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Playboy is suing Canadian blockchain company Global Blockchain Technologies (GBT) for fraud and breach of contract.
Playboy is suing Canadian blockchain company Global Blockchain Technologies (GBT) for fraud and breach of contract.
Facing hyperinflation as well as international sanctions that have brought Venezuela to its knees, controversial President Nicolás Maduro has mandated that his recently-developed Petro cryptocurrency become the nation’s second official currency. Maduro Adopts the Petro as Venezuela’s Second National Currency The news was announced by Maduro in a televised address today, and will officially be in place by August 20,…
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Facing hyperinflation as well as international sanctions that have brought Venezuela to its knees, controversial President Nicolás Maduro has mandated that his recently-developed Petro cryptocurrency become the nation’s second official currency.
The news was announced by Maduro in a televised address today, and will officially be in place by August 20, when the “sovereign Bolivar” will be joined by the Petro. In attempts to combat rampant inflation, the move is set to apparently take five zeros away from the national currency.
In July, the International Monetary Fund (IMF) warned of an economic “collapse” in Venezuela, for which it projects an inflation rate of 1,000,000% by the end of 2018 and a fall in GDP of 18%. This current situation, the IMF says, is comparable to that of Germany during the Weimar Republic or the Zimbabwe crisis at the end of the last decade.
These numbers put the price of a cup of coffee, once worth just 450 Bolivar, at more than one million today. Looked at another way, one million Bolivar is the equivalent of roughly 30 American cents.
“As of next Monday, Venezuela will have a second accounting unit based on […] the value of the Petro.” Maduro said. “It will be a second accounting unit of the Republic and will begin operations as a mandatory accounting unit of our PDVSA oil industry.”
Maduro confirmed that the valuations of each currency will come from the Central Bank (CBV). He also hinted at a new salary system built for paying wages using the Petro, as well as new pricing guidelines for goods and services, but no real details were provided in the address. The Petro will be used by the state oil industry, and will also be pegged to the “sovereign Bolivar,” meaning the Petro will be a sort of stablecoin for Venezuela.
“Venezuela is going to have a real official marker […] so that the speculation with the Venezuelan currency is over,” Maduro boasted.
The Petro has been something of a pet project for Maduro, and it’s thought that his plan has been to skirt the harsh international sanctions imposed on his government by conducting international trade with Petro rather than the Bolivar.
There is also evidence to suggest, as NewsBTC reported in March, that the Petro was ushered into existence in part by Russian officials, bankers, and businessmen. The theory is that Russia and Venezuela want to use the digital currency as an experiment in dodging U.S. sanctions placed against both countries.
In April, President Donald Trump, believing the Petro to be simply an extension of credit to the Venezuelan government, issued an order prohibiting U.S. citizens from engaging in transactions using the token. The Treasury Department called it:
“Another attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people.”
Featured image from Shutterstock.
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A private version of the crypto protocol lightning network is headed to zcash, with the potential it could be added for other blockchains soon.
A private version of the crypto protocol lightning network is headed to zcash, with the potential it could be added for other blockchains soon.
Spanish coalition party Unidos Podemos is proposing a body to oversee the implementation of blockchain technology and crypto regulation in the country. The coalition formed from left-wing parties Podemos, United Left, Equo and smaller parties has suggested the move in order to study the benefits of blockchain and implement its use in public administration in …
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Spanish coalition party Unidos Podemos is proposing a body to oversee the implementation of blockchain technology and crypto regulation in the country.
The coalition formed from left-wing parties Podemos, United Left, Equo and smaller parties has suggested the move in order to study the benefits of blockchain and implement its use in public administration in the country as well as explore its industrial potential.
Under the last administration, then Prime Minister Mariano Rajoy was suggesting possible tax breaks in order to create a more favorable environment for potential blockchain investment. Although Spain’s new prime minister Pedro Sánchez has promised to raise taxation on companies and increase public spending, so far, his views on new technologies such as blockchain and cryptocurrency still remain unclear.
Alberto Montero, the deputy of the political alliance, has presented the plan to Spain’s lower house as he sees blockchain significantly boosting security levels for social and economic transactions, suggesting that blockchain has “enormous potential”.
Regarding cryptocurrencies, the alliance is looking at examining current regulation for the use of digital currencies in Spain. Many of the major currencies are described by Podemos as being “located in a grey area of regulation”.
Podemos is not the only party looking at the adoption blockchain in government, as members of the current ruling party Partido Popular (People’s Party) had proposed a similar bill, although it now remains to be seen if this position is taken up by prime minister Sánchez as that proposal was made with Rajoy at the political helm before his departure in June of this year.
The current position is that Spanish Congress supports a draft regulatory framework for cryptocurrencies in theory. The Partido Popular’s original suggestion is that the state cooperates with the National Securities Market Commission (CNMV) and the Bank of Spain to coordinate its position on cryptocurrency in line with EU guidelines.
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At the recent Distributed 2018 conference in San Francisco, Rick Lewis and Dave Hollerith from the Let’s Talk Bitcoin Network interviewed a host of different personalities in the blockchain space abo…
At the recent Distributed 2018 conference in San Francisco, Rick Lewis and Dave Hollerith from the Let’s Talk Bitcoin Network interviewed a host of different personalities in the blockchain space about digital privacy.
First, the team interviewed David Chaum, one of the forefathers of cryptocurrency as we know it today. Starting from these humble beginnings, Chaum describes a brief history of the earliest days of digital money, as he built much of the enthusiasm for cryptography himself. His brief account of his work in the field gives a huge amount of insight into the culture and passion for privacy that eventually birthed modern cryptocurrency.
Reuben Yap, chief operating officer of ZCoin, spoke about some of the cultural challenges in being the first real private cryptocurrency in Malaysia.
Yap believes that the most important way to emphasize this concept of digital privacy to a skeptical audience is by putting the issue in financial terms. As Yap puts it, people expect a higher degree of privacy from banks regarding the value of their assets, and he believes that he can tap into this expectation on a greater scale. The platform of ZCoin ultimately seeks to give crypto financial systems an equal expectation of privacy that regular banks would, and this ambitious goal sets it apart.
Finally, Patrick Byrne, founder and CEO of Overstock.com, talks about the path that led him to cryptocurrency as well as what he’s observed entering the space as a mainstream investor. Seeing the overreach that many investment firms are capable of in securities trading, Byrne envisions a model of using blockchains to make transactions much more equitable. His experience provides a firm basis for a mistrust of current Wall Street practices, and a way to use blockchain smart contracts to enforce regulations on privacy.
These interviews and more will be periodically available on the Let’s Talk Bitcoin Network over the next several days as the team from Distributed Dialogues releases interviews on a great number of topics in the crypto space from the Distributed 2018 conference.
This article originally appeared on Bitcoin Magazine.
CNBC |
Cramer: The ‘tide has turned’ against bitcoin
CNBC Bitcoin may be losing its spark as it cracks below $6,000, according to CNBC’s Jim Cramer. “I think the tide has turned against it,” Cramer said Tuesday on CNBC’s “Squawk on the Street”. “I’m not saying its time has passed but there is a notion that … |
CNBC | Cramer: The 'tide has turned' against bitcoin CNBC Bitcoin may be losing its spark as it cracks below $6,000, according to CNBC's Jim Cramer. "I think the tide has turned against it," Cramer said Tuesday on CNBC's "Squawk on the Street". "I'm not saying its time has passed but there is a notion that ... |
The Verge |
Square Cash expands bitcoin support to all 50 US states
The Verge Square has expanded bitcoin support in its Cash App to all 50 US states, the company said in a tweet on Monday. The expansion comes after Square revealed in its earnings report that bitcoin had a profit margin of $420,000 in Q2, after the company spent … Square now lets all US CashApp users buy and sell BitcoinTNW Square Expands Cash App Bitcoin Service to All 50 US StatesCoinDesk US: Square’s Cash App Expands Bitcoin Trading to All 50 StatesCointelegraph CCN –Twitter all 45 news articles » |
The Verge | Square Cash expands bitcoin support to all 50 US states The Verge Square has expanded bitcoin support in its Cash App to all 50 US states, the company said in a tweet on Monday. The expansion comes after Square revealed in its earnings report that bitcoin had a profit margin of $420,000 in Q2, after the company spent ... Square now lets all US CashApp users buy and sell Bitcoin Square Expands Cash App Bitcoin Service to All 50 US States US: Square's Cash App Expands Bitcoin Trading to All 50 States |
This month, we celebrate Ethereum’s third birthday and reflect upon the many milestones that have occured in the industry since the dawn of the original smart contract blockchain. Mainstream interest is burgeonin…
This month, we celebrate Ethereum’s third birthday and reflect upon the many milestones that have occured in the industry since the dawn of the original smart contract blockchain. Mainstream interest is burgeoning, market capitalization for the industry has increased by over 5,900 percent, and the number of cryptocurrencies currently in circulation is at an all-time high. Up until recently, it seemed as if Ethereum would be one of the only platforms capable of fostering the mainstream adoption of blockchain technology. That is, until Cardano (ADA) appeared.
While admittedly in its early stages, Cardano is already being labeled by some experts as a scalable solution to several of the inefficiencies created by Ethereum, which, some say, seems to be suffering from its own success. In recent months, the platform has been inundated with a slew of new decentralized applications (DApps) that are creating a bottleneck effect on the Ethereum blockchain.
As famously portrayed by the meteoric rise of blockchain craze CryptoKitties, popular Ethereum applications require excessive bandwidth to remain afloat, which ultimately has a detrimental effect on network efficiency. And although ether’s hashrate is growing, it’s being far outpaced by the sheer number of projects being built on the blockchain.
By contrast, Cardano has been specifically designed to handle high-volume transactions, operating on a first-of-its-kind proof-of-stake (PoS) algorithm, dubbed Ouroboros, that, unlike other major cryptocurrencies, doesn’t require any form of crypto mining. Instead, token holders validate transactions by staking their involvement for a cut of what would otherwise be a “winner take all” reward — eliminating the need for exhaustive energy consumption and minimizing transaction times.
It’s a process that’s largely considered by the broader cryptocurrency community to be the future of the industry. While the team behind Ethereum has maintained that it will also transition to a PoS algorithm in the near future, Cardano will likely set the precedent for worldwide adoption.
In a rapidly evolving industry, being the first to adopt a leading technological advancement is not an insignificant development. Emerging startups looking for fast and secure transactions may select Cardano over Ethereum in an attempt to increase DApp efficiency for prospective users.
In fact, several pharmaceutical companies have already initiated a switch between the two platforms, and many others are likely to follow suit in the future. This is what’s perhaps most intriguing about the Cardano platform; its use cases are seemingly boundless, ranging from official records storage, to supply-chain optimization, to budget management.
Some may argue that Ethereum, especially in comparison to Cardano, is too solidified in the fabric of the industry to ignore. At present, 1 ether is worth an estimated $257 USD (with a market cap of $26 billion), while 1 ADA is only worth $0.09 (with a market cap of $2.3 billion). While the contrast is staggering, it’s hard to accurately predict what the true value of the Cardano platform will be until its features are fully operational. Once new and innovative DApps begin to find success using the Cardano blockchain, the value of ADA will likely increase to meet the growing demand.
What’s more, because Cardano’s PoS model holds or freezes a certain number of tokens in order to validate transactions, many believe that decreasing supply will ultimately cause its value to rise. As the Cardano community grows, more ADA will be needed to validate each transaction, which will likely contribute to industry growth. Over time, investors will increasingly view Cardano as an adequate store of value, and prospective users will flock to the platform in search of heightened opportunity.
This is not to say that Cardano doesn’t come with its own set of risks. As mentioned above, the project is in the preliminary stages of its development plan, which, while detailed, is far from completion. Because of this, investors should prepare for short-term fluctuations in the market as a result of speculation. As with any cryptocurrency, market volatility is an ever-present reality, and users should carefully consider the risks before deciding which project to invest in.
Still, Cardano shows tremendous promise for the future of the industry. Even in its earliest stages, users believe that it’s proving to be one of the most promising blockchain platforms on the market. Project leads Charles Hoskinson, co-founder of Ethereum and CEO of IOHK, and Michael Parsons, chairman and director of the Cardano Foundation, have worked to create a substantive roadmap for future growth — turning once-lofty ambitions into a tangible plan of action. It’s through their thought leadership that Cardano has been able to convey its mission to the broader cryptocurrency community, attracting loyal followers in the process.
With all of the excitement flying around in the crypto market right now, it’s often difficult to accurately predict which projects, like Ethereum, are going to survive to see their third birthdays. However, amidst an increasingly saturated market, Cardano stands out from other Ethereum competitors (e.g., NEO and EOS) by creating a one-of-a-kind platform that promises all of the best qualities of a smart contract blockchain, but with unprecedented scalability and interoperability. I, along with the rest of the cryptocurrency community, are looking forward to witnessing this growth.
This is a guest post by Mati Greenspan, senior market analyst at eToro. Views expressed are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc. This article is for information purposes only and is not intended as investment advice.
This article originally appeared on Bitcoin Magazine.
South Korea government says crypto exchanges will be excluded from legislation governing venture businesses
South Korea government says crypto exchanges will be excluded from legislation governing venture businesses
At press time, the father of cryptocurrency is trading for just over $6,000. This is about $200 less than where it stood during yesterday’s afternoon hours. The coin is continuing to fall deeper and deeper into red territory, though this price is an improvement over where it stood during the early morning, when it fell […]
At press time, the father of cryptocurrency is trading for just over $6,000. This is about $200 less than where it stood during yesterday’s afternoon hours. The coin is continuing to fall deeper and deeper into red territory, though this price is an improvement over where it stood during the early morning, when it fell below $6,000.
The currency is now just a few steps above its lowest point of the year, which it hit on June 18 with a price of just over $5,770. The cryptocurrency market cap has shed approximately $21 billion off its back in the last 24 hours, and it appears the crypto space is being targeted by massive sell-offs.
In other words, bitcoin is not alone in its present state. The currency is struggling to maintain its position on the financial ladder, yet it’s still doing relatively well in comparison with entities like Ethereum, which has fallen below the $300 mark – the lowest it’s been all year. Also, Ripple – the third-largest cryptocurrency by market cap – has also fallen by roughly 14 percent.
Charles Hayter, CEO of CryptoCompare, is blaming the SEC’s decision to postpone any action towards the bitcoin ETF submitted by VanEck SolidX.
“This has snowballed negative investor sentiment,” he explains.
Some, however, are refusing to give in to all the hype and say that bitcoin still has the power to unite cryptocurrencies across the board. One Reddit user for example, recently posted his thoughts regarding the recent sell-off.
“Am I selling now?” he asks defiantly. “No way. Why not? Because bitcoin is not broken. Nothing bad happened to bitcoin. It still works. Will there be bumps along the way? What do you think we’re experiencing now? Some of [you]get to decide: are you going to be a coward or not?”
Hayter further commented that the bitcoin arena is only going through ups and downs because it is still a developing market; that it holds a strong position in the financial infrastructure, but needs more time to mature:
“Bitcoin and its ilk are opening up a new arena of finance. The hope and speculation that gripped the market last year has been eroded in the last few months. That said, under the hood, a lot of work has been moving ahead to form the routes to incumbent institutions and to provide them with the tools, mechanisms and assurance they need for entering the cryptocurrency space. It’s only a matter of time before the crypto sphere becomes part of the mainstream, but it needs to do a lot of growing up in the process.”
Enterprise-focused blockchain startup Axoni has raised $32 million in a funding round led by Goldman Sachs, joined by JPMorgan, Wells Fargo, Citigroup and others
Enterprise-focused blockchain startup Axoni has raised $32 million in a funding round led by Goldman Sachs, joined by JPMorgan, Wells Fargo, Citigroup and others
It is clear that the U.S. Securities Exchange Commission (SEC) is conflicted as to whether or not they should approve or deny the variety of Bitcoin ETFs in the running for approval. Many investors are looking towards the CBOE VanEck/SolidX Bitcoin ETF as the most likely ETF to gain SEC approval due to a variety…
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It is clear that the U.S. Securities Exchange Commission (SEC) is conflicted as to whether or not they should approve or deny the variety of Bitcoin ETFs in the running for approval. Many investors are looking towards the CBOE VanEck/SolidX Bitcoin ETF as the most likely ETF to gain SEC approval due to a variety of factors.
Regardless of the likelihood of approval, some people familiar with the topic feel that investors should not anticipate a decision by the set date of September 30th and should rather be looking towards 2019. Hany Rashwan, the CEO of cryptocurrency startup Amun Technologies said that “the SEC is likely to delay until February of 2019 and the chances of a Bitcoin ETF approval in 2018 have always been low.”
The SEC’s decision to deny the reapplication for the Winklevoss Gemini Bitcoin ETF sent ripples through the markets, even though the application was fundamentally flawed. The denial, however, had a silver lining in that it allowed CBOE to analyze and confront the issues the SEC cited as reasons for denial.
The SEC made it clear that the main reason for denial was fear of potential manipulation, but they were also clear that this concern was pertaining to the specifics of the Gemini Bitcoin ETF rather than all Bitcoin ETFs in general.
The Winklevoss ETF would track Bitcoin pricing data from Gemini alone, rather than the aggregated markets, which caused concern. The SEC said:
“Several commenters claim that the Gemini Exchange has low trading volumes, and one commenter claims that, of all the exchanges, Gemini has the worst pricing. Another commenter asserts that the Gemini Exchange has relatively low liquidity and trade volume and that there is a significant risk that the nominal ETP share price will be manipulated by relatively small trades that manipulate the bitcoin price at that exchange. This commenter states that, while U.S.-based bitcoin exchanges are subjected to stricter regulations and auditing for the holding of client accounts, the trading itself seems to occur in a regulatory vacuum and seems impossible to audit effectively.”
The concerns of manipulation and potential investor harm are not relevant to the CBOE VanEck/SolidX ETF, which uses the aggregated markets for pricing and will set each share price to the value of 25 BTC. This then restricts investor access to meet the SEC’s accredited investor guidelines.
Chris Concannon, the president and chief operating officer of the CBOE spoke on the ETF and the effect of the introduction of Bitcoin futures markets. According to Bloomberg, he said:
“As we chip away at their issues to make them less concerned, at some point they’ll be comfortable with an ETF…Having the underlying futures come to market first, prior to an ETF, I think you have a healthier, more mature market. The problem with a futures-based ETF is, what is the right level of liquidity? It’s never been tested before.”
The industry is in a race to see which operator gains the first approval for an ETF, as that particular ETF will likely see the most success.
“There’s a huge first-mover advantage in the ETF world…Once the assets come pouring in, it tends to continue. We’ve seen that in other ETFs,” Concannon said.
Concannon also noted the relatively small size of the crypto markets, saying: “It’s a little bit shocking to me the attention this market gets versus its size. It’s a fifth of Apple. The entire crypto market is a fifth of Apple.” The approval of a Bitcoin ETF would likely change this and could ultimately help propel Bitcoin and the crypto markets to new heights.
Featured image from Shutterstock.
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A district judge has slapped down an investor’s effort to move a lawsuit against payments firm Ripple to a lower court.
A district judge has slapped down an investor’s effort to move a lawsuit against payments firm Ripple to a lower court.
The Commonwealth Bank of Australia (CBA) has been mandated by the World Bank to issue the world’s first bond created, allocated and managed on the blockchain. Once issued, the bond will be managed by the World Bank in Washington and CBA in Sydney over a private Ethereum-based blockchain, with CBA stating that it remains open […]
The Commonwealth Bank of Australia (CBA) has been mandated by the World Bank to issue the world’s first bond created, allocated and managed on the blockchain. Once issued, the bond will be managed by the World Bank in Washington and CBA in Sydney over a private Ethereum-based blockchain, with CBA stating that it remains open to any other project that can offer a better alternative. CBA has been a firm believer in blockchain technology, recently announcing that it had conducted a successful blockchain-based shipment of almonds between Australia and Germany.
The new Kangaroo bond will be known as the Blockchain Offered New Debt Instrument (bond-i) and will be denominated in AUD. A Kangaroo bond is a foreign bond issued in Australia that’s denominated in the local Australian dollar. According to a press release from the bank, the project is a collaboration between the bank and a number of investors which include the Treasury Corporation of Victoria; Australia’s largest insurer, QBE Insurance; and Chicago-based financial services giant Northern Trust.
The issuing of a blockchain-based bond was necessitated by strong investor interest, the World Bank noted. The bank, which issues up to $60 billion in bonds annually for sustainable development, is confident that blockchain technology can greatly improve the bond issuance process.
Blockchain has the potential to streamline processes among numerous debt capital market intermediaries and agents. This can help simplify raising capital and trading securities, improve operational efficiencies, and enhance regulatory oversight.
A blockchain-issued bond is just the latest in a string of pioneering moves made by the Washington-based financial institution. In a bid to help countries transition to technology-led sustainable economies, the World Bank is always at the forefront of embracing emerging technologies into its operations. It was the first bank to issue a globally traded and settled bond in 1989, and it introduced the first fully integrated electronic bond in 2000. It’s the blockchain’s turn now, stated the World Bank’s treasurer, Arunma Oteh.
Today, we believe that emerging technologies equally offer transformative yet prudent possibilities for us to continue to innovate, respond to investor needs and strengthen markets. We are therefore delighted that after working with our information technology colleagues and the Commonwealth Bank of Australia over several months, we are now in a position to launch our first blockchain bond transaction.
The bond-i blockchain platform – bond-i also refers to the iconic Australian Bondi beach – was developed by CBA’s Blockchain Centre of Excellence, with Microsoft as its technology partner. The center has been conducting research and development of blockchain solutions for a diverse range of industries ranging from banking to supply chain management.
Two weeks ago, CBA announced in a press release that it had successfully shipped and tracked 17 tons of almonds on a blockchain platform from Victoria, Australia to Hamburg, Germany. The platform incorporated other emerging technologies as well, including smart contracts and the Internet of Things. The project was conducted in partnership with five international supply chain stakeholders including the Port of Melbourne, Hong Kong-based logistics company OOCL, and the world’s second-largest almond grower, Olam Orchards. The main area of focus for the platform was the digitization of operations, documentation, and finance processes. The five partners were able to track the humidity, temperature, and other conditions inside the shipment in real time using IoT devices.
Square Cash appears to have what it takes to become a serious competitor to Coinbase, with Bitcoin buying and selling service now available across the entire United States for the first time. Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states. pic.twitter.com/D4fhVRz7WL — Cash App (@CashApp) August …
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Square Cash appears to have what it takes to become a serious competitor to Coinbase, with Bitcoin buying and selling service now available across the entire United States for the first time.
Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states. pic.twitter.com/D4fhVRz7WL
— Cash App (@CashApp) August 13, 2018
Coinbase is the biggest cryptocurrency exchange headquartered in the United States, with 20 million users and USD 150 billion of transactions since launching in 2012, which has generated USD 1 billion of profits.
On the Square Cash alternative, users can easily buy and sell Bitcoin instantly with their debit card, in the same way they can use their debit card to send cash transactions instantly, which was the company’s original purpose. Square Cash’s Bitcoin buying and selling limits are higher than Coinbase, with an easier and more streamlined process than Coinbase. For users with bank accounts, Square Cash is a way to avoid Bitcoin ATM fees and still receive their money the same day, compared to Coinbase which can take days to process even small Bitcoin sells.
At first, Square Cash rolled out to a limited number of states starting in late 2017 but now it has acquired the New York BitLicense and will have no legal problems to offer Bitcoin exchanging in every state. Square Cash has kept fees low to increase adoption of its Bitcoin services; these are currently lower than Coinbase fees. These will likely remain minimal for the foreseeable future to enhance the growth of Square Cash’s Bitcoin user base.
So far Square Cash has only generated USD 70 million of Bitcoin transactions but now that it has officially launched across the entire United States, this number could grow drastically in coming months. Square Cash has 7 million users, most of which signed up to send cash transactions but now all of these users can easily send Bitcoin if they choose. More users will likely be signing up just for the Bitcoin service.
It appears Square Cash has the infrastructure to really compete with Coinbase, which is good news for United States consumers since it gives them a good option besides Coinbase to buy and sell Bitcoin, and it will cause Coinbase to improve their features to compete with Square Cash. Likewise, Huobi has entered the United States via HBUS, and OKCoin via OKCoin USA. These are among the biggest cryptocurrency exchanges in the world and could be major competitors for Coinbase, which creates a favorable environment for consumers.
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