a Regulation D security, and participating buyers must a “Pre-Functionality Token Sale Agreement”, which may be the most creative expression yet of a crowdfunded equity sale. Tokens will be delivered upon completion of the network, which is expected early next year. The tokensale hopes to raise $36 million dollars, at $0.098 per mUSD token. With a fixed supply of about a billion mUSD tokens, the pre-functionality sale accounts for about one-third of the mining coins. “There are 74 token holders to date, including Kowala, who, in sum, control roughly 35% of the mining tokens [i.e., prior to the present sale].” Kowala CEO Eiland Glover told Crypto Briefing via email. “We want to balance broad ownership with participation by long-term partners, such as payment platforms, exchanges, wallet providers, etc. Any tokens unsold or allocated by the launch of the kUSD on exchanges will not be mined, but will instead lie fallow.” Although the token has not yet launched, Kowala has already onboarded two exchanges: Exrates and RightBTC. Glover expects more to follow: Because kUSD is not asset-backed, our mining token holders can enjoy healthy mining rewards as the market cap for kUSD grows. We’ve recently begun to see an interest from exchanges and wallets who see an opportunity to first acquire mining tokens, and then benefit from the demand for kUSD they can stimulate by listing our stablecoin. But don’t go running for your pocketbook just yet. There are plenty of reasons to give the algorithmic stablecoin careful consideration—including the possibility that the stability algorithms may not work quite as well as intended. Although Kowala remains confident in its hypotheses (and testnet trials seem to agree) the system still depends on human behavior and market forces to maintain its dollar peg. And crypto markets, as the past year has demonstrated, are not always entirely rational. The author is not invested in Kowala, but has other digital assets. The post Yes, You Can Mine Stablecoins appeared first on Crypto Briefing.

2 months ago

Nexo Lending Platform Adds Bitcoin Cash Support

Cryptocurrency loans service Nexo has confirmed it is adding support for bitcoin cash (BCH). The Switzerland-based lending platform offers crypto-fiat loans from upwards of $1,000, with no credit checks required as collateral. BCH holders will be able to stake their cryptocurrency as collateral and obtain instant funding in more than 40 fiat currencies. Also read: Japanese Regulator to Host Regular Global Cryptocurrency Roundtable BCH Becomes Nexo’s Sixth Cryptocurrency Cryptocurrency lending service Nexo has been expanding rapidly. It recently added Ripple’s XRP and has now confirmed support for bitcoin cash and litecoin. These coins will join BTC, ETH, BNB and NEXO, granting cryptocurrency holders the ability to borrow anywhere from $1,000 to $2 million. Rather than sell their bitcoin cash when they require access to capital, users can lock BCH into the Nexo platform, before retrieving their coins once their loans have been repaid. Nexo’s cryptocurrency assets are secured by custodial partner Bitgo, which just closed a Series B funding round from investors including Goldman Sachs. Bitgo has attracted a number of institutional clients to its service, as well as cryptocurrency companies such as Kraken and Pantera Capital. Once cryptocurrencies have been placed as collateral with Nexo, customers can obtain instant loans, and will also be entitled to additional credit should the value of their cryptocurrencies appreciate. Nexo boasts of having issued more than $1 billion of cryptocurrency loans to date. Crypto-Fiat Loans Are On the Rise Cryptocurrency holders today have a plethora of lending options available. On Oct. 19, news.Bitcoin.com reported on Salt adding support for dogecoin, while platforms such as Ethlend and Celsius Network have also been gaining traction. Cryptocurrency loans have a range of applications, including the provision of short-term funding for hedge funds that have invested in cryptos and wish to obtain capital for new investment opportunities. Nexo’s crypto-fiat lending service has also attracted cryptocurrency miners seeking to cover hardware expenses, as well as investors who wish to take out loans to buy more cryptocurrencies in the belief that they will rise in value, so they can profit without selling their existing holdings. Preliminary results from the poll show strong support for Bitcoin Cash (BCH). Meeting @rogerkver in Tbilisi was a great opportunity to announce the upcoming addition of BCH as a collateral option for Nexo's crypto-backed loans! Check out the interview here https://t.co/4igDQ1q6It https://t.co/mewu2nY3QL — Nexo (@NexoFinance) September 24, 2018 Nexo’s decision to add bitcoin cash and litecoin appears to have been swayed, in part, by a community vote that indicated strong desire for the coins. The lending platform is currently finalizing BCH wallet integration before its bitcoin cash lending service goes live in a few weeks’ time. Borrowers can obtain credit from 8 percent APR with no minimum loan repayments. Nexo has also completed integration with Coinmarketcap, enabling visitors to the market data site to start the process by clicking the “Get Loan” button alongside cryptocurrencies such as BCH and BTC. Would you take a fiat loan in exchange for cryptocurrency? Let us know in the comments section below. Images courtesy of Shutterstock and Nexo. Need to calculate your bitcoin holdings? Check our tools section. The post Nexo Lending Platform Adds Bitcoin Cash Support appeared first on Bitcoin News.

2 months ago

The Daily: Binance to Expand in Singapore, Uphold Launches Loan Service

In today’s edition of The Daily, we look at a strategic investment that could help Binance to establish a fiat-to-crypto exchange in Singapore. We also focus on a new service that digital payments platform Uphold is launching to lend funds to its clients, as well as a cryptocurrency-backed prepaid card that’s coming to the U.S. market. Also Read: Report: Cryptocurrency Job Market Continues to Grow Vertex Ventures Invests in Binance Vertex Ventures, the venture capital unit of Singaporean sovereign wealth fund Temasek Holdings, has announced a strategic investment in Binance. As part of the deal, the two sides will jointly set up Binance Singapore to expand into the region. The undisclosed investment will also support the development of a fiat-to-crypto exchange in Singapore, as well as other fiat-to-crypto onramps throughout Southeast Asia. “Vertex has an experienced team of investment experts in the region and a strong track record of supporting innovative startups that address real world, practical issues,” said Binance CFO Wei Zhou. “We look forward to building up the blockchain ecosystem and working with all stakeholders in Singapore to support continued innovation in the local fintech space.” Binance plans to launch a fiat-to-crypto exchange in Singapore by the end of this year, CEO Changpeng Zhao said in September. The planned exchange will have to follow KYC/AML procedures, in accordance with local regulations. Uphold Offers Earn and Borrow Products Uphold, which acquired a regulated broker-dealer in June, has launched two new products for its clients powered by crypto-backed lending platform Cred. With Uphold Earn, clients who purchase the company’s new stablecoin, Universal Dollar, will be able to earn interest on their holdings. Uphold Borrow, meanwhile, will allow clients to secure revolving lines of credit of more than $200,000, with their digital assets to be used as collateral. The company is promising that the stablecoin at the heart of the plan, Universal Dollar, will be backed one-to-one with the greenback, with reserves to be held at U.S.-domiciled banks that are insured by the Federal Deposit Insurance Corp. The company has said that holders can also nominate beneficiaries who will be able to “call” the assets on prolonged account dormancy as a safely precaution. “Uphold Earn and Borrow mark the first time that we’ve seen fiat currencies, stablecoin currencies and blockchain working together to benefit a mass consumer market,” said JP Thieriot, co-founder and CEO of Uphold. “Traditionally, the average consumer has been wary of digital currency for two reasons: volatility and a fear that, if they lose their key, they lose their money. Universal Dollar helps solve for both of these problems.” Wirex to Enter U.S. Market U.K.-based cryptocurrency card issuer Wirex, which recently registered as a Money Service Business in Canada, now has its eye on the U.S. market. The company has teamed up with i2c, a payments processing technology provider, to launch a prepaid card backed by multiple cryptocurrencies in the country. The card will allow U.S. consumers to convert and spend their cryptocurrencies wherever payment cards are accepted, including bricks-and-mortar retailers. The cards will also be accepted at online shops and will support fiat withdrawals from ATMs. “Our data shows that cryptocurrency adoption is increasing in retail environments. Somewhat surprisingly, McDonald’s takes the top spot when it comes to spending on the Wirex cards amongst European users, followed by major grocery stores,” said Vroon Modgill, CEO of Wirex North America. “The relationship with i2c will enable Wirex to be the first crypto-friendly payment platform to offer this innovative service in the U.S.” What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post The Daily: Binance to Expand in Singapore, Uphold Launches Loan Service appeared first on Bitcoin News.

2 months ago

Liquid Launches 25x Leverage Margin Trading for Bitcoin Cash (BCH)

Liquid, a trading platform that bridges fiat and crypto, has announced the launch of Bitcoin Cash (BCH) margin trading and lending, allowing investors to take up to 25 times leveraged positions. $BCH is now available for margin trading and lending on Liquid. Trade on margin with up to 25x leverage or lend out your $BCH to earn

2 months ago

Liquid Launches 25x Leveraged Margin Trading for Bitcoin Cash (BCH)

Liquid, a trading platform that bridges fiat and crypto, has announced the launch of Bitcoin Cash (BCH) margin trading and lending, allowing investors to take up to 25 times leveraged positions. $BCH is now available for margin trading and lending on Liquid. Trade on margin with up to 25x leverage or lend out your $BCH to earn

2 months ago

Ethereum [ETH] only accounted for 4% of Genesis trading loan book by end of September 2018

Michael Moro, CEO of Genesis Global Trading, recently said that the platform lending out Ethereum [ETH] and short selling it was not the cause for its price decline. In an interview with CNBC Fast Money, Moro said that Ethereum accounted for about 28% of the Genesis Global Trading loan book. They saw it decline to about 25% in August, and it further rallied down to 4% by September. He said: “So we saw a dramatic shift in sort of portfolio competition between August and September. You can read the tea leaves to figure out what that ultimately implies in terms of the bottom for Ethereum.” Genesis trading asset composition | Source: CNBC Furthermore, another topic of discussion was whether the amount borrowed to short Ethereum through Genesis platform had been diminishing. Moro also spoke about Bitcoin and how it was similar to the case of Ethereum. As the prices of Bitcoin approach “the magical” $6,000 - $5900 level, short sellers could start buying back in and quickly closing out their short positions. Another important topic of discussion was the shorting of Bitcoin. The discussion revolved around whether it was viable for someone to short Bitcoin in order to gain working capital. They also spoke about the liability or risk involved in a business running its operations through Bitcoin. Moro gave the example of CME, a derivatives marketplace offering futures and options products for risk management. He stated that after the launch of CME and the CBOE futures, market makers needed access to the cash markets to hedge the price that they were actually taking on the futures side. He commented: “So, if you’re not long as a futures market maker, then you can go net short on the cash side, which is a much more liquid market than the futures market.” Furthermore, he stated that they would lend Bitcoin to some of the futures market makers. Thus, the people that have never entered the cryptocurrency space earlier, would get access to the cash markets. This could potentially help them hedge their positions efficiently. The post Ethereum [ETH] only accounted for 4% of Genesis trading loan book by end of September 2018 appeared first on AMBCrypto.

2 months ago

The Binance Bump: Benefit or Risk?

Binance usually has daily trading volume in the USD 0.5-1 billion range, often putting it in the #1 spot relative to all other crypto exchanges in the world. Getting listed on Binance allows a crypto to be traded worldwide, and generally leads to a price rally. The price rally when a new crypto is listed on Binance is being called the Binance Bump. The Block Crypto did an analysis of the Binance Bump. There are 165 cryptos listed on Binance, but 42 of them were removed from this analysis due to missing data, being listed around the time Binance itself launched, or being a stablecoin. This leaves 123 cryptos in the analysis. The analysis is separated into 4 statistics to reveal the short-term and long-term effects of a Binance listing, the change in price from pre-listing to the highest price on the day of the listing announcement, the 24 hour change in price from the day before the listing announcement to the day of the listing announcement, the 1 week change in price following a listing announcement, and the 30 day change in price following a listing announcement. There is on average a 51% increase from the price before the listing announcement to the highest price on the day of the listing announcement, although the median increase is 29%, suggesting outliers are driving the average much higher. The 24-hour change from the day before the listing announcement to the day of the listing announcement saw an average price increase of 27% and a median increase of 12%. Clearly, the day a crypto is listed on Binance usually coincides with a rally, and this is the Binance Bump. Longer term, the returns dissipate. In the 1 week after a listing announcement, the average price increase is 2% with a median price increase of -11%. Therefore, after a brief rally, the price of a crypto that is just listed on Binance tends to dump below the price it was previous to being listed. The Binance Bump could be compared to a pump and dump, where speculation drives a rapid rally, followed by a rapid price crash as the original whale speculators dump their holdings to make quick profits. The 30-day price change after a listing on Binance is somewhat confusing, with an average increase of 37% while the median is -15%. The average would indicate that the Binance Bump is sustained long-term, but outliers like EthLend which had a 997% 30-day return after being listed on Binance, are skewing the average. The median tells the real story, which is, cryptos that are listed on Binance tend to pump for a very short amount of time and then dump, with the effects of the dump lasting for an extended period of time. The Binance Bump is similar to the Coinbase Effect, where cryptos that get listed on Coinbase always rally, at least so far. Coinbase is the largest exchange headquartered in the United States, and getting listed on Coinbase makes a crypto easily available for U.S. traders and investors. Ethereum Classic jumped 25% after being listed on Coinbase, 0x spiked 50%, Bitcoin Cash soared 140%, Ethereum surged 30%, and Litecoin rallied 130%. Generally, the Coinbase Effect leads to a more sustained price increase long term, while data shows that the Binance Bump has beneficial effects on a crypto’s price for only about a day. 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 The Binance Bump: Benefit or Risk? appeared first on BitcoinNews.com.

2 months ago

Prominent CEO: Bitcoin Isn’t Digital Gold Yet, But $10,000 Is Still Possible

Over the decade-long history of Bitcoin, the popular digital asset has been called everything from a money launder’s tool to the first-ever truly global currency. But, although Bitcoin’s definition has undoubtedly changed over the years due to the whims of investors and industry leaders, many still believe that BTC is on the cusp of becoming digital gold — a digitized asset that isn’t correlated to traditional markets, holds value over extended periods of time, and is hard to come by. Bitcoin Isn’t Digital Gold Yet After taking a week-long hiatus from discussing crypto assets, CNBC Fast Money finally carved out some time to discuss this nascent industry on Thursday, calling on a well-established industry insider to lend his expertise to viewers of the show. A month of calm trading for #bitcoin has investors asking, 'Is it finally digital gold?' @MichaelMoro gives his take. pic.twitter.com/h9FcM3MXId — CNBC's Fast Money (@CNBCFastMoney) October 18, 2018 Dubbing the segment “mellow yellow,” CNBC host Melissa Lee began by welcoming Michael Moro, CEO of Genesis Global Trading, onto the Fast Money panel. Quickly getting to the point, Lee asked Moro the age-old question — is Bitcoin digital gold? Responding, Moro noted that one of the crypto asset’s long-standing positive characteristics is its non-correlation with capital markets, as Bitcoin rarely moves off the back of the price action seen in global stock markets, for example. Although pure non-correlation is a characteristic seen with the value of physical gold, the investor added that Bitcoin’s classification as a legitimate form of digital gold is still up for debate, noting: “Whether Bitcoin is ultimately a digital form of gold, I think that question is still very much an open-ended question. I do think that investors believe that it is digital gold and use that as a case to buy the asset, but it needs to prove itself as digital gold.” However, seeing that there is a strong movement behind Bitcoin’s use case as a digitized store of value, Moro added that BTC could likely be in the midst of gaining its status as digital gold as he spoke. Michael Moro: BTC At $10,000 Is Still In The Cards Drawing attention to Genesis Capital’s recent report on its in-house digital asset lending platform, Brian Kelly questioned the investor if data gathered by Genesis’ loan business indicates that the crypto market is starting to establish the long-awaited bottom. According to the CEO, out of the $130 million in active loans issued by Genesis, only one-third of those funds are being used to actively short the market, which led Moro to the conclusion that short-sellers aren’t behind the deflation of late-2017’s crypto bubble. Instead, the great mind behind the New York-based fintech firm explained that it is the “natural holders” who have been liquidating their cryptocurrency holdings en-masse, not pessimistic retail and institutional investors. Bouncing off this thought process, the investor doubled-down on his original Bitcoin prediction, which was that BTC was set to surpass $10,000 a pop. Moro closed out his time on CNBC by stating: “The last time I was on this show, I said that we were more likely to see $10,000 in Bitcoin then $5,000. So far, I’m not wrong. So I am still sticking by that prediction. Because of what we are seeing in the ebbs and flows on the loans side [of our business] I have that confidence that I don’t think we will see $5,000 flat. [However,] timing wise, I am not too sure when this is going to happen.” Although Moro worded his prediction with the precision of a surgeon to stay away from conveying exact dates or price targets, with institutional involvement in this industry reaching new all-time highs on a week-on-week basis, some claim that $10,000 by year’s end isn’t too far out of the realm of possibility. Featured Image From Shutterstock The post Prominent CEO: Bitcoin Isn’t Digital Gold Yet, But $10,000 Is Still Possible appeared first on NewsBTC.

2 months ago

The Daily: Goldman Sachs Invests in Wallet, Institutional Traders Borrow $553M

In today’s edition of The Daily we cover stories about the latest investment in the cryptocurrency space by Goldman Sachs, the amount institutional traders borrowed in the last six months from just one OTC desk, research on state-sponsored hackers, and a new security tool from Coinbase. Also Read: Security Giant G4S Offers Protected Offline Cryptocurrency Storage Goldman Sachs Invests in Bitgo Bitgo, the cryptocurrency security and custody company, announced on Thursday the second close of its Series B funding round, bringing the total raised in this round to $57.5 million. The new investors who joined in the round are Goldman Sachs’ Principal Strategic Investments group and Mike Novogratz’s Galaxy Digital Ventures. The funding is earmarked to supporting Bitgo’s wallet development. “This strategic investment from Goldman Sachs and Galaxy Digital Ventures validates both our market opportunity and unique position,” said Bitgo CEO Mike Belshe. “No one is better positioned than Bitgo to serve institutional investors who want to trade cryptocurrencies and digital assets. That’s why we’re focused on figuring out what it takes to secure a trillion dollars. The market’s not there yet but our job is to be ready first.” “Greater institutional participation in the digital asset markets requires secure and regulated custody solutions,” commented Rana Yared, a Managing Director of Goldman Sachs’ Principal Strategic Investments group. “We view our investment in Bitgo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.” Institutional Traders Borrowed $553M Since March Genesis Global Trading is a registered broker-dealer with an over-the-counter (OTC) digital currency trading desk. The firm has revealed a meaningful increase in the number of market participants wanting to borrow or lend digital cryptocurrencies since the launch of its institutional lending business on March 1, 2018. The company reports that more than half a billion dollars passed through its lending desk since launch. This volume was across 11 assets and involved 60 institutional counterparties around the world. Additionally, its loan book stands at $130 million in active loans outstanding, which Genesis says has steadily grown over the year despite the bear market. Its clients include hedge funds, trading firms and companies that use cryptocurrencies as working capital. North Korean Hackers to Target Crypto Miners Next? Group-IB, a company that specializes in preventing cyber attacks, recently introduced its 2018 cybercrime trends report which includes some interesting analysis on state-sponsored hackers and the cryptocurrency ecosystem. For starters, approximately 56% of all money siphoned off from ICO projects was stolen through phishing attacks. And between 2017 and 2018, a total of 14 cryptocurrency exchanges have been robbed, suffering a total loss of $882 million. At least five of these attacks have been linked to North Korean hackers from the Lazarus state-sponsored group, with a combined loot of $571 million. Their victims were mainly located in South Korea. In addition to exchanges, the security researchers predict that major cryptocurrency miners may become the next target of state-sponsored hacking groups. Coinbase Introduces Salus Coinbase has introduced a recently developed programming tool called Salus. The software comprises a docker container that decides which security scanners to run, coordinates their configuration, and compiles the output into a single report. The company has made Salus open source on Github for other companies and teams to use. Explaining the decision, Coinbase stated: “All software companies leverage open source software, and common languages and frameworks often have security scanners which can tremendously improve security. Tools like these help us to ship faster, and we are tremendously grateful for these open source efforts. It was in this spirit that Coinbase started its open source fund, a token of gratitude for this type of community-oriented work.” What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post The Daily: Goldman Sachs Invests in Wallet, Institutional Traders Borrow $553M appeared first on Bitcoin News.

2 months ago

Crypto News Update: BTC, ETH, Dogecoin, TRX, Ripple, XLM, ADA

According to The Information report, Yale, Harvard, MIT and other big-name institutions are backing Bitcoin. Ripple and Stellar will descend on the Las Vegas' Money20/20 event. Ripple's executives David Schwartz, Asheesh Birla, and Kahina Van Dyke will be the keynote speakers. Tron has pledged to donate $3m to the charity foundation of Binance. Icarus, Cardano's project passed a security audit meaning that Icarus wallet is ready for massive adoption. Salt Lending, a crypto-powered loan platform has added support for Dogecoin. Users can now lend against ETH, LTC, BTC, and Dogecoin. (KE)

2 months ago

dYdX Crypto Margin Trading Startup Raises $10 Million in Series A Funding

Polychain Capital and Andreessen Horowitz were some of the big-name investors that recently participated in the Series A funding round that saw dYdX, a San Francisco-based startup developing open-source protocols for decentralized margin and derivative trading, raise $10 million during its first investment round. dYdX recently released its first product 'Expo', which will eventually allow investors to lend, borrow and margin trade any ERC-20 token in a trustless environment via the company’s Margin Trading Protocol. (JF)

2 months ago

Bitcoin Intentions: Are We Aiming to Replace the Status Quo or Become Them?

When the idea of a working digital currency like bitcoin was introduced, many of its early adopters disliked the current bureaucratic system, with a cartel of bankers pulling the world’s monetary strings. Over time, however, something weird has happened and the idea of permissionless innovation perverted into people literally asking nation states for permission, begging for ETFs, and creating a settlement layer for the ‘new 1%.’ Also Read: Bitcoin Ownership: Your Private Keys to Financial Sovereignty Bitcoin Changed Everything — But Some People Want to Pervert the Original Goals Over the last two decades, there’s been a growing faction of anarchists, libertarians, and freedom fighters aiming to change the world. They have become fed up with the sociopaths leading the world into never-ending conflicts and are tired of the central banks printing massive amounts of fiat, devaluing currencies, and causing hyperinflation. Then, after the 2008 economic crisis, a technological innovation called Bitcoin was born, allowing users a medium of exchange that couldn’t be censored. For the first time ever, a software-derived currency gained value, even though it wasn’t backed by a single individual, corporation or nation-state. Many people believe cryptocurrencies are meant to end the nation state’s and central bank’s rule over money. Back in the early days, on Bitcointalk.org and developer IRC channels, Satoshi and other developers discussed many ideas that revolved around removing central authorities. On Feb. 11, 2009, Satoshi posted to the Foundation for Peer to Peer Alternatives (P2P Foundation) introducing his software to the world. Within that specific post, the software’s creator explained that most commerce now relies on third parties and financial institutions that ultimately can’t be trusted. “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,” Satoshi explained. “We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.” From this point on, not only did Satoshi’s idea changed the entire way people had thought about money, but the entire concept of trusting a third party was turned upside down for those who listened. During Bitcoin’s infancy, there were no discussions of exchange-traded funds (ETF) backed by corporate entities like Cboe and Vaneck. Network fees were a penny or less for the network’s first few years and at that time anyone could send micro-transactions across the globe. But since then, BTC fees have fluctuated wildly, effectively censoring people in developing nations, from time to time, who can’t afford higher fees. This makes the network undesirable for remittances. How can BTC be censorship resistant if network fees censor more than half of the world? Long ago, no one cared about Wall Street deals from Bakkt and institutional money flocking towards bitcoin. Satoshi talked about privacy, Tor and I2P integration back then — not shaking hands with the devil. Most people talked about using bitcoin to remove central authorities in banking, content publishing, music, tipping, domain services using .bit, and literally anywhere they could think of on the open web. Taboo Talks of Darknets, Avoiding Taxes, and Even Remittances Has Been Replaced With the Need for Status Quo Acceptance For a while now, these ideas have since been silenced by loud discussions of futures markets, politicians accepting bitcoin, and Wall Street thieves swapping BTC paper notes. Talking about things like darknet markets and the Silk Road is deemed ‘too taboo’ for the masses hoping and praying for elected officials to define bitcoin as ‘money.’ The malaise started in 2015 when blockchain hype jumped into light speed and more people began begging the state for cryptocurrency acceptance. Can you believe people ask permission from bureaucrats to use a permissionless currency? Instead of donating funds to Wikileaks, Antiwar, and other activists on the front lines, people now clap feverishly when they hear Goldman Sachs is contemplating a trading desk. My interview with Cody Wilson back in 2015. We have not yet realized that institutional money does not equate to mass adoption. For some odd reason, many people believe that once big money players jump in on bitcoin, the demand will skyrocket. They grow excited any time a financial incumbent enters the ‘blockchain space’, thinking that this lead to a significant network effect. These individuals seem to forget how small the financial elite is within this world, and they are forgetting or ignoring the massive amounts of people who could use a hard currency without a third party. One would think that mass adoption begins with the people who need it the most — the unbanked. Some people will recall that at one time the remittance industry was regarded as a prime sector for bitcoin to dominate, but nowadays cross-border payments are a dis

2 months ago

Marco Santori on Airdrops and the “Complete Picture” of SAFT Regulation

Ever since the U.S. Securities and Exchange Commission (SEC) issued a stern warning about initial coin offerings (ICOs) in February 2018, cryptocurrency projects have had to consider different options for distributing their tokens — and funding their development.One alternative for dispersing a token is an airdrop, where tokens are given out (for free) to the holders of an existing cryptocurrency. A former partner at law firm Cooley LLP has a positive view on them. “Airdrops can do no harm. In fact, we think they can make things better,” Marco Santori, who is now the president and chief legal officer at Blockchain, a bitcoin wallet provider, told Bitcoin Magazine. “An airdrop doesn’t get around the securities laws; but, that said, unless the thing that you’re airdropping, the token that you’re airdropping, is a security, then the airdrop is not a securities offering,” he continued. “I think they can be a powerful tool for decentralization.”In a recent interview, Santori shared more of his thoughts on raising funds and the future of regulation. He think an issuance framework he worked on while at Cooley called SAFT, short for Simple Agreement Future Tokens, is a useful alternative to traditional ICOs. In the arrangement, accredited investors lend money to a project with the promise that tokens will become available after the network is up and running. The SAFT white paper was published in October 2017; since then, SAFT has become a market standard.“I think that the SAFT framework is probably the best that we have today,” Santori said. “If you layer on top of that the additional clarity that the SEC has provided in the context of Bill Hinman’s speech or the so-called ‘Hinman test’ that incorporated the SAFT framework, then you’ve got a pretty complete picture.”Santori is referring to statements made by the SEC’s director of the division of corporation finance in June 2018. At that time, Hinman addressed the possibility that a token could begin life as a security and then convert to something other than a security when a network became sufficiently decentralized, like Bitcoin. As far as the SEC goes, Santori doesn’t think the regulator will be handing out any further guidance for ICO projects. “We have probably gotten all of the informal guidance we’re going to get,” he said. However, he does anticipate some “no-action” relief to start coming down the pike soon. If a project is uncertain whether a particular activity constitutes a violation of federal securities laws, they can request a no-action letter from the SEC. If they receive a relief, no civil or criminal action will be taken against them for engaging in that activity. “I expect that we’ll be seeing SEC’s response to some of those requests coming out. And those responses have some precedential value — not legal precedent, but practical precedent — and we’ll be seeing some more of that,” he said. Existing laws likely will be good enough for the regulators, Santori thinks. “The Treasury Department and FinCEN [Financial Crimes Enforcement Network], in particular, have stuck to their guns. They have said that the laws we have are enough; the rules we have are enough.” At the end of the day, Santori feels it will be up to courts to make the ultimate decision on whether a token is a security. “A number of lawsuits are winding their way through the federal courts today and likely private lawsuits will answer the question first,” he said. Of course, the SEC has to follow the law like everyone else. “The SEC is just the plaintiff, and if SEC takes one position and a defendant decides to take a different position and fight, then ultimately it’s going to be the courts that decide in a civil case whether this token sale is a security or not,” said Santori. “The SEC is a very powerful plaintiff.”Santori will weigh in on airdrops and the future of regulating cryptocurrencies along with Brent McIntosh, General Counsel for the U.S. Department of the Treasury, at Money 20/20 in Las Vegas, October 21-24, 2018. The U.S. Department of the Treasury administers the Financial Crimes Enforcement Network (FinCEN), the regulator that punishes money launderers. This article originally appeared on Bitcoin Magazine.

2 months ago

10 Days That Shook the World of Bitcoin

When Bitcoin’s history is written, the following events will command a chapter apiece. Bitcoin is a creeping revolution that does not lend itself to listicles, and thus any such attempt is destined to fall short. What follows, therefore, is a potted history of a transformative technology whose greatest moments have yet to come. In chronological order, these are the days that shook Bitcoin to its core. Also read: Cypherpunk Essentials: A Beginner’s Guide to Crypto Privacy Satoshi’s Final Bow, December 12, 2010 One of the most significant days in Bitcoin happened before most people had even heard of it. Dec. 12, 2010 didn’t startle the community at the time, but the date would go down as the most pivotal since the mining of the genesis block. That’s the day when Satoshi Nakamoto composed his final Bitcointalk post and then quietly checked out, never to be publicly heard of again. One day prior, he’d objected to Wikileaks using bitcoin to circumvent its Visa blockade, writing: “It would have been nice to get this attention in any other context. Wikileaks has kicked the hornet’s nest, and the swarm is headed towards us.” We will likely never know why Satoshi left, other than the vague message he dictated to Mike Hearn in his final email on Apr. 23, 2011: “I’ve moved on to other things.” Silk Road Bust, October 2, 2013 It’s hard to convey just how big of a role Silk Road played in mainstreaming Bitcoin, and how indebted we are to a mild-mannered pacifist now serving life without parole for the crime of being a tech visionary. (Okay, and for creating a market where you could buy every illegal drug under the sun.) Oct. 2, 2013, is the day Ross Ulbricht’s ingenious creation fell, when an FBI bust saw the 29-year-old wrestled to the ground in a San Francisco library as he was logged in to the server. The familiar Silk Road login screen gave way to the FBI’s smug seizure notice and bitcoin shed 25 percent of its value, falling to $109 in the aftermath. BTC has since recovered 60 times over, but for those who supported Silk Road and its swashbuckling captain Dread Pirate Roberts, things have never been the same since. Bitcoin Hits $1,000, November 27, 2013 There are many all-time highs that might warrant inclusion in this list - BTC hitting $100, just seven months earlier, being one: NEVAR FORGET. pic.twitter.com/bfaikQnGgW — Bitcoin 101 (@Bitcoin101) April 1, 2013 That day felt epic, but $1,000 was entering the realm of fantasy. Bitcoiners hadn’t dreamed the milestone might be reached so soon. It was only later that Mt Gox’s role in inflating BTC with the aid of its Willy trading bot came to light. This knowledge has done nothing, however, to dampen the memories of $1,000 bitcoin sticking two fingers up at the establishment. Bitcoinity.org was where everyone checked the price of BTC in the age before Blockfolio, widgets and push notifications. When bitcoin hit $1,000, the site moved the decimal point three places to the left because the USD price was taking up too much screen space. The Death of Mt Gox, February 24, 2014 Despite five years having passed since Bitcoin’s Titanic event, and restitution finally made, the sinking of Mt Gox is still a sore point for early adopters who lost funds in the insolvent exchange. It had been evident for weeks that something was wrong with Gox, but its spectacular collapse still induced shock and anger followed by lingering acrimony. The demise of Mt Gox plunged bitcoin into a downward spiral it took years to recover from. Craig Wright Is Satoshi Nakamoto, May 2, 2016 Wright, on the day he revealed himself to be Satoshi Nakamoto Many people have identified or been doxxed as Satoshi Nakamoto, but only two incidents gained global attention. Newsweek’s false dox of Dorian Nakamoto in March 2014 was noteworthy, but it pales in significance to the day Craig Wright stepped forward to claim the mantle, after Wired had first suggested the connection a few months earlier. Gavin Andresen verified the digital signature, mainstream media swooped and Craig Wright basked in the adulation. Then the narrative began to fall apart. The evidence linking Wright to Satoshi was quickly debunked, turning Wright into a pariah dubbed “Faketoshi.” While a dwindling band of followers still believes Wright may have been involved in Bitcoin’s creation, few grant his claim to be Satoshi himself any credence. The DAO, June 17, 2016 Like the Silk Road bust, The DAO technically wasn’t about Bitcoin. And yet the collapse of Ethereum’s flagship project, following the theft of $50 million in ether from its smart contract, reverberated throughout the entire industry, prompting Vitalik Buterin to assemble an online crisis meeting with exchange bosses in a bid to limit the fallout. “OK can you guys stop trading,” he implored and a meme was born. Ethereum eventually recovered, but not before a chain rollback and a hard fork. Bitcoin maximalism gained some new supporters that day, many of whom have remained wary of E

2 months ago

Genesis Global Lends $553 Million In Crypto Assets, Institutional Space Booming

Even in the thick of 2018’s crypto bear market, a related subsector has seen an unprecedented boom, with institutions throwing millions of dollars at a well-recognized over-the-counter (OTC) player in the cryptocurrency market. Institutions Borrow $553 Million In Crypto In 6 Months Per a brief report from New York-based Genesis Global Capital, titled “2018 Q3 Digital Asset Lending Snapshot,” at the start of March 2018, the firm launched the crypto industry’s first-ever institutional lending business to go hand-in-hand with Genesis’ already-established OTC desk. Although the venture was nothing more than an experimental stab at a potentially revolutionary service, in the same report, the American company revealed that its clients quickly gained interest in crypto asset loans. Elaborating, Genesis Capital wrote: “Over the past year, through client feedback and the rise of derivative marketplaces, we saw a meaningful increase in the number of market participants wanting to borrow and/or lend digital currencies. We built this new business segment to meet those demands and have experienced an incredibly strong reception since our launch.” This “incredibly strong reception” has seemingly taken the form of “60+ institutional counterparties,” who have requested for cryptocurrency loans across “nearly a dozen digital assets” in the past six months. According to statistics from the firm itself, these loans amounted to a monetary value of $553 million, a jaw-dropping sum to say the least. The firm added that while many of its institutional debtors have already paid their loans in full, there is still $130 million worth of active loans, which is a figure that has only grown of the course of the lending service’s short, but fruitful lifetime. This indicates that the bears of today’s market haven’t deterred these investors one bit, contrary to popular belief. Image Courtesy of Genesis Capital In fact, as alluded to in the official report, 2018’s tumbling crypto prices may have only enticed Genesis Global’s clients, which primarily consist of hedge funds, trading funds, and crypto startups, to borrow digital assets to act as working capital. Genesis pointed out that hedge funds “generally have thesis-driven views on assets,” so the arrival of its product, coupled with the bearish market trend, likely catalyzed traditionalist funds to borrow crypto assets to short the market in longer-term timeframes. On the other hand, the company added that trading firms, who have a comparable large penchant for risk, have sought to borrow digital assets on short-term bases to take advantage of arbitrage opportunities, which are present in emerging markets. Last but not least, Genesis Capital brought attention to loans requested by fintech startups, which may actively use crypto assets “as a means of working capital to scale their businesses, such as remittance payments to customers.” Regardless of how the borrowed funds are used, the bottom line is that institutions are still willing to throw copious amounts of free-flowing capital at this space. Genesis Global Clients Bearish On Bitcoin, Not Ethereum Following Genesis’ holistic highlight of its lending product, the startup went on to outline the exact specifics of the $553 million in loaned crypto assets. Although there were many statistics that caught the eyes of readers, a few points stood out to many astute traders. Just weeks after the service’s March launch, the loan book primarily consisted of positions in Bitcoin and Ethereum, which could be attributed to the company’s claim that hedge funds were initially the only institutions to use the product. But, in the following months, in correlation with the sharp decline in the value of Ether, loan positions in Ripple’s XRP, Litecoin, and Ethereum Classic, began to take hold of Genesis’ balance sheet. Now, only 4 percent of active loans pertain to Ether, while Bitcoin has seen 62.6% of active loans flood into its borders. According to Michael Moro, the chief executive at Genesis, a majority of loans have been requested by hedge funds, who have actively used these funds to actively hedge their positions on derivatives markets. This likely indicates that these institutions are more bearish on Bitcoin than they may be on Ethereum, which is a welcome sign for the latter crypto asset, which has been beaten and bruised to hell and back. Featured Image From Shutterstock The post Genesis Global Lends $553 Million In Crypto Assets, Institutional Space Booming appeared first on NewsBTC.

2 months ago

Cryptocurrency Loans Go Big As Company Reveals $550M Half-Year Traffic

The cryptocurrency loans offshoot of just one firm saw through-flow of over half a billion dollars in its first six months on the market. ‘Incredibly Strong Reception’ That’s according to third quarter statistics released October 18th by Genesis Capital, a US-based over-the-counter trading firm. In March of this year, Genesis began offering cryptocurrency loans to institutional investors. Upon release, executives said, the product saw an “incredibly strong reception” from hedge funds, trading arbitrage firms. Regarding the statistics, they wrote: Over the past year, through client feedback and the rise of derivative marketplaces, we saw a meaningful increase in the number of market participants wanting to borrow and/ or lend digital currencies. We built this new business segment to meet those demands and have experienced an incredibly strong reception since our launch. In total, Genesis has seen $553 million pass through its books, with current outstanding loans totaling $130 million — a number the company says has “steadily grown” despite cryptocurrency prices falling precipitously since March. Retail Prepares To Catch Up As the cryptocurrency industry prepares for an influx of institutional cash with the debut of dedicated solutions such as Bakkt, commentators have long claimed investors were already finding alternative ways of accessing the market. Since its inception, Genesis says its client base has changed in its make-up, with hedge funds being dominant at the start but giving way to traders and arbitrageurs through Q3. “These firms generally borrow digital assets to trade against derivatives like futures and swaps,” the report added. “We believe this kind of activity will continue to pick up as derivative markets mature.” The success story looks set to be repeated. The retail sector is also firmly within the sights of an increasing number of businesses aiming to bring cryptocurrency loans to the mainstream. InLock, one such startup currently in the midst of an ICO, wants to offer cryptocurrency-collateralized loans to private individuals. Like Genesis, the concept has seen marked interest even prior to its debut, a private presale raising $2.5 million. CEO Csaba Csabai told Bitcoinist the following in emailed comments: Despite the current market sentiment, we managed to open with an impressive $700,000 on the first day of our ICO, and the funding progresses steadily towards our goals. This clearly indicates that there is a demand for lending solutions even if the prices are down. What do you think about the potential of institutional and retail cryptocurrency loans? Let us know in the comments below! Images courtesy of Bitcoinist archives, Shutterstock. The post Cryptocurrency Loans Go Big As Company Reveals $550M Half-Year Traffic appeared first on Bitcoinist.com.

2 months ago

Banks weren’t too big to fail, they were too big to manage

On the 10-year anniversary of Lehman Brothers’ bankruptcy, the event commonly cited as the start of a global financial crisis, it’s still worth asking: What the hell happened? The Bank that Lived a Little: Barclays in the Age of the Very Free Market (Penguin Random House), a new book by former banker and financial commentator Philip Augar, is a timely tale of the folly of bank deregulation, unchecked greed, and wild ambition. Augar’s book is a dramatized retelling of Barclays’ history, focusing on how it was transformed from a Quaker family bank in the UK into a global giant. Through a detailed look into the inner workings of this one bank, a story emerges about how banking evolved from mostly lending to people and companies to becoming about finance in and of itself. During that time, the financial services industry ballooned to become the biggest part of the UK economy and forged connections worldwide. When it all came crashing down, and banks wouldn’t lend to each other, there was no choice left but to use public funds to rescue them. In 1986, the London’s financial sector experienced what was known as the “Big Bang,” a sudden and massive deregulation of financial markets under Margaret Thatcher’s government. This came 10 years after Wall Street’s version (paywall), which ended fixed commissions for trading and created heated competition in the sleepy banking industry overnight. British banks were a decade behind. The first part of Augar’s history is about how some at Barclays didn’t want to just be the biggest and best bank in the UK, but also a major player in the US. It portrays Barclays as the underdog. It makes it sound daring and impressive, but you’d be forgiven for thinking it was just greedy and reckless. In early 2007, even as there were signs something was amiss with the US mortgage industry, Barclays pushed on. It bought EquiFirst, a mortgage originator with 9,000 brokers on commission. The day the deal went through, New Century Financial, a US mortgage lender that specialized in subprime mortgages, went bankrupt. The Bank that Lived a Little is a reminder of just how quickly financial services went from deregulation to running off the rails. After the Big Bang, it was only 20 years before it brought the global economy down. Even in September and October 2008, the height of the financial crisis, the global ambitions of Barclays were undeterred. Barclays executives, including Bob Diamond, who would later become CEO, were negotiating to buy bits of the bankrupt Lehman Brothers to complete a 25-year process to join the investment-banking big league. “Barclays could at last rejoice in being a top five universal bank,” Augar writes. There is a view within the bank that the credit crisis will blow over in a couple of months and that, unlike RBS and Lloyds, Barclays couldn’t accept government funds. This wasn’t because of any moral objection to taking public money, but because having government representatives on Barclays’ board did not suit the bank’s international ambitions. (Barclays did gladly accept extra liquidity from the Bank of England, another form of state support.) Who is to blame? Augar appears keen to point out that this was a system-wide failure. Barclays was doing what it needed to keep up with other banks, particularly smaller banks that entered the US mortgage market and made big money (until they collapsed). Traders were doing what they needed to take home multimillion-pound bonuses. Meanwhile, politicians and regulators prided themselves on “light-touch regulation” that enabled London to become the world’s foremost financial district. The bank’s board was asleep at the wheel, with non-executive members cycled in and out by headhunters with little knowledge of the risks building up at the bank. So few people seemed to really understand what was happening that it served in a clever sort of way to help them avoid taking responsibility. Take Carol, a corporate risk manager in Barclays Capital’s Birmingham office. She convinces Karl Edwards (a pseudonym), the owner of a record shop in the Midlands who had been a customer of Barclays since the early 1990s, to take out a type of interest-rate hedging product when he gets a mortgage for a second business property. But when interest rates go down instead of up, Karl is left with the bill for a “bet” he made and lost. Eventually, the charges and penalty payments force Karl to close his business. Is it Carol’s fault? Augar writes: No one appeared to have thought through the consequences of incentivizing people like Carol. She was a school-leaver entrant to banking who had worked her way up and was now at one of the UK’s most prestigious financial institutions, where was given targets to meet and financial incentives to do so. If she did well, she could earn sums of money that paid for the lifestyle she craved, and she knew what happened to colleagues who failed to deliver. Her response was at least understandable; the failure of more senio

2 months ago

PR: DAOstack Announces New $GEN Exchange Listing on Liquid by Quoine

Bitcoin Press Release: Blockchain startup DAOstack has announced the listing of its GEN token on Quoines new Liquid Exchange, starting October 9th, 2018. October 11th, 2018, Gibraltar - The DAOstack collective attention token GEN, will be listed on Liquid, the newly-launched cryptocurrency exchange by Quoine, starting October 9th, 12:00 JST. GEN-ETH, GEN-BTC, and GEN-QASH trading pairs will be available to start, with GEN-fiat trading pairs available in the near future. DAOstack is designed to be a kind of WordPress for decentralized autonomous organizations (DAOs), a new type of Web3-native organization that allows like-minded communities to act on shared goals or values without depending on concentrated power centers. The GEN token will soon link a network of DAOs built for a variety of purposes on the DAOstack platform. DAOs using the GEN prediction network will be able to effectively filter proposals by their predicted chance of passing. This allows DAOs to remain values-aligned and efficient while scaling to potentially any size. GEN lets individuals both inside and outside the DAO lend their expert attention in exchange for a chance to profit and be rewarded for correct predictions. GEN-based prediction is native within Alchemy, DAOstack’s first application for decentralized governance, whose Alpha release is currently live on the Ethereum mainnet. With a full release targeted for 2019, Alchemy will make it simple for DAOs of unlimited size to smartly allocate resources and voting power. A community of predictors is already active and growing, and its increasing size, expertise, and network effect will benefit all DAOs using Alchemy. Since predictors must hold GEN to stake on proposals, they have an additional incentive to help all GEN-connected DAOs achieve their goals. DAOstack’s strategy for GEN includes many of the features that made Ethereum successful. For one, DAOstack is stimulating product and community development by channeling funds from its token sale through the Genesis DAO, the first DAO deployed using the DAOstack platform, created as a proof of concept and an open-source foundation for DAO development. Also, like Ether, GEN has a highly generalizable utility, as Matan Field, DAOstack architect, and CEO, has pointed out: “In the same way that ether is gas for the collective attention of computers, the GEN token is gas for the collective attention of human beings.” With GEN’s listing on Liquid, DAOstack is excited to be taking the next step toward an open, growing ecosystem of decentralized organizations. ABOUT Quoine Quoine is a leading global fintech company that provides trading, exchange, and next-generation financial services powered by blockchain technology. With offices in Japan, Singapore, and Vietnam, Quoine combines a strong network of local partners with extensive team experience in banking and financial products to deliver best in class financial services for its customers. More information is available at www.quoine.com In September 2017, Quoine Corporation became the first global cryptocurrency exchange to be officially licensed by the Japan Financial Services Agency. In September 2018, the two exchanges owned by Quoine, Quoinex, and Qryptos, were merged and relaunched as Liquid. Liquid will be powered by Quoine’s World Book, which provides customers with enhanced price matching and deeper liquidity for various fiat and cryptocurrency pairs. More information can be found at liquid.com Learn more about DAOstack - https://daostack.io/ Read the DAOstack Whitepaper - https://daostack.io/wp/DAOstack-White-Paper-en.pdf Join the Telegram - https://t.me/daostackcommunity Follow on Facebook - https://www.facebook.com/daostack/ Follow the Twitter - https://twitter.com/daostack Read on Medium - https://medium.com/daostack Join on Reddit - https://www.reddit.com/r/daostack/ Media Contact Contact Name: Andrey Sergeenkov Contact Email: admin@btcpeers.com Youtube: https://www.youtube.com/watch?v=25wtmzBG1Yg DAOstack is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. The Era Swap token sale is closed to US participants and participants of all countries in which ICOs are illegal. 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: The post PR: DAOstack Announces New $GEN Exchange Listing on Liquid by Quoine appeared first on

2 months ago


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