A panel of top United States financial regulators has urged the federal and state officials to monitor the risks associated with digital assets.
The recommendation was made in an annual report published on Wednesday by the Financial Stability Oversight Council. The council is one of the top financial panels in the country and was set up in 2008 to assess any emerging risks that could trigger a banking crisis.
Members of the council include Treasury Secretary Steven Mnuchin, Federal Reserve Chair Jerome Powell, US Securities and Exchange Commission Chair Jay Clayton. and Commodity Futures Trading Commission Chair Heath Tarbert.
“The council recommends that federal and state regulators continue to examine risks to the financial system posed by new and emerging uses of digital assets and distributed ledger technologies,” the report stated.
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Stablecoins – the real threat to the economy
The panel is concerned about the popularity of stablecoins and warned its impact on the mainstream economy.
“Most recently, so-called stablecoins—digital assets designed to maintain a stable value relative to another asset (typically a unit of currency or commodity) or a basket of assets— have experienced growth in market capitalization and received increased public attention,” the annual report noted.
“If a stablecoin became widely adopted as a means of payment or store of value, disruptions to the stablecoin system could affect the wider economy.”
By stablecoins, the panel is mostly indicating Facebook’s attempt to launch Libra, a multi-commodity pegged digital currency. The project is facing massive roadblocks in the country as the government is cautious to allow a private entity to run a currency ecosystem.
“The Council encourages coordination among U.S. financial regulators to address potential issues that arise from financial innovation and will continue to use the Council’s digital assets and distributed ledger technology working group to promote consistent regulatory approaches and to identify and address potential risks,” the report added.
The ICO landscape was shaped throughout 2019 by a number of different factors–an increased influx of institutional cash, the increased prevalence of alternative token sale models (including IEOs and STOs), and the growing popularity of professional ICO management platform.
The year has also seen some important developments in the ways that ICOs are regulated, particularly within the United States. The United States Securities and Exchange Commission took action against several high-profile firms that have held some of the largest ICOs in history, including encrypted messaging services Telegram and Kik.
Although many analysts and experts agree that token sale regulations are still unclear in the United States, the ways that the cases have continued to unfold in court have the potential to set important precedents for the future of token sale regulation.
But will the potential for truly effective regulatory clarity–by some standards, the holy grail of the cryptocurrency industry–be reached anytime soon?
The SEC’s cases against Kik and Telegram have “[done] little to clarify the current murky regulatory environment”
J. Gray Sasser, co-chair of the Blockchain and Digital Currency team at Kentucky-based law firm Frost Brown Todd, LLC.
Many analysts and experts agree that as far as protections for US-based investors are concerned, the SEC seems to have made progress, particularly over the last two years. J. Gray Sasser, co-chair of the Blockchain and Digital Currency team at Kentucky-based law firm Frost Brown Todd, LLC, told Finance Magnates that “to its credit, the SEC has chased many of the fraudsters out of the space.”
Despite this, however, Sasser does not see much progress in terms of regulatory clarity on compliance measures for crypto-related firms who wish to hold token sales accessible by US-based investors.
“As both Kik and Telegram highlight in their court filings, the SEC’s complaints against the two companies do little to clarify the current murky regulatory environment,” Sasser explained.
“Counsel and their clients are forced to parse through a variety of speeches, statements, guidance and reports – none of which constitutes binding legal precedent,”
Indeed, Kik has tried to argue (unsuccessfully) that the SEC’s lawsuit against it should be considered “void for vagueness”; Telegram argued that the SEC has “engaged in improper ‘regulation by enforcement’ in this nascent area of the law, failed to provide clear guidance and fair notice of its views as to what conduct constitutes a violation of the federal securities laws, and has now adopted an ad hoc legal position that is contrary to judicial precedent and the publicly expressed views of its own high-ranking officials.”
Sasser explained that “the dearth of federal legislation and the SEC’s failure to use its formal rulemaking authority means that U.S. issuers of digital assets must engage in modern-day Kremlinology to divine what passes regulatory muster,” he said.
In other words, Sasser believes firms that wish to hold ICOs for US investors must become experts in the art of deducing what is really happening within a rather opaque organization.
“Counsel and their clients are forced to parse through a variety of speeches, statements, guidance and reports – none of which constitutes binding legal precedent,” he explained.
“Rather than updating statutes and regulations to account for this new technology, Congress and the SEC seem content to let the federal courts establish the rules of the road when it comes to digital asset offerings.”
To a large extent, the Commission’s actions this year may simply be reiterations of the past
While it could be argued that although regulating by enforcement is unfair and perhaps even illegal, it could be said that (albeit rather ham-fisted), regulation by enforcement is still a possible means to an effective end.
Rebecca Rettig, partner at FisherBroyles, LLC, in the firm’s Litigation Department and FinTech & Blockchain practice group.
However, Rebecca Rettig, partner at FisherBroyles, LLC, in the firm’s Litigation Department and FinTech & Blockchain practice group, said that so far, the actions that the Commission has taken this year haven’t presented anything new in terms of how the crypto industry should be regulated.
Indeed, “[the] SEC’s lawsuits against Telegram and Kik are only a continuation of the position the SEC enunciated in The DAO Report in 2017,” she said to Finance Magnates. The DAO report was an investigative report on the DAO token sale that took place several years ago. The SEC described the report as “cautioning market participants that offers and sales of digital assets by ‘virtual’ organizations are subject to the requirements of the federal securities laws.”
And what were the positions that were enunciated in the DAO report? Ms. Rettig explained that the report was the SEC’s “line in the sand” where it believed it was putting the industry on notice that participants needed to comply with the U.S. securities laws, regardless of whether firms conducting ICOs were based in the United States or abroad.
After all, Ms. Rettig explained, the SEC’s mission is to protect US investors and therefore, any token sale that has touched US investors is within the SEC’s jurisdiction; for example, Kik is based in Canada, while Telegram is incorporated in Germany.
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“In some cases, issuers [have abandoned] the United States altogether in search of jurisdictions with codified rules.”
In any case, the absence of a clear set of regulations has resulted in ongoing confusion. “The lack of clarity has left many blockchain developers scratching their heads and engaging in metaphysical discussions about how much ‘functionality’ a token must have not to be considered a ‘security’ in regulator’s eyes,” Sasser said.
He argued that ultimately, this kind of “cloudy regulatory environment” has stunted the growth of the cryptocurrency industry within the United States. “In some cases, issuers [have abandoned] the United States altogether in search of jurisdictions with codified rules,” Sasser said. “Other issuers have postponed any token offering, electing to raise capital through private placements of traditional securities to accredited investors via the safe harbor afforded by Regulation D.”
”Both the SEC and CFTC are looking to become the regulator charged with fighting wrongdoing.”
However, while regulations are still rather murky within the United States, the SEC’s cases against Kik, Telegram, and a number of other ICO issuers seem to point toward an increasingly ambitious attitude in taking law enforcement action against firms that hold ICOs.
Indeed, “the high-profile filings by the SEC show that they are increasing their scrutiny on the space,” said Braden Perry, Government Investigations and Corporate Governance Counselor at Kennyhertz Perry, LLC, to Finance Magnates. “It also shows that both the SEC and CFTC are looking to become the regulator charged with fighting wrongdoing.”
Braden Perry, Government Investigations and Corporate Governance Counselor at Kennyhertz Perry, LLC.
Perry also pointed out that the SEC has begun to widen the scope for cases that it considers to be in violation of the law. He said that the high-profile filings that the Commission has made throughout the year “[show] that even companies that attempt an ICO compliantly can get cross-ways with the regulators.”
“Take Kik for example,” he continued. “This was the SEC’s first Section 5 case, not alleging any fraud or abuse, but simply for failure to register what it deems as a security.”
The Howey Test is a living, breathing legal doctrine that has been purposefully designed to grow and change over time
And indeed, what does and does not count as a security in the SEC’s eyes seems to be an ongoing source of confoundment for the cryptocurrency industry–both Kik and Telegram, for example, have been accused of selling unregistered securities, although both companies have argued that their coins are utility tokens.
SEC’s response to Skadden’s/Telegram’s opposition to the SEC’s preliminary injunction application against Telegram:https://t.co/ZPZvFcHOHE
— ☠l̶̫͚̍̃͊́͐e̷̛̊́x̸-̴́̿n̷̛̜̣̥͛̋͛̓ǒ̶̾̿̒͂̈́̍d̸͛̔̀̽ë̵́☠ (@lex_node) October 20, 2019
“The Howey test is notoriously vague and many times based on a case-by-case basis,” Perry continued. “And for now, it looks like KIK will have to convince the court that Kin was not a security while rewriting what they believe the facts to be and facing a large legal expense.”
However, Rebecca Rettig pointed out that Howey test’s notorious vagueness is at least partially by design. Ms. Rettig said that although the Howey test has been in existence for over 70 years, it is a living, breathing legal doctrine that has been purposefully designed to grow and change over time as novel instruments come into existence. In making that statement, Ms. Rettig cited SEC v. C.M. Joiner Leasing Corp., 320 U.S. 344, 351 (1943), which states:
“[T]he reach of the [Securities] Act does not stop with the obvious and commonplace. Novel, uncommon, or irregular devices, whatever they appear to be, are also reached if it be proved as matter of fact that they were widely offered or dealt in under terms or courses of dealing which established their character in commerce as ‘investment contracts,’ or as ‘any interest or instrument commonly known as a ‘security’.”
In other words, the test was designed to be flexible in order to adapt to the evolving financial world. However, at what point does this intentional flexibility become negligence? Many within the cryptosphere argue that the line was crossed a long time ago.
The SEC believes its “enforcement in this space has been thoughtful and consistent.”
What does the SEC have to say for itself in terms of its pattern of enforcement and regulation? In the Comission’s 2018 annual report from the Division of Enforcement, the SEC said that “led by the Cyber Unit, the Division emerged as a global leader in addressing misconduct relating to digital assets and initial coin offerings (ICOs).”
“We believe our approach to enforcement in this space has been thoughtful and consistent. Importantly, it has provided a template for authorities in other countries, where fraud and misconduct targeting U.S. investors often have been based,” the report continued.
“Given the explosion of ICOs over the last year, we have tried to pursue cases that deliver broad messages and have market impact beyond their own four corners. To that end, we have used various tools—some traditional, such as the Commission’s trading suspension authority, and some more novel, such as the issuance of public statements—to educate investors and market participants, including lawyers, accountants, and other gatekeepers. We believe these investor-protection efforts have been successful.”
“Knowing their business model will be scrutinized may push the good actors out of the space but may not deter the bad actors.”
However, even though the SEC’s actions have perhaps not yet resulted in increased regulatory clarity, the cases that are currently underway could eventually result in more tangible regulations.
-For example, Braden Perry said that although Kik may not win the case, the court battle does present an opportunity to clarify regulation. “it is a time for righting facts and getting the litigation on an even line,” he told Finance Magnates. “It’s going to be a long battle, with extensive discovery, but the main issue is pretty simple: was this a security or not. And that will be a legal issue and likely ripe for a substantive judicial interpretation.”
And even then, the outcome of the case could have unintended consequences: “this likely will be a chilling effect for ICOs looking at attracting investors,” he explained. “Knowing their business model will be scrutinized may push the good actors out of the space but may not deter the bad actors.”
Ukrainian crypto companies can now receive up to $75,000 each in the form of government sponsored grants. A special fund set up by the authorities in Kiev is already accepting applications from startups in various high tech sectors including the blockchain industry. Over $1.5 million will be distributed by the end of the year.
The new Ukrainian Startup Fund, described by its website as a national investment program that will finance the country’s most talented entrepreneurs, will serve as an instrument to support startups after their launch. It will spend 440 million hryvnia (over $18 million) for that purpose, Ukraine’s Prime Minister Oleksiy Honcharuk announced this week.
Ukraine’s Prime Minister Oleksiy Honcharuk
Part of the funds will be allocated by the end of this year, the head of the Ukrainian government said during a press conference, Forklog reported. Approved applicants will receive a total of 40 million hryvnia, approximately $1.6 million in 2019, while another 240 million hryvnia, over $10 million, will be distributed in 2020. Each accepted project will be eligible for state funding of up to $75,000, Honcharuk detailed.
Only Ukrainian business projects oriented toward profit and which are in their early stages will be able to take advantage of the grants. Projects from innovative fields such as artificial intelligence, robotics, big data, software development, and most notably blockchain will be prioritized. It’s also worth noting that the Ukrainian government will have a limited role in the selection process with only two representatives in the fund’s seven-member supervisory board. The other five members are elected by the private sector.
Ukraine to Obtain Crypto Know-How From Belarus
The current administration in Kiev, under President Volodymyr Zelensky, includes many young professionals and is working together with the country’s business circles. It has taken steps to support innovative industries and renewed efforts to legalize and regulate economic activities related to cryptocurrencies.
Ukrainian Government Building
The Ukrainian government has recently signed a memorandum with the crypto exchange Currency.com to cooperate on the drafting of new crypto and IT legislation. The trading platform is a resident of the Belarus High Technologies Park, a special economic zone providing preferential treatment and tax exemptions to entities from the digital asset industry. Currency.com experts, who previously advised the executive power in Minsk on crypto matters, have now joined a working group at Ukraine’s Ministry of Digital Transformation.
Representatives of the ministry, a multi-partisan parliamentary group called ‘Blockchain4Ukraine’ and members of the industry have prepared several draft laws regulating different aspects of the crypto space. The bills concern the taxation of cryptocurrency transactions and the tokenization of other assets as well as the implementation of blockchain technologies in government registries and the introduction of AML and CFT procedures in accordance with the FATF standards.
What do you think about Ukraine’s plan to support crypto startups with government grants? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock.
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Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.
Kelly Loeffler, ICE’s former head of digital assets, who also serve as CEO of its crypto arm Bakkt, is set to leave her position after she was appointed this week to a soon-to-be-vacated United States Senate seat in Georgia.
Loeffler, who is married to founder and chairman of ICE Jeff Sprecher, has led the platform owned by the New York Stock Exchange owner since its inception last year until it created a crypto unicorn that recently launched the first regulated physically-settled Bitcoin futures.
The brainchild of NYSE’s CEO also works on rolling-out a cryptocurrency mobile application for retail consumers, as well as a merchant portal.
The choice of Kelly Loeffler to fill the seat adds a congresswoman who is definitely prejudice about the cryptocurrency. While only a few member of senate and house were supportive for the use of digital assets, most policymakers are adamant for not letting crypto become mainstream.
Ms. Loeffler replaces Johnny Isakson, a Republican senator who is experiencing health problems, in anticipation of a primary election to fill the Senate seat next year. As such, the wealthy business executive would serve until then, allowing her to run for the final two years as an incumbent.
Loeffler, who submitted her application just hours before the online portal was closed, was considering a run for the seat if she wasn’t appointed. However, Georgia governor Brian Kemp picked her to the seat despite Donald Trump’s endorsement of another republican candidate.
While Loeffler will remain at the helm of the company until December 31, Bakkt is set to announce another executive to step in as interim chief executive, while the company finds a replacement.
“Loeffler will relinquish this post before being sworn in as the next United States Senator from Georgia, with Bakkt’s senior management team continuing to work closely with the ICE senior management team, building on the innovations and progress achieved in the past year,” the ICE said in a statement.
Loeffler led the company since Intercontinental Exchange, along with Starbucks, Microsoft, and BCG, announced the backing of Bakkt to offer bitcoin futures contract that is actually delivered, unlike other offerings that are settled with cash.
Under her leadership, Bakkt had been one of a cluster of companies seeking clearance from the US regulators to trade physically-settled futures in bitcoin, and they all have grown frustrated at the lengthy application process.
In the meantime, Bakkt continues to bring on new talents to build out its crypto platform. This included poaching key executives from rivals such as its current COO, Adam White, who joined from Coinbase.
New York’s Department of Financial Services issued its 24th BitLicense today to the online finance and lending start-up SoFi, which authorizes the company to conduct cryptocurrency operations in the state.
The state’s approval allows SoFi to provide its customers with the ability to buy and sell bitcoin, along with select other virtual coins, for U.S. dollars and vice versa. Specifically, SoFi has been authorized to transact Bitcoin, Bitcoin Cash, Ether, Ether Classic, LiteCoin, and Stellar Lumens, in addition to others it may add in the future.
“The Department’s approval of SoFi’s virtual currency and money transmitter licenses provides consumers with more choices in a continuously evolving global financial services marketplace,” the regulator said in a statement
The San Francisco-based company has been already in partnership with popular exchange Coinbase that enabled crypto trading features into its SoFi Invest platform, which mainly targets millennial investors through a student loan consolidation service. The partnership also allows SoFi customers to track crypto price movements.
Anthony Noto, CEO of SoFi, noted: “We’re thrilled to now be able to offer the trading of cryptocurrency, in addition to active and automated investing, as part of SoFi Invest in New York State, in addition to the full suite of SoFi products that help our members borrow, save, spend, invest, and protect their money.”
Complicated regulatory structure
To maintain a BitLicense license, a provider must fulfill various reporting requirements and comply with standards on anti-money laundering, cybersecurity, and consumer protection.
While US authorities have been relatively active on the subject of cryptocurrencies, the local community has had its ears filled with conflicting talk from different regulators and various state legislatures.
New York is the only state that requires firms dealing in digital assets to obtain a license to operate. The Empire State has established a strong state-based regulation, but the approach has been widely maligned by the crypto community for being one of the strictest laws governing this type of business.
The news follows other, similar stories of progress for Bitcoin companies in the US, though cryptocurrency regulation still happens largely on a state-by-state basis.
Cryptocurrency enthusiasts have been discussing a newly developed exchange ranking developed by the crypto portfolio and trading bot startup Bituniverse. According to a leaked screenshot of Bituniverse’s “Exchange Transparent Balance Rank,” there’s roughly 1.9 million BTC held on centralized trading platforms. Bituniverse claims the full list of exchange balance ranks “will be disclosed on December 12.”
There’s $13.9 Billion Worth of BTC Allegedly Stored on Global Exchanges
Last year, on January 3, the community supported the idea of a “Proof of Keys” day after crypto investor Trace Meyer started the withdrawal initiative. However, as January 3, 2020 approaches, it seems that lots of digital currency holders still don’t appreciate the importance of possessing their own keys. This week a leaked photo of the Bituniverse application indicates there’s allegedly 1.9 million BTC ($13.9 billion) currently stored on the world’s most popular exchanges. The balance rank feature is not yet available on the Bituniverse app, but the company says that the full list will be available on December 12. The top two exchanges listed on the Bituniverse “Exchange Transparent Balance Rank (ETBR)” shows that Coinbase allegedly has 966.23K BTC ($7.1 billion) in storage while Bitmex holds roughly 265.14K BTC ($1.9 billion). Other notable exchanges listed on the ETBR include trading platforms Bitstamp, Bitfinex, Kraken, and Poloniex.
According to Bituniverse’s recent tweet, exchanges like Binance, Huobi Global, and Okex will also be included in the December 12 list. The exchanges don’t provide the official data for the ETBR list, as the exchange balances are tracked independently by Peckshield and Etherscan. Bituniverse says they couldn’t have made “[the ETBR] without the help of Peckshield.” After the photo of the Bituniverse ETBR leaked, Trace Meyer tweeted about the situation saying:
1.925m+ Bitcoin supposedly being held at Coinbase, Bitmex, Bitstamp, Bitfinex, Kraken, Bittrex, Coincheck and Poloniex just waiting to be lost like so many others — Have you tried to withdraw any lately?
Digital currency enthusiasts discussed the exchange balance topic on Reddit as well. When one Redditor created a post that was titled: “Coinbase owns 966.23k Bitcoin, and Bitmex owns 265.14k Bitcoin,” a person commented about how the statement was phrased. “You should put quotation marks around the “owns” — While they have the private keys to these coins, they act more like banks than bitcoiners. Most of these coins are their customers’ deposits,” the Redditor remarked. Other people disagreed and said: “‘Owns’ is the correct term. Not your keys, not your bitcoin. They can get hacked or steal the coins at any time — They own them.” The Bituniverse exchange balance list value is measured in tether (USDT), but it also contains exchange balances in ETH and USDT.
‘Not Your Keys, Not Your Coins’
The ETBR information is not the first time exchanges have been scrutinized for balance holdings. Seven months ago, veiwbase.com published a market analysis report which ranked crypto exchanges by using balances derived from blockchain data. Similar to the ETBR-based list of BTC holdings, Viewbase researched the wallets belonging to exchanges using the Ethereum (ETH) blockchain and analyzed their historical balances of ether. They chose ETH because it’s the second-largest crypto market by capitalization and usually captures a lot of trade volume as well. “We ranked exchanges by the amount of ether deposited in their exchange wallets and compared it to their reported trading volumes,” the researchers’ report stressed. In that report, Kraken and Binance were noted as the largest ETH holders with balances over 5.4 million ether ($796 million) combined.
Veiwbase.com’s ether balance list that was published last May.
Despite the fact that millions of ETH and BTC are still held on exchanges, Trace Meyer and a slew of others are celebrating “Proof of Keys” day again by telling people to take possession of their assets. “Not your keys not your coins,” the Twitter account ‘Church Of Satoshi’ tweeted on Tuesday. “We’ve been blessed by the coming of Bitcoin, as a way to claim back our monetary sovereignty — Claim it by not letting exchanges manage it for you.” “‘Proof of Keys’ January 3rd countdown begins,” another person wrote. “This day is when all bitcoin owners need to withdraw their bitcoin held in custodial services (exchanges, depository services, buying apps etc), into their own wallets.”
Even though veteran cryptocurrency proponents have been spreading this message for 10 years now, people still store vast amounts of crypto with third-party services that could go under at any moment. Moreover, there’s been seven major cryptocurrency exchange hacks in 2019 where investors lost millions of dollars’ worth of crypto.
What do you think about the alleged 1.9 million BTC held on digital currency exchanges? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Bituniverse App, Reddit, Twitter, and veiwbase.com.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
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Jamie Redman
Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.
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December 6, 2019
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Alex Caruso has drawn outsized media attention in the season’s early going. While he’s taken some flak for his popularity, he’s nevertheless been indispensable to the Lakers. Still, the biggest reason behind his popularity is obvious. Die-hard Los Angeles Lakers fans were begging Alex Caruso would simply get the chance to play long before he became a national-media darling. Six weeks into the regular season, Caruso has lived up to the promise of the small minority who always believed in his game to emerge as a fixture for the best team in basketball. But as he continues cementing himself as...
December 6, 2019
December 6, 2019
bitcoinfolio
26998
Alex Caruso Hype Is Out of Control, but He’s Still Been Indispensable
For some time now, I have been aware of a widespread fascination among many libertarians with Jim Bell’s “Assassination Politics” (AP). At my request, Robert Vroman has defended the merits of AP. In this article, I will argue that AP is just about the single worst idea that libertarians could advocate. Despite my misgivings, I thank Vroman for his article, so that AP sympathizers may be reassured that I am not attacking a strawman. **This following article is an opinion piece written by the economist and libertarian author Robert Murphy. “The Politics of Destruction” written by Murphy first appeared on...
December 6, 2019
December 6, 2019
bitcoinfolio
26996
The Politics of Destruction
the-politics-of-destruction
December 6, 2019
0
Russell Okung is no bitcoin tenderfoot. The Los Angeles Chargers left tackle hosted his own Bitcoin event in September 2019 after he made a public splash onto the scene with his “Pay me in Bitcoin” tweet during the off-season. Now, for his December 8, 2019, matchup against the Jaguars, bitcoin will be with him every step of the way — literally. The two-time Pro Bowler and bitcoin hodler recently tweeted a cleat design that reps the open-source BTCPay Server, a decentralized payment portal that was built as an alternative to BitPay. Fashioned in the project’s neon green color scheme, the...
December 6, 2019
December 6, 2019
bitcoinfolio
26994
For “My Cause My Cleats” Design, Russell Okung Sports BTCPay Server
Financial trouble has been brewing across the Euro zone for some time. Germany is one of the first countries to force its negative interest rates upon regular consumers. Many people aren’t aware of how all European countries have dealt with negative interest rates for years. Negative Interest Rates are Problematic The ECB has been forcing these rates upon countries for up to five years now. In most cases, that would only affect the wealthy with over 100,000 euro in their savings account. In Germany, that situation has now come to change in dire fashion. Starting this week, the verdict will...
December 5, 2019
December 5, 2019
bitcoinfolio
26991
Germany Inches Closer to Nation-wide Negative Interest Rates
Click to download audio version To celebrate the holiday season, this episode of the Weekly Bits podcast covers two programs focused on accelerating bitcoin-based giving. Peter is joined by Bitcoin Magazine associate editor Colin Harper to discuss two of his recent stories — the first dedicated to GiveBitcoin and its effort to help Bitcoiners evangelize the technology by sharing BTC with others, and the second to The Giving Block and its mission to focus Giving Tuesday on #GivingBitcoin to charity. Resources: GiveBitcoin Wants You to Give Bitcoin This Holiday Season The Nonprofit Push to Make Giving Tuesday About Giving Bitcoin...
December 5, 2019
December 5, 2019
bitcoinfolio
26989
Weekly Bits #7: The Gift of Bitcoin Giving
weekly-bits-7-the-gift-of-bitcoin-giving
December 5, 2019
0
Bitcoin didn’t have the best second half of 2019, plunging from a year-to-date high of $14,000 in June to $7,400, where it sits as of the time of writing this. At its lows, the cryptocurrency fell as low as $6,600, languishing as BTC buyers failed to step in amid selling pressure seemingly catalyzed by Chinese regulation of digital assets and the operators of a multi-billion dollar Bitcoin scam selling their coins.Despite the harrowing backdrop, Bloomberg’s Mike McGlone of the business media giant’s Intelligence unit believes that Bitcoin has a positive outlook heading into “2020 and the next decade” due to...
December 5, 2019
December 5, 2019
bitcoinfolio
26987
Why Bloomberg Analysts Expect Bitcoin Price to Rally Past $10,000
An emerging link between beaten-down stocks and bond yields may determine whether value stocks will outperform growth in the years ahead. Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more. PLANNING & INVESTING Why Markets Have […] Source
Last Updated on December 5, 2019 The Japanese bitFlyer is one of the world’s leading crypto exchanges, officially recognized by Bitwise to be one of the only ten exchanges that list “real” trading volumes. The company has subsidiaries in both the US and Europe that facilitate trade within these regions. Launching the New Instant Buy The company has recently announced the launch of a new Instant Buy option on its European Buy/Sell exchange platform. Available on both smartphone and desktop, users are capable of buying crypto directly from bitFlyer itself. They can do this through debit cards, credit cards, or...
December 5, 2019
December 5, 2019
bitcoinfolio
26983
Crypto Exchange bitFlyer Launches “Instant Buy” Option to Streamline Crypto
Visible Capital, a new Scottish fintech company founded by three Scottish tech veterans has secured £500,000 seed funding from TechStart Ventures and a group of eight private investors.Preston Rabl, co-founder of the advertising and public relations giant WPP plc will join the board, whilst Ian Steel, former senior partner of Deloitte in Scotland and Northern Ireland; and Iain Mackay, an experienced director and NXD are joining the Advisory Board.Launching in early 2020, Edinburgh-based Visible Capital, led by Richard Braidwood, Ross Laurie and Christian Burgin, has developed technology that will help clients of intermediaries, such as wealth managers, pension providers and...
December 5, 2019
December 5, 2019
bitcoinfolio
26981
Scottish fintech startup Visible Capital secures £500,000 in seed funding
A panel of top United States financial regulators has urged the federal and state officials to monitor the risks associated with digital assets. The recommendation was made in an annual report published on Wednesday by the Financial Stability Oversight Council. The council is one of the top financial panels in the country and was set up in 2008 to assess any emerging risks that could trigger a banking crisis. Discover iFX EXPO Asia 2020 in Macao – The Largest Financial B2B Expo Members of the council include Treasury Secretary Steven Mnuchin, Federal Reserve Chair Jerome Powell, US Securities and Exchange...
December 5, 2019
December 5, 2019
bitcoinfolio
26979
Top US Financial Panel Wants Monitoring of Digital Assets
The ICO landscape was shaped throughout 2019 by a number of different factors–an increased influx of institutional cash, the increased prevalence of alternative token sale models (including IEOs and STOs), and the growing popularity of professional ICO management platform. The year has also seen some important developments in the ways that ICOs are regulated, particularly within the United States. The United States Securities and Exchange Commission took action against several high-profile firms that have held some of the largest ICOs in history, including encrypted messaging services Telegram and Kik. Discover iFX EXPO Asia 2020 in Macao – The Largest Financial...
December 5, 2019
December 5, 2019
bitcoinfolio
26977
Have the SEC’s Telegram & Kik Cases Brought Clarity to Crypto?
A panel of senior financial regulators in the United States has warned the public about the purported risks of stablecoins and cryptocurrencies. A report issued on Dec. 4 by the Financial Stability Oversight Council (FSOC) highlighted potential problems resulting from stablecoins gaining wider recognition. The FSOC was set up in 2008 to combat risks to the financial sector after the financial crisis. The panel is headed by United States Secretary of the Treasury Steven Mnuchin. Its voting members include Jay Clayton, the chairman of the Securities and Exchange Commission (SEC), as well as Heath Tarbert, who recently took over as...
December 5, 2019
December 5, 2019
bitcoinfolio
26975
Stablecoin Adoption Can Impact Economy, Warn Senior US Regulators
Xbox chief Phil Spencer boasts about having a Project Scarlett console at home. Appears to be a reaction to reports of poor communication and dev kits not reaching developers. Xbox eager to squash any suggestion it is behind competitors. According to a tweet penned late last night, Xbox boss Phil Spencer already has a next-gen Project Scarlett at home and is seemingly having a great time of it. Veering quite sharply into the domain of flexing, with a little humble-brag thrown in for good measure, it foreshadows something we should come to terms with sooner rather than later – we’re...
December 5, 2019
December 5, 2019
bitcoinfolio
26973
Xbox Chief Phil Spencer Flexes With Project Scarlett Humble-Brag
Ukrainian crypto companies can now receive up to $75,000 each in the form of government sponsored grants. A special fund set up by the authorities in Kiev is already accepting applications from startups in various high tech sectors including the blockchain industry. Over $1.5 million will be distributed by the end of the year. Also read: Russian Tax Authority Registers Crypto as Part of a Company’s Capital New Fund to Spend $18M on Innovative Projects The new Ukrainian Startup Fund, described by its website as a national investment program that will finance the country’s most talented entrepreneurs, will serve as...
December 5, 2019
December 5, 2019
bitcoinfolio
26971
Crypto Startups to Get up to $75,000 From the Government of Ukraine
The Internal Revenue Service (IRS) is auditing companies who registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB) involved in the Bitcoin space — it’s called a Title 31 Exam. These exams were once typically reserved for Indian Casinos but they're happening in the Bitcoin space now. I’ve seen a few companies get hit with these exams last week and from what I've heard, they've been issued en masse, rather like the SEC subpoenas of early 2018. It's an unpleasant notice to receive. The far-reaching rules of the Bank Secrecy Act (BSA) apply equally to companies with large...
December 5, 2019
December 5, 2019
bitcoinfolio
26969
Op Ed: The IRS Is Checking Up on Crypto Businesses. Is Yours Ready for Its Title 31 Exam?
It has been a while since a new strain of malware was linked to cryptocurrencies. In the case of this particular Trojan, it was hosted on a fake cryptocurrency trading platform. The Trojan was originally identified earlier this week by Dinesh Devadoss, a malware researcher. A new MacOS Malware Surfaces It has not been officially named at this point, but the payload has become apparent. The Trojan distributes the mach-O executable file, which will allow it to pose serious problems to any computer it infects. The worrisome part is how there have not been any public detections of the MacOS...
December 5, 2019
December 5, 2019
bitcoinfolio
26967
Fake Crypto Platform Distributes North Korean MacOS Trojan
Published on December 4th, 2019 by BTCMedia Click to download audio version iFrame Host Tom Shaughnessy of Delphi Digital is joined by Lior Lamesh, Co-Founder & CEO at GK8. Lior is a cyber security expert and on this episode we discuss GK8's crypto security offering that the company believes is the most secure on the market for enterprises, firms and funds. The Upbit hack of $50M happened after we recorded this episode, although Lior shares some very relevant information on this topic. Lior also dives into the Binance Hack, and how this could have been prevented. GK8 is a cybersecurity...
Throughout 2019, altcoins like Ethereum, Ripple, and others, have grossly underperformed next to Bitcoin, sans a few outliers like Chainlink, or Binance Coin, who had breakout years themselves in 2019.But according to a very accurate-looking fractal on ETH/BTC price charts, Ethereum could soon break out against Bitcoin, helping to propel altcoins out of the gutter and back into a full-blown alt season.ETH/BTC Trading Pair Fractal Hints at Ethereum Outperforming BitcoinThe year of 2019 has been mostly about Bitcoin and its safe-haven narrative driving the price of the leading cryptocurrency by market cap up 350% at its high of $14,000. At...
December 5, 2019
December 5, 2019
bitcoinfolio
26963
Ethereum Fractal Suggests Altcoins Could Soon Outperform Bitcoin
Last Updated on December 4, 2019 Singapore is a crypto-friendly country. However, the stance of the country can sometimes be to its detriment, as scammers can find it easy to run their operations on unsuspecting investors. According to a December 3 report from the Stratis Times, Tharman Shanmugaratnam, the chairman of the Monetary Authority of Singapore (the de facto Central Bank of the city-state) has found himself unwittingly caught up in a Bitcoin investment scam, after his face and name were used to promote the scam. A Pretty Regular Customer Citing a statement from the regulator, the news medium explains that the...
December 5, 2019
December 5, 2019
bitcoinfolio
26961
Singaporean Policymaker’s Image Used to Promote Crypto Scam
BBVA has added Intel to its roster of partnerships with top tech firms, following similar agreements with Cisco, Red Hat, Salesforce, Amazon Web Services and IBM.The agreement establishing Intel as BBVA’s priority partner is part of a series of strategic, global alliances that the Group is formalising with tech leaders.The pact will give BBVA access to a suite of products, tools and capacities enabling it to improve the performance of its data storage and processing systems. The solution portfolio provided by Intel includes both physical components and software tools that will help the Spanish bank to continue developing next-generation digital...
December 5, 2019
December 5, 2019
bitcoinfolio
26959
BBVA to leverage Intel partnership for data mining and AI
The number of user accounts on commission-free investing app Robinhood has exploded to more than 10 million. The six-year-old startup has been growing at an explosive rate, and the number of brokerage accounts on its platform is double than it was a year ago. The impressive metrics mean that the New York startup has been able to bring on nearly as many customers as TD Ameritrade, which onboards 11 million users and has been in the online brokerage industry since 1975. One of Robinhood’s biggest competitors, E-Trade, had 4.9 million brokerage accounts at the end of 2019, with an annualized...
December 5, 2019
December 5, 2019
bitcoinfolio
26957
Robinhood Hits 10 Million Users, Closing in on Big Old Rivals
Kelly Loeffler, ICE’s former head of digital assets, who also serve as CEO of its crypto arm Bakkt, is set to leave her position after she was appointed this week to a soon-to-be-vacated United States Senate seat in Georgia. Loeffler, who is married to founder and chairman of ICE Jeff Sprecher, has led the platform owned by the New York Stock Exchange owner since its inception last year until it created a crypto unicorn that recently launched the first regulated physically-settled Bitcoin futures. Discover iFX EXPO Asia 2020 in Macao – The Largest Financial B2B Expo The brainchild of NYSE’s CEO...
December 5, 2019
December 5, 2019
bitcoinfolio
26955
Bakkt CEO Kelly Loeffler Leaves for US Senate Seat
Eight former core developers from financial services company Morgan Stanley have launched Phemex, a new cryptocurrency derivatives trading platform, in Singapore. In a press release shared with Cointelegraph on Dec. 4, the former Morgan Stanley developers claim the platform is ten times faster than traditional crypto trading platforms, while offering 100x leverage to both retail and institutional investors in Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) perpetual contracts. Exchange is “on par with Nasdaq” In the near future, these contracts will reportedly also be backed by traditional financial products, such as stock indexes, interest rates, foreign exchange, agricultural commodities, and...
December 5, 2019
December 5, 2019
bitcoinfolio
26953
Former Morgan Stanley Developers Launch Crypto Derivatives Exchange
https://www.youtube.com/watch?v=m4STFX9QPqc Nate DiCamillo sits down with Caspian's CTO at Invest:NYC 2019. Subscribe to CoinDesk on YouTube: http://www.youtube.com/subscription_center?add_user=coindesk Site: https://www.coindesk.com Facebook: https://www.facebook.com/CoinDesk Twitter: https://www.twitter.com/coindesk Instagram: https://www.Instagram.com/coindesk Newsletter: https://www.coindesk.com/newsletter/ Twitter (Markets): https://www.twitter.com/coindeskmarkets CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Source
December 5, 2019
December 5, 2019
bitcoinfolio
26951
Interview witth Gerrit Van Wingerden
interview-witth-gerrit-van-wingerden
December 5, 2019
0
YouTube has some pretty glaring issues with how their site deals with copyright claims. Game developer American McGee has been claimed for content from his own game. This just highlights how bad the situation has gotten. YouTube is kind of a mess. The site is basically run by a combination of robots and outsourced workers. With recent ‘kids friendly content’ issues adding to the mountain of issues with the platform, it’s a wonder anyone can make a living there. Even big names seem to be struggling these days. It almost seems old hat, but there has been yet another copyright...
December 5, 2019
December 5, 2019
bitcoinfolio
26949
American McGee’s YouTube Copyright Strike Shows How Bad the System Still Is
https://www.youtube.com/watch?v=QEqtuY-oyeI This week on BF Live Episode 42, Simon Dixon (CEO & Co-founder of BnkToTheFuture) will go live with Joshua Scigala (CEO of Vaultoro) to discuss the 7 tips for successfully raising funds on BnkToTheFuture.com. Followed by a live Q/A session. Vaultoro successfully raised funds on BnkToTheFuture's online investment platform: https://bnktothefuture.com/pitches/vaultoro-2 Stay tuned with our latest updates, follow us on your favourite social media channels: Twitter: https://twitter.com/BankToTheFuture Facebook: https://www.facebook.com/banktothefuture Telegram: @bf_token | https://t.me/bf_token LinkedIn: https://www.linkedin.com/company/bnktothefuture See if you qualify to invest by registering at https://BnkToTheFuture.com now. Source
December 5, 2019
December 5, 2019
bitcoinfolio
26947
BnkToTheFuture (BF) Live Ep. 42 | 7 tips to successfully raise funds on BnkToTheFuture.com
Since mid-September, the Federal Reserve has injected three trillion U.S. dollars into the hands of private banks and Wall Street. Despite the fact that massive amounts of money was created out of thin air, the central bank still believes repurchase agreements (repos) are needed to tame the turbulent economy. Nearly every day the Federal Reserve Bank of New York gives primary lenders billions of dollars. Like clockwork on Tuesday, December 3, the entity introduced another $95.56 billion to private institutions. Also read: Despite St. Louis Branch Warnings, New York Fed Pumps $108 Billion Into US Economy The Fed Created $3...
December 5, 2019
December 5, 2019
bitcoinfolio
26945
The Fed’s Money Creation System Is Fueling One of the Biggest Heists in History
In a tweet he posted on November 25, 2019, Carlton Fields Senior Counsel Justin S. Wales announced the publication of a unique research paper which linked bitcoin transactions with free speech and the First Amendment of the U.S. Constitution. The paper, which was co-authored with veteran First Amendment lawyer Richard J. Ovelmen, is part of Volume 74 of University of Miami Law Review. It’s called “Bitcoin is Speech: Notes Toward Developing the Conceptual Contours of Its Protection Under the First Amendment.” “I wrote this article alongside my colleague Richard J. Ovelmen, a very important First Amendment lawyer who has written...
December 5, 2019
December 5, 2019
bitcoinfolio
26943
Video: Justin S. Wales on How the First Amendment Protects Bitcoin
The ongoing growth of the Bitcoin ATM industry cannot be denied. Over 6,000 of these teller machines can be found around the globe. Bitcoin Depot is the first company to surpass the 400 ATM mark in this industry. The Ongoing Growth of Bitcoin ATMs That also makes them the largest operator of Bitcoin ATMs globally. CoinFlip and CoinCloud are not too far behind, with 393 and 389 machines respectively. All of these figures confirm Bitcoin is still of great interest to a lot of people. As the number of machines in operation continues to grow, there are major hopes for...
December 4, 2019
December 4, 2019
bitcoinfolio
26941
Bitcoin Depot Currently Operates Over 400 Bitcoin ATMs
Click to download audio versionThis week’s episode of #TheTatianaShow, Alex Petrov from Bitfury stops by. Alex is a crypto “OG” and introduced me to the Honey Badger Conference. The Bitfury Group is the largest full-service blockchain technology company in the world. They develop state-of-the-art software and hardware solutions for businesses, individuals, and organizations to securely move assets across the blockchain. Alex is their Chief Information Officer. Josh and I have a great in-depth conversation with Alex about his extensive background in I.T., cryptocurrency, and the multiple programs he has been involved with during his time with Bitfury. We discuss the...
December 4, 2019
December 4, 2019
bitcoinfolio
26939
The Tatiana Show Ep. 234 Alex Petrov
the-tatiana-show-ep-234-alex-petrov
December 4, 2019
0
If you’ve perused Bitcoin and Silicon Valley Twitter at all over the past few years, you’ve likely heard the word “unicorn” thrown about. Heck, if you’ve read Bloomberg or watched any number of CNBC’s segments over the past decade, you’ve heard the word.Related Reading: Under 6.8m Bitcoin Changed Hands in the Past Year: Does it Indicate Positive Sentiment?No, it’s not a reference to the mythical creature with one long horn, but is rather a word used to describe the fleeting number of startups that have surmounted a $1 billion U.S. valuation.If you were to search up the term in the...
December 4, 2019
December 4, 2019
bitcoinfolio
26937
Bitcoin, the “Biggest Unicorn of the 2010s”: Market Cap Higher Than Uber & Airbnb Combined
William Galvin, Massachusetts’ secretary of the commonwealth, has signed off on the regulation, which would apply a fiduciary standard to broker-dealers, agents, investment advisers, and investment adviser representatives when they deal with clients. Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on […] Source
December 4, 2019
December 4, 2019
bitcoinfolio
26935
WSJ Wealth Adviser Briefing: Brazil Markets, Real Estate Funds, Art Basel Predicament
Last Updated on December 4, 2019 The Western Australia Police Force has recently seized a record amount in cryptocurrency. The police seized the funding, totaling up to a hefty AU$1.52 million, or about US$1 Million, in a recent drug probe concerning two people. Busted By The Address A 25-year-old woman and a 27-year-old man were arrested by the Australian Border Force (ABF) due to allegations of importing MDMA. The substances themselves, 55 grams of MDMA spread evenly across drug tablets and powder, were hidden within a children’s toy painting kit. The drug-loaded toy was sent from the UK, heading to...
December 4, 2019
December 4, 2019
bitcoinfolio
26933
A Record $1 Million In Crypto Ceased By Drug Suspects in Australia
Nationwide Building Society has dipped into its £50 million venture fund to take an undisclosed stake in app-based donations startup Percent.Percent offers users a card-linked app with the opportunity to donate a percentage of their spending at participating retailers to their chosen charity or local good cause.The Percent app, which has an initial focus on students and young people, is being rolled out in cities across the UK and has so far signed up over 1000 retail brands, including Byron, Zizzi’s and Franco Manca.Released earlier this year, the company claims 'tens of thousands of users' and intends to be available...
December 4, 2019
December 4, 2019
bitcoinfolio
26931
Nationwide invests in charity app Percent
nationwide-invests-in-charity-app-percent
December 4, 2019
0
Devexa, a multi-language digital trading assistant and chatbot, is now available for brokers using the cTrader platform to offer as a white-label for their clients, the company announced earlier this week. Created by Devexperts, a provider of financial software and services for brokerages, Devexa is an automated solution that provides on the go market information, such as interactive charts, news, and stock fundamentals. Traders can access the assistant via mobile messengers and smart speakers. Discover iFX EXPO Asia 2020 in Macao – The Largest Financial B2B Expo Through the cTrader platform, brokers can provide their customers with another way to access...
December 4, 2019
December 4, 2019
bitcoinfolio
26929
Devexperts Partners with cTrader to Offer Brokers Devexa
India has been widely recognized as a market with huge potential for the cryptocurrency industry–millions of unbanked individuals, burgeoning penetration of mobile phone and internet usage, and a massive remittances market. However, regulatory uncertainty and widespread reports surrounding proposed legislation that would effectively ban the use of crypto within the country has caused the nation of India to remain largely untouched by the global cryptocurrency market–until recently. Discover iFX EXPO Asia 2020 in Macao – The Largest Financial B2B Expo Indeed, in November, Malta-based cryptocurrency exchange Binance acquired WazirX, a peer-to-peer crypto trading platform that has grown to be India’s...
December 4, 2019
December 4, 2019
bitcoinfolio
26927
WazirX CEO on Crypto Regulations in India: ‘Crypto is Not Illegal’
Ethereum developers have proposed a hard fork, named Muir Glacier, that should address the impending Ice Age, which could cause a significant slowdown on the Ethereum mainnet. In an Ethereum improvement proposal at the end of November, Ethereum developer James Hancock wrote that the proposed Ethereum Muir Glacier hard fork would push back the mechanism, known as Ice Age. Ice Age is unnecessarily complex and confusing Ethereum’s Ice Age, also known as Difficulty Bomb, refers to the increasing hashing difficulty in the mining algorithm used to reward miners with Ether (ETH) on its blockchain. This piece of coding artificially slows...
December 4, 2019
December 4, 2019
bitcoinfolio
26925
Ethereums Proposed Hard Fork Muir Glacier Would Delay Impending Ice Age
Dai refers to the stablecoin that is pegged to the US Dollars. 1 Dai = 1 USD through collaterals that back the stablecoin. When Dai was initially conceived, Ether (ETH) was the sole collateral backing the stablecoin; hence the name Single Collateralized Dai. On 18 Nov’19, Maker launched a new version of Dai which is collateralized by multiple assets beyond ETH, the Multi-Collateralized Dai (MCD). For clarity, here are the terms used in this article hereon: Single-Collateral Dai = Legacy Dai = SaiMulti-Collateral Dai = New Dai = Dai With this release, we will begin to see other assets forming...
December 4, 2019
December 4, 2019
bitcoinfolio
26923
How to convert from SAI (Single Collateral Dai) to Dai (Multi Collateral Dai) ? – A Step by Step Guide
https://www.youtube.com/watch?v=6horeSdLAdg Christine Kim sits down Kadena's President and CEO to discuss their recently-launched public blockchain. Subscribe to CoinDesk on YouTube: http://www.youtube.com/subscription_center?add_user=coindesk Site: https://www.coindesk.com Facebook: https://www.facebook.com/CoinDesk Twitter: https://www.twitter.com/coindesk Instagram: https://www.Instagram.com/coindesk Newsletter: https://www.coindesk.com/newsletter/ Twitter (Markets): https://www.twitter.com/coindeskmarkets CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Source
December 4, 2019
December 4, 2019
bitcoinfolio
26921
The Kadena Team Talks About Their New Public Blockchain
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