Tokenomy TEN

$0.1601
Market Cap $ 32.026 MM (#153)
24h Volume $ 4.620 MM
Chg. 24h: 5.33%
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Tokenomy News

Ethereum dApp Roundup Part 2: Essentials

dApps are becoming increasingly popular regarding usage and sheer volume. In the second of this series, BTCManager will highlight some of the more prominent ones of the bunch, with the first installation discussing the ten dApps users can’t live without. With Ethereum making the concept of dApps or decentralized applications, a likely avenue for developers to create value for the...Read More. The post by Nigel Dollentas appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

4 hours ago

Ethereum Fastest Growing Blockchain Project, Dapp Fastest Growing Topic on Github

Ethereum’s geth client is the only one to make it to the top ten fastest growing projects in open source code. According to Github, the devs coordination tool/site where most... The post Ethereum Fastest Growing Blockchain Project, Dapp Fastest Growing Topic on Github appeared first on Trustnodes.

7 hours ago

Ethereum dApp Roundup Part 1: Platforms

The incredible versatility of the Ethereum blockchain has enabled a plethora of different decentralized apps (dApps) to exist. In the following series will see ten platform dApps under the spotlight. 1. Golem Making extra cash while browsing social media is the central promise of Golem, a peer-to-peer market for putting your computer’s excess CPU power to use for other people....Read More. The post by Priyeshu Garg appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

7 hours ago

Crypto Star Won’t Shine Bright for Another Decade, Sberbank Chief Says

German Gref, the CEO of Russian state-owned lender Sberbank, does not see cryptos as living up to their early promise, at least not in the next ten years.

7 hours ago

The Latest Ernst & Young Report Shows Extremely Poor Performance of ICOs Over Last Year

Ernst & Young - the big four auditor and global professional service company - has recently released a report on Friday, October 19, showing the performance of ICOs in the last year. The report goes to note that the ICO fundraising method has done “little to inspire confidence” among investors. A Huge Majority of ICO Tokens Are Below Their Listing Price The report called as “Class of 2017” shows the state of ICO market of one year down the line. Back in December 2017, EY released an ICO report showing data for a total of 372 projects. Of this, 110 are standout ICOs which amount to 87% of all funds raised. Moreover, from the name itself, it is clear that the report determines the class of ICOs in terms of progress and value. The report also goes to show the shocking outcome of how much the ICOs have lost in just one year. If an investor created a portfolio with all ICO tokens from the “Class of 2017”, he/she would have lost 2/3rd of the initial investment. To put a broader picture, only 25 out of the 110 projects have any sort of working prototype or product. Further details show that ICOs turned out to be a much bigger gamble than expected. Nearly 86% ICO tokens have dropped below their initial exchange listing price. Rather only 10 projects of the 110 were responsible for 99 percent of any positive gains. This is like less than 10% success ration or just one in ten projects that proved to be later valuable over the initial listing. Additional details suggest that the successful projects mainly belong to the blockchain domain. This shows that the crypto projects have just failed to make an impact in the market so far. Analysis of Projects With a Functional Prototype or Product In addition to the investment returns, EY also analyzed projects with a working prototype or product. The report states that only 29 percent of all projects have managed to give hardly 15% from the end of 2017 till now. On the contrary, 71% of the projects have “no offering in the market at all.” Of all the projects offering a functional prototype or product, seven of them accept fiat payments. EY says that accepting fiats “reduces the value” of investors’ tokens. In the report, EY writes: “Abandoning their ICO investors by de-emphasizing the role of their tokens [....] projects accepting fiat usually offer some benefits for token users, similar to points in traditional loyalty programs. However, users do not use utility tokens to store value. To use the platform, users have to purchase the necessary amount and incur related transaction costs and token volatility risk.” EY also mentions a sort of double-bind which continues to grip the project. The auditor notes that many projects aim “[t]o become a means of payment, utility tokens have to be stable.” However, “If it remains stable, the token is of little interest to speculative investors.” Global innovation leader for blockchain technology at EY, Paul Brody, told The Globe and Mail in an interview saying “this looks worse than we thought.” The post The Latest Ernst & Young Report Shows Extremely Poor Performance of ICOs Over Last Year appeared first on CoinSpeaker.

7 hours ago

3 Cryptocurrencies Well-Positioned to Beat BTC Price in Q4 (AMB, BCH, ADA)

This week’s cryptocurrencies market analysis will concentrate on technological advancements in the blockchain space in quarter 4. The analysis will focus on major technological upgrades occurring in quarter four along with Ambrosus (AMB) being a top contender to produce returns well in excess of 100% in the immediate short term. 3 Cryptocurrencies We Predicted Would Rally Last Week’s Piece, which highlighted the cryptocurrency GOChain 00, resulted in GO increasing more than 50% in value in the 48 hours that followed. This is similar to TRIG, VIBE, and EVX, which all had rallies in excess of 50-250% following analyzing their short-term developments. It may be a ‘bear’ market but clearly, but it is showing bullish signs and AMB is likely to be next. Each cryptocurrency on this list has its own specific reasons from unique conferences to increasing their coin’s utility for their bullish short-term tendencies. This week will focus on AMB, BCH, and ADA, with AMB likely to lead the charge as a cryptocurrency likely to gain in excess of 50% in the short-term. Ambrosus (AMB) This week AMB 00 is highlighted as likely to have major bullish tendencies in the short term as they release their upgraded Mainnet 2.0. AMB developers are clearly remaining committed to their project even amid the bear market. Currently, AMB’s market cap is barely over $20 million. In other words, if it approaches a $100 million market cap, the value of the underlying AMB increases 500% (5x). With multiple other cryptocurrencies having mainnet updates in the prior months there can be a common occurrence gleamed from watching the cryptos price movements in the days leading up to launch. The coins have a tendency to trend North in anticipation of mainnet release. As more individuals check the crypto calendar and see ‘news’ they start FOMOing and rush in. The goal is to beat those FOMOing individuals into the alts with upcoming major developments. This week’s piece does not focus on conference developments, or utility developments, but instead on tech developments. AMB with their Mainnet Version 2.0 being released before the end of quarter four should provide an unexpected surprise announcement (that you’d have to go all the way to December on the crypto calendar to view or be following the project to know). These types of tech upgrades, especially with exact dates unannounced provide a major opportunity for bullish price movement. AMB has their Mainnet 2.0 being released this quarter but also has developments occurring behind the scenes and major partnerships in the works. A market capitalization of only 20 million, coupled with tech advancements, partnerships, and listings on the biggest exchanges, is why AMB is an attractive acquisition target. Individuals familiar with AMB’s team have mentioned numerous times how partnerships are planning on being announced by the EOY in either the pharmaceutical supply chain or food supply chain monitoring. AMB is also onboarding many of their core community for internal product testing and development. Major developments are happening within AMB and quarter 4 coupled with Mainnet 2.0 should push AMB even higher. AMB is a blockchain-powered IoT network, enabling secure and frictionless dialogue between sensors, distributed ledgers, and data to assure product quality. This niche (supply chain monitoring) is one where blockchain will continue to exploit as their transparent nature, ability to track frictionlessly and provide live updates will revolutionize the supply chain and IoT technologies. With quarter four’s Mainnet Version 2.0 on the horizon it is likely we see a major Northern price trend produced due to upcoming tech advances and partnerships. Q4 price target prediction: $ 0.60-$0.72 in the short term, approximately 6,000 Sats. Bitcoin Cash (BCH) Bitcoin Cash (BCH) 00 has had a rough summer and the upcoming Bitmain IPO, which was supposed to boost BCH’s price, but has suffered due to swirling rumors about false claims of investors and quarterly sales numbers. However, when the market is ‘doubting’ a coin this is the time to believe in it. “Be fearful when others are greedy, be greedy when others are fearful,” said Warren Buffet. Right now the market is fearful regarding BCH, which is why it is time to be greedy. Regarding BCH’s quarter 4 and technological advancements they have an upcoming hard fork and are participating in Amsterdam’s DevCon October 27, 2018. This hard fork has investors both worried and curious. The worry and fearfulness are overpowering the curiosity resulting in BCH falling more than 50% against BTC since the beginning of summer. The Bitcoin Cash fork is occurring because two of the biggest mining groups (by hash power) have split thoughts on the future of BCH. One group wishes to introduce atomic swaps intending to make BCH the most scalable, extensive, and utilizable blockchain, while slowly moving BCH away from a currency used like ‘cash.’ The other group wants BCH to rem

9 hours ago

OKEX Tim Byun Talks about ETFs, Regulations, The $460M liquidation, Star Xu Rumors and More

OKEX is a world leading digital asset exchange based in Malta. The company provides hundreds of token trading pairs as well as derivatives, serves millions of users in over 100 countries, and handles nearly $1.5B of daily trading volume. We had to chance to interview Tim Byun, OKEX’s Chief Risk Officer. We discussed what got Tim interested in Bitcoin, the companies’ recent relocation from Belize to Malta, and why Tim believes, from features and regulatory standpoint, OKEX stands out from other exchanges. In the interview, Tim talks about his unique role in OKEX, how he heard about Bitcoin the first time, the $460 million controversy that made Star Xu, OKEX founder, put his own money and lastly - talks about the rumors about Xu’s arrest (scroll down to see if it was true or false). How would you describe your role as the CRO of OKEX? What are your primary responsibilities? As the Chief Risk Officer and head of government relations for OKEX, My primary role is to ensure that we are abiding by rules and regulations. For OKEX, which is our token-to-token only platform, it’s exciting because different countries have different rules for token-to-token only platforms. This is separate and distinct from our other business line which is called OKCoin and is a FIAT to token platform. As OKEX’s CRO, I have the great opportunity to come to Malta to meet with the legislature, regulators, politicians and the Prime Minister, to hear their vision of the rules. Hey guys, I want to tell you about Bitcoin: and everybody laughed What initially got you interested in cryptocurrencies and the trading investing side of the market? At first, I was very reluctant and hesitant. Back in 2013 to early 2014, I was the Anti Money Laundering Officer (AML) at Visa. I was living with a friend of mine in Silicon Valley, and he said; “Hey guys, I want to tell you about Tim Byun Bitcoin,” and everybody laughed. I said, “Why would you be interested in Bitcoin?” As the AML officer of Visa, I heard all the sad stories about it, such as the Dark web and Mt. Gox. I said, “Why are you wasting your time?” to which he responded, “Tim, with your Federal Reserve payment system background and your background in Visa, you need to learn the technology.” So, one night he sent me one Bitcoin, and that one Bitcoin came immediately from his phone straight to my phone, and I said, “Wow, this is an amazing technology,” because back then, even if we were both using Bank of America, it wouldn’t happen on Saturday. It would happen on Monday when the banks open, and the server’s kick in and reconcile. Where was the server? Who reconciled this? Who told my friend he no longer has one? Who said to me that I have one Bitcoin? That is the power of Bitcoin that makes it so fascinating. So, that’s when I decided to study and learn about the technology. One thing led to the other; I connected with the guys at Bitpay where were very smart and innovated. Then I ended up joining the company in June 2014. What benefits do you see being brought to the crypto space by providing margin and leverage trading? Do you see any possible downsides? It’s a high-powered product, right? So that’s all it is. Leverage, margin, it just makes them more powerful and faster, but as you’ve already hinted, it could work against you. You bet long, but the market turns around and goes short, you’re out faster. So, you make money faster; you lose money faster, that’s all it is. Whether it’s in the stock market, same thing, same question for Merrill Lynch and Schwab, but margins, leverage, it just makes it a little more powerful, but you have to be aware of what you can and cannot do. For those who are still unclear about the controversy that happened in August regarding the $460 million liquidity position, would you explain what happened and how the socialized loss risk management mechanism was put in place to resolve the issue? Absolutely, and we have, but just a quick recap: A customer of OKEx managed to accumulate a huge long position on BTC quarterly contracts. The position worth over $400Mil was force-liquidated due to unfavored market direction. And due to its sheer size of the order, the order cannot be filled by the market and the said uncovered position (about $9m) triggered OKEx’s societal loss risk management mechanism. Futures is a zero-game game: whoever loss means its counterparties are making an equal amount of profit. So in such case, the losing side was unable to fulfill its obligation to deliver the deemed ‘profit’ to the winning side due to a shortfall on margin. OKEx would then step in and take a portion of profit - in equal percentage - from winning trader to cover shortfall between the liquidated price and settled price. We called this arrangement as a clawback. This system, which has been in place since OKEx was founded, is one of core risk management component of OKEx Futures to handle the systematic risk of the market. And due to its transparent nature, clients of OKEx d

9 hours ago

Wendy McElroy: Crypto Anarchism and Civil Society - The Technology is the Revolution

The Satoshi Revolution: A Revolution of Rising Expectations Section 5: Saving the World Through Anarchism Chapter 11, Part 3 Crypto Anarchism and Civil Society. The Technology is the Revolution. by Wendy McElroy Not only is democracy mystical nonsense, it is also immoral. If one man has no right to impose his wishes on another, then ten million men have no right to impose their wishes on the one, since the initiation of force is wrong (and the assent of even the most overwhelming majority can never make it morally permissible). Opinions—even majority opinions—neither create truth nor alter facts. A lynch mob is democracy in action. -Morris Tannehill, The Market for Liberty The simplicity of anarchism is stunning: live and let live. Do not use force against those who also pursue their own lives. Most people are anarchists in how they conduct daily life with family, associates, and strangers. Whether or not law enforcement is present, most people behave peacefully, and being violent never occurs to them. It is not a police presence that makes people wake their children for breakfast or greet their neighbors on the sidewalk. Legislation does not persuade them not to murder strangers. Civil society does. It manifests the natural harmony of interests between human beings as they interact and separate to pursue their own self-interests. Violence is the greatest obstacle to the functioning of civil society, especially violence in the form of a state. Just as society consists of individuals cooperating to achieve their own goals, the state consists of individuals who use force for the same purpose; they want wealth and status without earning it. That’s the key difference between the two forms of social organization. With cooperation, both sides benefit from an exchange, or else it does not occur. With violence, one side benefits at the expense of the other; it is might versus the right of people to enjoy their own bodies and property. In order to continue the flow of unearned benefits, a state must continue to use force or the threat thereof. A successful state does two things: it institutionalizes violence; and it mimics civil society by monopolizing valuable services that would otherwise exist commercially and competitively, such as the adjudication of disputes. The monopoly itself is an act of violence against competitors and so-called customers. The two maneuvers allow the state to embed and to legitimize its power. Individual consent is gradually replaced by state coercion, and the principles of civil society are slowly eroded. Individuals are vulnerable to the institutionalized and well-organized violence of the state. This is a paradox. The state exists only because individuals produce wealth that it confiscates and regulates. How does the impotent state retain its control over the power of individuals? Why don’t people say “no”? Part of the answer is the centralization of state violence that intimidates people into the mockery of ongoing cooperation that is called obedience. State violence is centralized into institutions that coordinate the control of society; that is, they control individual exchanges and whatever benefits result. By contrast, individuals are decentralized; most people go about their own business and sleep in their own beds at night. They band together in larger homogeneous groups only when there is an advantage to doing so, such as producing goods or enjoying community. Banding together—centralizing-against state violence means that the violence has become egregious enough for people to disrupt their own lives and risk injury in order to oppose it. Modern technology is more than a game changer in this dynamic; it is a game reversal. Cryptocurrency epitomizes this. The state centralizes control of wealth through institutions, such as central banking, and a monopoly on the services they provide. Crypto decentralizes the locus of power down to the level of individuals; it gives them back control over their own exchanges. Remember: civil society is the cumulative exchanges of the individuals within it; the state is the cumulative use of force to control those exchanges. Technology returns individuals to the conditions of civil society without a need to relinquish its benefits or to fear violence from the state. Decentralizing The Revolution Civil society is empowered and state violence is rendered impotent by three revolutionary steps, each of which occurs due to a radical decentralization of power. Encryption returns privacy to the individual. Strong cryptography is the antithesis of the massive data collection that states rush to establish. Centralized data allows the state to regulate every activity within a society; gradually, society and the state merge into one unit called the total state. But individuals who control their own data can control their own lives. The impact of this decentralization is much more than economic. It does more than deprive the state of taxes and other forms

11 hours ago

Litecoin Fees to be Decreased 10x With the Release of LTC Core 0.17

In an official blog post, Litecoin has announced that the launch of Litecoin Core 0.17 will see the network fees reduced approximately ten times. The current fees which stand at $0.05 will be lowered to as low as $0.005. The reduced fees will be similar to the network fees in 2015. The lead core developer, Adrian Gallagher has said that the lowering of these fees could encourage the massive adoption and usage of Litecoin. (VK)

14 hours ago

No Joy for Crypto Markets as Prices Remain Stagnant

Crypto markets have been immobile for the past few days, and there seems to be no change even today. The slow downside seems to have stalled below $210 billion market capitalization. Bitcoin, which remains at the exact position as it was yesterday, $6,480, has shown no signs of a breakout yet. Ethereum also remains stagnant again today at about $204. The only most significant movement worth mentioning in the top ten list is Stellar which has moved up 2.2% to trade at $0.244.(VK)

19 hours ago

Cryptocurrency Market Update: A New Brave Browser Boosts BAT

FOMO Moments Another flat Saturday as markets are stagnant; Only BAT and DGTX heading higher. The weekend has brought no joy to crypto markets which have remained immobile for the past few days. The slow downward slide seems to have halted just below $210 billion market capitalization where things remain for another day. Bitcoin is at the exact same place it was on Friday, $6,480 and there is no sign of a breakout just yet. A similar story is being played out in the Ethereum camp during Asian trading this morning. ETH is immobile again today at around $204. Alcoins are nearly all in the green but gains are so small they are hardly worth mentioning. The biggest movement in the top ten is Stellar which has inched up 2.2% to $0.244 this morning. The rest are static with small upwards movement of around one percent on the day. The top twenty is a little more mixed with more red creeping in. Zcash is also up 2.2% trading at $120 right now but the rest have moved less than a percentage point in either direction. Interest in altcoins is at rock bottom this month. Today’s big pump is BAT which has jumped 16% to $0.240 on the day. A new Brave browser release with BAT integrated for tipping websites was launched a couple of days ago which is driving momentum now. Trade volume has quadrupled from $6 to $24 million, over 60% of which is on Binance. New Brave desktop browser available for download at https://t.co/4wVWi8TElt. This latest milestone on our way to 1.0 is Chromium-based, has 22% faster load time than our previous Muon-based version, & unveils Brave Rewards beta (previously Brave Payments). https://t.co/Zppx5mUZzN pic.twitter.com/RZ5tLm9QDr — Brave Software (@brave) October 18, 2018 Basic Attention Token has made 33% since this time last Saturday and is also up over 50% on the month. Digitex Futures is also in pump mode, adding 15% to its price levels over the past 24 hours and Aeternity is looking strong with a 10% gain. Getting the red end of the digital stick is Polymath, as yesterday’s pump predictably dumps today. POLY has dropped 11% of its previous gains in this tired pattern of ups and downs. Komodo is also shedding some today with a 7% decline. Total crypto market capitalization has not moved since Friday morning and is still at $208 billion. The daily lows are getting shallower though so it could get back over $210 billion during Euro and US trading today. Since last weekend markets have climbed 3.5% but they are still very flat. FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals. The post Cryptocurrency Market Update: A New Brave Browser Boosts BAT appeared first on NewsBTC.

21 hours ago

Report: 86% of ICO Tokens Currently Worth Less than the Listing Price in a Crypto Exchange

Recently, Ernst & Young released a report on ICOs performance over the last year. According to the report, 86% of ICO tokens are currently worth less than their listing price in a crypto exchange. Additionally, ten projects account for 99% of all the gains of the ICOs. The research was based on 327 projects dubbed “Class of 2017.” The 13-page report shows that the most successful project cannot beat Ethereum in developments. (KE)

a day ago

Daily Crypto Roundup 10/19/2018

More mainstream interest, hacking news, stablecoin developments, and long-term projections are seen in today’s headlines as Bitcoin’s price remains relatively stagnant. Catch up on today’s action - Crypto M&A Activity Reaches Record High Strangely enough, mainstream interest in the crypto space has flourished this year, in spite of overall downside price action for most of 2018. “Blockchain and crypto M&A deals have surged this year, climbing from 47 in October 2017 to 115 currently. And according to JMP, it could reach as high as 145 by the end of 2018” as reported by CryptoInsider. (M&A stands for mergers and acquisitions, and JMP is a securities business). 2018 is seeing more than double last years amount of deals. This seems a bit backward as 2017 was saw amazing market growth. It does make sense in the right frame of mind though. Smart money waits for the right opportunity, regardless of what the majority thinks. Read on CryptoInsider North Korean Hacking Group Lazerus Stole $571 Million In Cryptos: Report Lazarus, a squad of North Korean hackers, has reportedly stolen $571 million in crypto assets. It’s reported that Lazarus has hacked an astounding 14 cryptocurrency exchanges over the last 2 years (roughly). Over the last 2 years, reports indicate that exchange hack casualties, in general, total $882 million in stolen crypto assets. According to these numbers, Lazarus appears to be responsible for about 65% of the mentioned total exchange hacks. Read on CoinDesk World’s Largest Crypto Exchange Binance Looks To Add New Stablecoins Binance is currently the largest crypto trading platform (according to adjusted volume) according to coinmarketcap.com. Three stablecoins are already available on Binance, including Tether (USDT), Paxos Standard (PAX), and TrueUSD (TUSD). (Stablecoins are cryptocurrencies pegged 1-1 with certain fiat currencies like the U.S. dollar. These are commonly used for retaining dollar value between trades.) Binance looks to add even more stablecoins to their exchange.”‘We hope to be able to list a few more stablecoins on our platform,’ chief financial officer Wei Zhou told CoinDesk Thursday”. Binance is part of a recent influx of entities listing multiple new stablecoins, possibly due to recent USDT concerns. Read on CoinDesk Third Largest Crypto Exchange Huobi Opens Deposits For New ‘Stablecoin Solution’ HUSD Even more news on the stablecoin front appears as major exchange Huobi announces its new coin HUSD. The coin launched today, and will cooperate with four other stablecoins available on Huobi. (each of the four current stablecoins is supposedly backed 1-1 with the U.S. dollar.) These include PAX, TUSD, USD Coin (USDC), and Gemini Dollars (GUSD). HUSD will give “users a balance in HUSD as a kind of aggregator of all four”, reports CoinTelegraph. Read on CoinTelegraph Russia: CEO of Banking Giant Sberbank Says Blockchain Tech Will Be ‘Ready’ In 3-5 Years The CEO of one of Russia’s biggest banks (Sberbank), reportedly explains his opinion that cryptocurrencies will not replace currently centralized government currencies any time in the next 10 years. Herman Gref (Sberbank CEO) stated - “[The future] of cryptocurrencies is not clear so far as the state will not give up its central role, won’t allow [decentralized] cryptocurrencies. Though this might be the proper model - as for me, I’m for a distributed model, including in money supply. But it seems like that is not in the cards for the next — well, let’s be optimistic - ten years”, as reported by CoinTelegraph. These statements are contrary to the sentiment that cryptocurrency mainstream adoption is just around the corner. Read on CoinTelegraph The post Daily Crypto Roundup 10/19/2018 appeared first on Crypto Insider.

a day ago

Blockchain is Gradually Becoming A Centralized Technology- Timothy May

Blockchain and cryptocurrency have been facing pressure from every side on the need to regulate the industry and bring it under the control of government authorities. The government claims the idea is to protect users of the technology and combat crime which appears to have infiltrated the industry. This quest for regulation is of great concern to the original advocators for Cryptography and the blockchain technology, the Cypherpunks. A legendary Cypherpunk Timothy May spoke with CoinDesk in an interview on why he thinks cryptocurrency and blockchain are deviating from the aim for which they were created. According to May, Blockchain was an idea brought to challenge what he called the “Dosier Society” which is characterised by surveillance and regulation. He however lamented that the technology is tending towards centralization as more rationalized bodies are getting their hand into blockchain. “I can’t speak for what Satoshi intended, but I sure don’t think it involved bitcoin exchanges that have draconian rules about KYC, AML, passports, freezes on accounts and laws about reporting “suspicious activity” to the local secret police.” There’s a real possibility that all the noise about “governance,” “regulation” and “blockchain” will effectively create a surveillance state, a dossier society.” He added. He said Satoshi did a great job inventing Bitcoin but what the technology looks like ten years ago is entirely different from what we have today. He also added that the idea of cryptography and decentralized approach was what attracted attention to Satoshi’s technology and would not be so if it was another “paypal” idea. May believes the internet is the future of money with electronic payments but maintains that the cryptocurrency sphere is not going the good way and it’s destroying the original purpose of the technology. Asked to rate Bitcoin’s alignment with the original intention, May said the cryptocurrency has deviated far from the decentralized, peer-to-peer system it was intended to be. “The tension between privacy (or anonymity) and ‘know your customer’ approaches is a core issue. It’s ‘decentralized, anarchic and peer-to-peer’ versus ‘centralized, permissioned and back door.” “Understand that the vision of many in the privacy community — cypherpunks, Satoshi, other pioneers — was explicitly of a permission-less, peer-to-peer system for money transfers. Some had visions of a replacement for ‘fiat’ currency.” A great question that really needs answering is will regulation of blockchain and cryptocurrency remove the problems for which authorities seek to regulate the industry? The post Blockchain is Gradually Becoming A Centralized Technology- Timothy May appeared first on ZyCrypto.

a day ago

Braiins OS: An Open Source Alternative to Bitcoin Mining Firmware [UPDATED]

Braiins wants to redefine open-source mining software.The company behind Slush Pool recently rolled out the initial release of its ASIC miner firmware: Braiins OS. The operating system is advertised as “the very first fully open-source, Linux-based system for cryptocurrency embedded devices,” an alternative to the factory-default firmware that comes with most popular mining hardware.Upon visiting the project’s website, visitors are greeted with a clear message, a mantra that resonates with its related industry’s ethos: “Take back control.”Rethinking Open Source in an Open Source SpaceFurther down on its website, the project invites community members to “[say] goodbye to backdoors, closed systems and hidden features.” This promise of transparency is an implicit reference to the contrasting opacity of its biggest competitor’s mining software.Bitmain advertises its software as open source. But Jan Čapek, CEO of Braiins, the company behind the eponymous OS and Slush Pool, explained to Bitcoin Magazine that too many features of Bitmain’s code are covertly closed off, making it impossible to provide a proper software image — a record of the state of the mining system at a given time.Essentially, Čapek indicates that a few key components are missing to make Bitmain’s code full open source, such as the FPGA code. Without these pieces, users cannot parse together a full image of the mining client.“The problem is that most of the people out there are not able to build a complete S9 image as it is not quite obvious that all the components are provided by Bitmain. To build a complete system you need the first stage bootloader (sometimes called SPL), u-boot, Linux kernel, Linux system (buildroot/openwrt?), FPGA bitstream (+ sources) and cgminer sources. So, there is quite more things that are to be reviewed that are still closed source and open quite a few questions,” he said, “For example, why is the FPGA code still closed?”Even without these closed systems, other softwares may include “backdoors” or “hidden features” — a practice that Braiins OS rejects as well. In Bitmain’s case, there was a backdoor baked into the code.Known as Antbleed, the feature was introduced in July of 2016, and it gave Bitmain the ability to remotely shutdown most of its active Antminer hardware, most notably the S9. Bitmain claimed that the backdoor was there so that it could police stolen or hijacked hardware, telling Bitcoin Magazine that the company “never intended to use this feature on any Antminer without authorization from its owner.”Regardless of its purposes, stated or otherwise, Antbleed was the primary motivation behind Braiins OS, Čapek said. A Bid For Transparency, Flexibility Braiins OS’s initial release leverages OpenWrt, “a generic embedded Linux distribution that allows [it] a great deal of flexibility,” Čapek said, and its central meta project is open to developers on GitHub.Per Čapek’s earlier statement, the software offers a more complete, customizable kit than the factory defaults that companies like Bitmain provide with their hardware. “None of the manufacturers provide an easy, documented or central way of building an image and running it on their hardware,” he said in our interview, chalking this up to “probably [a] lack of transparency.”As an alternative, Braiins OS “can be used to build the entire firmware image,” he continued. This includes a tool to configure and run this firmware for specified hardware, something its competitors currently don’t offer.For its rollout, Braiins OS will only be compatible with the Antminer S9 and DragonMint TI, as those are the most commonly used mining rigs currently in use. Going forward, the team plans to open up integration for other devices as well, including the Whatsminer M10.The project will also look to integrate with more mining pools as it gains traction among developers. Currently, “Slush Pool is one of the few pools that supports the version rolling extension of stratum protocol (BIP310),” Čapek said. This is in part due to caution. Čapek told us that Braiins OS didn’t want to have too many different images installed for the rollout “just in case there were any serious issues with transitions from factory firmware.” Seeing as this is “an alpha release,” he continued, “massive deployment was not desirable.”In the meantime, the team looks forward to the community enriching its project, and Čapek indicated that they’ll be taking notes on developer activity in order to improve the project in future releases.“Currently, we are already gathering feedback from the community. The next release with regards to S9 will bring additional features like per hashboard frequency and voltage configuration.”Update, Friday October 19th: "Braiins today revealed that they verified the existence of AsicBoost-functionality in Bitmain’s S9 ASICs. For unknown (but possibly patent-related) reasons, this feature is not made available to regular users, however. The Braiins team plans to unlock th

a day ago

Africa’s economies are still too far off fulfilling the “Africa rising” narrative

African economies will require significant work to compete at on global scale. In the latest Global Competitiveness Index—a report compiled by the World Economic Forum—African countries make up 17 of the bottom 20 nations. While the global median score is 60, the median in sub Saharan Africa (45.2) is the lowest for all the regions analyzed. The annual index ranks countries based on 12 pillars based broadly on these factors: an enabling environment, markets, human capital and an innovation ecosystem. Each of the 140 countries are ranked based on their scores out of 100. Mauritius and South Africa are among the few bright spots with both being the only two African nations in the top half of the index. Mauritius’ top ranking is hinged on scoring high on pillars, especially strong institutions. Its 62.9 score on institutions is particularly considered a “considerable competitive advantage” in sub Saharan Africa as 65% of economies in the region score below 50. Top ten ranked African countries Rank Score Mauritius 49 63.7 South Africa 67 60.8 Seychelles 74 58.5 Morocco 75 55.6 Tunisia 87 54.5 Botswana 90 55.6 Algeria 92 54.5 Kenya 93 53.8 Egypt 94 53.8 Namibia 100 52.7 Across the board, sub Saharan Africa posts the weakest average regional performance on 10 out of the 12 pillars analyzed, including information communications technology adoption and the human capital pillars of health and skills. As Quartz has previously reported, internet costs are higher in Africa than everywhere else while internet speeds across Africa are still far below the global minimum standard. The scale of human capital spending is also reflected the World Bank’s first ever Human Capital Index released this month. Nigeria—Africa’s largest economy—ranks 152nd of 157 countries analyzed and Africa accounts for the entire bottom 10. Boosting scores on future indexes and creating more competitive economies, the report says, will depend on how “old developmental issues”—mainly weak institutions, poor infrastructure and skills deficit—are resolved. “The much-vaunted economic leapfrogging will not happen unless these issues are addressed decisively,” the report adds. Sign up to the Quartz Africa Weekly Brief here for news and analysis on African business, tech and innovation in your inbox Sign up for the Quartz Africa Weekly Brief — the most important and interesting news from across the continent, in your inbox.

a day ago

Genesis Global Trading, a Subsidiary of DCG Has Given Crypto Loans That Amount to $553 Million Since March 2018

Yesterday, Genesis Global Trading, one of the most significant over-the-counter (OTC) crypto traders revealed that it has ‘originated $553 million in digital currency loans’ since March 2018. Also, on its website, the firm says it has been allowing transactions of illiquid assets for over ten years. The organization made this information public after releasing it’s first-ever Digital Asset Lending Snapshot: 2018 Q3 insights report. Michael Moro, the company’s CEO told Bloomberg that the firm borrows funds from other holders and uses them in lending. (KE)

2 days ago

A history of the next 10 years in banking

Through an unlikely series of cosmic events, Quartz has obtained a Future of Finance Friday dispatch from the, well, future: The story was written by a bot named Garth and datelined New York, Sept. 15, 2028: Remember Lehman Brothers? Almost exactly 20 years after the storied investment bank collapsed, nearly dragging down the global financial system with it, Wall Street executives are calling the latest panic another “Lehman moment”: the coordinated cyber attack on three of the biggest US banks. What amounts to a bank run is in progress as frightened consumers drain the accounts they’re still able to access. Banks’ borrowing costs have jumped amid fears of insolvency, exceeding records set in late 2008. Trust between the world’s financial institutions has evaporated, a replay of the system-wide seizure that threatened to crush the global economy two decades ago. For now, there are more questions than answers, which is further fueling the hysteria. The White House says it doesn’t know the origin of the attack, whether it was a nation-state or a sophisticated criminal gang. However it appears to have been long in the planning, officials say. The criminal transfers were disguised to look like normal transactions, evading the banks’ automated detection systems. Like most crises, the origins are obvious in retrospect. Corporate bigwigs in Davos were grumbling about cyber risks a decade ago. Looking back in history, a report from Shape Security in 2018 found that fraudulent login attempts had long flooded consumer banks, as cyber criminals tried out stolen credentials and honed their tactics. Bank systems have in many ways become more hardened since then—or at least they seemed to be. Ransomware attacks, the scourge of the 2010s, became just about obsolete. However, consumer logins and transaction mechanisms remain a weakness. Banks want their customers to be able to access their accounts as easily as possible, which has created lasting security vulnerabilities. For now, consumers are furiously trying to pull their money even from US banks that weren’t attacked, according to senior government officials who declined to be identified. Ten years ago, bank customers could have gone to branches to withdraw their savings in cash, but both physical locations and banknotes are rare these days. Bank sites and apps are crashing under the load of customers trying to access their accounts. Foreign institutions have barred American deposits and transfers out of fear of getting tangled up in, or contributing to, the unfolding crisis. The Federal Reserve is trying to quell the growing panic by promising to make depositors whole, essentially backstopping the accounts that were hacked. However, efforts to stop the spread of systemic risk have been hampered by a lack of safeguards, which have been substantially rolled back over the past 10 years. The belief that automated decisions and artificial intelligence made the financial system more robust—even as the country’s biggest banks got bigger and the industry grew more concentrated—is being severely tested. The US agencies responsible for financial regulation, after years of mergers and budget cuts, appear overwhelmed. As always, the cryptocurrency crowd says this is their moment. And, indeed, the price of bitcoin, which has been all but outlawed in the US, shot up on clandestine exchanges, to around $6,500 at the time of writing. The demand suggests that many see the digital asset as their only hope for preserving their savings amid the chaos. Given the cryptocurrency’s history of devastating boom-and-bust cycles, that is saying something. The future of finance on Quartz On the 10th anniversary of Lehman’s collapse, a stunning trader default in Norway is rattling nerves. The derivatives-trading default shines a light on clearing houses that are unquestionably too big to fail. Crypto traders in India are anxiously awaiting a court battle for the future of the country’s digital asset sector. The case has been postponed several times, and investors are wary that they may not like the result when it comes. Bank jobs in Europe are dwindling. As branches close and more finance takes place online, bank employment in the EU has fallen to the lowest level in more than 20 years. Adyen is now worth more than Deutsche Bank. The Dutch fintech’s stock has soared since its public debut less than three months ago. Here are 10 risks that could spark the next financial crisis. The future of finance elsewhere Blockchain could boost trade finance by $1 trillion. The hype surrounding distributed ledger technology has cooled, but the World Economic Forum still thinks it has potential. IEX landed its first listing. Interactive Brokers switched its stock (paywall) from Nasdaq to IEX, the exchange made famous by Michael Lewis’s book Flash Boys. Despite the bear market for crypto, Morgan Stanley (paywall) plans to offer bitcoin swaps to clients. Citigroup is also considering a new crypto pro

2 days ago

Nonprofits are sidelining banks to take advantage of the latest finance trend

Larry Fink, CEO of BlackRock, which manages more than $6 trillion of assets, said last week that “how to invest in environmental, governance, and social issues is becoming the number one conversation we’re having with clients.” Environmental, social, and governance (ESG) investing is indeed the new hot topic in finance circles. By 2016, a quarter of the world’s professionally managed assets, such as stocks and bonds, were considered sustainable investment assets, according to the Global Sustainable Investment Alliance (pdf), and the share is expected to keep growing. Major nonprofit and non-governmental organizations, like the NAACP and the YWCA, have found a way to take advantage of this moral turn in financial markets through another fashionable finance product: exchange-traded funds. The passive investment products, which track the performance of an index and can be traded on an exchange like a stock, are now a $5 trillion market, up from about $700 billion ten years ago. By dangling the potential of inclusion in their ETFs, these groups are hoping to encourage good corporate behavior that aligns with their values. Corporations that promote equal pay, parental leave, socially-responsible supply chains, anti-discrimination policies, and community development programs can earn their way into these funds and tap capital from socially-minded investors, a growing class, especially as millennials become more active investors. Impact Shares, a nonprofit investment company funded by grants totaling $1.3 million from the Rockefeller Foundation, is partnering with major social advocacy groups. In the past three months, Impact Shares has launched the Minority Empowerment ETF with the NAACP, a 109-year old US civil rights organization, and the YWCA Women’s Empowerment ETF, with the 160-year-old organization dedicated to eliminating eliminating racism and empowering women. Its most recent effort is the Sustainable Development Goals Global Equity ETF with the United Nations, the multi-national organization’s first-ever ETF. Unlike other notable socially-minded ETFs, such as State Street’s gender diversity ETF, UBS’s gender equality ETF, or Just Capital’s ETF, which is based on a ranking of US companies by good business practices in collaboration with Goldman Sachs, the Impact Shares ETFs don’t have a major financial institution as a key partner. “There are a lot of asset managers and traditional investment advisors launching these socially responsible funds but they really aren’t trained in financial activism,” said Ethan Powell, the CEO of Impact Shares, based in Dallas. “For us, it’s about providing the tools that existing social advocacy groups can use to take their message to the private sector.” Powell, who has worked in financial services for 25 years, started working on Impact Shares full time in 2016. The arrangement between the Rockefeller Foundation, Impact Shares, and the charities allows them to cut out an asset manger that would charge traditional fees and speculate at what a good citizen would want in favor of “a social advocacy group that knows exactly what their expectations are of corporate America,” Powell said. The traditional financial system still plays a role in helping sell the ETFs to their clients and building up the funds’ assets. Without an asset manager, the fees go to the charities. The groups aren’t expecting a windfall from these fees, certainly not at the start. Eventually, Impact Shares hopes the nonprofits will get about $500,000 for every $100 million invested but the ETFs each have less than $3 million invested at the moment. Instead, it’s about finding an innovative way to get companies involved in their activism. “The NAACP has been known historically as a litigation-oriented activist group, so if they called you it was because they were calling to sue you, potentially,” Powell said. “This is providing those groups with a carrot to go along with the stick.”

2 days ago

Ripple and XRP rise in tandem; banking sector lays down the path for the cryptocurrency’s developments

The cryptocurrency market has been undergoing multiple highs and lows with many coins seeing price changes on a daily basis. The bear has reigned supreme over the past week with popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH] feeling the pinch. XRP, on the other hand, has taken a different route in this market atmosphere, becoming the biggest gainer among the top ten over the past week. XRP’s rise has coincided with Ripple’s rapid development movement in the cryptocurrency space. This week gave Ripple a big boost after it was announced that the company in a partnership with MoneyMatch, had conducted the first ever cross-border transaction out of Malaysia. Adrian Yelp, the CEO of MoneyMatch had stated post the announcement: “We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry.” Ripple’s foray into the mainstream banking sector has been emphasized by two major developments. Just recently Ripple’s partnership with banking behemoth, Banco Santander came to fruition when it was revealed that the bank had teamed up with SWIFT to go live in four different countries across Europe and South America. The announcement stated: “With SWIFT gpi, Santander can now offer a rapid cross-border payments service - with real-time payments tracking and transparency on bank fees and foreign exchange rates.” BNP Paribas was the other major cog in Ripple’s development juggernaut, partnering with Earthport which had tied up with the cryptocurrency company back in 2014. The underlying workings of Ripple have helped Earthport in providing its customers with seamless transactions and faster results, according to the company’s officials. Amanda Mesler, the Chief Executive Officer of Earthport further stated on the partnership: “The collaboration is focussed on evolving our network and setting new industry benchmarks on predictability and transparency for our clients and their customers” The post Ripple and XRP rise in tandem; banking sector lays down the path for the cryptocurrency’s developments appeared first on AMBCrypto.

2 days ago

QTUM Partners With Amazon Web Services And Tether Panic Continues

The State of The Market — October 18, 2018 BTC: $6,540.86 (+0.12%) ETH: $206.24 (-0.43%) XRP: $0.46269 (-0.29%) After the sudden surge on Monday and a correction after that, the market remains stable. In fact, the top 5 cryptocurrencies moved by less than 1% in the last 24 hours. Bitcoin remains stable at $6,500, while Ethereum continues to hold above $200. In other news, U.K.-based global security firm G4S is developing a cryptocurrency custody solution. The firm, which typically provides security to events, prisons and other more traditional sectors, believes it has the solution to the risk of theft plaguing the cryptocurrency industry. Also, cryptocurrency compliance and investigative firm Chainalysis has partnered with Binance to fight Crypto money laundering. Chainalysis will deploy its real-time cryptocurrency monitoring program that uses pattern recognition, open source references, and complex algorithms to track and alert suspicious cryptocurrency transactions. 1) PoS- based smart contract blockchain Qtum has teamed up with Amazon Web Service (AWS) China division to broaden the hosting service’s blockchain-as-a-service (BaaS). The partnership will see the development of a smart contract platform on AWS that will enable users and developers to efficiently, cost-effectively and quickly manage, launch and code smart contracts systems. The solution would make use of Amazon Machine Image (AMI) together with core software for startup, Gmix web IDE and solidity. Also, Qtum would now be able to access Amazon’s business, marketing, sales, and technical resources. 2) Bitcoin was trading at a $300 premium on Bitfinex amid Tether’s decline. Tether (USDT) has seen its market capitalization plunge from the $2.8 billion area to just above $2 billion in a matter of ten days and is seeing 5% haircut as traders exchange for Bitcoin. Many believe the price upswing is because the traders who purchased Tether via the exchange are now looking to sell their holdings for Bitcoin. 3) A CME report shows that Bitcoin futures trading on the exchange have gone up by 41% in Q3, 2018. Also, the number of open contracts rose by 19%. CME also notes that when Q3 results are compared to Q2 there is noticeably slower growth in trading dynamics. Bloomberg recently reported that CME has no plans to introduce additional cryptocurrency futures as they prefer to continue analyzing Bitcoin futures. BTC futures have been a controversial topic as some believe they helped to stabilize the BTC bubble before it exploded and others think the instrument is directly responsible for the 2018 cryptocurrency bear market. The Federal Reserve Bank of San Francisco has also suggested that the “subsequent fall in the price [of BTC]” after the Bitcoin Futures launch does not appear to be a “coincidence.” (VS)

2 days ago

A simple acronym sums up what’s wrong with social media

Do you ever scroll through your social media feeds and feel gross? If so, you’re not alone. It’s a common response. And yet we go back, day after day, over and over and over, endlessly scrolling, like addicts hooked on a drug that we once loved but now kind of hate and cannot or will not even try to escape. Technologist and philosopher Jaron Lanier, a virtual reality pioneer and early internet evangelist who isn’t on Reddit, Facebook, Twitter, or Instagram, contends that you should just quit social media. Go cold turkey. In his latest book, Ten Arguments for Deleting Your Social Media Accounts Right Now, Lanier argues that engaging on the internet makes us feel bad because systems are designed to manipulate us by measuring our interests, anticipating our desires, modifying our behavior, and creating opportunities for advertisers. He’s developed a simple acronym to sum up the sinister purpose of tech companies that brought us the platforms we’re hooked on and their effect on us—BUMMER. It stands for Behaviors of Users Modified and Made into Empires for Rent. According to Lanier, social media platforms need us to keep coming back, so they’ve designed tools that accumulate data about us, then give us more of what moves us most to create wealth for the platforms. BUMMER platforms are more than just a bummer from Lanier’s perspective—they’re eroding health and happiness and political and social discourse, curbing our free will, and turning us into, well, “assholes.” Theoretically, Lanier believes, we could have better, healthier social media that wouldn’t have this deleterious effect on individuals and societies. However, since the business models of the platforms rely on a negative feedback loop, the result of engagement with the platforms we do use now is ever-worsening disease, an anxious, angry, and divided culture. Or, as Claire Lehmann, founding editor of Quillette magazine puts it in an Oct. 17 tweet (of course—where else might she express herself?), “Social media satiates our appetite for moral disgust and tribal conflict.” Social media satiates our appetite for moral disgust & tribal conflict just like fast food satiates our hunger for fat and sugar. Am going to try and put myself on a moral disgust diet. Let's see how long it lasts. — Claire Lehmann (@clairlemon) October 17, 2018 Since fear, loathing, anxiety, and outrage tend to drive more engagement, the platforms serve us more and more of this negativity. In turn, in an effort to generate as much engagement with our own posts and accounts as possible, we mimic the platform model on an individual level, creating—as Mark O’Connell puts it in a story about “the deliberate awfulness of social media” in the New Yorker—a “toxic miasma of bad vibes.” In an interview in the Los Angeles Review of Books, Lanier explains that you can spot a BUMMER platform by examining whether Russian intelligence warfare units like the Internet Research Agency targeted it and used it to manipulate people. The list includes Facebook, Google, YouTube, Twitter, Reddit, and Instagram. “There are a few others out there, but those are the primary ones,” Lanier argues. “Snapchat is... sort of an edge case; they’re better, but they still have some problems. Another example is LinkedIn, which has some addictive techniques but doesn’t seem to bring out the worst in people.” The technologist contends that we’re mesmerized by social media because it’s been designed for precisely that. “We’re being hypnotized little by little by technicians we can’t see, for purposes we don’t know,” Lanier writes in his book. “We’re all lab animals now.” “We’re all lab animals now.” To disengage from the experiment is simple enough, he says. All you have to do is stop using BUMMER platforms. That’s the best way to undermine the systems designed to manipulate us and, he argues, the only way to force tech companies to change the platforms’ fundamentally flawed business model. Lanier concedes, however, that it’s not easy to break the addiction, in part because many of us feel we need to be engaged with social media. It can seem as if there is no other way to be in the world now. And he says he wants people to succeed, not to self-sabotage by deleting their social media accounts. But he points out that he manages to have a successful career as a public intellectual without being on any platforms and can’t believe he’s the sole exception. Indeed, novelist Zadie Smith avoids social media to protect her writing from being influenced by the negative feedback loop Lanier discusses. And writer Jonathan Franzen is also a critic of technology generally and Facebook and Twitter in particular. He calls Twitter “unspeakably irritating” and says it stands for everything he opposes. Like Lanier, Smith and Franzen are doing just fine not being on these platforms. But also like him, they made their names before social media was a thing and before every writer was told they must promote themselves online to be read. Stil

2 days ago

Cryptocurrency Market Update: More Sideways Inactivity, Altcoins Immobile

FOMO Moments Sideways trading for another day; Stellar and Neo slowly moving up, 0x dropping back. Crypto markets are slowly losing ground as gains made during last week’s Tether induced pump are slowly being eaten away. Market capitalization has retracted slightly from the same time yesterday but is still just above $210 billion at the moment. Bitcoin has dropped back a fraction of a percent today to bring it back to $6,550. The bulls do not have the strength to take it above the $6,600 resistance level so here it stays for another day. Ethereum is still very bearish with another drop today back to $205. For another day the altcoins are mixed pretty much half and half. The top ten sees Stellar making the largest move with 4% added to take XLM to $0.242. Cardano is up slightly but the rest have fallen back 1-2 percent on the day. Neo and Zcash are making the best momentum in the top twenty, both tokens trading over 4% higher today. Dash and Tezos however are both falling back 2-3 percent and the rest are pretty flat with little movement in either direction. As usual there are a couple of fomo pumps going on with some of the more obscure altcoins further down the list in the top one hundred. Ravencoin, a new entry to this part of the chart, is up 26%. PIVX and Odyssey are also climbing 14-15 percent at the time of writing. These spurts usually reverse within a day or two when the coin predictably dumps again. Losing ground today is Electroneum and 0x dropping over 7%. ZRX recently jumped over 40% on a Coinbase listing but has dumped a lot of those gains just as quickly as rumours of insider trading at the exchange circulate. There are no real standout cryptocurrencies at either end of the chart at the moment. Total market capitalization has shrunk around one percent on the day to just over $210 billion. Daily trade volume is still at $11 billion and the sideways channel has resumed. On the week markets are up 4.5% and over the past month they have made over 8%. Bitcoin dominance is currently 53.7% where it has been for most of the week. FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals. The post Cryptocurrency Market Update: More Sideways Inactivity, Altcoins Immobile appeared first on NewsBTC.

3 days ago

Bitcoin Trading At a $300 Premium on Bitfinex amid Tether Decline

Tether (USDT) reportedly has seen its market capitalization plunge from the $2.8 billion area to just above $2 billion in a matter of ten days and is seeing 5 % haircut as they exchange for Bitcoin. Bitcoin is being traded at $6,732 on Bitfinex, nearly $300 more than the $6,443 priced on the Coinbase exchange and other operators. Many believe the price upswing is because traders who purchased the stablecoin Tether via the exchange are now looking to sell their holdings for Bitcoin (BTC). Currently, Tether still is dominating the stable coin daily trading volume and market cap.(RL)

3 days ago

Bitcoin Trades at $300 Premium on Bitfinex as Tether Faces Panic

As Tether faces credibility issues in the cryptocurrency market, holders are taking a 5 percent haircut as they exchange the stable coin for other cryptocurrencies, including Bitcoin, on the Bitfinex exchange. The increased fear that each token issued may not be backed by one U.S. Dollar has resulted in a premium of up to $300 on the price of Bitcoin traded on Bitfinex. Tether Holders Take Five Percent Haircut As They Exchange for Bitcoin Tether (USDT) has seen its market capitalization plunge from the $2.8 billion area to just above $2 billion in a matter of ten days as holders moved approximately $800 million elsewhere. Bitcoin is the champion most Tether holders are looking for as they dump their tokens. Bitcoin is being traded at $6,732 on Bitfinex, nearly $300 more than the $6,443 priced on the Coinbase exchange and other operators. Richard Johnson, an analyst at Greenwich Associates, explained the phenomenon. “So if most Bitfinex traders are holding Tether instead of USD, then this represents the premium they need to pay. Another way of looking at it, is that holders of Tether have taken a 5 percent haircut on their so-called stable coin.” The cryptocurrency market questioned whether Bitfinex has gone insolvent when it announced a temporary pause on fiat deposits for certain customers amid processing complications. The exchange denied it. Alex Michaelis, co-founder of researcher CoinSchedule, believes there is no reason to think otherwise, he told Bloomberg. “I don’t think Bitfinex is going under, we met with them last week and that is not the impression we got. What I think happened is that a lot of people think Tether is going bust, so they are exchanging their Tether for Bitcoin and pushing the price up there.” Tether has found many critics throughout the years as many suspected Bitfinex was not rigorously backing the token with USD. The controversy intensified when the exchange decided to end their relationship with Friedman LLP, the company responsible for auditing Tether, and was subpoenaed by the U.S. Commodity Futures Trading Commission. Lex Sokolin, a partner at Autonomous Research LLP, argued that its collapse would crunch pricing and liquidity. On the other hand, it may “clean up the activity to be more reflective of real demand.” Tether still dominates the stable coin daily trading volume and market cap. Its economy is worth just over $2 billion, with the second largest stable coin, TrueUSD, having a market cap of $160 million. Other tokens include Paxos Standard Token, Dai, USD//Coin, and bitCNY. Image from Shutterstock The post Bitcoin Trades at $300 Premium on Bitfinex as Tether Faces Panic appeared first on NewsBTC.

3 days ago

Happy Birthday NEO: The One Becomes Two

NEO celebrated its second anniversary today, signifying two years of stable operations since its mainnet launched. While most of us celebrate our birthdays with cake, presents and red envelopes, the “Chinese Ethereum” is celebrating the blockchain way— with a “technical articles competition,” as well as other contests. “The NEO MainNet has been running in stable capacity for two years since its release,” the NEO website said in the anniversary announcement. “As an early blockchain project, NEO has spent the past two years improving its core technology, enriching and extending its ecosystem, and expanding the global presence of the NEO community.” NEO’s Premature Growth Spurt NEO was one of 2017’s greatest hits, although the run-up in prices was largely overshadowed by a few other big blockchains. Under the diminutive name of Antshares, the mainnet launched with a token valued at around $0.08 cents—putting it all the way down at 535th by market capitalization. But Antshares climbed at breakneck speed. By August 2017, when it rebranded, NEO had reached the top ten, with prices pushing $40 dollars. Within a few months, the value quadrupled again, crossing $160 before the bubble began to burst. Peeking Under the Wrapping Paper But the two-year-old blockchain is already starting to deliver on the presents. Although Ethereum grabbed most of the spotlight in the blockchain revolution, NEO’s dBFT consensus algorithm comes with significant advantages—including a 10,000 per-second transaction rate that leaves proof-of-work blockchains in the digital dust. Those advantages have watered a vigorous token ecosystem that’s currently second only to Ethereum. At preset, CoinMarketCap lists twenty-seven NEO tokens—more than EOS and Stellar combined. This makes the “Smart Economy” one of the most versatile platforms, even if not the most overvalued. Since it’s Turing-complete, everything possible on Ethereum can be done faster on NEO: there are NEO identity protocols, decentralized gambling dApps, decentralized travel booking, security tokens, market research platforms, and even a NEO Name Service. Crypto Kitties have not yet made it to the Chinese Ethereum, but the blockchain has no problem managing Hash Puppies. However, NEO’s promoters are finding their work already cut out: prices suffered more than most as a result of regulatory disfavor and unfriendly market conditions, and NEO coins are now trading at one-tenth of their December high. Although it’s not yet clear if it can return to the top ten, signs indicate that developers and the community believe it has nowhere to go but up. Unfortunately this means NEO is now entering the Terrible Twos - according to the Mayo Clinic, we can expect “frustration, misbehavior and tantrums” and we need to avoid “challenging situations”. So, good luck with that. The author is not currently invested in NEO. The post Happy Birthday NEO: The One Becomes Two appeared first on Crypto Briefing.

3 days ago

Hammers, Hoodies and Flamethrowers: On Offer At Origin Today

Many people first heard about bitcoin (BTC) in the context of the Silk Road. This was an online marketplace, working off the darknet, where people could buy almost anything - heroin, pistols, pornography - a kind of illicit eBay. But unfortunately for its operators, the Silk Road left a Paper Trail... which is why its founder, Ross Ulbricht, is currently detained at the pleasure of the U.S. government in a Colorado facility. Crypto, as a sector, has matured; and as it becomes mainstream, the markets have also changed. A safer and altogether more salubrious P2P marketplace is now online, taking aim directly at the gig economy middlemen like Airbnb, Uber, or Craigslist. The Origin (OGN) protocol is a decentralized peer-to-peer marketplace. It’s a platform for buyers and sellers to connect and transact with one another. Based on the Ethereum (ETH) network, goods and services can be bought with Ether. The mainnet is live, and the dApp is in beta and available to try. “For the first time since the sharing economy was created, buyers and sellers can now meet and transact without any trusted intermediaries taking egregious fees”, said co-founder Matt Liu to Crypto Briefing. “We’re excited about all the unique goods and services already offered on our platform shortly after launch, including traditional offerings like t-shirts and home rentals all the way to exclusive music and DJ lessons from DJ 3lau and pitch sessions with top Silicon Valley venture capitalists.” What’s on Origin? It’s only been a week since the mainnet launch, and already there are 79 items listed on the platform. None of them illegal. For 18 ETH, around $3,700, you can hire an events team to help organize and plan a “kick-ass” blockchain meetup out in Singapore. Just 2 ETH can get you a house out in Boulder, Colorado, for the weekend. “Breathtaking views” and all-important WiFi make it the ideal location for a “hacking” weekend, so says the ad. There are also some slightly more eclectic items available. Remember those flamethrowers Elon Musk released at the start of the year? Well you can have a mock test with one for 2 ETH; the advert doesn’t say what you can do with it or for how long, but the offer’s on the table. Either that, or the team are having a giggle at our expense. Unfortunately one of the items that would probably get most interest is now unavailable - the chance to pitch your business idea to Paul Veradittakit of Pantera Capital. The most expensive item currently listed on the platform is the nametag “Ethereum”. On the market for a princely $10,000; the vendor says that they’ll send the token as soon as the order has been filled. Lessons from a world-renowned DJ... trips to Venice... dinner from a chef who has earned two Michelin stars... these are just the first few novel items that have been uploaded to the platform. Perhaps to help fill out the market a bit, Origin are trying to flog a whole host of branded items on their platform. One Origin-branded backpack will set you back $100; a hoodie emblazoned with their logo is $50 - it is limited edition after all. Alternatively, what better way to decorate a car bumper or fridge door than with an Origin sticker? Yours for $10. The branding is pretty cool, to be fair. Probably the best item on the market is the hammer. Not just any hammer, it has a hickory-wood handle. it comes with free shipping to anywhere in the continental United States. The vendor says: “this small 10oz hammer is perfect for hanging pictures or cabinet work. It’s a used hammer - I’ve had it for about ten years, and there are small scuffs to show it.” Someone had put an offer on it, at press time. Origin-al marketplace? Sites like Origin show there can be legitimate marketplaces using crypto. In years to come it might become much more than the place to go for Origin branded merchandise as well as having *blast* with a flamethrower. Origin is aiming squarely at becoming the world’s shopping cart. Whether they’ve nailed it, remains to be seen. Maybe we’ll ask the guy who bought that hammer. The author is invested in BTC and ETH, which are mentioned in this article. The post Hammers, Hoodies and Flamethrowers: On Offer At Origin Today appeared first on Crypto Briefing.

3 days ago

Markets Update: Stable Cryptocurrencies and Unstable Pegged Coins

Since our last markets update, cryptocurrencies have been steadily moving sideways as traders are patiently waiting for the next big move. On Wednesday, Oct. 17, bitcoin core has been hovering between $6,400-6,550, while bitcoin cash has been coasting along around $425-500 per coin. The market capitalization of all 2,000+ cryptocurrencies hasn’t budged much over the last two weeks and currently rests at $213.4 billion. Also read: Bizarro World: Federated Sidechain Technology Promoted Over Nakamoto Consensus Stablecoins Show More Action Than Most Cryptocurrencies This Week Markets have been trading in a triangular and consolidated pattern since the last big spike on Sunday, Oct. 15. That day, bitcoin core (BTC) spiked to a high of $6,760 on a few exchanges like Bitstamp, and bitcoin cash touched $501. Additionally, exchanges that use the stablecoin tether (USDT) saw BTC and BCH prices rise even higher than most spot markets and BTC values saw highs above $7,000. This market behavior was due to USDT dropping below the value of USD, hitting a low of $0.86 per token. Other stablecoins like TUSD, GUSD, and USDC saw significant volumes this week as lots of money poured into these specific markets. On Oct. 16, Circle’s stablecoin USDC grew 2,000 % in seven days on partner exchanges and that day’s USDC volume surpassed the week prior’s. During that time, other stablecoins like GUSD and TUSD rose above their dollar pegs while USDT dipped below. Following the jump in value, BCH and BTC prices have dipped a hair and USDT values have regained momentum. The Top Cryptocurrency Markets Bitcoin core markets are down today around 1% and one BTC is trading for $6,534 according to Satoshi Pulse data. Ethereum (ETH) prices are down 1.4%, as each ETH trades at $207 this Wednesday. Following behind ETH is ripple (XRP), which is up 1.8% over the last 24 hours. XRP prices are hovering around $0.46 at the time of publication. Lastly, EOS is down 0.68% today and the digital asset is swapped for $5.39 per coin. Overall, the top contenders are down between one to 13% over the last seven days of trading sessions. The top ten cryptocurrency markets on Oct. 17, 2018. Bitcoin Cash (BCH) Market Action Bitcoin cash spot markets are seeing BCH trade for $451 per coin with the currency’s value down 1.7% over the last 24 hours. Percentages are down even lower for the week as seven-day statistics show BCH has dipped around 11.7% this past week. The top five exchanges swapping the most BCH this Wednesday are Lbank, Hitbtc, Binance, Okex and Huobi. BTC is the top trading pair exchanged with BCH, capturing 41.8% of all spot market trades. This is followed by the trading pairs USDT (27%), ETH (16%), USD (5.2%), and KRW (5.2%). Bitcoin cash has the sixth-largest trading volume, as $301 million worth of BCH trades have been processed in the last 24 hours. BCH/USD seven-day. BCH/USD Technical Indicators Looking at the four-hour and daily Bitstamp and Bitfinex BCH/USD charts shows some serious sideways action since the last spike. Many other digital asset charts like BTC/USD are following similar patterns, as traders seem to be finding new positions over the last two days. Currently, the BCH four-hour relative strength index (RSI -40) oscillator is meandering in the midrange and not granting many clues. The two simple moving averages (100 & 200 SMA) indicate a change may be in the cards as the two look as though they will be crossing hairs soon. Oct. 17, 2018, BCH/USD Bitfinex Unless things change, the 100 SMA looks to be dropping below the 200 SMA trendline, showing the path toward the least resistance will be the downside. Order books show there are big hurdles for BCH bulls from now until $465 and another pitstop above the $500 region. If things change and the price heads south, BCH bears will be stopped at $415 and $390 respectively. The Verdict: Uncertainty Is in the Air The verdict this week depends on who you ask, but can be generalized with one word: uncertainty. Some traders believe a bearish-to-bullish change is imminent, while others think cryptocurrency prices may sink lower. BTC/USD and ETH/USD shorts are fairly high, but not as much as they were a few weeks ago. The consolidated tight pattern and lack of shorts this week show uncertainty in the minds of traders waiting for a breakout in either direction. Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comment section below. Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Images via Shutterstock, Trading View, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools sec

3 days ago

Chinese Crypto Currency Exchange BTCC Expands Into South Korea

New reports from China indicate that the country’s first cryptocurrency exchange, previously known as BTC China, plans to expand their services to Korea. The reports claim that the move is scheduled for October 31, 2018. BTCC is an old crypto exchange, which was launched as far back as in 2011. Since then, it grew to be one of the largest cryptocurrency exchanges around the world. Its trading volume continued to grow until China’s government decided to ban ICOs and crypto trading. As expected, such a decision had significant consequences on Chinese crypto market, and BTCC was forced to close shop in September 2017. However, this did not mark the end of this exchange, as it relocated to Hong Kong, and re-opened its services in January 2018. Now, ten months later, the exchange announced the opening of a new office located in Korea. Reports also indicate that this branch of the exchange is to be helmed by Lee Jae-beom. Additionally, BTCC Korea’s services are expected to start later this month. While this will only include beta services, the real official debut is expected to arrive soon after that, likely at some point in November 2018. Lee commented on the situation by saying that digital currency exchanges are facing a turning point at the moment. Korea is the best place for BTCC to present and implement a new strategy, as well as its new vision of what a crypto exchange should be like. In addition, thanks to its strategic tie-ups with global and local firms alike, BTCC will be able to expand its footprint. One of its recent major moves includes a partnership with Dafytime, a company that produces anti-aging products. The partnership is the first step toward a goal of introducing blockchain in of healthcare products. Chinese Crypto Bans Forced Exchanges to Relocate Their Businesses While BTCC seems to have found a way to continue its business, first by shifting to Hong Kong, and now by expanding to Korea, many other cryptocurrency exchanges still struggle to survive in this country. Due to China’s ban on trading and ICOs, cryptocurrency exchanges were forced to either find an alternative method of doing business or to close shop. Unfortunately, a lot of them saw no other solution but to give up, while others set their attention to foreign markets. This includes exchanges such as ZB.com, Huobi, as well as OkCoin. These and similar exchanges decided to either expand their business to include foreign markets, or to completely relocate, following BTCC’s example. On one occasion, OkCoin even stated that the move marks the end, but also a new beginning. Huobi also recently announced a new professional portal based in Singapore, as well as a subsidiary launched in Hong Kong. Thanks to decisions and moves like these, crypto trading in China will still manage to survive. However, many still hope that the country will decide to lift the ban and allow these exchanges to continue their businesses in their home country. Image from Shutterstock The post Chinese Crypto Currency Exchange BTCC Expands Into South Korea appeared first on NewsBTC.

3 days ago

EToro CEO: We’ll See ‘Greatest Transfer of Wealth Ever Onto the Blockchain’ [Interview]

Bitcoinist spoke with Yoni Assia, CEO of the largest social trading platform in the world eToro on their latest push to take cryptocurrency mainstream. Interview with eToro CEO, Yoni Assia With over 10 million users globally, eToro has become a somewhat of a household name. It is also no secret that the company has been a big supporter of Bitcoin and other cryptocurrencies for a few years now. Its logo is often seen alongside numerous cryptocurrencies almost everywhere in the UK and elsewhere. Assia explained why eToro is so focused on raising cryptocurrency awareness, why regulation is important for mass adoption, and his opinion on ‘Bitcoin maximalism.’ Bitcoinist: You’ve just announced a significant cut in spreads on crypto-assets. Why did you decide to do this? User feedback or simply a way to make trading more affordable for the average person? Yoni Assia: We cut our crypto spreads as part of our efforts to support the mass adoption of crypto. We want to make it as easy as possible for investors to buy, hold and sell crypto and cutting spreads so clients keep more of their gain is one part of this. Bitcoinist: What other bottlenecks to wide-scale user adoption currently exist in your opinion? Yoni Assia: Currently, the level of understanding of crypto-assets is one of the barriers to wide-scale user adoption of, and investment in, crypto-assets. It’s a barrier that we’ve looked to address at eToro through building our community of traders and investors who can share their investment strategies and insights. From this, others are able to follow the approaches of those who have been the most successful. We also provide educational material and a virtual portfolio. Other barriers for crypto center on the fact that this is still a very young asset class. Bitcoin, the first crypto, is still less than 10 years old. We believe that the challenges around scalability, speed, volatility etc will be solved over time. Bitcoinist: Your platform has over 10 million users. Since the so-called bubble ‘popped’ in 2018 following the historic bull-run of late 2017, has your platform seen a drop in new user signups or the opposite? New clients continue to join the eToro platform every day. Some come for crypto, others for the other more traditional asset classes we offer such as stocks and commodities or our CopyPortfolios. It is also interesting to note that many of the clients who were attracted to eToro by crypto have also diversified into other assets on the platform. Bitcoinist: At current rates, can you give us an idea of how many users you expect to start trading crypto on your platform over the next few years? Yoni Assia: While I can’t give you a number, we expect to continue to grow the number of users on the platform over the next few years. EToro is continuing to expand its global footprint, for example, we will be launching in the US later this year. Some people come to eToro for crypto, but we also offer a multitude of other asset classes. Bitcoinist: What is the most popular cryptocurrency on eToro? Do you think this could change in the future? Yoni Assia: The most popular crypto on eToro is XRP 00. I don’t have a crystal ball so I can’t predict the future. Our clients value diversification so we see interest in any new coins added to the platform. Bitcoinist: Does a diversified crypto-asset portfolio still make sense given that Bitcoin has experienced the least bleeding relative to other cryptocurrencies? Yoni Assia: Maintaining a diversified portfolio, both in terms of crypto-assets and in terms of wider assets, is a prudent way to invest regardless of market conditions or asset performance. Bitcoinist: Etoro has signed numerous partnerships with major sports teams and pro athletes to promote cryptocurrencies. Have these efforts borne fruit so far? And what other initiatives do you have planned? Yoni Assia: We’ve recently sponsored seven premier league clubs in the UK as well as German football team Eintracht Frankfurt. We’ve also partnered with French tennis player and eToro user Gaelle Monfils. These initiatives help us to raise awareness of crypto and we will continue to form partnerships that help us to strengthen our brand and build awareness. Bitcoinist: Why do you believe regulation will accelerate mass adoption? Some regulations such as the BitLicense in New York state have forced companies to leave, for example. Do you favor more of a hands-off approach or clear-cut regulations just like in traditional finance? Yoni Assia: A conducive regulatory environment is vital to protect consumers and foster growth and innovation within the investment industry. We believe that regulation will lead to greater adoption by institutions and intermediaries, which will accelerate mass adoption. In the UK, eToro was the driving force behind the establishment of CryptoUK, the first self-regulatory trade association for the UK crypto-asset industry. Its remit is to promote higher standards of conduct and

3 days ago

Cypherpunk Essentials: A Beginner’s Guide to Crypto Privacy

The following op-ed on crypto privacy was written by Reuben Yap. He is the Chief Operations Officer of Zcoin. A corporate lawyer for ten years, specializing in institutional frameworks, Reuben founded one of SE Asia’s top VPN companies, bolehvpn.net. He graduated with a LLB from the University of Nottingham. One of blockchain’s most notable and valued features is its transparency. In the original Bitcoin whitepaper, Satoshi Nakamoto described bitcoin as an ‘electronic coin’ with a ‘chain of digital signatures’, the history of ownership documented permanently and publicly. This idea of globally accessible financial records is a bold move away from the traditional banking system. This is precisely why privacy is an essential topic within the crypto ecosystem. Also read: Bitfinex Introduces Top Secret Banking System Privacy and The Cypherpunks In the Cypherpunk Manifesto of 1993, Eric Hughes writes that “we cannot expect governments, corporations, or other large, faceless organizations to grant us privacy ... we must defend our own privacy if we expect to have any.” Built upon the philosophies of generations before them, the self-named cypherpunks were a group of activists advocating for cryptography and technologies that enhanced our privacy, which they believed was ‘necessary for an open society in the electronic age.” The movement was sustained by a regular mailing list that discussed ideas and policies relating to privacy, government monitoring, control of information and anonymity. In 2008, Satoshi Nakamoto reignited this cypherpunk movement, giving a nod to the technology which emerged from the 90s cypherpunk era, such as Hashcash and b-money. The Bitcoin whitepaper itself notes that online privacy can be maintained by breaking the flow of information through anonymous public keys (cryptography). Satoshi’s Bitcoin was intended to be a “censorship-resistant” currency. The development of Bitcoin has indeed helped organizations like Wikileaks when governments cut them off from fiat-based donations. Notably, Wikileaks cypherpunk founder Julian Assange is still living in asylum in London’s Ecuadorian Embassy, awaiting charges by the U.S. government for publishing classified government documents. While Bitcoin’s pseudo-anonymity was Satoshi’s solution for the individual’s right to financial privacy, the transparency of its blockchain is now proving to be a potentially dangerous flaw. As the flow of bitcoin to and from wallet addresses can be viewed by anyone, those with malicious motivations and the technical skill can uncover — and threaten — your real-world identity. Bitcoin’s Privacy Flaw Studies show that bitcoin transactions can be linked to individuals. Personal information can be interpreted and collected from blockchain data, exposing identities with potentially grave consequences. Researchers from Qatar University and the Hamad Bin Khalifa University found that “bitcoin addresses can be exploited to deanonymize users” and that an “address should always be assumed compromised.” Additional studies conducted by ETH Zurich University and NEC Laboratories in Germany show that 40 percent of bitcoin users could be revealed in a simulated experiment where the digital currency was used to support daily transactions of university users. More extreme consequences of this privacy flaw are emerging. Kidnappings and robberies targeting crypto users are becoming more commonplace in countries like Russia and Ukraine. The creator of the Prism cryptocurrency was beaten and robbed of his laptop which had 300 BTC stored on it. He was then forced to drink a pill with vodka that hospitalized him, so he wouldn’t be able to seek help from police straight away. There is a vital need for the blockchain ecosystem to develop multiple anonymity solutions for cryptocurrency so that we can protect individual privacy and security. Without Tor or Dandelion protocols, for example, a person’s IP address can be linked to their wallet addresses. Privacy coins and their protocols work to address these flaws. Breaking the Privacy Coin Stigma Unfortunately, privacy coins have often been associated with illicit and illegal activity. Bitcoin itself was propelled into the media due to its associated use on the infamous Silk Road website and darknet, and claims that cryptocurrencies enable money laundering are rampant, albeit heavily exaggerated. Some governments have even decided to ban privacy coins. In June, the Japanese Financial Security Agency (FSA) outlawed any cryptocurrencies that provide anonymity to users in an attempt to eliminate bad actors operating within the space. The ramifications could be far-reaching, as this decision may only end up pushing these kinds of cryptocurrencies into underground, unregulated territory, beyond the reach of the law or financial intermediaries. While governments cannot effectively control or monitor any kind of peer-to-peer digital currency, they can still build suitable laws and regulations aroun

4 days ago

Next Bitcoin Bull Rally will have Crypto Space Hit Trillion Dollar Market Cap, Pantera CIO

Joey Krug, co-chief investment officer at Pantera Capital, talks about the next bitcoin bull run that has the potential to grow 10 times as according to him the cryptocurrency is “close to a bottom.” Next Bitcoin bull rally to take crypto market cap 10x higher Currently, in the red Bitcoin is maintaining stability around $6,500. However, the co-chief investment officer (CIO) of one of the crypto industry’s largest investment firms, Pantera Capital says it is close to a bottom and from here it will move to the next bitcoin bull run that will drive the overall market cap to trillion dollars. Bitcoin 24-hours price, Source: Coinmarketcap In an interview with Bloomberg, Joey Krug made the prediction of a crypto market to rise ten times to its current valuation, “If you look at that next bull run, I think the crypto space overall could hit 10x from here.” Noting the fact that names like Fidelity Investments and Intercontinental Exchange (ICE) entering the crypto market has failed to spark any movement in the market, Krug says the market is waiting for concrete adoption this time in order to catalyze a bull run. Cryptocurrencies need to achieve improved scalability as the current state of the market is similar to that of the Internet before the dial-up. He shares: “If you look at the internet, it’s easy to say, ‘Well, you just create an app, get some users, and then you solve the scalability problems.’ But these are all markets, and so if you don’t have scalability, you don’t have market makers, and so you don’t have liquidity.” The Lightning Network is one such solution to scalability which is basically a second-layer protocol that runs on Bitcoin. Here, transactions don’t need miner validation and can be further processed instantly. Moreover, the user can move funds off-chain into Lightning Network payment channels. There are a few other solutions as well, however, they are not ready to hit big yet. Krug does shares that some cryptocurrency network can be expected to achieve the Visa/Mastercard level of scalability in the coming years. While the crypto space work on the scalability part, it doesn’t mean the bear market will stay during that time as according to him the market has come close to its bottom and will remain range-bound for now, until the next catalyst that will skyrocket Bitcoin and the entire crypto market. The post Next Bitcoin Bull Rally will have Crypto Space Hit Trillion Dollar Market Cap, Pantera CIO appeared first on Coingape.

4 days ago

Universities Are Reluctant to Accept Crypto Donations

The vast majority of colleges are still very uncomfortable with accepting cryptocurrency donations. This mindset might not change anytime soon amid concerns about volatility and taxation. Cryptocurrency and blockchain are still hot discussion topics across many university campuses, despite turbulent markets in 2018. A growing number of students have been rushing to sign up for courses pertaining to concepts like smart contracts, decentralized consensus, blockchain technology, and Bitcoin. Outside of classrooms, a litany of crypto-related clubs have sprung up across campuses, designed to bring investors and general enthusiasts together. Some professors, like Dragan Boscovic at Arizona State University, have expressed bullish sentiments regarding cryptocurrencies like Bitcoin (BTC) 00. In June, Boscovic commented that the virtual currency was being seen by institutional investors as a “valued investment opportunity.” Even as more students express interest in digital currencies, the institutions they attend are largely still hesitant to deal with them, especially when it comes to donations. What to Do With an ‘Atypical’ Donation? In an ever-changing educational landscape, universities have proven to be especially adept at raising money. In May, the Associated Press said 47 colleges and universities in the United States had endowments that totaled at least $1 billion dollars. Ten years ago, the number was 17. Many institutions have been reluctant to accept so-called ‘atypical donations’ that might disrupt carefully balanced investment portfolios. These have typically included business shares or artwork, but now colleges are tasked with figuring out what to do about cryptocurrency. A few schools, like the University of California at Berkeley and the Massachusetts Institute of Technology have admitted taking gifts in the form of virtual currency, according to Bloomberg. Otherwise, the vast majority are still very wary of taking cryptocurrency gifts. Most officials are concerned with keeping donations liquid. Having to take the time to sell digital currency for fiat can be a process few actually want to do. Bryan Clontz of Charitable Solutions said the mechanics of actually opening digital wallets can be very intimidating for non-profit entities who might not have an idea of how cryptocurrency actually functions. University of Puget Sound... Leading the Way? The University of Puget Sound had a first-hand glimpse into the murky world of cryptocurrency donations a few years ago after an alumnus wanted to give $10,000 in Bitcoin. According to Bloomberg, the school used Bitpay to help facilitate a transaction that saw Nicholas Cary donating 14.5 bitcoins — worth about $10,000 at the time — to an Atlanta bank in 2014. The school immediately sold the bitcoin to eliminate fears about volatility. A school official said they have received a handful of other cryptocurrency gifts in the years since Cary donated the bitcoin. Cary, who graduated from the institution in 2007, had classmates who have become notable figures inside of the cryptocurrency world. These include Erik Voorhees, ShapeShift AG CEO, and Jesse Proudman, Strix Leviathan LLC trading platform CEO. Some speculate that colleges will eventually discover out how to accept donations in digital currencies, especially so due to its holdings by younger entrepreneurs. This group is a major target for most schools as they look for long-term donors. Do you think universities should accept cryptocurrency donations? Let us know in the comments below! Images courtesy of Bitcoinist archives, Shutterstock. The post Universities Are Reluctant to Accept Crypto Donations appeared first on Bitcoinist.com.

4 days ago

Cryptocurrency Market Update: 0x (ZRX) Surges 35% on Coinbase Listing

FOMO Moments Markets are flat again today; Ox surging, XRP and Tezos recovering slowly. It seems that things are back to horizontal territory for crypto markets as very little has moved over the past 24 hours. Total market capitalization remains over $210 billion where it was this time yesterday. Bitcoin has flat lined again and is stuck at just below $6,600. Analysts have noted a symmetrical triangle formation which could lead to a breakout from its consolidation. Volume has fallen back after the recent spike and has stabilized at $4 billion. Ethereum is still weak but it is holding $210 at the moment, no change from yesterday. Altcoins are a mixed bunch once again today. In the top ten XRP is showing the best gains with 4% to $0.466. Stellar and Cardano are also both up over 2% but the rest have declined slightly. Looking at the top twenty today only Neo and Tezos are in the green rising a couple of percent on the day, all of the other altcoins have dropped back a little. Today’s big pump is DEX protocol 0x which has surged 35% to just over $1. Trade volume has also jumped from $20 million to over $115 million as 0x goes live on Coinbase: ZRX is now live at https://t.co/bCG11KveHS and in the Coinbase iOS and Android apps. Coinbase customers can log in now to buy, sell, send, receive, or store ZRX. https://t.co/kzDisSZrFu — Coinbase (@coinbase) October 16, 2018 One the week 0x has made similar gains of almost 40% and over the past month it has made almost 80% recovering back to late July prices. Binance has most of the trade volume with over 50% and, no surprise, second exchange is Coinbase Pro taking almost 20% of the trade in ZRX. Other altcoins in the top one hundred performing well at the moment include PIVX up 14% and MobileGo trading 12% higher at the moment. Getting beat up is Eternal Token which is shedding 23% at the time of writing. Total crypto market capitalization has not moved much overnight and is still around $212 billion. Volume has fallen back to $12 billion and the sideways channel seems to have resumed. Bitcoin dominance has dropped a little back to 53.8% but it is still strong against the altcoins, most of which are at their lowest levels for over a year. FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals. The post Cryptocurrency Market Update: 0x (ZRX) Surges 35% on Coinbase Listing appeared first on NewsBTC.

4 days ago