roadrunner

Privacy advocates are growing leery of the Tor network these days, as recently published research has shown a great number of network’s exit relays are compromised. Furthermore, on September 15, the Hacker Factor Blog published a new Tor report that shows IP addresses being uncovered. The paper called “Tor 0-day” says that it is an open secret among the internet service community: “You are not anonymous on Tor.” For years now, a great number of digital currency proponents have utilized Tor and virtual private networks (VPNs) to stay anonymous while sending bitcoin transactions. The Tor Project was released 17 years ago in 2002, and it has always claimed to obfuscate internet traffic for the end-user. Essentially, the software written in C and Python leverages a volunteer overlay network consisting of thousands of different relayers. The very basics of this network are meant to conceal a user’s activity on the internet and allow for unmonitored confidential communications. However, since Covid-19 started and during the months that followed a number of individuals have exposed a few of Tor’s weaknesses. One Tor vulnerability exposed in August is the large-scale use of malicious relays. A paper written by the researcher dubbed “Nusenu” says 23% of Tor’s current exit capacity is currently compromised. Nusenu also warned of this issue months ago in December 2019 and his research fell on deaf ears. Following Nusenu’s critique, another scathing report called “Tor 0-day” details that IP addresses can be detected when they connect directly to Tor or leverage a bridge. The paper “Tor 0day” stresses that it is pretty much an “open secret” between those who know, that users “are not anonymous on Tor.” The research is part one of a new series and a follow up will publish data that describes “a lot of vulnerabilities for Tor.” The hacker describes in part one how to “detect people as they connect to the Tor network (both directly and through bridges)” and why the attacks are defined as “zero-day attacks.” Further, the blog post shows the reader how to identify the real network address of Tor users by tracking Tor bridge users and uncovering all the bridges. The study shows that anyone leveraging the Tor network should be very leery of these types of zero-day attacks and what’s worse is “none of the exploits in [the] blog entry are new or novel,” the researcher stressed. The Hacker Factor Blog author cites a paper from 2012 that identifies an “approach for deanonymizing hidden services” with similar Tor exploits mentioned. “These exploits represent a fundamental flaw in the current Tor architecture,” part one of the series notes. “People often think that Tor provides network anonymity for users and hidden services. However, Tor really only provides superficial anonymity. Tor does not protect against end-to-end correlation, and owning one guard is enough to provide that correlation for popular hidden services.” Moreover, the blog post says that the next article in the series will be a brutal critique of the entire Tor network. It doesn’t take too much imagination to understand that in 17 years, entities with an incentive (governments and law enforcement) have likely figured out how to deanonymize Tor users. “Someone with enough incentive can block Tor connections, uniquely track bridge users, map exit traffic to users, or find hidden service network addresses,” the first “Tor 0-day” paper concludes. “While most of these exploits require special access (e.g., owning some Tor nodes or having service-level access from a major network provider), they are all in the realm of feasible and are all currently being exploited.” The paper adds: That’s a lot of vulnerabilities for Tor. So what’s left to exploit? How about… the entire Tor network. That will be the next blog entry. Meanwhile, there is another privacy project in the works called Nym, which aims to offer anonymity online but also claims it will be better than Tor, VPNs, and I2P (Invisible Internet Project). Nym’s website also says that Tor’s anonymity features can be compromised by entities capable of “monitoring the entire network’s ‘entry’ and ‘exit’ nodes.” In contrast, the Nym project’s ‘lite paper’ details that the Nym network “is a decentralized and tokenized infrastructure providing holistic privacy from the network layer to the application layer.” The Nym project recently initiated a tokenized testnet experiment with over a 100 mixnodes and users will be rewarded in bitcoin. Nym utilizes a mixnet that aims to protect a user’s network traffic and mixes are rewarded for the mixing process. “The intensive but useful computation needed to route packets on behalf of other users in a privacy-enhanced manner—rather than mining,” the lite paper explains. Furthermore, Nym is compatible with any blockchain as the “Nym blockchain maintains the state of credentials and the operations of the mixnet.” The Nym team recently invoked a tokenized testnet experiment and is leveraging bitcoin (BTC) for rewards. The announcement says that a great number of people set up mixnodes and they had to close the testing round because it had gone over 100 mixnodes. Although, individuals can set up a mixnode to be prepared for the next round, the Nym development team’s website details. What do you think about the Hacker Factor Blog’s scathing review concerning Tor exploits? Let us know what you think about this subject in the comments section below. The post ‘You Are Not Anonymous on Tor’ – Study Shows Privacy Network Offers Superficial Anonymity appeared first on Bitcoin News. View the full article

Decentalized finance (defi) protocol Bzx has recovered the $8.1 million it lost to a hacker a few days ago. The company claims it was able to track down the cyber thief, whom it refused to name for legal reasons, through their on-chain activity. Cornered, the attacker returned the loot. “All funds have been recovered from the attacker. We are restoring the system,” said Kyle Kistner, co-founder of Bzx, in a statement released on September 15. “The funds are now in the team wallet and being used to restore the lending pools.” On September 13, a faulty code in Bzx smart contracts allowed the hacker to mint 219,200 LINK tokens (valued at $2.6 million); 4,503 ETH ($1.65 million); 1,756,351 USDT ($1.76 million); 1,412,048 USDC ($1.4 million) and 667,989 DAI (worth $681,000) – all totaling $8.1 million. Marc Thalen, the Bitcoin.com lead engineer who discovered the bug, has finally been paid a bounty of $45,000. Initially, Bzx did not want to pay out that much amount of money to Thalen, offering him just $12,500 as bounty because “Marc had only reported the issue when the attack had mostly concluded.” In a thread on Twitter, Thalen complained: “Bzx just mentioned on a call it doesn’t feel like it’s worth more than 12.5k as their ‘independent’ panel decided to and they feel like sticking to it. They are not willing to disclose [the] identities of the panel. [I’m] really disappointed in Bzx.” However, that figure severely undermined the protocol’s own bug bounty policy for high-level discoveries, which can be paid up to $350,000. Bzx later reconsidered its position following a massive social media backlash and paid Thalen a “reasonable” $45,000. Peckshield, one of the two audit firms that failed to identify the defective code that led to the theft of the $8.1 million crypto, said in a letter to the Bzx community that its initial audit identified 16 security issues that were fixed – but that is never enough. “Bzx and Peckshield are developing a plan to re-examine the protocol and set up real-time monitoring on key blockchain data indicators,” it wrote. The measure is expected to enhance security on the platform. What do you think about Bzx recovering the $8.1 million stolen crypto? Let us know in the comments section below. The post Defi Platform Bzx Recovers Stolen $8.1 Million From Hacker appeared first on Bitcoin News. View the full article

On September 14, the blockchain analysis firm Chainalysis reported on the infamous Russian darknet marketplace (DNM) known as Hydra and noted the DNM is Eastern Europe’s “sixth-largest service by volume in the region.” Moreover, the report also reveals that Hydra has created a “complex drug delivery system” inside Russia and throughout various countries in Europe as well. Russia’s Hydra Market: The 6th Largest Crypto Service by Volume in Eastern Europe At the end of August, the darknet marketplace (DNM) community said goodbye to the Empire Market, which unexpectedly decided to exit scam on August 22. News.Bitcoin.com reported on the aftermath and how DNM patrons scrambled to find alternatives. On Monday, Chainalysis published a report about the cryptocurrency market action in Eastern Europe this year, and the company’s finding touched upon the Russian DNM called Hydra. The darknet marketplace Hydra was launched in 2015 and it ran alongside the notorious Russian Anonymous Marketplace (RAMP). However, Hydra catered it’s main focus on drugs and RAMP disappeared in late 2017. Reports highlight that after RAMP’s departure, “Hydra witnessed an increase in user registrations and vendor activity.” The long-standing darknet marketplace, Hydra, is the sixth most popular crypto service in terms of volume in Eastern Europe according to Chainalysis statistics. Hydra’s Dropgangs and Dead Drops Besides drugs, Hydra also allows vendors to sell other types of wares like digital goods, SIM cards, and other miscellaneous items. Hydra grew extremely popular after the fall of the Russian darknet market RAMP. Hydra has a focus on drugs but also sells digital goods and SIM cards as well. The Chainalysis report notes that these days, the DNM Hydra, is currently Eastern Europe’s “sixth-largest” crypto service by volume in the region. Moreover, Chainalysis details that Hydra uses a very involved scheme for deliveries. “As one of the largest darknet markets in the world, Hydra has built out a complex drug delivery system in Russia and other Eastern European countries,” the Chainalysis report notes. “Couriers receive delivery orders in a manner similar to Uber drivers and drop off packages in discrete locations broadcast to buyers later so that neither party ever has to see each other or make an in-person exchange. No other regions are comparable in terms of darknet market revenue or sophistication of operations,” the Chainalysis Eastern European study concluded. Eastern Europe captures the most DNM value according to data stemming from the recent Chainalysis report. In another study, Darkowl.com says Hydra has been operating since the Silk Road days and in 2016, the DNM “resurfaced” with a new onion URL. “Hydra prefers serious Russian drug vendors, only allowing sellers who are willing to pay ‘rent’ for their shops and requiring a monthly payment of over $100 USD for use of the service,” Darkowl.com writes. “This [method] reduces the likelihood of vendors who are actually scammers or law enforcement utilizing the site for entrapment and exploitation.” On September 15, Filtermag.org published an article that interviewed a number of drug users from Russia to see how they were dealing with the Covid-19 pandemic. A few of the individuals interviewed leveraged the thriving DNM economy in Russia, and specifically discussed Hydra’s involved delivery operations. Russian speaking participants must pay a fee to be a customer but vendors also pay fees to administrators to join Hydra as well. A study written by the EMCDDA and Europol indicates that Hydra’s main operators rake in 6x the commission than DNM operators tending to English speaking residents. One user named Sasha said that Hydra and the deep web was beneficial toward obtaining drugs during the pandemic. Sasha explains that a number of Hydra vendors are leveraging “geotagged” locations so people don’t even have to meet. “During the epidemic, a very cool function of delivery appeared on Hydra,” Sasha said in her interview. “To use it, you need to pay five thousand rubles [$67], but the ‘treasure’ (drugs) is placed as close as possible to the place you indicated. The pleasure is not cheap, but perhaps such a trend is outlined in connection with the pandemic and lockdowns.” Russian Darknet Towers Over Western Counterparts In a 2019 research study of the Russian DNM Hydra, estimates show the marketplace caters to over 400,000 regular customers and has over 2 million registered users to-date. No one is exactly sure just how large Hydra is but it only allows Russian speaking participants. Despite this barrier to entry, Hydra still manages to eclipse the aggregate number of DNMs catering to Western users by a longshot. In the Chainalysis study published this week, the research notes that Eastern Europe dominates with the most DNM activity, in terms of DNM value sent to a specific region. Eastern Europe is followed by Western Europe, Central & Southern Asia, East Asia, and Latin America. Estimates from a joint publication by the EMCDDA and Europol, indicates that Hydra’s main operators rake in 6x the commission, in contrast to DNM operators catering to the Western Hemisphere. What do you think about the Russian darknet marketplace Hydra? Let us know what you think in the comments section below. The post Hydra’s ‘Complex Drug Delivery System’ in Russia Overshadows Western Darknet Markets appeared first on Bitcoin News. View the full article

The Conference of State Bank Supervisors, representing regulators from all U.S. states and territories, has launched a new regulatory framework for payments and cryptocurrency companies. One Set of Rules for All US States Regulators in 49 U.S. states have agreed to a single set of supervisory rules for money services businesses, including cryptocurrency service providers. State regulators supervise 79% of all U.S. banks. The new regulatory regime for money services businesses launched by the Conference of State Bank Supervisors (CSBS) on Tuesday will help companies expand across U.S. states and lower the compliance costs for regulators. The CSBS is the national organization of bank regulators from all 50 states, American Samoa, the District of Columbia, Guam, Puerto Rico, and U.S. Virgin Islands. The organization also operates the Nationwide Multistate Licensing System on behalf of state regulators. A spokesperson for the CSBS told news.Bitcoin.com on Wednesday: All states that regulate money transmitters are involved: all states except Montana. DC and Puerto Rico are also signed on. The new system aims to “ensure compliance with regulations on anti-money laundering, cybersecurity, financial condition and other areas,” the spokesperson added, noting that “Companies have to be licensed in 40+ states to be included.” Tuesday’s announcement details that the “MSB Networked Supervision” initiative, as the new system is called, “will apply to 78 of the nation’s largest payments and cryptocurrency companies that combined move more than $1 trillion a year in customer funds.” Under the new framework, nationwide payments firms — including Western Union and Paypal — will undergo a single comprehensive exam by a joint group of state regulators to satisfy all state regulatory requirements, instead of having to pass dozens of individual state exams. “The single exam will be led by one state overseeing a group of examiners sourced from across the country,” the announcement continues. “By relying on experts across the state system — including in cyber security and anti-money laundering — regulators will gain more insight while also freeing up state resources.” “The next stage will be equally important as we raise the bar for multistate exam coordination,” said Money Transmitter Regulators Association Board president Rick St. Onge. “For over a century, state regulators have responded to evolutions within the money transmission industry, and networked supervision is the logical next step to more effectively and more efficiently supervise the growing number of nationally operating companies.” What do you think about this initiative? Let us know in the comments section below. The post 49 US States Unveil Unified Regulation for Cryptocurrency Firms appeared first on Bitcoin News. View the full article

Play in the newly launched tournament at Bitcoin Games to win a share of the $5000 prize pot, get guaranteed Free Spins just for participating. Play to Win The premium entertainment provider Bitcoin Games has been loading its arsenal of casino games with some of the most sought after software providers in the world. One such games provider, Playson, has been recently added to the casino’s library with a host of premium Slot games to be played from. Playson Tournament guarantees Free Spins to anyone who participates in the promotion regardless of their position on the leaderboard. The casino has recently launched a $5000 tournament featuring six newly added games from the software provider Playson. Players landing in the top 20 spots of the leaderboard will be rewarded in BTC from the prize pool at the end of the tournament. To incentivize players furthermore, Bitcoin Games is offering Free Spins for anyone who participates in the tournament, even if they don’t manage to get on the leaderboard. Participating in the tournament is very easy, head on over to Bitcoin Games, deposit Bitcoin, and start playing! Featured games include some of the smashing new titles such as Solar Queen, Rise of Egypt, Super Burning Wins, and others. You can either choose to sign up with your email address or simply play without registering. If you choose to play with an anonymous account, however, make sure to save your unique URL to access your account again. The tournament is ongoing and will end on the 20th of September 2020 (23:59 GMT). Bitcoin Games is an online gaming platform where players can play their favorite casino games without worrying about KYC or upper limits on deposits. Moreover, BTC withdrawals are always done in a safe and secure digital environment. Bitcoin Games also offers exciting promotions with cashback, regular bonuses, and Free Spins as rewards. Play for the top spot in the Playson Tournament now! This is a promoted post. Learn more on how to reach our audience here. Read disclaimer below. The post Exclusive Casino Tournament with $5000 Prize Pool Begins at Bitcoin Games appeared first on Bitcoin News. View the full article

Despite much anticipation, the Indian cryptocurrency bill is not included in the list of bills to be introduced in the current session of parliament. Meanwhile, a new report of India’s government planning to ban cryptocurrency trading has emerged. Indian Government’s Cryptocurrency Plan The Indian government has been deliberating on how it will treat cryptocurrencies in the country after a draft crypto bill was submitted by an interministerial committee headed by former Finance Secretary Subhash Chandra Garg last year. The government originally said that it planned to introduce this bill in the Winter session of parliament last year. When that did not happen, there were reports suggesting that the crypto bill could be introduced in the Monsoon session, which started Monday and will continue through Oct. 1. Tanvi Ratna, CEO of blockchain policy and regulatory advisory firm Policy 4.0, explained on Twitter Sunday that the Monsoon session of parliament was disrupted due to the covid-19 pandemic, adding: Cryptocurrency ban legislation does not appear in the list of 45+ bills on the agenda for the 18-day session. This is big news, though this could change & there are other routes for govt. The Indian government has not made any announcement regarding its plans for cryptocurrency, which has led to rumors and speculation. Several reports indicate that the government is planning to ban cryptocurrencies as outlined in the draft bill submitted by the Garg committee. The latest crypto ban news was published by Bloomberg on Tuesday. The publication claims that India is planning “to introduce law to ban cryptocurrency trading.” Citing “people familiar with the development who asked not to be identified, citing rules on speaking with the media,” the publication wrote: The bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament. “The federal government will encourage blockchain, the technology underlying cryptocurrencies, but is not keen on cryptocurrency trading, according to two people,” the news outlet added. Since this is not the first time the Indian crypto community has had to deal with ban rumors, many people on Twitter were quick to point out that the sources of the news are anonymous, and previous ban rumors never materialized. Blockchain lawyer Varun Sethi commented: “Words like ‘federal cabinet’ suggest it’s inspired from some western country. In India, we generally use ‘central government.’ Also, no sources or quotes raise doubts.” Furthermore, Crypto Kanoon co-founder Mohammed Danish previously explained that if the Indian government decides to pass a law to ban cryptocurrency in some ways, “this law can be challenged by crypto business, traders, or enthusiasts based on various rights available to them under the Constitution.” Despite multiple ban reports, the cryptocurrency community in India firmly believes that the government will not impose a full ban on cryptocurrencies since much has happened since the Garg committee’s bill was drafted. Earlier this month, Begin India Think Tank founder Deepak Kapoor explained that bitcoin and other cryptocurrencies could have the same legal status as stocks. In July, Garg himself said that “Crypto assets as commodities should be allowed,” even though he stood by his recommendation that “cryptocurrencies should be outlawed.” He has since retired from government service. Do you think India will ban or regulate cryptocurrency? Let us know in the comments section below. The post India’s Crypto Bill Omitted From Parliament Agenda While New Ban Report Appears appeared first on Bitcoin News. View the full article

Peer-to-peer (P2P) crypto exchange Paxful is shutting down its operations in Venezuela, apparently, to comply with U.S. economic sanctions against the leftist government of disputed president Nicolas Maduro. On Tuesday, a Paxful spokesperson told news.Bitcoin.com that the exchange will now start restricting new accounts and closing old ones, as part of the shutdown process. “Current users will have 30 days to withdraw their funds without fees and will be notified directly via email on how to do so,” said the spokesperson, in a statement shared on email. “Venezuelan users who have completed address verification that confirms they are living abroad will be able to continue trading on Paxful.” The North American exchange claims the decision “comes with great disappointment”, but had to insulate against potential punitive outcomes on its worldwide operations. It cited strict regulations from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). The spokesperson explained: Due to concerns regarding the regulatory landscape around Venezuela and Paxful’s own risk tolerance, we regret to report that Paxful will be ceasing operations in Venezuela. We made our best efforts for several months but with current risks, we had no choice but to make this incredibly difficult decision. The U.S does not recognize Maduro’s government following a disputed 2018 election. Instead, it considers opposition leader Juan Guaido as the Latin American country’s legitimate president due to his position as speaker of parliament. According to the OFAC sanctions, US citizens are prohibited from doing business with the Venezuela government or with government-owned businesses, among other restrictions. Matt Ahlborg, the creator of crypto analytics firm Useful Tulips, said U.S. sanctions against any country should accelerate bitcoin adoption. He tweeted: “US compliance burdens equate to the idea that it is ‘better to block a million good users than let one bad user in!’ This is why we Bitcoin.” Apparently, data from Useful Tulips shows that business was thin for Paxful in Venezuela. Over the past seven days, just about $25,000 worth of BTC exchanged hands on the platform, compared to $4.5 million traded on rival Localbitcoins in the same country. Paxful had previously restricted Venezuelan customers from making some transactions. It banned the use of accounts from the Bank of Venezuela a few months back and later prevented transactions involving the use of the Petro, a government-issued cryptocurrency. The exchange said if things change regarding Venezuela, it will start offering its services again. “We truly hope that Paxful will have another opportunity to enter the region again in the near future,” it stated. What do you think about Paxful exiting Venezuela? Let us know in the comments section below. The post P2P Bitcoin Exchange Paxful Shuts Down Venezuela Operations to Comply With US Sanctions appeared first on Bitcoin News. View the full article

Aberdeen, Hong Kong, September 16, 2020. – More than 10 years after the first cryptocurrency was successfully mined, the mining space is more controversial than ever. The process was created to be democratic; to allow any PC with spare computing resources to contribute the surplus to help maintain the cryptocurrency network and earn rewards in return. The prospects of the mining prize mentioned here led entrepreneurs to innovate ways to make mining more profitable. In the process, they have fabricated specialized mining devices that do not only do the activity faster, but also improves the profitability of the exercise while at it. The said changes now mean that anyone who wants to earn from Bitcoin and cryptocurrency mining must put in a colossal amount of capital to afford the expensive devices. Besides, the cost of electricity required to sustain the process is extortionate. The incredible pace of change in the industry, notwithstanding, an innovative entrepreneur and his unique startup are prepping the industry for major changes. The individual, Thomas Norberg, is a Russian-born businessman with a vision to make Bitcoin and cryptocurrency mining more user-friendly and less costly to join. Thomas Norberg – The Man, the Innovator Thomas was born in Russia. After attaining elementary education in his native country, he set sail for oversees, landing in Sweden where he enrolled for a Master’s degree in International Business Management, which he completed successfully. Upon completing his graduate studies, Thomas joined the corporate world earnestly. It was while here that he stumbled upon the novel blockchain technology. Having been in the industry for more than 8 years, he can now talk authoritatively about the successes of the space as well as the issues and challenges ailing the industry. Thomas has seen it all, or at least most of it. He started as a crypto trader back when not many people knew about virtual currencies. Between 2016 and 2018, when initial coin offerings (ICOs) were all the rage, Thomas dived in and backed several projects with the proceeds from his trading days. However, technology is dynamic and there is no space where this statement is truer than the blockchain industry. Watching the comings and goings of the space, it did not take Thomas long to see the folly and lopsided aspect of the industry that crypto mining had become. Baffled by the cost of hardware and the runaway power tariffs, Thomas joined hands with some entrepreneurs he came to know in the industry. Together, they came up with the idea of a cloud mining platform that has a unique yet friendly approach to the undertaking. And, the process gave forth to Miny.cc. Miny.cc – The Unique Approach to Cloud Mining Miny is primarily a cryptocurrency wallet infrastructure. If a user creates an account on the platform, he or she also gets a secure cryptocurrency wallet by default. The multi-coin wallet can store Bitcoin, Ethereum, Litecoin, and MINY tokens. However, the platforms shining star is its cloud mining plan. The plan is simple and easy to use. All a user needs to do is create an account, deposit crypto into the wallet provided and convert the virtual currency into MINY tokens. Once the platform verifies the deposit, the user will be included in the mining pool where he or she will begin getting a share of the platform’s mining proceeds. Overall, the platform pays out between 10% and 19% of the amount a user invests, per month. Aside from cloud mining, users can make money on the platform through several means. The platform’s native token, MINY, for instance, is a revenue earner. The cryptocurrency is made such that for every successful transaction completed on the platform, a portion of it burns. In doing so, the platform ensures that the number of MINY tokens in circulation reduces over time. Since the demand for the coins is set to increase over time while the amount in circulation reduces, the value of the coin, as such, will appreciate. Users who hold the coins for an extended period can exchange them for other cryptocurrencies or cash them as fiat and enjoy their profits. Still, users who have extensive following online can cash in on this resource. The platform has an elaborate affiliate program that pays commissions for the referrals a user brings up to the 20th downline. The above narrative shows that Thomas Norberg is in the game for more than just profits. The Russian entrepreneur and his band of associates want to make Bitcoin mining worth considering again. Besides, they want to see it become an undertaking that is environment friendly and Sustainable. This reason is why Miny’s mining farm is located in Hong Kong. The region’s endeavor to go green makes its power cheap and attractive. More information about Thomas Norberg and his unique project is available here. Press Contact Email Address info@miny.cc Supporting Link https://www.youtube.com/watch?v=zlocB2BEKNg 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 Miny.CC – Innovation in the Cryptocurrency Mining Sphere appeared first on Bitcoin News. View the full article

Aviatrade Inc., a New Jersey-based aircraft sales company, is now accepting bitcoin as a means of payment for its range of multi-million dollar luxury jets. Philip Rushton, president of Aviatrade, told news.Bitcoin.com that the first plane available for purchase via cryptocurrency is a six-year-old Gulfstream G650ER, which went on sale a couple of weeks ago. The private jet, Gulfstream’s existing flagship, is selling for $40 million. Billionaires Jeff Bezos and Elon Musk are some of the noteworthy owners of this plane model, reports note. Rushton revealed that cash-based sales for expensive luxury aircraft are subject to stringent governmental restrictions, but bitcoin, in its generic form, presented a way around this. He hopes that such characteristics could be useful in attracting high-end, international buyers. “The reason we are doing it (accepting BTC payments) is because there are countries such as Brazil, Saudi Arabia, anywhere in Asia, especially China…that don’t have easily accessible currency and they have cross-border currency transfer issues,” said Rushton, by telephone. He added: We see this blockade. There are ways to bring money out of China but it’s not always easy and, of course, the buyers of these aircraft don’t want to be transparent. So we can move the money out via bitcoin….We are aware that last year alone China spent $54 billion of BTC buying assets – apartment buildings, boats, houses etc – we are jumping onto that bandwagon and offering the same opportunity for buyers of these jets at the high end. Aviatrade, which started trading aircraft in the 1980s mostly through barter, will not directly receive the crypto from a buyer. The firm is working with an unnamed bitcoin payment services provider who converts the digital assets into cash. According to Rushton, Aviatrade is the “key to valuing the aircraft, providing the selling process, and interacting with the bitcoin payment provider.” “We don’t trade bitcoin for bitcoin, or ethereum for ethereum,” he explained. “We actually interact with the bitcoin payment provider who will eventually produce fiat into an escrow account on behalf of the buyer and seller. The buyer puts it in, the seller sees cash come out and the bitcoin payment provider takes their fee and we are compensated by either buyer or seller.” The G650ER is the largest aircraft currently in service by U.S. manufacturer Gulfstream. With a 7,500 nautical mile range, the plane is also the company’s long-haul leader, a favourite with intercontinental flyers keen to avoid refuelling stops. Business Insider reported that the plane “has spent time in New Zealand and Asia but is now returning to its birthplace at Gulfstream’s headquarters as it undergoes routine inspections and awaits a new owner.” The private jet can accommodate 14 passengers. What do you think about buying aircraft using bitcoin? Share your thoughts in the comments section below. The post US Company Accepts Bitcoin Payments for Luxury Planes, as $40M Gulfstream Jet Goes on Sale appeared first on Bitcoin News. View the full article

The world’s largest banks lost a considerable amount of market valuation amid the Covid-19 pandemic, according to a new report that estimates financial incumbents lost $635 billion. Between December 2019 and August 2020, the market caps of 14 major banking institutions lost upwards of 30-50% during the time period. A newly published report written by Buyshares and the researcher Justinas Baltrusaitis, shows that during the first half of 2020, the world’s banks lost a considerable amount of market capitalization. Buyshares data shows that 14 select “major global banks” lost a combined total of $635.33 billion in market capitalization this year. The biggest loser was Wells Fargo, which lost roughly -56.26% during the time period. Spain’s Banco Santander came in second place, losing -46.16% of its aggregate valuation. Stats show that while Japan-based Mizuho Financial Group only lost 11%, the American bank, JP Morgan Chase saw a -30.16% drop in value in H1. The major losses from all 14 banks worldwide were significant drops, the Buyshares report highlights. But researchers also stress that it “could have been much worse if there was no intervention from central banks.” Financial incumbents curbed disaster by receiving massive stimulus from the Federal Reserve. Additionally, the research says that regulators easing restrictions on liquidity, reserves, and capital “proved beneficial.” Data shows that American banks took the largest hits, but JP Morgan Chase still has a decent market cap ($305.44 billion) today. Chinese banks followed American banks and both groups saw the biggest losses in February, as the start of the pandemic began to shake markets. Meanwhile, the American banking cartel and the nation’s wealthiest 1% have been accused of fleecing $50 trillion from the bottom 99% during the last few decades. The accusation stems from a working paper written by Kathryn Edwards and Carter C. Price from the RAND Corporation called “Trends in Income.” According to Price and Edwards calculations, during the course of four decades between 1975 through 2018, the estimate was around $47 trillion at the end of the year. The estimate crossed the $50 trillion zone in early 2020 and the disparity grew by $2.5 trillion per year. The wealth disparity has stemmed from America’s political class (bureaucrats), a few generational demographics (statists), and the modern-day money changers (U.S. banks and the Fed). Robert Kiyosaki, the author of the best-selling book “Rich Dad, Poor Dad,” recently tweeted about the wealth inequality and said crypto-assets like bitcoin will help younger generations improve the situation. “Boomers had it easy,” Kiyosaki said. “Plenty of jobs-low cost real estate-rising stock market. Millennials have it hard. 9/11, 2008 real estate crash, [and] now Covid-19. Good news. Millennials [are] tech-savvy. Boomers [are] not. Bitcoin-block chain-digital currencies give millennials head start into the future.” At press time, the market capitalization of all 7,600+ digital currencies is around $336 billion. The 14 banks that lost market cap saw losses close to 2x the size of the crypto economy. Still, JP Morgan Chase’s valuation is just a touch less than the crypto economy’s entire market capitalization. Despite the banker’s losses, not many people on social media and forums (if any at all) are too concerned with the world’s megabanks after they have been given a lifeline of dollars from the Fed. What do you think about the 14 banks losing $635 billion in market cap in 2020? Let us know what you think about this subject in the comments section below. The post Report: Market Valuation of 14 Banking Giants Shed $635 Billion This Year appeared first on Bitcoin News. View the full article

Former Disney child actor and U.S. Presidential candidate, Brock Pierce, was served with a lawsuit during a political campaign event held on Monday. The class-action lawsuit was filed in May and it claims the defendants, including Pierce, sold unregistered securities during the EOS initial coin offering (ICO). Last May, a class-action lawsuit on behalf of any person who purchased or received EOS tokens during the June 2017 ICO was filed against a number of firms and company executives behind the EOS project. The lawsuit named Brock Pierce, but also Block.one cofounders Daniel Larimer and Brendan Blumer are named as defendants too in the matter. The complaint says that Pierce alongside other Block.one leadership is “accountable for duping global investors in what may be the biggest of all crypto frauds.” Brock Pierce at the campaign event in NYC on Monday, September 14, 2020. Moreover, the court filing details that Block.one operated in Hong Kong and the state of Virginia, but it is registered in the Cayman Islands. Even though the startup did not register with the U.S. Securities Exchange Commission (SEC) or seek exemption from registration, it still sold 900 million EOS tokens. The class action accuses the company and executives of “aggressively marketing to investors in the United States and other countries.” Ultimately the plaintiffs believe EOS “left investors with an unregulated asset that became virtually worthless.” Meanwhile, on Monday the former child actor and now crypto billionaire, Brock Pierce, held a campaign rally in New York City. Later in the day, a video of the rally surfaced from the CEO of Typhon Capital Management, James Koutoulas, who is a member of the plaintiff’s counsel in the EOS class-action lawsuit. In the video, Pierce is served with the court subpoena while he is greeting a number of political supporters in New York. Koutoulas tweeted about the entrepreneur being served during his rally. “Our team served Brock Pierce for securities fraud at his rally in NYC,” Koutoulas said. “Pro tip- when you’re trying to avoid getting served for a multi B fraud case, maybe lay off outlandish presidential campaigns.” Koutoulas further added: As we progress in holding this conman accountable, feel free to reach out if you lost money after buying eos in the ICO or on exchange. Pierce’s official Twitter account and campaign did not release a statement in response to the securities fraud allegations. Instead, Pierce thanked everyone for coming out to the campaign event in NYC later in the day. He also said he was “glad to see that [his] candidacy is being taken so seriously,” when his campaign story was featured on the front page of the New York Post. Brock Pierce is also well known in the cryptocurrency space and his campaign website also details how he has raised billions of dollars during the crypto ecosystem’s early days. Pierce is also running against the hip hop star, Kanye West, who is campaigning for POTUS against the Republican incumbent Donald Trump and Democrat challenger Joe Biden as well. Block.one was already in trouble with the SEC last year and the organization settled with the U.S. regulator for $24 million or 0.6% of the $4 billion ICO funds. “Institutional funds that were lied to by Block.one have a duty to all their investors – large and small – to take action against fraudsters and con artists,” said Koutoulas. What do you think about Brock Pierce being served with a lawsuit against the EOS initial coin offering (ICO)? Let us know what you think about this subject in the comments section below. The post Presidential Candidate Brock Pierce Served With Lawsuit for Alleged ICO Fraud appeared first on Bitcoin News. View the full article

The Securities and Exchange Commission (SEC) of Nigeria has designated crypto assets as securities as the authorities step up efforts to regulate Africa’s largest cryptocurrency market. The SEC says the classification of crypto assets for regulation is consistent with the country’s investment and securities laws of 2007. In a statement released Sept. 14, the SEC directs that corporates and individuals “whose activities involve any aspect of blockchain-related and virtual digital asset services, must be registered.” While the classification is seemingly targeting new crypto assets, the SEC says that “existing digital assets offerings prior to the implementation of the regulatory guidelines will have three (3) months to either submit the initial assessment filing or documents for registration proper, as the case may be.” Furthermore, foreign issuers of crypto assets are expected to comply with regulations that may require them “to establish a branch office within Nigeria.” Reacting to the announcement, the General Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Senator Iyere Ihenyen, commends the regulator for striving to “treat digital assets as alternative investment opportunities.” Ihenyen says the classification means “investment or security-based digital assets offerings are caught here, whether it is the now dead or dying initial coin offerings (ICOs) that got many fingers burnt in 2017 or the security token offering (STO) that didn’t live up to expectations.” Still, the SIBAN general secretary feels the SEC “should have clearly defined its test for what constitutes investment or security, rather than vaguely state that virtual crypto assets are securities unless proven otherwise.” Ihenyen explains why he has reservations about this approach: “The approach the SEC has taken may be problematic, not only for players and investors in the Nigerian market but also for everyone, including the courts and the regulator itself. More so, the burden of proving otherwise is placed on the issuer, a thing that could be easily abused by regulators and even law enforcement agencies.” Instead, the SEC should have published a well-defined test for determining what constitutes a security or investment. Ihenyen says doing “this will save us all a lot of time, energy, and resources.” Meanwhile, Chiagozie Iwu, the CEO of a local cryptocurrency exchange, Naijacrypto, says the SEC’s classification of crypto assets shows some level of recognition for digital assets by the regulator. However, he is quick to point out that the statement does not specifically address the legality or illegality of crypto assets. The SEC regulations do not say anything about cryptocurrency exchanges and this, according to Iwu, means the SEC has “no classification for crypto exchange businesses yet.” Still, Iwu believes a more comprehensive report will be issued by the regulator shortly. Meanwhile, Nathaniel Luz, a representative for Dash in Nigeria, says in accordance with the SEC’s classification, cryptocurrencies like “Dash falls under the ‘crypto asset – non-fiat virtual currency’ grouping.” This means this virtual currency cannot be “classified as a commodity or security plus the existence of dash since 2014 pre-dates the ICO days.” Still, Luz says his organization “is open to working with the regulators should they require any clarifications regarding the classification of dash.” In the meantime, the SEC’s classification comes at a time when the use of cryptocurrencies for international trade continues to grow in the country. Nigerians also use cryptocurrencies for sending remittances and for online payments. However, Iwu believes the move by the regulator is the culmination of a two-year effort to create a structure for cryptocurrencies. It is unrelated to the current foreign currency crisis. What do you think of Nigeria’s crypto asset classification? Tell us your thoughts in the comments section below. The post Forex Strapped Nigeria Designates Crypto Assets as Securities appeared first on Bitcoin News. View the full article

Jim Cramer, the Mad Money host and The Street co-founder, said he is “fixated” on needing to own bitcoin because he fears a “massive amount of inflation.” While he owns “so much gold,” he is adamant about leaving a bitcoin inheritance to his children. Jim Cramer to Regularly Buy Bitcoin Jim Cramer is the host of Mad Money on CNBC, a former hedge fund manager, and a co-founder of Thestreet.com, a financial news and literacy website. During a podcast interview with Morgan Creek Digital partner Anthony Pompliano (Pomp), published Monday, Cramer asked many questions about cryptocurrency, particularly bitcoin. The Mad Money host said he has been following stock trader Dave Portnoy very closely. Portnoy recently bought bitcoin but exited the crypto market within a week after the price of chainlink, another of his crypto investments, fell. Cramer calls himself a gold bug because he has “so much gold,” he revealed. He is concerned about hedging against inflation and leaving the right assets to his kids. The former hedge fund manager explained that to hedge against inflation, he currently goes to his “inflation handbook,” and “what it says is buy gold, buy masterpieces and buy mansions. Those are the three things.” He emphasized that “what we didn’t have in that menu was crypto and I think that you have to have [it].” He further opined: “I feel very strongly that I have missed crypto.” Pomp clarified to Cramer that it is important to distinguish between bitcoin and cryptocurrencies. “When you talk to your kids about it, you got to make sure it’s bitcoin not just crypto in general because bitcoin specifically has the inflation hedge – things that we’re talking about here.” Cramer believes: My kids, when they get my inheritance, won’t feel comfortable with gold and will feel comfortable with crypto. “I just need something that my kids will understand … and they will never understand gold and the reason why they’ll never understand gold is they think gold’s dangerous. It’s dangerous because it can be stolen. It’s dangerous because they don’t want to take it out of the bank,” Cramer shared. As for cryptocurrency, the Mad Money host is also concerned about the security side, such as getting hacked. However, Pomp explained several ways to keep his bitcoin more secure. Cramer admitted that when people asked him about bitcoin in the past, he said to them that he does not trade coffee, cotton, and bitcoin. “That sufficed for a very long time. It worked until the three trillion dollar [Fed] package because we don’t have that. We don’t have three trillion in this country. You can raise them you make the rich pay as much as you want. This is the first time in my life, and I’ve said it publicly, that I know we don’t have the money and that’s one of the reasons why I like gold so much.” However, he agrees with Pomp that the upside of bitcoin beats gold. Recently, the Federal Reserve has made a major policy shift to push up inflation. This has prompted some companies to move cash reserves into bitcoin, such as the Nasdaq-listed Microstrategy which recently bought a total of $425 million in bitcoin in order to hedge against inflation. Meanwhile, some people strongly believe that bitcoin beats gold in every way. The co-founder of The Street exclaimed: I am fixated on needing to own crypto because I fear massive amount of inflation. Pomp proceeded to explain how Cramer could buy and hold bitcoin. For example, to get some exposure, he could buy Grayscale Investments’ GBTC, but there are premiums. Alternatively, he could buy bitcoin itself and either use the custody service of a reputable company or store it himself. He asked about JPMorgan, which Pomp believes will one day offer the same crypto service Fidelity does. Cramer says he has some funds at Fidelity so it is likely the place he will go and buy bitcoin, mentioning that he could be doing dollar-cost averaging. Cramer says that he is not worried about the price fluctuation of bitcoin since it will be part of his portfolio as an alternative asset for hedging purposes. What do you think about Jim Cramer wanting to buy bitcoin? Let us know in the comments section below. The post Mad Money’s Jim Cramer ‘Fixated’ on Buying Bitcoin, Fears Massive Inflation appeared first on Bitcoin News. View the full article

Billion-dollar public company Microstrategy Inc. has bought 16,796 more bitcoins. The company has purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million. Microstrategy’s Bitcoin Investments Microstrategy Inc. (NASDAQ: MSTR) has bought more bitcoin, CEO Michael Saylor revealed on Tuesday. He tweeted: On September 14, 2020, Microstrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses. This follows an update the company provided the SEC about its bitcoin investment plan. In the filing dated Sept. 11, the Nasdaq-listed company revealed that its board of directors has adopted a new Treasury Reserve Policy “that updated the company’s treasury management and capital allocation strategies.” Under this new policy, the company’s treasury reserve will consist of two types of assets. The first type comprises “cash, cash equivalents, and short-term investments … held by the company that exceed working capital needs.” The second type consists of “bitcoin held by the company, with bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for cash assets, including future potential share repurchase activity.” Microstrategy clarified: “As a result of this new policy, the company’s holdings of bitcoin may increase beyond the $250 million investment.” Michael Saylor, Microstrategy’s CEO, has not always been pro-bitcoin. He tweeted back in 2013: “Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.” Microstrategy, which describes itself as “the largest independent publicly-traded business intelligence company,” announced its new capital allocation strategy in an earnings call on July 28, indicating that it would buy bitcoin. The company followed up with an announcement on Aug. 11 that it had purchased 21,454 bitcoins at an aggregate purchase price of $250 million, inclusive of fees and expenses. The crypto community views the two purchases by Microstrategy as very bullish. What do you think about Microstrategy increasing its bitcoin holdings? Let us know in the comments section below. The post Nasdaq-Listed Microstrategy Raises Bitcoin Holdings to $425 Million After Second Purchase appeared first on Bitcoin News. View the full article

New data from BitPay shows that American consumers are flocking to load the first Mastercard branded BitPay card with top digital assets. The popular cryptocurrency payment services provider debuted the new card in June 2020 and the company’s transactions reached a new high in July. The data also shows how crypto cards usage is changing, with more users choosing to load with a selection of top digital assets. Not All Crypto Cards Are Created Equal BitPay, the Atlanta-based cryptocurrency services provider, has recently released blockchain payment statistics that show how the market performed in 2020. Among other interesting points, the data signals strong support from U.S. consumers for the company that announced its first Mastercard branded card just a few months ago. According to the statistics, the total number of crypto transactions processed through BitPay across all supported coin types reached a new high in July 2020 of almost 110,000 processed transactions. The figures also show a stable month over month growth trend in processed transactions since March. The great popularity of BitPay services for making and accepting crypto payments enables us to learn about the widespread usage of top assets in the whole market. The BitPay statistics reveal that while bitcoin remains the most used crypto, it is steadily losing ground in terms of load dominance. This happens as users are switching over to a variety of top digital assets such as BCH, ETH, XRP and the stablecoin USDC, in order to load their cards. Crypto cards make it easy to pay for daily purchases, safe for first-timers to use crypto, and expand the adoption of digital assets. But not all cards are created equal, and the Mastercard branded BitPay card has several advantages that make it far superior to all other options available in the market today. A Card Designed for Those Who Live Life on Crypto The Mastercard branded BitPay card offers instant conversion which means that users don’t need to worry about volatility of the crypto assets they load up with – any amount they load is immediately converted to dollars and there are no multiple conversions for each transaction they make. This is in sharp contrast to other crypto cards that only operate on a spend as you go model, converting the stored crypto to dollars each time a payment is made and leaving its value to fluctuate in the meantime. Another major advantage of BitPay is that the card has very high limits compared to other crypto cards. Users can load up to $10,000 per day, spend up to $10,000 per day and withdraw up to $6,000 a day in total at ATMs. The Mastercard branded BitPay card also has no conversion or load fees, so users are only left with network and miner fees that can be very low if they choose an option such as BCH or XRP. The new BitPay card allows users to spend money anywhere Mastercard is accepted, both online and in stores. And it comes with a virtual card that can be used immediately after enrollment. The card is supported by a new app that can be used to lock cards, monitor transactions and load. For users that require human assistance, English speaking agents are available with a simple phone call or email. Security is also a key feature of the Mastercard branded BitPay card, as it includes EMV chip and supports safe contactless payments – a must for keeping healthy these days. Additionally, Apple Pay and Samsung Pay will soon be available to keep in store cardholders safe. All of these features are offered without the need to stake coins or redeem rewards in coins you don’t want or prefer as other cards require. In addition to all these advantages, the Mastercard branded BitPay card should also be especially popular among the bitcoin cash community as statistics show BCH is the top alternative to BTC among the company’s users. Year to date, BitPay has processed over 25,000 BCH transactions. In total BCH represents about 4% of BitPay transactions, ranking as the number two preferred payment method. It is closely followed by ETH at number three and XRP is at forth place. The company also reports that bitcoin cash is most used to buy gift cards and load the BitPay Card or the cards of its many partners. Online gaming is the second most popular use of BCH, followed by purchasing gold. To learn more about the first Mastercard branded BitPay card and how it can fit your crypto payment needs go to BitPay.com/Card. This is a sponsored post. Learn more on how to reach our audience here. Read disclaimer below. The post US Consumers Flock To the First Mastercard Branded BitPay Card appeared first on Bitcoin News. View the full article

A bitcoin investment scheme called “Bitcoin Revolution South Africa” has been gaining much attention lately. Promoters claim that famous South Africans endorse this platform, including mining billionaire Patrice Motsepe, comedian and actor Trevor Noah, and President Cyril Ramaphosa. Bitcoin Revolution Invades South Africa The South African version of the Bitcoin Revolution scheme, simply called “Bitcoin Revolution South Africa,” has recently been heavily promoted, with paid reviews on reputable websites such as the Associated Press News. Promoters of this scheme claim that the platform is endorsed by famous South Africans to lure investors. Celebrities whose names and photos have been used for this purpose include comedian and actor Trevor Noah, President Cyril Ramaphosa, mining billionaire Patrice Motsepe, rugby star Naas Botha, and politician Pravin Gordhan. The Bitcoin Revolution South Africa website is almost identical to the original Bitcoin Revolution website, which news.Bitcoin.com has already exposed as a scam. The only key difference is the addition of the word “South Africa” to various texts of the site. Bitcoin Revolution South Africa advertises “an automatic trading system,” allowing members to earn significant income working about 20 minutes a day or less, its website details. The “Bitcoin Revolution South Africa” website. The top of the website displays the message: “Bitcoin Revolution App South Africa Earn $1300 in [the] next 24 hours with this secret Patrice Motsepe system with your small investment today.” Motsepe is the founder and chairman of African Rainbow Minerals, who became a billionaire in 2008. Another version of the site displays at the top: “You make $13000 in 24 hours using this secret Bitcoin Revolution South Africa system with your small investment easily today.” The site also claims: “Some members earned their first million within just 61 days.” To use the system, however, users must deposit $250 upfront. Similar to Bitcoin Revolution’s website, the South African version warns that registration will soon close due to high demand. It displays the same video that features Microsoft co-founder Bill Gates, Virgin Group founder Richard Branson, and other famous people talking positively about bitcoin. The website also displays fake testimonials and fake live profit results. A recent article features a fake tweet claiming to be from South African President Cyril Ramaphosa stating that this bitcoin investment scheme “is showing great promise and has my full endorsement as a wealth system,” Mybroadband magazine reported last week. The magazine contacted Google which displays ads for the scam. A spokesperson for Google told the magazine that the search engine giant removed 2.7 billion bad ads in 2019. “Because we want the ads people see on Google to be useful and relevant, we take immediate action to prevent fake and inappropriate ads. We have a tool where anyone can report these ads and these complaints are reviewed by our team,” the spokesperson was quoted as saying. This is not the first time scammers have used Ramaphosa’s name and photos to promote their fraudulent schemes. A similar system called “Bitcoin Code” claimed that its system was Ramaphosa’s gift to South Africans back in 2018. Ramaphosa tweeted at the time that the story was fake. “I have never said these words,” he said. News.Bitcoin.com has previously exposed Bitcoin Code as a scam. Promoters of a bitcoin investment scheme called “Bitcoin Code” claimed that Cyril Ramaphosa endorsed its platform as far back as 2018. Ramaphosa said the news was fake. Some regulators worldwide have warned about Bitcoin Revolution, such as the Philippine Securities and Exchange Commission, which has repeatedly issued warnings about this scheme. The promoters of the South African Bitcoin Revolution scheme also promote similar scams, including the South African Bitcoin Code, Bitcoin Millionaires, Bitcoin Loophole, Bitcoin Machine, Bitcoin Future, Bitcoin Storm, Bitcoin System, and Bitcoin Era. Furthermore, the Australian Securities & Investment Commission (ASIC) warned about the Bitcoin Revolution scam in July. According to the commission, the scheme claims endorsement from local celebrities, such as “Waleed Aly, Mike Baird, Celeste Barber, Andrew ‘Twiggy’ Forrest, David ‘Kochie’ Koch, Michael Rowland, Dick Smith, Karl Stefanovic and Virginia Trioli.” Other celebrities whose names and photos have reportedly been used to promote Bitcoin Revolution include actors Kate Winslet and Hugh Jackman, TV personalities Simon Cowell and Jeremy Clarkson, and former prime minister of Singapore Goh Chok Tong. What do you think about Bitcoin Revolution South Africa? Let us know in the comments section below. The post Bitcoin Revolution South Africa: Scam Claims Support by President Cyril Ramaphosa appeared first on Bitcoin News. View the full article

15th September 2020, New York, United States: INX will start accepting bitcoin (BTC), ether (ETH), and USDC stablecoin, starting today. INX said over 3,000 retail and accredited investors registered for the INX token offering during its first three days. Now that the minimum requirement INX has set to raise the first $7.5 million of its up to $117 million IPO in dollars and not crypto, has been met, investors will be able to purchase INX tokens with these coins, here: https://token.inx.co/ INX has set the offering price at $0.90 per token with a minimum investment of $1,000. The offering is available in 14 U.S. states: California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Louisiana, Michigan, Minnesota, New York, Texas, Washington, Wisconsin, and Wyoming. The company plans to use IPO proceeds to continue developing INX Trading Solutions, a regulated exchange for cryptocurrencies, security tokens, and derivatives. Founded in 2017, Gibraltar-based INX first revealed its IPO plans in 2018 and filed a draft prospectus with the SEC in August 2019. The company is headed by Alan Silbert, brother of Digital Currency Group’s founder Barry. About INX Limited INX aims to provide a regulated trading platform for digital securities and cryptocurrencies combining traditional markets expertise and a novel fintech approach. INX is led by an experienced team of business, finance, and blockchain technology experts unified by the vision of redefining the world of capital markets via blockchain technology and novel regulatory approach. Media Contact Details Contact Name: Alona Stein (For INX) Contact Email: alona@reblonde.com This press release is not a prospectus and does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such offer or solicitation of sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is being issued pursuant to and in accordance with Rule 134 under the Securities Act of 1933. No securities regulatory authority has either approved or disapproved of the contents of this press release. INX Limited 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. About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin 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 INX Becomes the First SEC-Registered IPO to Accept Crypto appeared first on Bitcoin News. View the full article

According to a number of reports and commentary from financial analysts, the world is “drowning in U.S. dollars” after the Federal Reserve decided to pump billions of dollars into the hands of 14 central banks via liquidity swaps. Moreover, recent technical analysis shows the dollar’s trade-weighted index chart indicates the USD might be in for a gigantic slide in value in the near future. As members of the U.S. Federal Reserve plan to convene this week, both gold and bitcoin (BTC) markets have started to climb in value ahead of the meeting. Bitcoin prices rose over 4% during the afternoon’s trading sessions and gold jumped 0.76% as well. The price of one ounce of fine gold is $1,956.24 at the time of publication. Meanwhile, after a brief upswing in value, the U.S. dollar has started to show signs of weakness again after losing massive amounts of value this year. One financial commentator believes the “world is frozen in response to the deluge of U.S. dollars.” According to an article written by the business analyst, Stephen Bartholomeusz, “the world has been drowning in U.S. dollars” via “liquidity swaps with 14 central banks.” “The combination of the access to dollars, the extent of the monetary policy stimulus in the U.S. and the Fed’s recent decision to hold U.S. rates at their current negligible levels – negative in real terms – has seen the U.S. dollar depreciate about 9.3 percent against the basket of its major trading partners’ currencies since March 19,” Bartholomeusz wrote. “That’s its weakest level for more than two years.” Bartholomeusz added: A weak dollar exports deflation elsewhere. It helps US exporters be more competitive (albeit while harming importers in an economy with a structural trade deficit) and therefore one that imports more than it exports) while damaging the exports and growth prospects of economies elsewhere. In addition to Bartholomeusz’s ominous outlook, the U.S. dollar index (DXY) could see a sharper fall in the near future according to a technical analysis report published on Monday. The DXY technical analysis explains that charts show a “bearish, M-shaped chart pattern containing two peaks and a trough.” U.S. dollar currency index on September 14, 2020. If the dollar’s trade-weighted index dips another 5% the pattern will be confirmed the author notes. The pattern is traditionally dubbed the “bearish double-top” and they are typically followed by a strong decline in value. “The most notorious double-top for the dollar came in 2001-2002, in the aftermath of the September 11, 2001 attacks on the United States, and was followed by a 33% fall in the currency through 2004,” the analysis details. “[The USD] then rallied for about 11 months before continuing its slide to record lows in 2008.” When the members of the Fed meet on Tuesday and Wednesday, a number of analysts and economists think the meeting will fuel bitcoin and precious metals like gold. The cofounder of Gold Bullion Int. (GBI) and DTAP Capital, Dan Tapiero, championed the two assets after U.S. commercial real estate markets have started to show signs of pending disaster. “An entire asset class redefined almost overnight by [Covid-19],” Tapiero tweeted. “Total value of all U.S. commercial real estate is $16 trillion. Now entering the largest bear market since the late 80s? 50% price drop wipes out $8 trillion. Major econ drag/knock-on effects [are] huge. Rates stay 0%, + Gold and BTC.” A recent report published by Pacific Investment Management Co. (Pimco) also explained that the U.S. dollar value drop is just starting and there is “room for the world’s reserve currency to weaken against emerging markets.” Many emerging markets worldwide have advanced the use of crypto assets and decentralized finance (defi) markets. What do you think about the world drowning in U.S. dollars and the predictions about a major USD decline? Let us know what you think about this subject in the comments section below. The post Macroeconomic Trends Boost Bitcoin and Gold, US Dollar Index Shows Bearish Double-Top appeared first on Bitcoin News. View the full article

The decentralized finance (defi) space is headed for an implosion unless the divided community leaders step forward with solutions. This is discernible from September 13 Sunday morning tweets by some influential players in the defi space wherein they attack each other. Waves blockchain creator Sasha Ivanov kicked things after depicting current defi ecosystem as Ponzi 2.0 and not the much talked about finance 2.0. Sam Bankman-Fried (SBF), the current leader of Sushiswap, expresses fears that yield farming food tokens are in fact propagating the decentralized finance (defi) bubble, while the Yearn Finance creator, Andre Cronje believes liquidity fragmentation to be one of the contributing factors to challenges facing defi. The sentiments reflect the general acknowledgement and concern about the growth as well as the fate of defi. Still, the defi community— which Cronje once labelled toxic— seems to be dominated by individuals fixated with personal agendas This was on display on when Ivanov attacked the idea of the automated market maker (AMM), which some argue to be a great solution. In his tweets, Ivanov, who insists that Finance 2.0 “will still come anyway”, also suggests AMM is not the solution. The Waves creator explains: “AMM is not so groundbreaking as working pool mechanics. Pools are awesome. AMM IMO not so much. No matter how high the volume is now.” AMMs are entities tasked with creating price action on an exchange that would otherwise be illiquid without trading activity. Before the apparent critique on AMMs, an “optimistic” Ivanov tweeted favourably of “Aave, Curve, and a couple of other projects” which he termed “really groundbreaking.” Ivanov’s remarks, which omitted YFI, did not go unnoticed. Perhaps in an indirect response to Invanov’s comments, Cronje, who is credited with helping to build the defi space into a billion industry, tweeted a few hours later stating why AMM is needed. In his tweet, Cronje argues: “Liquidity is becoming incredibly fragmented. LPs have to choose between pairing assets. The more fragmented, the more expensive (slippage+gas). What we need now is an AMM that can scale 1..n with pooled liquidity, single asset exposure, and cheap swaps.” Still, despite the differences, both Ivanov and Cronje still share a common view that the defi space is being overrun by bad actors. In an earlier tweet, Cronje complained that the Sushiswap controversy had made “defi a joke again.” This was after Chef Nomi, the anonymous creator of Sushiswap said he had returned funds that he seized in the previous week. The tweet by Cronje may have prompted Bankman-Fried, the current leader of Sushiswap, to post his own thread in which he criticizes yield farming food coins. In his thread, Bankman-Fried starts by posing questions; “Is yield farming sustainable? Is it stupid? Is it revolutionary?” Bankman-Fried tries to make a case for certain coins that he claims to “have obvious utility.” And just like Ivanov, the Sushiswap co-founder gives his list of “important products that people use even ignoring (yield) farming.” These include Compound Finance, Aave and Balancer. Bankman-Fried also touts Sushiswap alongside Creamdot Finance as “forks on useful products.” Predictably, the Sushiswap cofounder tears into YFI’s value, which is he says is “a weird case.” He argues that “right now (YFI) mostly just about farming, but it’s also the king of farming, the meta-farming coin, and so it kinda makes sense that it should get a decent piece of that pie.” At the time of writing, YFI was trading at $39,500. Meanwhile, as influential players engaged in this battle, Twitter users have weighed into the controversial debate. Responding to Bankman-Fried’s thread, user LTTG said. Any unregulated markets will attract bad actors that try to game the system through perceived legitimacy. Only time will tell which separates the projects that provide real value or the fake ones that only exist to scam money from the public. Ryan Selkis, a founder at Messari, also added his voice to those worried about defi by drawing parallels with events during the 2017 initial coin offering (ICO) bubble. In a tweet he said: “ICOs boomed for a while because everyone (laughably) thought there would be a coordinating utility token for every industry. Defi is just one big pool of capital sloshing around a small group of insiders and mercenaries who will soon run out of victims to fleece.” What are your thoughts about the challenges facing Defi? Tell us what you think in the comments section below. The post Defi Boom: Bubble Fears Grow as ‘Toxic’ Community Disagrees on Way Forward appeared first on Bitcoin News. View the full article

This past weekend, data shows the most active bitcoin options contracts were calls for $28k, $32k, and $36k by the year’s end. This means a number of options traders are betting the price of bitcoin will exceed the all-time high (ATH) the decentralized currency touched in December 2017. On September 14, researchers from the data analytics firm Skew.com tweeted about an unusual number of call options for December 2020 that are well above the 2017 ATH. “[December 2020] $28k, $32k, [and] $36k calls among the most active bitcoin options contracts yesterday,” Skew tweeted. All of these calls are well above the mid-December 2017 ATH, which saw BTC touch $19,600 per coin. Chart Skew.com shared on Twitter on Monday, September 14, 2020. The new open positions took place on the crypto-financial derivatives platform Deribit. The action took place after $570 million (notional) of BTC options contracts expired on Deribit on August 28. There were 752 open positions for $36k, 462 contracts for $32k, and 230 for $28k. Additionally, some $9k and $9,750 calls were set for the end of September. Responding to Skew’s December calls tweet, one individual wrote: Without opining the possibilities to this, it will be entertaining to revisit at the end of the [fourth] quarter. Essentially, bitcoin options are crypto-derivatives products that provide a person or group with the right, but not obligation to buy and sell the BTC at a predetermined strike price, while also leveraging an expiry date. In these examples, set well above BTC’s prior ATH, a strike price is set and the expiry ends in December 2020. In the August 2020 Deribit newsletter, the exchange said “even though competition has been picking up, Deribit remains the leader with ~79% of the total BTC Options OI held.” Chart Skew shared on September 10, 2020. Sharing a chart of the total BTC Options OI by expiry positions two days before the weekend, Skew said the traders are “Gearing up towards a pretty chunky bitcoin options expiry at the end of the month.” “Already $750 million in open interest outstanding,” the crypto analytics firm Skew further tweeted. The bitcoin data and insights researcher from Ecoinometrics has also been discussing bitcoin options markets stemming from CME Group. While studying a number of markets and CME’s derivatives action, Ecoinometrics said that he doesn’t believe market sentiment has turned. “I don’t think so,” the blog post notes. “If you think from a technical perspective what we are getting right now is Bitcoin flipping a former resistance level at $10,000 to become a support. From May to the end of July, Bitcoin was desperately stuck below $10k. But for [seven] days now $10,000 is holding strong.” As far as the CME Bitcoin options market, the post highlights that “calls continue to dominate the scene with [five] calls for every [two] puts.” The post further adds: [It is] pretty clear option traders are buying puts on the front month to protect themselves or benefit from what they might perceive as a short term drop. But for the long term, the bullish sentiment is pretty much unchanged. Monday’s BTC spot markets have been on a tear, rising more than 4% during the afternoon (ET) trading sessions inching toward the $11k zone again. The jump in value has happened amid a number of uncertainties and macroeconomic events like the upcoming Federal Reserve meeting scheduled for Tuesday and Wednesday. Investors may be eying other unsettled events like the U.S. election and the country’s tumultuous dollar. What do you think about bitcoin options traders betting on BTC prices surpassing 2017’s ATH? Let us know what you think in the comments below. The post Bitcoin Options Traders Bet the Price of BTC Can Touch $36K by December appeared first on Bitcoin News. View the full article

So called decentralized finance (defi) lending platform Bzx on Sunday lost $8.1 million in a new hacking attack, the third this year, caused by a flawed code in its smart contracts. The bug allowed the hacker to mint 219,200 LINK tokens (valued at $2.6 million); 4,503 ETH ($1.65 million); 1,756,351 USDT ($1.76 million); 1,412,048 USDC ($1.4 million) and 667,989 DAI (worth $681,000). Marc Thalen, lead engineer at Bitcoin.com, first discovered the vulnerability in the smart contracts and reported it to Bzx, warning $20 million was at risk. In a statement, Bzx co-founder Kyle Kistner said that the defective code permitted an attacker to duplicate assets or even increase the balance of the protocol’s interest-bearing token called iTokens. Bzx noticed the security breach some hours later and immediately halted minting and burning of iTokens. Trading resumed after a fix that corrected the balances and duplications. Kistner detailed that investor funds faced no risk as they were promptly compensated. He said: No funds are at risk. Due to a token duplication incident, the protocol insurance fund has transiently accrued a debt. The insurance fund is backstopped by both the token treasury in addition to protocol cash flows. Thalen exploited the faulty code himself, generating a loan of 100 USDC. “From this I retrieved iUSDC. I then sent this to myself practically duplicating the funds. I then created a claim for 200 USD,” he tweeted. Two audit firms, Peckshield and Certik, failed to pick up the flawed smart contracts code. Peckshield responded, saying: “One audit cannot guarantee to find all potential issues, but with continuous work from developers and auditors, we are getting ever closer to the goal of minimizing security risks.” This is the third time that Bzx has been attacked in 2020. Two separate attacks in February cost the protocol just under $1 million. Founded in 2017, Bzx is a decentralized protocol built on the Ethereum blockchain for lending and trading with margin and leverage. What do you think about the recurring hacks at Bzx? Let us know in the comments section below. The post Defi Protocol Bzx Loses $8.1 Million in Third Hack This Year appeared first on Bitcoin News. View the full article

In the ever-evolving crypto market that never sleeps, new trends and coins are popping up every passing day. The recent decentralized finance explosion has only hastened the pace at which fly-by-night coins are being created. At the same time, however, the booming bandwagon has also shed light on long-time projects coming out swinging with new life and shaking up the cryptocurrency market. Take Ethereum trading for example–the crypto asset has recaptured the bullish momentum of the ICO movement. Another token – the COV token – born during that last significant boost to the crypto market has taken the long crypto winter to develop a strong foundation which is önow at the core of the Covesting copy trading platform, recently debuted on the award-winning Bitcoin margin trading platform PrimeXBT. Here are the five most important benefits the ERC-20 DeFi token COV brings to the copy trading platform and decentralized finance space. Trading Fee Reduction The COV utility token was designed first and foremost with fee reduction in mind. Fees regularly eat into trader’s profits. Each successful trade closed using the Covesting copy trading module takes a commission from the profits generated, then part of the profits go to the strategy manager and the follower. While finalized tiers have yet to be determined, increasing levels of COV tokens held can lower rates by as much as a 10% to a 100% discount. Improving Success Fee Percentage In addition to lowering the trading fees for strategy managers doing the trading, the more COV tokens a follower stakes, a larger share of the success fees generated from each strategy manager’s winning trades will go back to the follower. By improving the profitability for followers, followers will be more apt to consider following other strategies and reinvesting any capital earned into additional strategies, helping to grow the entire Covesting peer-to-peer ecosystem. Increase Follower Limits Anyone can become a strategy manager and start their career trading and build themselves a reputation across the global trading community thanks to Covesting’s transparent five-star rating system. However, there is a limit to how many followers each strategy manager can have following them at any given time. The solution to this is the COV token. The DeFi token enables more followers and, therefore, a larger pool of equity to trade with and larger financial opportunity. Token Burns Part of what makes cryptocurrencies so unique is due to their deflationary design. Not only is supply scarce to begin with, but several tokens also have mechanisms that further reduce supply and drive up value and demand. Covesting says it will burn “a portion of the fees generated within the Covesting module at regular intervals,” either monthly or quarterly. Each token burn will result in a reduced supply, greater demand, higher value, and even more utility for early holders of the COV token. Partner-Specific Secondary Features While there are already four exciting “core” features the COV token enables on the Covesting copy trading module, there are still surprise secondary features coming that will vary by whatever platform the Covesting module is offered on, through the company’s white-label licensing agreement. At launch, the Covesting copy trading module is available exclusively on PrimeXBT. For example, these secondary features could lower fees on other PrimeXBT products or drive further innovation by bringing exclusive and unique tools to the market. These are just five of the first features the COV DeFi token will enable on Covesting. And with more on the way designed to complement the features of the award-winning PrimeXBT in some capacity, the trading community and decentralized finance space will never be the same again. Press Contact Email Address king@primexbt-partners.com Supporting Link https://primexbt.com/covesting 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 DeFi Defied: Five Key Benefits The COV Token Will Bring To Covesting appeared first on Bitcoin News. View the full article

Sushiswap’s new leader and FTX CEO Sam Bankman-Fried tweeted on September 12 that the promised 2 million token airdrop would go on as scheduled. The process was expected to last up to two hours or less depending on network congestion. The airdrop caps an eventful week for Sushiswap that started with the reported ‘exit scam’ by co-founder Chef Nomi and the return of the $14 million worth of ETH. After initially defending his actions that are believed to have caused the price of the decentralized finance (defi) token to crash, Chef Nomi made the surprise decision. Furthermore, the still anonymous founder issued an apology for his actions and said he “will let the community decide how much he deserve(s) as the original creator of Sushiswap.” In response to this show of contrition, Sam Bankman-Fried paid tribute to Chef Nomi for this decision, while reminding his Twitter audience of the founder’s earlier good work. The FTX CEO added that part of the returned ETH will now be used to fund the scheduled buyback. Since taking charge, Sam Bankman-Fried has helped to initiate changes aimed at assuaging investors, some of whom are reportedly contemplating taking legal action. Meanwhile, following this latest announcement about the airdrop, YFI creator Andre Cronje tweeted that events tied to the Sushiswap fiasco have not helped the cause of defi. In his reply to Sam Bankman-Fried on Twitter, Cronje said: “LOL. Thanks for making defi a joke again. One step forward and ten steps back.” Cronje suggested that the Sushiswap team is copying from the 2017 initial coin offering (ICO) scam playbook. The YFI creator then provided what he terms as an ICO scam checklist. The list includes an “airdrop, buyback, insane salaries, large team allocation, forked geth (Uniswap).” Interestingly, when Chef Nomi tweeted an apology, Cronje replied saying: Less apology, more coding. Sushiswap needs you. Get back to work and build something that leaves a legacy. You chose Sushiswap over yourself, now just keep building. In the meantime, the Sushi token has since partially recovered after dropping to $1.30 following Chef Nomi’s previous departure. At the time of writing, the token traded at $2.30. Despite the criticism, Sam Bankman-Fried and his team are confident that the surrendering control to the community pre-empts further events of developers making unilateral decisions. What do you think of the Sushiswap airdrop? Tell us your thoughts in the comments section below. The post Sushiswap’s 2 Million Token Airdrop: Founders Face Accusations of ‘Making Defi a Joke Again’ appeared first on Bitcoin News. View the full article

The popular payment provider Paypal has been known for cutting off a number of merchants and organizations over the years. This week, the public found out that Paypal has been censoring merchants that sell items related to the name “tardigrade” just because a Balkan arms dealer uses the same name. The story shows just how beneficial censorship-resistant money is today and how centralized monetary systems are ultimately doomed. Ever since Paypal came out in 2001, the payment platform has seen broad use and a great number of users worldwide leverage the system. However, the payment processor is a centralized system, and over the years it has been known for restricting services to certain individuals and organizations. For instance, Paypal censored the web portal Wikileaks and this invoked the nonprofit organization to start accepting bitcoin (BTC). Last year, Paypal shut off ties to workers leveraging the adult web portal Pornhub and 100,000 performers were left stranded. Now the most trafficked adult website worldwide accepts bitcoin (BTC) and litecoin (LTC) for payments. Archie McPhee’s Paypal support response screenshot and some of the water pig or tardigrade themed ornaments he sells. On September 11, Paypal once again was caught censoring merchants over the use of the name “tardigrade.” Basically, a tardigrade is an eight-legged micro-animal and people also call them “moss piglets” and “water bears.” The funny little water bears have a global fanbase and people collect all types of tardigrade merchandise. On Twitter, the Seattle-based gift salesmen, Archie McPhee, complained that Paypal was censoring his tardigrade-themed products. The problem is there is a known Balkan arms dealer called Tardigrade Limited, and Paypal has blocked all payments to anything tethered to the word. This means any tardigrade merch that mcphee.com sells is banned by Paypal due to an algorithm that flags the name even if it is tied to moss piglet ornaments. “Just an FYI— Paypal is currently blocking all transactions containing the word “tardigrade” in the product name or description,” McPhee tweeted. “We’ve contacted them and they told us we should just stop using the word tardigrade.” McPhee said he changed the name on the page to “Water Bear Ornament” but he said it was a “terrible solution.” “You can still purchase all our tardigrade items with a credit card through Shopify, but not through Paypal,” McPhee stressed. The gift salesmen continued: If we can’t use the word ‘tardigrade’ in the text on the page, tags, or in the URL, how can customers find it? This is not limited to Archie McPhee. This is ALL OF PAYPAL. And they give a message that the USER is violating their agreement. It’s scaring customers away. Screenshot shared by Archie McPhee on Twitter. It’s a shame that merchants have to deal with such absurd rules and a mega-company like Paypal can’t even fix the system’s algorithm to give these sellers a better solution. McPhee also highlighted another merchant who was experiencing the same issues trying to sell plush tardigrade merchandise. Other types of merchants explained how Paypal censored them for dealing with sanctioned countries or other types of arbitrary decisions. “Our transactions for Cuban coffee were blocked by Paypal,” one merchant replied to McPhee’s tweet. “We buy green beans from UK importers, roast and sell in the UK, and are not subject to Cuba sanctions. We had to omit Cuba from the title, but could use it in the description which isn’t passed to Paypal. Then we quit using [Paypal], they suck.” Crypto proponent John Moriarty responded to McPhee’s Twitter thread as well, and he suggested using digital currencies instead. “Maybe then people should ‘just stop using’ Paypal— Direct crypto payments can’t be censored because there is no third party,” Moriarty wrote to the tardigrade salesman. A number of Archie McPhee’s moss piglet or tardigrade-themed products. For years now, companies like Paypal and other payment processors have censored a number of businesses, organizations, and individual merchants. Simply for trying to make a living, accepting payment for activism, or being located in a sanctioned country, centralized processors can destroy people’s livelihoods. However, ever since Satoshi Nakamoto created Bitcoin, the world has had access to censorship-resistant funds that can be sent to anyone and bypass any border in a permissionless fashion. Individuals, nonprofit organizations, sex workers, whistleblowers, journalists, and a myriad of other types of people have been barred from a variety of payment processors, as other firms like Visa and Mastercard have censored as well. McPhee and many other people should learn about digital currencies and how easy it is to accept crypto for payments. One thing is for sure, blockchains like Bitcoin remove unnecessary third-party actors who have to either follow regulatory guidelines or have arbitrary opinions. The autonomy of crypto payment networks will never stop micro-animal gift sellers from selling cute moss piglets and stuffed tardigrades. What do you think about Paypal censoring the tardigrade merchants over the name? Let us know what you think about this subject in the comments below. The post The Moss Piglet Dilemma: Paypal Bans Payments to Merchants Using the Word ‘Tardigrade’ appeared first on Bitcoin News. View the full article

While a number of people are focused on decentralized finance (defi), the non-fungible token (NFT) industry has also exploded in demand in 2020. Last week, NFT sales soared nearing a million dollars in volume, as the blockchain-based Sorare fantasy soccer card game saw over $221,000 in sales during the last seven days. When Satoshi Nakamoto created the blockchain, the innovative technology allowed for permissionless money, but also a number of tokenization features as well. One idea called the non-fungible token (NFT), also known as a ‘nifty,’ has gathered a lot of steam since the verifiable digital scarcity concept was first introduced. This year, the popularity of NFTs has jumped considerably, as the concept is seeing a massive amount of funds flowing into the industry. The top ten non-fungible token platforms this weekend according to nonfungible.com. Data from nonfungible.com shows that during the last seven days, there were 9,353 sales total and $988,649 in NFT trade volume. The average U.S. dollar price for a single NFT according to statistics is $105 this week. Project history chart according to nonfungible.com. The three biggest players in the NFT realm this week include Sorare, Cryptopunks, and Superrare. The fantasy soccer game Sorare allows players to collect “limited edition digital collectibles” while also managing a team, has seen $221,052 in sales this week. Cryptopunks, the project with “10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain,” saw $182,619 in volume last week. Then the Superrare digital artworks marketplace sold $93,733 in the last seven days. The fantasy soccer game Sorare sold $221,052 in NFT collectibles last week. Superrare has sold rare digital artwork in 178 countries worldwide, there’s been over $565,000 earned by collectors and $1.8 million earned by artists to date. Trending artists include _totemical, godfreymeyer, sveneberwein, coldie, and giantswan. A lot of sales during the week stemmed from Foam Signal, Decentraland, Makersplace, Axie Infinity, The Sandbox, Cryptokitties, and the Ethereum Name Service as well. Superrare artists have earned $1.8 million since the platform’s inception. The painting in the feature cover photo of this story is artwork by primal_cypher on Superrare. On Twitter, the virtual land investor, @Dclblogger, discussed how the metaverse was growing and how “NFTs are catching fire.” In a thread, Dclblogger tweeted about 25 industries that are being disrupted by the non-fungible token ecosystem. “Art— Huge growth industry for NFTs,” the virtual land investor said. “We’ve seen pieces go for $50,000+ and certain artists sell out $100,000+ in a single day. Superrare alone reports $2.3M [in] transaction volume. Virtual Land— Another Monster Industry; build virtual conferences, games, defi banks, art galleries, etc. Over $50 million worth of transaction volume so far.” Topps digital Garbage Pail Kids trading cards on the Wax blockchain. The Twitter thread written by Dclblogger also mentioned a number of other NFT innovations including games that allow people to collect extensible items like skins, weapons, and clothes. Collectibles like Cryptokitties and Cryptopunks have sold for thousands of dollars and NFT trading cards as well. For instance, the well known trading card firm Topps worked with the Wax blockchain project and created the infamous Garbage Pail Kids (GPK) cards in digital form using NFT technology. The thread also mentioned fantasy sports rewards, domain names, state tokens, digi-physical goods, and more. Additionally, NFT marketplaces have grown in recent months with platforms like Makersplace, Opensea, Superrare, and Nifty Gateway. A great number of well known designers and artisans have been leveraging these NFT markets and established crypto artists as well. Three NFT pieces created by Bitcoin Artist, Lucho Poletti, called “Quantitative Hardening,” “Gold With Wings,” and “Freedom Money.” The Bitcoin Artist, Lucho Poletti, just recently utilized Nifty Gateway for his latest creations called “Gold With Wings,” and “Quantitative Hardening.” Poletti’s limited edition “Gold With Wings” sold six unique NFTs for $900 per piece, while “Quantitative Hardening” had only three pieces for $1,800 per NFT. NFT technology became popular years ago via Bitcoin’s colored coin technology, and today a large concentration of NFTs are hosted on the Ethereum blockchain. However, other blockchains are attempting to leverage the idea of creating unique, rare, and indivisible token assets. Additionally, NFT creators often leverage the Inter-Planetary File System (IPFS) in order to tie metadata to the asset. Overall, the non-fungible token (NFT) environment continues to grow and 2020 has shown the industry is becoming far more robust. People are beginning to realize that NFTs can represent nearly anything in the virtual world, and NFTs can even be tied to the real world with concepts like event tickets and raffles. So far, crypto creators are creating a whole new universe of NFT collectibles, rare art pieces, extensible in-game items, and large virtual worlds. The non-fungible token economy’s growth shows no signs of abating any time soon. What do you think about the growing NFT economy? Let us know what you think about this subject in the comments section below. The post NFT Economy Grows Exponential: $1M in Non-Fungible Token Sales Last Week appeared first on Bitcoin News. View the full article