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Still Thinking of Investing in ICOs? Here Are 5 More Red Flags to Look Out For

ICO red flagsWhen statistics show that 81% of ICOs end up becoming scams, alarm bells should ring far and wide when it comes to investing in them. The market is flooded with unscrupulous individuals looking to secure as much funding as possible and leaving investors out of pocket. Last month, we published a piece on the top five red flags to look for in ICOs. But since a month is a seriously long time in the crypto world, investors should exercise further caution. Not everyone has access to expert advice when it comes to crypto investing. Some of us simply choose to buy on

ICO red flags

When statistics show that 81% of ICOs end up becoming scams, alarm bells should ring far and wide when it comes to investing in them. The market is flooded with unscrupulous individuals looking to secure as much funding as possible and leaving investors out of pocket.

Last month, we published a piece on the top five red flags to look for in ICOs. But since a month is a seriously long time in the crypto world, investors should exercise further caution. Not everyone has access to expert advice when it comes to crypto investing. Some of us simply choose to buy on an instinct, ride the wave of marketing hype, or carry out our own due diligence. But every now and then, we get lucky enough to glean some expert advice.

Ben Marks is the founder and CEO of Blocktrade Capital. Having invested in Bitcoin since early 2014, Marks worked for Bank of America and Wells Fargo’s Asset-Based Lending Group before founding Blocktrade Capital. As a weighted index fund for crypto assets, Blocktrade allows investors to hold a portfolio of the top cryptocurrencies, determined by a set of quantitative and qualitative factors.

For example, Marks looks out for coins that are less volatile than others, have been listed on reputable exchanges for a minimum amount of time, are both centralized and decentralized, and have a working product and track record of increased customer adoption. So, if you’re still thinking of investing in ICOs, here are five more red flags to look out for according to this expert.

Red Flag #1: Unusually High Token Allocation Given to the Team

“The team generally takes around 20% of the total token supply allocation. Amounts higher than this should be scrutinized carefully, especially if it isn’t addressed anywhere in the white paper,” says Marks. Remember the part about unscrupulous individuals looking for personal gain? Particularly pertinent here.

Red Flag #2: No Specific Detail on How ICO Funds will be Spent

Marks stresses the importance of asking the question of how the funds will be spent and what the company is planning to do after they raise the capital. “What will the funds be used for? How much of the funds will be spent during each year of the roadmap? What exactly will funds allocated to ‘product development’ be used for? These are all questions to ask yourself when evaluating an ICO. If there’s no specific detail given on how the funds raised will be spent, it could be a red flag.”

Red Flag #3: Longer than Usual Roadmap

This is a key point that’s often overlooked. Just having a roadmap in the first place often separates one shady ICO from the next. But be sure to actually check the roadmap out to see if it looks feasible or not.

Says Marks, “ICO project roadmaps generally average two years, so anything longer should be closely scrutinized. If a project with a five-year roadmap starts failing after one year, what’s to prevent the team from just pocketing the fundraised amounts budgeted for years two to five? Look for an explanation that’s more than just ‘the overly complex nature of the product requires five years to complete’.”

Red Flag #4: Unusually High Amount of Reserves

Reserves can be good or bad, as we discussed last month, but either way, they need to have a solid explanation. “A good use of reserves occurs when an ICO wants to make sure funds aren’t spent too early in the roadmap,” Marks explains. “If a project ends up being successful, the team wants to make sure there’s capital available to expand in the future. But if there’s no explanation for how the reserves will be spent, or who controls them, it’s a red flag.”

Red Flag #5: Same Advisors as Other Projects

You may have thought it was comforting to see the same trustworthy faces smiling at you out of the website, but having the same advisors on multiple projects isn’t necessarily a good thing.

“Advisors are tricky,” Marks warns. “If a project’s advisors aren’t well known then it isn’t necessarily a red flag, as the team could be new to the crypto space and hasn’t made any connections yet. But if you start seeing the same advisors on multiple ICOs, and the projects themselves are unrelated, it could be the sign of an advisor trying to stockpile tokens.” There’s also the chance of them being fake, with the team having no ties to the advisors at all.

So, if you’re still anxious to get in on this white knuckle ride, proceed with caution. And look out for the same red flags that top investors do.

German Stock Exchange Subsidiary To Release Crypto Trading App

A subsidiary of Börse Stuttgart, the second-largest stock exchange in Germany, is releasing ‘the first crypto app in the world to have a traditional stock exchange behind it.’ #NEWS

A subsidiary of Börse Stuttgart, the second-largest stock exchange in Germany, is releasing ‘the first crypto app in the world to have a traditional stock exchange behind it.’ #NEWS

Massive German Stock Exchange to Launch Crypto Trading App

One of Germany’s largest stock exchanges has announced today that they will launch a cryptocurrency trading application later this year. Sowa Labs, a subsidiary of Börse Stuttgart, revealed that their application will offer commission-free trading for several of the largest digital currencies by market capitalisation. Prototype of New Crypto Trading App Demoed in Stuttgart The new

The post Massive German Stock Exchange to Launch Crypto Trading App appeared first on NewsBTC.

One of Germany’s largest stock exchanges has announced today that they will launch a cryptocurrency trading application later this year. Sowa Labs, a subsidiary of Börse Stuttgart, revealed that their application will offer commission-free trading for several of the largest digital currencies by market capitalisation.

Prototype of New Crypto Trading App Demoed in Stuttgart

The new application will be called Bison and, according to Börse Stuttgart, it will be available for users to download in September of this year. One of the most exciting features of the app from a user’s perspective is the cost. It will be free to join and reports in Bank Innovation indicate that it will also offer commission-free trading.

A trial version of the application is being presented at a trade show in Stuttgart this week. Currently, there will be options to buy and sell Bitcoin, Litecoin, Ether, and XRP. However, the Bison website states that there are plans to add more assets after the launch this autumn.

The focus of the application seems to be to provide users with as straightforward an entry point into digital currency investing as possible. The website claims that it has been optimised for fast and effortless trading, as well as being ready to use with just a few clicks.

In a statement, Dr Ulli Spankowski, the managing director of Sowa Labs, claimed:

“Bison makes trading in digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it.”

In addition to the fee-less trading model, Sowa Labs are also offering the first users to register interest in the Bison application the chance to win crypto prizes. Those who are amongst the initial 1,000 members on their VIP list will have the opportunity to win one of three Bitcoins donated to the prize pool along with other prizes in Ether, Litecoin and Ripple.

The platform also features a “crypto radar”. According to the website, they scan Twitter for trending news about the most popular digital currencies. They will then present their findings to investors using the exchange app.

Börse Stuttgart is Germany’s second largest stock exchange behind the Frankfurt Stock Exchange. They took a 100% stake in Sowa Labs last December. The precise amount paid for the fintech startup is unknown but according to Waters Technology, it was a “seven-figure” deal.

Excitingly, the launch of Bison isn’t the only news of a major institution moving into the cryptocurrency exchange business. Earlier today, we reported on Yahoo! Japan’s plans to enter the industry. Despite the internet giant stating that they’ll only have their exchange platform ready to go live in April 2019, the internet giant is already undertaking the necessary preparations.

Yahoo! Japan will first buy a 4o% share of the existing BitARG exchange. According to reports, such a stake will cost around 2 billion yen – around $19 million. BitARG is already fully operational and has the approval of the Financial  Services Agency in Japan. They are currently one of 16 digital currency exchanges with FSA backing.

Image Courtesy of Shutterstock

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Santander’s Application Takes Blockchain Mainstream

Santander has claimed that its upcoming blockchain phone app One Pay FX can speed up international payments between multiple countries, in a process that will require “3 clicks and 40 seconds” to complete. It is set to be initially available in the UK, Brazil, Poland, and Spain with plans to expand to more countries in …

The post Santander’s Application Takes Blockchain Mainstream appeared first on BitcoinNews.com.

Santander has claimed that its upcoming blockchain phone app One Pay FX can speed up international payments between multiple countries, in a process that will require “3 clicks and 40 seconds” to complete.

It is set to be initially available in the UK, Brazil, Poland, and Spain with plans to expand to more countries in the near future.

Santander’s blockchain application development

One of the world’s largest banks, Santander’s UK business sector and San Fransisco-based Ripple have been developing the international payment app since 2016. Back in January, the company released a presentation with details of a phone app and the use of blockchain and distributed ledger technology.

Ripple, a cryptocurrency built for enterprise and banking, aims to provide fast global payments, low transaction fees and other beneficial factors like blockchain security. It also looks to implement more bespoke functionality for the industry, which isn’t necessarily required by other coins.

xCurrent is the financial institution software solution currently provided by Ripple, offering end-to-end tracking and bi-directional messaging. Ripple claims many other features and qualities such as scalability which make it well suited for the banking industry.

Santander's Blockchain phone App
Credit: Santander Presentation – www.santander.com/csgs/Satellite/CFWCSancomQP01/en_GB/pdf/Earnings_Presentation_ENGLISH_4T17.pdf

Future banking built on blockchain

Although Santander is at the forefront of the technology, plenty of others are already working towards similar solutions using blockchain. With PKO Polski recently creating a partnership with Coinfirm and Toronto-Dominion (TD) bank applying for blockchain patents, there is a growing transition of organizations moving towards crypto-space.

A consortium in Japan is currently looking to bring in some 60 banks which are responsible for the majority of the countries financial assets (80%) to the blockchain age using Ripple’s technology.

Current bank transfers take two to four days to clear due to checks for fraudulent behavior, but blockchain looks to speed up the process while maintaining security. The use of blockchain also presents the opportunity to implement artificial intelligence which can now work with encrypted data as well as monitor and analyze transaction patterns.

 

The post Santander’s Application Takes Blockchain Mainstream appeared first on BitcoinNews.com.

Meitu’s Frank Fu Joins Fantasy Sports Platform MyDFS as Advisor

sports betting 2Having a solid team is key to the success of any company. In addition to having a solid core team, many in the world of blockchain can heavily benefit by surrounding themselves with advisors who are not only familiar with the inner workings of blockchain technology, but with business ventures in general. In a move to position daily fantasy sports platform MyDFS as a leader in the world of blockchain-based gaming, the team has announced they will be adding Frank Fu as an advisor to the project. Frank Fu is best known for having been President of Kingsoft Office Software, where he led sales, marketing,

sports betting 2

Having a solid team is key to the success of any company. In addition to having a solid core team, many in the world of blockchain can heavily benefit by surrounding themselves with advisors who are not only familiar with the inner workings of blockchain technology, but with business ventures in general.

In a move to position daily fantasy sports platform MyDFS as a leader in the world of blockchain-based gaming, the team has announced they will be adding Frank Fu as an advisor to the project. Frank Fu is best known for having been President of Kingsoft Office Software, where he led sales, marketing, global partnerships, product management, and operations. He brings with him an in-depth understanding of marketing and what it takes to bring a service to a global market.

“When building something great, you have to surround yourself with great people. Having Frank as an advisor brings valuable knowledge and experience to the project,” states MyDFS CEO Viktor Mangazeev.

With a strong interest in blockchain tech, Fu has founded several blockchain companies, furthering his expertise and understanding of the constantly-evolving digital landscape. Fu currently serves as Managing Director of Corporate Development for Chinese company Meitu, Inc. Meitu is a photo editing service that is mainly used in mainland China, but also has success in both Hong Kong and Taiwan. Meitu’s apps have been accessed on over 1 billion devices already.

In addition to being on board as an advisor, Fu has also invested $2 million into the project, further demonstrating his belief in the MyDFS team’s vision.

“The union of gaming and blockchain is inevitable,” says Fu. “Encrypted blockchain guarantees safe storage of all in-game digital assets, what makes the data transparent to the core. Blockchain technology is the solution we are all looking for, due to the decentralized network and [its ability] to record each transaction to combat fraud. That actually can trigger the game industry’s next evolution.”

MyDFS is slated to change how daily fantasy sports are played, by bringing a level of transparency and ease-of-use that just isn’t there on traditional platforms. Because the platform is entirely on the blockchain, all player actions are recorded on an open digital ledger, meaning issues of foul play and cheating are practically non-existent. It will also offer unique ways of participating on the platform, with the main one being investing in other players that actually play on the platform.

Instead of simply betting on teams and player loadouts, users will be able to use the MyDFS token to bet on the pro players that consistently have strong showings and payouts. It’s almost like profit-sharing in that you’ll get a percentage of the winnings that those players make during their sessions. And because everything is on the blockchain and verified through smart contracts, payouts and confirmations will happen almost instantaneously, as the smart contracts guarantee accuracy.

Blockchain technology has almost infinite possibilities, and fantasy sports is just another example of something that can be improved through the decentralized nature of the blockchain.

FPT and Factom Announce Partnership to Expand Blockchain-as-a-Service

Austin-based blockchain-as-a-service company Factom is partnering with FPT Software, an IT services company stationed in Vietnam. The two enterprises will work with each other to develop a new blockchain technolo…

FPT and Factom Announce Partnership to Expand Blockchain-as-a-Service

Austin-based blockchain-as-a-service company Factom is partnering with FPT Software, an IT services company stationed in Vietnam. The two enterprises will work with each other to develop a new blockchain technology platform through Factom Harmony — a system that creates audit records regarding data, decisions, activities and events. The purpose of the platform is to digitize and store files by utilizing simple APIs and Factom’s blockchain solutions, so information can become confirmable and auditable respectively.

Founded in 2014, Factom, Inc. specializes in designing and producing faster blockchain applications to handle large data for complex institutions. Among the organization’s clientele are the U.S. Department of Homeland Security and the Bill and Melinda Gates Foundation.

FPT provides informational technology, products and digital engineering services to large businesses in the U.S., Asia and Europe in industries like manufacturing, energy and utilities, healthcare and communications.

CEO of Factom Paul Snow explained:

“The partnership between Factom and FPT is a valuable opportunity to showcase the practical use and applications for blockchain technology on an enterprise scale. FPT and Factom share a vision of the future where blockchain-as-a-service is available to all companies looking to preserve, ensure and validate their data or decisions.”

The new platform will seek to deliver innovative solutions to Factom’s business patrons like workshops and proofs of concept (PoCs) and give them access to advanced blockchain solutions, while also enhancing FPT’s digital and product engineering services. FPT says that it will work with Factom directors to make sure its own staff is trained on Factom’s technology to give the company quicker access to the blockchain.

Discussing Factom’s credentials, CEO of FPT Software Phuong Dang stated:

“Their technology platform will enable us to deliver a superior experience to our customers by delivering cutting-edge, differentiating blockchain solutions. With Factom’s blockchain platform Harmony and FPT Services, we will enhance operational efficiency and effectiveness for our clients in no time. This is a testimony to our global talent pool and the strengths of our technology.”

With nearly 20 years of experience in the tech industry, FPT Software is valued at over $2 billion and employs roughly 30,000 individuals in Vietnam and abroad. Headquartered in Hanoi, the company also has a U.S. branch in Richardson, Texas, designed to focus on digital transformation for Fortune 1000 clients. The company also houses several delivery units throughout major American cities like New York, Chicago, Los Angeles and Sunnyvale in the Silicon Valley.

This article originally appeared on Bitcoin Magazine.

Tesla and Skype Investor Tim Draper Predicts Bitcoin Will Hit $250000 in 4 Years – Fortune


Fortune

Tesla and Skype Investor Tim Draper Predicts Bitcoin Will Hit $250000 in 4 Years
Fortune
“So when Bitcoin showed up, I was all over it,” he told Fortune in January. DFJ also holds investments in other cryptocurrency-linked companies, such as exchange Coinbase. The prediction comes as the price of Bitcoin rises 17% to about $8,000. The
Tech investor Tim Draper predicts bitcoin will reach $250000 by 2022CNBC
Bitcoin will rise to $250000 by 2022, says Tim DraperMarketWatch
‘I’m Thinking $250000 By 2022’: Tim Draper Reveals New Bitcoin Price TargetCointelegraph
TNW –CCN
all 13 news articles »

Fortune

Tesla and Skype Investor Tim Draper Predicts Bitcoin Will Hit $250000 in 4 Years
Fortune
“So when Bitcoin showed up, I was all over it,” he told Fortune in January. DFJ also holds investments in other cryptocurrency-linked companies, such as exchange Coinbase. The prediction comes as the price of Bitcoin rises 17% to about $8,000. The ...
Tech investor Tim Draper predicts bitcoin will reach $250000 by 2022CNBC
Bitcoin will rise to $250000 by 2022, says Tim DraperMarketWatch
'I'm Thinking $250000 By 2022': Tim Draper Reveals New Bitcoin Price TargetCointelegraph
TNW -CCN
all 13 news articles »

Bitmain Gets Go-Ahead for US Bitcoin Mining Operation

A Washington state county has agreed to allow Bitmain subsidiary Ant Creek LLC to lease 10 acres of land with an option to buy.

A Washington state county has agreed to allow Bitmain subsidiary Ant Creek LLC to lease 10 acres of land with an option to buy.

Bitmain Gets Go-Ahead for US Bitcoin Mining Operation – CoinDesk


CoinDesk

Bitmain Gets Go-Ahead for US Bitcoin Mining Operation
CoinDesk
China’s crypto mining giant, Bitmain, is one step closer to establishing mining facilities in Washington state. The Port of Walla Walla – Walla Walla county’s economic development agency – unanimously approved a land lease and purchase option that

and more »


CoinDesk

Bitmain Gets Go-Ahead for US Bitcoin Mining Operation
CoinDesk
China's crypto mining giant, Bitmain, is one step closer to establishing mining facilities in Washington state. The Port of Walla Walla - Walla Walla county's economic development agency - unanimously approved a land lease and purchase option that ...

and more »

Bitcoin Permissible Under Islamic Sharia Law, Claims Scholar

Mufti Muhammad Abu Bakar, a sharia advisor and compliance officer at Blossom Finance in Jakarta, Indonesia, has published a paper that indicates that the purchasing of Bitcoin by Muslims can be permitted (Halal) in certain situations. These comments by come at the end of a week that saw the annual Sharia conference of the Accounting …

The post Bitcoin Permissible Under Islamic Sharia Law, Claims Scholar appeared first on BitcoinNews.com.

Mufti Muhammad Abu Bakar, a sharia advisor and compliance officer at Blossom Finance in Jakarta, Indonesia, has published a paper that indicates that the purchasing of Bitcoin by Muslims can be permitted (Halal) in certain situations.

These comments by come at the end of a week that saw the annual Sharia conference of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) take place in Bahrain. At this conference, leading Islamic finance scholars have been discussing whether there is a place for cryptocurrencies under Sharia Law and whether Islamic financial firms can invest in the cryptocurrencies alongside the rest of the world.

Discussed at the conference is whether new currencies such as Bitcoin fell into the ribawi category, as do gold and silver.  According to Islamic law, items falling under the ribawi category must be exchanged in equal measure and with immediate transfer of possession, otherwise, transactions may involve riba or usury, a major prohibition in Islam.

This argument is key to any decision that might be taken in the future regarding the permissibility of virtual currencies in the Muslim world, as the buying and selling of Bitcoin could be viewed as a type of usury due to its huge profit and loss margins.

The declaration by Mufti Muhammad Abu Bakar that Bitcoin could be compliant with Sharia law has been suggested by some commentators as one possible reason for the hike in the price of Bitcoin over the past 24 hours, as it opens up the market to Muslim investors unsure about their position regarding trading in the digital currency.

An excerpt from Abu Bakar’s paper read:

In Germany, Bitcoin is recognized as a legal currency and therefore qualifies as Islamic money in Germany. In countries such as the US, Bitcoin lacks official legal monetary status but is accepted for payment at a variety of merchants, and therefore qualifies as Islamic customary money.”

As the fastest growing religion in the world, with Muslims now representing 23% of the world’s population, Bitcoin has become an important issue for financial authorities. Last year, the International Monetary Fund (IMF) held its first formal discussion about Islamic banking needs.

 

The post Bitcoin Permissible Under Islamic Sharia Law, Claims Scholar appeared first on BitcoinNews.com.

Yahoo! Japan Confirms Acquisition of 40% Stake In BitARG Exchange Tokyo

Yahoo! Japan Corp has confirmed on Friday it will buy a minority stake in Tokyo-based cryptocurrency exchange BitARG in order to join the digital money industry. Yahoo! Japan Enters Cryptocurrency Space Through BitARG Yahoo! Japan Corp,  a Japanese internet company originally formed as a joint venture between the American internet company Yahoo! and the Japanese

The post Yahoo! Japan Confirms Acquisition of 40% Stake In BitARG Exchange Tokyo appeared first on NewsBTC.

Yahoo! Japan Corp has confirmed on Friday it will buy a minority stake in Tokyo-based cryptocurrency exchange BitARG in order to join the digital money industry.

Yahoo! Japan Enters Cryptocurrency Space Through BitARG

Yahoo! Japan Corp,  a Japanese internet company originally formed as a joint venture between the American internet company Yahoo! and the Japanese company SoftBank, confirmed the news that it is going to buy a 40 percent stake in BitARG Exchange Tokyo. The move will allow the corporation to enter the largest cryptocurrency ecosystem in the world.

The statement provided by Yahoo! Japan says the acquisition will be put forth by a subsidiary, who will be responsible for the launch of the cryptocurrency exchange. It is unknown what subsidiary will be doing the business. It was once reported that YJFX, the retail foreign exchange broker owned by Yahoo! Japan Corporation, would be responsible for the acquisition and that from April 2018 onwards, a number of YJFX executives and engineers would focus on the development of the new exchange system at the headquarters of BitARG.

The acquisition of BitARG Exchange Tokyo will allow Yahoo! Japan Corp to launch its own cryptocurrency exchange in the autumn of 2018. The structure of the platform would be newly built but based on BitARG’s system.

The statement did not provide details of the value of the investment, but it is said the deal is likely to be worth between 2 billion to 3 billion yen ($18.5 million to $27.9 million). BitARG Exchange Tokyo is an FSA-approved exchange operating in Japan. The Financial Services Agency (FSA) was already notified about the investment plan. The importance of registration with the FSA has become paramount ever since the government passed new legislation and Coincheck suffered the biggest cryptocurrency theft in the country in January 2018.

In late March, BitARG Exchange Tokyo had denied the acquisition as it was still “various possibilities, including capital and business tie-ups with other companies, in order to further strengthen the system and management”.

The cryptocurrency industry in Japan has been making M&A headlines this month. Online brokerage firm Monex Group Inc. has announced it would buy Coincheck for $33.5 million. Monex shares surged 20% on the news, signaling support for the firm’s shift. The two companies have already charted the plan out to regulators and major investors. The deal provides Coincheck with a lifeline to re-establish itself after the NEM hack. Monex will be able to enter the booming cryptocurrency space and gain access to Coincheck’s current customers.

Image Courtesy of Shutterstock

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Chinese Police Shut Down Crypto Conference

TheMerkle China Police WannaCry AndroidPolice in China shut down a blockchain conference on Thursday, citing security risks, in a move that was contested by the organizers of the conference. The 2nd Global Fintech and Blockchain China Expo 2018 (GFBC) was brought to a halt by the authorities, reportedly because the police suspected that the organizers invited a fraudulent ICO team that had defrauded a sizable number of Chinese investors, some of whom were in attendance. Insufficient Explanations Agitated and outraged by the drastic actions of the Shanghai authorities, GFBC’s organizers promised to follow up on the matter to determine exactly why their conference was shut

TheMerkle China Police WannaCry Android

Police in China shut down a blockchain conference on Thursday, citing security risks, in a move that was contested by the organizers of the conference. The 2nd Global Fintech and Blockchain China Expo 2018 (GFBC) was brought to a halt by the authorities, reportedly because the police suspected that the organizers invited a fraudulent ICO team that had defrauded a sizable number of Chinese investors, some of whom were in attendance.

Insufficient Explanations

Agitated and outraged by the drastic actions of the Shanghai authorities, GFBC’s organizers promised to follow up on the matter to determine exactly why their conference was shut down. According to the organizers, security risks was the only reason given by the police, which was an insufficient explanation. It has, however, emerged that members of the crowd had informed the police about the aforementioned fraudulent ICO, leading to the crackdown. Addressing the confused crowd, the organizers promised them that they would hold a meeting to reschedule the expo.

The organizers went on to assure the crowd that the meeting was legal and that the fraudulent ICO’s team was not participating in the conference. They cautioned the crowd against spreading malicious rumors about the expo and also against listening to unfounded rumors propagated by “unscrupulous” media.

The one-day event is in its second year. It brought together over 800 delegates from research institutes, government institutions, financial institutions, the blockchain community, and the fintech industry to discuss the future of blockchain technology. The planned areas of focus were global payment systems, supply chain management, healthcare, the internet of things, governance, and digital identity authentication.

Among the scheduled speakers were Mike Raitsyn, the founder of ICOBox, Alex Bessonov, the founder of BitClave, Ryan Thoma, the marketing director for Exchange Union, David Drake, the chairman of LDJ Capital, and Edwin Zhang, the president of Fintech4Good. NEM, Dolphin Blockchain, Cointelligence and NewsBTC were some of the event’s sponsors.

China’s Erratic Cryptocurrency Market

The cryptocurrency market in China has experienced its fair share of ups and downs over the last two years. Having been one of the early movers in the crypto space, the Chinese set global market trends, at one point accounting for at least 70% of the Bitcoin mining network. However, in recent days, the government has discouraged the growth of the market by banning ICOs and crypto exchanges.

The Chinese government’s regulatory framework has come under scrutiny from many crypto enthusiasts worldwide who view it as dictatorial and, in some cases, ill-informed. The ban on ICOs, for instance, denied Chinese citizens the opportunity to participate in startups which were quite promising both in China and globally. On the other hand, there is another faction of the crypto universe that views this as being a step in the right direction for the crypto space in China. While limiting the expansion of the market in the short term, the Chinese government is increasing the likelihood that those crypto projects that survive the current conditions are those that solve real issues and which deliver value to their users.

 

Tim Draper Predicts Bitcoin Will Soar to $250,000 in Four Years

In another one of his famous bitcoin predictions that gets widespread news coverage, billionaire investor Tim Draper is now predicting that the price of bitcoin, which today traded at around $8,100, will rocket t…

Tim Draper Predicts Bitcoin Will Soar to $250,000 in Four Years

In another one of his famous bitcoin predictions that gets widespread news coverage, billionaire investor Tim Draper is now predicting that the price of bitcoin, which today traded at around $8,100, will rocket to $250,000 in four years.

Draper, a founding partner in Draper Associates, made the prediction on April 12, 2018, at the Block (Chain) Party at Draper University in San Mateo, California. “I’m thinking $250,000 a bitcoin by 2022,” the investor said, standing in front of his self-named university and wearing a purple tie with gold bitcoins blazoned upon it. “Believe it. They’re going to think you’re crazy, but believe it. It’s happening and it’s going to be awesome!”

He repeated his bold prediction in a tweet the following morning.

To put that number into perspective, the price of bitcoin would have to increase in price 30 times from what it is today to reach that projected number. But Draper, who has also invested in Tezos, another cryptocurrency that has yet to launch, has been right on the money in the past.

Draper’s most notable, and likely most profitable, investment in cryptocurrency was in June 2014, when he won the U.S. Marshals auction of nearly 30,000 bitcoins seized from the now-defunct Silk Road marketplace website. At the time, the price of a single “coin” was valued at around $600. Today, if he has held on to it, that investment would be worth more than $243 million.

Later that same year, when bitcoin was only worth $413, in an interview with Fox Business, Draper claimed bitcoin would reach $10,000 in three years. Again, in 2015, the venture capitalist predicted that bitcoin would top $10,000 by the end of 2017. On November 29, 2017, the price of bitcoin crossed $10,000 for the first time, reaching a peak of over $19,700 a few weeks later.

Draper’s latest prediction, however, comes amidst a global wave of regulatory change and uncertainty, at a time when bitcoin has fallen from its all time high  in mid-December 2017 to a low of $6,450 on February 6, 2017. Governments around the world are now clamping down on initial coin offerings (ICOs) and cryptocurrencies to head off money laundering, funding of terrorism and consumer scams.

This article originally appeared on Bitcoin Magazine.