roadrunner

The Bank of England has moved closer to adopting a negative interest rate policy. The central bank has asked commercial banks in the U.K. to provide details of how ready they are to deal with negative interest rates, asserting that for the policy to be effective, commercial banks need to be ready to implement it. Bank of England Engages Commercial Banks on Negative Interest Rates The Bank of England has asked commercial banks how ready they are to implement negative interest rates. This followed the central bank’s Monetary Policy Committee (MPC) revealing that it would assess the appropriateness of a negative official bank rate, including how a negative interest rate policy could be effectively implemented. The central bank sent a letter, dated Monday, to the CEOs of commercial banks requesting information about their “Operational readiness for a zero or negative bank rate.” The letter is accompanied by a survey, which the central bank says will help it identify any “technical operational challenges associated with the implementation of a zero or negative bank rate, and to consider how best to prepare and prevent any unintended operational disruption.” Bank of England Deputy Governor Sam Woods explained in the letter: For a negative bank rate to be effective as a policy tool, the financial sector – as the key transmission mechanism of monetary policy – would need to be operationally ready to implement it in a way that does not adversely affect the safety and soundness of firms. The letter explains that the Bank of England and the Prudential Regulation Authority “are commencing structured engagement on the operational considerations of a negative policy rate,” which include “being operationally ready to deal with a zero bank rate.” The central bank emphasized that it realized that a negative interest rate policy “could have wider implications” for commercial banks’ business and their customers. The benchmark interest rate in the U.K. is currently 0.1%. A negative interest rate means commercial banks would have to pay the Bank of England to hold deposits for them. Several central banks have already adopted a negative interest rate policy, including the European Central Bank (ECB) and the Bank of Japan. Commercial banks may decide to pass on the burden of negative interest rates to their customers, charging them for keeping money in the bank, like many banks in Germany are already doing. However, banks that do so risk losing customers to other banks that do not charge negative interest rates. Meanwhile, Bank of England Governor Andrew Bailey said Monday that he was “very nervous” about people using bitcoin for payments, stating that “it is hard to see that bitcoin has what we tend to call intrinsic value.” What do you think about the Bank of England imposing negative interest rates? Let us know in the comments section below. The post Bank of England Moves Closer to Negative Interest Rates, Asks Banks if They Are Ready appeared first on Bitcoin News. View the full article

Grayscale Investments says the registration statement on Form 10 that it filed with the U.S. Securities and Exchange Commission (SEC) on behalf of the Ethereum Trust has become effective. This means Ethereum Trust is now an official SEC reporting company and the second digital currency investment product to achieve the milestone. Grayscale’s BTC Trust (GBTC) is the first investment product to attain the status after its filing became effective on January 21 of 2020. An organization becomes a SEC reporting company or public company upon “registration pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the Exchange Act).” Consequently, the Grayscale Ethereum Trust will now “file its quarterly and annual reports, including its financial statements, on Form 10-Qs and 10-Ks with the SEC, along with current reports on Form 8-K, in addition to complying with all other obligations under the Exchange Act.” Still, the world’s largest digital currency asset manager elaborates that “this voluntary filing should not be confused as an effort to classify Grayscale Ethereum Trust as an exchange-traded fund (ETF). The structure of the Trust will not change and it will continue to not operate a redemption program nor trade on a national securities exchange.” Meanwhile, the statement released by Grayscale Investments also explains that “the shares of the Trust are designed to provide investors with a cost-effective and convenient way to gain investment exposure to ETH.” Nevertheless, the statement still highlights some important information about the shares: The Ethereum Trust will offer a private placement to accredited investors. The investment objective of the Trust is for the Shares (based on ETH per Share) to reflect the value of ETH held by the Trust, determined by reference to the Index Price (as defined in the Information Statement), less the Trust’s expenses and other liabilities. The statement clarifies that Grayscale is yet to meet “its investment objective and the Shares quoted on OTCQX have not reflected the value of ETH held by the Trust, less the Trust’s expenses and other liabilities.” Instead, the shares have “traded at a substantial premium over such value.” The latest announcement by Grayscale, which tops the list of publicly listed companies that hold bitcoin, comes as U.S. regulators and statutory bodies are increasing pressure on cryptocurrency businesses that are not adhering to the Securities Act. What does the attainment of the reporting company status by the Ethereum Trust mean for other altcoins? Tell us what you think in the comments section below? The post Grayscale’s Ethereum Trust Attains SEC Reporting Company Status appeared first on Bitcoin News. View the full article

Bitcoin Cash proponents have been recently discussing a new mining entity with a large amount of hashrate joined the network. The merge mining operation called HathorMM currently captures 33% of the Bitcoin Cash hashrate and the miners are also mining Bitcoinsv as well. The Bitcoin Cash (BCH) network currently has 2.77 exahash (EH/s) of SHA256 hashrate pointed at the chain and a new mining entity has joined the ranks. On October 11, a few members of the BCH community discussed the mining operation dubbed HathorMM and disclosed the project is a merge-mined network. At the time of publication, the HathorMM operation commands 33% of today’s BCH hashrate and 22% for the last seven days. The operation on Monday afternoon is currently the largest BCH mining pool in terms of hashrate according to Coin Dance stats. The purple slice of the pie represents the HathorMM merge mining operation hashing alongside Bitcoin Cash miners. The pool is a merge mining operation which means the miners can mine both bitcoin cash (BCH) and hathor (HTR). The Hathor Network website claims the project is a “scalable and easy-to-use blockchain for digital assets.” The community’s quick guide to mining HTR indicates that merged mining can be done with BCH, BSV, and DGB. The guide highlights that the HTR mining pools are “not managed by the Hathor team.” The project’s source code is available on Github and the Hathor mainnet launched on January 3, 2020. The project recently published documents on “Hathor Token Economics” and there is currently 84,448,933 HTR circulating today. Market cap aggregators show that HTR is worth $0.321 per unit and there’s around $79,000 worth of trade volume on Monday afternoon (ET). On September 25, 2020, HTR was trading for $0.058 which means it’s gained 540% in that timespan. It seems that HTR is only swapping on one exchange and is paired against BTC on the trading platform Qtrade. Meanwhile, the Bitcoin Cash (BCH) network upgrade is expected to happen in 34 days on November 15. BCH community members have been discussing the HathorMM pool because there’s been a number of empty blocks mined in recent days. The founder of General Protocols and BCHN developer John Nieri (emergent_reasons) explained that the Hathor Network creators have nothing to do with the merged mining pools. “General Protocols and BCHN have been working to sort the situation out,” Nieri detailed in the thread concerning Hathor. “FYI There are four main Hathor merge mining outputs. Three of them mine regular blocks with relatively low hashrate. We have not been able to get in touch with them yet but will make another attempt this week. One of them mines empty blocks with a high hashrate. We are pretty sure we have identified which pool this is and working on communicating with them to make sure they are aware of issues in November.” Hathor merge mining is also represented on the Bitcoinsv (BSV) network as HathorMM captured over 4% of the BSV hashrate during the last seven days. On Monday afternoon, the Hathor-based merge mining on BSV is roughly 3.47%. What do you think about the merge mining operation mining alongside Bitcoin Cash miners? Let us know what you think in the comments section below. The post Hathor Merge Mining Pool Commands 33% of the Bitcoin Cash Hashrate appeared first on Bitcoin News. View the full article

The original Silk Road marketplace has been shut down for well over seven years now and to this day, 444,000 bitcoin worth $4.8 billion is still missing. Just recently, a report focused on those funds discusses one of the market’s biggest mysteries and how people have seemingly forgotten about this massive stash. A number of people understand that the Silk Road marketplace was shut down by global law enforcement (LE) in October 2013 and LE subsequently arrested Ross Ulbricht shortly after. Individuals are also familiar with the 173,991 BTC ($1.9B) from the Silk Road coins that were seized and later auctioned by the U.S. Marshalls. However, the public is not wholly aware of the estimated 444,000 BTC ($4.8B) missing from the Silk Road and a recent study from mysteryarchive.com discusses the lost coins at length. “What many people don’t know about the Silk Road story, is that the balance sheet does not add up, and everybody just seems to be okay with this fact,” the mysteryarchive.com report notes. The author further adds: Generally speaking, you don’t close a case with $4.8B just unaccounted for and this remains the Silk Road’s greatest mystery as nobody can answer this simple question. The findings discuss how the U.S. federal agents managed to seize the 173k BTC and that it’s quite possible the rest of the funds were stored on another computer. 144k BTC out of the seized stash was found on Ulbricht’s laptop, which gave LE full access to the “Mastermind” dashboard and a list of SR payroll expenses from 2011 to 2013. A screenshot of the “Mastermind” dashboard. Image via mysteryarchive.com. Mysteryarchive.com stresses that “another computer seems likely, as it is common practice to not put all your wealth in one place.” The report is not the only account of the hundreds of thousands of Silk Road BTC still missing from the darknet marketplace. In 2015, news.Bitcoin.com shared an account from the alleged Silk Road mentor, ‘Variety Jones,’ who told a tale about an estimated 300,000 to 400k BTC stash. According to Jones, a rogue FBI agent dubbed ‘Diamond’ was harassing him with an attempt to obtain the hoard of Silk Road coins LE never seized. “My back of the envelope calculations for SR [Silk Road] show that there was easily close to 400,000 BTC that wasn’t accounted for yet,” Jones wrote at the time. “I certainly don’t have it, it’s gotta be somewhere, and Diamond (the rogue FBI agent) is certainly willing to move heaven and earth to get the passphrase for it.” Jones had said the rogue LE official was trying to extort him and the agent was also making “an average of $1,000,000 a month, committing felonies with wild abandon, just because he can.” Variety Jones, whose real name is Roger Clark, was arrested in Thailand in December 2015. Oddly enough, Clark wasn’t charged for his association with the Silk Road (SR) or his crimes until the end of January 2020. Moreover, two rogue federal agents working with the SR investigation stole thousands of bitcoins acting as double agents. The recent report details that the missing stash of hundreds of thousands of SR bitcoins may have been lost during the Mt Gox breach. A number of studies over the years have shown a great deal of bitcoins from the darknet marketplace might have found their way into the now-defunct Mt Gox exchange. Alongside this, Homeland Security Investigations (HSI) agent Jared Der-Yeghiayan discovered interesting connections between Mt Gox and the SR marketplace. A summary of Der-Yeghiayan’s account was published on Freeross.org in a story called “Silk Road Case: The Real, Untold Story.” “Der-Yeghiayan had identified multiple accounts belonging to the Silk Road operators that contained bitcoins worth millions of U.S. dollars,” the Untold Story study’s author notes. The crypto community may never find out where this stash of BTC went, and can only speculate on how much really went missing. The mysteryarchive.com report concludes that it is noteworthy that Mark Karpeles (CEO of Mt Gox) helped LE with the federal investigation into the SR marketplace. Moreover, the author adds that Karpeles was also once a lead suspect in the case and was accused of being the SR leader at one point as well. What do you think about the mysterious missing SR bitcoins? Let us know what you think about this story in the comments below. The post The Silk Road Balance Sheet Discrepancy: Bitcoin Worth $4.8 Billion Still Missing appeared first on Bitcoin News. View the full article

The Crypto Cruise Ship called Satoshi is gearing up to set sail from the Mediterranean to Panama, where it will drop anchor and call the bay its home. The ship has 777 cabins that will be auctioned off as condos. Bitcoin will be accepted for all goods and services aboard. Crypto Cruise Ship ‘Satoshi’ Ocean Builders, a company that builds “seapods” or floating homes for seasteaders, has unveiled “The Crypto Cruise Ship” called Satoshi. It is being prepared to set sail from the Mediterranean and will anchor in the Gulf of Panama. The Crypto Cruise Ship Satoshi is 811 feet long with 12 decks and 777 cabins to be auctioned off as condos. It will have three restaurants, a juice bar, two cafes, three bars, two pools, four whirlpools, a water park, and more, Ocean Builders’ website details. Bitcoin will be accepted throughout the ship for all goods and services, alongside U.S. dollars and other forms of payment. According to the Maritime Executive publication, the Crypto Cruise Ship Satoshi was formerly a cruise ship called the “Pacific Dawn” by P&O Cruises Australia. Built in 1991, it has been operating with Princess Cruises and P&O Australia. P&O’s parent company, Carnival Corporation, recently sold the ship as its business was affected by the coronavirus pandemic. American bitcoin entrepreneur Chad Elwartowski, COO of Ocean Builders, says that his company is scheduled to take delivery of the cruise ship on Nov. 4 in the Mediterranean. The ship will subsequently be renamed to Satoshi, after Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Elwartowski has been a pioneer in seasteading. Last year, he and his Thai girlfriend got into trouble with the government of Thailand while occupying a sea home off the coast of Phuket. The Thai government accused the couple of violating the country’s sovereignty and the Thai Navy seized their home and issued arrest warrants for both of them. Regarding the Crypto Cruise Ship Satoshi, Elwartowski was quoted as saying: “We look forward to creating a hub for technology and innovation here in Panama. Our goal is to figure out how to live sustainably on the sea and chart new waters in this new frontier.” In addition to permanent residential units, Ocean Builders says that vacation rentals will also be available on the ship. Registration has already opened and auctions for the cabins are scheduled to take place between Nov. 5 and Nov. 28. According to Ocean Builders, the move-in date will be in January next year. Buyers will acquire full ownership of their cabins and will be required to pay a monthly fee to cover operating expenses. The publication added that the first sale will be for 200 cabins, tentatively priced between $25,000 and $50,000. Would you buy or rent a cabin on the Crypto Cruise Ship Satoshi? Let us know in the comments section below. The post Crypto Cruise Ship ‘Satoshi’ to Make Panama Bay Home appeared first on Bitcoin News. View the full article

The ongoing hype about the abnormally high returns from Defi tokens has naturally seen many more investors moving funds to decentralized protocols. As of October 10, total value locked in Defi protocols was nearly $11 billion. However, despite this apparent endorsement of Defi, rug pulling incidents and outright scams now seem to be blighting this space. News.bitcoin.com has been reporting on the growing popularity of Defi protocols as well as exposing the fact that some devs and founders wilfully engage in practices that harm interests of the burgeoning Defi community. SBF’s Actions Were Not Approved by the Community Just recently, Sam Bankman Fried (SBF), the individual that took over the reins at SushiSwap in early September, was accused of acting immorally. The allegations stem from SBF’s use of FTT (a centralized token) as collateral for short selling other assets. It has emerged that SBF’s actions were not approved by the community and reports suggest the matter will be resolved via a vote which ends October 14. However, before the vote is even closed, critics are making the argument that if “economically rational market participants such as SBF are able to take advantage these tools in a way that the community doesn’t approve of, the immaturity of both the market and its users are revealed.” Meanwhile, SBF, who is defending his actions, is not the only influencer getting panned for using a privileged position to enrich himself. Blue Kirby, the YFI fanboy, is another prominent individual that has been criticized first for actively promoting Andre Cronje’s botched EMN before it got hacked. Secondly, Kirby faces accusations of dumping his YFI when the Defi token suffered losses in the past few weeks. 12 Defi Con Artists Exposed The complaints against SBF and Blue Kirby are just two of the many cases where influential individuals are caught acting contrary to the values they publicly espouse. In many cases, however, Defi con artists are only exposed after making off with millions of dollars in investor funds. Below News.bitcoin.com lists some Defi projects or tokens, which according to a Boxmining newsletter, have turned out to be scams. Amplyfi.money: Rug pulled after collecting 2,500 ETH from investors. According to a message left on the website, the Amplyfi.money team claim that “one of the devs compromised wallet and was able to use a little-known vulnerability in the compiler itself.” It adds that “devs are receiving a fair amount of threats so we decided to terminate the project.” Beer Garden Finance: According to the newsletter, the founder holds over 50% of the token supply in his personal wallet. When the community asked for more details such as a Github link for the project, or timelocks for the tokens they were banned from the Telegram group. Burn Vault Finance ($BFV): The newsletter says the team behind this protocol rug pulled. News.bitcoin.com also confirmed the community Telegram account is no longer active. CBDAO ($BREE): According to the Newsletter, the project had a presale for $SBREE tokens which would be swapped for $BREE. One of the admin wallets exploited a backdoor in the SBREE token contract, minted 50,000 SBREE. After that, the SBREE was converted into BREE and sold it on the market thus pushing down the price of BREE at the expense of other holders. The 50,000 BREE was sold for under 200 ETH. Degenballz: The Boxmining newsletter says staking “may steal 1% of your LP tokens.” On Twitter, one user is seemingly complaining about the 1% LP staking fee paid to developers. The user known as HuntingtheCoins expresses disappointment that this fact had not been disclosed upfront. Emerald Mine (EMD): According to the newsletter, user tokens worth nearly USD$2.5mil that were supposedly locked under a smart contract were moved to another account. Fortunately, cryptocurrency exchange Changenow managed to stop the sale of 135,020 EOS. However, this only represents a tiny portion of the total amount of funds stolen. Lv.finance: Falsified audit results, after investors deposited their funds in they found they were unable to withdraw. The team has since disappeared and the website was down at the time of writing. Minions Farm: Minions will access all your assets when you connect your wallet to the Minions Wallet site. According to the message left Minions Farm’s page on Medium, the post(s) was under investigation for alleged violation of posting rules. The official website was also down at the time of writing. Tomatoes.finance: The newsletter says a hacker allegedly triggered simple permission granting and withdrew tokens. News.bitcoin.com observed that since September 23, there has been no activity on their Medium page. UniCat ($MEOW): A back door in smart contracts allowed UniCat to keep control over users’ tokens even after they were withdrawn from the pool. Around USD$200,000 worth of crypto has supposedly been stolen. Unirocket ($URCKT): The newsletter says creators of this token rug-pulled and now cannot be located on social media. Similarly, News.bitcoin.com could not find any information on Unirocket on social media. Yfdex.finance: Project promoted themselves on Twitter for 2 days, took a total of USD$20million of investor funds and disappeared. News.bitcoin.com reported on Yfdex.finance scam in September. From the list, prospective Defi token investors can see common methods and tactics that have been used by fraudsters to engineer theft of funds. Since there is no regulation and the fact that most of the tokens are issued by anonymous entities, once defrauded, investors have no chance of recovering lost funds. Rug Pulling Threatens Defi In the medium to long term, continuing incidents of rug pulling will hurt the belief that decentralized finance can be the panacea to the longstanding problem of financial exclusion. Influencers and community leaders have an obligation to help fix these problems as doing this is the only way to maintain the public’s interest in Defi. More importantly, such an effort could help stave off regulators from imposing restrictive rules that curtail further growth of the space. Do you think Defi will survive rug pull scams? Share your views in the comments section below. The post 12 Defi Con Artists Exposed – Are Rug Pulling Incidents Threatening the Future of Defi ? appeared first on Bitcoin News. View the full article

Members of the decentralized finance (defi) community are upset with Yearn Finance founder Andre Cronje over the mishap with Cronje’s secret Eminence (EMN) project. The Eminence protocol gathered $15 million before the project was ultimately hacked before the official launch. According to a recent blog post published on Medium, a group of defi community members plan to sue Yearn Finance founder, Andre Cronje, and fork YFI as well. As news.Bitcoin.com recently reported, there’s been a lack of trust in Cronje’s work since an undercover project that didn’t even launch was drained for $15 million in funds. The project was called Eminence (EMN) and after the incident, Cronje said he was lying low from social media. “We are crowdfunding capital to finance a lawsuit against Andre Cronje, Kirby and Banteg over the EMN scandal on behalf of the victims,” explains the blog post written by the group dubbed ‘EMN Investigation.’ The team added: Andre Cronje, the founder of Yearn Finance, hyped a surprise launch. Eminence Finance contracts were deployed by the Yearn Finance deployer, and Andre tweeted and retweeted as liquidity flowed in. The investigation team says that Kirby, the head of communications at Yearn Finance, gave instructions on how to leverage the contracts and promoted Eminence prior to launch. The group also accuses the Yearn Finance developer, Banteg, of “selling tokens bought from the contract to Uniswap right until the contracts were hacked.” “The hacker drained the entire $15 million that had been locked up in liquidity by using a flash loan exploit,” the EMN investigation team detailed. “The hacker then returned $8 million to Andre, and was misappropriated.” The seething blog post is also filled with screenshots, tweets, and market charts that aim to bolster the group’s argument. The investigation group is asking for ETH donations to finance the lawsuit, and the crowdfunding campaign will last 30 days, ending on November 9, 2020. The group also says that when it forks YFI, it plans to take a snapshot of the donors who helped fund the litigation and reward them with “an airdrop 50% of the supply of a fork of YFI.” “The other 50% of the supply will be airdropped to the victims of the EMN scandal. We will create a new defi ecosystem, but without the bad actors,” the authors conclude. Meanwhile, another YFI fork is in the making as well, as the YFI3 project was recently revealed by another team of developers. The tweet Cronje wrote about lying low from social media was published on October 9, and the YFI founder has not tweeted since then. What do you think about the possibility of the YFI founder and team being sued over the Eminence scandal? Let us know in the comments section below. The post Defi Community Members Aim to Sue Yearn Finance Creator Andre Cronje and Fork YFI appeared first on Bitcoin News. View the full article

Bitcoin has been sent to 350 deputies of the Spanish Congress as part of an educational initiative similar to the “Crypto for Congress” campaign that sent bitcoin to all Members of U.S. Congress. Bitcoin Sent to 350 Spanish Lawmakers All 350 members of Spain’s Congress of Deputies have been sent bitcoin worth a euro each as part of an educational campaign, local newspaper ABC reported Thursday. The Congress of Deputies is the lower house of Spain’s parliament; it has 350 members. The initiative was launched by blockchain education platform Tutellus and Observatorio Blockchain “with the aim of raising awareness about the ‘transcendental’ role that cryptocurrencies are going to have in the transformation of the economy and society,” the publication conveyed, quoting sources from the organization as saying: We have explained to the deputies that we are in a time of profound changes in the use of money, in addition to highlighting the important role that cryptocurrencies have today. All the representatives of the ten parliamentary groups in the lower house of parliament were sent an email with the equivalent of one euro in bitcoin on Wednesday, the news outlet detailed. This move followed the Crypto for Congress initiative by the Chamber of Digital Commerce that sent all U.S. Members of Congress bitcoin as campaign contributions. While the bitcoin sent by the Crypto for Congress initiative was intended as donations, Miguel Caballero, founder of Tutellus who launched the Spanish initiative, says the bitcoin sent to the 350 Spanish deputies “is not a donation.” He asserted: Many deputies probably already have some experience in the use of cryptocurrencies, but we would like those who are not yet familiar with the new money, to have the opportunity to get in touch with it. Caballero added: “With a digital euro on the near horizon, we believe that our deputies, as citizens’ representatives, should be aware of the benefits and risks of cryptocurrencies.” What do you think about this bitcoin for Congress initiative in Spain? Let us know in the comments section below. The post Bitcoin for Spain’s Congress: BTC Sent to 350 Spanish Parliament Members appeared first on Bitcoin News. View the full article

Six stimulus packages have been proposed to provide second stimulus checks for Americans. The latest proposal came from the White House on Friday. Several stimulus bills are being discussed as Americans hope to soon receive another round of direct payments to help them through the coronavirus pandemic-led economic crisis. 6 Stimulus Packages Proposed With Second Round of Stimulus Checks Americans are waiting for Congress to pass a stimulus package with direct payments as many are suffering due to the coronavirus-led economic crisis. Since the CARES Act provided the first round of stimulus checks, a number of stimulus relief aid packages have been proposed with similar direct payments to Americans. The latest proposal came from the White House on Friday. After the $3.4 trillion Heroes Act which provides a second round of stimulus checks for American was stalled in the Senate, a revised version of the Act was introduced at the end of September with the same direct payment proposal. This bill, which is expected to cost about $2.2 trillion, has been approved by House Democrats. Since its introduction, House Speaker Nancy Pelosi has been in constant discussion with Treasury Secretary Steven Mnuchin on the bill. However, the two could not come to an agreement so far and Mnuchin proposed a $1.6 trillion stimulus package counteroffer. According to Mnuchin, his proposal is similar to a $1.5 trillion stimulus proposal by the Problem Solvers Caucus, a 50-member bipartisan group, which also provides for $1,200 direct payments to Americans. As talks between Mnuchin and Pelosi heated up, President Donald Trump made a surprise move to call off stimulus negotiations between Democrats and Republicans until after the election. However, hours later, he called on Congress to approve a stand-alone stimulus bill to immediately give stimulus checks to Americans. Pelosi refused to consider this stand-alone bill. The Latest Stimulus Proposal: $1.8 Trillion Package As stimulus negotiations between Democrats and Republicans resumed, with Pelosi pushing for the $2.2 trillion Heroes Act, the White House announced Friday that it has increased its stimulus package offer to $1.8 trillion, which Trump has approved. This latest proposal also contains another round of $1,200 direct payments to Americans. Trump tweeted Friday, “Covid relief negotiations are moving along. Go big.” However, in a letter to her caucus on Saturday, Pelosi called the White House’s plan “insufficient” and said it amounted to “one step forward, two steps back.” Sources also told NBC News that Senate Republicans have expressed opposition to this offer in a call on Saturday with Mnuchin and White House Chief of Staff Mark Meadows. Pelosi claims that the Trump administration’s proposal lacks a strategic plan to contain the spread of coronavirus and has inadequate funding for state and local governments and financial relief for American families. Time is running out for Congress to pass a stimulus package before the November presidential election. Senate Majority Leader Mitch McConnell said Friday that a coronavirus stimulus relief aid approval is “unlikely in the next three weeks.” Not only must Pelosi and Mnuchin agree on a deal and finalize a stimulus bill, but the bill would also have to go through both the Democratic-held House and GOP-controlled Senate. Federal Reserve Chairman Jerome Powell urged Congress last week to pass more fiscal stimulus. He warned that failing to do so could “lead to a weak recovery, creating unnecessary hardship for households and businesses,” emphasizing his view that Congress had a limited risk of “overdoing” relief. Meanwhile, Pelosi has questioned Trump’s health following the president testing positive for coronavirus. She indicated her intention to discuss the 25th Amendment which allows for the vice president to become acting president if it is determined that the president “is unable to discharge the powers and duties of his office.” Do you think a stimulus package will be approved before the election? Let us know in the comments section below. The post 6 Stimulus Packages Have Been Proposed to Provide Second Direct Payments to Americans appeared first on Bitcoin News. View the full article

On early Sunday morning around 1:38:02 a.m. (New York time), approximately 20 blocks with coinbase rewards from 2010 were spent in one block. 1,000 BTC was then consolidated into a single address before moving again. The massive movement of the decade-old ‘sleeping’ bitcoins was caught by an onchain transaction parser and the coins were spent in block 652,204. ** Update, approximately 9.99999943 BTC or $114k worth of the 1,050 bitcoins from 2010 were sent to the Free Software Foundation. Miner Spends 21 Blocks from 2010 Following the Same Pattern That Happened the Day Before Black Thursday Similar to the big move the day before March 12, the miner also transferred one last 2010 block mined at block height 652,229, to finish off the group of transactions making it a total of 21 consecutive 2010 block rewards moved. What we know so far is quite a bit of ‘Satoshi era’ or so-called ‘sleeping’ bitcoin rewards from 2010 moved during the early morning hours on Sunday morning. The action was caught by the application Btcparser.com, as a bitcoin miner or miners decided to spend approximately 21 blocks from 2010 around 1:38 a.m. (ET). The onchain parser Btcparser.com caught the action on Sunday morning on October 11, 2020. Btcparser’s application shows three types of parsed data obtained from the Bitcoin (BTC) blockchain. The first parser combs the BTC blockchain for activity related to 64,529 addresses stemming from 2009 through 2017. The 2010 blocks spent in total on Sunday held 1,050 BTC or $11.9 million at current BTC exchange rates. News.Bitcoin.com was also the first to catch the spending of 21 blocks from 2010, that a miner or group of miners, transferred the day before March 12, 2020, otherwise known as ‘Black Thursday.’ The movement of ‘sleeping’ bitcoin rewards is not a regular occurrence, and especially coins that were mined ten years ago that have sat dormant ever since. The movement on October 11, 2020, is also quite odd because the person or people decided to move the exact same number of 2010 blocks as the March incident. In our report last week, it was noted that a 2010 block reward, coincidentally mined on March 11 of that year, was also transferred to end the session of movements. While leveraging the application Btcparcer.com, our newsdesk discovered the first 20 blocks from 2010 spent in block 652,204. Another 2010 block was spent in block 652,229 making it a total of 21 decade-old coinbase rewards moved on October 11, 2020. The exact same thing happened on Sunday morning, approximately 21 blocks, a ten-year span, and 1,050 coins were spent. The final block mined at block height 652,229 was mined on November 10, 2010. $250,000 Worth of Bitcoin Cash Also Spent Data also shows that in addition to the BTC moved, the bitcoin cash (BCH) coinbase rewards were also transferred on Sunday morning. Approximately 1,000 BCH from the same decade-old coinbase rewards ($251k) moved on October 11, but blockchain explorers show the corresponding bitcoinsv (BSV) tokens did not move. However, the final BTC block spent on Sunday did not see the associated bitcoin cash (BCH) spent. The weird transfer that saw 21 blocks from 2010 transferred back in March did see the corresponding bitcoinsv (BSV) spent alongside the corresponding BCH. The transfer on Sunday is another record for the history books, and one can only speculate if it was a single person or a group of miners. It is also not known, whether or not, the entity plans to sell these coins on the open market. It seems more likely that the entity was the same person and could very well be the same miner that spent 2010 coins the day before the infamous Black Thursday. At the time of publication, bitcoin (BTC) is doing well price-wise, hovering at $11,300 per coin. One thing that can be said for sure is that a lot of 2010 blocks have been spent in 2020 (54 total), including the rare 2009 block that was mined only one month after Satoshi kickstarted the network. What do you think about the 21 blocks from 2010 being transferred on Sunday morning? Let us know what you think about this story in the comments section below. The post $12M in ‘Satoshi Era’ Bitcoins Move: 21 Block Rewards from 2010 Spent After a Decade of Slumber appeared first on Bitcoin News. View the full article

A movie is being made about Onecoin’s cryptocurrency Ponzi scheme starring Oscar winner Kate Winslet. This Hollywood MGM movie is based on a true story told by a victim of the cryptocurrency fraud scheme. Onecoin Movie Starring Kate Winslet Oscar-winner Kate Winslet will be starring in an upcoming movie about the cryptocurrency Ponzi scheme Onecoin, according to Deadline publication which specializes in entertainment and Hollywood news. The movie is called “Fake!” and it is based on the book by Jen McAdam and Douglas Thompson which tells the true-life story of McAdam’s involvement with the Onecoin Ponzi scheme. McAdam will executive produce the film. Scott Z. Burns, who wrote Contagion, a movie about a pandemic that Winslet starred in, will write and direct the new film. He is also famed for his 2019 political drama called The Report, which is about idealistic Senate staffer Daniel J. Jones and his investigation into the CIA’s post 9/11 Detention and Interrogation Program. He also wrote and produced the Netflix movie The Laundromat about the Panama Papers. Burns will also co-produce Fake! with Jennifer Todd and Winslet for MGM Studios. Winslet is a seven-time Oscar nominee who won Best Actress in 2009 for her role in The Reader. Her IMDB page shows 65 acting credits, including Titanic, Steve Jobs, the Divergent movies, The Holiday, and Sense and Sensibility. She is also teaming up with Titanic filmmaker James Cameron for Avatar 2. Onecoin has been described as “one of the biggest scams in history,” having allegedly raked in $4 billion worldwide. The cryptocurrency Ponzi scheme is promoted by Bulgaria-based offshore companies Onecoin Ltd. and Onelife Network Ltd., both of which were founded by Ruja Ignatova in collaboration with Sebastian Greenwood. Ignatova disappeared in 2017 and is still at large while Greenwood was arrested in 2018. Ruja’s brother, Konstantin Ignatov, pleaded guilty to charges of money laundering and fraud after he was arrested in March last year. McAdam is a victim of Onecoin’s Ponzi scheme; she founded a support group for those affected by the scam. She, her family, and friends invested and lost almost $300,000. McAdam tweeted Saturday after the news of her upcoming movie broke, thanking author and broadcaster Douglas Thompson for helping her write Fake! She described her book as “A memoir book of my life and hell of a journey for justice in Onecoin fraudulent scam which is now also going to be featured in a Hollywood MGM movie. I am absolutely thrilled. So thankful.” Will you watch this crypto movie starring Kate Winslet? Let us know in the comments section below. The post Kate Winslet to Star in Cryptocurrency Movie About Onecoin Ponzi Scheme appeared first on Bitcoin News. View the full article

The latest data from Coingecko shows that the combined trading volumes of cryptocurrency exchanges went up by $155 billion between July and September, from $175.7 billion to $330.6 billion. The new total volume represents a 88% increase which Coingecko attributes to the decentralized finance (defi) hype and yield farming frenzy that peaked in August. In the report, Coingecko also observes that from the start of Q3, traded volumes on decentralized exchanges (dexs) grew much faster than those of centralized exchanges (cexs). For instance, in Q3, “the monthly average dex trading volumes (of top ten dexs) grew by 197%, outperforming the average volumes of the top ten cexs, which went up 35%.” Despite the explosive growth, which also appeared to slow in September, dex volumes account for just 6% of total cex volumes. Explaining the relatively modest performance by cexs, the report observes that while the month of August proved to be the best after volumes grew by 83%, September trades ultimately reversed the previous month’s gains. According to the report, cex volumes dropped from $314.6 billion seen in August to $300 billion by end of September. The report states that Coinbase and Okex contributed 60% of the reversal. Meanwhile, the report also provides data on the performance of individual dex platforms during the period. As the data shows, Uniswap, which contributed just under 50% of total dex volumes in July, saw its market share grow to 63% by end of September. Following Uniswap is Curve which experienced a fast-changing quarter after its share initially dropped from 24% in July to 13% in August. However, by the end of September, Curve had recovered after contributing 17% to total dex volumes. In the meantime, Sushiswap, which forked from Uniswap on August 28, managed to account for 8% of the total volumes by the end of September. The rest of the dex protocols contributed 4% or less to the total volumes. Next, the Coingecko report provides a timeline of key events that explain the apparent rivalry between Uniswap and Sushiswap. The report highlights that after forking, Sushiswap went on “to introduce a new token (SUSHI), distributed via liquidity mining.” Explaining the significance of this move, the report says: “Unlike Uniswap which shares 0.3% of trading fees to liquidity providers, Sushiswap shares 0.25% to liquidity providers with the remaining 0.05% being converted to SUSHI and distributed to SUSHI holders. Mining returns of over 2,000% drew in over $1.4 billion to Sushiswap at its peak.” On September 18, Uniswap began liquidity mining and since then its total-value-locked (TVL) soared to over $2 billion by the end of that month. Lastly, the Coingecko report suggested that non-fungible tokens (NFT) farming are showing signs that they could be the next big thing after defi tokens. Do you think DEXs volumes will continue to grow as they did in Q3? Tell us what you think in the comments section below. The post Q3 Crypto Volumes up by $155 Billion as Defi Hype Drives DEX Growth by 197% appeared first on Bitcoin News. View the full article

When Microstrategy Inc. bought $425 million bitcoin in the last two months, the decision became an important stamp of institutional approval of the top crypto’s credentials as a mature, safe-haven asset. The American technology firm had just made bitcoin its primary reserve asset to hedge against fiat inflation. Now, it appears major global companies are following Microstrategy’s bitcoin strategy. The website bitcointreasuries.org is curating bitcoin treasures held in reserve by publicly traded companies from across the world. At the time of writing, 13 companies with a combined total 598,237 BTC, or 2.85% of the total supply of 21 million BTC, are listed on the page. Here is a closer look at some of the entities. Grayscale Bitcoin Trust — 2.14% Grayscale Investments is, perhaps, an unsurprising pacesetter in this regard. Through its Bitcoin Trust Fund (GBTC), which owns and tracks the price of bitcoin, the New York-based firm now holds 449,596 BTC, valued at $5.1 billion currently, and representing 2.14% of the digital asset’s total circulating supply. Listed on the OTCQX market, the Trust has snapped up 70% of all newly minted bitcoin in 2020, almost doubling its portfolio in the process. It is noteworthy that Gbtc holds this BTC on behalf of accredited corporate investors, who typically value privacy and bitcoin’s store of value credentials while calculatively reluctant to gain direct exposure to the asset. Grayscale’s bitcoin trust “became the first publicly quoted securities solely invested in, and deriving value from, the price of bitcoin” when it launched in 2013. The company operates ten crypto investment products focused on institutional investors. Funds cover ethereum (ETH), bitcoin cash (BCH), zcash, XRP, and more. Microstrategy Inc. — 0.18% Grayscale may be a pioneer, but it is Microstrategy that’s grabbed all the headlines in recent weeks. The Nasdaq-listed company, which develops mobile software as well as provide cloud-based services, bought $425 million worth of bitcoin in August and September, making BTC Microstrategy’s main reserve asset. The multi-billion-dollar U.S. firm now holds a total 38,250 BTC, in a move that signals increasing corporate adoption. At current exchange rates, the portfolio is worth more than $433 million – a gain of $8 million, coming as it does against a backdrop of increased stimulus spending that has sent global fiat currencies into a tailspin. Microstrategy CEO Michael Saylor is particularly upbeat. “This investment reflects our belief that bitcoin, as the world’s most widely adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” he says. Square Inc. — 0.022% Corporate adoption may not be considered a trend just yet, but news that Jack Dorsey’s Square Inc. moved one percent of its total assets into bitcoin suggests something may be building up. On Oct. 8, the New York Stock Exchange-listed mobile payments firm announced it spent $50 million buying 4,709 bitcoin. According to Amrita Ahuja, chief financial officer of Square, “bitcoin has the potential to be a more ubiquitous currency in the future”. On this account, the company intends that “as it (bitcoin) grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.” Bitcoin reacted positively to Square’s news, soaring 8% in the last 72 hours to more than $11,300 from $10,500. With a market capitalization of over $83 billion, Square provides software and hardware payment solutions. In 2019, the company reported revenue of $4.7 billion. It has offices in the U.S., Canada, Australia, Japan, and the United Kingdom. Coinshares — 0.33% Coinshares Ltd is a U.K.- based investment fund that is primarily focused on direct and indirect exposure to bitcoin and other cryptocurrencies. The company manages over $1 billion in digital assets, with bitcoin making up nearly 80% of this. Coinshares currently holds – on behalf of investors – a total 69,730 BTC, valued at $790 million, according to bitcointreasuries.org. Through its subsidiary XBT Provider, Coinshares offers two globally traded exchange-traded notes (ETNs) in bitcoin and ethereum, Bitcoin Tracker One and BTC Tracker Euro, and ethereum, Ether Tracker One and ETH Tracker Euro, respectively. Its ETNs are listed on the Nasdaq Nordic in Stockholm, Sweden and retail investors can buy the instruments. However, the product suffered a blow when the U.K. financial regulator banned the sale of ETNs to retail clients in the country recently. Other Listings Several other publicly traded companies are listed on the bitcoin treasuries website. They include bitcoin miners Hut 8 Mining, which trades on the Toronto Stock Exchange (TSX), and Argo Blockchain of the London Stock Exchange. Both companies hold bitcoin as a reserve asset. At the end of June, Hut 8 held 2,954 BTC while Argo Blockchain had 126 BTC by the end of September. Another mining entity, Riot Blockchain, Inc had 1,053 bitcoin in its reserves in June. Mike Novogratz’s Galaxy Digital Holdings, a TSX-listed firm that “seeks to institutionalize the digital asset and blockchain space,” holds 16,651 BTC, worth about $188 million at prevailing market prices. The company provides asset management, investing, advisory and trading services as well as making principal investments. Voyager Digital Ltd, Cypherpunk Holdings, and DigitalX also make the list of those public companies holding bitcoin as a hedge against fiat inflation. What do you think about the bitcoin held by public firms in reserve? Let us know in the comments section below. The post Here Are the Top Public Companies That Have Adopted Bitcoin as a Reserve Asset appeared first on Bitcoin News. View the full article

In the last few months the non-fungible token (NFT) art space has exploded and data shows that there’s been over 4.9 million sales worth well over $128 million to-date. This week I decided to create an Ethereum-based NFT leveraging the application rarible.com, in order to show our readers how to issue an NFT collectible or a series of rare pieces. Non-fungible tokens (NFT) are very popular right now and one particular NFT called “Block 21” shattered records at a public auction at Christie’s New York. The NFT sold for a world record fee of $131,250 at the prestigious auction house. In order to show our readers how to create a world-famous NFT masterpiece, I decided to leverage the application rarible.com to mint a collectible. The following is a step-by-step guide that shows anyone how to create an Ethereum-based NFT digital art piece, but there are also alternative and more complicated methods that can be used as well. The first thing I did was create a picture with photoshop and when I was satisfied with the art, I went over to the website. Rarible.com is a social community, marketplace, and application and when I accessed the application, I connected it with my Metamask wallet. From here, I pressed the “create collectible” button on the top right side of the screen. The first step after connecting the wallet is to select creating either a “single” piece or “multiple” collectibles. Everything is noncustodial and Rarible explains they don’t hold private keys and “cannot access your funds without your confirmation.” All of the actions are confirmed by the user via the Metamask wallet during the entire creation process. Rarible offers the user two choices: “Choose ‘single’ if you want your collectible to be one of a kind or ‘multiple’ if you want to sell one collectible multiple times.” Basically this means you can create a single non-fungible asset or a series of collectibles using the application. I chose the “multiple” option and decided to mint three of my “Tokenize It” pictures for my first series. Rarible’s app lets you choose to upload a .jpg, .png, or .gif, and pictures should be under 10MB in size. Rarible also allows you to create a “collection” or a “RARI” and for this guide, I chose to mint a RARI. Rarible allows you to customize the token description, number of copies, royalties, name, and it also shows you a preview of the NFT. The application will show you a preview of the collectible, as soon as the image finishes uploading. From here you can give the NFT a name, description, and choose the number of copies you want to mint. Additionally, you can add royalties to the picture, so if it sells to another person after the first sale, the original artist gets a royalty commission from all the sales. Rarible’s app suggests setting royalty amounts at around 10%, 20%, and 30%. Then I set the price to 0.3 ETH per token and decided to mint 3 units from the “Tokenize It” series. You can also set the sale to “unlock once purchased,” which means the content will be unlocked after a successful transaction, but I opted to not do this step. At the bottom of the screen after all the customization fields are filled out, I then pressed “create.” From here in order to mint the NFT you will interact with the Rarible app and the ETH wallet (in my case, Metamask). First, you are asked to approve the transaction and this will be submitted to the ETH network with a fee. After pressing “create,” the Rarible app will then work with the wallet to approve the transactions, mint the NFT, and sign the sell order. This task cost me $1.60 in gwei for gas and the transaction failed, so I had to eat the fee and attempt to mint the token again. After pressing the “mint token” button again, Metamask asked me to process another transaction, which cost me 0.017451 ETH or $6.48 for gas. After less than 15 minutes, my NFT called “Tokenize It” was available for sale on the Rarible marketplace. There are also other collectible markets like Opensea, Nifty Gateway, Knownorigin, and Makersplace. This transaction was successful and from here, the Rarible app asked me to “sign the sell order,” which means my NFT will be displayed on the Rarible marketplace for sale at my desired price. Rarible takes a small fee for hosting the NFT on the marketplace. The entire minting process to get to this point where my NFT is available for sale on the marketplace was roughly around 15 minutes total. The Rarible market shows my NFT is now for sale at 0.3 ETH per token and the app details who owns the NFT, and who created it alongside the sale history. Of course, after 24 hours I didn’t sell any of my art and honestly didn’t expect to, as I only tried the application in order to review the process. The marketplace is saturated with people trying to sell NFTs and people are realizing the importance of this market. Plus there are a number of alternative NFT marketplaces selling non-fungible digital collectibles. There are lots of great designers out there today creating fantastic digital art pieces via the NFT collectible ecosystem. There’s artists like Bitboy Collectible, Cryptopop! creator Luis Buenaventura, and digital artist Lucho Poletti to name a few. The artist Matt Kane’s “Right Place & Right Time,” an NFT that changes every day with the bitcoin price volatility, sold for a whopping 262 ether or $101,100. Rarible.com also shows the marketplace stats and which artists have made the most money during the last 24 hours. NFT creations can also be sold on competitor NFT art and collectible markets like Opensea, Nifty Gateway, Knownorigin, and Makersplace. What do you think about the NFT creation process using Rarible.com’s app? Let us know what you think about this subject in the comments section below. The post NFT Craftiness: Mint a Non-Fungible Token Art Collectible in Less Than 15 Minutes appeared first on Bitcoin News. View the full article

The California-based private American venture capital firm, Andreessen Horowitz, has published a documentary called “Crypto Startup School.” The documentary is different from other blockchain films, as the 30-minute video shows some of the procedures leveraged while invoking a crypto-focused startup. On October 9, 2020, the company Andreessen Horowitz published a new documentary on Youtube called “Crypto Startup School,” alongside the 14 lectures that go along with the experiment. The documentary covers a course Andreessen Horowitz recently held with over 40 participants who learn the process of starting a crypto company. “This 30-minute, behind-the-scenes documentary follows several students as they go through a new program for crypto entrepreneurs called ‘Crypto Startup School,’” the Youtube video description notes. “Along the way, they develop crypto projects, try to find investors and build businesses, and face challenges that are familiar to every founder — all against the backdrop of an unprecedented pandemic.” The documentary shows a slew of the students who participated in Andreessen Horowitz’s crypto startup course. Alongside this, a number of crypto executives from established firms joined the course and were featured in the documentary and lectures. This includes individuals such as Brian Armstrong from Coinbase, Chris Dixon and Tina Ferguson from Andreessen Horowitz, and the angel investor Balaji Srinivasan as well. Marc Andreessen the cofounder of Andreessen Horowitz is a big believer in bitcoin and in 2014, Andreessen wrote a popular opinion article called “Why Bitcoin Matters.” Six years later, while the global economy shuddered from the government response to Covid-19, Andreessen Horowitz invested over $500 million into the digital currency economy with the “Crypto Fund II.” “We think it’s important to keep investing in the long-term development of the internet to address the needs of the coming decades,” Andreessen Horowitz said on May 1, 2020. “That’s why we’re excited to announce a new $515 million fund that will be used to invest in crypto networks and businesses.” “Crypto Startup School” took place while the coronavirus lockdowns happened and a great portion of things were done under lockdown. The crypto course participants learned about applications, opportunities, business models, funding, software development, and running a crypto operation with people who work remotely. What do you think about the Andreessen Horowitz “Crypto Startup School” documentary and lectures? Let us know what you think about this subject in the comments section below. The post Andreessen Horowitz Publishes ‘Crypto Startup School’ Documentary appeared first on Bitcoin News. View the full article

A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend. Recipients can use their digital yuan at 3,389 stores next week. The city aims for the giveaway to boost usage of the new government-backed digital currency. Chinese City Giving Away Digital Yuan The Chinese city of Shenzhen is giving away a total of 10 million yuan ($1.49 million) in the country’s central bank digital currency (CBDC) to 50,000 residents in an effort to boost its usage, the South China Morning Post reported Friday. This is part of the digital yuan pilot program that is being conducted in several major cities in China and the first public test of the digital currency. Shenzhen, known for its shopping destinations, is a modern metropolis city in southeastern China that links Hong Kong to China’s mainland. The digital yuan giveaway will be done by a lottery in the Luohu district of Shenzhen. Winners will receive digital “red packets” containing 200 yuan worth of the digital currency. Red packets are gift envelopes traditionally used in China to give away money during holidays and special occasions. Individuals living in Shenzhen can register for the lottery starting Friday through iShenzhen, a blockchain-based service operated by the Shenzhen government. The lottery winners will be announced on Sunday, according to a statement by the Shenzhen government. They will then be sent a link to open a digital wallet using the official Digital Renminbi App to claim the red packet, the publication conveyed, noting that the app is currently unavailable for public download. The red packets of digital yuan can be used at 3,389 designated shops in Luohu district from Oct. 12-18, including Sinopec gas stations, Walmart stores, CR Vanguard malls and Shangri-La hotels. Recipients cannot transfer their red packets to another person. China Citic Bank International chief economist Liao Qun believes that this digital renminbi giveaway will increase usage of the digital currency to some extent. Hang Seng Bank (China) chief economist Dan Wang concurs, stating that each yuan given away is likely to generate more sales, citing the multiplier effect. “A back-of-the-envelope calculation would suggest that this 10-million-yuan programme will generate at least 50 million yuan in total demand,” he was quoted a saying. PBOC Deputy Governor Fan Yifei recently revealed that the digital yuan, known as the Digital Currency Electronic Payment (DCEP), has already been used in 3.13 million transactions worth about 1.1 billion yuan. In addition, the Shenzhen government recently rewarded about 5,000 medical and healthcare workers dealing with the Covid-19 pandemic with digital yuan. What do you think about this digital yuan giveaway? Let us know in the comments section below. The post Digital Yuan Giveaway: China’s Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital Currency appeared first on Bitcoin News. View the full article

With a second stimulus check due, now is the time to start thinking of your financial future, with the opportunity to buy bitcoin at a time when many people are predicting its continued rise in its value. You may have already seen a Bitcoin of America ATM in a local store and been impressed by their convenience, or talked to a local store keeper about buying bitcoin using the handy bitcoin tablet service. Alternatively, you may want to purchase bitcoin or Litecoin online via the Bitcoin of America online trading platform from the comfort of your smartphone or computer. Buying from a bitcoin ATM or tablet location A key advantage of using a bitcoin ATM is that it enables people to buy crypto currency conveniently. As a result these specialist ATMs cater for people who may not have a regular bank account, and people just getting started in crypto who don’t want to learn about the technical ins and outs of online exchanges, but who appreciate the privacy and security that BTMs offer when buying bitcoin or litecoin. While exchanges like Coinbase and Genesis get all the social media headlines, getting set up and then making a bitcoin transaction using an online exchange can be a lengthy process. In comparison, bitcoin ATMs (BTMs) are set up to allow you to buy bitcoin or litecoin right there and then on the spot. Part of that attraction is that the process of getting bitcoin to your wallet is straightforward too. By scanning your mobile wallet when you make an ATM purchase means you avoid the common mistake of entering the wrong wallet address. Tablets vs ATMs: In line with the traditional ATM experience, you decide how much bitcoin you want to buy and you have control over how much you insert. It’s the same with buying over the counter using a tablet, but with the added benefit of having a human assistant to take the cash and confirm the bitcoin has been sent to your crypto wallet. Both bitcoin ATM and over the counter tablet purchasing give you the control, and minimize the effort, so you get the investment you want, when you want it. However, the tablet program adds that extra level of ease, as unlike the bitcoin ATM there’s no need to understand how to operate the tablet, the store assistant does that job, and answers any questions you may have. While a lot of people are interested in cryptocurrency and want to dip their toe in the water, the technology whether online or in the form of an ATM can be off putting. So having someone walk you through the process, and help you understand the wallet and address process for purchasing, is a great way to buy your first bitcoin or litecoin safely and securely, with the quality assurance that the whole process is backed by Bitcoin of America. Buying using a wire transfer A third option for buying crypto currency is to use a wire transfer, through an account with the Bitcoin of America exchange. The benefit of a wire transfer for purchasing is particularly well-suited to the experienced investor, who wants to be able to make large volume purchases for a more price competitive fee compared to using an ATM or tablet in store. Also purchasing in the comfort of your home or office through the exchange allows you the time and privacy required with larger purchases, and what’s more the purchase process is completed on the same day. It’s also worth noting that the exchange route for purchasing provides an extra level of assurance to customers, as it’s one where the business has invested considerable time and effort to get it right to ensure its fully BSA/AML complaint. As the founder of Bitcoin of America, Sonny Meraban said in the California Business Journal recently, “we have one of the strongest compliance programs, if not the strongest”. Bitcoin of America is a registered Money Service Business with the US Department of Treasury and operates in compliance with all federal and state laws. For A step by step guide to buying Bitcoin via Wire Transfer, Visit the Bitcoin of America Website. Wires allow for higher volume trading than ATMs. If you have any queries, or problems during the buying process please contact Bitcoin of America support. Bitcoin locations in your area Bitcoin of America hosts hundreds of locations to buy bitcoin in cities across the US. Click here to find the nearest one to you. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Buying Bitcoin Locally vs Online: Which Bitcoin of America Method is Best for You? appeared first on Bitcoin News. View the full article

United States Attorney General (AG) William Barr says the recent publishing of the Cryptocurrency Enforcement Framework will help law enforcement to fight elements using digital currencies for illicit ends. Produced by the AG’s Cyber-Digital Task Force, the framework provides law enforcement with what Barr terms a “comprehensive overview of the emerging threats and enforcement challenges associated with the increasing prevalence and use of cryptocurrency.” The publishing of the framework comes as U.S. regulators have been ratcheting up pressure with Bitmex executives and John McAfee being the latest casualties of the new approach. Still, top U.S. officials including FBI director Christopher Wray pay homage to this revolutionary technology which they say is important and promising. In his remarks, Wray indicates that the new enforcement framework is only aimed at individuals that facilitate illicit trade using cryptocurrencies. “At the FBI, we see first-hand the dangers posed when criminals bend the important technological promise of cryptocurrency to illicit ends,” says Wray. The director explains that employees at his agency have observed that “criminals (are now) using cryptocurrency to try to prevent us from following the money across a wide range of investigations.” Cryptocurrencies are preferred when settling transactions that involve illicit goods that are sold on the dark web. In addition, ransomware criminals also prefer being paid cryptocurrencies because they perceive this to be difficult to track and trace. Meanwhile, one member of the Cyber-Digital Task Force, Brian C. Rabbitt, again praises cryptocurrencies and blockchain saying they “present tremendous promise for the future.” However, Rabbitt still tapers this favorable view of cryptocurrencies by adding that “it is critical that these important innovations follow the law.” Rabbitt makes it clear that there are red lines, which if crossed, law enforcement agencies will not hesitate to respond: While the Department of Justice (DOJ) and its partners are committed to supporting the advancement of legitimate cryptocurrency technologies and uses, we will not hesitate to enforce the laws that govern these technologies when necessary to protect the public. Another Task Force member, Beth A. Williams lauds the release of the Cryptocurrency Enforcement Framework, which reflects the DOJ’s extensive cooperation with domestic and international partners. Williams concludes that this cooperation is intended “to benefit lawful cryptocurrency users and the public at large.” Meanwhile, in the document, the DOJ says it considers the use of anonymity enhancing cryptocurrencies (AECs) such as Monero, Zcash, and Dash “to be a high-risk activity that is indicative of possible criminal conduct.” Unsurprisingly, the DOJ also says operators of mixers and tumblers “can be criminally liable for money laundering because these services are designed specifically to conceal or disguise the nature, the location, the source, the ownership, or the control of a financial transaction.” Still, despite the publication of the enforcement framework, the DOJ says it recognizes the importance of working with interagency and international partners in order to enhance an already vigorous enforcement plan. Do you think of DOJ’s cryptocurrency enforcement framework will help reduce illicit activities? Tell us what you think in the comments section below. The post US Government Moves to Regulate Cryptocurrencies After Attorney General Publishes Enforcement Framework appeared first on Bitcoin News. View the full article

Las Atlantis is a new ambitious project developed by Top One Partners, an affiliate program that develops and manages brands. Their casinos are popular around the world due to the crypto-friendly policies, which allow users to deposit funds in BTC. Earlier this month, Top One Partners introduced a new, BTC-friendly casino. Las Atlantis comprises over 200 diverse and astonishing games with fantastic storylines. On top of that, players have the opportunity to receive a wide range of cool bonuses in exchange for a deposit as low as $10. Therefore, everyone can try their luck at Las Atlantis online casino. With Las Atlantis, players have no reason to worry about the security and safety of their data and funds, as the casino employs 256-Bit SSL encryption technology, leaving no chance for fraudsters. Additionally, the casino website is 100% cross-browser compatible and supports all mobile devices, such as tablets and smartphones. So, one can enjoy playing with wonderful characters and winning mind-blowing prizes practically anywhere! All Las Atlantis users have to do is open the casino’s website on their mobile device and the whole Las Atlantis world is right at their service! Conceptual Design First and foremost, it’s worth mentioning that Las Atlantis was created from scratch by the talented Top One Partners team, who spent a lot of time planning and designing the website. The casino represents a city “prospering deep in the Bermuda Triangle, hidden from public view.” And it’s so advanced in its development that it looks like a city of the future, where every citizen is happy and wealthy. But adventurous players have the chance to become citizens of Las Atlantis and live happily ever after. All they have to do is to find the way to the secret city and spin that wheel! Bitcoin Casino Las Atlantis is a highly progressive city, and therefore it supports not only standard payment methods, such as Visa, Mastercard, IGC, Neosurf and POLi, but also the most popular cryptocurrency in the world. Bitcoin is a great alternative to traditional methods of payment as it has many perks. Players can deposit from $20 to $2500 (the largest amount allowed for depositing per transaction in BTC). Also, crypto withdrawals are processed within the shortest period of time (1-3 business days), while the same procedure takes up to 3-4 days for Visa and Mastercard and 5 business days for bank wire. It’s also worth mentioning that the casino takes no extra fees for carrying out the transaction. Press Contact Email Address assistance@lasatlantis.com Supporting Link https://lasatlantis.com/ This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Las Atlantis: A New Bitcoin-Friendly Online Casino appeared first on Bitcoin News. View the full article

There’s a new tokenized bitcoin project coming to the decentralized finance (defi) ecosystem that’s recently received $1.4 million from blockchain investors. The project called Boringdao, a decentralized bridge between Ethereum and alternative blockchains, plans to launch the company’s bBTC tunnel this month in order to introduce another tokenized bitcoin. On October 8, 2020, the Boringdao project announced the company has raised $1.45 million from a number of investors. Boringdao’s website says the project is a bridge between various blockchains and Ethereum. “We offer the opportunity for non-ERC20 assets to maximize utility and yield-generating effects,” the startup’s web portal notes. Essentially, Boringdao wants to tokenize all the world’s assets, and this month the project aims to deploy its bBTC tunnel. The token bBTC will be a tokenized bitcoin (BTC) asset similar to renBTC, WBTC, and other projects connected to Ethereum. 📢1/2 Official Announcement We have completed our private round and received a total of $1.45 million in financing from several institutions including @DeFianceCapital , @HashKeyGroup , @snzholding , @YoubiCapital , @altonomy , Puzzle Ventures, @SnapFingersCom , etc. pic.twitter.com/9pWuM2H6cH — BoringDAO (@BoringDAO_Defi) October 8, 2020 This month the company announced it raised $1.4 million from investors such as Puzzle Ventures, Snapfingers, Hashkey, SNZ, Youbi, and others. In addition to the bBTC tokenized bitcoin, Boringdao is also launching the BOR token, which will be meant for minting and farming purposes. As far as the bBTC token, the asset will be collateralized by 200% and leverage a double pledge model. “Boringdao will launch in October and initiate the bBTC tunnel supporting BTC to be minted into bBTC under a double pledge model that will provide the highest level of asset security compared to other wrapped BTC solutions in the market,” the company’s announcement detailed on Thursday. The double pledge mechanism is also described in the firm’s blog post published on the same day. “Each Bitcoin is backed by more than 200% of assets, including one real Bitcoin (multiple reputable institutions manage Multi-sig),” explains the Boringdao developers. “The approximately equivalent value of ERC-20 assets is locked in the contract layer (governed by smart contracts). There is no doubt that 200%>100%, so bBTC ought to be much safer.” At the time of publication, there is a massive amount of BTC locked into tokenized ETH-based protocols. There is 130,329 BTC or the equivalent of $1.4 billion worth of bitcoin held on Ethereum on Friday afternoon. The top project with the most locked bitcoin is Bitgo’s Wrapped Bitcoin (WBTC) project with a total of 95,197 tokens circulating according to Dune Analytics. WBTC is followed by renBTC (25,598), hBTC (4,810), sBTC (2,437), imBTC (1,730), tBTC (443), and pBTC (120). What do you think about the latest tokenized bitcoin project created by Boringdao? Let us know what you think about this subject in the comments section below. The post Boringdao Raises $1.4M: Project’s Tokenized BTC Bridge Backed by 200% Collateral appeared first on Bitcoin News. View the full article

The latest data from Santiment shows that the collective market capitalization of all defi-related assets dropped by 25.1% on October 7, while daily trading volumes went down 30.2%. The data also shows popular defi tokens like Sushi took heavy knocks after dropping by 50.9% during the week. Also making the list of heavy droppers is Uniswap’s new token (UNI) which lost 38.2% and the YFI which dropped by 31.3%. According to Santiment’s Defi watchlist, many of these decentralized finance (defi) tokens have already erased the bulk of their summer gains. Meanwhile, as expected, news of this significant drop in market capitalization has added impetus to the ongoing debate about the so-called Defi bubble. defi critics insist the popularity of this space, which has plagued by scams and faulty contracts, is just hype engineered to enrich token creators and founders. When the hype dissipates tokens will drop in value leaving investors worse off. For example, prior to Santiment’s data release, Twitter users like Alan Silbert had been circulating data which supports this contention. Yet despite these strong assertions by critics, proponents of defi insist that the latest drop in value only points to a market correction and that defi still has a future. In his comments on the recent slump of defi market cap, Daniel Dabek, Founder of Xcalibra Exchange thinks this could be due to the mismatch between the volume of coins and the demand. “When prices rocket up, it is because of the low volume of coins (that) are entering exchanges,” said the Founder of Xcalibra Exchange. He adds that it takes time “for people to deposit them and be in a position to bring liquidity.” Nevertheless, Dabek remains optimistic about what the future holds for defi. He says: “However, you see more established coins like MKR AAVE ENJ AMPL are still holding up well, and even some green with TRADE introducing limit orders recently; and fervent demand for UNI as it approaches its introductory price of around $3.00 after a high of $9.00. This space is evolving quickly.” Concurring with Dabek is Long Vuong, the Founder of Tomochain who notes that “this is probably the first significant correction of defi.” However, Voung is quick to add that “as crypto communities expand, defi will become more used, more resilient as it fulfills the essential needs of exchanging cryptos, borrowing with crypto collaterals, and building more new crypto projects.” Meanwhile, following the latest market cap drop, it remains unclear if this correction phase had ended. However, it is worth noting that some of the tokens appear to have made some recovery on October 9, 2020, and at the time of writing. What do you think of this latest defi market cap drop? You can share your thoughts in the comments section below. The post Defi Market Cap Drops 25.1% in One Day: Proponents Say Tokens Self Correcting appeared first on Bitcoin News. View the full article

Kyrgyzstan has suspended the SWIFT system and recommended that banking activities be halted until the severe political unrest in the country stabilizes. Massive protests broke out after parliamentary elections as the opposition stormed government buildings and forced the prime minister to resign. Suspension of SWIFT and Banking Services The National Bank of Kyrgyzstan announced on Wednesday that the SWIFT system has been suspended in the country as the political unrest intensifies. The central bank also “recommends that commercial banks and non-bank financial institutions suspend their activities and strengthen security measures until the political situation in the country stabilizes.” The suspension of SWIFT and banking activities followed massive protests that erupted on Monday after the elections in the capital city of Bishkek. Protesters clashed with security forces and broke into the parliament building and the presidential administration building. Opposition supporters seized government buildings Tuesday and forced the cabinet to resign. Kyrgyz President Sooronbai Jeenbekov declared a state of emergency in Bishkek Friday and said he was ready to resign once a new cabinet has been appointed. An official representative of the National Bank of the Kyrgyz Republic, Aida Karabaeva, explained on Wednesday that the temporary suspension of SWIFT and banking activities aims to prevent capital outflows from the country, adding: The measures taken are necessary to ensure the security of the system, the safety of assets. The National Bank is monitoring the situation, and as it stabilizes, the banking system will start its normal operation. According to the announcement: “The national payment system ‘Elcard’ continues to provide the ability to conduct non-cash payments. Payments and settlements can be carried out using non-cash and remote payment tools: bank payment cards, electronic wallets, Elcard Mobile application, QR codes, etc.” In addition, the head of the Union of Banks of Kyrgyzstan, Anvar Abdraev, said on Tuesday that ATMs were disconnected and funds were removed from the machines to prevent operations and looting, Sputnik Kyrgyzstan news outlet reported. “For small businesses and private transactions, cryptocurrencies can be a significant help,” experts say but warned that “such a means of payment may not be acceptable for large, especially regulated businesses,” Forklog publication reported. Furthermore, the National Bank of Kyrgyzstan has emphasized that cryptocurrencies do not have legal status even though their transactions exist in the country. In August, the Economy Ministry of Kyrgyzstan prepared a draft law requiring miners to register with the country’s tax authorities and report their activities. In June, the parliament adopted the draft law “On Amendments to the Tax Code of the Kyrgyz Republic” in the third reading. It proposes a 15% tax rate for cryptocurrency mining. What do you think about the situation in Kyrgyzstan? Let us know in the comments section below. The post Massive Protests Led to Suspension of SWIFT and Banking Activities in Kyrgyzstan appeared first on Bitcoin News. View the full article

Cryptocurrency markets are seeing decent gains on Friday following the announcement Square made the day prior about purchasing $50 million worth of bitcoin for reserves. During the morning trading sessions, the overall market capitalization of all 7,000+ crypto assets is up over 2% hovering at $340 billion. Digital currency markets are doing well on October 9, as a number of the top crypto markets have seen 24-hour gains. The positivity increased on Thursday, when the publicly listed firm, Square, told the public it purchased 4,709 BTC. Bitcoin is up 4.4% for the last seven days, 8.1% for the last 30, and over 19% for the last 90 days. Moreover, bitcoin (BTC) has surpassed the $11k price range and is currently trading for $11,062 per coin at the time of publication. BTC’s market capitalization is over $205 billion and captures 61% dominance today amongst all the other market valuations. BTC/USD on Friday, October 9, 2020. Ethereum is also doing well, as the crypto asset has gained more than 4.4% during the last week. At press time, ETH is swapping for $359 per coin and captures 12.14% of the crypto economy’s aggregate market value. ETH’s position on Friday is followed by tether, XRP, and bitcoin cash (BCH). BCH/USD on Friday, October 9, 2020. Bitcoin cash is trading for $237 per BCH and has gained over 4.2% this week and 6.7% during the last 30 days. One of the biggest market performers before the weekend is Yearn Finance’s native token YFI, which has jumped 27.5% to $18,519 per coin. This weekend cryptocurrency traders are expecting some possible big moves. The popular analyst, Cantering Clark, told his 28,000 Twitter followers the lengthy consolidation period for BTC may be coming to an end. “I think that given this prolonged state of compression that we get a big move before the weekend for BTC,” the trader tweeted. Chart via Cantering Clark/Twitter “Either direction, I doubt we get some cookie-cutter retest. It’s one of those candles where you need to commit quick or the trade is already behind you,” the analyst added. Chart via Light/Twitter Meanwhile, as the social media crowd has been talking about Square purchasing 4,709 BTC at $50 million, one trader believes that bitcoin (BTC) was already “bullish” before the announcement. “Bitcoin BTC was already bullish before the Square news,” the crypto commentator Light told his Twitter fan base. “With no supply selling bottom of this trendline even as YFI tried to kamikaze the whole market. Obvious what comes next.” The popular financial analyst Peter Brandt also told his 376,000 followers that he believes a “big buy signal” may come to fruition. “It is a major development that a global corporation (Square) is now putting BTC onto its balance sheet,” Brandt tweeted on Thursday. Chart via Peter Brandt/Twitter “The weekly and daily charts are poised to flash a big buy signal,” Brandt concluded. However, not everyone agreed with the Veteran trader, as Square only put 1% of the firm’s holdings into BTC. “1% pathetic where are the real bulls?” an individual responded to Brandt’s optimistic tweet. Furthermore, a number of traders have been eying BTC/USD chart technical indicators and have noticed the Bollinger Band-width is around 0.95 this week. The trader Nunya Bizniz on Twitter noticed this chart development on October 5. “BTC Monthly: Bollinger Band-width has never been more narrow. Volatility incoming?” Nunya Bizniz tweeted. The last time BTC’s Bollinger Band-width was this narrow was in 2016, just before the 2017 run-up. Meanwhile, the current tight width does not necessarily mean BTC’s price will go northbound, and it’s quite possible there could be some downside risk. A number of people seem hesitant on which way the BTC price will go, despite the very narrow Bollinger Band-width. What do you think about the positive action within crypto markets during the last 48 hours? Let us know what you think in the comments section below. The post Market Update: Bitcoin Captures $11K, Flash Buy Signals, Bollinger Band Squeeze appeared first on Bitcoin News. View the full article

American entrepreneur and venture capitalist Tim Draper has invested in Indian cryptocurrency exchange Unocoin despite regulatory uncertainty and reports of a possible crypto ban in India. Unocoin has seen the number of new users grow 10-fold since the supreme court quashed the banking restriction by the central bank. Investments Flow Into Crypto Sector in India The cryptocurrency sector in India continues to attract global investors as the government continues to deliberate on how cryptocurrencies will be treated in the country. The latest round of investments went into Unocoin, one of India’s oldest cryptocurrency exchanges. At its peak, the company says it processed more than 2 billion rupees ($27.3 million) per month in cryptocurrency transactions for more than 1.3 million customers. The Bangalore-based company founded in 2013 announced Thursday that its $5 million Series A funding round is near completion. It is led by Draper Associates, the company founded by high-profile venture capitalist Tim Draper, who is known for his early investments in Skype, Tesla, Twitter, and Robinhood. This funding round also saw participation from Xbto Ventures and 2020 Ventures. Unocoin claims that this funding round will raise its valuation to $20 million. “We’ve seen a dramatic increase of crypto adoption in India following the lifting of an industry-wide ban by the Reserve Bank of India enacted in 2018,” Unocoin CEO Sathvik Vishwanath commented. “Customer growth rates have surged by more than 10X in the month the supreme court verdict was announced, accompanied by a 5X increase in trading volume in subsequent months.” Since the supreme court lifted the banking restriction by the Reserve Bank of India (RBI) in March, a growing number of investors and companies began seeking ways to enter the Indian crypto market. Vishwanath elaborated: The funding will help us scale our business further, and give us a strong financial foothold to expand our platform’s offerings. We will double down on our efforts to improve our product features and offerings, which will enhance the overall usability and functionality for our customers. “We were delighted to hear the verdict by the Indian supreme court, and we had been tracking Unocoin, the leader in India for bitcoin for years,” Draper said. “We are so thrilled that the stars aligned and we could finally back Unocoin. Every Indian should have a bitcoin account with Unocoin. It is a great way to do business in a currency that doesn’t devalue over time.” Besides Tim Draper, a number of venture capitalists have invested in cryptocurrency companies in India. For example, another Indian crypto exchange, Coindcx, has raised millions of dollars from investors such as Polychain Capital, Bain Capital Ventures, Bitmex operator HDR Group, and Coinbase Ventures. Crypto banking platform Cashaa recently raised $5 million from the Dubai-based investment advisory firm O1ex. Furthermore, Binance has set up a $50 million blockchain fund for India. The Indian government is deliberating on a draft bill submitted by an inter-ministerial committee headed by former Finance Secretary Subhash Chandra Garg that proposes a ban on cryptocurrencies. There have been reports that various ministries are discussing a ban bill. However, the Indian parliament’s Monsoon session ended abruptly without a cryptocurrency bill being introduced, and the Indian crypto industry is confident that the government will not ban cryptocurrency. Meanwhile, reports suggest that India will significantly increase its crypto market share this year. What do you think about Tim Draper investing in Unocoin? Let us know in the comments section below. The post Venture Capitalist Tim Draper Bets Big on Indian Crypto Exchange, Undeterred by Crypto Ban Reports appeared first on Bitcoin News. View the full article

9th October 2020, Zug, Switzerland – The non-profit Corion Foundation is pleased to announce a new partnership with the Syscoin Foundation. The foundation partnership is the result of a shared vision to make global access to swift, safe low-cost Open Finance solutions a reality. The foundations of Corion and Syscoin will coordinate campaigns to educate and spread awareness using AMAs, Webinars, Training Sessions, Seminars, Working Groups, and all other means. They will also work together on marketing and certain business development initiatives. CorionX is hosting the third and final round of its CORX DeFi token IEO which started on Probit exchange on Monday the 5th of October, 5:00am (GMT+2 The ETH Conundrum Scalability and cost are two of the biggest factors that determine whether or not a new digital currency will have a chance to be adopted on a global scale. Ethereum is currently the blockchain of finance, but increasing stablecoin and DeFi transactions have exacerbated an already congested network, only equipped to process around 15 transactions per second. Such congestion has resulted in record ETH transaction fees ($15 this September) for ERC-20 token users, and by even the most optimistic claims, the phase zero groundwork of the solution promised by the ETH 2.0 Launch will not come into effect until November, 2020. With stablecoins unable to go mainstream due to Ethereum network limitations, and big questions still hanging over token scalability, it seems that interoperability is the next logical step The Stable Solution The Syscoin and Corion foundations are currently working together to provision Syscoin Bridge, a decentralized cross-chain interoperability solution that works today, to support CorionX (CORX), Corion’s ERC-20 token and other Ethereum-based Stablecoins and DeFi tokens. The Layer 2 and Cross-Chain bridge solution provides scalability and microtransactions, solving the micropayments issue and scaling-up stablecoin transactions. This Solution will provide cheaper and faster transactions enabled by Syscoin’s unique Z-DAG Protocol, and more robust security offered by Syscoin’s blockchain which is bitcoin-core-compliant and merge-mined. Jag Sidhu, Syscoin Foundation Chairman stated: “Our combined focus will include specific stablecoins, DeFi, and helping the unbanked and over-banked. Together we will drive wider adoption of blockchain technology.“ Syscoin and CorionX believe that with the right solutions asset-backed digital tokens on the blockchain will create more efficient and beneficial economies. Lower costs, easier compliance, greater convenience for users, and more participation. The integration between the two companies will solve problems with interoperability, and provide fast, cheap scalable transactions. A Step Towards Mass Adoption CorionX is designed to create the global framework for education, expansion, and promotion for the usage of stablecoins, CBDCs, crypto saving, lending, OpenFinance and DeFi. Corion Foundation’s #MoneyInTheRightDirection Movement has already started aiding the paradigm shift towards the mass adoption of crypto, digital and programmable money. Miklos Denkler, Corion Foundation Board Member, explains the great ambition of the partnership, stating: “This partnership will expand crypto and stablecoin use-cases, and help millions of people and crypto communities use CorionX and Syscoin services worldwide. It presents an amazing opportunity for both partners to empower the crypto community to make scalable transactions, experience user friendly DeFi, and to make cryptocurrency savings and investment more mainstream.” This pioneering movement includes the Corion educational organizations, crypto projects, influencers, financial providers, independent investors, and journalists who all support the mainstream adoption and education of crypto assets, stablecoins and Decentralized Finance solutions. The CorionX utility token itself even supports the everyday use of crypto, with benefits through business partnerships, white label solutions, and Token Loyalty Staking with quarterly rewards. CorionX IEO Following a successful second round, CorionX is preparing for its third IEO round for its CORX token on Probit Launchpad, The IEO token funds will be used towards the #MoneyInTheRightDirection Movement’s programs, Integrations, Staking, Savings, Benefits and CashBacks. IEO Details Token: CorionX (CORX) Token Type: ERC-20 Round Date: 2020-10-05 05:00 (GMT+2) Price 1 CORX = 0.015 USDT Token Bonus: PROB: 7%, USDT, BTC, ETH: 5% IEO total token supply: 61.5 million Bonus Lockup: 3 months after listing About Corion Foundation Corion Foundation is a non-profit organization,founded in 2016. It was created with the aim of helping the development and spread of stablecoins and reliable cryptocurrencies across the world. About Syscoin Foundation Founded in 2018, the Syscoin Foundation is a non-profit organization that represents the Syscoin core development team, secures the code repositories, and oversees public relations for the protocol. Its goal is to expedite the global adoption of blockchain technology by demonstrating the unique decentralization features offered by Syscoin Platform. Join the 3rd round of the CorionX IEO – https://www.probit.com/en-us/ieo/corx-round1/2 Learn more about the about the Corion Foundation – https://corion.io Follow CorionX on Facebook – https://www.facebook.com/CorionFoundation Find CorionX on Twitter – https://twitter.com/CorionPlatform Join the CorionX community on Telegram – https://t.me/corionx Read about CorionX on Medium – https://medium.com/@Corion Learn more about the Syscoin-Ethereum Bridge – https://syscoin.org/syscoin-bridge Find Syscoin on Twitter – https://twitter.com/syscoin Join the Syscoin community on Telegram – https://t.me/Syscoin_Official Media Contact Details Contact name: Miklos Denkler Email: info@corion.io CorionX is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. CryptoMarketeer.com has been proudly serving the crypto press release distribution needs of blockchain start-ups. Get your Crypto Marketing Services & Press Release Distribution today. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post CorionX and Syscoin Join Hands to Drive Stablecoin Adoption, CorionX IEO Enters Third Round appeared first on Bitcoin News. View the full article