Stellar Lumens HODL alert: 2017 Round up, Partnerships, Lumens vs. Other Cryptos
Welcome everyone! The future of Stellar Lumens is bright! Today we will look at the accomplishments of Stellar.org in 2017. . . 2017 Round Up • IBM / Stellar Partnership • Kik Messenger’s KIN coin to move from Ethereum to Stellar in 2018 • Stellar ATM introduced in Singapore • Jed McCaleb confirms IBM/Stellar has 30 banks on board (Youtube Video) • Lightyear.io enables forward thinking financial entities to easily join the Stellar ecosystem. • IBM adds 8 new validators from 8 different countries onto the Stellar network (article) • Forbes calls Stellar “venmo, but on a global scale - and for larger bodies like banks and corporations.” • Stellar Lumens Is Up 6,300% Since March and Is Aiming for Big Blockchain Partners (article) • Many new partnerships (listed below) that will be using the Stellar network in 2018. • Binance and GoPax Exchanges Adds Stellar • Ledger Nano S support is now available for Lumens (XLM) • The next coin to break into the top 10 cryptos (article) . . 2017 Partnerships & Financial Institutions • IBM - is an American multinational technology company headquartered in Armonk, New York, United States, with operations in over 170 countries. IBM partnered with Stellar to help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers. • SatoshiPay - a web payment system that helps online publishers monetize digital assets like news articles, videos, or PDFs in tiny increments without friction. • EXCH.ONE - is a FinTech software company based in Switzerland currently working to integrate its platform and its first technology adopter Euro Exchange Securities UK Ltd. into the Stellar network. This addition to the Stellar network will bring access to currency markets of South and Central America,UK and a number of EU countries. • Novati (ASX:NOV) - is an Australian-based software technology and payment services provider. Novatti is currently working to integrate it’s platform into the Stellar network with the ultimate aim to build a global money transfer solution to provide cross border, cross currency and cross asset payments. • Pundi X - is an Indonesia based fintech company that provides POS device, debit card, multi-currency wallet that empowers individuals to buy and sell cryptocurrency at any physical store in the world. They say "buying cryptocurrency should be as easy as buying a bottled water." • MoneyMatch - is a Malaysia based fintech startup that provides a fully-digital peer-to-peer currency exchange platform for customers to transfer and exchange foreign currencies with complete ease and at great value. The company plans to integrate with the Stellar network and enable pay in and pay out from Malaysia. • Streami - is a Korea based fintech company that offers blockchain enabled cross-border remittance service and recently launched a cryptocurrency exchange. The partnership extends both on the exchange side and remittance operations. • Neoframe - is developing and marketing trading solutions for big brokerage firms in Korea and extends its business to blockchain based applications. Neoframe developed high performance centralized cryptocurrency exchange as well as secure wallet solutions and is working with big financial players. The company is planning to launch a remittance business for ASEAN countries (Thailand, Vietnam, Indonesia, Malaysia, Philippines, Singapore, Myanmar (Burma), Cambodia, Laos, Brunei) using Stellar. • SureRemit($RMT) - is a Nigeria based global non-cash remittances company. SureRemit leverages the Stellar blockchain platform to connect immigrants abroad directly with merchants that provide the services needed by their loved ones back home. With Remit tokens, immigrants all over the world can access digital shopping vouchers that can be spent on goods and services at accepting merchants wherever they are. • Cowrie Integrated Systems - is a Nigerian based Value Added Service Provider. Cowrie provides services at the intersection between telecoms and finance. Cowrie recently joined the Stellar network to bring novel fintech services to the African market. • Smartlands - is a Stellar-based platform designed to create a new class of low-risk tokens, secured by real, profitable assets in the real-world economy. Smartlands is designed to promote investments in the agricultural sector by allowing investment in individual projects, agricultural companies or indexes of groups of projects. These investments will be fully collateralized by agricultural real estate, other productive assets such as fruit or nut trees or, in some cases, the actual crop. • Klick-Ex - is an award winning regional cross-border payments system delivering financial infrastructure for emerging markets. It has been responsible for dramatic uptake in digital financial services in unbanked regions of the world, and lowering costs for banks, central banks and consumers in low liquidity currencies. Its key presence is in the Pacific and Europe, and it is a founding member of www.APFII.org processing more than 775,000 transactions per second, per billion of population (source). • Mobius - Mobius connects any app, device, and data stream to the blockchain ecosystem. Our simple and easy to use bidirectional API allows non-blockchain developers to easily connect resources to smart contracts and more. The Mobius MVP acts like Stripe for Blockchain by introducing innovative standards for cross-blockchain login, payment, smart contract management, and oracles. The Mobius Team includes David Gobaud, Jed McCaleb (Stellar.org founder), Jackson Palmer (creator of Dogecoin), and Chandler Guo (notorious Bitcoin & blockchain investor). • Chaineum - Chaineum, the first French ICO Boutique, will use the Stellar network for upcoming ICOs. “Chaineum is positioned as the first “ICO Boutique” in France, providing a range of end-to-end services to companies and international start-ups wishing to develop with this new funding mechanism. Chaineum is preparing 8 ICOs by the end of 2017, for European, North American and Asian companies, of which cumulative amount could reach € 200 million." (source) • Poseidon Foundation - Poseidon will simplify the carbon credit market with the creation of an ecosystem built on Stellar.org’s blockchain technology. This technology will prevent double counting of carbon and will be consistent across jurisdictions, making it easier for companies to deliver and measure progress towards their climate targets or other goals such as deforestation-free commitments. • Remitr - Remitr is a global platform for cross border payments, licensed in Canada. Remitr uses the Stellar network for international settlements for businesses as well as other payment partners. Remitr’s own payout network of 63 countries, comprising several currencies, is extended onto the Stellar network. • MSewa Software Solution (MSS) - MSewa Software Solution (MSS) Payments provides a one-stop digital payment service available across the Globe. MSS Payments aims at serving the consumers (Banked, Unbanked and Underbanked) with mobile banking facilities on the move from anywhere by transferring funds in their mobile phone. • PesaChoice - PesaChoice is a leader in international bill payment services for the African diaspora. PesaChoice aims at making international bill payment process easy, seamless, secure, with reasonable and competitive service fees, and up to date technological advances. • SendX - Singapore based SendX, in partnership with Stellar, is the better way to move money worldwide. The SendX team believes that the future of transactions is decentralized and distributed, bringing true equity to everyone across the value chain. • VoguePay - VoguePay, with offices in the United Kingdom and Nigeria, is partnering with Stellar to become the cheapest and most efficient way to send money between the United Kingdom and Nigeria. In the coming months, they expect to expand this service to other selected African countries. • HashCash - Hashcash consultants build financial solutions for banks and financial institutions over blockchain. We leverage the Stellar platform to build products that vastly improve the remittance and payments experience for banks and their customers. Transfers happen lightning fast at a fraction of current rates and operational cost is significantly reduced. HashCash is headquartered in India, with operations across South Asia and the Gulf. . . Stellar Lumens vs Other Cryptocurrencies • Lumens vs. Bitcoin: Jed McCaleb spoke at Distributed Markets in 2017 about the advantages, but more importantly, the disadvantages of Bitcoin. Listen to the talk here. Jed said, “Bitcoin is this awesome innovation. The first thing it does is converts a real world resource, electricity, into a digital asset. So it takes something from the real world and puts it into the digital realm. The second thing it does is provides immutable public record. It’s basically a database that everyone can see but no one change arbitrarily… That’s great, Bitcoin solves the double spin problem [ of proving possession and transmitting volume]… [However, to fix the problems of bitcoin] you might think well maybe we’ll just kind of keep adding [software] to Bitcoin until we get there, but that’s not really the way software works. You want to have the design from the beginning and solve these simple issues. Bitcoin was designed to be a new currency, it wasn’t really designed to be this unifying universal payment network. So that’s what Stellar does. It solves these three remaining issues.” • Lumens vs. Bitcoin #2: According to wired.com, "Bitcoin mining guzzles energy - and it's carbon footprint just keeps growing." Wired says "Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the US for one day... The total energy use of this web of hardware is huge—an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year." Because Stellar is based on a consensus algorithm rather than mining, it takes much less energy to run the Stellar network. The Poseidon Foundation decided to build their platform on Stellar rather than Ethereum or Bitcoin because of this (twitter source). • Lumens ICO tokens vs. Ethereum ICO tokens: According to Stellar.org, "traditionally, ICO tokens have been issued on the Ethereum network in the form of ERC20 tokens. ERC20 tokens are easy to issue and are infinitely customizable using Ethereum’s smart contracting language. However, recent events have highlighted and exacerbated some weaknesses of the network, including slow transaction processing times for the network during ICOs and increasingly expensive gas prices (by fiat standards) for transactions and smart contract execution. Moreover, many organizations require only basic tokens; they adopt the risk of Ethereum’s Turing complete programming language without taking advantage of many of its benefits." "While Ethereum has the most expressive programming capabilities, we believe Stellar is the best choice for ICOs that do not require complex smart contracts. Stellar’s primary goal is to facilitate issuing and trading tokens, especially those tied to legal commitments by known organizations, such as claims on real-world assets or fiat currency." • Stellar vs. Ethereum #2: The median transaction time on Stellar is 5 seconds, compared to approximately 3.5 minutes on Ethereum (source). Stellar has a negligible transaction fee (.00001 XLM ~= $0.0000002) with no gas fee for computation, while depending on the complexity of the computation, the median cost for a transfer on the Ethereum network is $0.094. Security: While both Stellar and Ethereum run on a decentralized network, the Stellar network has fewer security pitfalls. Stellar uses atomic transactions comprised of simple, declarative operations while Ethereum uses turing complete programming capabilities which produces less auditable code and greater risk of exploitable vulnerabilities(source). Recently, a security flaw in the Ethereum network froze millions of dollars. According to Mobius ariticle written by David Gobaud, "On November 6, 2017, Github user deveps199 'accidentally' triggered a bug in Parity, a popular Ethereum mult-sig wallet, that froze more than $152 million in Ether across 151 addresses. The bug impacted several token sales including Polkadot, which has had ~$98 million out of its recent $145 million sale frozen." "Mobius had none of its ongoing pre-sale Ether frozen because we do not trust Ethereum’s Smart Contract based multi-sig wallets given the vast Turing complete attack surface and did not use one. Security broadly is one of the main reasons the MOBI token that powers the DApp Store is a Stellar Protocol token and not an Ethereum token." • Lumens vs. Ripple: According to Wall Street Bitcoin Exchange, "Many investors like to compare the company [Stellar] to Ripple, and there are a lot of similarities, being that some of the founders worked on the Ripple team. In what can now be looked at as another blockchain development drama that plays out on chat boards and in interviews all across the globe. Stellar declared they fixed Ripple’s problems with their hard fork, however, Ripple has failed to admit to any of the flaws in its design that the Stellar team has pointed out." The article concludes by saying, "We Choose XLM Over XRP For 2018. That is why we are going with Stellar Lumens over Ripple in our portfolio for the rest of 2017 and 2018. After holding Ripple for a long time this year, it just never seems to make the big break like other names with bigger market caps like Bitcoin Cash, Dash, and Litecoin have. While we are holding on most all our larger market caps, we feel that Stellar Lumens will be one of the break out coins for 2018." . . Conclusion The stellar.org team is doing an amazing job making partnerships and pioneering the use of blockchain technology for various types of transactions. What we are seeing is a new technology that can actually be used to solve real-world problems. As a community, we need to continue supporting Stellar and we will quickly see it power transactions across the world. What are your thoughts about Stellar? What do you see in the future of Stellar? Any important news you want to share? Comment below.
The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response. dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage. Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun. Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal. Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue. dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues. Ticket splitting: 11-way ticket split from last month has voted (transaction). Ethereum support in atomicswap is progressing and welcomes more eyeballs. decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page. decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here. Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)
Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s. F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%. Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak). Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1. Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).
Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target. Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.com – translated, also on asicminervalue) dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.
Changenow announced the option to buy DCR with fiat.
TokenPride: "We are seeking feedback on the general setup of our payment processor. We have tried to make it simple and user friendly. 10% of all purchases made in Decred will be donated to the Decred Development fund - and we will be releasing original Decred designs in the future".
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project). The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below. Arbitrade is now mining Decred.
Campus Party in Brasilia, Brazil. @girino, @Rhama and @matheusd talked about Decred. Matheus was interviewed by a TV channel. Check this quick report about the event, click "Show newer" to continue reading. (photos: 123)
Blockchain Summit in London, UK. This was not a full blown presence with stand but rather investigation of opportunities by @kyle and @Ani. The resulting detailed report is a good example of a document advising to stakeholders whether it is worth spending project funds.
Meetup in Berlin, Germany on July 18. @jz will give a talk and Q&A about Decred and chat with Ele from @oscoin about incentivizing developers. Hosted by BlueYard Capital.
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
Decred Assembly - Ep20 - Governance: Driving the Future (youtube) @cburniske and @traceagain discuss the importance of governance protocols being foundational and problems with delegated proof of stake
"I think that developers in the future are going to base their decision on where to build on the basis of governance and community. And so I look for good governance mechanisms and strong communities in blockchains." (@decredproject)
What is on-chain cryptocurrency governance? Is it plutocratic? by Richard Red (medium)
Apples to apples, Decred is 20x more expensive to attack than Bitcoin by Zubair Zia (medium)
What makes Decred different and better from other cryptocurrencies? (cxihub.com)
Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository. An update on our communication systems:
Matrix chat logs are nowviewable on the web with the exception of some channels that are not bridged. The new web logs means our chats are now fully public and indexed by search engines.
Slack had an outage on Jun 27 that disturbed communications for a few hours, discussions continued on Decred's bridged platforms.
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS. A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people. A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred. "Against community governance" article was discussed on Reddit and #governance. "The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here. Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms. Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.
DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market. In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss. Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance". Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case. Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)
About This Issue
This is the third issue of Decred Journal after April and May. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue. As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations. Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
This is why you should invest in Binance's BnB while it's still early. NOW is a great time to get involved.
This is why you should invest in Binance's BnB while it's still early. Do your own research and you decide if it has the potential to take over the crypto exchange market. "CEO - Changpeng Zhao is a true visionary in cryptocurrency. Great pro-active team supported with Hongfei Da - Antshares/NEO CEO founder. Expect more developments on their platform in coming months. One of their edge is multi language platform (Eng, Japanese, Korean, Chinese) opening windows to asian traders which is a huge gigantic market. Check their official website & youtube team videos. With only 100,000,000 circulating supply, this coin will definitely have a decent market value." -Xtian Est I've done a tremendous amount of research since I've invested around the $.20 range and I've listed quite a few things you should take into consideration. Use case #1: Binance recently announced they're creating their own eco system for their very own high impact ICO Platform. These ICOs will be funded with BnB. This is smart because it attracts new users to join Binance and buy BnB. Check out TRON while you're at it https://www.binance.com/ico.html Use case #2: BnB will also serve as a gas on the decentralized exchange in the future. Use case #3: BnB gives you a 50% discount on fees. You cut your trading fees in half while holding onto BnB. Here is the bonus, not only do you save in fees but you ALSO grow your capital as BnB rises in value. You are getting a two for one here! Use case #4: Binance will buy back tokens from the open market and burn 100 million supply which will essentially drive the value up - supply and demand 101. Use case #5: Binance has made a bold statement by stamping their name on the Binance BnB coin and making it the face of their company. This shows their confidence in the value of their product they are wanting consumers to buy and use. It is also my belief that the company's success or failure will reflect the market value of the coin. Binance will also add margin trading, futures, and additional utility to the BnB coin. Funds Usage ● 35% of the funds will be used to build the Binance platform and perform upgrades to the system, which includes team recruiting, training, and the development budget. ● 50% will be used for Binance branding and marketing, including continuous promotion and education of Binance and blockchain innovations in industry mediums. A sufficient budget for various advertisement activities, to help Binance become popular among investors, and to attract active users to the platform. ● 15% will be kept in reserve to cope with any emergency or unexpected situation that might come up. It is quite obvious that Binance plans to stay on top of their game. Marketing and growing the community is one of their main goals: https://binance.zendesk.com/hc/en-us/articles/115000483751--Calling-for-Binance-Angels Conclusion: When was the last time you actually invested in an alt coin with intrinsic value that you could use on a live platform without investing into speculation? BnB is one of the few coins that has real usage and backed by an infrastructure that already supports the utility and value of it. Binance is changing the way traditional crypto exchanges have operated in the past. They GIVE BACK to their users and provide a sense of ownership. When was the last time you felt like you had a "stake" with an exchange? When was the last time you felt like you were surrounded by a team of members who genuinely cared about the community and made customer service their #1 priority? If you don't believe me come check out their slack channel and get to know the CEO @CZ Changpeng Zhao and awesome staff members ( u/steve_bnb ) who have been extremely helpful and quick to answer our questions. I could go on forever but it's clear that Binance is out to destroy their competition. Don't forget to look at their investors and the teams portfolio. Founders of NEO invested into Binance which is how they were able to quickly get NeoGas trading on their exchange (https://binance.zendesk.com/hc/en-us/articles/115000608671-Binance-Open-Letter-to-NEO-Community). The founder and co-founder of Binance also came from OKCoin, one of the most successful bitcoin markets. Check out the white paper and team video below. Binance White paper https://www.binance.com/resources/ico/Binance_WhitePaper_en.pdf Archived Binance ICO page: https://www.binance.com/ico_review_en.html Binance team video https://youtu.be/2yIxA8nmEjs Binance ICO video https://youtu.be/lZKHAxsKNDk Currently Ranked #25 on Coinmarketcap with $227 Million market cap (as of 08/18/2017) https://coinmarketcap.com/assets/binance-coin/ Social media: https://twitter.com/binance_2017?lang=en https://www.facebook.com/binance2017/ https://binance.slack.com/join/shared_invite/MjI3NzUzMjM0ODk5LTE1MDI5NTc3MDctY2EzZTQ5YjIxNQ Sources: http://www.newsbtc.com/2017/08/17/binance-remarks-cryptocurrency-industry-build-new-echo/ https://m.imgur.com/gallery/kiEd2 http://www.binance.com https://coinmarketcap.com/assets/binance-coin/ https://www.reddit.com/binance/comments/6toi48/here_are_the_links_to_the_binance_white_paper_and/?st=J6I6YQ7O&sh=ccc42a32
Binance.com launched on July 14th, 11 days after its ICO which raised $15m, is on its way to become the premiere NEO based ICO platform, especially in China. In roughly two months, I believe it ranked once coinmarketcap.com top 10 exchanges by 24 hour volume. The futuristic exchange received VC funding from Blackhole Capital and Funcity Capital. I'm a b-schooler with fin/econ focus, so I have been forced to learn that fundamentals matter in the long run. For the same reason, I'm a big NEO fan as well and have a few NEOs. I looked at CZ led Binance team and Binance's business model. The team have excellent track record having affiliation with industry leaders. Entirely new to crytospace, I went pretty much all in at much higher than current price. I don't regret cancelling my sell order at 69k sats; not because I believe BNB will rise, but because I learnt about markets. I witnessed Binance team strategically handling this current Chinese bitcoin/bitcoin exchanges/ICOs ban news/FUDs. That's another story. Binance is the first community I'm kind of active and this happens to be my first post. This is a just a summary of what I found elsewhere (see references, official stats announcement):
Binance as a business
Total supply is 200M. 20% of Binance.com's quarterly profits will be used to buy-and-destroy BNB tokens, eventually leaving 100M in constant circulation. Binance's already lower than industry average (0.2%) trading fees reduce to only 0.05% when paid in BNB. It's one of the rarest tokens that provide real-life utility. This is their discounted fee schedule:
Forget about BNB's plan to build a decentralized exchange in which BNB will be used as GAS. For now I try to estimate, or guesstimate or yet better, daydream about BNB's actual demand in coming years. Assume a risk-premium (amount above valuation) though, for BNB might actually be the fuel of the planet's most powerful decentralized exchange.
Assumptions and valuation
Statisticians assume a lot of things, usually in their favor. I'm too assuming things about BNB:
24h volume now 15k BTC. I'm being optimistic and ignoring current slowdown (to 9k BTC) due to Chinese ICO related news/FUDs. I'm not sure if BNB actually hit top ten exchanges, documented highest it reached is #12 with ~15k BTC.
A steady 0.5% weekly increase in volume which seems likely based on how Binance is growing. It currently lists only a select few coins/tokens. Volume will increase as more coins are added. Cryptospace in genereal is increasing. So 15k daily trade, which increases 0.5% weekly for four years (~400 weeks). The volume sure will have at some point have an upper bound, but Initial burst will be more than 0.5%. So things balance out. 15000 * (1.005400) = ~110k
Only Bittrex and Bitfinex have crossed that 100k+ daily volume milestone. Binance has to be of course one of the be global leaders and and ahead of OKcoin.cn, in order for the valuation to hold. It seems daunting, but I think is possible. For the sake of simplicity, I shamelessly generalized calculations and used round numbers. Since BNB provides utility entitling users to pay discounted fees, any rational user would grab the opportunity. I hope Binance has a 50k BTC daily volume, on average, in the next four years. Though discount will be decreasing over time, I assume only 0.05% fees in the entire period. The calculation does not include demands for deposits/withdrawals/listings/ICOs that will use Binance platform.
Congrats! You've smartly handled this recent tsunami, which unfortunately happened to be just when you started. Take it as an opportunity and prove that YES, IT'S POSSIBLE. BNB's success depends on your success.
There are ~200 weeks in four years, not ~400. Because I couldn't include some obviously positive variables in valuation and since final number makes sense, I'm leaving it as it is. Binance is going to have the assumed 50k volume soon anyway, I hope.
Major Cryptocurrencies Are Rallying This Morning As the Jump in Bitcoin’s Price Following the Maintenance Shutdown of BitMEX Sparks Further Concerns About Price Manipulation in Bitcoin Markets
According to cryptocurrency exchange Bitfinex, short orders are nearing all-time highs. At the moment, there are 39,542 short orders outstanding on Bitfinex, the second highest level since April 12, 2018.
Bitcoin jumped 4% overnight after Hong Kong-based cryptocurrency futures exchange BitMEX shut down trading for a few hours for a regular maintenance update. In aggregate, the total market capitalization of call cryptocurrencies jumped USD$12bn in over a hour. Bitcoin commentators attribute the jump in Bitcoin to the fact that BitMEX permits traders to short Bitcoin on margin. Some other Bitcoin observers, like Alex Kruger, believe the price behavior of Bitcoin affirms concerns about price manipulation and should lead the SEC to reject the ProShares Bitcoin ETF proposal this week. Unlike the other Bitcoin ETF proposals, the ProShares Bitcoin ETF propose to own CME and CBOE Bitcoin futures.
Bitmain, the Chinese Bitcoin mining company, announced that it has invested an undisclosed amount in Lambda, a blockchain data storage startup. Bitmain hopes to help Lambda further develop its technology to launch “secure” blockchain-based infrastructure and decentralized applications. The startup, based in Singapore, recently cloised a token private sale round that included investments from FunCity Capital, BlockVC, BlueHill, Zhen Fund, and other well-known institutions.
Coinbase releases 5 core principles to help guide its release of a suite of institutional crypto products: "fair and orderly" markets, enforcing transparent market rules, offering "fair access to all market participants," disclosing listing practices and market rules publicly, and safeguarding clients "with institutional-grade infrastructure and processes."
An analysis by Cointelegraph and Chinese law firm L&Y Law Office finds irregularities in the Bitmain pre-IPO investor deck. Specifically, the wording of the document suggests DST Global has already invested in the Bitocin mining equipment company though no investment has been confirmed.
Diar Ltd, a research firm using data from CoinAPI, finds that cyrptocurrency trading volumes are shifting away from US exchanges to foreign exchanges (primarily Asian). According Diar’s analysis, Coinbase and Bitstamp have seen their total volumes drop 83% and 73% YTD.
A research firm from Slovakia has reported another scam application on the Ethereum network. Next Web reports that Lukas Stefanko, a malware researcher, found a fraudulent Ethereum app in the Androd Google Play Stores that had an offer price of USD$388.
Hyper Deflationary Monetary System (HDMS) cryptocurrencies are a new class digital money that is meant to provide mechanisms to support the increase in real buying power. In comparison to other cryptocurrencies, HDMSs have an objective to create upward price pressure on their valuations in comparison to other digital currencies. Some examples include BNB, OPTI, and BAY.
The South China Morning reports that Kripto University Center has opened the largest cryptocurrency mining site in Russia in a former Soviet fertilizer-producing lab.
The National Research Council of Canada (NRC) announced the release of a blockchain explorer on the Ethereum network. The Industrial Research Assistance Program (IRAP) is now hosting the explorer on the InterPlanetary File System (IPFS) with help from Bitaccess, a blockchain startup.
The Central Bank of Thailand is exploring the possibility of launching its own digital currency and expects to release phase 1 of the proof of concept by March 2019. The Central Bank-backed digital currency will be on distributed ledger technology developed by R3. In addition to R3 as a technology partner, the Thai Central Bank is also partnering with Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank (Thailand) and HSBC to bring the digital monetary currency to market.
Ripple Labs is rumored to be thinking of combining xVia, xCurrent and xRapid Solutions to solidify its market-leading positions in cross-border FX transactions. The solution will be called Convergence and will offer the benefits of speed and security while also keeping fees low.
The United Arab Emirates is preparing to launch the first Shariah-compliant cryptocurrency exchange. The crypto trading platform, First Islamic Crypto Exchange, will operate globally with the hopes of increasing the involvement of Muslims in the global cryptocurrency market.
The Union of European Football Associations (UEFA) announced it successfully used a blockchain-powered Android App to successfully trial a blockchain ticketing system for last week’s Super Cup match between Real Madrid and Atlético Madrid.
Several blockchain-powered news apps have been suspended by WeChat according Lanjinger, a local financial news outlet. The accounts were purportedly suspended after being suspected of pushing ICO and cryptocurrency “hype” which is in conflict with WeChat’s terms of services. Deepchain, Huobi News, Node Capital-backed Jinse, and CoinDaily are some of the news apps impacted by WeChat’s decisions.
Cryptocurrencies are mostly red as Bitcoin trading volumes in South American countries reach another all-time high
According to a tweet from one of its senior employees, Blockchain trust company, Paxos, has issued approximately USD$50 million worth of its US Dollar-backed stablecoin, Paxos Standard (PAX). PAX received regulatory approval from the New York State Department of Financial Services early in September. Paxos claims that PAX has, “achieved the fastest, wildest institutional adoption of any digital asset.” So far, six of the ten largest cryptocurrency exchanges, including Binance and OKEx, have listed PAX as a trading pair.
DocuSign, a San Francisco-based company with over 400,000 customers, announced in a press release this weekend that it would begin to integrate the Ethereum blockchain into its electronic signature and transaction management service. DocuSign will offer customers an option to have evidence of a DocuSign agreement listed on the Ethereum blockchain. According to Ron Hirson, Chief Product Officer at DocuSign, the record on the Ethereum blockchain will act as “tamper-proof evidence for the transaction” that “enables any completed document to be validated independently.”
Following an announcement yesterday by OKEx that the cryptocurrency exchange would list 4 stablecoins, Huobi has announced that it would soon begin listing four US Dollar-pegged stablecoins on its cryptocurrency exchange. In its announcement, Huobi detailed that it would list TrustToken’s TUSD, Circle’s USDC, Gemini’s GUSD, and Paxos’ PAX. Huobi Is currently the fourth-largest cryptocurrency exchange in the world by daily trading volume.
Kenya’s government is planning to leverage blockchain technology to manage its government housing project responsible for 500,000 units, according to a report by Kenyan news outlet, Star. The housing project entails the construction of 500,000 housing units by 2022 and mortage assistance for Kenyans making less than 100,000 Kenyan Shillings (USD$992) who cannot afford mortgages. Blockchain technology will be used in the project to evenly distibute the housing to deserving participants.
Notable investor and creator of Galaxy Investment Partners, Mike Novogratz, has pulled back his forecast for Bitcoin, telling Bloomberg on Monday that he does not believe Bitcoin will surpass USD$10,000 in 2018. In explaining his forecast, Novogratz said, “I think Q1 [or] Q2  if the institutions start coming in, we’ll put in new highs.” Novogratz happened to be speaking while Fidelity Investments announced the creation of a new venture, Fidelity Digital Asset Services. In regards to Fidelity, Novogratz said, “They’ll probably be up and running in January or Q1.”
Peer-to-peer Bitcoin trading volume levels in Argentina, Venezuela, and Egypt have hit all-time high levels so far through October 2018. In Argentina, citizens have flocked to use Bitcoin as a result of the recent economic crisis in the country -- Argentinian regulators have even relaxed regulations to allow for more Bitcoin ATMs in the country. In Venezuela, citizens have been gearing up for the November 5th launch of the state-backed Petro cryptocurrency, although reports indicate that there is little pointing to the Petro’s existence in the country. Meanwhile, Bitcoin transaction volumes in Croatia and Switzerland have hit 2018 lows.
Ping An Insurance, one of China’s largest insurers, is pursuing innovation in blockchain technology, artificial intelligence, and cloud technology. At Ping An Insurance’s Investor Day last week, top Ping executives delivered presentations and analyses of Ping’s business in relation to the innovative technologies. Chief Finance Officer, Jason Yao, said at the event, “We will further improve the strategy of Finance and Technology and pursue Finance and Ecosystem. By leveraging five key technologies, namely AI, blockchain, cloud, big data, and security, we will keep improving efficiency, lowering costs, optimizing user experience, and strengthening risk control, to enhance competitiveness.”
While speaking at the Institutional Crypto: Laying the Foundation conference in New York City hosted by Bloomberg, Gary Gensler, former chairman of the US Commodity Futures Trading Commission, said that most cryptocurrencies sold through initial coin offering (ICO) should be classified as securities. Gensler went on to say, “I think cryptocurrencies like Bitcoin need more protection, and probably more protection than even the oil markets.” When asked about blockchain technology, Gensler replied, “we should be technology-neutral.”
This is why you should invest in Binance's BnB while it's still early. NOW is a great time to get involved.
This is why you should invest in Binance's BnB while it's still early. Do your own research and you decide if it has the potential to take over the crypto exchange market. "CEO - Changpeng Zhao is a true visionary in cryptocurrency. Great pro-active team supported with Hongfei Da - Antshares/NEO CEO founder. Expect more developments on their platform in coming months. One of their edge is multi language platform (Eng, Japanese, Korean, Chinese) opening windows to asian traders which is a huge gigantic market. Check their official website & youtube team videos. With only 100,000,000 circulating supply, this coin will definitely have a decent market value." -Xtian Est I have listed quite a few things you should take into consideration and I've done a tremendous amount of research since I've invested around the $.20 range. Use case #1: Binance recently announced they're creating their own eco system for their very own high impact ICO Platform. These ICOs will be funded with BnB only. This is smart because it attracts new users to join Binance and buy BnB. Check out TRON while you're at it https://www.binance.com/ico.html Use case #2: BnB will also serve as a gas on the decentralized exchange in the future. Use case #3: BnB gives you a 50% discount on fees. You cut your trading fees in half while holding onto BnB. Here is the bonus, not only do you save in fees but you ALSO grow your capital as BnB rises in value. You are getting a two for one here! Use case #4: Binance will buy back tokens from the open market and burn 100 million supply which will essentially drive the value up - supply and demand 101. Use case #5: Binance has also made a bold statement by stamping their name on the Binance BnB coin and making it the face of their company. This shows their confidence in the value of their product they are wanting consumers to buy and use. It is also my belief that the company's success or failure will reflect the market value of the coin. Binance will also add margin trading, futures, and additional utility to the BnB coin. Funds Usage ● 35% of the funds will be used to build the Binance platform and perform upgrades to the system, which includes team recruiting, training, and the development budget. ● 50% will be used for Binance branding and marketing, including continuous promotion and education of Binance and blockchain innovations in industry mediums. A sufficient budget for various advertisement activities, to help Binance become popular among investors, and to attract active users to the platform. ● 15% will be kept in reserve to cope with any emergency or unexpected situation that might come up. It is quite obvious that Binance plans to stay on top of their game. Marketing and growing the community is one of their main goals: https://binance.zendesk.com/hc/en-us/articles/115000483751--Calling-for-Binance-Angels Conclusion: When was the last time you actually invested in an alt coin with intrinsic value that you could use on a live platform without investing into speculation? BnB is one of the few coins that has real usage and backed by an infrastructure that already supports the utility and value of it. Binance is changing the way traditional crypto exchanges have operated in the past. They GIVE BACK to their users and provide a sense of ownership. When was the last time you felt like you had a "stake" with an exchange? When was the last time you felt like you were surrounded by a team of members who genuinely cared about the community and made customer service their #1 priority? If you don't believe me come check out their slack channel and get to know the CEO @CZ Changpeng Zhao and awesome staff members ( u/steve_bnb ) who have been extremely helpful and quick to answer our questions. I could go on forever but it's clear that Binance is out to destroy their competition. Don't forget to look at their investors and the teams portfolio. Founders of NEO invested into Binance which is how they were able to quickly get NeoGas trading on their exchange (https://binance.zendesk.com/hc/en-us/articles/115000608671-Binance-Open-Letter-to-NEO-Community). The founder and co-founder of Binance also came from OKCoin, one of the most successful bitcoin markets. Check out the white paper and team video below. Binance White paper https://www.binance.com/resources/ico/Binance_WhitePaper_en.pdf Archived Binance ICO page: https://www.binance.com/ico_review_en.html Binance team video https://youtu.be/2yIxA8nmEjs Binance ICO video https://youtu.be/lZKHAxsKNDk Currently Ranked #25 on Coinmarketcap with $227 Million market cap (as of 08/18/2017) https://coinmarketcap.com/assets/binance-coin/ Social media: https://twitter.com/binance_2017?lang=en https://www.facebook.com/binance2017/ https://binance.slack.com/join/shared_invite/MjI3NzUzMjM0ODk5LTE1MDI5NTc3MDctY2EzZTQ5YjIxNQ Sources: http://www.newsbtc.com/2017/08/17/binance-remarks-cryptocurrency-industry-build-new-echo/ https://m.imgur.com/gallery/kiEd2 http://www.binance.com https://coinmarketcap.com/assets/binance-coin/ https://www.reddit.com/binance/comments/6toi48/here_are_the_links_to_the_binance_white_paper_and/?st=J6I6YQ7O&sh=ccc42a32
Procurement of products using cryptography will soon be available in South Africa
The South African cryptocurrency partner cooperates with an international payment processing firm based on the blockchain. The merger of DoshEx and PundiX will allow novice cryptocurrency users to spend their assets in real locations in South Africa. Since millions of South Africans live without access to banking services, this merger may help introduce digital assets in the country. Crypto firms target early adopters in South Africa, non-banking and anyone with an XPOS system. According to the South African technology publication IT Online, the local exchange platform exchanges DoshEX will work with the global payment chain company PundiX to present XPOS devices for sale at points of sale. Soon, South African users of cryptocurrency will be able to replenish PASSIX XPASS cards with various digital currencies and spend them in real stores. Cryptocurrencies supported by PundiX XPOS devices will include bitcoins, ethers and Binance Coin and others. According to the startup website, the goal is to install at least 100,000 such outlets by February 2021. The system is ideal for those who lack banking services, as it allows you to make digital payments without the need for a traditional account. Nevertheless, two startups obviously hope to attract more than just those who live in South Africa without banking services. The service works using a familiar credit card-sized payment card, for which you must click on the terminal. This decision to make the process the same as a payment by a contactless bank card was intended for those who are already familiar with such payment methods, while remaining available to those who do not. PundiX Labs CEO Zak Chia commented on the merger: "XPOS IS A CAPTIVAL" He further stated that a partnership decision with an established DoshEX exchange platform should encourage those already familiar with the marketplace to try this service. Alex de Brun, CEO of DoshEX, added: “IT WAS IMPORTANT TO EXPAND THE TESTED AND VERIFIED TECHNOLOGY, BECAUSE OUR GOAL IS TO QUICKLY BUILD THE FIRST NETWORK OF CRYPTOLOGY IN SOUTH AFRICA. HERE'S WHY WE COOPERATE WITH PUNDIX. ” Cryptocurrency continues to penetrate more real places. The announcement of DoshEX and PundiX about the introduction of cryptographic devices in South Africa is the latest example of how digital assets are increasingly used in real-world conditions. Previously, NewsBTC reported that French tobacco stores are introducing services for buying digital currency without a prescription. Most recently, it was still announced that the exchange giant Binance has launched real-world cryptocurrency services to Australian newspaper agents. Although such examples do not guarantee adoption, they certainly help to secure the place of Bitcoin and other popular digital assets in the public psyche. Particularly encouraging is the fact that such services are focused on emerging markets, such as South Africa, because there is no bank in the world that is often claimed to derive maximum benefit from the democratizing crypto-monetary revolution. And we recommend the blockchain platform Bitteam - this is an exchange platform where people can simply submit ads for the sale / purchase of their cryptomonet with a commission of only 0.2%. It is 5 times cheaper than any analogs! The platform solves the problem of large commissions when selling or buying a crypt for both investment and financial transactions, and is also a reliable tool for increasing funds (#BTT token) #BitTeam #BTT #tokensale # P2P #exchange #Marketplace #CDC https://preview.redd.it/5b18vbu2koq21.jpg?width=725&format=pjpg&auto=webp&s=baabbe45403d3e135beee12a489725d860e89664
Cryptocurrencies are mixed as Kraken acquires European exchange for at least $100 million
Crypto Market Recap
Cryptocurrencies are broadly mixed this afternoon with the price of Bitcoin (BTC) slightly lower by 0.12% in the last 24 hours to USD$3,465.05. Binance Coin (BNB) is continuing to rally and leads major coins in gains today, up 6.35% in the last 24 hours to USD$7.15. TRON (TRX) and IOTA (MIOTA) are also posting notable gains this afternoon, up 5.59% and 3.29% in the last 24 hours to USD$0.027016 and USD$0.258900, respectively. Stellar (XLM) lags major coins in the day’s trading, down 1.80% in the last 24 hours to USD$0.080706.
Crypto Developments in Financial Services
Kraken, a large cryptocurrency exchange based in the United States, announced the acquisition of Crypto Facilities, a cryptocurrency exchange and futures provider based in the United Kingdom, for at least USD$100mm. Although neither party revealed the exact value of the acquisition, they did say it was a, “nine-figure deal.” “We are excited to introduce eligible clients to these industry leading futures and index products,” commented Kraken CEO Jesse Powell in a press release on Monday, adding, “Over the coming months, our teams will continue to enhance and expand these offerings.”
Crypto Regulatory Environment
Venezuela’s cryptocurrency industry members must follow the new regulatory framework outlined in a crypto bill that took effect on January 31st, 2019. Initially approved by the country’s Constituent National Assembly in November 2017, the document called, “Constituent Decree on the Integral System of Crypto Assets,” contains 63 unique articles that outline rules and definitions concerning crypto assets, blockchain mining, cryptography, and more. Most prominently, the new regulation requires domestic mining entities and cryptocurrency exchanges to obtain mandatory licenses from the country’s regulators.
The United States Securities and Exchange Commission (SEC) is requesting help from blockchain analytics companies to develop a compressive system that analyzes blockchain data and implements risk monitoring and compliance enforcement procedures. As per an official statement by the SEC on January 31st, 2019, the regulatory agency is seeking a blockchain data company with a, “capability to derive insights from the available data,” including the ability to identify the owners of cryptocurrency addresses.
Daniel Haudenschild, the newly elected President of the Swiss Crypto Valley Association (CVA), declared in an interview with major Swiss news outlet Swissinfo that the recent cryptocurrency bear market is damaging Switzerland’s position as a global blockchain hub. Haudenschild, who officially took office as President of the CVA on January 31st, 2019, said in the interview that his priority will be to, “heal divisions to prevent Switzerland losing any more ground to other countries,” in attracting global blockchain projects. Haudenschild went on in the interview to urge the country’s regulators to keep Switzerland an open and easily accessible option for blockchain investors.
A new report published by Quartz discusses that an Indian government committee tasked with assessing the impact of cryptocurrencies on the county is concerned of the impact digital assets could have on the stability of the rupee. The article cites an anonymous source active in the cryptocurrency industry who said, “If Bitcoin and other digital currencies are going to be allowed to be used for payments then whether it will end up destabilizing the fiat currency is a major concern for the committee.”
General Crypto News
“Amazon will have to issue a currency sooner or later,” saidBinanceCEO Changpeng Zhao on Twitter this weekend. Zhao is of the belief that the global online retail giant cannot avoid issuing its own altcoin in the future. Zhao also discussed crypto payment acceptance on Twitter this weekend, writing, “For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments. It is easier, faster, and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.”
Jack Dorsey, co-founder and CEO of Twitter, discussed in an interview with popular podcast host Joe Rogan that he believes Bitcoin (BTC) will still be the Internet’s native currency. During the interview, Dorsey declared, “Bitcoin was something that was born on the Internet, that was developed on the Internet, that was tested on the Internet, it is of the Internet.” Dorsey also discussed his belief that the Internet is moving towards a system where data is created and is online permanently, which is, “what blockchain helps enable.”
The danger of NANO to BTC has not only been outlined in this week's article More Promise Than Bitcoin: "4. Nano -- If there's a cryptocurrency that could truly dazzle investors, it's Nano. Based on sheer speed, virtually nothing touches the Nano blockchain ... Assuming developers get even better infrastructure in place, Nano's processing speeds could head even higher and one day rival primary payment processors like Visa. ..." In addition NANO's several advantages over Bitcoin are overwhelming! It has been stated several times before: "NANO is what Satoshi originally envisaged with Bitcoin. -- Just better." Zero fees! Instant transactions! Scalable into infinity! No mining! Environmentally friendly! -- The perfect solution! The threats to the BTC (and other) mining communities are obvious and imminent. If NANO succeeds to penetrate the market / the overall adoption, BTC will lose more and more of its dominance. By now there are already five fiat exchanges, that allow circumventing the purchase with BTC or other "exchange currencies". -- When Binance will open its fiat gateways in Malta later this year, including EUR-NANO and USD-NANO pairs, the decoupling of NANO's value from BTC's is self-evident! Market experts have long predicted the explosion in NANO's value "as soon as these floodgates are opened". (A win-win, btw, for both, NANO and Binance.) Due to these threats (all wallets are in Beta and will fully strike within weeks) the three major mining conglomerates under the leadership of BITMAIN have filed a complaint at the SEC's Office of Compliance Inspections and Examinations, arguing that "unregulated fiat-NANO trading" will consequently lead to "failing protection of BTC investors" and "loss of market integrity". Further the complaint demands the SEC "to prevent fraud" ("nothing can be faster than the speed of light") and to monitor risk for the $4bn BTC empire, which has taken "too many losses over the last three months already". In conclusion the complaint demands as a "safe haven intervention" "the trading value of NANO to be pegged to the BTC". The complaint was filed with the SEC’s National Exam Program (NEP). The results of the NEP’s examinations are used by the SEC to inform rule-making initiatives, identify and monitor risks, improve industry practices and pursue misconduct. The SEC responded to closely look into this serious issue. "Market-unfair transaction times might undermine the value of not only BTC but several other cryptocurrencies with a complete market value of normally over $300bn." Sources: https://www.coindesk.com, https://www.newsbtc.com
Cryptocurrencies continue to slide with Bloomberg Digital Assets 10 Index now down 80% YTD, surpassing the Nasdaq Composite’s drop during dot-com bubble in CY2000
AirSwap, a decentralized cryptocurrency trading platform announced a new partnership Tuesday that will tokenize New York’s real estate markets. AirSwap will partner with FINRA-registered broker dealer Propellr. In a statement, AirSwap said their main goal is to reduce time to complete secondary market transactions of private securities from months to days.
Alive Casino is building a blockchain platform that allows users to participate in VR online gambling. Based in Costa Rica, Alive Casino is currently in the process of selling 15% of its AL tokens in order to raise the necessary funds to develop the platform. AL tokens have a value of USD$0.015/token and can be purchased with ETH, with a maximum purchase cap of 75 ETH.
The Australian Trade and Investment Commission (Austrade), the country’s trade agency, and the Australian Digital Commerce Association are jointly sending a delegation of domestic blockchain startups to visit some of China’s largest fintech companies this week. China is one of the world’s leaders in innovative blockchain technology, having filed over 10% of the world’s blockchain patents.
Authorities from US states Illinois and Arizona are asking India’s Criminal Investigation Department (CID) to seize property of promoters of Bitcoin investment firm BitConnect. The two US states are accusing BitConnect of being a Ponzi scheme, having raised approximately USD$5.6 billion from investors. India’s Criminal Investigation Department also claims BitConnect is suspected of money-laundering.
After Bitcoinist reported Tuesday that investment bank State Street will back stablecoin Gemini Dollar, the Bitcion Foundation’s Charlie Shrem said solid stablecoins are going to serve as a bridge for mainstream investors that will span decades. Shrem elaborated, saying stablecoins’ biggest accomplishment is eliminating the risks associated with high volatility digital coins.
A Canadian town in the Ontario Province is paying hackers a ransom in Bitcoin in order to get its computer network working again. The town of Midland had its computer systems breached and infected with ransom malware that encrypted files at the beginning of this month. Although critical services, like waste management ad fire response, were not affected, the town has begun paying the hackers Bitcoin in exchange for the decryption keys.
CoinDesk is reporting that there is a new major competitor for Bitmain. Bitewei, a Shenzhen-based mining chip manufacturer led by the former director of design at Bitmain, Yang Zuoxing, raised CNY40 million (USD$20 million) to bring to mining hardware to market. Bitewei and Bitmain have been battling over the past 2 years in regards to intellectual property designed by Yang.
Researchers from China’s Xi’an Jiaoton University published a report Wednesday saying at least 4 in 5 altcoins have stolen and plagiarized about 90% of their code. The report examined 488 digital currencies and found the code underpinning 405 digital coins (83%) yielded a ‘similarity score’ of between 90% and 100%.
A variety of blockchain funds, exchanges, and startup have come together to form the Blockchain Association, a lobbying group for the crypto industry. Reported Tuesday, some founding members include Coinbase, Polychain Capital, Protocol Labs, and Digital Currency Group. One of the association’s first hires is Kristin Smith, former Senate aide. The Blockchain Association will specifically focus on lobbying for tax laws and know your customers/anti-money laundering regulations.
Japanese telecom company, Softbank Corporation, has completed a proof-of-concept (PoC) for a blockchain that would allow peer to peer mobile payments across different carriers. Announced early Wednesday, the technology is the product of a partnership with blockchain startup TBCASoft, and Synchronoss, a publicly traded company that works with a communications protocol in Japan called Rich Communication Service.
Cryptocurrencies are largely red as study finds 400% increase in demand for blockchain engineers
A long-awaited draft of the Russian bill concerning cryptocurrencies and blockchain regulation has been made public and it will reportedly let privately held businesses and legal entities ‘digitize’ their shares and store them on a blockchain ledger. The draft bill, “On Digital Financial Assets” was obtained by local news outlet, Vedomosti, and details the legalization of so-called, “digital financial outlets (DFA)” that would act as digitized equity for a company -- a DFA is essentially a cryptocurrency token, just under a different name. The new bill, if approved, would apply to limited liability companies as well as non-public stock companies.
A study conducted by Hired, called the 2018 State of Salaries Report, finds that the average salary of a blockchain engineer in 2018 has soared to between USD$150,000 and USD$175,000 per year -- this is notably higher than software engineers’ average salary of USD$135,000. While speaking to CNBC, Paul Mehul, CEO of Hired, said, “There’s a ton of demand for blockchain. Software engineers are in very short supply, but this is even more acute and that’s why salaries are even higher.” According to the Hired report, demand for blockchain engineers has risen 400% since a year ago despite the cryptocurrency bear market. A CNBC article also notes that demand for blockchain engineers have been further bolstered by tech giants like Facebook, Amazon, IBM, and Microsoft.
Bitmain, one of the world’s largest producers of cryptocurrency mining devices, has released a new software update for its Bitcoin mining device, Antminer s9, that activates a controversial code to mine Bitcoin more efficiently. The code in the update is controversial because it exploits a flaw in Bitcoin’s proof-of-work algorithm that allows Bitmain’s Antminer s9 to mine Bitcoin 20% more efficiently. The exploit also saves miners roughly 13% on energy costs.
Experts are beginning to weigh in on the potentially gargantuan impact that Fidelity Investments could have on cryptocurrency markets after the investment management firm announced the launch of a new arm, Fidelity Digital Asset Management. According to BKCM CEO, Brian Kelly, the new stamp of approval by Fidelity on cryptocurrency markets is enough to appeal to institutional investors, including hedge funds, pensions, and endowments. Yesterday, Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, said on Twitter, “What happens when a fund like Fidelity allocates a mere 5% of their portfolio to crypto? Have you calculated how much that is?”5% of Fidelity’s assets under management equals roughly USD$360 billion, which would nearly triple the current size of cryptocurrency markets.
Stephen Hammond, a UK Member of Parliament, has joined the advisory board of IronX, a retail-focused cryptocurrency exchange, to offer guidance on government relations. IronX is a joint-venture by IronFX, a digital trading firm, and EmurgoHK, the developers of the world’s ninth largest cryptocurrency by market capitalization, Cardano (ADA). The platform’s mission is to, “bring crypto trading to the mass retail trading market.” Hammond has served as a Member of Parliament since 2005 prior to a 20-year career in financial markets -- today, Hammond was quoted saying, “We are all on a steep learning curve to understand this new asset class.”
The Australian Securities and Investments Commission (ASIC) has halted an initial coin offering (ICO) being conducted by Global Tech Exchange (GTE) that was launched in the Summer of 2018. Global Tech Exchange had a fundraising goal of USD$50 million to create an education-based trading and exchange platform. The ICO by Global Tech Exchange gained popularity after being endorsed by Michael Clarke, a former Australian cricket captain. On Global Tech Exchange’s website, however, a statement reads that Michael Clarke, “is no longer associated with Global Tech Exchange and the Global Tech Exchange Blockchain and awareness program”. Earlier in the fall, the ASIC announced plans to increase scrutiny of cryptocurrency exchanges and to crackdown on ICOs taking place in the country.
Visa announced in a press release on Sunday that it is set to launch its blockchain-based identity system in partnership with IBM in the first quarter of 2019. Dubbed Visa B2B Connect, the platform will offer financial institutions a way to securely process cross-border payments while verifying users’ identities. Global Head of Visa’s Business Solutions, Kevin Phalen, said in regards to the system, “B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH and wire transfers today, while also helping companies remain compliant as part of the regulated financial ecosystem.”
Bank of England adviser tells Bloomberg that cryptos fail fundamental financial tests
Crypto Market Recap
Cryptocurrencies are mostly higher in midday trading as the price of Bitcoin (BTC) is 0.90% higher in the last 24 hours to USD$3,612.13. Bitcoin Cash (BCH), EOS (EOS), and TRON (TRX) are leading the gains in major coin today, all up more than 5% to USD$129.51, USD$2.48, and USD$0.026568, respectively. Ripple (XRP) and Binance Coin (BNB) are lagging major coin in today’s trading, meanwhile, down 0.29% and 0.71% to USD$0.319089 and USD$6.49, respectively.
Crypto Developments in Financial Services
US-based crypto exchange Coinbase has launched cross-border wire transfer services via the SWIFT network for high-volume Coinbase Pro and Prime users in Europe and Asia, according to an official announcement Tuesday. Additionally, the post details that, “select Coinbase Prime customers globally will also have access to our US and European over-the-counter (OTC) trading desks and Coinbase Custody.” Coinbase Custody is a service mainly for institutional customers that stores large amounts of cryptocurrencies.
The London Stock Exchange Group confirmed in an official post on Tuesday that its Millennium Exchange trade-matching technology will power AAX, a new crypto exchange venture launched by Hong Kong-based ATOM Group. AAX will reportedly launch in the first half of 2019 and aims to provide a, “scalable,” and, “compliant,” cryptocurrency trading platform, according to ATOM Group. AAX will be the first cryptocurrency exchange to use the London Stock Exchange Group’s Millennium Exchange trade-matching technology.
Bakkt, the long-awaited cryptocurrency platform venture by the Intercontinental Exchange, announced in a Tweet on Tuesday that is in search of a number of high-ranking positions. The tweet by Bakkt contains vacancies for eight different high-ranking positions, including a director of blockchain engineering, a blockchain developer, a director of security engineering, and a senior full stack engineer. Bakkt is hiring for US positions in Atlanta and New York City and international positions in Hong Kong, Tokyo, San Francisco, London, Tel Aviv, and Singapore.
Crypto Regulatory Environment
A new report published by the Bank for International Settlement (BIS) finds that problems in Bitcoin (BTC) will only be solved if the network departs from a proof-of-work (PoW) verification protocol. As per the report published on Monday, “Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality.” The report goes on to discuss that, although second-layer network solutions like the Lightning Network may help scaling, “the only fundamental remedy would be to depart from proof-of-work.” The report notes that such a departure from PoW would likely come from social coordination or institutionalization.
De Nederlandsche Bank (DNB), the Dutch central bank, and the Netherlands Authority for the Financial Markets, the country’s financial regulator, are planning a regulatory framework that could introduce a licensing scheme for domestic cryptocurrency exchanges and wallet service providers. A joint report published by the two Dutch authorities cites, “high financial crime risks,” as reasoning for the licensing scheme pertaining to domestic cryptocurrency industry.
Huw van Steenis, a senior adviser to Bank of England (BOE) Governor Mark Carney, said in an interview with Bloomberg on Monday that cryptocurrencies fail fundamental financial tests. Van Steenis, who boasts tenure at Schroders and Morgan Stanley, responded when asked about the potential threat cryptos pose to economic stability, “I’m not so worried about cryptocurrencies. They fail the basic tests of financial services. They’re not a great unit of exchange, they don’t hold value, and they’re slower.”
General Crypto News
A report published by crypto analytics firm Diar indicates that on-chain Ethereum (ETH) transaction value hit an all-time high in December 2018. Users conducted transactions worth 115mm ETH in December 2018, the largest monthly total excluding activity following a hard fork caused by a DAO hack in 2016. The US dollar value of ETH on-chain transactions in December 2018, however, recorded a 22-month low of USD$815mm, down from USD$1.1bn a year prior.
Cryptocurrencies extend losses as Coincheck reopens new account signups and limited trading services
A user on a Malwarebytes forum, 1vladimir, reported yesterday of suspicious behavior surrounding a cryptocurrency price tracking application, called CoinTicker -- after further inspection of the application, users discovered that CoinTicker is a trojan horse that installs two remote back doors on a host computer upon being downloaded. The two remote backdoors allow a malicious actor to remotely take control of a host computer. At the time, it is unknown how many individuals may be affected by the malware.
An article by the Financial Times details that big four auditor, PricewaterhouseCoopers (PwC), has hired as many as 400 blockchain experts in an effort to best serve clients’ blockchain needs. Ralph Weinberger, head of PWC’s global network assurance methodology group, told the Financial Times, “We are devoting significant resources to how we might provide audit services in not just cryptocurrency, but blockchain.” PwC has focused on helping companies understand compliance procedures involving cryptocurrencies while assuring firms properly meet tax obligations relating to crypto assets. The Financial Times’ article concludes that PwC has a strong desire to become a leader in blockchain compliance and technology, pointing out that the big four auditor already has a section of their website dedicated to blockchain.
eToro, a popular social cryptocurrency trading platform, has partnered with Binance, the world’s largest cryptocurrency exchange, to list Binance Coin (BNB) on eToro. This marks the first exchange to list BNB tokens for trading using fiat. BNB was first issued by Binance to serve as the “gas” that powers its cryptocurrency exchange -- often times, BNB is used on Binance to pay for trading fee, exchange fees, listing fees, and partner applications. The addition of BNB on eToro brings the total cryptocurrency assets offered on the exchange up to 13.
JPMorgan Chase Bank’s blockchain, Quorum, is going to be used to tokenize gold bars using smart contracts, according to an article by the Financial Review. Quorum was originally developed in partnership with the Ethereum Enterprise Alliance to be applied in the financial sector, however, employees at JPMorgan Chase have begun to test its applications in industries like healthcare, aviation, and banking. JPMorgan Chase’s head of blockchain initiatives, Umar Farooq, is quoted by the Financial Review, saying, “We are the only financial player that owns the entire stack, from the application to the protocol.”
Monex Group, a Japanese internet broker who purchased Japanese cryptocurrency exchange, Coincheck, after it was hacked in January 2018, is reopening new account signups and offering limited trading services on Coincheck, as per a statement issued Tuesday morning. This news comes after Coincheck reported yesterday of a 66% revenue drop in CY3Q2018. According to the announcement, users are now able to deposit four cryptocurrencies into accounts, including Bitcoin (BTC), Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH). A strict know-your-customer process will be in place for new users registering with Coincheck, the announcement detailed.
Russia’s Financial Monitor Service (FMS) has contacted the Financial Action Task Force (FATF) to request an intergovernmental initiative to manage the supply and flow of cryptocurrencies. The FATF is a global financial regulating body -- this past June, it announced that it would build global-binding policies for cryptocurrency exchanges. Deputy Director of the FMS, Pavel Livadny, confirmed that the FMS is seeking cooperation from al FATF member countries, pointing to money laundering as the primary concern in cryptocurrencies. Livadny also went on to confirm that Russia’s FMS will seek to impose a restriction on cryptocurrency transactions over USD$9,000.
The cryptocurrency community is coming together to refute claims by Nature after it posted a research report claiming that Bitcoin (BTC) mining could help temperatures increase by more than 2 degrees Celsius in just 11 years, depending on BTC’s rate of adoption. Cryptocurrency experts are arguing that the study’s assumptions are “naive”, saying the study’s assumptions would require BTC to scale to an unrealistic 310 billion daily transactions on chain and that block sizes would have to be a massive 3.2 gigabytes.
The UK’s Financial Conduct Authority (FCA) is considering a ban on the sale of cryptocurrency-based derivatives, according to a Monday report by the Financial Times. The UK’s FCA published a statement Monday detailing that it is set to launch a consultation in the first quarter of 2019 concerning whether or not to place a ban on the sale of cryptocurrency-based derivatives at some point in the future. The FCA is also reportedly launching a parallel consultation into whether or not to extend its regulatory jurisdiction onto cryptocurrency assets themselves and the exchanges and wallet services that work with cryptocurrency assets. The FCA detailed in its statement issued Monday that it has, “made clear that in its view crypto assets have no intrinsic value and investors should therefore be prepared to lose all the value they have put in.”
Crypto News Recap: Cryptocurrencies see wave of red as Bitcoin falls below USD$6,500 level
A high-profile investor in Binance has invested USD$2.5 million in Australian cryptocurrency payments startup, Travelbybit. Binance and Travelbybit will collaborate to introduce a point-of-sale system in major airports around the world. The point-of-sale system has already been developed by Travelbybit. Binance CEO Changpeng Zhao said this venture is to help propel real-world cryptocurrency adoption, specifically in this case among travelers who commonly deal with hiccups in currency conversion and markup fees.
A press release issued by Binance Labs details that Binance’s initiative has invested millions of dollars in Contentos, a decentralized digital content ecosystem. The exact amount of the investment was not disclosed. Contentos is reportedly in the process of developing a decentralized ecosystem that will offer transparency and an ability to monetize content without third-party censorship or content removal. Binance Labs is an initiative launched by Binance, the world’s largest cryptocurrency exchange, to invest in early-stage blockchain projects and entrepreneurs while providing mentorship and technical advice to projects and individuals.
A security report released by cryptocurrency research and independent rating agency, ICORating, ranks Coinbase Pro as the most secure cryptocurrency exchange. The report analyzes and ranks 100 global cryptocurrency exchanges with daily trading volume over USD$1 million by security. Other notable cryptocurrency exchanges ranked in the report include Binance ranked 63/100 and Bitstamp ranked 37/100.
A team of researchers from Oxford are planning to launch the world’s first blockchain university later this year. Dubbed Woolf University, the blockchain university would educate students on a one-on-one basis while remaining cheaper than average universities. The education would cost students roughly USD$19,200/year.
Bank of America projects that the blockchain industry could be a USD$7 billion market while providing major boosts to large corporations like Microsoft and Amazon, according to a CNBC report. Bank of America research analyst, Kash Rangan, told CNBC that, “Amazon will benefit from incremental cloud service demand from blockchain implementation while improved supply chain tracking should make Amazon’s retail operations more efficient.” Bank of America did not place a time-frame on the blockchain market’s USD$7 billion valuation.
Coinbase continued its hiring spree and added Charles Schwab advisor, Chris Dodds, to its board of directors. Dodds currently sits on the board of directors at Charles Schwab while also serving as a senior equity advisor for the firm. Coinbase also hired former Instinet CEO, Jonathan Kellner, to serve as the new managing director of Coinbase’s Institutional Coverage Group. Kellner will spearhead the firm’s institutional sales efforts that will be based out of Coinbase’s New York City office.
Coinbase is reportedly in talks with Tiger Global concerning a USD$500 million investment that would value the US-based cryptocurrency exchange and wallet at USD$8 billion. Tiger Global is an investment management firm that was founded in 2011 and invests in global private and public markets. According to a report by technology news site Recode, half of the investment would be used to buy out existing investors while the other half would be added to Coinbase’s treasury.
Cryptocurrency trading platform, BitMEX, has appointed a veteran Hong Kong regulator as its new Chief Operating Officer (COO). Angelina Kwan, the firm’s new COO, is a certified public accountant with about 3 years of experience serving as a managing director head of regulatory compliance for Hong Kong Exchanges and Clearing. BitMEX is a peer-to-peer trading platform that offers “Bitcoin-only” derivative products and sees roughly USD$1.8 billion in daily trading volume.
Japan’s Prime Minister has appointed a pro-blockchain politician as the country’s new Minister of Science, Technology, and IT. The appointee, Takuya Hirai, is a member of the Prime Minister’s Liberal Democratic Party and reportedly one of the individuals who helped build Japan’s cryptocurrency regulatory framework introduced last year.
Ubisoft, a large video game company, announced at the Blockchain Game Summit in Lyon, France that the company is joining the Blockchain Game Alliance. The Blockchain Game Alliance aims to establish and develop common standards and practices for the integration of blockchain technology into video games and their communities. Along with Ubisoft, blockchain software firm, ConsenSys is a member of the Blockchain Game Alliance.
Your Daily Crypto-News Recap: 97 of Top 100 Cryptocurrencies in the Green as Total Crypto Market Cap Adds $20 billion in 2 Days
A candidate for a local government position in Taiwan has made history, becoming the first politician ever to receive a campaign donation in Bitcoin. Hsiao Hsin-chen, who is running for a seat on Taipei’s City Council with the New Power Party ticket, received a donation in Bitcoin worth about USD$325 a month after the party announced it would accept cryptocurrency donations.
A New York University (NYU) professor discussed how US regulators are all fighting to establish dominance in regulating cryptocurrencies. Professor David Yermack detailed a turf struggle, pointing out the NY Office of the Attorney General’s report released earlier this week accusing crypto exchanges of lack of proper market oversight, the Department of Financial Services’ recent ruling on a Bitcoin ETF, and the US Securities and Exchange Commission also trying to take a lead in crypto regulation. Yermack questioned whether or not this was beneficial to citizens.
According to Michael Novogratz, CEO of Galaxy Digital, cryptocurrencies have reached “seller fatigue” and he believes prices have bottomed. Novogratz went on to add that, although Bitcoin’s prices have dropped, it has held above USD$6,000 and established itself as a store of value.
Altonomy, a cryptocurrency trading advisory and digital assets management firm, has officially launched a sell-side over-the-counter (OTC) cryptocurrency trading desk. On top of that, the firm also launched a blockchain-based digital currency index fund, called Altonomy Taurus Index Fund. Altonomy claims to offer an unprecedented degree of transparency and professionalism while providing institutional investors a way to diversify into cryptocurrencies.
California’s Fair Political Practices Commission, the state’s political watchdog, has ruled that political candidates will not be allowed to accept donations in cryptocurrencies like Bitcoin. The vote on the issue occurred Thursday and favored the ban 3-1 with one individual abstaining.
CoinPayments.net, a business-to-business and business-to-customers platform for crypto payments, announced that they will be partnering with nonprofit Unify.org for World Peace Weekend. Occuring from September 21st to September 23rd, 1,300 events all over the world will take place to mark the largest global mediation in history, according to the Guinness Book of World Records.
Play2Live, a streaming platform for gamers and eSports fans, announced the launch of an open-beta of their blockchain streaming platform. Play2Live discussed participants’ ability to partake in monetization schemes, saying, “Everybody can be a part of the peer-to-peer interaction, and everybody, even the viewer, is able to earn money.”
South Korea’s largest telecommunications company, SK, has partnered with the country’s most valuable blockchain project, ICON, to implement blockchain and cryptocurrency technology in compensating users of its mileage system. ICON and SK have signed a Memorandum of Understanding to implement blockchain into its mileage rewards system that is used by 35 million citizens.
The Co-Director of Enforcement for the US Securities and Exchange Commission (SEC), Stephanie Avakian, vowed in a speech Thursday that the regulatory agency is going to practice more substantial enforcement of illegal ICOs. Avakian went on to mention that ICO’s are often high-risk investments masked by unrealistic assurances.
The US Securities and Exchange Commission (SEC) requested further comments regarding its decision on the listing and trading of a Bitcoin exchange traded fund (ETF) in a release Thursday. The Bitcoin ETF is backed by investment firm VanEck and financial company SolidX, with the initial request filed on June 6th of this year. In the SEC’s release, the regulating authority notes that it has not reached any conclusions on the Bitcoin ETF and asks for interested parties to send comments to the SEC in regards to the sufficiency and viability of a Bitcoin ETF. So far, the SEC has received over 1,400 letters.
Two of the largest cryptocurrency exchanges in the world, Coinbase and Binance, have been on hiring sprees of late despite a heavy bear market in cryptos. In an interview with Bloomberg, Binance’s Chief Financial Officer, Wei Ahou, said the company is in the process of hiring 50 new employees for its new headquarters in Malta while it is also recruiting for its fiat-to-crypto exchange in Singapore. Last week, Coinbase announced it would be hiring about 80 employees for its new headquarters in NYC.
Venezuelan President Nicolas Maduro said in television appearance that Venezuela will adopt the state-backed Petro Token in international trade. While it is unclear in which sectors of global trade Venezuela will use the Petro Token, economists and analysts have doubts whether the token will be accepted by international markets.
What is going out with Cryptos this AM: Cryptocurrencies are bouncing back from yesterday’s late day slide as Bitcoin Cash futures are set to start trading on Crypto Facilities platform at 11am EST
Binance is launching a JV with Liechtenstein Cryptoassets Exchange (LCX) to launch a fiat to cryptocurrency exchange, Binnace LCX. The exchange/platforming will be based in Liechtenstein and offer trading between Swiss Francs (CHF) and euros (EUR) against major digital currencies pairs with the potential for new trading pairs in the future.
Boston Consulting Group (BCG), in a paper published yesterday, argues that while there are good reasons to use blockchain technology when trading commodities, it will be hard to get widescale adoption given the amount of capex that already been poured into the IT systems of existing trading platforms/desks.
Crypto Facilities, the UK-based crypto futures exchange and a CME partner, is adding Bitcoin Cash to its platform. The cryptocurrency will begin trading today at 4PM BST.
The Ethereum community continues to struggle with DApps topping the number of downloads on the blockchain network that are promising investments with high returns that turn out to be fraudulent. As an example, Team JUST, the anonymous development team behind the gambling DApp FOMO 3D is warning that an indentical version of its game is eating up 1/3 of the Ethereum network’s total computational power and raising USD$7mm over the past week.
Genesis Mining, an Iceland-basd hashpower hosting service, is forcing customers to upgrade their Bitcoin mining contracts following this year’s drop in cryptocurrency valuations. The company is discounting the upgrade price of its Radiant service per 1 TH/s to USD$180 from USD$285. In 60 days, Genesis announced it will terminate open-ended contracts that mine less than the daily maintenance fee.
JD.com is launching a blockchain-as-service platform along with an app (it’s first) that will digitally track Fapiao, Chinese corporate invoices that are used both as references for bookkeeping and taxation purposes. JD will be tracking the invoices for one of the largest publicly traded insurance companies in China.
Pantera Capital partner Paul Veradittakit tells TechCrunch that its third venture capital fund could grow to as much as USD$175mm. Currently, the fund stands at ~USD70mm.
Ripple Labs has endorsed three cryptocurrency exchanges, Bittrex, Bitso, and Coins.ph as its preferred partners for transactions with Ripple’s xRapid payments system. Management at Ripple Labs is encouraging users in the US, Mexico and the Philippines to use these exchanges while transacting with xRapid. XRapid is a solution for Ripple’s blockchain-based real-time gross settlement system and is meant to facilitate international fiat transfers between financial institutions.
Tokens are up 50% against the USD$ over the past 24 hours with VeChain, Ontology and PundiX leading the rally.
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