Day: August 8, 2018

Crypto exchange Bittrex is planning to add support for two new USD trading pairs to already listed Bitcoin, Ethereum, Tether, and TrueUSD

A Ukraine election official shared in a Facebook post on Tuesday that the commission’s experiments with the NEM blockchain voting trial for use in the country’s elections have gone live successfully.

The head of the country’s voter registry at the Central Election Commission of Ukraine, Oleksandr Stelmakh, commended the immutability of hosting elections on the blockchain, as well as the improved security benefits of the decentrally-hosted data. The social media post notes that the commission was continuing a series of trials that apply blockchain technology to electoral voting.

He noted that the test run utilized these properties in saving the responses to the ballots, as well as the voters’ personal information. The test vote used 28 nodes with the NEM blockchain.

A link to the timestamped NEM blockchain transactions was also shared in the post with a disclaimer that the pilot had been held in a test environment with trial coins that were donated by the NEM foundation in Ukraine.

To install blockchain voting in each Ukrainian police station, Stelmakh estimated it would cost USD 1,227 per unit, a price he sees as more than reasonable to assure the sanctity of elections is protected.

Crypto in Ukraine

Last month, the Ukraine National Securities and Stock Market Commission announced plans to further regulate the cryptocurrency industry. The commission responsible for minimizing risks in the financial sector has not endorsed legislation to legalize cryptocurrency in Ukraine, despite an increase of activity in the sector.

An internal legislative debate is reportedly taking place to codify laws around blockchain, and the storage and trade of cryptocurrencies.

In June, a government agency announced that it had no plans to regulate crypto mining. Miners, however, have been said to be keeping a low profile on their operations due to the unpredictability of the government’s reaction to cryptocurrency, with some speculating they may become subject to fines or confiscation of their mining equipment.

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The Financial Services Agency, the government agency that oversees banking, securities, and exchange services in Japan, plans to set up stricter requirements on cryptocurrencies and its use for speculative purposes.

Japan Regulator May Impose Cap on Cryptocurrency Trading Leverage

Bitcoin and other cryptocurrencies have mainly become tools for speculative investment in recent months. Recently, a DEA agent explained that around 90% of all Bitcoin moving between wallets used to be associated with crimes. The number has fallen dramatically to 10% with the rise of the virtual currency market, particularly in late 2017, as investors and traders entered the space with fear of missing out on the new and trendy asset class.

The five largest cryptocurrencies were responsible for a trading volume of ¥69 trillion in fiscal 2017 in Japan, with users reaching 3.5 million. Instead of using virtual coins for payments, the Japanese mostly traded in search of profit, a senior official of a major cryptocurrency exchange told Japan Times.

“Young users who had previously no connection (with cryptocurrencies) have increased at a breathless pace.”

Margin trading is behind the cryptocurrency trading explosion in Japan as investors are offered leverage by online trading companies in order to seek higher exposure while having little capital. The virtual currency market has no leverage cap, unlike the Forex market which is limited to 25:1 leverage in Japan. This is due to being outside the Financial Instruments and Exchange Act. The market is also exempt from regulatory requirements covering anti-insider trading and other issues the financial services industry is subject to.

What the FSA now recognizes is that they mostly focused on payments and remittances for their cryptocurrency regulation via the revised the Payment Services Act in April 2017. These security measures for the cryptocurrency space don’t cover the use of virtual currencies as speculative investment assets.

Japan FSA Concerned Over Future Cryptocurrency Exchange Hacks

Contrary to the FSA’s expectations, the Japanese people, as well as the rest of the world, found the cryptocurrency market as an investment opportunity, not only by simply holding Bitcoin et al. but also through investing in initial coin offerings that have become popular since 2017. The Coincheck hack in January 2018 also exposed the vulnerabilities of exchange operators in Japan. Instead of focusing on payments, regulation must be set up to protect investors in the cryptocurrency space, an expert told Japan Times.

“Virtual currencies should be positioned as assets for investment, while a legal system to protect investors needs to be established as a matter of urgency.”

The Financial Services Agency set up a working group in April 2018 to make corrections to the current regulation in order to focus on the actual practice of the market, including margin trading and insider trading.

Image from Shutterstock

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Yale university financial experts have suggested a series of factors that could predict price trends in major cryptocurrencies

This past February news.Bitcoin.com reported on the firm Coingeek announcing funding the Electron Cash programming team. Since then, the bitcoin cash (BCH) centric wallet Electron Cash has seen a bunch of development with Coinshuffle integration, and a new iOS version of the wallet. Now another version of the Electron Cash wallet has launched which can run on basic feature phones (Nokia-style) adding more versatility to the BCH ecosystem.

Also read: Coingeek Announces Funding the Electron Cash Development Team

Electron Cash Can Now be Installed on Nokia Style Feature Phones

Last February the Electron Cash lead developer, Jonald Fyookball, announced the development team would be funded by the firm Coingeek, and Electron Cash would launch a bunch of new features over the course of the year. So far the team has launched a new iOS version of the wallet and added a Coinshuffle plugin to the client’s desktop version. Now, this week the Electron Cash team has released a Java Micro-Edition of the wallet (J2ME) which makes the client available to feature phones much like the popular and less sophisticated Nokia phones.

“Electron Cash published a new wallet: The ‘J2ME’ version of Electron Cash. J2ME stands for Java Micro-Edition,” the Electron Cash lead developer explained in an interview with the publication Coingeek.

With Electron Cash for J2ME, now users who only have access to basic ‘feature phones’ such as the Nokia 216 will still have access to a real Bitcoin Cash SPV wallet, with all the benefits that come with it, including controlling their own private keys and being able to restore their wallet from a mnemonic seed phrase.   

Over 1.3 Billion Feature Phone Users Can Now Use the Bitcoin Cash-Centric Wallet Electron Cash

Bitcoin Cash proponents are excited to see an Electron Cash client for feature phones as the wallet could help spread adoption in areas where basic phones are more prevalent. These areas would include Asia and Africa, and according to Counterpoint research there are 1.3 billion feature phone users worldwide.

The Electron Cash J2ME version source code is available for review on Github, explains the development team. “The original python code was rewritten in Java, mostly from scratch, in order to build this wallet. It is currently published on GitHub as an alpha release and is currently being reviewed and tested,” Fyookball emphasized.

What do you think about Electron Cash releasing a client for feature phones? Let us know in the comment section below.

Images via Shutterstock, Nokia, Pixabay, and Electron Cash. 

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The SEC is set to make final decisions on nine proposed bitcoin exchange-traded fund (ETF) in the next two months.

A pair of economists from Yale University have outlined a basic strategy for identifying the best buying opportunities for cryptocurrencies. By studying the past performance of three of the most well-known digital assets, the two have identified a couple of methods to predict price movements.

Is Analysis of Investor Attention and Market Momentum the Secret to Successful Crypto Trading?

The volatility of cryptocurrency markets makes choosing an entry point for the average digital asset buyer tough. The most popular digital currency, Bitcoin, has been known to swing wildly over just a few hours. As I write this, the price of Bitcoin is 12% down over the last 24-hours. The announcement of the US SEC to postpone a decision on a highly anticipated Bitcoin ETF seems largely responsible for the latest dip.

That said, two Yale economists believe they have identified two factors that can provide useful indication as to how the price will move. In a paper titled Risks and Returns of Cryptocurrency, economics professor Aleh Tsyvinski and economics Ph.D candidate Yukun Liu explore historical price patterns in an effort to identify factors that can determine how the price will move over a short period of time.

The pair studied price movements during the period 2011 to 2018 for Bitcoin, 2015 to 2018 for Ether, and 2012 to 2018 for XRP. They were able to identify two factors that gave indication as to how the price would move: the “momentum effect” and the “investor attention effect.”

The first factor identified by Liu and Tsyvinsky is momentum. In the report, the economists noted that if the price of Bitcoin increased rapidly during a single week, it would likely continue to increase during the following week. Tsyvinsky explained to CNBC:

“Momentum is actually something simple… If things go up, they continue to go up on average, and if things go down, they continue to go down.”

The report goes on to state that the most risk-free strategy for trading digital assets using the momentum effect was to buy said currency following a week in which the price had experienced a sharp upwards trend – around 20% – and to sell another week later.

The second factor highlighted in the report is the “investor attention effect.” This simply means that the amount of interest around cryptocurrencies at any given time could be used to predict price movements. In the report, they state that Google trends and Twitter posts gave good indications of investor attention:

“A one-standard-deviation increase in the Twitter post count for the word ‘bitcoin’ yields a 2.50 percent increase in the 1-week ahead Bitcoin returns.”

Meanwhile, the opposite also holds true. For example, rises in the number of searches for phrases such as “Bitcoin hack” were indicative of lower prices.

However, during the report, the pair are keen to stress that they are not giving advice to investors. They also conclude that their metrics are neither hard nor fast rules. Tsyvinsky told CNBC of the risks posed to crypto traders even when following an academically researched strategy:

“All things can happen… Maybe the statistical patterns that we find are going to completely change. Maybe tomorrow bitcoin is going to be prohibited by regulators, maybe it’s going to be completely hacked, there are many things one would take into account.”

Image from Shutterstock

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Gabor Gurbacs, the director of digital assets at VanEck, recently said it remains uncertain whether institutional investors will commit to crypto in 2018, due to the regulatory burden on the asset class.

Price Isn’t Reacting to Positive News

Since early August, the cryptocurrency sector has seen some of the most positive developments in the industry’s history. The world’s largest stock market, coffee retailer, and technology conglomerate – the NYSE, Starbucks, and Microsoft, respectively – have disclosed their intent of improving the usability of cryptocurrencies such as Bitcoin and Ether to increase the mainstream adoption of the asset class.

Yet, as of August 7, the prices of most major cryptocurrencies remain near their yearly lows, and the Bitcoin price has fallen by more than 18 percent since July 30, just ten days prior.

Gurbacs, who leads digital asset development at VanEck, a major investment firm with $47 billion in assets under management and hundreds of exchange-traded funds (ETFs) under its control, explained that the prices of cryptocurrencies have not reacted to the positive developments in the crypto sector because the market is not fully confident in institutional investors and their intent to support cryptocurrencies.

Last week, Goldman Sachs, the $89 billion investment banking giant, said that Bitcoin will never recover from its current bear market, condemning the value of digital assets. Specifically, the bank’s chief investment officer, Sharmin Mossavar-Rahamani, said:

“Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected. We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value.”

Less than four days after the release of that statement, Goldman Sachs revealed that it will provide services to institutional investors, storing and managing cryptocurrency funds on behalf of its investors.

“In response to client interest in various digital products, we are exploring how best to serve them in this space. At this point, we have not reached a conclusion on the scope of our digital asset offering,” a spokesperson for Goldman Sachs told Bloomberg.

Considering the unpredictability of the decisions of major financial institutions and the abrupt change in the stance of banks such as Goldman Sachs and JPMorgan toward cryptocurrencies as an emerging asset class, Gurbacs noted that it remains to be seen whether these institutions are serious about committing to crypto in the short term.

“Here is why price doesn’t react. It’s questionable if large institutions will deliver on their promises/if they pull the plug suddenly/quietly. The regulatory burden on this asset class is higher than anything I have ever seen. Ever. For no justifiably defendable reason,” Gurbacs tweeted.

ETF by 2019

Last month, when anticipation for the approval of the first Bitcoin ETF was at its peak, CNBC Fast Money contributor and BKCM CEO Brian Kelly emphasized that a Bitcoin ETF will likely not be approved before early 2019 at the soonest.

Other analysts including Needham & Co vice president Spencer Bogart have offered a similar viewpoint in the past, noting that the US Securities and Exchange Commission (SEC) and other financial agencies do not have a reason to rush the institutionalization of crypto.

Given the low probability of a Bitcoin ETF approval by the end of 2018 and the lack of clarity surrounding institutional investment in the cryptocurrency market, institutional investors are unlikely to commit to the market until 2019.

LONDON, August 8, 2018 – Kora, the largest blockchain project out of Africa, has launched a new wallet that aims to provide access to low cost financial services to populations that have historically had little to no access to them.

According to the World Bank’s Global Financial Inclusion database, there are currently an estimated two billion un(der)banked people in the world. “Access to basic facilities such as banking are critical to not only individuals, but to small businesses to secure payments and savings, and to making transactions efficient and effective. When people lack access to a bank account, they lack access to the financial tools such as savings, credit and insurance products that can enable them to break out of the poverty cycle and build a better life for their families” said Dickson Nsofor, CEO and Founder of Kora.

The first step to achieving this vision is the launch of their first product: The Kora Gateway. The Kora Gateway allows users to access various products in the Kora ecosystem like Kora Wallet (live), KoraPay, KoraLending, KoraInsure and KoraPayroll. A key innovation is the Kora Mesh, which can be used by institutions and enterprises to connect to the Kora Network and provide their products and services to a wider market. Native to the Kora ecosystem is the Kora Network Token (KNT) which will be used as a rewards system and unit to pay for transactions on the Kora Network. Currently, KNT holders can securely send, store, and receive their KNT on the Kora Wallet.

Kora plans to launch its next product, KoraPay, by Q4 2018. The app, which will be available on iOS and Android, will boost Kora’s presence in the African and global financial market, providing its users with an efficient and cheaper service than other providers.

“The goal is to tackle cross-border remittances and money transfers between Africa and the world at large,” Nsofor explains. “The industry as it currently stands is ripe for disruption. I’ve personally seen the struggle and difficulty of making essential transactions such as bill payments, sending money home, or even mobile top-ups. If we are to make financial services widely accessible and affordable, we need to fix these problems.”

After successfully raising $12 million, investor sentiment is still strong. And for Kora, whose mission is to solve the fundamental problems experienced by billions of people, there is no limit to its potential.

About Kora

Kora is a global digital banking solution utilising cutting edge technology to improve financial services. At Kora, we believe that technology should empower instead of displace existing communities and networks. Kora was founded by Dickson Nsofor, a serial entrepreneur who has led organizations in internet, hardware and technology in emerging markets.

For more information, please visit https://kora.network or follow the project on:

https://t.me/koranetworkofficial

www.facebook.com/thekoranetwork

www.twitter.com/Kora_Network

# # #

Press Contact
Lauren Harrington
E: [email protected]
W: https://kora.network/

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

‘Rich Dad Poor Dad’ author Robert Kiyosaki has predicted a fiat crisis in the future in which a form of cryptocurrency will become the solution to a huge US dollar bubble.

Kiyosaki co-wrote the book in 1997, advocating the importance of financial literacy, financial independence and building wealth through investing in assets, real estate investing, starting and owning businesses, as well as increasing one’s financial intelligence to improve one’s business and financial aptitude.

Kiyosaki says that the dollar is on its last legs in the long-term financial scenario and his predicted economic crash, for which “foreshocks are sounding right now”, will be bigger than 2000 dot.com crash and the subprime real estate crash of 2008.

Kiyosaki says the really big one will be driven by the growth of quantitative easing in the US causing massive inflation of the US dollar. He suggests that his next book will be entitled ‘Fake’ due to the amount of “fake” fiat money currently circulating. The author cites Nixon’s decision in 1971 to unpeg the dollar from the gold standard as a crucial historical error, as it opened the door to printing money, driving many on a quest for alternative assets such as gold and silver.

He suggests that an exodus away from the dollar in the next crash will bring cryptocurrencies firmly into play, referring in a recent Sane Crypto Podcast to cyber currencies, a similar concept to cryptocurrencies, as the future, suggesting that mass adoption of these will also contribute to the fall of fiat.

“I think we’re watching the end of the dollar,” said Kiyosaki. “That’s what I’m saying.”

Sara Ceraldi, writing in Real Clear Science, argues that cryptocurrency has been warmly welcomed in America due to the idea of taking power out of the hands of financial institutions and giving it to the people. She says Bitcoin has become “us” as opposed to the institutional dollar representing “them”. Ceraldi explains:

“It harkens back to classic American heroes and morality tales: the cowboy, exalted for braving new frontiers on the fringes of society; the superhero, pursuing justice outside of a broken system; and, of course, the underdog.”

She argues that right now the dollar may well be safe but other countries have shown that state currencies can bow to pressure and look for an escape. Kiyosaki’s big event may be just the kind of impetus that Bitcoin is waiting for. The internet has changed everything. As Ceraldi suggests:

“In the wake of all this connectivity has come a tidal wave of new ways to use money… and the evolution of cryptocurrencies around the globe has set the stage for a redefinition of the social rituals of the financial world as we know it.”

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Wednesday was a tough day for the cryptocurrency market at large, as several data points collected by CoinDesk illustrate.

A new trend is becoming more apparent in the world of cryptocurrency and blockchain technology. Although initial coin offerings are still the go-to method of raising additional funding, it seems Initial Asset Offerings are also worth keeping an eye on. These projects are slightly different, as they primarily fund products and services.

The IAO Concept Explained

An initial coin offering can be used to fund any type of blockchain project or venture. In most cases, such companies are essentially creating securities, which can cause a lot of legal problems. Moreover, the ICO model doesn’t fit every project. This is especially true when it comes to managing in-game items, collectibles, and so forth.

The Rise of Digital Assets

Over the past few months, there has been a growing focus on digital assets, especially those issued on a blockchain. Various trading card games are embracing this model as of right now, and it seems to be only a matter of time until this affects the way in which funds are raised for such projects.

Initial Asset Offerings can make a big change in this regard. They are designed to allow for the sale of currencies which can be linked to any blockchain project, but these currencies have actual use cases. Since each currency will be used in-game and sold on in-game marketplaces, it serves a purpose. This allows developers to shift their focus to the assets they are trying to bring to the world.

These IAOs target companies that want to offer a working product or service, rather than create hype for a new cryptocurrency. War of Crypto is the first project to embrace the IAO, which was conducted using the ERC-1155 standard. The firm offered exclusive access to in-game assets for investors, rather than only selling a new digital token.

The Road Ahead

With the interest in blockchain collectibles on the rise, new standards will need to be created. The ERC-1155 Initial Asset Offering option is well worth exploring for all kinds of companies. This concept transcends purely tradeable items, as they can only represent digital assets which are backed up by tangible items. ERC-1155 collectibles are free to create, and they can be extracted once the item in question is destroyed.