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The Moss Piglet Dilemma: Paypal Bans Payments to Merchants Using the Word ‘Tardigrade’

Par Jamie Redman

The popular payment provider Paypal has been known for cutting off a number of merchants and organizations over the years. This week, the public found out that Paypal has been censoring merchants that sell items related to the name “tardigrade” just because a Balkan arms dealer uses the same name. The story shows just how beneficial censorship-resistant money is today and how centralized monetary systems are ultimately doomed.

Ever since Paypal came out in 2001, the payment platform has seen broad use and a great number of users worldwide leverage the system. However, the payment processor is a centralized system, and over the years it has been known for restricting services to certain individuals and organizations.

For instance, Paypal censored the web portal Wikileaks and this invoked the nonprofit organization to start accepting bitcoin (BTC). Last year, Paypal shut off ties to workers leveraging the adult web portal Pornhub and 100,000 performers were left stranded. Now the most trafficked adult website worldwide accepts bitcoin (BTC) and litecoin (LTC) for payments.

Archie McPhee’s Paypal support response screenshot and some of the water pig or tardigrade themed ornaments he sells.

On September 11, Paypal once again was caught censoring merchants over the use of the name “tardigrade.” Basically, a tardigrade is an eight-legged micro-animal and people also call them “moss piglets” and “water bears.” The funny little water bears have a global fanbase and people collect all types of tardigrade merchandise.

On Twitter, the Seattle-based gift salesmen, Archie McPhee, complained that Paypal was censoring his tardigrade-themed products. The problem is there is a known Balkan arms dealer called Tardigrade Limited, and Paypal has blocked all payments to anything tethered to the word. This means any tardigrade merch that mcphee.com sells is banned by Paypal due to an algorithm that flags the name even if it is tied to moss piglet ornaments.

“Just an FYI— Paypal is currently blocking all transactions containing the word “tardigrade” in the product name or description,” McPhee tweeted. “We’ve contacted them and they told us we should just stop using the word tardigrade.”

McPhee said he changed the name on the page to “Water Bear Ornament” but he said it was a “terrible solution.” “You can still purchase all our tardigrade items with a credit card through Shopify, but not through Paypal,” McPhee stressed.

The gift salesmen continued:

If we can’t use the word ‘tardigrade’ in the text on the page, tags, or in the URL, how can customers find it? This is not limited to Archie McPhee. This is ALL OF PAYPAL. And they give a message that the USER is violating their agreement. It’s scaring customers away.

Screenshot shared by Archie McPhee on Twitter.

It’s a shame that merchants have to deal with such absurd rules and a mega-company like Paypal can’t even fix the system’s algorithm to give these sellers a better solution. McPhee also highlighted another merchant who was experiencing the same issues trying to sell plush tardigrade merchandise. Other types of merchants explained how Paypal censored them for dealing with sanctioned countries or other types of arbitrary decisions.

“Our transactions for Cuban coffee were blocked by Paypal,” one merchant replied to McPhee’s tweet. “We buy green beans from UK importers, roast and sell in the UK, and are not subject to Cuba sanctions. We had to omit Cuba from the title, but could use it in the description which isn’t passed to Paypal. Then we quit using [Paypal], they suck.”

Crypto proponent John Moriarty responded to McPhee’s Twitter thread as well, and he suggested using digital currencies instead. “Maybe then people should ‘just stop using’ Paypal— Direct crypto payments can’t be censored because there is no third party,” Moriarty wrote to the tardigrade salesman.

A number of Archie McPhee’s moss piglet or tardigrade-themed products.

For years now, companies like Paypal and other payment processors have censored a number of businesses, organizations, and individual merchants. Simply for trying to make a living, accepting payment for activism, or being located in a sanctioned country, centralized processors can destroy people’s livelihoods.

However, ever since Satoshi Nakamoto created Bitcoin, the world has had access to censorship-resistant funds that can be sent to anyone and bypass any border in a permissionless fashion.

Individuals, nonprofit organizations, sex workers, whistleblowers, journalists, and a myriad of other types of people have been barred from a variety of payment processors, as other firms like Visa and Mastercard have censored as well. McPhee and many other people should learn about digital currencies and how easy it is to accept crypto for payments.

One thing is for sure, blockchains like Bitcoin remove unnecessary third-party actors who have to either follow regulatory guidelines or have arbitrary opinions. The autonomy of crypto payment networks will never stop micro-animal gift sellers from selling cute moss piglets and stuffed tardigrades.

What do you think about Paypal censoring the tardigrade merchants over the name? Let us know what you think about this subject in the comments below.

The post The Moss Piglet Dilemma: Paypal Bans Payments to Merchants Using the Word ‘Tardigrade’ appeared first on Bitcoin News.

Defi’s Raw Deal: Sushiswap Creator Transfers Multi-Sig Control to FTX CEO

Par Jamie Redman
Defi's Raw Deal: Sushiswap Creator Transfers Multi-Sig Control to FTX CEO

After a number of individuals from the crypto community accused the anonymous developer Chef Nomi of exit scamming, the developer transferred the project over to Sam Bankman-Fried, the CEO of the trading platform FTX.

On Saturday, September 5, the decentralized finance (defi) community got upset with the creator of Sushiswap, a forked project copied from the Uniswap Protocol. The reason many in the crypto community are angry toward the anonymous developer called Chef Nomi, is because he withdrew $13 million from the Sushiswap pool and cashed it out for Ethereum.

Who woulda thought sushi goes bad after a week

— cryptograffiti (@cryptograffiti) September 5, 2020

The Sushiswap general manager called ‘0xMaki’ explained that he needed to discuss the situation with Chef Nomi, but the creator went to bed. 0xMaki also tweeted that he could doxx the anonymous leader and stated:

Before accusing anyone publicly since he has been doxxed before I could reveal it. [Chef Nomi] I ask you to do the right thing put the treasury in a multi-sig with trustworthy signers. I will lead the project from here and make it a success.

However, on Sunday afternoon, 0xMaki said he didn’t know who Nomi really was or the third developer involved with Sushiswap. When Chef Nomi returned from his slumber, the anon creator said he was “transferring control to [Sam Bankman-Fried] now” from the crypto exchange FTX.

“Sent Timelock admin control to [Sam Bankman-Fried], replace me by [Sam Bankman-Fried] for a dev multi-sig contract (currently control more than $1 million worth of SUSHI.)”

The developer further added:

I hope Sushiswap does well without me. Again I did not intend to do any harm. I’m sorry if my decision did not follow what you expected. But I want to stress again and I did not intend to scam anyone. No LPs are lost whatsoever. I kept all my promises.

Defi's Raw Deal: Sushiswap Creator Transfers Multi-Sig Control to FTX CEO
SUSHI price on Sunday, September 6, 2020, after Chef Nom transferred control over to FTX CEO Sam Bankman-Fried.

A number of people from the crypto community seemed to dislike Chef Nomi’s last statement. Andre Cronje from the popular Yearn Finance defi project criticized Chef Nomi’s decision.

“What do you mean ‘without me?’ asked Cronje on Twitter. “Are you leaving the project? If so, are you giving the dev funds back? All you did so far was hand over a token that was built off of Uniswap Protocol. Weren’t the funds meant to further develop? Aren’t you that developer?” Cronje further asked.

Following the publicly stated transfer, the FTX CEO discussed his plans for Sushiswap after getting the keys from Chef Nomi. Bankman-Fried told the Sushi community that he will transfer the project back into the hands of the community after a number of multi-sig controllers were chosen.

A number of crypto proponents explained that they were not too pleased with FTX and Binance for listing the sushi token without due diligence. Binance CEO Changpeng Zhao (CZ) defended his trading platform’s decision to list the sushi token after the fiasco.

“As one of the leaders of the space, we support innovation. With innovation comes the chance of high reward, and high risk. Some projects make it to the moon, while some fall short,” CZ tweeted.

“Always manage your risk accordingly. In crypto winter, I tell people to HODL. When things are hot, I tell people to be super cautious. I still get heat whenever something goes south. I will take the heat. It just hurts to see people getting rekt, and still not managing their risks,” the Binance CEO added.

Since the transfer of ownership from Chef Nomi to Bankman-Fried, the token SUSHI spiked over 47% on Sunday morning. At the time of publication, SUSHI is swapping for $2.79 per token after touching a low of $1.24 per coin.

What do you think about the Sushiswap fiasco? Let us know in the comments section below.

The post Defi’s Raw Deal: Sushiswap Creator Transfers Multi-Sig Control to FTX CEO appeared first on Bitcoin News.

2 in 1 – Learn How to Trade on Derivatives for Free and Win Apple Prizes From CoinDeal Derivatives

Par Bitcoin.com PR
2 in 1 – Learn How to Trade on Derivatives for Free and Win Apple Prizes From CoinDeal Derivatives

Derivatives trading is one way of generating huge profits in a very short time. This raises the question: How can you learn it at no cost?

CoinDeal will allow you to test derivatives for free. This is a unique opportunity to try your hand at margin trading. At first, CoinDeal will launch a DEMO version and after a month of learning the official CoinDeal Derivatives, the platform will be available for every CoinDeal user.

This is just the beginning… So let’s move to the point!

In order to appreciate the efforts and willingness to learn, the exchange guarantees prizes worth over 2500 euros for the best traders. Among the prizes are: iPhone SE, iPad mini, Apple Watch, JBL Flip 4, and many others.

The whole action will be split into two parts.

The first part of the competition will take place before the start of the DEMO version will last from now to 7 July 2020.

At this stage, you will only need your email address and sign up with this email for the waiting list. Then to raise your chances of winning prizes you need to recommend signing up to your friends. This way, in addition to inviting them to the whole action, for each invited person you get points, which are counted in the ranking and give you a better chance to win prizes. The more points you have, the more likely it is that the prizes will go to you.

You will have a direct opportunity to check the ranking here.
Every person on the waiting list will receive an instruction to register for the DEMO CoinDeal Derivatives platform and a reminder of the start of the next stage.

The second part of the competition starts at the start of the DEMO version after the first stage and will last until 8 August 2020. Here the profit generated from trading in derivatives will count. Each user of the DEMO version will receive a pool of free cryptocurrencies for the start, with which he will be able to start trading.

More information about the second part of the competition will be visible in time on CoinDeal social media channels.

Each participant has exactly the same chances to win prizes. The prizes for the first and second parts of the competition are separate. The number of invited people in the first part does not affect your chances in the second part of the game. You can read all the regulations on the Derivatives page.

Contact Email Address
zuzanna.bocian@coindeal.com

Supporting Link
https://bit.ly/3hmysSs


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 2 in 1 – Learn How to Trade on Derivatives for Free and Win Apple Prizes From CoinDeal Derivatives appeared first on Bitcoin News.

5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums

Par Jamie Redman
5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums

Digital asset markets have been gathering some gains during the last few days and tokens like stablecoins have seen massive demand since the start of the market carnage. Alongside stablecoins, gold-backed digital assets like Tether Gold, Pax Gold, and Digix Gold have seen tremendous trade volumes as well. In fact, cryptocurrencies that claim to be backed by gold are selling for 1-5% above gold’s .999 per Troy ounce spot price.

Also read: Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy

Gold-Backed Crypto Assets Shine

Crypto assets are doing well on Tuesday following the rebound equity markets saw the day prior. In addition to digital currency markets, precious metals have been rising on April 7 as well. At the time of publication, the price of gold per Troy ounce is hovering around $1,654. Gold has been considered a safe-haven asset during these uncertain economic times that were sparked by the covid-19 outbreak. Similarly to crypto assets, gold prices took a hit on March 12 but gold values have regained those losses since then. There’s been a lot of demand for gold and reports have noted during the last two weeks that gold dealers have seen “big shortages of small bars and gold coins.”

“People want to buy, not to sell gold,” Mark O’Byrne, the founder of the firm Goldcore told the press on April 2. “We have a buyers’ waiting list and we emailed our clients seeing who wished to sell their gold. At this time there are roughly only one or two sellers for every 99 buyers,” O’Byrne added.

5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums

The demand for gold assets has found its way into the cryptocurrency industry as well. The number of projects that claim their tokens are backed by physical gold has seen increased buying and premiums in the last few weeks. Coins like Tether Gold (XAUT) and Digix Gold (DGX) are swapping for 1-5% above gold’s .999 per Troy ounce spot price. For instance, the XAUT token is selling for 1.5% more than spot prices on Tuesday. According to the firm Tether Limited, a full XAUT “represents one troy fine ounce of gold on a London Good Delivery bar.” With the current gold spot price trading for $1,654, a single XAUT is trading for $1,679 to $1,688 per token depending on the exchange used.

5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums

Digix Tokens Close to 5% Above Spot Gold

Then there’s the Ethereum-based gold project Digix with its DGX coin, a token that’s allegedly redeemable for 1 gram of gold per DGX. If one was to obtain a hair over 31 DGX on Tuesday, April 7, they would spend 4.47% more than gold’s spot price at $1,728 for the lot of 31.1 tokens. Pax Gold today is trading for a touch less than the spot price of gold as each PAXG is swapping for $1,651 per token. The company Pax Global claims that “every PAX Gold token is backed by an ounce of allocated gold.” Users who hold PAXG can utilize a tool that looks up the serial number and information about the physical gold’s source.

5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums

A number of other digital assets that allege to have physical gold backing are doing far better than the spot price of physical gold bars. Of course, obtaining real bars and coins made of gold are also carrying similar premiums. Local gold dealers are desperately contacting wholesalers to get their hands on smaller bars and coinage. While retail buyers are allegedly spending 10-15% more to get their hands on physical gold, it seems crypto tokens backed by gold are seeing similar premiums.

What do you think about the demand for tokens that claim to be backed by physical gold? Let us know in the comments below.

The post 5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums appeared first on Bitcoin News.

Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy

Par Jamie Redman
Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy

With the recent coronavirus spread and its overall effect on the global economy, some people believe the powers that be are preparing a financial reset. During these times, a number of bitcoiners think a bitcoin-induced form of fiat currency demonetization will take place, otherwise known as ‘hyperbitcoinization.’ However, a few speculators believe digital assets in the crypto economy are actually meant to further the underground shadow economy. In a world filled with overbearing politicians and malicious data-collecting corporations, the surveillance state could easily make cryptocurrencies far more valuable by fueling the world’s shadow markets.

Also read: Evidence Shows Politicians and Wall Street CEOs Expected the Market Crash Well Before Covid-19

A Different Kind of Hyperbitcoinization

A number of bitcoiners think that someday, bitcoin could grow so popular that it becomes the most used money in the world. These speculators believe that the protocol will be uncontrollable and eventually be adopted by everyone leading to hyperbitcoinization. But what if bitcoin covers only a fraction of the global economy, and more specifically the black and gray markets that operate beneath the legal system. Adoption of a crypto that fuels the shadow economy would still be a threat to the manipulated fiat system and it could remain uncontrollable. In fact, estimates show that the shadow economy is the second-largest economy in the world. When bitcoin was born in 2009, the Organisation for Economic Co-operation and Development (OECD) predicted that by this year in 2020: “more than two-thirds of the world’s workers will work in the shadow economy.”

Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy

The shadow economy or ‘System D’ isn’t just black market trades like drugs, weapons, and items the government has banned. System D participants include any paid workers who don’t report their financial transactions to the government and the funds remain untaxed. Traditionally, the general public has always assumed that the shadow economy exists in regions with fewer laws and in underdeveloped parts of the world. But that’s not the case at all, as underground financial systems exist in countries with a lot of wealth, high taxes, and significant amounts of regulation. The top countries in the world with the biggest shadow economies include places like the United States, Brazil, Italy, Russia, Germany, France, Japan, the United Kingdom, and Spain.

Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow EconomyWith the coronavirus plaguing the world and industry shutdowns squeezing the economy, some individuals think that governments and central bankers are planning a financial reset. Speculators assume that it’s the perfect time to usher in a “New Deal” similar to the way Wall Street and Franklin D. Roosevelt (FDR) restructured the American monetary system. Governments and central bankers are already pushing a few versions of digital cash and a cashless society, but the systems are centralized and meant to monitor people’s everyday transactions. Under the veil of crisis, nation states could easily reset the financial system right now by creating a cashless system that’s maintained by central bankers and bureaucrats.

Bitcoin and decentralized cryptocurrencies could still experience a smaller form of hyperbitcoinization by people who want to escape the “Green New Deal.” Cryptocurrencies could grow immensely valuable, even though they would only be used within the underground financial system. Digital money like bitcoin could easily be valued for far more than six-figures if entire the shadow economy adopted the decentralized asset.

Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy

Cypherpunks Write Code – E-Money & Daemon

The cypherpunks in the ‘90s discussed the rise of a private digital cash system that bolsters market anarchy and a new monetary system. In the 1994 Wired article “E-Money – That’s What I Want,” the editorial describes how the cypherpunks envisioned a brave new world that leverages a digital cash system. “The killer application for electronic networks isn’t video-on-demand,” explained Wired columnist Steven Levy. “It’s going to hit you where it really matters – in your wallet. It’s not only going to revolutionize the net, but it will also change the global economy,” Levy stressed. Back then, no one had heard of Satoshi Nakamoto and people’s concepts of digital cash stemmed from individuals like the renowned cryptographer David Chaum, the founder of Digicash. Other cypherpunks like Tim May and Wei Dai, however, envisioned a world with untraceable digital cash and the concepts of crypto anarchy.

Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy

These visionaries, who came well before Nakamoto, predicted systems that not only increased economic efficiency, but also the ability to transact across any border without censorship. Of course, individuals like Tim May forecasted that an underground electronic cash system could make big problems for the nation states. With an untraceable digital asset, it could destroy the benchmark rates of legal tender, increase tax evasion and money laundering, and disrupt the world’s money supply. If digital cash is just as convenient as today’s credit cards but also facilitates private financial transactions, it will likely continue to grow stronger. But unfortunately, it also will be attacked a lot more as well, as a true untraceable electronic cash system that’s not controlled by a single entity would be the nation states’ archnemesis.

Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy

The techno-thriller “Daemon” written by novelist Daniel Suarez describes a system that is similar to decentralized cryptocurrencies like bitcoin. In the novel, an individual publishes a new type of software that creates a cyber-space fueled shadow economy. Essentially, system users are rewarded for developing “decentralized hubs” and peer-to-peer networks by leveraging the Daemon. The very same thing could happen to bitcoin and the crypto economy to where the poor, middle class and even the rich can participate in hiding money from big brother’s watchful eyes. In the novel Daemon, Suarez tells the readers about online web markets that are hidden from the general public and operatives leveraging the financial system to exchange important data. 12 years before Daemon was published, the cypherpunk Eric Hughes also envisioned “anonymous systems.”

“We the Cypherpunks are dedicated to building anonymous systems,” Hughes wrote in 1993. “We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money,” he added. Hughe’s continued:

Cypherpunks write code. We know that someone has to write software to defend privacy, and since we can’t get privacy unless we all do, we’re going to write it. We publish our code so that our fellow Cypherpunks may practice and play with it. Our code is free for all to use, worldwide. We don’t much care if you don’t approve of the software we write. We know that software can’t be destroyed and that a widely dispersed system can’t be shut down.

Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy
Read Satoshi Nakamoto’s Bitcoin White Paper Here.

Shadow Market Money Could Be the ‘Ultimate Expression of Intentionality’

Of course, a number of people begging governments to approve cryptocurrencies like bitcoin and who hope the status quo adopts a strong digital currency, really don’t want the shadow market associated with the technology. Despite what they think, crypto transactions are still being used to skip taxes today and pay for things on the darknet. For instance, a report published in 2018 finds that illegal activity stemming from BTC transactions accounted for 44% of all transactions. It’s quite possible that bitcoin and cryptocurrencies won’t serve the white markets and traditional bankers and a slew of bitcoiners will be fine with that type of result. In 2015, the founder of Defense Distributed (DD), Cody Wilson told me in an interview how he would probably celebrate bitcoin being driven underground.

“Without a big expression of intentionality to what is considered not the polite things to do with bitcoin — specifically money laundering, specifically private access to your coin, holding your own keys,” Cody stressed during our interview. “Without projects that express these principles, you have nothing of what you want with a revolution. This leaves me to proclaim that most people involved with bitcoin were not serious about that in the first place.”

What do you think about a shadow economy hyperbitcoinization event? Let us know in the comments section below.

The post Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy appeared first on Bitcoin News.

Gold Investors Are Terrified Central Banks Might Dump Bullion During the Economic Crisis

Par Jamie Redman

Despite what gold bug Peter Schiff says, economists are uncertain that gold will shine during the current coronavirus crisis. While gold and other precious metals have seen decent gains in the last few weeks, a few investors are terrified that central banks will use their flight-to-safety assets in order to save their economies. Data shows that the U.S. owns the biggest stockpile of gold reserves and the Federal Reserve could very well unload the bullion in times of extreme financial stress.

Also read: Homeowners Can’t Pay: US Lenders Prepare for Catastrophic Real Estate Market

Central Banks Might Need to Sell Gold, Which Could Crush the Price Long-Term

Just like digital assets like bitcoin, investors are curious about gold and whether or not the metal will rise much higher during the financial meltdown. For over a millennia, gold has been considered a safe-haven asset and the yellow metal is far more scarce than the unlimited fiat central banks create regularly. Despite the scarcity, economists understand that central banks are the largest holders of gold and there’s a great possibility they could dump on the market at any time. In 2019, central banks worldwide purchased the most tonnage of gold in more than 50 years.

Interestingly, in the midst of the coronavirus outbreak, Russia’s central bank surprisingly stopped buying gold and gave no official reason. Russia was not the only country to curb gold purchasing as Kazakhstan, and Uzbekistan brought gold purchases to a grinding halt. Speculators assume central banks are simply using gold for its flight-to-safety purpose and they will have to sell the bullion when economies get crushed.

Gold Investors Are Terrified Central Banks Might Dump Bullion During the Economic Crisis

Statistics show that the U.S. is the largest holder of gold reserves with 8,965 tons to-date. This is followed by Germany (3,709t), the International Monetary Fund (3,101t), Italy (2,702t), France (2,684t), Russia (2,504t), China (2,159t), Switzerland (1,146t), Japan (842t), India (686t), Netherlands (674t), and the European Union (556t).

Gold Investors Are Terrified Central Banks Might Dump Bullion During the Economic Crisis

Financial columnist David Fickling explains in a recent editorial that investors should not “expect a crisis to be good for gold.” “It might be argued that the current crisis is precisely the sort of emergency that proves the enduring value of gold for a central bank, as an asset with no counterparty risk that can be sold in an exchange for any currency if things get tight,” Fickling wrote on April 1. Fickling continued:

It’s worth reflecting that the surging price of gold is increasing the share of bullion in most central banks’ reserves right now, in some cases to the point where they need to think about selling.

Gold Investors Are Terrified Central Banks Might Dump Bullion During the Economic Crisis

Retail Investors Forced to Pay Higher Premiums for Small Bars and Coins

Further, even though investors might want to get some gold to hold onto as a safe haven asset, financial news outlets are reporting on gold dealers explaining there are “big shortages of small bars and coins.” Small bars and coins are popular among retail consumers and people looking to grab some are paying “well above the per-ounce prices being quoted on financial markets.”

“People want to buy, not to sell gold,” detailed Mark O’Byrne, the founder of the firm Goldcore. “We have a buyers’ waiting list and we emailed our clients seeing who wished to sell their gold. At this time there are roughly only one or two sellers for every 99 buyers,” O’Byrne added.

Gold Investors Are Terrified Central Banks Might Dump Bullion During the Economic Crisis

In fact, retail premiums for gold “have exploded,” remarked Markus Krall, CEO of Degussa, a German-based precious metals dealer for retail investors. Krall said that the price of bullion at certain shops can be 10-15% above spot prices. Furthermore, Ronan Manly, an analyst at Singapore dealer Bullionstar told the press that Kilobars distributed by Argor-Heraeus SA are selling for 6% above spot. Even though there’s a shortage of small bars and coins, gold bugs like Peter Schiff still think that the yellow metal will surely skyrocket in the near future. Thanks to the stimulus plans across the world, gold proponents have always said that gold will be the best store of value. Many other gold proponents agree with Schiff and Bob Haberkorn, senior commodities broker with RJO Futures feels the same way.

“With all of the stimulus money, interest rates at zero, loss of jobs and multiple battles on the economic front, I can’t see how gold is not higher next week,” Haberkorn told Kitco on Thursday.

The Benefits of Bitcoin: Portable, Harder to Confiscate, and a Superior Rate of Issuance

While analysts and wealth managers ponder if gold will be a safe haven asset during the current crisis many believe digital assets like bitcoin will be king. There are various reasons why bitcoiners think crypto is better than gold and one of the biggest is the fact that bitcoin is much harder to confiscate. Gold investors are often reminded of when the U.S. stole everyone’s gold in the 1930s, back when President Franklin D. Roosevelt (FDR) outlawed the yellow metal. Bitcoin is far more portable than gold, as traveling with the metal could weigh hundreds of pounds, which often leads to storing it with a third party.

Gold Investors Are Terrified Central Banks Might Dump Bullion During the Economic Crisis
Bitcoin.com has numerous resources available for anyone to get started learning about and using cryptocurrencies like BCH, BTC, and ETH. Our comprehensive website has a local peer-to-peer marketplace, an exchange, a fantastic gaming platform, a mining pool, cloud contracts and so much more. Check out our guides, resources, and services today.

Additionally, bitcoiners are more confident in the BTC supply and there’s no central banks to dump on the market. Moreover, BTC’s rate of issuance continues to outshine gold as 3,300 tons of new gold or $200 billion is mined every year. There’s a myriad of reasons why bitcoin and cryptocurrency assets are built for economic calamities such as the one we are experiencing today. If you are interested in learning more about bitcoin then check out our guides and educational resources today.

What do you think about gold during the economic crisis? Let us know in the comments below.

The post Gold Investors Are Terrified Central Banks Might Dump Bullion During the Economic Crisis appeared first on Bitcoin News.

CoinDeal Token – a Wide Range of Earning Possibilities

Par Bitcoin.com PR
CoinDeal Token – a Wide Range of Earning Possibilities

Launched in the second quarter of 2019, CDL Token is a rapidly growing project, which has more and more to offer for its users. From the very beginning, CDL was not supposed to be an ordinary token. The goal was to create a functional cryptocurrency which would enable the users of the CoinDeal exchange to gain additional benefits.

Earn a return of up to 11%

The reward in the form of CDL Token for voting reveals many possibilities for CoinDeal users. Not only can you use it to lower your fee or gain access to OTC trading, but now the exchange introduces another feature. By staking CDL Token, the equivalent of up to 11% return in the form of the selected currency: CDL, Bitcoin or USDT.

Staking, which is storing cryptocurrencies by blocking coins in your wallet for a fixed period, to get more profits, will appear on 19th March on CoinDeal. To start, you need to have at least 1000 CDL in your wallet as this is the minimum amount of tokens you can stake, and the maximum length of time to stake is one year. Besides, you can get an extra 30 CDL Tokens for your first staking.

By knowing the value of the tokens at the moment of staking, you can easily find out how much benefit you can receive from it. When you stop staking, the prize and your funds will return to your wallet immediately.

Reduced fees and convenient purchase of BTC

The most attractive feature seems to be an option to reduce the fee by having CDL Tokens in your wallet. Furthermore, CoinDeal has also reduced its standard fees to 0.29% and 0.39% for Maker and Taker. As a 150,000 CDL Token holder, your fees are only 0.05%.

OTC trading on CoinDeal is a convenient and quick way to trade and buy Bitcoins. Until now, it was available for Premium users, but now the exchange has also introduced the possibility to use it with 20,000 CDL Tokens.

New voting system

Voting on CoinDeal is a unique event – the exchange allows its users to choose new crypto. For the first few months, users were able to choose from the list of coins on the CoinDeal website. At the beginning of 2020, voting took place under completely new rules. Once again, CoinDeal met the users’ needs, letting them nominate the new cryptocurrencies that they want to see in the voting and on CoinDeal markets.

The first step that users have to take is nominating their favorite cryptocurrency in the appropriate CoinDeal Twitter post. Then, after about two weeks, the exchange closes the nominations and selects the TOP10 of the most interesting projects to put them in the voting.

Once the voting has started, users can cast one vote within 24 hours for one of the top ten currencies. For each vote, they will receive CDL Tokens in proportion to all votes cast. The last two votings allowed the participants to win the evaluation of the votes cast in USD. After positive feedback from CoinDeal users about this brand new way of casting votes, the system has been rebuilt. The new form of voting is more transparent and useful.

CDL on other exchanges

Since March 2020 CDL has been available on P2PB2B exchange The platform has 483 trading pairs including the CDL/BTC market with the current 24 h volume of over 18K USD. The WhiteBIT exchange is the third platform, besides CoinDeal, which has CDL token market, with over 4K USD 24 h volume on the CDL to the Bitcoin market.

Contact Email Address
kate@coindeal.com

Supporting Link
https://coindeal.com/

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.

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Market Update: Bulls Return, 120 Million Tethers Minted, Bitcoin Halving Looms

Par Jamie Redman
Market Update: Bulls Return, 120 Million Tethers Minted, Bitcoin Halving Looms

On March 20, cryptocurrencies jumped in value erasing some of the losses that took place over the course of the market carnage last week. The entire cryptoconomy gained a quick $39 billion during Thursday and Friday’s trading sessions and global trade volume has spiked significantly as well. As the coronavirus outbreak has been pushing investors worldwide toward hard cash, BTC gained 11% and BCH jumped 18% during the last day.

Also read: The 35 Most Influential Bitcoiners Dominating Crypto Twitter by Follower Count

Crypto Prices Push Higher, Erasing Some of Last Week’s Losses

Digital currencies are showing some resilience during a worldwide pandemic that has triggered a turbulent economy in every nation. When cryptocurrency trading sessions started during the early morning hours of March 19, BTC was swapping for $5,300 per coin. Since that point, however, BTC prices started gradually moving northbound and by 8:30 a.m. EST, BTC was trading for $5,600. By 2 p.m., the digital asset touched a high on Thursday reaching $6,400 per coin.

Market Update: Bulls Return, 120 Million Tethers Minted, Bitcoin Halving Looms
BTC prices on March 20, 2020, at 9:45 a.m. EST.

At the time of publication, the crypto asset is trading for $6,590 per BTC and the coin’s market capitalization has crossed over the $120 billion mark once again. BTC statistics show the crypto is up 11% for the last 24 hours and up 18% for the week.

Market Update: Bulls Return, 120 Million Tethers Minted, Bitcoin Halving Looms
ETH prices on March 20, 2020, at 9:45 a.m. EST.

Behind BTC, is ethereum (ETH) which is swapping for $143 per coin and has gained 11% today. XRP is trading for $0.16 per token on Friday, gathering 7% in gains since yesterday. The stablecoin tether (USDT) still holds the fourth market cap position on Friday as well.

Market Update: Bulls Return, 120 Million Tethers Minted, Bitcoin Halving Looms
Top 10 cryptocurrencies by market cap on March 20, 2020, at 9:45 a.m. EST.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) commands the fifth largest market valuation and each coin is swapping for $230. BCH has gained over 18% in the last 24 hours and the coin is up 30% for the past seven days. This has given bitcoin cash an increase of 23% in 90 days’ time and 49% up for the last 12 months. At press time, the top trading pair with bitcoin cash is tether (USDT) commanding 65.8% of trades followed by BTC capturing 15.9% of BCH swaps. USD (9.8%), KRW (3.6%), EUR (1.5%), and ETH (1.3%) command the positions below USDT and BTC respectively. Right now, like most cryptos in the top 10, BCH is battling heavier resistance at the $245 region after gathering more gains on Friday.

Market Update: Bulls Return, 120 Million Tethers Minted, Bitcoin Halving Looms
BCH prices on March 20, 2020, at 9:45 a.m. EST.

120 Million Tether

During a morning note to investors, Etoro’s Simon Peters commented on how BTC has rebounded significantly over the last 24 hours. Meanwhile, Tether Limited, the firm that issues USDT, has minted 120 million tethers and Peters thinks it might make traders believe a big move is coming.

💵 💵 💵 💵 💵 💵 60,000,000 #USDT (59,982,680 USD) minted at Tether Treasury

Tx: https://t.co/EdhlIIfg4q

— Whale Alert (@whale_alert) March 18, 2020

“In the last 48 hours over $120 million USDT has been minted. Tether said this was just an ‘inventory replenish’ that had not yet been issued onto the market. But as this information is publicly available on Twitter, it’s likely that speculators are already starting to jump in because they feel a big buy order may be coming,” Peters said. Despite the gradual increase in price on Thursday and Friday, Peters highlighted that the bears could still bring the price down again.

“It will be interesting to see if demand continues to increase over the days to come and whether we start seeing some more prominent ‘higher highs’ and ‘higher lows’ in price action,” Peters noted. “This would give me more confidence that a recovery is on the cards. But we’re not out of the woods yet.”

Venture Capital Deals in Blockchain Continue But Saw Steep Decline in 2019

A new study from CB Insights details that in 2019 crypto and blockchain startups didn’t get as much funding as they did the year prior. According to the research, venture capital (VC) deals declined in 2019 by 34% from 2018’s $4.2 billion to around $2.8 billion last year.

Market Update: Bulls Return, 120 Million Tethers Minted, Bitcoin Halving Looms

Despite the year-over-year decline, 2019 was roughly 120% higher than 2017’s $1.2 billion in VC deals. “I don’t think funding [volume] drops are indicative of the health of the industry. … A lot of younger companies are raising rounds,” an analyst at CB Insights, Alex Kern, noted. “Larger, more mature businesses didn’t come back for more capital.” CB Insights also highlighted that VC deals are steadily moving from the West to the East. Kern wrote:

In 2015, 51% of deals were for US-based companies while only 2% went to China-based companies. In 2019, the US’ share of deals fell to 31% and China’s rose to 22%.

Cryptocurrency Rally Outpaces Traditional Stock and Commodity Markets

Digital currencies have outperformed fiat currency markets alongside stocks, bonds, equities and commodities during the last two days. For instance, the U.S. dollar has slid to the lowest levels since 2016. Thursday’s stock markets saw some slight gains and stock futures before the opening bell on Friday indicate a rally is in the cards.

Market Update: Bulls Return, 120 Million Tethers Minted, Bitcoin Halving Looms
The top three U.S. stock indexes have seen some gains after the opening bell on Friday. Traditional stock and commodity investors are confident they will see a rebound.

Even though traditional global markets have seen some relief they haven’t performed nearly as well as BTC. Denis Vinokourov the analyst from Bequant noted that there were a few different factors to consider. “A combination of factors is driving the market higher,” Vinokourov said. “[Like] profit-taking flow in the options market.” Vinokourov continued:

While bitcoin may have been trading in lockstep with risk assets and in particular S&P 500, it is not the first that the digital asset has established some degree of correlation to traditional assets — Every time, this correlation proved to be short-lived.

Overall, traders are curious about whether or not the current crypto rally will hold or if this is simply a ‘dead cat bounce.’ For now, optimism is in the air but speculation and skepticism about the future of crypto markets going forward continues. So far, with all things considered, cryptocurrency market prices have remained resilient during one of the biggest market crashes in history. While weathering the storm, crypto proponents are also waiting for the BTC and BCH halvings. Bitcoin Cash (BCH) is scheduled to halve in 18 days on or around April 8, and BTC will face a network halving in 53 days on or around May 13, 2020.

Where do you see the cryptocurrency markets heading from here? Let us know in the comments below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Cryptocurrency and stock prices referenced in this article were recorded on Friday, March 20, 2020, at 9:45 a.m. EST.


Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter, Skew analytics, Fair Use, Pixabay, Bakkt Volume Bot, and Wiki Commons.


Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

 

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CoinDeal Launches Crypto Debit Card With Great Benefits

Par Bitcoin.com PR
CoinDeal Launches Crypto Debit Card With Great Benefits

The cryptocurrency exchange founders with years of experience in finance, Blockchain, and crypto industry, have prepared a pre-order of a CoinDeal debit card. Now, cryptocurrency payments will be easier than ever, at any time and place. If you want to buy a coffee directly from your exchange wallet, this card is the answer to that wish.

And for those who know about Blockchain, trading, and marketing, the platform gives a chance to join the international CoinDeal team – become a country manager, to animate local communities, and contribute to Blockchain adoption.

CoinDeal crypto-FIAT exchange

As per the recent US launch, the CoinDeal Global team is now eager to grow. Apart from new debit cards, the company recently launched mobile iOS and Android apps and has released its own CDL token that 90% of was given away for free to users.

CoinDeal is famous for ensuring the highest security standards and being responsive to users’ needs. Each new feature is consulted with them, including new coins entering the exchange, by voting. The platform gives a chance to get extra tokens for regular voting for the next crypto!

Free Debit Cards and 20 CDL Tokens extra

CoinDeal debit cards will enable crypto-holders the payments all over the world, as well as cash withdrawals from ATMs in local currencies. The pre-order of this crypto debit card is free, and each card request is rewarded with 20 CDL. Users can trade them immediately on the market. But, it’s also worth to wait until the card arrives and benefit from being a CDL Token holder.

Only the first 50,000 users can pre-order for free

Receiving a CoinDeal crypto debit card is possible, when

a user is registered and verified at the second level of verification (address verification is required to send the card) on the CoinDeal exchange,
a user has downloaded and connected mobile application,
a user has made the first deposit and first trade on any of the exchange markets.

However, CoinDeal points out that as of now it is pre-order, and the final distribution date depends on the interest in the Card, and service providers agreements.

Become CoinDeal Country Ambassador

Participation in this program assumes close cooperation with the company. The duties of such an ambassador will include i. a. the organization of conferences and events, as well as sharing the knowledge about the cryptocurrencies. The Country Ambassador will be the face of CoinDeal, representing the exchange in his home country, for example, in the USA (Florida or California), Korea, Indonesia, or Spain.

Contact Email Address
katarzyna.pergol@coindeal.com

Supporting Link
https://coindeal.com/

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.

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