Day: August 16, 2018

Bitcoin News Press Release: Bitcoin News is pleased to announce a partnership with Algory, a cryptocurrency news aggregator that uses the latest technology to provide the full spectrum of crypto and blockchain news to customers. All Bitcoin News stories will now be appearing on Algory. 

Katowice, Poland, 16 August 2018 – Algory is delighted to announce the launch of what will be the largest news system for investors and active crypto traders on the cryptocurrencies market – the Cryptocurrency News Aggregator. The first of its flagship products is now live.

The cryptocurrency aggregator, called Cryptonews, will enable all users to custom filter all information from around the world affecting the volatility of the price of cryptocurrencies.

Cryptonews filters information coming from thematic websites, blogs and companies focused on the cryptocurrency and blockchain technology industries. It also analyzes data from social media which have a significant impact on volatility in the cryptocurrency market.

“We have connected to the system the top 1,000 of various types of news sources from the world of cryptocurrencies. More will be added soon. Our system provides traders with a solution such as “all cryptonews in one place”, thanks to which they will no longer have to browse dozens of other websites or tools. Right now we have been working on our second product – real-time Cryptocurrency scanner”, said Tomasz Przybycień, co-founder of Algory.

Be more profitable with Algory Cryptonews aggregator

Each user of the platform will have the option of creating dedicated workspaces. The platform’s customers will be able to sort the news according to their needs, the cryptocurrencies or the news category of their interest. There will also be archival data available, thanks to which investors from the cryptocurrency market will be able to assess which sources of information had the greatest impact on the volatility of exchange rates.

Access to the news platform is offered for free at this moment. In the future, a premium version will be launched, whereby users can get access to VIP features for a fee.

Algory Cryptonews is now one of the most competitive major crypto news aggregator in the world. However, Algory wishes to note that this is only the beginning for them and that there is a lot more work to be done. Users should expect subsequent announcements about new tools to follow.

About Algory

Algory is a startup based in Katowice in Poland. It offers tools for active crypto traders, starting with flagship products including an advanced cryptocurrency scanner called Cryptoscanner and a crypto news aggregator, which was designed for the most active traders.

Visit the Algory Cryptonews Aggregator: https://app.algory.io/

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The U.S. Senate will host a hearing on blockchain’s energy use and whether the tech can be used to protect infrastructure next week.

A digital entertainment production and distribution project launches an alpha version of its platform. It aims to allow creatives to develop and monetize digital content collaboratively #SPONSORED

Businesses are becoming increasingly interested in adapting to innovative blockchain technology. In 2017, the global blockchain market was about USD 340 million and is forecast to grow to USD 2.3 billion by 2021. 2018 is considered an important evolutionary stage for blockchain, as enterprises move from proof-of-concept to full blockchain deployment. The pressure is on, as boardrooms across the globe are beginning to demand successful real-world use case results.

While some companies compete to deploy, the fact is, the vast majority do not have the resources to see the task through. We are still in the early stages of the blockchain wave, and as great as interest may be, the obstacles to entry and deployment are still prohibitive for the average enterprise.

The cost of developing a new software architecture system from scratch, hiring talented developers to code, deploy and maintain your blockchain vision, is extremely costly. Talented blockchain developers with years of hands-on-experience are thin are the ground and those who are available can charge hundreds of thousands of dollars for their service. Blockchain simply has not been around long enough for the talent pool to catch up with demand. This is why it is commonly said in the industry that no-one knows a good Ethereum developer who isn’t a millionaire.

Blockchain-as-a-Service

While there is a clear shortage of skills in the blockchain space and undoubtedly, educational institutes and time will address the problem, in the meantime, other solutions are emerging. Primarily, the creation of developer tools to simplify the complexity of working with blockchain technology.

Enter the Blockchain-as-a-Service (BaaS) model. A client pays a BaaS provider to set up and maintain a blockchain and nodes on their behalf, as well as to handle the complex back-end of their business. Microsoft was one of the first vendors to enter the space in 2015, offering BaaS services on its Azure cloud platform. Since then, other industry giants have thrown their hat in the ring, including Amazon, Hewlett Packard, Oracle and IBM.

Chain Factory and NULS

Another interesting development is in the area of blockchain modular software architecture. Innovative companies like Chinese blockchain company NULS are focused on a more direct approach to solving the blockchain technology entry problem. This week, we interviewed Yang Lin, angel investor and key code contributor to the NULS project.

According to Lin, NULS are building an innovative software system which will help enterprises build blockchain solutions inexpensively without the need to understand complex cryptography and blockchain programming. “We named the product Chain Factory, and aim to deliver it to market by December 2018,” he says.

Not surprisingly, the NULS head office is based in the city of Chongqing, which has a government-designated digital hub for blockchain and big data companies in the Yuzhong District.  The hub project is called “chain island” and authorities hope it will attract CNY 10 billion (USD 1.5 billion) in investment, and deliver an output of CNY 20 billion yuan (USD 3 billion) over five years.

We put some direct questions to Lin.

Yang Lin, NULS

What is Chain Factory and what problem is it solving?

Lin: Chain factory is technically a software system we are building which will basically offer a pluggable modular system to enable people and enterprises to build their own blockchain without the need for complex programming. The advantage of Chain Factory, is that developers won’t need to understand blockchain base-level technology, which is quite difficult. The demand for base-level tech is huge, and a professional platform which offers a mature set of base-level tech, which is well thought out and quick to market, will have great impact.

It sounds like the WordPress of blockchain?

Lin: Yes, it has been called that, and from a software perspective, it is kind of like WordPress. It has pluggable components and independent developers can develop modules to add to the technical repository library. These could be industry specific modules, for example in medical data, logistics, insurance, gaming or digital music. Our aim is to eventually build a repository which covers 80% of industries in the blockchain field.

However, our vision does not end with the development of a popular software. We also want to create a holistic ecosystem, one which connects and interlinks, where for example the cross-chain module makes it possible to link your blockchain with others in the NULS ecosystem. This will promote cross-trade, partnerships, reliable data transmission, trust and value.  Projects from different geographical regions in the ecosystem could decide to collaborate on joint projects, for example, agreeing to jointly support the launch of a particular Dapp or product. In so doing, they could pool resources, and provide instant access to a global market, which traditionally would be prohibitively expensive.

What initial industries will you target?

Lin: Our priority is the gaming industry because they will be the fastest to implement blockchain technology. The gaming industry has serious incentive and momentum; in 2017 there were 2.2 billion active gamers in the world, generating USD 109 billion in gaming revenue. China is still number 1, revenue-wise, followed closely by the US and Japan. Recently, NULS established an investment department under the watch of our director Gavin Weihua. We are targeting ambitious projects, particularly in the gaming industry who are open to building on our platform.

How do you plan to market Chain Factory?

Lin: In practice, an innovative product which solves a major market problem, shouldn’t require forced marketing. We foresee Chain Factory gaining popularity quickly by word of mouth. Our talented CEO Liesa Huang will take the lead on branding and establish some good use cases, and our expanding international team will be involved in raising awareness in the community and media.

How do you see the future in blockchain?

Lin: The future is unpredictable, which is why we are creating a blockchain architecture which is flexible and upgradable. We are not in the business of predicting the future, only in facilitating it. Personally, I am very interested in combining IoT (internet of things), AI (artificial intelligence) and blockchain because I want to change people’s lives.

Imagine a time when all data can be continually collected through internet devices and analyzed accurately by an AI system which is self-learning, quick to spot emerging patterns and can make intelligent decisions faster than any human ever could. This would not only help businesses deliver better customer service, but it could transform the way we live and work. For example, we might wear an IoT health device which monitors and records our vital signs securely on the blockchain. The AI learns to spot patterns and reacts when it sees an anomaly. Perhaps it books an appointment with your doctor or orders medication for you.  Who knows! The future is bright, and the future is blockchain.

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Ripple is recommending three cryptocurrency exchanges as the “preferred partners” for transacting on its xRapid payments platform.

Like with all jobs and hobbies, the desire for focused communication is always present. No matter what people are interested in, they are often inclined to join together in groups to share ideas and tips. This is why sites like Reddit and Twitter thrive. The need for healthy discussion is prevalent in the cryptocurrency industry too; in fact, it could be argued that it is even more important than in other industries. This is because cryptocurrency and blockchain are such new fields that there are no true experts yet. Unlike other industries such as stock trading or computer science, crypto and blockchain cannot have specialists with several decades of dedicated experience.

The fact that cryptocurrency cannot have experts of this magnitude leaves people in dire need of places where focused discussion can be had. Without experts, crypto users choose to look to the wisdom of the crowd instead. Arguably, this might be the reason why the world of crypto is so friendly and engaging. A quick visit to Reddit, Steemit, Twitter, or any other social media site will allow you to see just how active discourse on cryptocurrency is. People are extremely eager to ask and answer questions, take part in debates, share information, and predict up-and-coming trends. Crypto users are highly aware that there are no true veterans of the industry, so they make up for it by forming powerful and transformative ecosystems.

Trading Discussions

Among all the subtopics which can be discussed in crypto, none are more spoken about than the act of trading. While crypto trading may share multiple similarities to stock and forex trading, its differences are sometimes too glaring to ignore. For instance, unlike with stock trading, with cryptocurrency you need to be mindful of whether you are investing in coins or tokens, whether your assets are fungible, and whether they have functional wallets yet. While a traditional stock trader could probably learn to understand cryptocurrency trading fairly quickly, if they were to ignore the nuances which separate it from other markets then they would be doomed to fail.

Nobody Trades in a Vacuum

One of the best things about having trading discussions is that you get the opportunity to talk with people who are in the exact same predicament as you. For instance, during harsh drops in market value (and huge rises), it is amazing to see how the community as a whole is talking about it. This is why live-chat experiences are so interesting. When good things happen in crypto, live chats allow you to share your elation with like-minded people. ETERBASE is maintaining an open Discord to allow people to do this. They will also be implementing a live-chat feature which integrates directly into the main part of the exchange. This will appeal to the desires of those who crave real-time and focused conversations. This will be similar to Poloniex’s infamous ‘TrollBox’ but with more moderation. When engaging in live chats, be wary of the information people post. These platforms are often used as tools for market manipulation. It is best to take any and all conversations with a grain of salt. Even chats with heavy moderation will be unable to stop all instances of attempted manipulation.

The world of crypto becomes richer and more enjoyable when people can communicate in groups. As crypto trading is generally a lonely and singular experience, it can often feel like your actions exist only in a vacuum. The ability to talk to others who are experiencing the same things as you are can alleviate this. That is why live-chats and other social communication are a necessary element of cryptocurrency trading and investing.

Cryptocurrency markets are tentatively posting green numbers again after a disastrous start to August. Has the price just stopped letting blood or is the announcement of a Bitcoin ETN becoming available to US investors driving the minor upswing?

Swedish Bitcoin ETN Available to US Traders

A lot of this summer’s conversation in the Bitcoin community has been about the many Bitcoin ETFs that have been proposed to the US SEC. Of course, the regulator is yet to approve the much-lauded financial product and voices in the space are now saying that 2019 seems a more reasonable time frame.

However, US investors hoping to get exposure to Bitcoin through an established institution needn’t get despondent whilst they wait for what many feel is now inevitable. Starting Wednesday, they can buy Bitcoin exchange-traded notes (ETN).

The new product for US investors is called Bitcoin Tracker One. It isn’t a recent development but the ability to buy it in dollars is. The process of trading the ETN is like buying an American depository receipt since traders will see a foreign listing for the asset that is priced in dollars instead of local currency.

Put simply, an ETN is another way for investors to get exposure to an asset without having to deal with the custody of said asset. ETNs are essentially debt instruments that are backed by their issuers. They therefore don’t have to deal with the same level of security as a ETF since they don’t hold the underlying asset.

Bitcoin Tracker One started trading on the Nasdaq Stockholm stock exchange in 2015 and is therefore listed and regulated in Sweden. The parent company offering the ETN is called CoinShares Holdings Ltd. Its CEO, Ryan Radloff, told Bloomberg:

“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona… Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.”

An ETN is fairly similar to an ETF in the way that they are traded. However, there are a couple of major differences: taxation and credit risk.

In terms of taxation, ETNs are subject to long-term capital gains. This is because only the difference between the price at purchase and at sale is considered taxable. By contrast, ETFs are subject to heavier taxation owing to the fact that the ETF will buy and sell assets within funds. This triggers short term capital gain tax, which is charged at a higher rate.

The second and possibly most important difference between ETNs and ETFs is that ETNs pose additional credit risk to investors. Since they do not actually hold the assets being traded, if the institution offering the ETN were to go bankrupt, investors could lose out. This is not possible in a commodity-backed ETF.

Bloomberg refers to today’s news as a “soft opening of sorts for a crypto ETF.” There is still much anticipation that a full commodity-backed ETF will see Bitcoin prices surge to new highs. It is believed that such a product would give institutional investors the confidence to enter the market on a grand scale.

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Cointelegraph delves into the potential reasons why the crypto market stumbled this week, despite growing adoption from big financial names worldwide

(August 4th –August 10th, 2018)

This week, the crypto market continued the bear trend. Major cryptocurrencies suffered price delince more than 10%. Among which, XRP got hammered and experienced greates loss of 26.2%. Apart from emotional factors, the major reason for this hit is the news that SEC rejected the application of Bitcoin ETF. We’ll dive deeper into this issue in the report.

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Market Overview

This week, the daily average global cryptocurrency’s market capitalization was $249.016 billion, and the daily average transaction volume was $12.67 billion. The daily average market cap declined by 12.83% and the daily average transaction volume declined by 12.14%. Also, the daily average market cap of TOP5 cryptocurrencies declined 13.13%, among which, XRP experienced greatest loss of 26.2%.

Average market cap of TOP5 cryptocurrencies declined 13.13%, among which, XRP experienced greatest loss of 26.2%.

Among the top 10 cryptocurrency gainers this week, most of the projects were in the vertical application field. Vikky, an advertising and marketing project, experienced the greatest increase in price by 368.05%.

Analysis of Top 200 Market Cap Projects

Until 12:00 p.m. of the releasing date, the market capitalization of the top 200 projects decreased by 13.69% compared with last week. Based on our classification of 4 categories: cryptocurrency and payment, basic chain and protocol, vertical chain and protocol, and vertical industrial application, the projects of the vertical chain and protocol sector decreased the most.

Through further classification of the vertical chain and protocol and the vertical industrial application sectors, it was found that the past week’s dev tool projects suffered greatest loss of 39.33%.

Analysis of Newly Listed Projects

According to latest announcements from more than 30 exchanges including OKEx, Binance, Huobi, Bitfinex, Bithumb, ZB.com, Upbit, HitBTC, Bittrex, Poloniex, there are 7 newly listed cryptocurrencies. Among them, 2 are IoT projects, others are in the categories of basic chain and protocol, security, asset management, data service and retail. What’s more, these newly listed cryptocurrencies concentrated on Bit-Z exchange. Only BOX increased in price in these newly listed projects, its maximum percentage increase was 66.67% in the past week.

Analysis of Closed Public Offering Projects

There have been 41 closed public-offering projects this past week, with the soft cap totaling nearly 395 million USD. Among these projects, projects of the exchange token received most funding, exceeding over 200 million USD.

Table of closed public offering projects（8.4-8.10）

Important News on Global Governmental Policies this Past Week

Below is a list of some of the most important global news on governmental policies on blockchain and cryptocurrency. The picture below is for reference to how strict/loose some countries are with their regulations.

The US: According to an official document issued by the U.S. Securities and Exchange Commission (SEC) on August 7, it has postponed its decision to list and trade its bitcoin Exchange-Traded Funds (ETF) until September 30.

The United Kingdom: Under the proposed mandate of the Financial Conduct Authority (FCA), 11 financial regulators around the world have partnered up to form the Global Financial Innovation Network (GFIN) Alliance to help further develop financial technologies such as blockchain.

Ukraine: Ukraine may levy a 5% tax on the proceeds of the sale of tokens minus the cost of buying or mining, and individuals must also pay a tax of 1.5%. The taxation plan will start from 2019 and will be implemented until 2025 (tentative).

Italy: Italian Deputy Prime Minister Luigi Di Maio said that the Italian government will adopt ultra-wideband technology in the future, so that all available resources are invested in the 5G network, blockchain, artificial intelligence, and quantum computation.

Turkey: Turkey established the country’s first university-level blockchain center at Bahcesehir University. BlockchainIST will be “the most important R&D and innovation center in Turkey, where blockchain technology is used in scientific research and publications”.

Thailand: The Bank of Thailand has allowed local banks to set up subsidiaries to provide cryptocurrency brokerage services, operate cryptocurrency-related businesses, and invest in cryptocurrencies.

Keeping Up with the Blockchain Giants

August 4th

Bitmain officially completed a round of pre-IPO financing. This round of investors includes Tencent, SoftBank and China International Capital Corporation Limited (CICC). This financing is US$1 billion; its pre-investment valuation is US$14 billion, and the post-investment valuation is US$15 billion.

August 5th

VeChain will partner with NTT, Japan’s largest mobile telecommunications provider, to develop the blockchain project VeChainThor, which will enhance and extend the traceability of existing customer services, supply chain management and smartphone application services.

August 6th

Bitmain announced that it has set up a new blockchain data center in Milam County, Texas, and it will invest more than US$500 million in the region within seven years. It said that “Milan County’s blockchain data center and encrypted digital currency mining facilities are key components of Bitmain’s strategic investment and expansion plans in North America.”

August 7th

According to Bloomberg News, Goldman Sachs is considering plans to offer cryptocurrency custodian services. This means that it may hold digital currency assets on behalf of these funds, reducing the risk of customers seeking to hedge their investment losses.

August 8th

A subsidiary of China Zhong’an Insurance said it has placed data on 760,000 diamonds in the blockchain, claiming that this project aims to achieve a higher level of traceability in the luxury industry; Suning’s blockchain product “Star Home” is officially online.

August 9th

The custody services giant State Street Bank and Trust Company is considering using the blockchain to implement its P2P securities lending.

August 10th

GSR Capital will hold an 18% stake in the US-based e-Commerce giant Overstock’s tZero for US$270 million, and it will also participate in its ICO with US$30 million. If the transaction is completed, tZero will be valued at $1.5 billion.

Hot topic of this week: Bitcoin ETF

On August 7, the U.S. Securities and Exchange Commission (SEC) postponed its decision on allowing the Bitcoin-backed ETF VanEck SolidX Bitcoin Trust to go public on August 10th, until September 30. Bitcoin started falling again on the news.

What is the theoretical basis of Bitcoin as the ETF target?

An ETF refers to an open-end fund with variable shares that can be traded on an exchange. In general, ETF index funds mainly include four categories: stock, currency, bond, and commodity ETFs. Currently, the SEC defines BTC and ETH as commodities, therefore, BTC and ETH can be used as the target of the ETF, positioned as a commodity ETF.

What is VanEck SolidX Bitcoin Trust?

The VanEck SolidX Bitcoin Trust is a Bitcoin ETF proposed by the Chicago Board Options Exchange (Cboe), and sponsored by blockchain startup SolidX and investment company VanEck. The fund, called VanEck SolidX Bitcoin Trust, had previously applied for the Bitcoin ETF twice, both times ending in failure. June 2018 marks its third application.

Why is VanEck SolidX Bitcoin Trust so highly anticipated?

Based on the operation model, commodity ETFs can be divided into two categories: those with and without physical support. VanEck SolidX Bitcoin Trust is the only one of the current nine bitcoin ETF application proposals supported by bitcoin spots (the others are supported by bitcoin futures), which has a higher probability of becoming a physical commodity ETF target, so it is generally considered the ETF most likely to be approved.

What is the resistance against listing the Bitcoin ETF?

In January 2018, the SEC issued an open letter stating that Bitcoin’s extreme volatility and potentially low liquidity were not suitable for ETF trading patterns. Moreover, the SEC believes that there is currently no data or factual evidence that arbitrage can effectively prevent Bitcoin prices from being manipulated. Even if market participants diversify their funds for inter-exchange spread, by pooling funds and transactions, they can manipulate transactions within a particular exchange. Moreover, some market participants with monopoly positions may also use their position to manipulate the market. Furthermore, if the SEC changes the commodity status of BTC and ETH later, it will be even more difficult for them to become ETF targets.

What does the successful listing of the Bitcoin ETF mean?

The way the gold ETF operates is that large gold producers first consign the physical gold to the fund. Based on this, and the fund companies issues its shares publicly on the exchange, they are sold to various investors, and banks and brokers are responsible for its underwriting. The operation model of the Bitcoin ETF is similar. If it is successfully listed, it will further lower the investment threshold, expand the scope of investors, bring investors who are not familiar with the digital currency field into this market, and bring many of funds, banks and institutional investors to Bitcoin.

Appendix: Upcoming Crowdfunding Projects（8.11–8.17)

Project	Token	Start Date	End Date	Field	Total Number	ICO Ratio	Hard Cap
Safemining	SM2	2018/8/14	2018/9/14	Asset Management	–	–	1,000,000 USD
RENC	RENC	2018/8/16	2018/10/15	Transportation	200,000,000	51%	40,000 ETH
Digital Degree	DD	2018/8/15	2018/8/29	Education	80,000,000	70%	80,000,000 USD
Laval	LAL	2018/8/15	2018/9/15	Asset Management	20,000,000 LAL	25%	3,500,000 USD
Electrominer	ELM	2018/8/15	2018/10/13	Asset Management	1,000,000,000	70%	50,000,000 USD
Sarf	XRF	2018/8/15	2018/9/5	Finance	2,000,000,000	37.5%	10,600,000 USD
Block Loan	BLC	2018/8/15	2018/10/10	Finance	500,000,000	66%	47,000,000 USD
FighterCoin	FGC	2018/8/15	2018/9/30	Community Token	1,000,000,000	–	15,000,000 USD
BlocVehicle	VCL	2018/8/15	2018/9/14	Transportation	1,000,000,000	40%	49,333 ETH
NZToken	NZT	2018/8/13	2018/8/27	E-commerce	500,000,000	50%	37,500,000 USD
EON Protocol	EOT	2018/8/15	2018/9/15	Game	2,100,000,000	30%	30,000 ETH
Citowise	CTW	2018/8/15	2018/9/15	Wallet	350,000,000	70%	90,000 ETH
SportsFix	SFT	2018/8/15	2018/10/15	Sport	800,000,000	55%	37,200,000 USD
Project	Token	Start Date	End Date	Field	Total Number	ICO Ratio	Hard Cap
Gaus	GAUS	2018/8/15	2018/8/25	E-commerce	–	70%	17,000,000 USD
Dominium	DOM	2018/8/15	2018/8/30	Asset Management	1,400,000,000	70%	92,500,000 EUR
BUFF	BUFF	2018/8/15	2018/9/15	Game	300,000,000	20%	30,000,000 USD
CrypStock	ICS	2018/8/15	2018/9/20	Asset Management	500,000,000	55%	59,000,000 USD
Cybercoinium	CBR	2018/8/15	2018/8/30	Dev Tool	180,000,000	65%	12,500,000 USD
Parkres	PARK	2018/8/15	2018/9/15	Retail	179,000,000	47.5%	48,000,000 USD
Chozun	CZN	2018/8/15	2018/9/15	Tourism	100,000,000	50%	–
AIRSTAYZ	STAY	2018/8/11	2018/8/25	Tourism	155,000,000	60%	24,000,000 USD
Fair Ninja	YSH	2018/8/15	2018/8/30	Marketing	500,000,000	60%	22,400,000 USD
DNAtix	DNAtix	2018/8/15	2018/11/14	Health	150,000,000	53%	30,000,000 USD
Vanig	VANIG	2018/8/15	2018/8/22	E-commerce	218,000,000	65%	20,000,000 USD
B21	B21	2018/8/15	2018/9/14	Finance	500,000,000	50%	29,000,000 USD
Rebons	RBN	2018/8/15	2018/9/15	Game	30,000,000	50.6%	2 000 000 RBN

Kleros, an ethereum-based blockchain resolution platform, makes you run a gauntlet of adorable shibes. But why? Very dispute, such resolution!

The current crumbling crypto market conditions appear to be no deterrent to tech and communications companies that are clamoring to get in on the action. South Korean messaging firm LINE is upping the game with the launch of a $10 million crypto investment fund.

Unblock Ventures Crypto Fund

According to the announcement, LINE’s Korean blockchain subsidiary, Unblock Corporation, will be operating the fund. The initial capital pool for the corporate token venture fund, named Unblock Ventures, will be $10 million which will be made by another Line Corporation company, LVC Corp. The fund is expected to expand in the future in line with growth in the blockchain sector. The company added;

“By launching this new corporate token fund, LINE is aiming to boost the development and adoption of cryptocurrencies and blockchain technology. As such, LINE is one of the first publicly traded corporations to formalize token investments through a corporate fund.”

LINE is big in Asia and has over 200 million users, mostly in Japan, Korea, Thailand and Indonesia. It is based in Japan and listed in Tokyo and on the NYSE whereas the parent firm, Naver Corp, is based in Korea. The firm’s reach goes beyond messaging platforms as it also offers payment services, food delivery, social gaming and taxi services.

Tron Listed on BITBOX, Airdrop Inbound

The new crypto fund marks LINE’s second big foray into the industry this year. In June NewsBTC reported that LINE launched its own crypto exchange, BITBOX, which is based in Singapore. Yesterday it announced that it was adding Tron (TRX) to its listings on the exchange. The firm also added that it was “now accepting applications from other coin projects that want to join the exchange and that are prepared to undergo a thorough evaluation process.”

An airdrop was also announced to celebrate the new addition with 9 million Tron coins to be airdropped to users on BITBOX, in a promotional event running until August 22. CEO of LINE Tech Plus, the firm’s Singapore-based subsidiary that operates BITBOX, Youngsu Ko, said;

“Integrating TRON (TRX) with BITBOX will enable us to connect with the world’s fastest-growing blockchain project. TRON has a solid tech platform, especially now it has joined forces with BitTorrent. We look forward to building a strategic partnership with TRON and offering our users the best experience available in the cryptocurrency space.”

TRX prices jumped 11% on the announcement yesterday but fell back to $0.0198, up just 1% on the day at the time of writing.

The post Messaging Giant LINE Launches New Crypto Fund, Lists Tron (TRX) appeared first on NewsBTC.

Recently at the ChainXchange blockchain conference, Paul Krugman took center stage at a panel of Bitcoin skeptics and supporters including Ripple Chief Market Strategist Cory Johnson and market research guru Thomas Lee.

Prior to the discussion, Krugman delivered a presentation that focused primarily on the history and development of money, and ultimately how they relate to Bitcoin. Of course, Krugman remains one of the loudest cryptocurrency skeptics, although many of his statements on Bitcoin were promising, rather than condemning.

Krugman prefaced his criticisms of cryptocurrency with the disclaimer, “Bitcoin is the only one I halfway understand.” After explaining the fundamentals of money and how society has progressed from rocks and pebbles to gold and silver, then to paper money, and finally to digital money, Krugman compared the large amount of energy required to create Bitcoin to the mining of gold. He noted, half jokingly, that Bitcoin actually takes us back hundreds of years as a society.

It was no surprise that Krugman remained skeptical on crypto, but other statements were actually quite encouraging. Of course, Krugman explained that he was talking not about blockchain technology (which he claims he doesn’t understand and is agnostic towards) or alternative cryptos, only Bitcoin. He also indicated that his concerns on Bitcoin are only regarding its role as a form of money. He has no opinion on Bitcoin or altcoins as utilities beyond currency.

In discussion with the panel of other speakers following his speech, much of the conversation revolved around just how skeptical (or supportive) Krugman and the others were of cryptocurrency. When the conversation turned to the matter of gold versus Bitcoin, the Nobel Prize-winning economist actually had quite surprising remarks:

“Gold is dead… Bitcoin has more utility than gold. There is some chance for Bitcoin to be valuable in the future.”

Krugman also compared Bitcoin to US$100 bills. Hundred dollar bills are seeing diminishing acceptance. The government accepts them for taxes, which he claims ensures their value, but less merchants and stores are accepting them. For drug lords overseas, Krugman believes that using Bitcoin is probably a better alternative to lugging around bags of hundred dollar bills.

When asked about one thing he would change about cryptocurrency, the economist responded, “If transaction costs were reduced to reasonable amounts, that would remove my major opposition.”

What we all know, and Krugman doesn’t (yet), is that a major focus of the recent blockchain 3.0 initiatives is massively improving scalability, partially through a massive reduction of input costs and transactions. Either through Bitcoin’s Lightning Network or a host of other coins, the ability to improve this very aspect of cryptocurrency is already upon us.