While bitcoin prices touched all-time 2020 highs on Tuesday, a few analysts say they are expecting only a few more hurdles to surpass the 2017 all-time high (ATH). For instance, the market analyst from Etoro, David Derhy, says to look to $20,000 instead of back at $12,000.
— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) October 27, 2020
What do you think about the price pushing past the $14k zone and do you think $20k is coming next? Let us know what you think in the comments section below.
The post If Bitcoin Passes $14K, Analysts Say Traders ‘Should Look to $20,000’ Instead of Looking Back appeared first on Bitcoin News.
The Singaporean multinational banking and financial services corporation DBS published an announcement revealing it was launching a cryptocurrency exchange. The announcement was later removed by the company, but crypto proponents have learned about the upcoming support for assets like bitcoin, ethereum, and bitcoin cash.
DBS Bank Ltd is Southeast Asia’s largest bank in terms of assets under management (AUM), as the corporation’s 100+ branches hold more than $600 billion today. The bank published information on the subject and then swiftly removed the announcement. However, a number of cryptocurrency proponents caught the DBS statement before the bank deleted it. The Twitter account dubbed ‘Fiat Minimalist’ tweeted a screenshot and said: “Cat’s out of the bag.”
“This has been in the works for 2 years,” Fiat Minimalist told his 2,300 followers. “All banks will have to follow suit. Imagine being bearish [toward] BTC,” he added. The announcement has also been caught in the web’s cache and is now hosted on Archive.org as well. “DBS Digital Exchange offers trading services from fiat currencies to four of the top digital currencies in circulation – Bitcoin, Bitcoin Cash, Ether, and XRP,” the DBS Digital Exchange website reads.
The DBS Digital Exchange page also states:
Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. Instead, all digital assets are kept at DBS Bank, which is globally recognised for its custodial services. To keep customers’ digital assets safe, DBS Bank has deployed DBS Digital Custody, an institutional-grade custody solution specially tailored for safekeeping digital assets.
The news about the newly created DBS Digital Exchange follows the announcement made by the payments giant Paypal last week. Additionally, in September it was revealed that U.S. banks are now allowed to hold reserves for stablecoin issuers.
The new DBS trading platform also plans to allow for security token offerings. “Companies searching for a regulated option to raise private capital from qualified investors can now tap on DBS Digital Exchange to securitise real assets into tradeable digital tokens,” DBS notes.
Furthermore, DBS thinks that cryptocurrencies are “the future of capital markets.”
“Digital assets are poised to be the future of tomorrow’s digital economy. With DBS Digital Exchange, a bank-backed digital exchange, companies, and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies,” the DBS exchange announcement concludes.
What do you think about Southeast Asia’s largest bank DBS announcing a crypto exchange? Let us know in the comments section below.
The post Southeast Asia’s Largest Bank DBS Plans to Launch a Cryptocurrency Exchange appeared first on Bitcoin News.
A South African regulator along with the country’s police have reportedly seized electronics devices and computers belonging to two principal members of Mirror Trading International (MTI), an alleged bitcoin Ponzi scheme. The raid at Clynton and Cheri Marks’ home on October 26 was conducted by Financial Sector Conduct Authority (FSCA) officials who are looking for proof of trades and bitcoin balances.
The raid comes after the South African regulator previously advised MTI clients to withdraw funds after determining that the company did not have the required operating license.
However, according to a report by Global Crypto that cites a Telegram message sent to MTI members, the defiant sender says “it will be business as usual” while the investment company’s lawyers “are onto this.” The sender adds:
The news (media) will sensationalize this so I would like to pre-warn everyone. MTI will be releasing a video later today or tomorrow. More attacks will happen. This is just to let you know MTI is not going anywhere.
Similarly, a voice message attributed to Cheri Marks confirms the raid by FSCA officers who were reportedly accompanied by 15 South Police Service officers. Still, Marks asserts that the raid “changes nothing” and that scheduled customer withdrawals will continue.
The MTI team has repeatedly denied allegations against their company and they blame the media of trying to destroy a business that is “working to improve the lives.” Yet, despite the denials, international and domestic organizations are adamant that MTI is operating outside and that it is possibly a Ponzi scheme.
Just recently, one South African website that tracks complex Ponzi schemes as well as individuals running them, added MTI to its list of well-known scams. In its assessment, dishonest.co.za flags for MTI making claims that it has had “only one negative trading day since its launch.”
Panning the unrealistic claim, the website says “anyone with basic trading experience knows that it is extremely difficult to avoid losses; almost impossible.” Similarly, the MTI claims that it takes 10% of the day’s trading profits are also flagged.
Meanwhile, on one South African discussion forum, members discuss the MTI’s continuing troubles with regulators and how the MTI is trying in vain to dismiss the litany of allegations. One member of the forum points to how Cheri Marks’ repeated assurance that “everything is fine” has been used by other scammers in the past before they disappeared. The member John Tempus says:
“Bitconnect also stated, ‘EVERYTHING IS FINE GUYS’ and then overnight it went to the gutter.”
In her audio message, Cheri Marks insists everything is going as normal and while promising that she and Clynton would soon return online to engage with members. Cheri implies in the audio that their mobile had been seized by FSCA officials.
At the time of writing, the MTI team had not put up the promised video that gives their version of events.
What do you think of MTI’s latest challenge? Tell us your thoughts in the comments section below.
The post South African Regulator Raids Home of Key Members of an Alleged Crypto Ponzi Scheme appeared first on Bitcoin News.
Onchain analytics from the research and analysis firm Glassnode shows that the number of bitcoin whales (addresses with at least 1,000 bitcoins) has surpassed 1,900 clusters. The number of network participants in terms of 1,000 coin whales hasn’t been this high since 2016.
Seven-day trailing statistics for the number of whales (addresses with balance ≥ $1k) has increased 2% according to statistics from Glassnode. This means the number of large BTC holders (1,940 clusters ≥ $1k) has increased a great deal since the recent Paypal crypto support announcement.
The increase in BTC whales suggests a number of investors believe the price will jump higher in the future. On October 22, 2020, the well known bitcoin analyst Willy Woo tweeted about data that shows there are more than 23 million active holders today.
“Datasource for 23.4m active [holders]: Cumulatively sum net entity growth, this takes into account [holders] coming in minus [holders] that have left completely (zero coins in their wallets),” Woo said.
Onchain data and blockchain analysis from bitinfocharts.com indicate that the number of bitcoin whales with 1,000 to 10,000 BTC on a single address has increased significantly. On February 25, 2019, there were 1,709 addresses with 1,000 to 10,000 BTC and that metric increased 24.28% to 2,125 addresses.
The stats from bitinfocharts’s “Top 100 Richest Bitcoin Addresses” also shows there are six exchanges with cold wallets represented in the top 20 addresses.
Huobi has the biggest balance with 203,502 BTC sitting in a single address. Huobi’s cold wallet address which holds the #1 position in the rich list, represents 1.10% of the bitcoins in circulation. This followed by exchange wallets from Coinbase, Binance, Bitfinex, Bittrex, and a smaller Binance cold wallet as well.
Data stemming from May 1, 2020, shows there were only 2,002 addresses with 100,000 to 1,000,000 BTC, which means 123 whales joined the fray since then.
While bitcoin’s (BTC) price has been appreciating this month a number of proponents have noticed the whale accumulation. Venture Coinist podcast host, Luke Martin noticed the trend during the first week of October.
What do you think about the recent increase in whales this month? Let us know what you think about this subject in the comments section below.
The post Onchain Data Shows Rising Bitcoin Whale Index Surpassing 4-Year High appeared first on Bitcoin News.
It’s Halloween! Play spooktastic casino games and celebrate this hallowed festival with Bitcoin Games as they promise the most Harrowing Halloween you’d ever experience!
Zombies Monsters Vampires
Our very own premium casino brand, Bitcoin Games, has launched the Harrowing Halloweenpromotion where you can play from 12 horror-themed games and get a special bonus all throughout Halloween. The promotion features all sorts of spookalicious creatures to keep you spell-bound for the whole week leading up to Halloween.
Whether it is Dracula’s Family, 100 Zombies, Haunted Hospital or Los Muertos – the spookiest of all the featured games are guaranteed to send chills down your spine with thrilling music, stunning visuals, and crazy in-game multipliers.The promotion features all sorts of spookalicious creatures to keep you spell-bound for the whole week leading up to Halloween.
Bitcoin Games is an online gaming platform where you can engage in all the popular casino games without worrying about KYC or upper limits on deposits. The online casino also features provably fair exclusive games, anonymous accounts, and instant withdrawals around the clock.
The Harrowing Halloween week has begun and you can play your favorite frightening games to grab 10% cashback until the night of Halloween(23:59 GMT on the 31st of October).
Check out this exciting new promotion from Bitcoin Games and more on the casino’s website.
The post Celebrate this Halloween with Spookalicious Casino Games and Get Rewarded appeared first on Bitcoin News.
Six years ago, a number of theories spread across the internet that claimed the famed American economist and mathematician John Forbes Nash Jr. was Satoshi Nakamoto. There’s a bunch of circumstantial evidence that has invoked some research into the possibility that Nash could have been Bitcoin’s creator. The following editorial is the ninth installment of news.Bitcoin.com’s “the many facts” series, with a comprehensive look at some of the evidence that is tied to John Nash and Bitcoin’s mysterious creator.
During the last decade, there’s been a wide variety of individuals that people suspect could be Bitcoin’s inventor. In 2014 and 2015, a number of armchair sleuths published research posts that claimed the well known economist and mathematician John Forbes Nash Jr. created blockchain technology.
Nash is quite popular for numerous reasons especially his contributions to economics, mathematics, and complex systems found in game theory. The mathematical genius is also well known because of the award-winning movie “A Beautiful Mind,” which was a biographical interpretation of his life.
Nash was also a Nobel prize winner for his work in economic sciences and he earned his Ph.D. by leveraging a 28-page dissertation on non-cooperative games. Over six years ago, Nash was considered a prime suspect in the Satoshi Nakamoto mystery and a number of bitcoiners have tried to tether the two individuals.
Some people suspect that Nash possibly helped with the project and assume Bitcoin may have been created by a group of geniuses. For instance, back in mid-June 2015, the author Travis Patron wrote an editorial called “Did Mathematician John Nash Help Invent Bitcoin?” which proposes the question.
“Nash described this ideal of money as something which could provide a global savings outlet for people who would otherwise be subject to ‘bad money’, or money expected to lose value over time under conditions of inflation among other things,” Patron wrote.
The Nobel Laureate’s paper about ideal money made a number of mainstream headlines in the press after he published the work. One headline, in particular, dubbed “Nobel Economist Says More Stable Currency Needed,” was published on Fordham University’s website a month and a half before Satoshi published the Bitcoin white paper on Halloween 2008.
Patron’s research describes two more papers that align with the Bitcoin network including a speech about the ideal money published in the Southern Economic Journal, and another paper from 2002.
The author is not the only one who believed Nash could have been involved, as a Reddit post written six years ago describes how Nash was Bitcoin’s creator. “John is an award-winning cryptographer, mathematician, and a Nobel prize-winning economist,” the Redditor wrote at the time. “This trifecta is key in understanding the genius behind Bitcoin as all three schools of thought came together.”
The armchair sleuth from 2014 added:
He’s been operating under several ‘schizophrenic’ false identities on the internet since the ’90s. His timezone/geographic location, access to computers within the faculty in Princeton (for early Bitcoin mining), and his raw genius are all parallel with what we already know about the real Satoshi Nakamoto, including his writing style, which also matches Nick Szabo’s.
The author also cited a Youtube video that described Nash’s political ideas and goals when it comes to the ideal money. The armchair sleuth said the video gave him “goosebumps” because of the similarities it had with the open Bitcoin network. News.Bitcoin.com readers can check out the video about John Nash with Martin Edwards below.
In addition to the Reddit post, an anonymous publisher from the web portal dubbed the “Financial Underground Kingdom” also released an editorial that claims John Nash could be Satoshi Nakamoto. The unknown author also says that it’s possible that Nash worked with Nick Szabo and Wei Dai during the creation period.
The editorial speaks about a letter Nash wrote in 1955 to the National Security Agency (NSA), which was declassified years later by the intelligence agency. Nash’s letter described an “encryption machine of his design,” one that did not interest the NSA and the project was soon forgotten. The anonymous writer says the letter pretty much sums up the fact that Nash was probably Bitcoin’s inventor.
“This man (John Nash) fills every single one of Satoshi’s markers and more, he rewrote the economy already, defined the encryption race 50 years ago,” the anon said. “He has since been touring the world, talking about a new kind of money technology and how it is going to give the people ‘the power’ vs government ‘schemes’ of money printing.”
The editorial continued:
[John Nash] is Satoshi, nothing is hidden it’s all in plain view. It makes 100% perfect sense now, but 20 years ago when the lecture was given, it was complete gibberish. How do you explain to a world population that everything will be different because of what you are about to do? How do you break it to them slowly before they rip you apart out of fear?
In the letter to the NSA, Nash said: “I am speaking about a research project that is not fully complete since I have not yet written up and submitted for publication any paper or papers describing the work. Also, the details of what axioms to use and how to select the basic set theory underlying the hierarchical extension to be constructed are not fully crystallized.”
There have also been a number of other theories concerning Nash and Satoshi’s alleged ties at the end of May 2015. Nash and his wife were killed in a car crash in 2015 and after he died on May 23, bitcoiners started sleuthing again.
Bitcoin proponents started to discuss the theory that erupted on Bitcointalk.org a year prior in September 2014. The interesting notion tethers Nash to Satoshi’s identity with a great deal of circumstantial evidence and a lot of speculation. The Nash speculation started after the owner of Bitcointalk.org, Theymos, received an ostensible, compromised email from Satoshi’s GMX email handle during the first week of September.
Many years have passed since this theory was revolving around the web and the sleuthing seemed to have stopped after Nash passed away. The internet is littered with theories that people have composed in order to tether the two geniuses together, but no one has ever provided a smoking gun.
John Forbes Nash Jr. definitely had the know-how to create Bitcoin but now that he’s gone, it would be even harder to prove, similar to the mysterious Hal Finney theories. Nash is just another individual on the list of possible suspects and the mysterious Satoshi Nakamoto continues to remain unknown. Nash did discuss Bitcoin during a keynote presentation at Oxford University, which was published in February 2015. News.Bitcoin.com readers can watch his lecture where he discusses “Bitcoin Honesty” in the video embedded below.
What do you think about the claims that say John Nash may be Satoshi Nakamoto? Let us know what you think in the comments below.
The post The Many Facts Pointing to John Nash Being Satoshi Nakamoto appeared first on Bitcoin News.
Popular actor Kevin Hart gave bitcoin a boost this weekend during an all-star charity event to benefit the Muscular Dystrophy Association (MDA). He told viewers that cryptocurrency is a legitimate investment after calling it “voodoo money.”
American comedian, Hollywood actor, and producer Kevin Hart shouted out this weekend that bitcoin and other cryptocurrencies are legitimate investments during an online fundraiser he hosted for the benefit of the Muscular Dystrophy Association (MDA) and his Help From the Hart charity. The inaugural MDA Kevin Hart Kids Telethon, aired on Saturday, is the first telethon in six years for the MDA. The last host was famed comic and actor Jerry Lewis who died in 2017.
The event lasted over two hours and participants included many other celebrities, such as Leslie Mann, Josh Gad, Don Cheadle, DJ Khaled, Jack Black, Cindy Crawford, David Beckham, Usain Bolt, Robin Thicke, Adam Devine, Kelly Rowland, Michael B. Jordan, and Bryon Cranston. Hart himself has been in many movies and TV shows; he has 88 acting credits and 36 producer credits, according to IMDB.
During the telethon, actor Jay Ellis who helped man the phones supposedly got a call from someone asking about whether donations can be made in cryptocurrency. Ellis asked Hart: “Hey Kev, I’ve got someone who wants to know if we do bitcoin, ethereum, or any cryptocurrencies.”
Hart promptly responded: “I don’t take that voodoo money, we don’t take the voodoo, okay, so if you’re out there trying to give us the voodoo money…” While ranting on about bitcoin being voodoo money, he was interrupted by someone in his earpiece who set him straight. Hart then exclaimed, “What? We do take the voodoo?” adding:
I’ve been told that we actually do take cryptocurrency. I’m being told that it’s a legitimate investment that’s worth almost $250 billion.
While Hart’s bitcoin stunt was most likely staged and his voodoo comment a joke, the crypto community views the event as very bullish and appreciate the exposure Hart brought bitcoin when he announced to a worldwide audience that cryptocurrency is a legit investment.
Currently, eight cryptocurrencies are accepted by the MDA through the Giving Block. They are bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH), zcash (ZEC), Gemini dollar (GUSD), basic attention token (BAT), and chainlink (LINK). Donors can also request additional cryptocurrencies. The telethon raised $10,548,454 during the evening but donations continued to roll in after the show. The organization has not disclosed how much cryptocurrency was donated.
What do you think about Kevin Hart’s bitcoin shoutout? Let us know in the comments section below.
The post Kevin Hart Learns Bitcoin Is a Legit Investment in an All-Star Telethon appeared first on Bitcoin News.
The CEO of Nasdaq-listed billion-dollar company Microstrategy has made a strong bull case for bitcoin. He says there is a $250 trillion ocean of assets looking for the ideal store a value right now and bitcoin is a better store of value than gold or tech stocks, so “a lot of that monetary energy is going to flow from the asset ocean into the crypto pond.”
In a webcast with Hedgeye CEO Keith McCullough, aired last week, Microstrategy CEO Michael Saylor outlined a highly bullish case for bitcoin’s price. The Nasdaq-listed Microstrategy recently invested $425 million in bitcoin as its primary reserve asset.
Saylor began by explaining that he has always been a big tech investor. “The thing about technology is figuring out the thing that’s going to eat the world. If you’re right, own it, hold it, and wait,” he advised. The CEO gave the example of Apple, Google, Amazon, and Facebook, emphasizing repeatedly that it does not matter when you bought those tech stocks. “The truth of the matter is if you’d bought Google, Apple, Amazon, or Facebook at any point between 2010 and 2020 … I think it’s impossible to have lost money at any point for the decade … your investment mistake would be trying to time the market on those things.”
The Microstrategy CEO added: “Bitcoin is the first software network in the history of the world that can pull monetary energy, so these bitcoiners have figured out something that is really a thing of beauty and extraordinary value. They are pulling pure monetary energy on a network.” He elaborated:
If I take $100 million and I put it into bitcoin, it could sit there for a decade like in a battery. It won’t bleed out. You’re not losing 2% to 4% a year and I can put it in the palm of my hand and I can move it around the planet for a few dollars in a few minutes and we have never in the history of the world figured that out.
One classic objection investors have to investing in bitcoin is its volatility. Speaking on the subject, Saylor said he has been looking at the volatility of different assets over the last three, four, and five months. He looked at 30-year Treasuries, 10-year Treasuries, the NASDAQ, the Russell 2000, gold, silver, Apple, Amazon, Facebook, Google, and more. After comparing their volatility to bitcoin, Saylor concluded:
My unscientific view is on every single day at least half of those assets are more volatile than bitcoin. And on a lot of volatile days, I’ve seen 80% to 90% of them be more volatile than bitcoin.
“So I think there’s a historic narrative/belief. People think they know this is volatile but in fact, it’s not looking that volatile to me over the past three months. I don’t think over the next decade it’s going to have the same characteristics of volatility that it had over the last decade,” Saylor said.
The Microstrategy CEO proceeded to discuss how investors are using Apple’s stock as their store of value. “People are literally using Apple’s stock as a store of value because it’s deflationary. Apple is buying it back and they think Apple is not going anywhere and they’re desperate to flee [from] currency.” However, he pointed out that “Apple is more volatile than bitcoin for the past three months.”
Besides Apple’s stock, gold is still investors’ favorite store of value. However, Saylor explained that neither are as good as bitcoin as a store of value.
“The truth is Apple’s stock is not scarce. The executive team can and will eventually print more and if that doesn’t dilute you then they’ve got regulatory risk, competitive risk, [and] execution risk — a lot of moving parts … that’s why they’re not good over the long term,” he detailed. As for gold, he said: “if you put $100 million into gold and the gold miners print 2% to 3% more a year, let’s say 2% more, well, over 100 years you lose 88% of your purchasing power.”
The CEO explained that these stores of value worked in the past because there was no alternative. However, things have changed. “In the year 2020, you have a choice, you have a digital gold,” he declared. “They cannot make any more. Bitcoin miners are the friends of bitcoin owners. They’re not the enemy of bitcoin owners.” He explained that to store $100 million for 100 years, you will lose 85% of it under the best case if you put it in gold. “Under the likely case, you lose it all because the bank will fail, the country will fail, [or] somebody will seize it,” he claimed.
Saylor presented bitcoin as the best solution: “The reason that the bitcoin maximalists … are passionate and religious about this is because for the first time in human history you can take all of your wealth and your life force. You can put it into an asset. You can keep the keys. You can take custody of your million dollars, your hundred thousand dollars. No government, no bank can take it away from you. There’s nobody to tell you you can’t own your life force, and if you have hopes and aspirations for your family, for your religion, for your life, then you have the power to achieve those hopes and aspirations without asking the permission of a bank or a government or politician.”
The Microstrategy CEO then spoke about the trillions of dollars currently in alternative assets that function as stores of value, including gold, technology stocks, and bonds. He proclaimed:
There’s a $250 trillion ocean of assets. They are looking for the ideal store of value right now.
Maintaining that bitcoin is a better store of value than other assets he previously described, he emphasized: “bitcoin is digital gold. It’s better gold than gold and it’s a better store of value than big tech.” He believes that as investors understand this, “a lot of that monetary energy is going to flow from the asset ocean into the crypto pond and everybody that makes the transition is going to benefit.”
Do you agree with Michael Saylor’s vision for bitcoin? Let us know in the comments section below.
The post $250 Trillion in Assets Looking for Ideal Store of Value: A Bull Case for Bitcoin appeared first on Bitcoin News.
Decentralized finance (defi protocol) Harvest Finance was hacked on Monday for $24 million. The attacker targeted the protocol’s liquidity pools, performing an arbitrage attack using a large flash loan – a type of uncollatarized loan – but later returned $2.5 million. In seven minutes, the hack was complete.
Harvest Finance revealed that the hacker “manipulated prices on one money lego (curve y pool) to drain another money lego [farm USDT (fUSDT), farm USDC (fUSDC)], many times. The attacker then converted the funds to renBTC and exited to bitcoin.”
RenBTC is a bitcoin-backed token used on the Ethereum blockchain.
Farm, Harvest’s native token, fell 54% to $101.79 on the news, according to Coingecko data. Following the attack, the amount of money locked in the protocol also crashed to $575 million from $1 billion on Oct. 25, as fretful investors pulled their deposits.
Harvest provided a list of 10 bitcoin addresses of the hacker, where it believes the stolen funds may have been moved. It also asked exchanges like Binance, Coinbase, and Huobi to block the attacker’s addresses.
The three-month-old platform said that there is a “significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.” Not willing to dox the cyber-thief, Harvest Finance is now offering a $100,000 bounty “for the first person or team to reach out to the attacker”.
The $2.5 million returned by the hacker will be “distributed to the affected depositors pro-rata using a snapshot,” Harvest tweeted.
Harvest’s hack comes just six weeks after an attacker made off with $8.1 million in bitcoin from another defi protocol, Bzx. However, Bzx managed to recover the funds.
What do you think about the Harvest Finance hack? Share your thoughts in the comments section below.
The post Defi Protocol Harvest Finance Hacked for $24 Million, Attacker Returns $2.5 Million appeared first on Bitcoin News.
Bitcoin transaction fees are on the rise again. Fees shot up more than 350% during the last thirty days to Oct. 22. The most significant increase occurred in the last week, as the price of bitcoin soared on growing institutional interest.
According to data by Bitinfocharts, it cost an average of $5.75 to send a transaction over the Bitcoin blockchain on Saturday, up from around $1.8 five days earlier.
Fees peaked at $6.36 on Oct. 22, as the bitcoin (BTC) price scaled past $13,000, a 2020 high. Just over thirty days ago on Sept. 20, it cost only $1.39, on the average, to get a transaction processed via the Bitcoin network.
Over this period, transaction fees spiked 358%. A key reason for this is that investors were willing to pay a premium to Bitcoin miners to get their transactions processed ahead of others.
When prices surge, and the herd starts rushing in, in FOMO-mood, the Bitcoin blockchain often gets congested. And as miners compete to process the transactions, the cost of doing so – for investors – rockets.
By Sunday, however, bitcoin fees had dropped marginally to $3.98.
It is interesting to note that as crypto markets rallied, the cost of sending a transaction over the Bitcoin Cash blockchain rose somewhat while it fell significantly on the Ethereum network.
By far, the BCH network fees remain one of the cheapest of any blockchain in cryptosphere, even with the latest price increase. According to stats stemming from the web portal bitcoinfees.cash on Sunday, Oct. 25, the next block fee on the BCH network is $0.0014 and the current median fee is $0.0013 per bitcoin cash transaction.
Average Ethereum transaction fees slumped more than 75% to $0.92 on Sunday from $3.49 on Sept. 20. This may be due to a loss of momentum in the decentralized finance (defi) economy in recent weeks. The bubbling sector has been the biggest driver of ETH gas fees since around July, when it really started to take off.
What do you think about the rising Bitcoin network transaction costs? Share your thoughts in the comments section below.
The post Bitcoin Transaction Fees Spike 350% in a Month, as ETH Fees Decline appeared first on Bitcoin News.
News of the discovery of approximately 40 million troy ounces of gold in Russia’s Siberian region is likely to boost the profitability of the country’s biggest gold producer, while adding to the supply of the “scarce” resource. Reports say the Polyus owned the Sukhoi Log contains 540 million tonnes of ore, which translates to an average of 2.3 grams per ton. The reserves, which will account for a quarter of Russia’s gold stocks, are likely to generate $76 billion in revenues for Polyus when using current prices.
Although the Sukhoi Log announcement adds to the proven reserves and stocks of gold, it is unclear how this will affect the metal’s price in the immediate to short term. However, gold which has traditionally been used as a hedge against inflation is likely to grow in value as the money supply increases. The precious metal behavior contrasts with that of bitcoin, an asset that appears to exhibit an inverse relationship between its circulating supply (or stock) and its price.
With about 18.5 million coins–out of the total fixed supply of 21 million–already mined and circulating, institutional investors hold nearly 4% of that, according to bitcointreasuries.org. However, as more institutional investors join the bandwagon of corporations buying bitcoin, the resulting supply shrinkage will help the price of the digital asset to surge even further.
To illustrate, right before Square Inc acquired 4,709 bitcoins for about $50 million, the digital asset was trading at around $10,500. However, between Square’s bitcoin purchase and the period following Paypal’s big announcement on October 22, the value of the coin surged to a fresh high of $13,300. At the time of writing, bitcoin is oscillating around $13,000. For Square Inc, this means in less than one month, its bitcoin reserves have grown in value from $50 million to more than $61 million. Grayscale and Microstrategy, which have also acquired significant quantities of the bitcoin, have similarly seen their reserves grow in value.
Meanwhile, the increasing regulatory clarity on digital assets means more large corporations will likely acquire bitcoin thus making it even more scarce. For bitcoiners, this endorsement of bitcoin by larger investors as well as its subsequent surge in value vindicates their long-standing argument that this new asset outperforms gold when it comes to preservation of value. Furthermore, this narrative is getting support from a growing list of studies that say or rank bitcoin as a better store of value and inflation-proof asset than gold.
News.Bitcoin.com has previously reported on a Bistamp study which concludes that bitcoin trumps gold because it performs well even in times of rising real interest rates. Gold seems to perform better during inflationary periods. Similarly, Fidelity Digital Assets has written a two-part bitcoin investment thesis wherein it discusses key attributes of the digital asset that are alluring to institutional investors. These studies (as well as many others) acknowledge the importance of bitcoin’s fixed supply in charting the trajectory of this digital asset.
Therefore when Polyus made its surprise announcement, bitcoiners expressed delight at this latest validation of bitcoin position as the best investment asset. For instance, on Twitter, users took turns to express their sentiments. One Twitter user named Crypto Clint writes:
“Lol… Who said gold is scarce. The ocean is full of it. There are a lot of unexplored areas on earth. Bitcoin on the other hand.”
Many other users agree that Polyus announcement is good news for bitcoin. Given its properties and the underlying technology, the digital asset is looking more scarce than gold and thus more valuable.
What are your thoughts about Polysus’ new gold find? Tell us what you think in the comments section below.
The post 40 Million Troy Ounces: Russia’s Gold Find Reaffirms Bitcoin as the More Scarce Asset appeared first on Bitcoin News.
On October 23, the Microsoft-owned Github leveraged an ostensible DMCA takedown in order to remove 18 projects from the code-hosting portal. According to sources, the takedown stemmed from a request filed by the Recording Industry Association of America (RIAA). Github’s recent move has made the crypto community quite leery of the platform and some proponents are scared that cryptocurrency codebases like Bitcoin’s can be taken down by government forces.
This week the RIAA got the Microsoft-owned Github to remove a number of projects from the code-hosting portal. The code repositories removed stem from a project called the Youtube-dl protocol. The software is a Python library that allows people to download source files from the video-streaming platform Youtube.
Prior to the removal, the Python-library Youtube-dl had over 72,000 stars on the repository platform. Github published the reasons behind the DMCA takedown but some people contested whether or not it was real. For instance, the legal director, John Bergmayer, claimed it “isn’t really a DMCA request.”
“I don’t see an assertion that Youtube-dl is an infringing work. Rather the claim is that it’s illegal per se,” Bergmayer wrote on Twitter. In addition to Bergmayer’s statements, the Electronic Frontier Foundation (EFF) also tweeted about Github complying with the RIAA.
“Youtube-dl is a legitimate tool with a world of lawful uses,” the EFF detailed. “Demanding its removal from Github is a disappointing and counterproductive move by the RIAA.”
Github’s move has caused concern among many cryptocurrency advocates as a number of bitcoin proponents have been discussing the situation. On October 24, Sideshift.ai founder Andreas Brekken tweeted: “The threat is real,” after sharing a tweet Pierre Rochard wrote to his followers on September 9, 2020.
“I would not be surprised if central banks pressure Github into delisting the bitcoin/bitcoin repository,” Rochard exclaimed well over a month and a half ago. “Development work would go on, but it would be far slower and more decentralized,” he added.
Of course, after Github removed Youtube-dl, a number of other crypto advocates discussed the possibilities of crypto repositories being removed and what types of alternatives are available. Software developer Chris Troutner replied to Brekken’s threat tweet and explained how he backs up his code.
“This is why I mirror my GitHub repositories on IPFS. This is why I back up my YouTube videos on LBRY and IPFS.” Others discussed using alternatives like Gitlab as the Youtube-dl project already has a back-up on the code-hosting portal.
“Shame an open-source tool that does not use proprietary code get’s a DMCA notice,” tweeted another individual. “Code is not free if it’s on Github.” A few other crypto users suggested that Filecoin devs should “should focus on building a decentralized github.” “Open source code is crucial and text is easy to compress and doesn’t consume storage,” he added.
The Youtube-dl DMCA takedown, however, does not concern everyone and it follows the recent Arctic permafrost project Github participated in recently. According to Github, the Bitcoin codebase will be stored for 1,000 years as Archivists etched the blockchain network’s code on film reels and encased the codebase in a steel capsule.
It’s also important to note that Git is a form of distribution and not a centralized protocol. Github is a centralized protocol and owned by Microsoft but the bitcoin/bitcoin repository can be mirrored at any time.
What do you think about bitcoiners concerns about Github’s centralization? Let us know what you think in the comments section below.
The post Can Github Remove the Bitcoin Codebase? Recent Repository Takedown Has Proponents Worried appeared first on Bitcoin News.
An investigation by the New York State Department of Financial Services has revealed how the great Twitter hack in July happened. A total of 130 high-profile, celebrity accounts were compromised and many were used to tweet about a bitcoin giveaway scam.
The New York State Department of Financial Services (NYDFS) released its Twitter investigation report last week. It explains how the massive Twitter hack on July 15 happened, resulting in many high-profile accounts being accessed and used to tweet about a bitcoin giveaway scam.
A NYSE-listed technology company with a market cap of $40 billion, Twitter has more than 330 million total monthly active users and over 186 million daily active users, including over 36 million (20%) in the U.S., the NYDFS detailed.
The hack began on July 14 when one or more hackers called several Twitter employees, claiming to be calling from the IT department’s help desk about Twitter’s VPN, which a number of employees reported having problems with. “Employees had frequent problems with the VPN connections to the network,” the report details.
Twitter’s VPN problem ballooned when the company shifted to remote working in March due to the Covid-19 outbreak, which put a strain on the company’s technology infrastructure, resulting in frequent VPN problems. “The hackers took advantage of these issues and pretended to be calling from Twitter’s IT department about a VPN problem,” the NYDFS stated, elaborating:
The hackers’ claims were far more credible – and ultimately successful – because Twitter’s employees were all using VPN connections to work and routinely experiencing VPN problems that required IT’s assistance.
The hackers directed the employees to a phishing website that looked identical to the legitimate Twitter VPN website and was hosted by a similarly named domain. “As the employee entered their credentials into the phishing website, the hackers would simultaneously enter the information into the real Twitter website. This false log-in generated an MFA notification requesting that the employees authenticate themselves, which some of the employees did,” the NYDFS explained. “While some employees reported the calls to Twitter’s internal fraud monitoring team, at least one employee believed the hackers’ lies.”
The report details that Twitter maintains “internal account management tools” to manage a range of user account issues, which the hackers gained access to. A number of authorized Twitter employees have a username and password to access these internal account management tools. According to the report:
Overall, 130 Twitter user accounts were compromised during the Twitter hack. Of those, 45 accounts were used to send tweets. Twitter believes that for up to 36 of the 130 targeted accounts, the hackers also accessed DM inboxes.
During its investigation, the NYDFS conducted a survey and learned that 15 cryptocurrency companies blocked transfers to the hackers’ addresses posted on Twitter, and seven did not. Four crypto companies actively blocked their users’ attempts to send BTC to the hackers’ bitcoin addresses. In particular, the NYDFS found:
Coinbase blocked approximately 5,670 transfers, valued at approximately $1,294,000. Square blocked 358 transfers, valued at approximately $51,000. Gemini blocked two transfers, valued at approximately $1,800. Bitstamp blocked one transfer, valued at approximately $250.
What do you think about this Twitter hack? Let us know in the comments section below.
The post How Hackers Exploited Twitter’s VPN Problems, Obtained God Mode and Took Over Accounts appeared first on Bitcoin News.
U.S. presidential candidate Kanye West professed his respect for bitcoiners during a podcast interview with Joe Rogan. He says bitcoiners “really have a perspective on what the true liberation of America and humanity will be.”
Kanye West is one of the world’s best-selling musicians, having sold over 140 million records worldwide. He announced in July that he is running for President of the United States this year. In a podcast interview with Joe Rogan, published on Saturday, West confirmed that he is still in the running.
“There’s a possibility that I could [win]. It’s actually technically possible for me to win now which would be the best option for America,” he told Rogan. West said that he is on the ballot in 12 states and voters in 17 other states can write him in. “I could possibly win now,” he claimed, emphasizing that he will “definitely” win in the next presidential election in 2024.
When asked about bitcoin, West described, “Jack Dorsey decentralized Twitter two months before it really hit because he was talking to the Bitcoin guys,” adding:
And these are guys that really have a perspective on what the true liberation of America and humanity will be.
“Specifically these guys … a lot of tech guys were able to use the new … information highways and create the next frontier of our existence,” he continued.
Furthermore, West revealed that some people have suggested for him to run for the governor of California. “If it’s in God’s plan that part of my path is to be the governor then that’s fine but my calling is to be the leader of the free world,” he affirmed.
Do you want Kanye West to be the U.S. president? Let us know in the comments section below.
The post Kanye West: Bitcoiners Know the True Liberation of America and Humanity appeared first on Bitcoin News.
JP Morgan says bitcoin’s 2020 surge is set to continue as the digital cryptocurrency competes better against gold as an alternative currency. In a note, the financial institution says that with millennials set to become a more important market participant in the coming years, their preference for bitcoin to gold sets up the crypto for future success.
The financial institution’s assessment comes as the digital currency continues to see increasing adoption by institutional investors and an embrace by corporations like payments giant Paypal.
According to a report, JP Morgan estimates the “physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.” The financial giant deduces that for bitcoin to catch up with gold market value, “the cryptocurrency would have to surge 10x from current levels.”
Meanwhile, JP Morgan, whose CEO Jamie Dimon once labeled bitcoin a fraud, acknowledges in the note that “cryptocurrencies derive value not only because they serve as stores of wealth but also due to their utility as means of payment.”
The financial giant adds that as “more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value.”
Although JP Morgan believes that new millennials will be key to bitcoin’s future success, the increasing adoption of bitcoin by large corporations suggests the cryptocurrency might close the gap with gold much faster. Bitcoin has surged by almost 15% from the time Square announced its bitcoin purchase on Oct. 8. Immediately after Paypal’s cryptocurrency announcement, the digital currency breached the $13,000 mark.
However, with more corporations expected to follow in the footsteps of Square and Paypal by acquiring and holding large quantities of bitcoin, the resulting shrinking supply will continue to push the price upwards.
What do you think of JP Morgan’s latest bitcoin assessment? Tell us what you think in the comments section below.
The post JP Morgan Sees Millennials’ Bitcoin Preference Over Gold as Foundation for Its Long Term Success appeared first on Bitcoin News.
The U.S. Federal Reserve Board and Fincen are seeking feedback on their proposal to lower the threshold at which financial institutions must collect and retain information on funds transfers. In their joint notice on the rule change proposal, the two U.S. agencies want a new threshold for international transactions to be set at $250 down from the current $3,000. The rule for domestic transactions remains unchanged.
In a press statement, the two agencies are also seeking comments on the proposition to broaden the definition of money to include cryptocurrency-related transactions. Current rules only apply to funds transfer involving banks. The document explains:
The agencies are also proposing to clarify the meaning of money as used in these same rules to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency (CVC).
While the agencies are acknowledging that cryptocurrencies lack legal tender status, in the rule change proposal they want these digital currencies treated as money since the so-called CVCs already act as “a medium of exchange that either has an equivalent value as currency or acts as a substitute for currency.”
According to the agencies, the proposed rule “make(s) it explicitly clear that both payment orders and transmittal orders include any instruction by the sender to transmit CVC or any digital asset having the legal tender status to a recipient.”
This means, if passed, the proposed rule would “supersede the present definition of money for purposes of the Recordkeeping and Travel Rules.”
Meanwhile, in their justification for lowering the threshold to $250, the two agencies explain how they have observed an increase in volumes of transactions involving lower values and how this might threaten US national security.
“The Agencies have considered Suspicious Activity Reports (SARs) filed by money transmitters, which indicate that a substantial volume of potentially illicit funds transfers and transmittals of funds occur below the $3,000 threshold,” said the agencies.
Specifically, the Fincen, which analyzed data derived from approximately 2,000 SARs filed by money transmitters between 2016 and 2019, says it observed a disproportionate number of small value transactions relative to larger value ones.
The agency says “from the approximately 1.29 million underlying transmittals of funds,” about 99 percent of these “began or ended outside the United States” with about 17,000 involving domestic only transactions. Breaking down the data further, Fincen says:
The mean and median dollar-value of transmittals of funds mentioned in those SARs were approximately $509 and $255, respectively. Approximately 71 percent of those 1.29 million transmittals (more than 916,000) were at or below $500, totalling more than $179 million. Approximately 57 percent of those transmittals (more than 728,000) were at or below $300, totalling more than $103 million.
The two agencies cite the 2015 National Terrorism Finance Risk Assessment when concluding that terrorist financiers and facilitators are using “low-dollar transactions” to achieve their aims.
Meanwhile, the agencies say the written comments on this proposed rule may be submitted on or before the 30th day after the date of publication in the Federal Register.
What are your thoughts about the rule change proposal? Share your thoughts in the comments section below.
The privacy-centric web browser Brave has partnered with Bitcoin.com in order to give users access to cryptocurrencies like bitcoin cash from directly inside their browser. The newly added Bitcoin.com widget has been added to the latest Brave software and is now available to users in various countries.
What do you think about Bitcoin.com’s integration with the privacy-centric Brave browser? Let us know what you think about this subject in the comments section below.
The post Privacy-Focused Brave Users Can Now Purchase Bitcoin Cash Through Bitcoin.com appeared first on Bitcoin News.
Four years ago, Vinny Lingham predicted bitcoin’s bull run and a number of bitcoiners have referred to him as the “oracle.” On Twitter, Lingham is once again giving his predictions on bitcoin’s future prices. He’s also noted this month that he’s “bullish on bitcoin” and hasn’t felt this way since 2016.
The former CEO of Gyft and the cofounder of the project Civic, Vinny Lingham, has been in the crypto industry for quite some time. Lingham is also known for his predictions and oftentimes the serial entrepreneur is on point. For instance, in December 2016 during Bitcoin’s pre-bull stage Lingham predicted that after BTC broke the $800 handle, it would quickly spike into the $900 zone.
“It’s not entirely clear how long bitcoin still needs to trade in the 700’s to clear out latent supply, but I doubt we will notice the 800’s,” Lingham stated on Twitter on December 4, 2016. Sure enough, the price of BTC swiftly jumped over the $800 range and into the $900 handle. In 2019, Lingham explained during an interview with cheddar.com that BTC would trade sideways for quite some time.
“The reality is it’ll probably trade sideways between $3,000 and $5,000 for another month or two while it’s trying to find which way to go,” Lingham said. “When it finds that direction, there’ll be a breakout or a breakdown,” the Civic founder explained last year.
This October Lingham’s tweets seem to show he’s optimistic about Bitcoin’s current runup and on October 7, he said he was feeling bullish. “I haven’t been this bullish on Bitcoin since 2016,” he tweeted. “Macro events are teeing us up for another bull run. BTC could go 3-5X in the next 12 months, but if it goes 5X+, we’re back to bubble zone. Key indicator is BTC dominance – if it drops below 35% during the run, caveat emptor.”
This week bitcoin (BTC) dominance has been around 63% after dropping down to the 57% range not long ago. Two weeks after Lingham’s tweet the price started to rise higher and after PayPal announced crypto support the price jumped even higher.
On October 23, Lingham once again made a prediction and said during the next 30 days BTC’s price will be volatile. He also noted that he doesn’t think the price will drop below the $12k handle.
“With Bitcoin now above $12k, the next 30 days will likely bring the highest inflow of fiat into crypto since 2017,” Lingham said. “No coincidence that this period is during the U.S. election. Expect high volatility, but BTC likely won’t drop below $12k during this period.”
The Civic cofounder, of course, is not the only notable crypto advocate to give predictions on bitcoin’s future price. On Thursday the crypto pundit Max Keiser said the price has been dilatory. “Bitcoin price is lagging hashrate by a considerable margin. Current hashrate trends infer a $35,000 – $50,000 price,” Keiser tweeted.
What do you think about Vinny Lingham’s bitcoin predictions? Let us know what you think in the comments section below.
The post ‘Oracle’ Vinny Lingham Expects High Bitcoin Volatility, BTC Price Likely to Hold $12K Handle for 30 Days appeared first on Bitcoin News.
PRESS RELEASE. Beaxy Exchange is running a one-of-a-kind match bonus program that will double your deposit up to $500. For example, when you enroll in the program and deposit $1,000 worth of fiat or crypto, you will receive an additional 500 USDC to use for trading.
How to Trade with More on Beaxy
Doubling your deposit is easy on Beaxy. To receive your deposit bonus – log in or sign up, navigate to the deposit page and be sure to click Participate to opt-in to the program. Complete your deposit and that’s it! Once your deposit gets to your account, sit tight and watch as your bonus funds will be applied within 24 hours.
How does Beaxy’s Match Bonus Work?
Use your bonus funds to trade or own more of your favorite cryptocurrency. Once you have opted-in to the program, you will continue to receive bonus funds on each deposit until 500 USDC has been credited to your account. Bonus funds will not be applied to deposits made more than one month after your initial bonus funds have been credited.
Unlocking Your Bonus
In order to withdraw bonus funds from the exchange, you must meet a trading fee requirement based on the value of your bonus within six months of receiving the bonus. Once this threshold is met, you can contact Beaxy’s customer support to enable withdrawals on your bonus funds.
No Harm, No Foul
If you cannot meet the trading fee requirement before the six-month deadline, only the bonus funds received as well as profits generated while enrolled in the program will be forfeited.
If you want to withdraw your deposited (non-bonus) funds before reaching your required volume threshold, you will need to open a support ticket. The amount that will be available for withdrawal is the value of your original deposit minus any trading fees and any realized or unrealized gains or losses on trading activity during the program. You may be asked to close all open positions before withdrawing your deposits funds.
How to get the most out of your NEW $500
Follow along with our pre-populated signals supplied by Beaxy’s PROVEN provider to take the guesswork out of trading.
Signals are an exclusive feature that is only available to traders on Beaxy. Signals take the guesswork out of trading. By providing you with professional-grade technical analysis that is overlaid onto your chart, Beaxy gives you the tools to save time and make more informed decisions. Check out the latest Signals for BTC-USD and see what patterns the sophisticated AI found and where the price should go if the set up plays out accordingly.
Leverage Beaxy’s trading bot options: Hummingbot, Autonio, and HolderLab are there to make autopilot trading EASY.
Hummingbot is an automated trading system that enables you to become a legitimate market maker in minutes.
Autonio is an easy-to-use trading bot with pre-built strategies suited for both makers and takers. Use the API keys in your Beaxy Exchange account to connect to Autonio.
Take advantage of HolderLab, a portfolio management system that allows you to automate your passive investment strategy. Connect to HolderLab to find your optimal portfolio based on your risk appetite and investment horizon. Once your strategy is set, HolderLab will automatically rebalance your portfolio.
Refer a friend! Receive up to 30% of the trading commissions generated from accounts you refer. Referrals are a great way to show off Beaxy and garner some additional profitability. With Beaxy’s new Affiliate Management System, you can track all of your referrals in one place and see how their trading activity is improving your bottom line. Everybody wins.
Trade with more today!
Use your bonus funds to trade with confidence when you take advantage of Signals, which have a 63%+ win-rate at forecasting short-term price movements. Connect to the automated trading systems offered through your Beaxy Exchange account to put reliable strategies into action and unlock your bonus faster! As soon as you meet the fee requirement outlined for the match bonus program, the $500 bonus is yours to keep. Visit Beaxy.com to trade with more today.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
A senior strategist with Bloomberg Intelligence says that he does not see what’s going to stop bitcoin from appreciating. He explains that as bitcoin matures, it will trade more like gold than stocks. The strategist also shares his view on how the November presidential election could affect the price of bitcoin.
Bloomberg Intelligence’s senior commodity strategist Mike McGlone told Kitco News on Thursday that he does not see what will stop bitcoin from appreciating in value. Discussing the stock market outlook, the gold market, and cryptocurrencies, he was quoted as saying:
The key thing about bitcoin is that I don’t see what’s going to stop it from doing what it has been doing for most of its life, and that’s appreciating.
McGlone pointed out that bitcoin’s price “has a history of adding zeros,” going from $100 to $1,000 and then $10,000. He noted that the price of the cryptocurrency has been consolidating for the past three years.
The strategist believes that as bitcoin matures, it will trade more like gold, which is a store of value, and less like stocks, which are risky assets. He noted that bitcoin and gold have a close correlation with each other this year, which he believes will hold. He further said that the same macroeconomic forces pushing gold higher are also likely to drive the price of bitcoin.
McGlone explained that signs of maturity for bitcoin include more adoption, lower volatility, and trading patterns that are more similar to that of gold. “Bitcoin is following gold, gold’s made new highs, but its macroeconomic environment I think is quite significant: unprecedented debt to GDP, quantitative easing, negative rates, it makes things like gold and bitcoin look attractive,” he detailed.
The Bloomberg strategist reiterated that “Higher prices actually increase demand” but there is no increase in the supply of bitcoin. While cautioning that bitcoin can expect resistance at the $14,000 price level in the short term, McGlone believes that if Joe Biden wins the November presidential election, “A Blue Wave would provide further tailwinds to the price.”
Do you think anything will stop bitcoin? Let us know in the comments section below.
The post Commodity Analyst: ‘I Don’t See What’s Going to Stop Bitcoin From Appreciating’ appeared first on Bitcoin News.
American billionaire hedge fund manager Paul Tudor Jones has recently become more bullish on bitcoin. He declared the cryptocurrency the best hedge against inflation and compares investing in bitcoin now to investing in early tech stocks, like Apple and Google. “I think we are in the first inning of bitcoin and it’s got a long way to go,” he said.
Paul Tudor Jones explained why he is more bullish on bitcoin now in an interview with CNBC Squawk Box on Thursday. Jones founded Tudor Investment Corp., an asset management firm headquartered in Stamford, Connecticut. He became famous after predicting and profiting from the 1987 stock market crash.
The billionaire investor caught the attention of the crypto community back in May when he revealed on the show that he had invested about 2% of his assets in bitcoin. Now, four months later, bitcoin’s price has rallied more than 46% and there has been a string of bullish news, such as the recent announcement by Paypal to support cryptocurrencies, including bitcoin, on its platform.
Jones was asked if these developments have changed his BTC investment decisions, particularly whether he was buying more BTC or selling some. He clarified by reiterating his reason for liking bitcoin and recommending to his clients early this year. “Back in March and April, it became really apparent, given the monetary policy that was being pursued by the Fed, the incredible quantitative easing they were doing and other central banks were doing, that we were in an unprecedented time,” he explained. Noting additional problems brought about by the Covid-19 pandemic, he said, “one had to begin to think about how you defend yourself against inflation.” The Federal Reserve has also announced a major policy shift to push up inflation.
The founder of Tudor Investment Corp. continued to explain that he recommended bitcoin as an inflation trade, like gold, copper, the S&P GSCI commodity index, and being long the yield curve. He added:
I came to the conclusion that bitcoin was going to be the best of inflation trades, the defensive trades that you would take.
He then outlined why bitcoin is better than other assets for hedging against inflation. Examining the overall market caps and characteristics of all inflation trades, he said that bitcoin has “a very small coterie of people investing in it, it was portable, it was liquid, had a variety of characteristics that made it a great inflation hedge.” While Jones pointed out that “The one thing it [bitcoin] didn’t have is it didn’t have integrity and long-term staying power,” he emphasized that “every day that goes by, of course, it gains on that. It gains on credibility and integrity.”
The billionaire hedge fund manager admitted that he did not appreciate what bitcoin had when he said he invested about 2% in the cryptocurrency back in May. “I didn’t appreciate and now I know what it must feel like to be a tech investor, remember, I don’t really trade individual stocks,” he conceded. Affirming that he is “just a macro trader,” Jones asserted:
Bitcoin has a lot of the characteristics of being an early investor in a tech company … like investing with Steve Jobs and Apple, or investing in Google early.
Jones further revealed: “I’ve got a small single-digit investment in bitcoin. That’s it. I am not a bitcoin flag bearer.”
After recommending bitcoin and revealing his holdings in May, Paul Tudor Jones said he got “besieged by God knows how many different people on bitcoin.” Admitting that he did not know it at the time, he said: “But what I learned was, and what I was so surprised by is that bitcoin has this enormous contingent of really, really smart and sophisticated people who believe in it.” He explained that bitcoin has supporters, crowd-sourced from all over the world, who are “dedicated to seeing bitcoin succeed in it becoming a commonplace store of value, and transactional to boot, at a very basic level.”
Proclaiming that he “never had an inflation hedge where you have a kicker that you also have great intellectual capital behind it,” he said it “makes me even more constructive on” bitcoin. Jones concluded:
I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go.
What do you think about Paul Tudor Jones’ bitcoin advice? Let us know in the comments section below.
The post Billionaire Paul Tudor Jones Sees Massive Upside in Bitcoin, Like Investing in Apple or Google Early appeared first on Bitcoin News.
PRESS RELEASE. SharkTRON decentralized platform has set the goal of maximizing the DeFi TRON potential. The main task is to create a complete platform autonomy with a gradual transition to self-management by community members. SharkTRON is an autonomous full-cycle ecosystem. Platform members use TRX tokens to mine SHARK (SRX) tokens. These tokens can be used for activities within the platform or exchanged for JustSwap.
At the moment a number of services are already fully operational in the SharkTRON ecosystem performing various functions assigned to them. So, thanks to SharkDice the development team is exploring the possibilities of decentralized platforms in the field of gambling. Community members use their SRX and TRX to place bets and receive bonus TTH tokens which can also be used within the platform.
Shark DeFi aims to model behavioral factors within a decentralized community. The experience gained by the developers will allow implementing the most successful ideas for the development of the platform.
One of the important stages on the way to creating a full-fledged stand-alone platform is the launch of the SharkExchange service. The service will be launched in the near future and will allow to buy, sell and exchange SRX, TTH and SWD tokens with a minimum commission. After all the tokens are mined they can be purchased on exchanges or on the SharkExchange service only.
The platform is constantly improving, new services and features for users are adding. Liquidity and token rates are already showing stable growth, showing high marks and laying the foundation for further effective work.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
The post SharkTron – DeFi Project That Implies Complete Autonomy appeared first on Bitcoin News.
The Chicago Mercantile Exchange (CME) has become the second-largest derivatives market for bitcoin futures in terms of open interest. The popular exchange has seen an influx of demand since the recent Paypal announcement and the Bitmex debacle as well.
What do you think about CME Group’s bitcoin futures open interest outpacing Bitmex this week? Let us know what you think in the comments section below.
The post CME’s Bitcoin Futures Rise Suggests Institutional Investors Are Starting to Swarm Toward Crypto appeared first on Bitcoin News.
China’s central bank, the People’s Bank of China (PBOC), has drafted a law to legalize the digital yuan and outlaw digital currencies issued by anyone else competing with it. Meanwhile, the central bank has been cracking down on gambling sites that use the stablecoin tether.
The People’s Bank of China published a draft law on Friday that gives legal status to its central bank digital currency (CBDC), the digital yuan. The central bank has also begun a public consultation on the draft law; comments can be submitted through Nov. 23.
“The legal currency of the People’s Republic of China is Renminbi [RMB],” the draft law states, adding:
RMB includes physical form and digital form … No unit or individual may produce or sell tokens, coupons and digital tokens to replace RMB in circulation in the market.
The wording of the law seems to target yuan-pegged stablecoins but the prohibition could also include other digital currencies the PBOC views as threatening to the RMB.
In a Wechat post published Friday, the central bank outlined its efforts cracking down on cross-border gambling sites that enable Chinese citizens to transfer money abroad, bypassing China’s capital controls.
According to the post, the People’s Bank of China recently assisted local police in Huizhou city with cracking down on cross-border online gambling sites that allegedly use tether (USDT) to launder money. Three gambling sites, handling almost 120 million yuan, were shut down and 77 suspects were arrested.
What do you think about China stifling competitors to the digital yuan? Let us know in the comments section below.
The post China Drafts Law to Legalize Digital Yuan, Outlawing Competitors appeared first on Bitcoin News.
PRESS RELEASE. With the current market crashing and jobs either disappearing or not paying enough, everyone is forced to lower their expenses or work multiple jobs just to keep up. Those times are now over with ETHx2.io.
Is it safe?
There are multiple websites out there doing scams in the name of profits. To assure all of its investors, ETHx2.io has published the complete transparency on its website. They have not only made their smart contract public, but they also have their registration of being a real firm on their website.
The certificate can be cross checked on the registrars website as well to be sure whether they are legit. Anyone can do their own research on their platform before investing.
There are different options through which you can invest on ETHx2.io. The more you invest, the more you will earn as profit. The different profiting schemes that they follow are:
Personal hold bonus
Once you have invested into the ETHx2.io, you are always going to have an option to withdraw your profit and your investment. You can let the investment stay until it has completed the whole 200% circle but most people keep withdrawing their profits.
The personal hold bonus is applied to people who don’t withdraw their bonus for 24 hours. It increases their profit by 0.1% and it is directly added to their earnt profit.
It does not only help you make more money but also very easily. The interest rate will keep increasing every day and the longer you will wait to withdraw your funds, the earlier you will complete the whole 200% cycle.
Contract total amount bonus:
The total amount bonus is the bonus you get every time the platform crosses 500 ETH. For example, the platform currently holds 500 ETH, you will be receiving 0.1% extra profit every day (conditions applied).
1% every 24 hours:
This is the most basic way to make money. All you have to do is just keep your money in the wallet on ETHx2.io and a 1% profit will be added to it automatically. You will be able to see real time increment in your profits all the time and by the end of 24 hours, your investment will have an increment of 1%.
All of these factors help you reach your 200% quicker so you can keep making money.
Different affiliate programs have been launched to help you keep making money without investing much yourself. Every time you invite someone to join the ETHx2.io using your affiliation URL, you will get 5% on their total amount of deposit. This is the first affiliation.
Every time the other person invites someone else to join the ETHx2.io using their URL, their URL will be directly linked to yours and you will earn 3% off the total deposit of the person who just joined as well. This is known as the second affiliation. The second person will receive their 5% as well on their total amount of deposit while the end person will have no decrements from their profit.
The last affiliation type is the third affiliation. Third affiliation is when your friend of friend invites someone else using their link to join the platform. Their link is directly linked to your friends’ link which is linked to your link.
It sounds a little complicated but it is really not. You will be making 2% on their total deposited amount while the people involved in first and second affiliation will still be getting their share.
Is there a way to get money easier than this? You already know the answer to this.
There are three easy steps involved in earning your money.
First, making the investment. Just connect your ETHx2.io wallet to your any other exchange wallet which uses ETH currency and invest in the market.
The second step involves keeping a check of your wallet. You will be able to see all the earnings that you are having throughout the day and you can withdraw them at any time.
The last step is withdrawing the money. It is just a one click process and you will receive all your profit in your connected wallet right away.
There are multiple ways to contact ETHx2.io. With their official contacts to telegram support, admin email and their social networks and telegram groups, you can always be in touch with them. Visit their website for more information: ethx2.io
Press Contact Email Address
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
The post You Can Now Earn 200% on Your Investments With ETHx2.io appeared first on Bitcoin News.
The entry of Paypal into the cryptocurrency industry continues to expose the divide between traditional crypto space players who are less enthusiastic and non-crypto players who endorse the move. Non-crypto players like the analysts at Morgan Stanely are agreement with the notion that the payments giant’s move will lead to greater adoption cryptocurrencies. Nevertheless, the analysts believe such a move will not lead an immediate improvement of the company’s bottom line.
In a note, the analysts explain that the move “should expand crypto acceptance online, which to date has stalled at 1% of the top 500 internet retailers.” Still, there is speculation that Paypal’s embrace of crypto is motivated more with the desire to keep up with rival Square than helping bring crypto to the masses.
Meanwhile, critics of Paypal’s crypto entry like Satoshilabs, a manufacturer of crypto hardware wallets, are less sanguine about the payments giants’ about-turn on bitcoin. Noting that at one point, a former top executive at Paypal once called bitcoin a scam, Satoshilabs says the “service will be entirely custodial, meaning users will not have the key to their own coins.” It is such conditions of service that seem to go against the ideals of bitcoin, which are decentralization and elimination of third parties.
According to Satoshilabs, less reliance on third parties is especially important now when “exchanges are losing user funds, often leaving them (customers) with no recourse.” While Satoshilabs rails against the restrictions that Paypal will impose on the movement of coins, the crypto hardware maker does concede that the payments giant’s regulated entity status will likely attract new users.
Also echoing the Satoshilabs team’s sentiments is Brad Garlinghouse, the CEO at Ripple whose XRP token is not part of the list of coins Paypal customers can buy. Writing on Twitter, Garlinghouse questions Paypal’s move which he says is:
2 steps forward, 1 step back…Great to see a payment pioneer leaning in, BUT disappointing some fundamental tenets/benefits of crypto are spurned. I suspect PayPal is concerned about the (wait for it…) regulatory uncertainty, impacting its roll-out on a number of levels.
Garlinghouse and others seem to be taking issue with the payments giant’s clarification to customers that “you own the cryptocurrency you buy on PayPal but will not be provided with a private key.” According to Satoshilabs, that statement shows that Paypal’s purported embrace of digital currencies instead “undermines key principles of cryptocurrency.” Still, others like Virgin Galactic chairman Chamath Palihapitiya see positives from Paypal’s move.
Meanwhile, in a move that reaffirms its new commitment to cryptocurrencies, Paypal is reportedly on the verge of acquiring Bitgo, a cryptocurrency custodial services firm. Reports quote unnamed sources saying “PayPal has been in talks with BitGo and may conclude a deal within a few weeks.” However, if negotiations fail, and the payments giant will reportedly seek new targets to purchase.
Alongside the initial announcement, the latest reports appear to be helping to propel the price the Paypal stock upwards. The stock went up 5% on October 21 after the announcement.
Are crypto users better off without access to private keys? Tell us what you think in the comments section below.
Crypto-asset broker Voyager Digital Ltd is buying LGO Markets, a French cryptocurrency exchange focused on corporate investors. The two firms will merge under one brand, Voyager, and their two separate native tokens, VGX and LGO, will also merge.
The deal grants Voyager, a Canadian Securities Exchange-listed (CSE) firm, access to the European retail market through LGO’s Virtual Asset Service Provider licence held with the French financial regulator, industry media reports.
LGO will cease to concentrate on institutional investors on Oct. 31, as it simultaneously assumes the Voyager brand. To complete the acquisition, Voyager will issue one million shares, whose value will, in part, determine the ultimate deal price.
The other part will depend on the value of the merged in-house crypto token, which, according to reports, will feature “decentralized finance functions such as community governance and staking at an initial interest rate of 7%.”
The deal is still subject to regulatory approval. Shares of Voyager fell 2.3% to 0.56 Canadian dollars ($0.43) in CSE trading Friday. The stock is down more than 16% since the news of the acquisition broke out on Oct. 21. Voyager has a market value of $36.5 million.
Voyager chief executive officer, Hugo Renaudin, was quoted as saying:
European clients will be able to access the Voyager app using the LGO regulatory setup in Europe, and both LGO and VGX tokens will be merged into a new token.
He added that the “new token will have more utility”, to the benefit of token holders in the U.S., Europe and elsewhere.
LGO touts itself as a “leading” crypto exchange for institutions, which provides “customizable services, best in class technology, and deep liquidity.” The platform caters to businesses “looking to buy/sell or lend/borrow digital assets.”
What do you think about the merger of Voyager and LGO? Let us know in the comments section below.
The post Voyager Digital Buys European Crypto Exchange Focused on Institutional Investors appeared first on Bitcoin News.
A great number of cryptocurrency businesses are preparing for the upcoming Financial Action Task Force (FATF) rules toward cryptocurrencies, specifically the Travel Rule. This month 25 Virtual Asset Service Providers (VASPs) published a paper that outlines how American-based VASPs aim to comply with the FATF Travel Rule.
Digital currency companies, otherwise known as Virtual Asset Service Providers (VASPs) in the eyes of global regulators are concerned about regulation and compliance this year. In fact, in the recent report written by the Digital Currency Group (DCG), the survey’s findings indicate over 150 crypto executives said regulation is the top concern. Currently, a great number of crypto firms are drawing up plans in order to comply with the Travel Rule.
The ‘Travel Rule’ is a descriptive label for the Bank Secrecy Act (BSA) rule [31 CFR 103.33(g)]. Basically, the rule mandates that all companies that deal with finances have to pass on transmission data like KYC/AML to the next financial institution. “The funds’ transfer rules are designed to help law enforcement agencies detect, investigate and prosecute money laundering and other financial crimes by preserving an information trail about persons sending and receiving funds through funds transfer systems,” financial regulators explain.
Back in June 2019, FATF had published the “Interpretive Note to Recommendation 15,” which mandates that VASPs have to comply with the regulator’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidance. The recommendation from FATF concerning digital currency businesses also clarified that VASPs also must comply with the Travel Rule.
More recently, the Financial Action Task Force (FATF) published its FATF Plenary on June 30, 2020. The documents show that cryptocurrency businesses would get a 12-month extension in order to become compliant with the Travel Rule. The rule will apply to VASPs when clients transfer funds exceeding $3k, and the VASPs will be required to share KYC/AML information about the service’s clientele.
FATF’s Travel Rule has sparked the creation of the United States Travel Rule Working Group (USTRWG) which recently published a paper called the “Travel Rule Solution” version one.
The USTRWG paper notes that the working group acknowledges that the regulatory landscape is constantly changing and still evolving globally. The group’s paper dated “October 2020” gives great detail into how these specific U.S. VASPs plan to comply with the Travel Rule.
“The ultimate objective of the USTRWG is to solve the industry’s three key components to Travel Rule compliance applied to the virtual currency industry: (1) governance, (2) reliable counterparty identification, and (3) secure data transmission,” the USTRWG paper reveals.
“The USTRWG solution addresses these functions by proposing: (1) a governance structure to facilitate the formation of a trusted VASP network, (2) a centralized “bulletin board” mechanism to enable identification of transaction counterparties, and (3) an encrypted, point-to-point communication channel to securely transmit required Travel Rule information between VASPs,” the paper’s authors add. Of course, the USTRWG understands that the solution and phased approach will develop differently in a myriad of global jurisdictions.
The USTRWG paper further states:
The solution aims to address the governance, technology, and security needs presented by Travel Rule compliance. The solution initially addresses the U.S. Travel Rule requirements and will evolve over time through a phased approach to enable compliance across different jurisdictions.
USTRWG’s attempt to comply isn’t set in stone and it is uncertain if regulators would approve such coordination. With the 12-month extension, VASPs are expecting the FATF’s Travel Rule to go into effect by June 2021. USTRWG’s paper says that the working group is very “committed to effectively implementing the Travel Rule solution.”
Moreover, the working group details that future USTRWG publications will explain how things are going and evolving within the VASP community.
“Ultimately, the vision and objective of the USTRWG and the proposed solution is to build a VASP network to standardize the VASP discovery/identification process and transmission of Travel Rule data across multiple regulatory regimes in a compliant and secure manner,” the paper’s authors add.
What do you think about the upcoming Travel Rule and the recently formed USTRWG? Let us know what you think about this subject in the comments section below.
The post Prepping for Next Year’s Travel Rule: 25 US Crypto Service Providers Publish Compliance Solutions Paper appeared first on Bitcoin News.
The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization and money laundering. Fuentes, who has been in hiding since September, was arrested at one of his properties in the south of Tenerife.
During a hearing, the Investigating Court Number 3 of Arona (Tenerife) described operations of Fuentes’ Arbistar as a “potential pyramid scheme.” The court released the CEO “on provisional liberty without bail” but ordered the withdrawal of his passport. In addition, Fuentes must report to the Arona Courts every 15 days.
Meanwhile, despite the widespread Spanish media speculation that $1 billion is missing, Judge Javier García Ramila cautions that “at this moment it is premature to estimate the amount of possible fraud, given that the exact number of customers who contracted the product offered is unknown.”
The Spanish court clarifies that it is only proceeding with the case against Fuentes based on 21 complaints that have been filed at “Police stations and Civil Guard barracks in Tenerife, La Palma, Málaga, Huelva, Granada Mallorca, and Lugo.” The total value of missing funds from the 21 reported cases is approximately $367,000.
In the meantime, describing the operations of Fuentes’ organization, court documents say:
Arbistar offered its clients computer tools (“bots”) that automatically executed buy and sell orders in the cryptocurrency brokerage markets thus guaranteeing them a revaluation of their savings of between 8% and 15%.
However, the documents say that the bitcoin investment company’s offer is on the condition that “during a reasonable grace period of two months customers would not be able to cash out their money.”
Consequently, in conclusions based on their findings, investigators say “it has been possible to attest that the aforementioned product could really be a pyramid scam.” Investigators add that “instead of executing the investment committed in the various virtual markets and rewarding the old clients with profits obtained” Arbistar appears to have been funding profit payouts with deposits brought in by new customers.
Investigators also say they unearthed possible money laundering activity involving Venus Capital Trade SL, a shell company that reportedly received $1.32 million from Arbistar.
Meanwhile, Judge Ramila, who refuses to impose more punitive restrictions on Fuentes, says he now “needs to scrutinize countless documents and electronic devices and work with banks to trace diverted customers funds.” Nevertheless, the judge says he is open to “more burdensome measures” being imposed against Fuentes.
Fuentes faces up to 16 years in prison if found guilty.
What are thoughts about Fuentes’ release on provisional liberty without bail? Share your thoughts in the comments section below.
The post Mastermind of Alleged Billion Dollar Spanish Pyramid Scheme Arrested, Faces 16 Year Prison Sentence appeared first on Bitcoin News.
Digital Currency Group (DCG) recently published the firm’s “State of Crypto 2020” report which polls more than 150 portfolio crypto companies. According to the study, 75% of the respondents believe the value of their business has grown this year, while 50% of the startups have seen outperforming start-of-year projections.
The state of the cryptocurrency industry is growing according to Digital Currency Group’s (DCG) latest report. The study surveyed over 150 DCG portfolio companies’ executives in order to “quantify sentiment and provide qualitative analysis of operational trends in the crypto community.”
One of the biggest obstacles for these firms was the coronavirus outbreak but many firms have recouped from the Covid-19 crisis. Still, Covid-19 and remote work was the main business challenge in 2020 recorded by 23% of the respondents. Other issues considered included third party delays (21%), fundraising (19%), and technical obstacles (13%).
Unlike 2018 and 2019, jobs in the crypto world are rising as DCG notes that 66% of its portfolio companies reported growing in headcount this year. Despite the Covid-19 uncertainty, roughly 35% of the participants said they plan to hire more people this year.
One of the greatest challenges in the cryptocurrency industry right now, besides Covid-19, is regulatory compliance. The DCG study shows 51% of the survey respondents said compliance and regulation is the biggest concern. Roughly 22% of the executives point to security issues like theft, hacks, and scams.
When asked what the most bullish crypto industry development was in 2020, 39% said that it stemmed from decentralized finance (defi) growth. 21% said that bitcoin (BTC) resilience was a bonus and 15% looked to the stablecoin surge in 2020. 10% of the DCG survey participants look forward to ‘Big Tech’ joining the crypto fray.
The 150 portfolio company execs were also asked if they think Ethereum can scale before competing blockchains can catch up to its defi lead. 51% believe that Ethereum will scale first, 25% detailed that it won’t scale first, and 24% said that they were “unsure.”
DCG’s survey then asked the respondents whether or not they think the crypto industry will “accelerate,” “steady,” or “slow” from here. 57% wholeheartedly believe that the crypto industry will accelerate while 40% envision steady action.
Meanwhile, only 3% of the surveyed individuals thought that the industry would slow down from here. The respondents also envision sub-industry consolidation and the greatest expected consolidation would be exchange platforms.
From here, crypto execs think that the consolidation will stem from wallet and custody solutions, trading tools, and payments respectively.
One event that would propel the industry higher would be an initial public offering (IPO) of a major U.S. based crypto firm most of the respondents noted. “We look to 2020 with a renewed sense of opportunity,” the DCG report highlighted.
“2020 has been filled with the unexpected, sad, and norm-shattering—but it provided our space with that ‘supportive’ opportunity we believed it was primed for, and it has delivered,” DCG’s study concluded. “One event that would definitively mark the end of an industry in the shadows is getting people excited: 95% of our survey respondents said a major U.S. IPO would be a positive development.”
Furthermore, the execs surveyed were also asked what they thought the price of BTC would be in 6 to 12 months from now. 48% said $10k to $15k, 22% said $15k to $20k, 21% the price will cross $21k +, 8% think it will be between $5k to $10k, and only 1% assume the price will be below $5,000 per coin.
What do you think about the bitcoin businesses on the mend and the crypto execs’ positivity in 2020? Let us know what you think about this subject in the comments below.
Grayscale Investments said Thursday that it added $300 million in net assets under management (AUM) in just the last 24 hours.
As corporate interest in bitcoin continues to increase, institutional-investor focused entities like Grayscale are also expected to continue to experience immense growth.
What do you think about Grayscale adding $300 million in a day? Share your views in the comments section below.
The post Grayscale Adds $300 Million in Cryptocurrency Assets Under Management in Just 24 Hours appeared first on Bitcoin News.
PRESS RELEASE. Yearnify Finance is a community-centered DeFi-project, modeled to take the successful features of Yearn Finance (YFI), and improve upon them, we aim to bring the true value of yield farming finance accessible to all users, we offer the most secure and simple way to earn reliable yields on your assets.
Yearnify Finance is a powerful DeFi Platform focusing on staking, farming, borrowing and mortgage. Our platform is powerful enough from a scalability, interoperability, developability and governance perspective to help make the vision of Web3 a reality that aims to get more value for an investment,
What is Yearnify Finance Mission?
We’re building a transparent, secured, user-friendly, and simple yield farming platform, that would provide opportunity for the YFY holders to get benefits from several platforms provided by Yearnify Finance.
Yearnify Finance staking platform enables investors to earn a yield on YFY token, depositing, and selecting the amount you want to stake, you will get an APR of 29%, and it can be unlocked anytime and you will get FYFY Token reward also.
Lending – YFY will provide you with the highest yield in the market today, Upto 29% APR for supported coins (DAI, USDC, USDT, TUSD, BUSD, PAX) STAKING – Stake YFY and Earn 29% APR, YFY can be unlocked anytime without any lock period or other obstacles on your way.
Yield Farming – It is simply based on a farmer who plants and harvests all his crops. The more you farm, the more the harvest, the more the invest the more the profit. With YFY you will be able to enjoy Yield Farming to its fullest.
Yearnify Exchange – Exchange between your assets without sending anything to anyone or without any fear of loss.
Dapps – Yearnify is also developing their own Dapp running on the Ethereum Network, allowing users to use it from any of their favorite wallet (Trust wallet, MEW, Metamask etc.) to search and use their Decentralized Ecosystem.
The fact that makes Yearnify unique is its Limited token supply. Talking about limited supply, only 29,000 YFY minted will be distributed to the community through our Airdrops and Pre-sale.
Yearnify finance has also made some big announcements such as getting their YFY Token listed on exchanges like Uniswap, Kucoin and Hotbit before the end of the year with an initial listing price of 3200$ per YFY Token.
Presale link : https://yearnify.com/index.php/pre-sale-yfy-token/
Go to the YFY presale link, then connect Your Metamask , Get your ETH ready, add amount you want to buy and press buy YFY , if you do not have metamask , simply follow instructions here https://telegra.ph/YEARNIFY-FINANCE-PRE-SALE-IS-LIVE-10-18
Yearnify Finance Tokenomics :
Token Type : ERC-20
Token symbol : YFY
Token Name : Yearnify Finance
Contract : 0xb9ae6fe574982e891666a5b1c2b33e79eb5dabb5
Total Supply : 29,000 YFY
Circulating Supply : 12,000 YFY
Initial Uniswap Liquidity : 9,000 YFY
YFY for Pre-sale : 8,000 YFY
Team Tokens : 500 YFY
Marketing & Development : 2,000 YFY
Airdrops : 8,000 YFY
Yearnify Finance Community :
The post Yearnify Finance (YFY) Next Generation Decentralized Finance Project, Token Pre-sale is Now Live appeared first on Bitcoin News.
Public officials in Russia will now be required to declare all the crypto assets they hold as income. The measures are with effect from Jan. 1, 2021, local media reported.
Russia’s prosecutor general Igor Krasnov declared: “Starting next year, civil servants will be required to declare [virtual] currencies on an equal basis with other assets.”
Krasnov said this on Oct. 20 while speaking at a corruption meeting involving 15 other prosecutor generals from the Shanghai Cooperation Organization (SCO) member states and elsewhere.
The SCO is an eight-member political, economic and security alliance founded in 2001 by the likes of China, Russia, Kazakhstan, and Tajikistan. It also includes several affiliate states such as Iran, Belarus, Cambodia and Afghanistan.
According to the Russia Today report, Krasnov’s explanation also “means [that] officials will have to indicate the cryptocurrency in their income declarations, allowing the state to keep track of all civil servants’ earnings.”
Until now, public officials were not required to declare their digital assets. A 2018 advisory from the Russian labor ministry had appeared to exonerate them from doing so.
But amid concerns of crypto being used to oil corruption, the office of the prosecutor general revealed it had seized over $440 million undisclosed cash assets from public officials over the past three years, industry media reports.
The new requirement for public servants follows the signing by Russian president Vladimir Putin of a new law that legalizes bitcoin, in its generic sense, but prohibits the crypto from becoming legal tender, which can be used to pay for goods and services.
That law – the Digital Financial Assets Act – is expected to come into force on Jan. 1, 2021. It is the law that provides for the declaration of crypto holdings by all public officials.
What do you think about public officials declaring their crypto holdings in Russia? Let us know in the comments section below.
The post Russian Public Officials Must Now Declare Their Crypto Holdings as Income appeared first on Bitcoin News.
The price of bitcoin touched new highs in 2020 and a number of supporters are optimistic that the crypto asset’s value will drive higher. In addition to this year’s bitcoin price high, around eight different countries have seen bitcoin touch all-time highs (ATH) in their local currency. The bitcoin ATHs in these countries show how rampant inflation has ravaged these currencies a great deal during the last year.
2020 has been a hard year as far as the global economy is concerned, and the nation state’s responses to the coronavirus made things a lot worse. Cryptocurrency markets dropped significantly in mid-March following the ‘Black Thursday’ market rout, but have come back in a big way since then.
For instance, the price of bitcoin (BTC) has climbed more than 261% since the value dropped to $3,600 on March 12, 2020. BTC touched a 2020 high on October 21, reaching $13,184 per coin on Wednesday evening.
However, in eight countries where inflation is rampant, the price of BTC has surpassed the local currency’s previous ATHs. Bitcoin proponent Alistair Milne discussed the subject on Twitter when he tweeted:
Countries where bitcoin has hit a new ATH in their local currency; Brazil – pop. 209 million, Turkey – pop. 82m, Argentina – pop. 44.5m, Sudan – pop. 41m, Angola – pop. 30m, Venezuela – pop. 29m, Zambia – pop. 17m. Soon: Russia, Colombia… then all other fiat currencies.
Looking at the exchange rates for all of these countries on October 22 shows that each one has seen BTC touching new price highs. News.bitcoin.com reviewed a few of the same countries back in May 2019 and at the time, places like Argentina, Venezuela, South Sudan, and Turkey all saw all-time BTC price highs. In that report, it cost 52,507 Turkish liras to purchase a single bitcoin in the country.
In USD terms, Bitcoin (BTC) was trading for $8,800 on global spot markets on May 28, 2019. Today, on October 22, 2020, is a different story, as the price of one bitcoin is 103,775 Turkish lira. These bitcoin price increases can be seen across the board in all eight countries mentioned above.
Earlier this month, the cryptocurrency columnist Jason Deane also wrote a comprehensive editorial on these countries touching all-time price highs. Deane discovered that all of these countries were clocking new record highs as far as BTC’s price was concerned.
Deane’s research had him studying for hours and wondering how long it would be until stronger currencies start to following suit.
The author’s report concluded by saying:
One thing is for sure, the new all-time high that prompted the research for this article will certainly not be the last for the Turkish lira, Argentine peso, Pakistani rupee, and many others. But how long will it be before we see the same thing with a currency that may be closer to our hearts, especially if we, say, started printing it at unsustainable rates to deal with a global pandemic? How long indeed.
The new price highs in Brazil, Turkey, Argentina, South Sudan, Angola, Venezuela, Pakistan, and Zambia clearly indicate bitcoin and cryptocurrencies mean something entirely different to users in countries suffering severe economic hardships.
At press time the price of bitcoin (BTC) is hovering just below the USD$13k zone and the price needs to jump above $13,796 per coin to outpace 2019’s ATH on June 26.
What do you think about the eight countries that are seeing all-time highs in their local currency? Let us know what you think in the comments section below.
The post 8 Countries Stricken With Rampant Inflation See Bitcoin Prices Touch All-Time Highs appeared first on Bitcoin News.
Asian cryptocurrency exchange Okex says peer to peer trading is now open but the freeze on withdrawals remains in effect. In an update, Okex CEO Jay Hao reveals that buying cryptocurrency via the fiat gateway is now active as well but he fails to give a timeframe for the resumption of withdrawals. In an earlier tweet, the CEO reassures customers that their funds are safe and that withdrawals will commence as soon as possible.
On Oct. 15, Okex announced the suspension of withdrawals of cryptocurrency after an unnamed private key holder was taken into custody by law enforcement. However, since the suspension of cashouts, reports have emerged alleging large BTC withdrawals just before the announcement of the freeze.
The Okex CEO has, however, issued statements dismissing such reports. Still, anxious Okex customers are expressing dissatisfaction with the exchange’s failure to disclose details about the progress of the ongoing investigation.
On Twitter, users are venting their anger as they question the wisdom of the latest announcement that peer to peer trading is now open. One user named Maciek_sk queries the rationale of asking clients to continue trading when there is no option to cash out. In his reply to Hao’s tweet, the user explains:
There is no point in being active on the stock market from which you cannot withdraw your funds. It makes no sense. I am afraid it will lead to withdrawal from this platform.
Similarly, another user not only asks the same question but he also takes issue with the exchange’s management of private keys. He asks:
What’s the point of trading when we can’t even withdraw? and how the heck can one person result in Okex suspending withdrawals?
“Are you guys sh****g us or what? If you can’t even guarantee the security of funds and continued service why even bother running an exchange?” the user continued.
Meanwhile, in a surprising move, Justin Sun’s Tron Foundation announced it will be enabling TRX holders with funds frozen on the exchange to cash out their tokens via a specially designated account.
It is not clear what prompted the move by the Tron Foundation although a statement on the organization’s Medium page says they “have decided to shoulder their major responsibility in the industry and give users access to the unlimited 1:1 withdrawal of TRX on Okex. This decision will take effect as soon as it is announced.”
According to the Tron Foundation, this campaign “intends to help TRX holders protect their assets.”
What do you think of Okex’s management of private keys? Tell us what you think in the comments section below.
The price of bitcoin jumped significantly on Wednesday after the payment processor Paypal announced cryptocurrency support. The jump in value has pushed a large number of bitcoin holders into a state of profit, according to Glassnode “percent of UTXOs in profit” statistics. Based on the current data, 98% of all bitcoin UTXOs are in a state of profit touching levels previously recorded three years ago in December 2017.
The price of bitcoin (BTC) closed at a high at $13,184 per coin on Wednesday, October 21 following the announcement from Paypal. During the evening trading sessions, the onchain research and analysis firm Glassnode tweeted about the number of bitcoin unspent transaction outputs (UTXOs) in profit. A UTXO refers to the amount of bitcoin someone holds that has not been spent and is simply stored in a bitcoin wallet.
Since then the price has dropped a hair but the price of bitcoin (BTC) is still up 4.3% over the last seven days. Long term holders have seen a 72.4% increase during the last 12 months, 34.9% during the last 90-days and 22% against the 30-day span. Glassnode’s onchain stats report, details that the subindex measuring investor “sentiment” increased ending the week “at 70 points.”
A number of crypto analysts and traders believe that bitcoin’s current price range is a key indicator for moving forward. Moreover, BTC’s dominance level, it’s market cap measured against all 7,000+ crypto assets, has risen to 63.2%. The senior financial analyst at Fxpro, Alex Kuptsikevich, believes bitcoin is testing crucial macro levels.
“At current levels, Bitcoin is testing cyclical highs,” Kuptsikevich wrote in a note to investors. “Since the beginning of 2018, it has not been able to gain a foothold at levels above $12,000. It is equally important that at new highs, indicators like the RSI are far from the overbought condition, indicating significant potential for further growth. Closing the week above $12,800 would be the highest level in two and a half years, opening a direct path of growth to the historic highs of $20,000 that we saw three years ago.”
Bitcoin breaking through two round levels of $12k and $13k opens doors for further growth. The current price dynamics led the coin to re-test the peak of July 2019, which at that time was the highest point of the rally. Nowadays, purchases take place against the background of confidence that bitcoin has more and more supporters in the traditional financial world.
Eric Demuth, cofounder and CEO of Bitpanda believes that cryptocurrencies, in general, started to “establish themselves as a trusted asset class of the worldwide financial market such as gold and stocks.” Demuth thinks that the Paypal support announced on Wednesday is just the start, as he believes more large players will be joining the crypto party.
“2020 has shown that crypto is here to stay,” Demuth explained. “There has been a huge inflow of institutional capital as well as record numbers of new retail customers adopting cryptocurrencies. I am certain we will see more big players like Paypal joining the party in 2021.”
What do you think about the high percentage of bitcoin UTXOs in a state of profit? Let us know what you think in the comments section below.
The post Price Increase Drives 98% of Bitcoin Holders Into a State of Profit appeared first on Bitcoin News.
When you hear about gambling, you’ll remember some fancy Casino resorts in Las Vegas and Macau or some local brokers in your street. The gambling system has evolved beyond the traditional houses to online gambling. Online gambling is valued at US$ 46 billion, and it is projected to around US$ 96 billion in 2024. Lotteries are one of the most popular online games today. Many companies are offering different types of online lottery systems, but Multilotto is a company that is changing the way you play lottery online.
Multilotto lotteries provide a powerful user experience; many lottery systems provide beautiful websites without providing their users to navigate the website easily; it is difficult for users to play games or make payments. Multilotto offers tutorials that help the users to understand the website. The team works every day to provide new updates on the website without hampering the games. Multilotto servers are powerful enough that users don’t undergo downtime like other websites available today. They ensure that servers are always online because Multilotto can’t afford to disappoint its users. It is no secret Bitcoin is the next big thing for online gambling; that’s why Multilotto has created and implemented a fair Bitcoin Jackpot.
Many gamers still visit lottery stores rather than playing online; the question is why would they do that when they can enjoy those games from their homes? The problem with many online gambling systems is the lack of transparency. A lot of online games are designed to cheat users and make more money for the system. Multilotto is more interested in providing a fair game for users than making money for the system. Multilotto understands that users are the most important for the system; they are an array of fair lotteries. The names of the winners of the games are published on their website, and Multilotto ensures that other users can verify that it’s a real person, not an anonymous bot that is always designed to win.
In online lotteries, keeping track of expenses is the key. Multilotto understands that even the top gamers have to keep track of their spending on various games from the array of games provided by Multilotto. Their powerful spending tracking system provides a dashboard for every user to track their expenses and check their purchase on lottery platforms.
The games provided by Multilotto includes Euromillion and Euro jackpot lotteries. Multilotto provides guides that will help users understand how to join those lotteries and show them some likely outcomes in the games. It’s unlikely that you’ll find another online platform that will offer gambling tips to users. Multilotto also has robust support in which a user can contact if they encounter any system problems.
One of the primary reasons why some players avoid online games is security; some users might be afraid of some people stealing their credit card details from the website. Multilotto ensures that the user’s details are safe on the platform. Multilotto servers are secured from hackers because they employ the best security experts. Their payment partners are reputable companies, the users’ funds are secured with them, and users can be sure that they’ll never run into security problems or data breach on their website.
What about user winnings? Multilotto ensures that the winnings of users are paid promptly after the government tax has been paid. Many users choose Multilotto because they know that unlike many online lottery platforms that delay the payment of their winnings without any reason, they know that Multilotto pays their money promptly.
How to play Multilotto lotteries
Register on the Multilotto website, check their lottery page to see the multiple games, including Euro Jackpot, Euromillion, Powerball, and MegaMillions. Make a payment from the comfort of your device with more than ten payment gateways available on their website, which includes Wirecard, Neteller, Skrill, Mastercard, and Visa. Enter the game of your choice. That is what Multilotto represents; anyone who is above 18 can enjoy fair lotteries from the comfort of their devices.
The post Multilotto: Play Transparent Online Lotteries With Equal Opportunities for Every Player appeared first on Bitcoin News.
Paypal launching cryptocurrency services has given crypto investors much to think about. While many crypto users view the news as extremely bullish, some point out several areas of concern bitcoin investors should be aware of.
The news of Paypal launching a service that will enable customers to buy, hold, and sell cryptocurrencies directly from their Paypal accounts has triggered much discussion within the crypto industry. Users will also be able to pay for goods and services at 26 million stores that accept Paypal as a form of payment with the cryptocurrencies in their Paypal accounts.
The crypto industry has largely viewed the news as extremely bullish, sending the price of bitcoin above $13,000. Virgin Galactic chairman Chamath Palihapitiya tweeted in response to the Paypal news Wednesday:
After Paypal’s news, every major bank is having a meeting about how to support bitcoin. It’s no longer optional.
Regulations in the U.S. permit banks to provide cryptocurrency services. The U.S. Office of the Comptroller of the Currency (OCC) has already confirmed that federal banks are allowed to provide cryptocurrency custody services.
Messari founder Ryan Selkis tweeted: “Finally. Paypal joins the bitcoin space race … 346 million users … 26 million merchants … 20th largest ‘bank’ by deposits. Between them, Square, and Grayscale, it’s safe to assume that all remaining BTC will be hoovered up by public companies.” Recently, Square Inc. announced that it had put 1% of the company’s total asset into bitcoin, worth about $50 million. Grayscale Investments has been scooping up bitcoin, adding $1 billion to its crypto products in Q3.
Twitter user Vijay Boyapati opined: “It did not escape Paypal’s notice that Square was making a very large fraction of its profit allowing users to trade bitcoin. More and more financial institutions and payment processors will figure this out soon. The fiat on-ramps are getting bigger quickly.”
Some people are concerned about Paypal’s policy to disallow users from transferring cryptocurrencies in or out of its platform. The company detailed:
Currently, you can only hold the cryptocurrencies that you buy on Paypal in your account. Additionally, the crypto in your account cannot be transferred to other accounts on or off Paypal … You own the crypto you buy on Paypal but will not be provided with a private key.
Twitter handle “Plan B,” known for his stock-to-flow bitcoin price prediction model, wrote: “Crypto in (the Paypal) account cannot be transferred to other accounts on or off Paypal. So, this is all a big Paypal nothing burger, just entries in a central Paypal database, nothing to do with bitcoin.”
Lawyer Jake Chervinsky similarly cautioned: “Look, I understand the temptation to just be excited about Paypal & ignore the fact that they prohibit transfers to other accounts & withdrawals to self-custody. But if you can’t hold your own keys, is it even bitcoin? How much will we sacrifice in the name of ‘number go up?'”
Twitter user Hope Freiheit was not impressed by Paypal’s announcement, stating: “They won’t even allow users to withdraw the bitcoin they buy – it’s just a closed platform for speculation, likely with the users getting charged an arm and leg with fees. Bitcoin doesn’t need Paypal.”
Some people questioned the tax implications of spending cryptocurrencies from their Paypal accounts. “Cryptocurrencies like bitcoin are treated as property per IRS rules. This means every time you sell, exchange, or dispose of cryptocurrency to buy something, there’s a taxable event,” Shehan Chandrasekera of Cointracker wrote. Citing that Paypal stated that users “will be able to instantly convert their selected cryptocurrency balance to fiat currency, with certainty of value and no incremental fees,” he explained:
This means every time users buy a good or service from a merchant, Paypal will automatically convert the cryptocurrency to fiat, thereby triggering a taxable obligation for the consumer.
What do you think about Paypal launching crypto services? Let us know in the comments section below.
The post ‘Bitcoin’s No Longer Optional’ — What Investors Say About Paypal Launching Crypto Services appeared first on Bitcoin News.
Goldman Sachs has reportedly agreed to settle with the U.S. government over its role in a corrupt Malaysian government investment fund, which is one of the firm’s worst scandals since the financial crisis. In addition, Goldman Sachs previously agreed to pay the Malaysian government billions of dollars to end a criminal probe.
Goldman Sachs Group Inc. has agreed to pay about $2.8 billion to the U.S. Department of Justice (DOJ) to settle a case involving a corrupt Malaysian government investment fund, the Wall Street Journal reported Tuesday. This is in addition to the $3.9 billion settlement the firm agreed to pay the Malaysian government over the same case.
Under the agreement with the DOJ, Goldman Sachs will admit fault but will not face prosecution, the publication noted, citing people familiar with the matter. The firm’s Asian subsidiary tied to the misconduct is expected to plead guilty this week. The deal will allow Goldman Sachs to avoid a guilty plea that could cripple its ability to do business.
The case involves 1Malaysia Development Berhad (also known as 1MDB) which was set up in 2009 by former Malaysian Prime Minister Najib Razak to promote the country’s economic development. The state-owned fund has been under heavy scrutiny for its suspicious financial transactions, money laundering, fraud, and theft. Razak was found guilty of the scandal in July and sentenced to 12 years in prison and fined $49 million. He additionally received 10 years of jail on six charges, including money laundering.
Goldman Sachs helped sell $6.5 billion in bonds for the fund in 2012 and 2013, earning higher fees than is typical for this kind of work, the publication detailed. The media calls the scheme one of Goldman Sachs’ worst scandals since the financial crisis. The U.S. Department of Justice alleges that $4.5 billion was misappropriated from the fund. The Malaysian government dropped criminal charges against three Goldman Sachs units after the bank agreed to pay $3.9 billion to settle the probe.
The prosecutors say that most of the money that went missing was allegedly stolen by Jho Low, the fund’s adviser, and his associates. For years, Goldman Sachs blamed rogue employees, two senior bankers who were criminally charged in the matter. The firm’s top banker on the deal, Timothy Leissner, admitted in 2018 to violating money-laundering and bribery laws while working closely with Low to engineer the theft.
According to Reuters, Goldman Sachs has been investigated by regulators in at least 14 countries, including the U.S., Malaysia, and Singapore over its involvement in the case. Goldman Sachs will pay the U.S. Department of Justice about $2.2 billion in penalties and return $600 million it earned in fees from working with 1MDB. However, the firm could offset some of that amount with fines paid to other authorities and agencies.
What do you think about Goldman Sachs’ corruption scandal? Let us know in the comments section below.
The post Goldman Sachs to Settle Massive Corruption Case for $2.8 Billion With US Government appeared first on Bitcoin News.
HEX.COM – The First High Interest Blockchain Certificate of Deposit – has outperformed every asset in 2020. Ranked Top 20 by Nomics (BTI verified #1 in Market Data Integrity), over $240 Million HEX are in active stakes paying a variable 28% APY. The average stake length is 5 years; the longest stakes are 15 years. This kind of verifiable onchain commitment seen in HEX is unprecedented in cryptocurrency.
On November 19th HEX’s Big Pay Day highlights the strong finish to an exciting yearlong launch phase, crediting active stakes with 183 Billion HEX worth over $750 Million dollars. Read more about this windfall event below. All figures herein cited at the time of writing.
Design intention is never a promise, but seeing HEX perform as designed appears indeed very promising: HEX’s price has gone up 92x vs Bitcoin, 79x vs Ethereum, and 115x vs USD. It did all of this in just 129 days. By design, HEX enriches The Staker Class with a highly attractive APY plus additional rewards.
The First Onchain Truth Engine: Penalties traditional banks would keep for not honoring the terms of the time deposit – HEX pays directly to The Staker Class.
Bitcoin’s (BTC) price did 2,000,000x from $0.01 to $20,000 in 7 years. Ethereum (ETH) did over 10,000x from $0.15 to $1,595 in 2.5 years. Had you put in $1, you could have made millions, many did. HEX is a complete and finished product designed to deliver even more.
HEX addresses a larger market than Bitcoin with superior product fit. The United States and China have over $7.2 Trillion in time deposits. This is a 50% larger market than the peer-to-peer currency market Bitcoin was designed to address where printed cash totals about $5 Trillion.
Setting a new standard, HEX distinguished itself from the DeFi pack by having the advantage of being a completed product – not project – before going live.
This uniquely qualifies HEX with the property of having zero expectations of profit from the future work of others: HEX is a complete product and performs as designed.
Creating a robust economic moat, HEX’s contract code is all rights reserved with 3 separate audits by 2 of the top contract auditors in the world. Taking such care in attention to detail has resulted in HEX performing precisely as designed with 100% uptime.
“HEX was delayed almost a year to get security right, which is why it has 3 audits; 2 security audits, 1 economics audit. HEX has no admin keys. No off switch. No pause switch. It’s fully autonomous.
If HEX.COM goes offline, I die, the system continues to work fine. It is unstoppable: the code is on the blockchain. You run it. You mint your own rewards. That’s it.” –Richard Heart, HEX Inventor
10/15/2020 Interview, @Hardforking
Early adopters of HEX will celebrate a windfall inflation distribution of approximately 183 Billion HEX, worth more than $750 Million, credited to active stakes on November 19th, 2020. This one-time event is called The Big Pay Day (BPD), and the only eligibility requirement is a stake be active before BPD and end after it. To The Staker Class this HEX will appear like any other daily interest credited to your stakes, but substantially larger.
Bitcoin’s inflation model for coin distribution went from 0 coins to 18 million across 10 years; HEX efficiently expedites this, completing its entire high inflation distribution on November 19th. Immediately following this, HEX goes right into its low inflation phase with a maximum of 3.69%. Bitcoin took 10 years across multiple halvenings to accomplish the same.
The visionary product design of HEX utilizes shares with real — quantifiable and fully audited — Earnings Per Share (EPS) to deliver a true Legacy Finance finished product.
Having more shares in HEX is a lot like stacking up more Bitcoin miners for more hashrate without having to own the miners or pay the electricity bill. The more shares you have, the more HEX minting power you have. The similarities are remarkable: read this full thread on HEX by Richard Heart to learn more.
With growth and performance attracting more and more investors to HEX, there’s been no shortage of individuals describing their experiences on Cryptocanary — kind of like a Yelp for crypto.
Pictured above is a small sampling. Each review is unique and gives a real flavor for each individual’s experience using HEX. Not every review is 5-stars, but readers will find a large majority are. This article encourages its readers to have some fun exploring things.
Reading these reviews — many describing personal experiences investing and trading over the years — is a reminder that while one cannot go back and change the beginning, many realize they can start where they are and change the ending. This applies to many areas; in cryptocurrency many have looked to HEX, and with continued performance many more will.
Imagine if Bitcoin paid its holders with more Bitcoin for committing to not sell for time periods of their choosing: a time deposit. Now imagine if committing to longer time periods paid even better, and when others break their commitments those who keep theirs receive even more Bitcoin. What would overall net buying and selling activity look like? HEX does all of this, plus a bit more.
HEX is a finished product designed to richly reward stakers in ways no cryptocurrency ever has. The returns enjoyed by The Staker Class incentivize net positive buying and staking activity versus selling. Additionally, when HEX is staked those coins are thus removed from the circulating supply – another key design feature to positively influence demand pressures on supply.
The Top 2 cryptocurrencies experienced the worst verbal abuse in their early days. It was common to see Bitcoin Scam or Ethereum Scam voiced ignorantly and unintelligently. History often rhymes, and one cannot help but note HEX Scam being voiced by many large influencers who have never researched it. Ironically, much the same as Bitcoin and Ethereum’s early days, the only scam appears to be the false labels precluding many from investing in a bona fide product at opportune times.
When there’s an elephant in the room, introduce them. -Randy Pausch, Last Lecture
CoinMarketCap. While HEX might be the first coin to ever have two independent security audits, due to apparent gatekeeping practices by the ever-popular CoinMarketCap HEX has yet to be ranked correctly there. In fact, CoinMarketCap has suspiciously pegged HEX at Rank 201 – appearing buried on page 3. This not only makes it extremely difficult for new investors to discover HEX, but also calls data reporting practices into question.
The top blockchain data surveillance firm in the world, Blockchain Transparency Institute, grades CoinMarketCap with C’s across the board; sites like Nomics, where HEX is ranked correctly, receive BTI Verified grades of all A’s. Also of note, it is curious many (most) of the largest personalities and social influencers in cryptocurrency have so far been reluctant to openly discuss HEX despite its design’s strong emphasis on security and verifiable onchain transparency.
As a result, for those investors who do discover HEX at this time, it may mean the difference between participating in the early adopter stage versus the late majority.
HEX was invented by serial entrepreneur and early Bitcoin adopter, Mr. Richard Heart. Today Mr. Heart is a well-versed proponent of Ethereum and stimulating thought leader champion across a panoply of subject matter. With his inspiring stage presence and candidly streamed interviews, Mr. Heart’s audiences always pack a very full house.
For More Information Visit: HEX.COM
News and Updates, Follow on Twitter: @HEXcrypo
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.
The post Last Chance to Get Staked $750+ Million HEX Payout November 19th, 2020 appeared first on Bitcoin News.
Bitmex said Wednesday that it is fast-tracking its user verification program in order to comply with regulatory requirements. Users must now be fully verified by Nov. 5, 2020 “to continue trading on the platform,” it said.
In a statement, the crypto derivatives exchange stated that “unverified users will not be able to open new positions” after this date. They will also “not be able to withdraw funds from their Bitmex account without completing verification” beginning Dec. 4.
The accelerated verification means Bitmex’s mandatory know-your-customer (KYC) process – first announced Aug. 28, 2020 – will now close three months earlier than originally scheduled. Initially, it was slated to end February 2021.
Bitmex may have been pressured into action by the charges it faces in the U.S. The exchange was recently charged by the U.S. Commodity Futures Trading Commission (CFTC) for operating illegally and for “failing to implement required anti-money laundering procedures.”
At the same time, the Department of Justice (DoJ) indicted former chief executive officer Arthur Hayes and his leadership team for “violating the Bank Secrecy Act and conspiring to violate the Bank Secrecy Act.”
“Recent events have underscored the requirement for market operators to implement robust and compliant KYC programme,” Bitmex said.
As part of the exchange’s KYC procedures, individual users are prompted to upload a photo ID and proof of address, take a selfie, and answer several questions that relate to the source of their funds and their trading experience. Bitmex says this takes approximately five minutes to complete, and more than 50% of its users have since completed the process.
By Nov. 5, Bitmex customers will need to have completed verification in order to open a new position or to increase an existing position. Existing open positions can be maintained or reduced by unverified users, although pending orders that would increase a position will be cancelled, it said.
After Dec. 4, “if there are remaining open positions on unverified accounts, we will review these…and communicate directly to users holding these to facilitate an orderly closing of these positions.”
Crypto exchanges are under pressure to implement stringent KYC procedures, as regulators around the world seek to align with anti-money laundering recommendations from the Financial Action Task Force (FATF).
What do you think about Bitmex’s accelerated KYC processes? Let us know in the comments section below.
The post Bitmex Fast-Tracks KYC Program as Regulators Tighten Screws on Anti-Money Laundering Rules appeared first on Bitcoin News.
According to a recent research survey, cryptocurrency investment is a touch more popular than gold in Russia. An organization called the World Gold Council surveyed 2,023 investors and cryptocurrency turned out to be the fifth-largest investment next to gold.
The World Gold Council (WGC) is considered an authority on the gold industry as the market development organization works with all types of industry leaders in the precious metals field. WGC also manages the very popular web portal gold.org and it often publishes research studies concerning safe-haven investments.
Just recently, WGC published a report concerning gold investments in Russia and the study also touched upon cryptocurrency investments as well.
The WGC surveyed 2,023 Russian investors that stem from all around the country. 68% of the surveyed participants said “gold is seen as an effective store of value.”
“Most Russian investors believe [gold] holds its long-term value and protects against currency and inflation fluctuations,” the WGC study details. In a chart that highlights the “investments in Russia over the past 12 months,” cryptocurrency investment vehicles represent a higher percentage than gold.
Cryptocurrency is listed as the fifth-most popular investment vehicle with a percentage rating of around 17%. Meanwhile, gold is roughly 16% among the 2,021 WGC survey participants.
Ahead of cryptocurrency investments include things like savings accounts, foreign currencies, real estate, and life insurance respectively. Below cryptocurrencies and gold on the WGC list are investments like collectibles, gold coins, stocks, and government-issued bonds.
Additionally, the WGC authors wrote that crypto investment is taking place in Russia even though regulations are quite gray in the region.
“The rise of cryptocurrencies demonstrates that there is a desire for choice and appeal among retail investors. As the Russian investment market takes shape, opportunities for different investment products will emerge and gold will need to respond,” the WGC authors said.
What do you think about the WGC report which shows cryptocurrencies as being Russia’s fifth-most popular investment? Let us know in the comments section below.
The post World Gold Council Survey Shows Cryptocurrency Investment the 5th Most Popular in Russia appeared first on Bitcoin News.
Juan Benet, a founder at Filecoin, is attacking Justin Sun for spreading completely false accusations about the movement of the FIL tokens soon after listing. In his long Twitter rebuff, Benet accuses Sun of spreading lies with the intention of harming the Filecoin project financially. Calling the accusations ridiculous, Benet says no one from the Filecoin team sold the FIL token on the day of listing.
Soon after the FIL token went live on many exchanges, Sun unexpectedly tweeted alleging that Benet and others at Filecoin had exit scammed. This follows reports the Filecoin team had dumped 1.5 million tokens on some exchanges. Sun alleged that the community had not been informed about the transfer of tokens to exchanges. He went on to encourage the United States-based FIL token buyers to report the matter to the U.S. Securities and Exchange Commission.
However, in a long Twitter thread in which he also responds to the other allegations against Filecoin, Benet speculates the motives behind Sun’s attack on the FIL token as he writes:
My guess is that Justin plans to fork Filecoin as well, and hopes to trump up a reason. Sorry, Justin, you’re nobody’s saviour.
Benet, who uses an expletive to dismiss Sun’s allegations, reminds his followers about his controversial takeover of Hive.
In March, reports emerged that some prominent community leaders of Steem, possibly dissatisfied with Sun’s hostile takeover, were hatching a plan to hard fork. Eventually, the hard fork occurred leaving Sun without access to the developer’s reward.
Meanwhile, continuing his attacks on Sun, Benet warns Filecoin miners against supporting any such hard fork saying:
Look at the history of projects associated with Tron, and confirm you want that. [And] you may become the victim of a huge pump and dump scam. Good Luck.
Benet, however, admits that there are questions about some of the “unvested FIL sent to some exchanges.” Still, he insists that these “were not sales of FIL from PL or any team members.” Benet explains the elaborate steps taken by the Filecoin team to stabilize the token “in the early days after launch when prices are at risk of being volatile.”
The FIL token, which had opened at $200 on some exchanges, lost more than half of its value in the first 24 hours. At the time of writing, the token had lost further ground and was trading at $30.
However, as Benet insisted that no token dumping had occurred, fresh reports emerged suggesting that even more FIL Testnet tokens were moved to exchanges and sold. Explaining the events as they occurred, one Twitter user, Crypto Chris G says:
“Basically miners dumped their testnet coins crashing the price then complained they should change the locking schedule since more supply was on market. Filecoin had to accept the miners’ proposals & 25% immediately unlocked. How did testnet coins become real? Was there a code bug?”
In the long thread, Crypto Chris G explains why he thinks miners are not as innocent as they have been portrayed. The user concludes his analysis by stating that “miners aren’t victims of the Filecoin team releasing coins early.” Instead, he says “they played this great, pulled huge profit from testnet coin selling for real $ then crying wolf to gain more.”
Soon after listing, Filecoin miners went on strike alleging the ineffectiveness of the economic model used. However, in his own thread, Benet dismisses the reports while claiming that miners are “following protocol and making a ton of money doing so.”
However, in comments that appear to corroborate Crypto Chris G’s account, Benet says:
“There are many people hoping to get rich quick with Filecoin without contributing value to the network — that’s just not how it works. This isn’t what the protocol rewards.”
What are your thoughts about the FIL token issuance? Share your views in the comments section below.
The web portal bitcointreasuries.org now shows close to two dozen firms with a large number of bitcoin reserves. Currently, the aggregate total bitcoin held in reserves by the 23 companies listed is roughly 785,999 BTC worth well over $10 billion dollars.
This past August the billion-dollar firm Microstrategy announced it purchased 21,454 BTC for around $250 million. Then the Nasdaq listed company bought another 16,796 BTC and Microstrategy raised its reserve status to 38,250 bitcoins.
Following Microstrategy’s lead during the first week of October, the firm Square Inc. revealed it purchased 4,709 bitcoins for its treasury reserves. Since these two companies made the announcements it sparked the creation of a web portal called bitcointreasuries.org, which highlights an aggregate list of companies holding bitcoin treasuries.
When news.Bitcoin.com first reported on bitcointreasuries.org there were 13 companies listed with a combined total of 598,237 BTC ($7.6B) or 2.85% of the total supply on October 10. Fast forward to today, and there’s now 23 firms represented on the bitcoin treasury list and a lot more crypto added to the equation.
The list is now broken up into three categories which include publicly listed businesses, private firms, and ETF-like organizations. 15 of the companies are public firms including Microstrategy, Square Inc., Galaxy Digital Holdings, Hive Blockchain, Coin Citadel Inc., and Argo Blockchain. These 13 public firms have an aggregate total of 67,536 BTC worth $863 million today.
Below the catalog of public companies, is a list of three private organizations including Block.one (140,000 BTC), the Tezos Foundation (24,808 BTC), and Stone Ridge Holdings Group (10,889 BTC). These three private firms have an aggregate total of 175,697 BTC worth $2.2 billion today.
In the ETF-like section of businesses listed on bitcointreasuries.org, there are five organizations mentioned. The ETF-like firms include the Grayscale Bitcoin Trust (456,537 BTC), Coinshares XBT (69,730 BTC), 3iQ The Bitcoin Fund (8,295 BTC), ETC Group Bitcoin ETP (5,215 BTC), and 21Shares AG (2,989 BTC). These five ETF-like organizations have an aggregate total of 542,766 BTC worth $6.9 billion today.
The combined total of all 23 companies listed on bitcointreasuries.org holds 785,999 BTC worth over $10 billion using current exchange rates. The 785k BTC is approximately 3.74% of bitcoin’s 21 million capped supply. The list does not include Tahinis restaurant chain or the company Snappa, two firms that claimed a percentage of bitcoin reserves but not an actual BTC count.
Bitcointreasuries.org says that companies like Tahinis were not included because they only added firms “that can be easily verified.” In addition to the firms’ Tahinis and Snappa, another company called Mode announced on Wednesday it acquired bitcoin for reserves as well. However, according to calculations, the number of bitcoins Mode holds in reserves is only around 6.7 BTC.
What do you think about the number of companies holding bitcoin reserves? Let us know what you think in the comments section below.
The post $10 Billion in BTC Reserves: Companies With Bitcoin Treasuries Command Close to 4% of the Supply appeared first on Bitcoin News.
Cryptocurrency markets have seen intense gains on Wednesday after the payment processor Paypal announced it would be supporting digital currencies. At the time of publication, the market cap of all 7,000+ digital assets has gained 5.6% hovering above $379 billion during the afternoon trading sessions.
Digital currency markets have increased a great deal during the last 24 hours as the aggregate crypto market capitalization is nearing $400 billion. The price of bitcoin (BTC) spiked on Wednesday morning after Paypal revealed cryptocurrency support during the morning trading sessions.
BTC has gained 7.1% during the last seven days and the price is close to touching $13k per coin. During the last 30 days, BTC is up 22% and over 76% year-to-date. At the time of writing, BTC is currently swapping for $12,839 a unit.
Behind BTC, is ethereum (ETH) which has gained 6.9% during the last week as the coin is currently trading for $397 per unit. ETH is followed by tether (USDT) and XRP which is up 4.4% today at $0.25 an XRP.
The fifth-largest market cap is held by bitcoin cash (BCH) and its markets have gained 7.1% on Wednesday. BCH is trading for $261 per coin and is up 22% for the last 30 days and 26.9% for the last year.
No one’s quite sure where bitcoin and the rest of crypto markets will go from here but bitcoin (BTC) is inching toward a key macro level. BTC’s price is higher than it was in mid-August and slowly approaching the 2019 all-time high (ATH).
On June 26, 2019, bitcoin’s ATH that day touched $13,796 per coin. This means at today’s price of above $12,800 per coin, BTC will need to gain more than 7.5% to surpass the June 2019 ATH.
A number of crypto proponents are attributing Wednesday’s bullishness to the Paypal news but also the number of firms joining bitcointreasuries.org as well. Furthermore, traders are eying bitcoin futures and options markets as well, as bitcoin options traders are prepping for big moves ahead.
In addition to BTC nearing the $13k zone, the cryptocurrency has stayed above $10k for 87 days straight which means the 62 day run in 2017 has been broken.
What do you think about the positive action within crypto markets during the last 48 hours? Let us know what you think in the comments section below.
The post Market Update: Bitcoin Nears $13,000, Holds Record-Breaking 87-Day Streak Above $10K appeared first on Bitcoin News.
Coinend has announced the launch of its cryptocurrency gamified platform. GPC DIGITAL S.A operates this cryptocurrency-based gamified prediction portal, a corporation incorporated in Panama. It allows users to predict the closing price based on hourly, daily and weekly prices of various cryptocurrencies, with a reward for all participants.
In a statement by the CEO, Godspower Egbetamah, “the company is now set to explore the gamified niche of the cryptocurrency industry and focus on sharing reward for all participants. The pool prize per event is shared by both the winners and the runners-up in each event pool based on a 30% (winners) to 70%(runners-up) sharing system powered by blockchain for transparency”.
In the new announcement, the company is set to provide a platform for users to predict and place bets on future values of cryptocurrency. With this, crypto enthusiasts can come together and predict the value of BTC/USD AND ETH/USD for the closing price of a cryptocurrency with an equal amount of bitcoin token per participant in an event pool. The predicted value in USD of a given cryptocurrency for each event goes into a live event pool, where every participant in the pool gets to see how close their predicted price value is to the current price value until the end of the event pool.
Apart from this, the company is also set to explore the Decentralized Finance (DeFi) aspect of cryptocurrency by providing a platform where users can have access to a loan in a peer-to-peer manner. Decentralized Finance is one of the most quickly growing innovations in financial services which aim for a broader approach of generally decentralizing the traditional financial industry. The core of the initiative is to open traditional financial services to everyone, by providing a permission-less and peer to peer financial service ecosystem based on blockchain infrastructure.
As such, Decentralized Finance (DeFi) is the movement that leverages decentralized networks to transform old financial products into trustless and transparent protocols that run without intermediaries. The core traditional financial service use cases that are currently being revolutionized by DeFi include trading, lending, investment, wealth management, payment and insurance. This is being made possible by blockchain technology, and it is the core of the existence of the company as mentioned by its COO, Victory Onojohwo.
In the case of Coinend, the company will be focusing on the lending aspect of DeFi so that platform users can lend themselves up to 1 BTC and earn a profit (interest) without even participating in a pool event. Worthy to note is that 91.024294BTC has been distributed between platform users since inception.
With this launch, Coinend is committed to create a transparent community that shares reward among members and drive cryptocurrency inclusion for many. During the announcement, Coinend management board also announced a new website design that highlights how the gamified platform and its reward system is set to work and a new mobile application with a flawless user interface. This will allow participants to easilyplace bets and see the prize pool on the platform for the currency for which the events are running.
As it is known that a good whitepaper is considered to be the single most important form of business collateral because it drives client acquisition via leads generation, mindshare building, opening doors to new sales opportunities and having 76% of investors used them as part of their decision making efforts. The team also announced a new whitepaper that is professionally rewritten to augment its marketing efforts. This isavailable for download on the website.
The company understands that having strong management and a proven technical strategy in place is fundamental to its success. As such, its portfolio construct is primarily driven by its focus on the cryptocurrency/blockchain industry as a whole, and this is why only the best brains in the industry have come together to achieve this landmark feat.
The team consists of impressive experts in the cryptocurrency/blockchain niche, professionals in the digital marketing solution niche, and thought leaders in tech that maintain the performance of the company’s reward sharing system so that it can run in a highly scalable environment without issues.
In the coming days, Coinend will start rolling out more information about its activities and reward system to consolidate its position in the cryptocurrency gaming niche and strengthen its portfolio.
The post Coinend: 1,2,3 Take off – New Gamified Crypto Prediction Platform appeared first on Bitcoin News.
Payments giant Paypal says its customers can now buy, sell and hold bitcoin and other virtual coins with the company’s online wallets. The company also says its customers will able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021.
A report quotes the company’s President and Chief Executive Dan Schulman saying they hope “the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations.”
“We are working with central banks and thinking of all forms of digital currencies and how Paypal can play a role,” said Schulman.
According to a report, U.S. account holders can start buying and selling cryptocurrencies in “the coming weeks” while there are plans to expand “this to Venmo and some countries in the first half of 2021.”
The report adds that Paypal, which has secured the first conditional cryptocurrency license from the New York State Department of Financial Services (NYDFS), “will initially allow purchases of bitcoin and other cryptocurrencies called ethereum, bitcoin cash, and litecoin.” Paypal has partnered with Paxos Trust Company to offer the service.
Meanwhile, the report further explains:
Cryptocurrency payments on Paypal will be settled using fiat currencies, such as the U.S. dollar, meaning merchants will not receive payments in virtual coins.
The news of Paypal’s entry into the cryptocurrency space is a huge endorsement for crypto assets and it comes as more mainstream organizations are buying bitcoin and other digital assets.
The payments giants’ entry is likely to spark the wider adoption of cryptocurrencies given its wide reach. According to the report, Paypal “has 346 million active accounts around the world and processed $222 billion in payments in the second quarter.”
What do you think of Paypal’s entry into crypto space? Tell us what you think in the comments section below.
The post Payments Giant Paypal Says Its Customers Can Now Buy and Sell Bitcoin appeared first on Bitcoin News.
A group of hackers has donated some of the bitcoin it extorted via ransomware attacks to charities, claiming that it wants to “make the world a better place.” However, the law says donations from ill-gotten gains must be rejected but charities have no way of returning donated bitcoin to the hackers.
A group of hackers known as “Darkside” has surprised the world by donating a portion of the proceeds from ransomware attacks to two charities, the BBC reported Monday, adding that the group is relatively new on the scene. Darkside hackers claim to have extorted cryptocurrencies worth millions of dollars from companies.
Claiming that they now want to “make the world a better place,” the group donated 0.88 BTC, worth about $10,000, from their ransomware proceeds to two charities: The Water Project and Children International. The Water Project works to improve access to clean water in sub-Saharan Africa while Children International fights poverty and helps children in need.
The Darkside hacker gang posted the tax receipts for its 0.88 BTC donations in a blog post on the dark web on Oct. 13. The hackers claim that they only attack large, profitable companies with ransomware and would not attack hospitals, schools, governments, or charities.
Experts question the hackers’ motive. “What the criminals hope to achieve by making these donations is not at all clear,” said Brett Callow, a threat analyst at cyber-security company Emsisoft. “Perhaps it helps assuage their guilt? Or perhaps for egotistical reasons they want to be perceived as Robin Hood-like characters rather than conscienceless extortionists.” He elaborated:
Whatever their motivations, it’s certainly a very unusual step and is, as far as I know, the first time a ransomware group has donated a portion of their profits to charity.
However, when the donation comes from crime proceeds, the law says it must be rejected. Both charities have said that they will not accept the BTC donations, but the problem is that they have no way of returning them. The hackers used a U.S.-based service called The Giving Block, which is used by 67 different non-profits worldwide, to make the donations. The company says that the money was sent through a mixer.
Philip Gradwell, Chief Economist at blockchain data analytics firm Chainalysis, commented: “If you walked into a charity shop with an anonymous mask on and donated £10,000 in cash, then asked for a taxable receipt, questions should probably be asked – and it’s no different.”
What do you think about hackers donating bitcoin to charities? Let us know in the comments section below.
The post Hackers Donate Bitcoin From Ransomware Attacks to Charities appeared first on Bitcoin News.
The European Commission (EC) is opposing the creation of the crypto crime victim superfund to be financed with $0.0001 per dollar on all cryptocurrency transactions occurring within the EU. The Commission says that it does not have the competence to set up and administer such a fund. It also argues that most crypto crimes occur outside the EU jurisdiction.
The EC made the remarks in response to a petition lodged with the European Union Parliament (EUP) by a consortium of crypto fraud victims. In their petition, the victims insist that the EC, which is one of the largest bureaucracies, is ideally placed to administer the proposed fund.
In its response to the EUP, the Commission, which has previously turned down the petition, says victims must instead “continue to pursue their respective cases through national law enforcement agencies.” According to the EC, victims can “seek compensation through existing channels or with the legal persons responsible for their loss.”
The Commission also clarifies that “EU rules on compensation may be applicable in cases of intentional violent crime.”
Meanwhile, the victims have assailed the EC’s tepid response and accused the Commission of taking an “anti-consumerism” stance. In a statement, the victims’ lawyer Jonathan Levy says:
The EU Commission pleads a lack of competence to assist victims of crypto crime even while promulgating a union-wide regulatory scheme for crypto assets. The Commission administers billions of Euros in grants and credits every year and has one of the most expansive and well-trained bureaucracies in the world but cannot administer a simple victim fund which is self-replenishing through a virtually unnoticeable .0001 cent per Euro transaction fee.
The lawyer reveals that the Commission has invested over $110 million in blockchain innovation awards and investments. However, pointing out that the EC’s claims that it lacks the ability to administer the superfund ring hollow, Levy says the Commission “must have some competency in overseeing crypto assets unless it simply distributes the Union’s funds with no hope of oversight.”
With the EUP estimating that at least $5 to $5.5 billion in crypto-asset fraud occurs annually in the EU, the lawyer suggests that by failing to take action, the EC will be seen as abetting crypto criminality. Levy, whose clients have suffered losses exceeding $44 million, adds:
“The EU Commission itself remains a host to crypto criminality in a major way with the European Commission delegated ccTLD .EU being a continuing host to the One Coin/One Life pyramid scam which has defrauded victims (including my clients) of well over $4.4 billion.”
The Onecoin crypto pyramid scheme, which recently had its scam warning alert dropped by the Financial Conduct Authority, remains operational despite the arrests and disappearance of some of the masterminds.
Meanwhile, in an expert opinion lodged with the EU Parliament Petitions Committee on October 20, technical expert Michael K McKibben, says he found “that the distributed ledger nodes already charge a node transaction or relay fee on much of the $110 billion daily crypto asset trading volume.”
The technical expert agrees with the petitioners that the addition of an “unnoticeable .0001 cent per $ insurance fund fee would provide for a victim superfund.” The expert concludes that since crypto assets are currently uninsurable, therefore “the proposed EU superfund would provide much-needed relief for victims of Ponzi schemes, hacks, fraudulent ICOs and extortion that utilize or involve crypto assets.”
McKibben, an American software engineer, also gives his opinion on why he thinks the superfund is viable:
Many nodes are actually slave units with no independent discretion thereby making the addition of an EU insurance fund fee to a distributed ledger system relatively simple to implement.
After failing to get redress via national courts, victims of crypto fraud are now pushing for EU authorities to help set up the self-replenishing superfund. However, in the wake of the Commission’s response, the EUP will continue to seek input before deciding the next step. Meanwhile, Levy says other stakeholders can still come forward and give their opinions to help bolster the petition.
What do you of the EC’s latest response to the petitioners? Tell us what you think in the comments section below.
The number of hotels with a bitcoin ATM on-site is growing in Switzerland. The latest announcement came from The Dolder Grand, a luxury hotel and spa in Zurich, which recently installed a crypto ATM supporting four cryptocurrencies.
The Dolder Grand announced Monday that a cryptocurrency ATM has been installed at the hotel for guests to buy and sell cryptocurrencies on-site. The announcement states:
As of now, guests of the Zurich Hotel Dolder Grand can buy and sell cryptocurrencies on site – conveniently at the crypto ATM. This is made possible by a device from the Swiss cryptocurrency financial specialist Värdex Suisse.
Hotel guests can use the machine to buy four cryptocurrencies — bitcoin, bitcoin cash, litecoin, and ethereum — with Swiss francs and euros. They can also sell BTC for Swiss francs.
The Dolder Grand started accepting bitcoin for overnight stays, food, drinks, and spa treatments last year. According to the announcement:
The demand for cryptocurrencies has increased significantly since the outbreak of the coronavirus crisis. Many use the Värdex machines to gain initial experience with cryptocurrencies.
The crypto ATM installed at The Dolder Grand is operated by Värdex Suisse, which has the largest network of cryptocurrency ATMs in Switzerland. Founded in 2017, Värdex is a spin-off from Bitcoin Suisse AG. Based in Zug’s crypto valley, the company is a regulated Swiss financial intermediary.
Värdex Suisse has installed crypto ATMs at about 70 locations in Switzerland. According to the cryptocurrency ATM tracking website Coinatmradar, there are currently 102 crypto ATMs in Switzerland, making it the country with the sixth-highest number of cryptocurrency ATMs.
Besides The Dolder Grand, other hotels that have a Värdex Suisse cryptocurrency ATM installed include Hotel 46a, Parkhotel, Hôtel Régina, Hilton Zurich Airport, and Hotel Hecht Gottlieben. The company says that hotel guests “actively take advantage of the opportunity to easily buy and sell cryptocurrencies at ATMs.”
Do you think all hotels should have a bitcoin ATM? Let us know in the comments section below.
The post Hotel Bitcoin ATMs on the Rise With Addition of Swiss Hotel Dolder Grand appeared first on Bitcoin News.