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The oldest free market think tank in the United States, the Foundation for Economic Education (FEE) has announced the 501(c)3 educational foundation now accepts bitcoin cash (BCH) for donations. The libertarian organization promotes sound economic theory, publishes books and articles regularly on the benefits of a laissez-faire attitude, and hosts lectures and conferences that aim to encourage the philosophy of freedom. Also read: Bitcoin Going Industrial: New York-Based Natural Gas Provider Sells Fully Compliant ‘Hashpower Contract’ 74-Year Old Libertarian-Based Foundation’s Relationship With Bitcoin The Foundation for Economic Education (FEE) is the longest-running American think-tank based on free market ideals and sound economics. Founded in 1946, the group was created by some of the smartest libertarian thinkers and economists of the time with individuals such as Henry Hazlitt, Leonard E. Read, Leo Wolman, and Fred R. Fairchild. FEE is solely dedicated to the “economic, ethical and legal principles of a free society” and the educational foundation provides a number of resources for those interested in learning the philosophy of liberty. The think tank is a 501(c)3 foundation and professors and parents have leveraged FEE for the last 74 years. FEE has accepted BTC for a number of years and this week the foundation has revealed it is now accepting bitcoin cash (BCH) for donations as well. At the end of 2013, FEE received a massive 1,000 BTC donation ($6.9M) from Bitcoin.com’s Executive Chairman Roger Ver, which at the time was worth over $1 million. At the time Ver made a bet that BTC would outperform the U.S. stock market by a specific time and lost the wager by being off by a few months. “ I’ve decided to donate 1,000 Bitcoins, that were worth only $10,000 at the time I made the bet, but are now worth well over $1,000,000 USD, to the organization that published the books and articles that allowed me to understand just how important Bitcoin would become,” Ver said in November 2013. The entrepreneur further stated: That organization is the Foundation for Economic Education. By reading books, and essays published by this organization from such intellectual giants as Murray Rothbard, and others, I learned that those who want to control their neighbor’s activities through the violence of the state, are economically ignorant, morally deplorable, and will always fail to reach their desired goals. The founders of FEE (from left to right) David Goodrich, Fred R. Fairchild, Donaldson Brown, Leonard E. Read, Henry Hazlitt, Leo Wolman, and Claude E. Robinson. Multi-Crypto Acceptance and Promoting Liberty in Times of Crisis Now users can donate bitcoin cash to FEE as the foundation has opened its doors to multi-crypto acceptance. Donations go toward educational resources, the publishing of free market literature, and free online courses. Right now think tanks like FEE, Mises.org, and many others are needed more than ever because governments have continued to relentlessly oppress individuals. Just like the myriad of crisis situations that have taken place in the past, governments are using the coronavirus outbreak to steal people’s liberties. These ghastly members of society have caused much ill throughout the world and its been far worse than every deadly virus known to man. FEE utilizes core programs that produce student seminars, educator resources, online education, engaging videos and informative books about how a free society can benefit the world a great deal. Donors can learn about FEE’s history and even review the organization’s finances for accountability. “[FEE] adheres to the strictest of standards in financial and programmatic transparency, earning the highest ratings from both Charity Navigator (four stars) and Guidestar (Platinum),” the foundation’s website notes. FEE’s resources have impacted the lives of millions of people and the organization’s strength shows there’s resonating effectiveness when it comes to economic freedom. What do you think about FEE accepting bitcoin cash (BCH)? Let us know in the comments below. The post Free Market Think Tank FEE Now Accepts Bitcoin Cash Donations appeared first on Bitcoin News. View the full article

Seven days ago, a crypto software developer announced a new web service called Signup.cash, which provides individuals and organizations with the ability to create web-based applications for Bitcoin Cash (BCH). The engineer and team members who developed the new platform for BCH stressed that the project is a universal, noncustodial authorization platform. Also read: The Bitcoin Cash Network’s Block Reward Officially Halved – Block 630,000 Mined Signup.cash: A Noncustodial Authorization Platform for Bitcoin Cash App Creation Just recently a programmer announced the launch of a new web service for BCH via the read.cash blogging site. The creator of the new platform is the organizer of Bitcoin Cash Kuala Lumpur Meetup. The self-funded project called Signup.cash is a noncustodial authorization platform that helps developers create innovative applications by leveraging the BCH chain. The developer and team members behind the platform have foundational beliefs like open sourcing everything and that people should “focus on the business use cases rather than fancy tech.” In the developer’s opinion, prior to the launch of Signup.cash, building web apps for BCH wasn’t easy. Libraries like Bitbox and SLPjs are “pretty good,” the programmer noted, but he said three problems remain. The trust involved with a private key, building BCH transactions, and storing data can cause glaring issues. The Signup.cash noncustodial bitcoin cash-powered authorization service and the app’s developer @p0oker “Signup is a non-custodial platform as a service for developers to build BCH decentralized apps,” the project’s creators detailed. Moreover, the Signup protocol has three beneficial attributes which include: Key Signing Hub: A non-custodial wallet on your browser to work like a hardware wallet, requesting for consent from the user and signing transactions. Framework: Utility functions and easy to use API for developers to request users for different type of transactions without exposing the technical side of building a transaction on the blockchain. Infrastructure: Providing all the infrastructure needs of any type of decentralized app for developers so they can focus on building amazing user experience for their users. Signup Project Leverages Cash Accounts Essentially, the Signup project is similar to a universal login like Google or Facebook’s products. Basically, in order to leverage the Signup.cash wallet, a user would utilize a unique ID from the Cash Accounts protocol. “The web app you logged in can request you for different types of transactions (payment, storing data etc) and you get to choose to accept or deny it,” the Signup programmer noted. “Those web apps you log into would never have access to your private keys and there is no need for a browser extension to be installed.” The developer further stated: Upon using any web app that uses Signup technology, the first time you will be asked to create a wallet that comes with a free Cash Account username. After you’re signed up, you can use any web apps to interact with the blockchain. Following the announcement BCH fans from the read.cash platform and Reddit patrons welcomed the new Signup web service for Bitcoin Cash. The owners of the read.cash website responded to the developer’s release and said: “We like this project a lot — One thing that would be really useful for sites like read.cash is send-to-many. i.e. request one transaction that sends specific amounts to certain addresses.” “Fantastic — I’ve been looking forward to something like this but didn’t know how to describe it,” another individual wrote on the Reddit forum r/btc. Interested users can visit the official docs or check out the Github repository. The Signup creator also explained that the team has a Telegram group available for people who have any questions or want to provide any feedback. Further, Signup’s developer concluded that the programmers have also written a roadmap of goals they want to accomplish with the Signup platform going forward. In the future, the team hopes to add SLP support, an anonymized analytics dashboard for developers, a Signup key-signer app, and Memo Protocol Integration as well. What do you think about the Signup project for Bitcoin Cash? Let us know in the comments below. The post Developer Launches Noncustodial Bitcoin Cash-Powered Authorization Platform appeared first on Bitcoin News. View the full article

The block reward halving for BTC is 32 days away and crypto businesses and mining operations are steadily preparing for the event. Today, Bitcoin’s hashrate is hovering just above 100 exahash per second (EH/s) and one year after the 2016 halving, the digital asset’s price and hashrate climbed over 240%. Moreover, a recent poll published by Genesis Mining indicates that 50% of bitcoin miners expect to see BTC’s price increase after the halving. Also read: Bitcoin Going Industrial: New York-Based Natural Gas Provider Sells Fully Compliant ‘Hashpower Contract’ 50% of Miners Polled Believe Bitcoin Will See a Price Increase After the Next Halving When Satoshi Nakamoto designed the Bitcoin network, he created a system that cuts the block reward in half every 210,000 blocks (4 years). The infrastructure is predictable by design and we know that the BTC inflation rate will drop from 3.6% to 1.8% per annum after the halving in 32 days. The bitcoin halving is expected to happen on or around May 13, 2020, and there will be 63 halvings remaining after this one. The Bitcoin Cash (BCH) halving took place on April 8 and the Bitcoinsv (BSV) reward reduction happened 24 hours later. At the time of publication, miners hashing away at the BTC chain have around 110 EH/s dedicated to the network. With a month left to go, many BTC supporters think that the halving will make the price rise higher due to the natural effects of scarcity mixed with current demand. On April 7, the mining operation Genesis Mining published a research report that polls a slew of dedicated SHA256 miners’ opinions. The survey was done on March 17, and 750 respondents participated in the Genesis Mining study called “The State of Crypto Mining.” According to the survey, 293 participants or 39.1% said that they mine from home by purchasing their own mining rigs and managing hashrate from their homestead. Even though bitcoin mining is steadily becoming industrialized by large server farms and mining pools, roughly “one third believed that power will shift from large centralized groups to smaller home miners.” As far as the BTC halving is concerned, more than half of the Genesis Mining poll respondents think the price of BTC will rise after the reward reduction. The poll states: 50% of miners expect to see the price increase after the next halving. Exponential Hashrate and Price Jumps Followed the Last Two Bitcoin Halvings In another report written by the data analytics and intelligence firm Xangle, the research explains some finer details about the last two halvings, the one at block 630,000, and the 2024 halving at block 840,000. Xangle’s findings show that since the first halving on November 28, 2012, the price of BTC soared by 8069% one year after the event. One year after the second halving on July 9, 2016, BTC’s price jumped by 284%. “Transaction volume soared before each halving event, but with low correlation to price,” Xangle researchers noted. Further, the study also highlights that out of all the market participants involved with BTC, miners were the “most affected” after both halvings. Xangle stats show the 2020 Bitcoin halving will happen at block 630,000, and then at block 840,000 (est. 2024). Still, BTC’s hashrate jumped exponentially after the past two reward reductions. A year after the 2012 halving, the overall SHA256 hashrate had risen by 19,766%. 12 months after the 2016 block subsidy reduction, BTC’s hashrate grew 248%. Despite the major price and hashrate increases BTC witnessed after each halving, Xangle’s researchers warn that the third halving might be different. “Pay attention to the hash rate change after the third halving event, as uncertain market conditions can be a variable this time around,” Xangle underlined. “The global financial market, including crypto, has been through a lot lately (high volatility, covid-19). Hashrate has already been adjusted after the recent price plunge,” the data analysts conceded. Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts. Many crypto influencers think that the past halvings have shown that the price after the 2020 halving should rise significantly. “Within two years after the next halving, the price of bitcoin will surpass $100,000 and rise to $500,000 when it crosses the gold watch gun,” Bobby Lee, the founder of the cold storage cryptocurrency card company Ballet told the press last year. “Historically, we saw a price surge in the 1.5 years after the halving, so it’s highly possible we’ll see new entrants in the market,” Kraken’s COO Dave Ripley explained on April 7. So far, BTC took a big hit on March 12 otherwise known as ‘Black Thursday,’ but has since risen by 80% since then. For the past few days, BTC prices were above the $7K region but prices dropped below the $7K zone on Friday. What do you think about the upcoming BTC halving? Let us know in the comments below. The post Bitcoin’s Third Halving: Survey Shows 50% of Miners Expect a Price Increase appeared first on Bitcoin News. 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During the first week of March, news.Bitcoin.com reported on a $65 million investment into the ‘behind-the-meter’ bitcoin mining operation, Greenidge Generation LLC in Dresden, New York. The Greenidge plant operates 7,000 bitcoin miners and on April 8, the firm revealed the sale of 106 petahash of hashpower to an undisclosed buyer. The purchase is considered a watershed moment for bitcoin mining, as the institutional sale of hashpower indicates that mining operations are trending toward industrial solutions. Also read: Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint ‘Behind-the-Meter’ Mining Operation Greenidge Completes the Sale of the First Fully-Compliant Mining Product The bitcoin mining operation at the Greenidge Generation plant located in Dresden, New York has successfully sold its first hashpower contract to an undisclosed buyer. Our newsdesk reported on the ‘behind-the-meter’ bitcoin mining operation in March and detailed that Greenidge hosted 14MW of power dedicated to SHA256 mining. Greenidge has plans to increase capacity by 106MW in the near future. A Greenidge worker tends to some of the thousands of next-generation bitcoin miners installed at the natural gas plant. The sale of 106 petahash (PH) is monumental because it represents the industrialized state of affairs bitcoin mining is now geared toward. These days mining operations are handled by large pools, while hobbyists with mining rigs and home bitcoin mining operations are a thing of the past. Even Bitcoin’s inventor, Satoshi Nakamoto, envisioned the mining ecosystem trending toward industrialized server farms. “At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware,” Nakamoto wrote in 2008. “A server farm would only need to have one node on the network and the rest of the LAN connects with that one node.” The 106PH sale was executed by the company Bitooda Digital LLC and it was finalized on a Bitooda Hashtm contract. The contract scheme is a fully-compliant financial product launched in January 2020, which records the sale of mass quantities of SHA256 hashpower. Bitooda says that it optimizes the experience of “settlement and delivery” and makes hashpower transactions more “seamless.” The Bitooda Hashtm contract means that Greenidge can sell fully regulated blocks of hashpower to entrepreneurs and institutional investors. “[We are] providing the same kind of time-tested hedging capabilities seen in traditional commodity markets, such product brings the benefits of clean and energy-efficient bitcoin mining from Greenidge to institutional investors throughout the United States,” said Greenidge CFO, Tim Rainey. The Greenidge executive added: We look forward to working with Bitooda and other partners as we continue to scale our mining operations and, through our partners, extend the range of investment options over the coming year. At the time of publication Greenidge dedicates 14MW of power to SHA256 mining operations. The plant has the capacity to bring 106MW of power to the operation as well and the company plans to expand. The Industrialization of Bitcoin Is Here The Dresden, New York-based facility is capable of producing more than 100MW of clean energy with gas stemming from the Empire Pipeline System. The Greenidge plant is considered the first of its kind hybrid, ‘behind-the-meter’ bitcoin mining operation. Greenidge claims to leverage a professional mining team of experts and uses next-generation technology. Of course, many people have envisioned Bitcoin mining turning into a major industry and for the most part, it has matured a great deal. Mining rigs installed at the Desden, New York mining facility operated by Greenidge Generation LLC. According to the team, Greenidge has 7,000 bitcoin mining rigs running 24/7. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. However, some people believe that mining operations shouldn’t grow to an industrial scale despite Nakamoto’s past statements. In fact, the mining operation Genesis Mining recently published a report called the State of Crypto Mining, which indicates some miners believe that home mining will return. “One third believed that power will shift from large centralized groups to smaller home miners,” explains the research report published by the company. With the massive growth of mining pools, mega-sized bitcoin mining facilities filled with thousands of rigs worldwide, and institutional funds flowing into this environment, it doesn’t seem like home mining will return at all. What do you think about the recent sale of 106PH of hashpower? Let us know in the comments below. The post Bitcoin Going Industrial: New York-Based Natural Gas Provider Sells Fully Compliant ‘Hashpower Contract’ appeared first on Bitcoin News. View the full article

A bitcoin investment scheme has reportedly claimed that Prince Harry and Meghan Markle are making millions using a “wealth loophole” and have urged everyone to check out Bitcoin Evolution. However, this is a sales tactic by a known scam, claiming that some members earned their first million in just 61 days. Also read: Bitcoin Revolution: Wanna Earn $1,000 a Day? Government Warns About This Scam Investment Scheme Uses Prince Harry and Meghan Markle to Attract Investors The world’s financial crisis and significant job losses have driven many people to look for opportunities to make money online. There is an increasing number of bitcoin investment schemes promising income that sounds too good to be true. Among the tactics they use is celebrity endorsement. On Thursday, British media reported that a scam called Bitcoin Evolution is using Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, to attract investors. Bitcoin Evolution is not a new investment scheme but has recently garnered more attention worldwide by using fake celebrity quotes, including those it claims were made by Prince Harry and his wife, Meghan Markle. The scheme alleges that the couple is making a lot of money trading bitcoin, the Mirror reported. Fake news about Prince Harry and Meghan Markle announcing a bitcoin investment opportunity on British TV show This Morning. (Image courtesy of Andrew Penman and the Mirror). A “Powerful Message From Meghan,” the scheme wrote and provided a link to a fake BBC article about the couple appearing on British daytime television program called This Morning, journalist Andrew Penman of the Mirror reported. “The royals dropped a bomb,” he quoted the article, which details that Prince Harry and Meghan Markle told Phillip Schofield, the show’s presenter, about a “wealth loophole” that can “transform anyone into a millionaire within 3 to 4 months.” The scheme further advertises, “British citizens are already raking in millions of pounds from home using this ‘wealth loophole.'” The fake Harry and Meghan quote reads: “We intend to step back as senior members of the royal family and work to become financially independent … we urge everyone to check this out before the banks shut it down.” Bitcoin Evolution: a Scam Instead of being shut down by banks, Bitcoin Evolution is likely to be shut down by governments for scamming residents in their jurisdictions. According to Penman, clicking through the website link in the fake message lands one on the Bitcoin Evolution website, which has a cookie-cutter layout used by many scams. News.Bitcoin.com has previously warned about scams using the same website format, such as Bitcoin Era, Bitcoin Superstar, Bitcoin Trader, and Bitcoin Revolution. A screenshot of the Bitcoin Evolution website, featuring well-known people, such as the Winklevoss twins, Bill Gates, and Richard Branson. This website has been redesigned over time but some elements remain unchanged. Like other similar scams, Bitcoin Evolution asks for an initial, upfront investment of at least $250. The website claims that its members work an average of 20 minutes a day or less, letting the Bitcoin Evolution software handle the trading. “Bitcoin Evolution members typically profit a minimum of $1,300 daily,” its website additionally claims. Another part of the website explains: “Your profits are unlimited within the Bitcoin Evolution. Some members earned their first million within just 61 days.” There is no address, phone number or any company registration information posted on the website, unlike another scam news.Bitcoin.com recently reviewed called Moon Bitcoin Live. Investigating the scam, Penman completed the registration process on the Bitcoin Evolution website and was redirected to an external website for Excentral, a platform that specializes in high-risk contract-for-difference (CFD) trading. It is owned and operated by Cyprus-registered investment company Mount Nico Corp. Ltd. The journalist proceeded to alert the company of the scammy tactic used by Bitcoin Evolution. The company told him that marketing was done by outside parties but said that it had terminated the business relationship with Bitcoin Evolution. “They have breached the terms and conditions and our marketing policy which the European Securities and Markets Authority requires of us not to engage in the publication of misleading information,” the company told Penman. Bitcoin Evolution has recently run into trouble with the U.K. financial regulator. On March 16, the Financial Conduct Authority (FCA) warned about Bitcoin Evolution, stating that it had been providing financial services and products in the country without authorization. When looking for investment opportunities online, take extreme caution as there is an increasing number of scams during this global pandemic. Here are some red flags to watch out for. What do you think of the tactic used by Bitcoin Evolution? Let us know in the comments section below. The post Bitcoin Evolution: Wanna Make $1 Million in 2 Months Like Prince Harry and Meghan Markle? It’s a Scam appeared first on Bitcoin News. View the full article

The Bitcoin Fund, managed by 3iq, has completed an initial public offering and has begun trading on the Toronto Stock Exchange (TSX). It has been a long road for 3iq and The Bitcoin Fund since their filing was first rejected. After a hearing, a commissioner with the Ontario Securities Commission ruled in their favor. Also read: Bitcoin Revolution: Wanna Earn $1,000 a Day? Government Warns About This Scam The Bitcoin Fund Trading on TSX Exchange Canadian investment fund manager 3iq Corp. announced on Thursday that The Bitcoin Fund has completed an initial public offering (IPO) and merged with 3iq Bitcoin Trust. Consequently, The Bitcoin Fund now has 1,491,800 outstanding class A units representing the total asset of approximately US$14 million. The class A units are available to all investors, the fund’s prospectus notes. 3iq, which acts as the investment manager and portfolio manager of the fund, elaborated just before trading began: The class A units will commence trading today on the Toronto Stock Exchange under the symbol QBTC.U. The 3iq Bitcoin Fund’s price chart on the TSX Exchange on April 9. The Bitcoin Fund, managed by 3iq, has completed an IPO and also merged with 3iq Bitcoin Trust. Founded in 2012, 3iq currently focuses on digital assets, disruptive technologies and the blockchain space. The Toronto Stock Exchange (TSX), a wholly owned subsidiary of the TMX Group, is Canada’s largest stock exchange and the world’s 9th largest exchange by market capitalization. The Bitcoin Fund’s investment objectives are to provide investors with “exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin” and “the opportunity for long-term capital appreciation,” 3iq detailed. Investing in The Bitcoin Fund is “appropriate only for investors who have the capacity to absorb a loss of some or all of their investment,” the company emphasized. This closed-end fund “will not speculate with regard to short-term changes in bitcoin prices,” according to the fund’s prospectus, which can be found here. How The Bitcoin Fund Calculates BTC’s Price The Bitcoin Fund’s prospectus details that its bitcoin will be valued based on the MVIS Cryptocompare Institutional Bitcoin Index (MVBTC), which is maintained by MV Index Solutions GmbH (MVIS). Cryptocompare independently announced on Thursday that the MVIS Cryptocompare Institutional Bitcoin Index has been licensed to 3iq Corp. for The Bitcoin Fund. This index intends to provide investors with a means to track the performance of bitcoin on selected top exchanges, including Binance, Bitflyer, Bitstamp, Coinbase, Gemini, Itbit, and Kraken, Cryptocompare described. The MVIS Cryptocompare Institutional Bitcoin Price Index is used to calculate the price of bitcoin for The Bitcoin Fund, managed by 3iq. It has been licensed to 3iq Corp. 3iq Corp. originally filed a preliminary prospectus for the IPO of The Bitcoin Fund with the Ontario Securities Commission (OSC)’s Investment Funds & Structures Projects branch (IFSP) in October 2018. However, the IFSP staff raised a number of concerns after reviewing it, arguing that the fund was not in the public interest of Canadians. This resulted in the IFSP director rejecting the fund’s prospectus in February last year. 3iq then requested a hearing and a review of this decision. OSC Commissioner Lawrence P. Haber later ruled that the staff’s concerns “do not warrant denying a receipt for The Bitcoin Fund’s prospectus,” and its IPO filing was subsequently approved. What do you think of The Bitcoin Fund’s IPO on the TSX Exchange? Let us know in the comments section below. The post The Bitcoin Fund Completes IPO, Now Trading on Canada’s Leading Stock Exchange appeared first on Bitcoin News. View the full article

In what seems to be one of the most springtastic events of the year, Bitcoin Games has decided to celebrate this Easter with a new 3-in-1 promotion, Happy Easter, where users can play and win egg-static prizes. As spring and Easter mark a season of renewal, the latest amusement from Bitcoin Games is sure to spark merriment with the chance to surmount a stash of crypto winnings. Also read: Latest Bitcoin.com Wallet Release Features Live Charts and Price Tracking Happy Easter – Time to Crack Those Colorful Eggs For a number of years, the premier source for everything bitcoin-related, Bitcoin.com has offered a variety of provably fair games for bitcoin users who want to play for high stake jackpots. Players can win big with a myriad of classic games like Roulette, Keno, Slots, and Blackjack. The latest exclusive promotion from Bitcoin Games is called ‘Happy Easter,’ which challenges players to find and crack three different eggs, each containing a unique prize. With a flurry of bonuses, cashbacks, and Free Spins, this newly launched promotion signifies the cheerful spirit of Easter and promises players some of the sweetest gifts along with a basketful of joy. With spring in the air, at Bitcoin Games, we wanted to offer the most entertaining gameplay on the web. Easter has always been a joyous occasion and the cheerful season is often filled with games and colorful activities. “Easter bunnies are a symbol of fertility as they are known to give birth to a big litter of babies. And the bunnies in our backyard have now begun hopping around lurching on their furry paws, hiding shiny eggs enchanted with the magic of Easter,” said the lead developer in an attempt to make sense of the frolicking chaos at Bitcoin Games. All Bitcoin Games players are invited to join the promotion between the 10th of April 2020 (00:00 GMT) and the 13th of April 2020 (23:59 GMT) to celebrate this joyous occasion. Our latest gaming portal is always filled with high stakes fun and excellent jackpot payouts. Gamers are constantly winning by leveraging a multitude of online casino games and a number of popular exclusives. Bitcoin Games also offers a Live Casino where users can play with real players on interactive games such as Baccarat. The platform features include instant withdrawals, provably fair exclusive games, and 24/7 customer support – all without ever needing to register. Happy Easter is sure to be as exciting and tickle your gaming fancy during the three-day promotion. Have you visited Bitcoin Games yet? If not, you should check out our fantastic gaming portal today. The post Bitcoin.com Games Invites You to Celebrate Easter With a 3-in-1 Promotion appeared first on Bitcoin News. View the full article

According to a recent research report written by the blockchain surveillance firm Elliptic, there’s been a massive influx of darknet market (DNM) vendors selling personal protective equipment (PPE) like masks and coronavirus test kits. The spike in medical equipment sales on the invisible web during the month of March, follows Ebay and Amazon’s decision to remove all third-party PPE suppliers who sell masks and disinfection products on the websites. Also read: Merchant Services, Gambling, and Darknets: Coronavirus Economy Stunts Cryptocurrency Spending Report Shows Hundreds of Personal Protective Equipment Listings Can be Found on the Darknet Medical equipment and PPE resources are being sold in great numbers on darknet markets (DNM) for bitcoin and other digital assets. The blockchain forensics firm Elliptic recently published a report called “How Darknet Markets Are Exploiting the Coronavirus Pandemic,” which describes the situation in detail. Since the coronavirus outbreak started gaining traction on a global scale, PPE and certain types of medical equipment like masks and ventilators have been hard to come by. Elliptic’s report notes that DNM vendors have found opportunities by supplying PPE goods to buyers willing to travel the invisible web. Elliptic underlines that the PPE products being priced with extreme premiums, as the company explains that masks are a top item. Elliptic’s report shows N95 masks for sale on various DNMs on the invisible web. Most vendors accept BTC, but other vendors accept digital assets like LTC and XMR as well. The DNMs Bitbazaar and Argartha accept bitcoin cash (BCH) payments for medical supplies as well. “Hundreds of listings have recently appeared on darknet markets for N95 respirator masks,” Elliptic’s report details. “Usually priced at less than $1 each, these masks have been in very short supply and their sale for non-medical use has been restricted. The listings shown offer N95s in bulk at around $1.75 per mask – a surprisingly low mark-up on retail prices. Compare this to the prices charged by vendors on legitimate marketplaces such as Amazon or Ebay, where N95 masks have been listed for sale for upwards of $10 each.” The blockchain forensics firm Elliptic has also found a marketplace dedicated to just selling masks on the deep web. Moreover, besides the traditional darknet markets that have been around for quite some time, a market that claims to be a European mask wholesaler has a dedicated site just for masks. “Everybody needs a chance to get a mask for protection – Not only medical employees,” the website declares. Vendors on DNMs are also selling alleged covid-19 diagnostics for cryptocurrencies as well. Elliptic’s report stresses that DNM vendors know there is a global shortage for coronavirus testing kits and one vendor is selling “COVID-19 test strips” for $92 apiece. Even though Elliptic states that the diagnostics being sold on DNMs are overpriced, test kits on the white market are similarly priced. Alleged coronavirus testing strips are available on DNMs. So-Called ‘Coronavirus Cures,’ Openbazaar, and the Debate Over Price Gouging and Government Limitations The blockchain forensics firm’s findings also show that there are some DNM operatives selling so-called “coronavirus cures.” “There has been anecdotal evidence that existing drugs such as chloroquine, a malaria treatment, could be an effective treatment for COVID-19. Public interest in this drug has been sparked by repeated comments from U.S. President Donald Trump about the drug’s potential, despite the absence of regulator approval for its use,” Elliptic notes. The authors further add: We have started to see listings for chloroquine on darknet markets. The listing below refers to the claims made by Donald Trump, and offers a pack of 150 pills for $500. The malaria drug called chloroquine is also being sold on DNMs and other types of so-called “covid-19 cures.” The news follows the recent report from the blockchain surveillance company, Chainalysis, that explains DNM sales have seemingly declined. DNM vendors might be leveraging the need for PPE resources and masks to overcome the slight decline in narcotic sales. In addition to darknet markets, PPE supplies like N95 masks are being sold on Openbazaar and the Haven Privacy app as well. For instance, one seller on Haven is selling a lot of N95 masks for 0.0117 BTC ($85) at the time of publication. There has always been a debate on whether or not price gouging is ethical and when the act is mixed with government-induced limitations and shortages, prices can get worse. Users who frequent the Openbazaar and Haven Privacy marketplace can find masks and other types of medical supplies as well. Openbazaar and Haven Privacy app patrons can pay with cryptos like BTC, BCH, LTC, and ZEC. At the end of February, Ebay and Amazon both banned third-party vendors who were selling PPE products like masks and disinfectants. There’s no doubt that suppliers have to find other types of marketplaces to sell these much-needed goods. It’s up to the buyer to decide whether or not the product is overpriced and the vendor is being exploitive. Elliptic’s opinion that DNM vendors are exploiting the market during the covid-19 crisis is merely the company’s meaningless subjective valuation. Government critics say, however, that price gouging is merely supply and demand and to Austrian economists, it is a “life-saving market mechanism.” Mises author TJ Roberts explains that “a sober mind must acknowledge the necessity of price flexibility.” Price gouging stems solely from governments hindering the free market. For instance, the global shortage of sanitizers is caused by the government because of FDA regulations and costly oversight. Not only does the government regulation add to the price of these goods, but it also stops anyone from making products like sanitizers. At the end of March, vodka distillers and whiskey suppliers decided they would make alcohol-based disinfectants, but the government had stopped a number of them due to regulations. If the bureaucracy did not exist, the free market would easily help supply the demand a great deal and price gougers would be forced to deal with fair-value market prices. Unfortunately, Elliptic’s report fails to mention all the private sector businesses that have attempted to help the situation. Some companies have come forward to make products like masks, but were stopped by regulators like the Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC). A few medical professionals that have tried to 3D print ventilator parts or create vaccines, have also been harassed over IP laws, regulations and government-backed patents. What do you think about all the medical supplies and PPE goods being sold on DNMs? Let us know in the comments below. The post Hundreds of Darknet Listings Are Selling Masks and PPE Products for Bitcoin appeared first on Bitcoin News. View the full article

For well over a month now, a great number of countries have been living under lockdowns and stay-at-home orders due to the coronavirus outbreak. Meanwhile, central banks like the Fed, Bank of England (BoE), and European Central Bank (ECB) have funneled trillions into the hands of private financial incumbents. Despite the market carnage on March 12, cryptocurrency markets have gone against the trend and remain resilient. Bitcoin and digital currency trade volumes in the first quarter (Q1) of 2020 have outshined Q1 2019’s volumes by 61%. Also read: The Bitcoin Cash Network’s Block Reward Officially Halved – Block 630,000 Mined Lockdowns and Stimulus Fuels Crypto Trade Volumes The coronavirus scare has ravaged the global economy by touching every continent on the planet. The covid-19 virus can lead to severe illness and even death as it has caused the nation state’s politicians to shut down the economy. Bureaucrats have forced the citizenry to stay-at-home with specific lockdown mandates. Bureaucratic leaders have also shut down major industries including services like hotels, restaurants, airlines, cruises, and more. Essentially, depending on your jurisdiction, a shelter-in-place (lockdown) order means residents are asked to stay home and not leave their residence to travel unless it’s an emergency. Spot gold and gold futures charts on April 9, 2020. Gold prices have gained 5.3% since $1,579 the low on March 12, 2020. All of these actions have caused the stock market to crumble, real estate markets shudder, and oil has dropped below $20 per barrel of crude. Just like bitcoin and cryptocurrency markets, on ‘Black Thursday’ March 12, gold took a big hit and dropped to a low of $1,579 per Troy ounce. Since then, gold has gained 5.3% in value to-date, as an ounce of fine gold is selling for $1,661 at press time. BTC dropped to a low of $3,800 on March 12, but prices have since gained 90.78% in value. Even though the global economy has been stumbling, digital assets have surpassed equity and precious metals markets by a long shot. BTC/USD 6-month chart on April 9, 2020. BTC prices have gained 90% since the $3,800 low on March 12, 2020. Q1 Crypto Trade Volume 61% Higher Than 2019 – Bitcoin Derivatives Volumes Climb Exchanges reported that ‘Black Thursday’ saw a record $70 billion in global trade volume, as trading platforms were swamped with both buyers and sellers. Bitcoin options skyrocketed to a record $198 million that day as well as crypto derivatives, specifically options and futures, had a landmark month. Chicago Mercantile Exchange (CME) swapped $347 million worth of bitcoin futures contracts on April 2. Moreover, the derivatives exchange Bitmex has lost dominance to other futures market players like Okex, Huobi, and Binance. The top digital asset markets on Thursday, April 9, 2020. The Block’s Steven Zheng reviewed the volumes of 22 major crypto exchanges and discovered a considerable spike in Q1 2020 compared to 2019’s first quarter. Zheng’s statistics indicate that trade volumes jumped to over $154 billion in Q1 2020, which was a 61% increase compared to Q1 2019. Despite the rising volumes, some analysts think that the crypto trade volumes need to continue increasing or adverse trends will crush optimism. Digital Currency Exchanges See a 1,000% Increase in Crypto Trading Activity – 90% Buyers There’s also been an influx of peer-to-peer (P2P) exchange volume in certain countries on platforms like Local.bitcoin.com, Paxful, Mycrypto, Hodlhodl, and Localbitcoins. Regions that are seeing a lot more P2P trade volume in countries like Argentina, Chile, Colombia, Egypt, India, Kazakhstan, Kenya, Mexico, Morocco, South Africa, Sweden, Tanzania, and Venezuela. Additionally, the San Francisco exchange Coinbase saw its best month of trade volumes in March. The blockchain analysis firm Chainalysis recently noted that exchange volumes in mid-March were 9X higher than the usual daily average. The London fintech firm Mode Banking’s cryptocurrency application saw a 1,000% increase in trade volume at the end of March. Mode detailed that the week after the United Kingdom was placed on official lockdown, the Mode app saw a massive spike in crypto trading activity. 90% of the trades were buyers and most of Mode’s user base stems from the U.K. Mode Banking attributes the massive crypto buying to the coronavirus and stimulus packages being funneled to private banks. “The impact of Coronavirus aid packages and monetary stimulus programs,” Mode wrote on April 9. “Trillions of dollars have been pumped into economies and stock markets around the world. This has been causing longer-term concerns about the U.S. dollar and other currencies becoming debased, and inflation rising.” Mode further stated: The nature of Bitcoin means that quantitative easing and other monetary measures do not directly affect its price and thus it can be used to hedge against the impact of these on fiat currencies. Digital Currency Markets Go Against the Grain At the time of publication, the crypto economy is hovering around the $210 billion zone and there’s roughly $25 billion worth of global crypto trades right now. Most of the top 20 coins are relatively stable but cryptos like tezos, bitcoinsv, chainlink, and bitcoin gold have seen decent gains on Thursday. A number of lesser-known digital assets are doing well like bora, ethlend, acute angle cloud, hdac, and swftcoin. Overall traders and enthusiasts are positive about the market holding up during all the lockdowns and stimulus injections. Peer-to-peer cryptocurrency trade volumes in Sweden, Tanzania, Venezuela, Argentina, Chile, Colombia, Egypt, and India have been trending higher. Local.Bitcoin.com is a noncustodial trading platform that allows people to buy or sell bitcoin cash in a P2P fashion. Bitcoin.com’s BCH Marketplace is a simple, transparent and private platform to buy and sell Bitcoin Cash. Moreover, people will see even more inflation when countries like Spain, Canada, and the U.S. toss out helicopter money to the citizenry. On Wednesday, Treasury Secretary Steve Mnuchin told U.S. politicians from the House of Representatives that around 60 million Americans will get their stimulus check next week if they used the IRS direct deposit system. Although, Mnuchin recently admitted that those who did not register with direct deposit would not get a check until late August. What do you think about crypto prices and volumes going against the grain? Let us know in the comments section below. The post Q1 Crypto Trade Volume Jumps 61%, Bitcoin’s Price Performance Trumps Equity and Gold Markets appeared first on Bitcoin News. View the full article

Gone are the days when online fiat payment processors and digital wallets were viewed as something new and innovative. By now, most people are used to shopping online, especially in developed countries. The current payment processors are well-established and they’ve gained the public’s trust. They’ve done something groundbreaking and that’s to take shoppers online and allow for online buying and selling of goods and services. However, could they have done it better and could it be done better? For starters, let’s take a look at the current problems. The Pain Point Sending and receiving funds through traditional fiat payment processors and digital wallets has become increasingly expensive. They’ve achieved a sort of oligopoly, where you have no other options. You either pay the fees or you don’t send or receive money online. The introduction of cryptocurrency and blockchain technology revolutionized the financial sector and the way we send and receive money. Already you can send cryptocurrencies with minimal fees, amounting to less than a dollar (in the case of my previous example of $100). However, the problem cryptocurrencies have encountered is that they do not have enough practical use in our everyday lives. Few merchants accept cryptocurrencies as payment, which makes it difficult to use from day-to-day. Swapping from crypto to fiat is not instantaneous as you need to first buy/sell your preferred currency and then withdraw funds from the exchange, which takes time and you incur fees throughout each step. Add to that the fact that people are not entirely familiar with the concept, and it becomes clear why mass adoption still isn’t a thing. Introducing Eidoo Card For the reasons mentioned above, Eidoo aims to support this industry and help provide the means and tools for it to prosper. By providing support, they aim to help cryptocurrency and blockchain reach as many people as possible and aid in the mass adoption process. So, how exactly do they plan on doing that? “Eidoo developed the Eidoo Card – a debit card that allows you to seamlessly connect your Euro (EUR) and British Pound (GBP) fiat accounts to your cryptocurrencies wallet. The Eidoo wallet supports a large variety of crypto assets, including Bitcoin, Ether and Eidoo’s own EDO token. All that is done using just one simple, intuitive app, available on Desktop, the App Store and Google Play Store. Download the apps to pre-order your Eidoo Card. As you can see, the app is multi-platform, so you can access your funds no matter where you are.” Unfortunately, at the moment, this offer is only available for users from the EU and Great Britain, so keep that in mind. The readers from other parts of the world should keep an eye on this project as I’m sure the company will want to expand later on. In order for them to issue you your card, you’ll need to complete their in-app KYC process which is required by regulators. After you’ve been verified once, you won’t have to do it ever again, even if you order more cards. Once you get the Eidoo Card, swapping between cryptocurrencies such as Bitcoin, Ether and EDO is as easy as pressing a button. Eidoo Card allows you to withdraw from ATMs, pay online, in-person, contactless. All in all, it’s as easy as using an ordinary debit card, but it allows its users to utilize the speed and power of cryptocurrency and blockchain technology. It’s precisely the bridge we need between the current two systems. You get the low fees and quick and easy transactions that cryptocurrencies provide, along with the mass adoption of fiat currencies. Put simply – you get the best of both worlds. Account Types There are different account tiers available to Eidoo Card’s clients. Each tier has its own perks and rewards, as well as crypto cashback rewards that “pay” in EDO (token). The rewards aren’t locked and account holders are free to withdraw whenever they choose. Different account types are there to make sure every person can have a card that fits their individual needs. In order for you to get a certain card, you’ll need to “burn” or “stake” a certain amount of EDO tokens. Burning tokens means that you essentially remove those tokens from the blockchain and they cease to exist. Staking means holding those tokens locked up for a certain period of time, which is in this case one year. It’s done in order to provide support for the operation of the blockchain network. After the period of time has passed you are free to use or withdraw those tokens. Essentially, you’re not paying anything, as you’ll get your tokens back. Think of it as just loaning without interest. Take a look at the breakdown below for more information about the different Eidoo Card account tiers. BASIC – Requires you to burn 100 EDO tokens – 0.5% to 2.5% crypto cashback – No annual, ATM withdrawal or purchase fees VIP – Requires you to stake 25,000 EDO for one year, after which they are unlocked – 2.5% to 6.5% crypto cashback – No annual, ATM withdrawal or purchase fees BLACK – Requires you to stake 200,000 EDO for one year, after which they are unlocked – 6.5% to 10% crypto cashback – No annual, ATM withdrawal or purchase fees It’s worth noting that if you pre-order the cards, you can double your cashback, so for those of you interested in the offer, pre-order sounds like the way to go. Eidoo – The Company Behind the Project Eidoo was founded in 2017 through an ICO campaign that managed to raise over 20 million dollars. Their app has been downloaded over five hundred thousand times during this period, and spanning over 25 countries. The company is based in Switzerland and is dedicated to bringing the world of DeFi (decentralized finance) closer to people. They acknowledge that every person has a right to transparent and secure control of their financial assets. Thomas Bertani, the Director of the company, was recently featured on Advancements TV, a show which airs on none other than CNBC – one of the leading financial news outlets. He talked about the disruptive effect blockchain technology is having on the financial sector. “Decentralized finance is a new movement where blockchain is being used to provide new powerful tools in a system which is public, transparent and accessible to anyone. These technologies can reinvent finance from its foundations,” were his words on the show. EDO – The Token Behind It All Now that we’re up to speed on the cards, it’s important to also talk about the EDO token behind it all. As we all know, a company or project Is only worth as much as its stock or, in this case, a token. We all know a lot of ambitious projects get launched daily, only never to prosper. However, that’s not the case with EDO and the Eidoo Card. EDO is a well-known token in the cryptocurrency circles and it’s listed on the world’s largest and most trusted exchanges, such as: – Binance – Bitfinex – OKEx – HitBTC As most of you probably know, only the best tokens get listed on these prime exchanges, so that definitely says something about the token. These exchanges have tons of filters and requirements that need to be met, so the fact that EDO is listed on there is reassuring. The Referral Program For those of you with an online presence or simply with friends interested in crypto, there’s a way to get the Eidoo Card completely free. All you have to do is invite some people and depending on the number you’ll receive a card. Take a look at the breakdown below: – If you refer 5 people who order Basic cards, you’ll receive a Basic card (no burning required) – If you refer 3 people who order VIP cards, you’ll receive a VIP card (no staking required) – If you refer 10 people who order VIP cards, you’ll receive a Black card (no staking required) – If you refer 3 people who order Black cards, you’ll receive a Black card (no staking required) So, as you can see, being part of the community definitely pays off and that’s exactly Eidoo’s goal – to grow the cryptocurrency community and drive the push towards mass-adoption. Summary To sum up this article, this new addition from Eidoo should definitely spark some interest within the cryptocurrency community. The prospect of a crypto debit card isn’t anything new, but the fact that the idea is backed by a well-established token and company is reassuring. All the cashbacks are definitely enticing, and the fact that you’re free to withdraw it is a plus. If it gets the exposure it needs, it could also mean more people turning to cryptocurrencies due to the lower fees and faster transactions. In any case, it’s definitely worth checking out if you’re from the UK or EU. Get the App to get started – https://eidoocard.com This is a sponsored post. This article is for informational purposes only. The post Eidoo Card Is Available for Pre-Order – Seamlessly Connect Your Fiat and Crypto Wallets appeared first on Bitcoin News. View the full article

Ever since the supreme court quashed the banking restriction imposed by the central bank, interest in cryptocurrency has been rising in India, including on peer-to-peer (P2P) marketplaces. The local crypto community is growing despite the nationwide lockdown and rising covid-19 threat. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It P2P Marketplaces for Indian Users Established P2P marketplaces, such as Localbitcoins and Paxful, allow Indians to buy and sell BTC for INR. Paxful, in particular, has been focusing on growing its Indian operations. According to data on Coin Dance, Indian trading volume on the platform has been steadily increasing over the years, with 132 BTC traded in the week ending April 4, a 408% year-on-year increase from the 26 BTC traded on the platform in the same time period last year. For the week ending March 28, the trading volume on the platform was 113 BTC. The company additionally revealed last week that its trade volume in January was over $3 million. “Paxful gets 1000’s of bitcoin buyers from India every day,” its website claims. Weekly BTC trading volumes on Paxful, a P2P bitcoin marketplace that has been growing in popularity in India. The top payment methods for Indian users on the marketplace are IMPS transfer, UPI transfer, Paytm online wallet, Phonepe, BHIM, and bank transfer. Users can buy bitcoin by browsing seller listings, which detail accepted payment methods and specific rules. Localbitcoins is another long-standing P2P marketplace where users can buy and sell BTC for INR. For the week ending April 4, 129 BTC were traded on Localbitcoins and 132 BTC the previous week. Anyone looking to buy or sell bitcoin cash (BCH) can do so on local.Bitcoin.com, a P2P marketplace where users can buy and sell BCH for INR. Bitbuddy’s app as shown in the Apple App Store. There is also a new P2P bitcoin marketplace for Indian users called Bitbuddy, created by Jaipur-based startup Asachs Softwares Private Ltd. The platform announced its launch in India on Tuesday, according to local media. The app, available for both iOS and Android devices, has been around since late last year but it was recently updated. During the introductory period, the company has waived some fees. The app has mixed reviews, however, with a few unhappy users. Anyone looking to use this platform, or any other P2P marketplace, must do their own due diligence. Besides using P2P marketplaces, Indians can also buy and sell BTC on regular crypto exchanges, some of which have recently cut their fees. Several crypto exchanges are seeing higher trade volumes and signups during the lockdown. How Indians Are Buying Cryptocurrencies Paxful recently conducted a survey of about 500 adults between the ages of 18 and 55 in India to assess their knowledge and understanding of cryptocurrency. According to the results published last week, 93.8% of respondents said that they invested in cryptocurrencies prior to the supreme court lifting the ban by the Reserve Bank of India (RBI). The central bank issued a circular in April 2018, banning banks from providing services to crypto businesses. After almost two years, the supreme court finally quashed the ban. A chart from Paxful’s crypto survey results. The company asked about 500 Indians to ascertain their knowledge and understanding of cryptocurrency. The survey results also show that 64.8% of participants believe cryptocurrency paves the path towards financial freedom. Many also call for regulation; respondents say KYC (75.6%) and crypto regulatory framework (58.6%) are the most important factors for the continued success of the crypto sector in India. Furthermore, 90.67% of respondents said they invested in BTC, 44.27% in ETH, and 1.6% in other cryptocurrencies. Most of them (56.8%) invested during 2018-2019. As for what benefits they think cryptocurrency offers, 75.8% said the main benefit of cryptocurrency is the ease of transfer while 65.8% said better privacy and security. Paxful commented last week after releasing the survey results: The ability to freely trade digital currencies in India has brought immense potential to the ecosystem and the country itself with the bulk of survey respondents believing heavily in the benefits of crypto. Do you prefer buying bitcoin from a P2P marketplace or a crypto exchange? Let us know in the comments section below. The post BTC to INR: P2P Bitcoin Marketplaces Growing in India appeared first on Bitcoin News. View the full article

On April 3, the law firms Roche Cyrulnik Freedman and Selendy & Gay filed 11 class-action lawsuits against multiple digital currency exchanges and the issuers of certain initial coin offering (ICO) tokens. Entities like Block.one, Tron, Bancor, Status and numerous company executives are accused of selling unregistered securities. The lawsuits claim the exchanges “profited handsomely” from these token sales and the charges also allege manipulative conduct. Following the filings in the Southern District New York court on Friday, news.Bitcoin.com spoke with Roche Cyrulnik Freedman partner Kyle Roche about the class-action cases. Also read: IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed Attorney Kyle Roche Talks ICOs and Unregistered Securities The cryptocurrency community was shocked to hear that 11 class-action lawsuits were filed against various crypto trading platforms and initial coin offering (ICO) and initial exchange offering (IEO) issuers. Defendants included in the class-action cases include well known industry players like Changpeng Zhao (CZ), Arthur Hayes, Brendan Blumer, Dan Larimer, and Vinny Lingham. Companies such as Kaydex, Quantstamp, Kucoin, HDR Global Trading, Bitmex, Bprotocol, Status, Block.one, Civic and Binance are named. Tokens mentioned in the lawsuit that are considered “unregistered securities” include ICX, OMG, EOS, BNT, SNT, QSP, KNC, TRX, FUN, LEND, ELF, and CVC. Roche Cyrulnik Freedman partner Kyle Roche. News.Bitcoin.com had a chance to speak with Kyle Roche from the New York-based company Roche Cyrulnik Freedman about the new lawsuits. The litigation firm is involved with a number of cryptocurrency-related lawsuits, including the high-profile Kleiman v. Wright lawsuit and the class-action lawsuit against Bitfinex and Tether. The Kleiman v. Wright case is one of the most sought after court dockets in the state of Florida because it involves a man who claims to be Satoshi Nakamoto. Roche’s law firm is representing the Kleiman estate and the value of the assets the Kleiman’s seek far exceed $5.1 billion before punitive or treble damages. Roche explained during our conversation that the Kleiman v. Wright case was sensitive and he could not speak much on the matter at this time. The plaintiff, Ira Kleiman, started the lawsuit against Craig Wright as the personal representative of David Kleiman’s estate. Kyle Roche and Vel Freedman told the Florida court that the case “concerns the rightful ownership of hundreds of thousands of bitcoins ($5.1 billion) and the valuable intellectual property rights of various blockchain technologies.” Roche and Freedman filed this case on February 14, 2018, because the Kleiman estate thinks Craig Wright “perpetrated a scheme against Dave’s estate to seize Dave’s bitcoins and his rights to certain intellectual property associated with the Bitcoin technology.” The lawsuit that involves Ifinex, the parent company of Bitfinex and Tether, alleges that the stablecoin and exchange violated Sherman Antitrust Act laws. The Ifinex lawsuit filed by Roche’s law firm seeks a whopping $1.4 trillion before punitive or treble damages. In that class-action lawsuit, Roche and his litigation team represent David Leibowitz, Benjamin Leibowitz, Jason Leibowitz, Aaron Leibowitz, and Pinchas Goldshtein, “on behalf of all others similarly situated.” The Ifinex lawsuit says the companies involved were in violation of the Commodity Exchange Act. During our interview, Roche touched upon the recent class-action lawsuits filed last Friday and why the plaintiffs decided to take action against the slew of token sale issuers, crypto exchanges, and executives. In the case filed against Ifinex, Roche Cyrulnik Freedman said in the court filing that the “action concerns a sophisticated scheme that coopted a disruptive innovation — cryptocurrency — and used it to defraud investors, manipulate markets, and conceal illicit proceeds. Part-fraud, part-pump-and-dump, and part-money laundering, the scheme was primarily accomplished through two enterprises.” Bitcoin.com (BC): Can you give our readers a short summary of the recent class-action lawsuits filed against 11 cryptocurrency businesses and executives? Kyle Roche (KR): So last Friday, we filed 11 class-action lawsuits in the Southern District New York and there are two categories that these class actions fall into. On one hand, there are four class-actions against the exchanges and the other seven are against token issuers. Both the exchange and the issuer claims allege that the 11 defendants committed U.S. securities violations on a historic scale. It has become clear over time, and it wasn’t clear in the beginning based on representations made by the individuals. There was a lack of regulatory guidance and the whole ‘utility token’ concept where people were going around saying these coins were a utility token and not a security token. There was a lot of confusion in the space and as time has elapsed we’ve seen that these tokens are securities and they were created through a centralized process. Specifically with the tokens that we have gone after that were created by the ERC20 protocol. The sale of those tokens here in the United States was the sale of unregistered securities. BC: Do you think that governments and regulators like the U.S. Securities and Exchange Commission (SEC) have clearly defined the rules concerning ICO tokens and unregistered securities? KR: The SEC brought a civil fine against Block.one and EOS for $24 million for the sale of tokens. That really was part of the standard in the work that we’re building on top of right now. I think that the SEC’s decision came more than two years after Block.one’s $4.1 billion initial coin offering (ICO) through EOS. What that decision shows is that those tokens were created through a centralized process and the tokens issued were securities and that Block.one is liable because they sold those securities here in the United States. Vel Freedman (left) and Kyle Roche (right) from the New York law firm Roche Cyrulnik Freedman. BC: Do you think that the plaintiffs will have jurisdiction issues with all these companies that are based in various locations around the world, some of which with less regulatory oversight? KR: At the end of the day, the securities laws are meant to protect U.S. investors. These entities and groups, regardless of where they are incorporated, were availing themselves to U.S. markets and U.S. jurisdiction. The law shows that if you are trying to benefit from the U.S. markets you have to play by the same set of rules. BC: Your litigation firm has been dealing with cryptocurrencies in other lawsuits. Do you think your law firm has more expertise when it comes to dealing with crypto assets? KR: I try to be humble, but I think our firm first and foremost has excellent litigators. We’re a new firm but we’ve all come from the best shops in New York and have been litigating for a long time. The way we built our brand is by taking cases that other firms think are too risky. Those are exactly the types of cases we want to be involved in because we think those types of cases create new laws and can help set good guidelines. The Securities and Exchange Commission (SEC) revealed last year that the regulator settled charges against blockchain technology company Block.one for conducting an unregistered initial coin offering of digital tokens that raised the equivalent of several billion dollars over approximately one year. “The company [Block.one] agreed to settle the charges by paying a $24 million civil penalty,” the U.S. regulator told the media.Specifically, within the cryptocurrency industry, we think it’s a natural fit for us. The other reason my practice focuses heavily on cryptocurrencies stems from my academic background, which is aligned with the cryptocurrency market. I have a lot of knowledge of the market and we represent a lot of companies doing great things in the cryptocurrency space. I’m a big believer in blockchain technology and its potential to disrupt in a positive force. However, people have to play by the same set of rules. If you look at institutions like Coinbase and Gemini, they seem to be doing everything they can to comply with the regulations here in the U.S. Whereas other companies, some of them operating offshore, are trying to benefit from U.S. markets. These cases are important and I think they will be positive for the crypto industry. BC: Has your firm been following other unregistered securities lawsuits like the class-action lawsuit against Ripple Labs and XRP tokens? KR: There are certainly overlaps [with the Ripple case] and I think the decision that came down on that case was February 27. The case is helpful to us, but there are differences because Ripple wasn’t part of the 2017-2019 ICO bubble. Ripple’s been around since 2012 so there are similarities, but there are also some big differences in our cases. BC: Are people seeking Roche Cyrulnik Freedman’s assistance because of the current cryptocurrency cases the law firm has been involved with so far? KR: People have come to us because of our reputation and because of our abilities to explain this technology in court. I also encourage people who were affected by the 2017-2019 ICO trend to reach out to us. We’re interested in learning about others who have lost money from these ICOs, because it will be helpful to us during the litigation process. With companies in the crypto industry that are actually trying to innovate, we also want to help them navigate the space and help them build disruptive financial products. What do you think about the interview with Roche Cyrulnik Freedman partner Kyle Roche? Let us know in the comments below. The post Tether, ICOs, Craig Wright – Attorney Divulges New Details on Billion Dollar Crypto Lawsuits appeared first on Bitcoin News. View the full article

On April 8, the Bitcoin Association Switzerland (BAS) announced the launch of a new wrapped bitcoin project called Tzbtc. The token will be used on the Tezos network and each token will be backed 1:1 with BTC. The project is now the fourth tokenized project that leverages BTC on another blockchain. Also read: The Bitcoin Cash Network’s Block Reward Officially Halved – Block 630,000 Mined Tokenized Wrapped Bitcoin Projects Are Trending There’s now a number of tokenized BTC projects that leverage tokens on an alternative network and claim to be backed by bitcoin held in reserves. For example, in January 2019, news.Bitcoin.com reported on the official launch of the Wrapped Bitcoin (WBTC) project led by the custodian Bitgo. WBTC uses the Ethereum blockchain and each token is claimed to be backed 1:1 with BTC that’s held by Bitgo. The WBTC project has become popular since the initial launch and there’s $7.6 million worth of BTC locked up in the system. The system has more funds locked in than the Lightning Network’s $6.9 million total value locked (TVL) and WBTC has been around for far less time. The WBTC project that uses the Ethereum blockchain has grown more popular than the Lightning Network and has amassed around $7.6 million since the project’s launch. The following summer, the team behind the crypto-swapping application Sideshift.ai launched a Simple Ledger Protocol (SLP) based token called BTC2 that’s backed 1:1 with BTC as well. This year on February 13, software developer Matt Luongo announced the first release of a project called Tbtc on Ethereum’s Ropsten testnet. Unlike the BTC2 and WBTC tokens, Tbtc aims to be a noncustodial decentralized finance (defi) platform. Luongo stressed that the testnet version was the first of a “few planned releases leading up to mainnet” and the team is still auditing the Tbtc project. Andreas Brekken the creator of the Sideshift.ai platform launched a Simple Ledger Protocol (SLP) based token called BTC2 that’s backed 1:1 with BTC last year. The BTC2 tokens allowed users to transact with BTC but leverage BCH fees when they transact. Bitcoin Association Switzerland Announces tzBTC Project On Wednesday, the Bitcoin Association Switzerland (BAS) revealed a new type of wrapped BTC project that will be hosted on the Tezos chain. BAS also noted that the coin (TZBTC) will use the FA1.2 Tezos token standard and there’s a possibility it could be connected with the new Stakerdao platform. “The multi-signature key management system of Tzbtc enables a strongly trust-reduced setup with no central issuer as a single point of failure, while being fully transparent,” explained the announcement written by BAS. “The Bitcoin Association Switzerland acts as an overseer and coordinates with the keyholders. Protected by Swiss law and cryptography, we’ve found a practical balance between decentralization and usability,” the organization added. The association continued: TZBTC gives people more choice of how they can use bitcoin, and by that increase the utility and strengthen the position of bitcoin as the world’s leading digital currency. This belief in choice is why we are exploring to bring bitcoin to more open networks. The wrapped bitcoin Tezos project’s (Tzbtc) governance system. The BAS detailed that the Tzbtc project statistics can be viewed at the websites bitcoinassociation.ch/tzbtc and tzbtc.io. After the covid-19 pandemic ravaged the crypto economy, tezos (XTZ) lost 14.5% in the last 30 days. But with very minimal project updates and news, XTZ gained 55% in the last 90 days and 109% during the last 12-months. Tezos native currency XTZ can be staked and the cryptocurrency’s staking yield is an annualized yield of 6.9% according to current stats. Tezos (XTZ) price on Wednesday, April 8, 2020. Tezos is not without controversy, and Harvard researcher Michael Neuder wrote a paper that claims the project is extremely vulnerable to “selfish mining” attacks. The paper called “Selfish Behavior in the Tezos Proof-of-Stake Protocol” notes that an alleged variant of selfish mining can lead to staking centralization and vulnerabilities. However, Neuder stressed the paper was not an overall security analysis of the entire Tezos network. “By no means have we provided a complete security analysis of the Tezos protocol,” the author underlines. “Future work combining selfish endorsing with other deviating strategies, as was done in the [proof-of-work] PoW literature, is critical to assessing the total security of the system.” With the new Tzbtc project, the creators think that it will bring BTC liquidity into the Tezos ecosystem just like WBTC did with Ethereum. “The governance mechanism of the Tzbtc contract allows for the compliant and secure issuance of BTC-backed tokens on the Tezos blockchain,” the Tzbtc briefing explains. What do you think about a wrapped bitcoin project on the Tezos chain? Let us know in the comments below. The post New Wrapped Bitcoin Platform Allows You to Transact in BTC Using Tezos appeared first on Bitcoin News. View the full article

Galaxy Digital chairman Michael Novogratz said that bitcoin is his pick under the current financial situation, describing it as an “amazing environment” to buy bitcoin. With “global money printing orgy,” a possible another trillion-dollar stimulus package, and “money growing on trees,” Novogratz said this is the year for bitcoin. Also read: IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed Amazing Environment for Bitcoin Mike Novogratz, the chairman and CEO of Galaxy Digital, revealed his investment picks in an interview with CNBC on Tuesday, April 7. The former hedge fund manager with investment firm Fortress Investment Group said, “I have a big bitcoin position that I continue to add to it partly because this is an amazing environment for both being long gold and long bitcoin.” Citing that President Donald Trump is considering another trillion-dollar stimulus package, he said, “money is growing on trees right now.” However, he recalled what he learned as a kid that money really does not grow on trees, adding: So we have a global money-printing orgy going on … at one point that comes home to roost … Hard assets are going to be a big buy, gold and bitcoin are my two favorites. Former hedge fund manager Michael Novogratz said that money is growing on trees right now and there is a money-printing orgy going on. He said hard assets are going to be a big buy, noting that bitcoin and gold are his favorites. Novogratz is not putting a lot of money in the stock market right now. However, he did buy the Starbucks stock a few days ago because its price has come down significantly and people will go back to drinking coffee when everything returns to normal, the Galaxy Digital CEO explained. Nonetheless, he reiterated that the easiest route for him is gold and bitcoin. Prior to joining Fortress, Novogratz was a partner at Goldman Sachs. He was ranked a billionaire by Forbes in 2007 and 2008. The Year for Bitcoin The former hedge fund manager has been favoring bitcoin as an investment option for quite some time, tweeting about the cryptocurrency often. “BTC will continue to be volatile over the next few months but the macro backdrop is why it was created,” he wrote on March 22, emphasizing that “This will be and needs to be BTC’s year.” Former hedger fund manager Mike Novogratz believes that this is the year for bitcoin and the price will at least double in six months or, at the very least, by the end of the year. On April 2, Novogratz told CNBC in another interview that he had seen hedge fund and high net worth investors he never saw before going into bitcoin for the first time. He opined: This is the year for bitcoin and if it doesn’t go up a lot by the end of the year, I might just hang my spurs. Seeing that money grows on trees right now, he asserted, “we are going to debase the value of fiat.” Novogratz believes that the price of bitcoin should double within six months, or by the end of the year. “We really should … this is the time,” he concluded. Recently, several other well-known investors also recommended bitcoin, including Rich Dad Poor Dad author Robert Kiyosaki and Virgin Galactic chairman Chamath Palihapitiya. The former said that people should take free government money and invest in bitcoin while the latter believes the cryptocurrency could be worth a million dollars. What do you think about Novogratz’s outlook on bitcoin? Let us know in the comments section below. The post Novogratz: We Have Money-Printing Orgy Going on, Amazing Environment to Buy Bitcoin appeared first on Bitcoin News. View the full article

You’ve heard it first here, Bityard, the world’s leading digital contract trading platform, has officially launched. According to industry authoritative sources, Bityard has received a strategic investment from a US hedge fund worth 10 million dollars, creating a precedent in the industry for complex contracts and simple transactions. At Bityard, our ambition is to foster research and development of relevant forward-looking technology, overseas market expansion, and ecological construction of our brand name. Bityard was founded in November 2019 and is headquartered in Singapore. It is the world’s leading digital currency contract trading platform, regulated by the American Money Services Businesses, Singaporean Accounting and Corporate Regulatory Authority (ACRA), and the MTR of Estonia for the European Union. In Southeast Asia, Bityard will strive to keep up with local digital asset market demand, especially with regards to government-driven blockchain trends. Not only has Bityard attracted attention with secure, simple, and fast digital contract transaction services, but we have also acquired a Thai boxing champion as a brand ambassador of Bityard. He will continue to set off waves of attention in his home country and beyond. The more turbulent the years, the more volatile the cryptocurrency market. While everyone was still discussing the third halving of the market, the “black swan” event, coughed forth by the fears of the Coronavirus, ruthlessly cut the price of all cryptocurrencies in half, followed by a quick rebound from the lowest point by more than 60%. Contract purchases inevitably will become this year’s most competitive main battlefield on exchanges. As a new entrant, the founder of Bityard knows clearly that in order to gain a solid placement in the highly competitive contract market, innovation must be achieved. Community of Hidden Potential: Those Who are Eager For “Simplified Transactions” After much research, it has been found that in the increasingly mature digital currency market, a consumer group with high potential has solidified. They all agree on the concept of contract trading and expect to use leverage to magnify the benefits, but for this group of consumers, contract transactions are complicated. To avoid liquidation, they hesitate to participate in any such transactions. In view of the large number of potential users in the cryptocurrency community craving simple contract transactions and other derivatives, Bityard came in to existence. Product Concept: Complex Contracts Simple Transactions Bityard always adheres to the product concept of “complex contracts, simple transactions”, and aims to bring customers the ultimate simple operation experience. Reporters have learned through interviews with product management that the team has done a lot of work to get users up and running quickly. Opening an account is simple: you only need to register with an email or mobile phone number, and you can become a Bityard user within 30 seconds. Simplified topping-up: currently bityard supports the use of 6 mainstream digital currencies as a method of refilling a user’s account. Additionally, the Renminbi as well as the Vietnamese Dong are both supported, and there are plans to add more FIAT on-ramps in the future. There is also a system in place to allow transferring of funds between superiors and subordinates which is facilitated by agents. Simple Trading: simplify the complex trading interface functions. Users can trade from as little as 5 USDT. In order to provide a fulfilling customer experience, Bityard’s co-branded ambassador announced a fruitful launch of “daily mining” activities. Starting from today, after each user registration, you can get free Bitcoin, Ethereum, EOS, Tron, and more mainstream digital currencies for a value of up to 258 USDT. In addition, you can also get Bityard’s first platform currency BYD. After it has been listed its strengths will be well-established! For more information consider registering an account at bityard today! Check out www.bityard.com and register an account for your experience and benefit. Contact Email Address bd@bityard.com Supporting Link http://www.bityard.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Bityard Has Now Officially Launched – Register now and earn 258 USDT for Free appeared first on Bitcoin News. View the full article

On April 8, 2020, the Bitcoin Cash network’s block reward halved as of block 630,000 and BCH miners hashing away at the network will now capture only 6.25 coins per block going forward, instead of 12.5. The BCH halving is the first major SHA256 branch to halve its block reward, as BSV and BTC will halve as well within the next 30 days. Now that the BCH halving has slashed the current block reward, BCH proponents will be focused on the cryptocurrency’s price, hashrate, and the network’s difficulty. Also read: 5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums Bitcoin Cash Miner Revenue Chops in Half – 12.5 to 6.25 Coins per Block So far, roughly 87.6% of all 21 million BCH that will ever be produced has been mined into existence. There’s still 2.6 million BCH left to mine and since the halving after block 630,000 the issuance rate is halved. When Satoshi Nakamoto created Bitcoin, the inventor designed it so over time it would be harder to obtain bitcoins by mining, which ultimately bolsters the cryptocurrency’s scarcity and inflation rate. Currently, the BCH hashrate hasn’t changed much and it’s remained steady at 3.4-3.7 exahash per second (EH/s). BCH is trading for $266 per coin at the time of publication, while the inflation rate per annum has changed from 3.6% to 1.8%. The mining operation Antpool mined the official halving block #630,000 getting only 6.25 BCH when the pool found the block. Coindance statistics show that it is currently 2.7% more profitable to mine the BCH chain compared to BTC. There are at least nine BCH miners hashing away at the BCH chain including Antpool, Btc.com, Btc.top, Viabtc, SBI Crypto, Huobi, Pool.Bitcoin.com, Poolin and P2p Pool. Another 7.6% of the hashrate is contributed by stealth miners. It is 302% more expensive to transact on the BTC chain today and the BTC blockchain is 124.5GB larger than the BCH chain. Before the halving, BCH miners obtained 1,800 BCH ($468K) per day (approx. 144 blocks), but now miners will only get 900 coins ($234K) per day plus fees. At the time of publication, the current BCH difficulty is hovering over the 531 billion mark. 63 Bitcoin Cash Halvings Remain Overall the Bitcoin Cash community has been waiting for the momentous halving day and many supporters have shown excitement during the last few weeks. Of course, the coronavirus outbreak has made it so halving parties are not as prominent as they were in 2016. Certainly there’s a number of BCH supporters celebrating online and through virtual communications. The Future of Bitcoin Cash is hosting a virtual meetup today from 10:30 to 16:30 UTC on Zoom in order to discuss the BCH halving. “Join Bitcoin Cash builders, businesses and evangelists as we discuss the future of BCH online during the block reward halving,” the official Twitter account tweeted. Join us Wed Apr 8 from 10:30 AM UTC for a $BCH community livestream event! Together, we'll discuss the future of #BitcoinCash Information and links at https://t.co/URVLQhSRFd pic.twitter.com/x2lIQ8UAsf — The Future of Bitcoin Cash (@TheFutureofBCH) April 6, 2020 Cryptocurrency enthusiasts will be watching BCH closely and the three factors mentioned above (price, hashrate, and difficulty) extra carefully so. There still could be volatile price action and changes to the hashrate and difficulty in the next few months going forward. 1,458 days until the next BCH halving and 63 halvings left. Bitcoin Cash will have 63 more halvings as the years go by and the network continues to progress. Markets are far from perfect, and it’s anyone’s guess what will happen, but we do know the system is far superior compared to the likes of central banks and fractional banking practices. What do you think about the Bitcoin Cash halving? Let us know in the comments section below. The post The Bitcoin Cash Network’s Block Reward Officially Halved – Block 630,000 Mined appeared first on Bitcoin News. View the full article

Since the covid-19 outbreak wreaked havoc across the world’s economies, the global multinational investment bank Deutsche Bank has been encouraging the use of digital currencies. The firm’s Twitter account and macro strategist Marion Laboure have been tweeting regularly about how coronavirus infection risks could “accelerate digital payment systems across the world.” Also read: 5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums Deutsche Bank’s Macro Strategist Envisions a Digital Payment Transformation Post Covid-19 The coronavirus is surely changing the way we look at things and how we operate in our everyday lives. For years now, society has been aware that physical currencies can be dirty and the covid-19 outbreak has exemplified this fact. Researchers have reported that paper currency can carry a higher number of microorganisms than your toilet. It has been said that the seasonal flu virus can survive on a banknote for roughly 17 days. These statistics have caused governments across the world to store notes in separate locations and even scrub them. Last month, the U.S. Federal Reserve was storing repatriated USD from Asia in a different location. The month prior, when covid-19 was ravaging China, the People’s Bank of China (PBoC) explained that repatriated yuan notes were being disinfected. The recognition of the infection risk will likely accelerate the push towards digital payment systems across the world. #Cash #DigitalTransformation https://t.co/fGcJUbSYrR — Marion Laboure (@MarionLaboure) March 21, 2020 Germany’s Deutsche Bank AG and the financial institution’s macro strategist Marion Laboure think trends like these will bring about a number of digital currency concepts. On April 3, the bank’s official Twitter account stated: The covid-19 pandemic is accelerating the rise of central bank digital currencies as many governments see the handling of cash as a potential risk factor. This will likely add to calls to move towards digital cash according to our Deutsche Bank research colleague Marion Laboure. The bank’s macro strategist Marion Laboure has been tweeting about the coronavirus accelerating the use of digital currencies and causing a “transformation.” “The recognition of the infection risk will likely accelerate the push towards digital payment systems across the world,” Laboure said. In a recent report called “The Covid-19 Cash Out,” authors Juergen Braunstein, Marion Laboure, and Sachin Silva wrote about a possible transformation. “Because the hand-to-hand exchange of physical currency could transmit the coronavirus, countries around the world are being forced to reconsider the use of cash,” the researchers detailed. The report highlights that the authors can’t predict what will happen in a post covid-19 economy, but they can envision a new type of payment structure. “Digital versions of cash currency, such as Sweden’s recently announced e-krona, are promising examples of what could be in store,” the report concludes. ‘Digital Payments Could Rebalance Global Economic Power,’ Says Deutsche Bank Researchers Various other tweets and reports by Laboure and the official Deutsche Bank Twitter account mention central bank digital currencies (CBDCs). The financial institution’s reports also talk about digital assets that exist today like bitcoin, e-wallets, stablecoins, the possibility of a digital yuan, and balancing the monetary system. Various quotes from the bank’s researchers stress things like “By 2025, e-wallets are expected to be the second-most preferred method of payment after cards – and the first among millennials” and how the “transition to digital payments could potentially rebalance global economic power.” Of course, the bank is shilling CBDCs and stablecoin concepts that represent digital fiat reserves. These new digital systems would be no different than the digits citizens use today, except it would use a blockchain. It’s not very likely a CBDC will rebalance any power because it’s centralized. Society has already seen what modern central banks worldwide will do to the citizenry’s money over time. With cryptocurrencies like bitcoin, on the other hand, Satoshi created a financial system that is not controlled by a single entity, corporation, government, or central bank. “The root problem with conventional currency is all the trust that’s required to make it work,” explained Satoshi Nakamoto on Feb. 11, 2009. “The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.” It might be small right now, but this is why the crypto economy is worth close to a quarter of a trillion U.S. dollars. People find value in cryptocurrencies that can give people financial privacy, censorship resistance, and allow them to transact in a peer-to-peer fashion. Deutsche Bank is right that physical banknotes are dirty but the financial incumbent’s digital transformation ideas are questionable, to say the least. Ever since the modern central bank was born and the many that followed after, the monetary system has been plagued with busts and booms. What do you think about Deutsche Bank shilling digital currencies because of covid-19? Let us know in the comments section below. The post Deutsche Bank Envisions Post Covid-19 Economy Accelerating Digital Payments appeared first on Bitcoin News. View the full article

Virgin Galactic Chairman Chamath Palihapitiya has shared his bitcoin investment strategy, predicting that bitcoin’s price could reach a million dollars. He further suggested that everybody should have 1% of their assets in bitcoin since it is “a fantastic hedge.” Also read: IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed Bitcoin’s Price Could Reach $1 Million Chamath Palihapitiya, the chairman of Virgin Galactic and founder of investment firm Social Capital, recently discussed bitcoin and how to invest during the current financial crisis. In a podcast interview published last week with Morgan Creek Digital co-founder Anthony Pompliano, Palihapitiya was asked about his bitcoin investment strategy. Responding to questions about whether he had bought, sold or changed the bitcoin allocation in his portfolio in any way, the venture capitalist revealed: In 2013, I bought a lot and at one point I think I had almost 5% of all the bitcoins. My basis is about 80 bucks a coin. I’ve never bought more. “Most of my bitcoin now sits with a company and they use it for trading purposes. They use it to run a bunch of other strategies,” he added. “I did that mostly for safety and security and peace of mind. I didn’t want to deal with it. I wanted to own equity in the business. That equity can be hedged. That equity can be tax structured advantageously, and then it allows them to run a big business which generates cash, and I can get a cash and dividend stream.” He proceeded to confirm, “so I have not bought since I initially basically wrote that article for Bloomberg in 2013.” Chamath Palihapitiya, Chairman of Virgin Galactic and founder of investment firm Social Capital, believes that bitcoin could be worth $1 million a coin. He bought a bunch when they were about $80 a coin. Bitcoin is “still a speculative instrument and it’s too speculative for it to be reliable,” Palihapitiya opined. “So if you are going to make the case that it should replace fiat currency, well one thing you have to look at is the volatility of the U.S. dollar and you can’t replace it with something that’s nine sigmas more volatile. It doesn’t work.” He then shared his prediction of how high he thinks the price of bitcoin could be over the next 10 years. “It is a 10-year trajectory,” he began. “I’ve always thought of bitcoin as a very binary investment, whether it goes from 80 to 8,000 to 6,000 to 3,000 to 13,000, it doesn’t matter.” Noting that bitcoin’s price will be “either zero or it’s millions,” Palihapitiya asserted: What it will do is it will create a quasi gold standard. It’ll create an index, except instead of having to own gold where gold is owned by central banks, it is an instrument that has value that’s determined in between its participants, and it’s owned by everybody. Palihapitiya has founded six companies and currently serves on the board of nine others, including Syapse Inc. and Remind101. He also previously worked at Facebook, Mayfield Fund, AOL, and Winmap. Chamath Palihapitiya believes that bitcoin is still a speculative instrument, but everyone should have at least 1% of their assets in bitcoin since it is “a fantastic hedge.” Everyone Should Have Bitcoin Palihapitiya also discussed bitcoin investing in an interview with CNBC last month. The Virgin Galactic chairman reiterated that his view on bitcoin remained unchanged since he authored the Bloomberg article on the subject in 2013, elaborating: Everybody should probably have 1% of their assets in bitcoin specifically. I still believe that today and I think it [bitcoin] is just a fantastic hedge. When asked about his thoughts on what Berkshire Hathaway CEO Warren Buffett said about bitcoin, Palihapitiya emphasized that the billionaire “is completely wrong and outdated on this point of view.” Buffett insists that he does not own any bitcoin and never will. Repeatedly saying that it has zero value, he once called the cryptocurrency “rat poison squared.” Chamath Palihapitiya said that regarding bitcoin, Berkshire Hathaway CEO Warren Buffett “is completely wrong and outdated on this point of view.” Palihapitiya clarified to CNBC that investing in bitcoin should not be event-driven. “When you wake up and you see a coronavirus scare and the Dow down 2,000, you should not be going in and buying bitcoin — that is an idiotic strategy,” he opined. “I think a reasonable strategy is to say 1% of my net worth should be in something that is completely uncorrelated to the world and how the world works.” The Virgin Galactic chairman suggested going into bitcoin “quietly” and letting the investment accumulate. He concluded, “Then you just never look at it again and hope that that insurance under the mattress never has to come due,” adding: But if it does, it will protect you because that thing will be hundreds of thousands or a million dollars a coin. What do you think about Chamath Palihapitiya’s view on bitcoin? Let us know in the comments section below. The post Virgin Galactic’s Chamath Palihapitiya: Bitcoin Could Go to $1 Million, Everybody Should Own Some appeared first on Bitcoin News. View the full article

Digital asset markets have been gathering some gains during the last few days and tokens like stablecoins have seen massive demand since the start of the market carnage. Alongside stablecoins, gold-backed digital assets like Tether Gold, Pax Gold, and Digix Gold have seen tremendous trade volumes as well. In fact, cryptocurrencies that claim to be backed by gold are selling for 1-5% above gold’s .999 per Troy ounce spot price. Also read: Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy Gold-Backed Crypto Assets Shine Crypto assets are doing well on Tuesday following the rebound equity markets saw the day prior. In addition to digital currency markets, precious metals have been rising on April 7 as well. At the time of publication, the price of gold per Troy ounce is hovering around $1,654. Gold has been considered a safe-haven asset during these uncertain economic times that were sparked by the covid-19 outbreak. Similarly to crypto assets, gold prices took a hit on March 12 but gold values have regained those losses since then. There’s been a lot of demand for gold and reports have noted during the last two weeks that gold dealers have seen “big shortages of small bars and gold coins.” “People want to buy, not to sell gold,” Mark O’Byrne, the founder of the firm Goldcore told the press on April 2. “We have a buyers’ waiting list and we emailed our clients seeing who wished to sell their gold. At this time there are roughly only one or two sellers for every 99 buyers,” O’Byrne added. The demand for gold assets has found its way into the cryptocurrency industry as well. The number of projects that claim their tokens are backed by physical gold has seen increased buying and premiums in the last few weeks. Coins like Tether Gold (XAUT) and Digix Gold (DGX) are swapping for 1-5% above gold’s .999 per Troy ounce spot price. For instance, the XAUT token is selling for 1.5% more than spot prices on Tuesday. According to the firm Tether Limited, a full XAUT “represents one troy fine ounce of gold on a London Good Delivery bar.” With the current gold spot price trading for $1,654, a single XAUT is trading for $1,679 to $1,688 per token depending on the exchange used. Digix Tokens Close to 5% Above Spot Gold Then there’s the Ethereum-based gold project Digix with its DGX coin, a token that’s allegedly redeemable for 1 gram of gold per DGX. If one was to obtain a hair over 31 DGX on Tuesday, April 7, they would spend 4.47% more than gold’s spot price at $1,728 for the lot of 31.1 tokens. Pax Gold today is trading for a touch less than the spot price of gold as each PAXG is swapping for $1,651 per token. The company Pax Global claims that “every PAX Gold token is backed by an ounce of allocated gold.” Users who hold PAXG can utilize a tool that looks up the serial number and information about the physical gold’s source. A number of other digital assets that allege to have physical gold backing are doing far better than the spot price of physical gold bars. Of course, obtaining real bars and coins made of gold are also carrying similar premiums. Local gold dealers are desperately contacting wholesalers to get their hands on smaller bars and coinage. While retail buyers are allegedly spending 10-15% more to get their hands on physical gold, it seems crypto tokens backed by gold are seeing similar premiums. What do you think about the demand for tokens that claim to be backed by physical gold? Let us know in the comments below. The post 5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums appeared first on Bitcoin News. View the full article

Pundits globally are flabbergasted that Swedes still go to cafés, eat at restaurants and hang out in parks without face masks on. The coronavirus in Sweden has so far claimed 611 deaths, with 7,849 confirmed cases. Swedish people still send their kids to school and are not hoarding much of anything compared to countries like the U.S. However, just like in most of the world, many businesses are hit hard and the country’s central bank has fired up the printing presses. Also read: Major Swedish Bank Fined $386 Million for Hiding Money-Laundering Evidence The Swedish Central Bank Has Fired Up the Printing Presses The Swedish central bank, Riksbanken, the world’s oldest-running operation of its kind, has predictably responded to the crisis by starting the printing presses. They’ve promised banks a 500 billion SEK ($55 billion) credit line to “grease” the wheels, making sure there is enough liquidity in the system. Riksbanken chief Stefan Ingves has also stated that there are no limits to how much these presses can print, carefully avoiding the term QE (quantitative easing). Ingves also stated at a press conference last month: The Riksbank stands ready to do more if and when necessary to help the Swedish economy get through this crisis as well. Citing liquidity problems on the financial markets, the Swedish central bank is now planning to buy government, corporate and mortgage bonds. It is also auctioning USD-denominated loans for around $70 billion. Riksbanken has already increased its government bond-buying target by $30 billion, after leaving its most important interest rate — the overnight repurchase rate — at zero percent. Few people wear face masks in Sweden. Swedes Don’t Let the Recently Elected Leader Call All the Shots One of the explanations for the Swedish approach to lockdowns is its rather unique governance system. Swedes don’t let the recently elected political leader call all the shots. Here, the local authorities are actually in charge, or at least that is the design of the Swedish system, and the country’s unique response to the coronavirus pandemic may be viewed in this light. It’s a form of democracy comparable to the systems in Finland and Switzerland, where the state apparatus has also aimed for the decentralization of power for centuries. In contrast to the never-ending stream of decrees from “strong leaders,” like Trump or Erdogan, and their citizens’ (apparent) quick obedience, in Sweden the centuries-old authorities often have a larger say in how things should progress than the prime minister, and its people actually listen. Many pundits and politicians worldwide are wary of the course of action taken by the Swedes, whose ideas on how to flatten the famous curve will undoubtedly be analyzed in great detail in the aftermath of the covid-19 pandemic. Consequently, the Swedish public has followed closely along with the Swedish health authorities’ daily TV-broadcasted explanations on which measures might be effective. For example, washing hands and physical distancing are, but wearing masks may not be so much. Protecting the high-risk groups is a priority, but schools, workplaces, and restaurants stay open for all else — albeit not crowded and with new safety routines to avoid spreading the virus. This approach may be summed up by the unique Swedish word “lagom,” which roughly means “just right,” “not too much,” or “not too little.” Lately though, reports of spreading covid-19 infections have been seeping out from many elderly homes in Sweden. A daily updated map on the number of cases and deaths in the country can be found here. The Swedish ‘Lagom’ Measures Will Be Analyzed in Great Detail In the aftermath and analysis phase of the coronavirus pandemic, the Swedish responses to the virus and subsequent “lagom” actions taken will be analyzed in great detail. Still, many cafés, restaurants, and shops stay open today, April 7, even in the most afflicted areas of the capital city of Stockholm. By helping guests practice safe distances (no serving in bars, only table service) and wash their hands, many cafés and restaurants in Sweden stay open. The nordic confidence in the established authorities culls Swedish elected politicians’ urge to decree “tough” measures like a “lock-down.” They are not afraid their popularity ratings will fall if they do not act “tough,” as few Swedes find the “tough” authoritarian leader attractive. The prime minister is temporary, but the central bank and the Swedish health authority are persistent organizations, the former in operation since the 15th century. The country is also one of the world’s most secularized societies, with the least religious folks in the world, turning to science rather than faith when combating covid-19. The Swedish health authority, Folkhälsomyndigheten (FHM), reigns supreme. Swedish politicians can avoid some of the responsibilities of “knowing best,” and can defer decisions on rules for social distancing and public transport, among other things. Sweden’s prime minister, Stefan Löfven, has taken a back seat somewhat, allowing the appointed authorities to prognosticate and steer what actions are to be put in place. Swedish Prime Minister Stefan Löfven often refers to letting “the experts” steer, instead of having himself prognosticating the future and deciding on actions to counteract a never-before-seen virus. Swedish Central Bank Testing Its Own Digital E-Coin In the meantime, while the coronavirus has infected at least one employee at the bank, the Swedish central bank is testing its own digital dollar, the “e-krona.” When asked about the project, its chief Stefan Ingves repeatedly told journalists that “Bitcoin is not money,” but that a digital dollar is needed to keep up with the times. “The Riksbank sees potential problems with the marginalisation of cash and has therefore initiated a pilot project to develop a proposal for a technical solution for Swedish kronor in electronic form, an e-krona.” – Quote from Riksbank.se (pictured above: The Riksbank/central bank offices in central Stockholm). By introducing its own electronic currency and moving away from paper cash, the central bank could actually continue lowering the interest rate into negative territories. Sweden is already hailed as the world’s most cashless society. When few have access to actual cash, few can benefit from those negative interest rates by hoarding cash under the mattress. The beneficiaries of some loans will reverse; the lender will have to pay, while the beneficiary of the loan will receive extra interest from taking out a loan. In Germany, people are already paying to lock up cash in 30-year government bonds, and in Denmark negative interest rate mortgages have been introduced. Where these strange actions will take the economy is hard to say. Is this whole process, in the end, giving the central bank a new tool to “reverse-inflate” away loans? The reactions to the covid-19 pandemic by politicians and central bankers may lead to disastrous, long-term effects on the economy, as politicians print way too much currency trying to fix the current slowdown. They inadvertently inflate away people’s savings and paychecks over the longer term. Printing paper cash or the equivalence in electronic cash (creating debt) is not the same as “creating money,” as currency isn’t money. Gold is money, however, as is bitcoin. Keynesian central bankers are now hoarding gold, while Austrian libertarians and anarchists are hoarding bitcoin. The future will tell who was right. What do you think about the Swedish “lagom” approach to the pandemic? Let us know in the comments below. The post Sweden’s ‘Lagom’ Response to Coronavirus: No Masks, Keep the Economy Going With a ‘No Limit’ Printing Press appeared first on Bitcoin News. View the full article

Digital currency markets have been rising again as the entire market capitalization of all 5,000+ coins has jumped above the $200 billion mark. The increase in crypto trade volume and coin values has followed alongside the recovery traditional equity markets saw on Monday. On Tuesday, most of the digital assets in the top ten are up between 4-14% and crypto trade volumes have doubled in the last 24 hours. Also read: Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy Top Ten Crypto Assets Gain 4-14% in the Last 24 Hours During the last few weeks, digital currency proponents and crypto traders have been wondering what will happen to bitcoin and the slew of other coins in the crypto industry. For instance, the entire cryptocurrency market capitalization lost a whopping $44 billion on March 12, 2020, otherwise known as ‘Black Thursday.’ BTC prices dropped to a low of $3,870 on March 12. The following day, BTC regained some of the losses when it was hovering between $5,300-5,600 per coin on March 13. Since then, BTC has gained 30% since the low and on April 7, prices are currently meandering between $7,300-$7,425 during Tuesday morning’s trading sessions. BTC has gained about 4% in the last 24 hours and the coin is up 15% for the week. Ethereum is priced around $174 per ETH and has gained 13.3% today. Behind ETH is XRP, which is swapping for $0.20 per coin as XRP markets are up by 6.8%. Bitcoin Cash (BCH/USD) Market Action Bitcoin cash (BCH) is trading for $259 per coin today and has gained 7.2% in the last 24 hours. BCH is up 18% for the week and has also gained 8.5% during the last 90 days. The top trading pair with BCH on Tuesday is tether (USDT), which is capturing around 63% of all BCH trades. This is followed by BTC (20.71%), USD (9.42%), KRW (2.19%), ETH (1.65%), EUR (0.91%), and JPY (0.82%). Bitcoin cash has a liquid market cap that’s hovering around $4.8 billion on Tuesday, and BCH is the fifth most trade crypto below EOS and above LTC. BCH reported trade volume is around $4.8 billion, but messari.io’s “real volume” statistics note it’s around $35 million. In 22 hours, BCH will be the first major SHA256 branch to experience a halving. After April 8, BCH miners will go from receiving 12.5 coins per block to 6.25 BCH, plus transaction fees. Digital Currency Market Prices ‘Buck the Trend’ Market analyst from Etoro, Simon Peters, noted in a recent investors’ report that last week’s financial data was far more worrisome than this week’s changes. “Economic data released last week was worrying, to say the least,” Peters wrote. “Midweek figures revealing a drop in exports from big Asian economies, such as Japan and South Korea, hit equity markets globally, resulting in the S&P 500 and the FTSE 100 both dropping considerably.” Peters remarked that cryptocurrency markets, however, have managed to “buck the trend.” “From a crypto asset point of view, however, both bitcoin and altcoins have performed well during this difficult period,” the Etoro analyst added. “Bitcoin has been in a consolidation phase, remaining steady in between $6,000 and $7,000. There has been the odd spike, both to the upside and the downside, but overall, I am happy with the solidity of the price at the moment. With the Fed carrying out its policy of unlimited quantitative easing, buying assets left right and center, I think bitcoin is going to be pushing towards $7,500 in the short term. Crypto Investors ‘Shrug Off Pessimism’ While BTC prices remain above the $7K region and a slew of other digital assets follow suit, many market strategists believe crypto investors are less worried. In just a week’s time, sentiment among crypto traders and investors has changed from bearish to bullish. “[Bitcoin and cryptocurrency] purchases follow the signs of improving sentiment in the stock markets,” noted Alex Kuptsikevich, Fxpro’s senior market analyst. “As soon as risk assets start to attract demand actively, institutional investors may also increase their positions in the cryptocurrency,” Kuptsikevich added on Monday. Additionally, Naeem Aslam the chief market strategist from Avatrade remarked that crypto investors are far more optimistic now. “Investors are shrugging off the pessimism,” Aslam wrote. However, Aslam said that covid-19 might not be over so quickly and the virus could make it so “we could be in for a longer period of recession.” The Verdict: Post Covid-19 Uncertainty Remains Overall digital assets have outshined U.S. stock markets and precious metals as well. The price of BTC has surpassed the S&P 500’s gains and the rest of the top U.S. indexes. Since equity markets started showing signs of recovery, gold has moved very little and has only gained 2% since the start of the year. Despite social media and forums showing a lot more optimism among crypto investors, the multifactorial Crypto Fear & Greed Index (CFGI) shows “extreme fear” is still in the air. Traders understand that digital currencies are doing very well but economic uncertainty, in general, is clouding most people’s predictions. As far as BTC prices are concerned and a few other digital asset values, key resistance has started to form. If crypto assets can’t break these regions, then another pullback could be in the cards. Despite the looming doubt, researchers believe that the response to covid-19 from governments and central banks will be a positive influence on crypto assets. “We believe that the downstream impact of the government’s fiscal and monetary response to the crisis will be strongly positive for crypto,” Bitwise’s Global Head of Research Matt Hougan remarked in the firm’s April 2020 Investor Letter. Where do you see the crypto markets heading from here? Let us know in the comments below. The post Market Update: Traders ‘Buck the Trend’ Pushing Crypto Market Cap Above $200 Billion appeared first on Bitcoin News. View the full article

With the recent coronavirus spread and its overall effect on the global economy, some people believe the powers that be are preparing a financial reset. During these times, a number of bitcoiners think a bitcoin-induced form of fiat currency demonetization will take place, otherwise known as ‘hyperbitcoinization.’ However, a few speculators believe digital assets in the crypto economy are actually meant to further the underground shadow economy. In a world filled with overbearing politicians and malicious data-collecting corporations, the surveillance state could easily make cryptocurrencies far more valuable by fueling the world’s shadow markets. Also read: Evidence Shows Politicians and Wall Street CEOs Expected the Market Crash Well Before Covid-19 A Different Kind of Hyperbitcoinization A number of bitcoiners think that someday, bitcoin could grow so popular that it becomes the most used money in the world. These speculators believe that the protocol will be uncontrollable and eventually be adopted by everyone leading to hyperbitcoinization. But what if bitcoin covers only a fraction of the global economy, and more specifically the black and gray markets that operate beneath the legal system. Adoption of a crypto that fuels the shadow economy would still be a threat to the manipulated fiat system and it could remain uncontrollable. In fact, estimates show that the shadow economy is the second-largest economy in the world. When bitcoin was born in 2009, the Organisation for Economic Co-operation and Development (OECD) predicted that by this year in 2020: “more than two-thirds of the world’s workers will work in the shadow economy.” The shadow economy or ‘System D’ isn’t just black market trades like drugs, weapons, and items the government has banned. System D participants include any paid workers who don’t report their financial transactions to the government and the funds remain untaxed. Traditionally, the general public has always assumed that the shadow economy exists in regions with fewer laws and in underdeveloped parts of the world. But that’s not the case at all, as underground financial systems exist in countries with a lot of wealth, high taxes, and significant amounts of regulation. The top countries in the world with the biggest shadow economies include places like the United States, Brazil, Italy, Russia, Germany, France, Japan, the United Kingdom, and Spain. With the coronavirus plaguing the world and industry shutdowns squeezing the economy, some individuals think that governments and central bankers are planning a financial reset. Speculators assume that it’s the perfect time to usher in a “New Deal” similar to the way Wall Street and Franklin D. Roosevelt (FDR) restructured the American monetary system. Governments and central bankers are already pushing a few versions of digital cash and a cashless society, but the systems are centralized and meant to monitor people’s everyday transactions. Under the veil of crisis, nation states could easily reset the financial system right now by creating a cashless system that’s maintained by central bankers and bureaucrats. Bitcoin and decentralized cryptocurrencies could still experience a smaller form of hyperbitcoinization by people who want to escape the “Green New Deal.” Cryptocurrencies could grow immensely valuable, even though they would only be used within the underground financial system. Digital money like bitcoin could easily be valued for far more than six-figures if entire the shadow economy adopted the decentralized asset. Cypherpunks Write Code – E-Money & Daemon The cypherpunks in the ‘90s discussed the rise of a private digital cash system that bolsters market anarchy and a new monetary system. In the 1994 Wired article “E-Money – That’s What I Want,” the editorial describes how the cypherpunks envisioned a brave new world that leverages a digital cash system. “The killer application for electronic networks isn’t video-on-demand,” explained Wired columnist Steven Levy. “It’s going to hit you where it really matters – in your wallet. It’s not only going to revolutionize the net, but it will also change the global economy,” Levy stressed. Back then, no one had heard of Satoshi Nakamoto and people’s concepts of digital cash stemmed from individuals like the renowned cryptographer David Chaum, the founder of Digicash. Other cypherpunks like Tim May and Wei Dai, however, envisioned a world with untraceable digital cash and the concepts of crypto anarchy. These visionaries, who came well before Nakamoto, predicted systems that not only increased economic efficiency, but also the ability to transact across any border without censorship. Of course, individuals like Tim May forecasted that an underground electronic cash system could make big problems for the nation states. With an untraceable digital asset, it could destroy the benchmark rates of legal tender, increase tax evasion and money laundering, and disrupt the world’s money supply. If digital cash is just as convenient as today’s credit cards but also facilitates private financial transactions, it will likely continue to grow stronger. But unfortunately, it also will be attacked a lot more as well, as a true untraceable electronic cash system that’s not controlled by a single entity would be the nation states’ archnemesis. The techno-thriller “Daemon” written by novelist Daniel Suarez describes a system that is similar to decentralized cryptocurrencies like bitcoin. In the novel, an individual publishes a new type of software that creates a cyber-space fueled shadow economy. Essentially, system users are rewarded for developing “decentralized hubs” and peer-to-peer networks by leveraging the Daemon. The very same thing could happen to bitcoin and the crypto economy to where the poor, middle class and even the rich can participate in hiding money from big brother’s watchful eyes. In the novel Daemon, Suarez tells the readers about online web markets that are hidden from the general public and operatives leveraging the financial system to exchange important data. 12 years before Daemon was published, the cypherpunk Eric Hughes also envisioned “anonymous systems.” “We the Cypherpunks are dedicated to building anonymous systems,” Hughes wrote in 1993. “We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money,” he added. Hughe’s continued: Cypherpunks write code. We know that someone has to write software to defend privacy, and since we can’t get privacy unless we all do, we’re going to write it. We publish our code so that our fellow Cypherpunks may practice and play with it. Our code is free for all to use, worldwide. We don’t much care if you don’t approve of the software we write. We know that software can’t be destroyed and that a widely dispersed system can’t be shut down. Read Satoshi Nakamoto’s Bitcoin White Paper Here. Shadow Market Money Could Be the ‘Ultimate Expression of Intentionality’ Of course, a number of people begging governments to approve cryptocurrencies like bitcoin and who hope the status quo adopts a strong digital currency, really don’t want the shadow market associated with the technology. Despite what they think, crypto transactions are still being used to skip taxes today and pay for things on the darknet. For instance, a report published in 2018 finds that illegal activity stemming from BTC transactions accounted for 44% of all transactions. It’s quite possible that bitcoin and cryptocurrencies won’t serve the white markets and traditional bankers and a slew of bitcoiners will be fine with that type of result. In 2015, the founder of Defense Distributed (DD), Cody Wilson told me in an interview how he would probably celebrate bitcoin being driven underground. “Without a big expression of intentionality to what is considered not the polite things to do with bitcoin — specifically money laundering, specifically private access to your coin, holding your own keys,” Cody stressed during our interview. “Without projects that express these principles, you have nothing of what you want with a revolution. This leaves me to proclaim that most people involved with bitcoin were not serious about that in the first place.” What do you think about a shadow economy hyperbitcoinization event? Let us know in the comments section below. The post Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy appeared first on Bitcoin News. View the full article

One of the most bullish charts for predicting the price of bitcoin is the infamous stock-to-flow (S2F) model. The S2F analysis shows the price of BTC could reach $55,000 in the near future. One advocate of the S2F model, the Twitter account known as ‘Plan B,’ wrote a report about the subject and the article was extremely popular and translated into multiple languages. However, skeptics believe the S2F model is faulty and it’s most prominent supporter has said S2F is not entirely accurate, but “an order of magnitude right.” Also read: Evidence Shows Politicians and Wall Street CEOs Expected the Market Crash Well Before Covid-19 Can We Measure Bitcoin’s Value with Scarcity? Stock-to-Flow Model Suggests Its Possible There have been hundreds of bitcoin price predictions over the last decade, but most of them stem from people pulling numbers out of thin air. Even when a myriad of analysts and crypto luminaries pick digital currency prices out of a hat and get it wrong, no one really cares. Although, there are a few models and charting techniques that many strategists and traders wholeheartedly believe in, like the signals from Bollinger Bands and Elliott Wave Theory. The analyst known as Plan B (@100trillionusd) has popularized the stock-to-flow (S2F) model, which measures the price of BTC using the number of coins in circulation and the flow or issuance rate. Plan B’s editorial called “Modeling Bitcoin’s Value with Scarcity” has gone viral and has been translated into a variety of different languages. Precious metals have been measured with stock-to-flow models for years. Plan B’s popular post called “Modeling Bitcoin’s Value with Scarcity” shows how BTC is the first scarce digital object known to man. Essentially, S2F divides abundance with demand by treating BTC like commodities such as gold or platinum. So any analyst can use the model to evaluate the current BTC in circulation against the number of coins mined during a specific year. The bitcoin halvings, the period of time when the block rewards are cut in half, play a crucial role in the S2F model. Because the halvings make it harder for miners to stock crypto inventory the division of this rate by the value of measured abundance. Bitcoiners didn’t make the S2F model as it’s been used for quite some time with gold, the commodity with the most S2F ratio. In Plan B’s research article, he notes that bitcoin is the “first scarce digital object the world has ever seen [and] it is scarce like silver & gold, and can be sent over the internet, radio, satellite etc.” The first stock-to-flow (S2F) chart that can be found in Plan B’s analysis “Modeling Bitcoin’s Value with Scarcity.” “I calculated bitcoin’s monthly SF and value from Dec. 2009 to Feb. 2019 (111 data points in total),” Plan B wrote in his report. “Number of blocks per month can be directly queried from the bitcoin blockchain with Python/RPC/bitcoind. Actual number of blocks differs quite a bit from the theoretical number because blocks are not produced exactly every 10 minutes (e.g. in the first year 2009 there were significantly less blocks). With the number of blocks per month and known block subsidy, you can calculate flow and stock.” Plan B further states: I corrected for lost coins by arbitrarily disregarding the first million coins (7 months) in the SF calculation. More accurate adjusting for lost coins will be a subject for future research. Plan B’s S2F Model Predicts Bitcoin’s Price Will Touch $55K – Skeptics Say S2F Model Surrenders People to Beliefs of the Crowd Plan B’s report concludes that the “[S2F model predicts a bitcoin market value of $1 [trillion] after next halving in May 2020, which translates in a bitcoin price of $55,000.” However, not everyone thinks the S2F model is accurate and a number of skeptics have attempted to invalidate the S2F concept in relation to bitcoin’s price. Crypto Twitter and digital currency forums are filled with S2F skeptics who think the model is pure hopium and silly. A recent report published on April 1, by the Seattle-based crypto hedge fund called “Lost in Space – Bitcoin and the Halving,” describes why SF2 econometric models are too simplistic. The firm Strix Leviathan details halving theories and stock-to-flow models could be false narratives as the report underlines that people should “not [exert] blind faith in one specific outcome.” “Doing so leaves one’s investment subject to the whims and beliefs of the crowd while surrendering returns to the randomness of luck,” wrote Strix Leviathan portfolio manager Nico Cordeiro. Despite the covid-19 effects on the global economy, BTC prices were initially affected on March 12 (the price dipped to $3,800 per coin) otherwise known as ‘Black Thursday,’ but prices have since risen back above the $7K zone. On April 5, Plan B tweeted a quote from the 19th-century British logician, Carveth Read, which admits predictions are not always correct all the time. The tweet said “‘It’s better to be approximately right than exactly wrong’ – Carveth Read. [The] S2F model is not dead accurate, but an order of magnitude right.” The analyst’s S2F model for bitcoin has been criticized on numerous occasions and especially after the coronavirus shocked the world’s financial system. Despite the skeptics, a slew of bitcoiners wholeheartedly have faith in the S2F model and ‘stacking sats.’ ‘Stock-to-Flow Does Have a Significant Influence on USD Price of Bitcoin,’ Says Report Still, numerous people believe the S2F model might not exactly accurate, but pretty damn close. Another report published on March 27 tries to invalidate the statistics behind the S2F model, but the report rejects the theories that S2F doesn’t have an important role. “Whilst many tests have been able to be shown to be incorrect or have series errors, we have been able to reject the hypothesis that stock-to-flow does not have an important non-spurious influence on the US dollar price of Bitcoin,” explains the analysis called “Stock-to-Flow Influences on Bitcoin Price.” #Bitcoin #s2f coefficient from ARDL info gives us a more conservative range than the OLS or VECMs. pic.twitter.com/SZlMuhWvhK — Nick☣ (@btconometrics) April 3, 2020 “The bounds test for a level relationship in the ARDL model provides very robust evidence to reject the null hypothesis and conclude that stock-to-flow does have a significant influence on the U.S. dollar price of bitcoin,” the report concludes. Plan B’s latest S2F chart published on Twitter on April 1, 2020. Despite some criticism from crypto Twitter and other researchers, Plan B still seems confident in his model. “So BTC has been oscillating around S2F value of $7,000 for 2.5 years now,” Plan B tweeted. “Just like before 2016 halving ($300) and before 2012 halving ($6). Excited to see if we are going to add another zero after the halving in May,” Plan B remarked. The researcher also stressed a few days earlier on April 1: Both bitcoin S2F cross-asset model (based on gold, silver etc) and S2F time series model (historical price path) point to $1 [trillion]+ BTC market cap in 2020-2024 (red circle, where orange and blue line overlap). $1 [trillion]+ market cap translates into $55K+ BTC price. What do you think about the controversial S2F model? Let us know in the comments below. The post Blind Faith in S2F Models: Analysts Question Measuring Bitcoin’s Price With Stock-to-Flow appeared first on Bitcoin News. View the full article

Since the coronavirus started spreading in the U.S., two banks have failed and were shut down by state banking authorities. One was a bank in West Virginia and the other was in the state of Nebraska. The governor of West Virginia has already issued a stay-at-home order due to rising covid-19 cases. Also read: IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed Banks Failing During Pandemic The latest bank to fail in the U.S. was a small bank in West Virginia called “The First State Bank.” It was closed on Friday by the state’s Division of Financial Institutions, according to the Federal Deposit Insurance Corporation (FDIC), an independent agency of the U.S. government that aims to protect the funds depositors place in banks and savings associations. The agency explained: The First State Bank has experienced longstanding capital and asset quality issues, operating with financial difficulties since 2015. The bank’s December 31, 2019 financial reports indicated capital levels were too low to allow continued operations under federal and state law. The Federal Deposit Insurance Corporation (FDIC) announced on Friday that a small bank in West Virginia has failed and has been shut down by the state’s banking regulator. Its deposits and customers have been transferred to another bank. The FDIC subsequently entered into a purchase and assumption agreement with another bank in the state, MVB Bank of Fairmont, to assume all of the deposits of the failed bank. Depositors of The First State Bank automatically became depositors of MVB Bank. As of Dec. 31, 2019, The First State Bank had approximately $152.4 million in total assets and $139.5 million in total deposits. The four branches of The First State Bank have reopened as branches of MVB Bank. The agency emphasized that it “strongly encourages bank customers to follow Centers for Disease Control and Prevention guidance on social distancing and utilize online and electronic banking capabilities. In keeping with West Virginia Governor Jim Justice’s Stay-at-Home Order, customers should visit a bank branch only if an in-person visit is essential and only after making an appointment.” Following the FDIC’s announcement, some people voiced their concerns on social media that more banks will fail due to the pandemic. However, the agency insisted that the failure of The First State Bank was not due to the coronavirus outbreak. Since the first reported covid-19 case in the U.S., two banks have failed and were shut down by state banking authorities: one in West Virginia and one in Nebraska. The FDIC has insisted that the failure was not related to the pandemic that has swept through the states. First Bank to Fail Since Coronavirus Began Spreading in the US The first covid-19 case in the U.S. was confirmed on Jan. 21, and the first bank in the country to fail after that was Ericson State Bank in Nebraska. The bank, which had only one branch, was closed down by the state’s Department of Banking and Finance on Feb. 14. The FDIC subsequently entered into a purchase and assumption agreement with Farmers and Merchants Bank in Milford, Nebraska, to assume all of the deposits of the failed bank. As of Dec. 31, 2019, Ericson State Bank had approximately $100.9 million in total assets and $95.2 million in total deposits. Prior to The First State Bank and Ericson State Bank, four U.S. banks failed in 2019, none of which were in the first four months of the year. No banks failed in 2018, according to the FDIC. Do you think more banks will fail this year? Let us know in the comments section below. The post 2 American Banks Have Failed Since Coronavirus Started Spreading in the US appeared first on Bitcoin News. View the full article

The move follows a similar listing on the KuCoin exchange and will drive further usage of cryptocurrencies as the innovative Sensorium Galaxy platform is set to attract millions of users worldwide. Los Angeles, 06 April, 2020: Sensorium Corporation has listed its digital currency Senso Token on HitBTC one of the oldest and most advanced cryptocurrency platforms operating today. The move follows a recent listing of Senso Token on the KuCoin cryptocurrency platform and signals Sensorium’s intention to expand its operations and enable users to engage deeply with Sensorium Galaxy, the unique and industry leading 3D social virtual reality platform. HiBTC is one of the world’s top 10 and most popular cryptocurrency exchanges. Users can use the token to make Sensorium Galaxy gaming-related purchases and exchange content. Third party developers can use it to create unique in-location environments and customised events for the 3D virtual environment. Supported trading pair includes SENSO / USDT. Brian Kean, Chief Communication Officer, Sensorium Corporation said: “This listing on HitBTC reflects our ambitious growth plans. We are in negotiations with world-leading artists and venues to create 3D social experiences unique to Sensorium Galaxy and as such as the platform develops we are anticipating millions of users worldwide. The HitBTC listing will provide these users with the means to buy and sell within the games. It also follows a recent listing on the KuCoin cryptocurrency exchange both of which reflect our strong commitment to and ardent belief in the significant future of cryptocurrencies.” The Senso Token has been developed on the Ethereum network, the global decentralized platform for digital currencies and meets the ERC20 standard, the de facto technical standard for token implementation on the Ethereum blockchain. Peter Swen, HitBTC, Marketing team said: “As a company fully committed to the advancement and growth of financial technology we are pleased to integrate the Senso Token into our platform. The inroads that the Sensorium Corporation is making into the digital gaming space are significant and as our industry expands we look forward to working with the Sensorium team.” Sensorium Galaxy brings a new form of entertainment and social engagement to the world by providing multi-user access to 3D virtual entertainment worlds. For instance, users will be able to visit unique concerts and events with friends, attend in real-time, create their own avatars, buy content and interact with their friends and other attendees at the event, all within a 3D world. HitBTC is a crypto exchange that has over 800 trading pairs. The platform was created in 2013, and provides exchange, custodial and other related services. The UI was developed to meet the needs of the most demanding and sophisticated traders. User security is reportedly secure via stringent security procedures, including cold storage and encryption technology. HitBTC also offers 2-factor authentication and various whitelists. The platform has an LD4 Data Center in London, which has reportedly decreased its data-access latency while expanding the platform’s technical capabilities. About Sensorium Galaxy Sensorium Corporation, together with Redpill VR, is currently developing the Sensorium Galaxy social virtual reality platform which enables the seamless broadcast of synchronized virtual reality content to users all around the globe. This platform signals a radical change in the way users can experience virtual reality, moving beyond its previously solitary nature. Sensorium Galaxy enables users to interact with each other as events are either live-streamed or accessed from a library. Sensorium Galaxy also signals an evolution of social networks, with users not confined to one-dimensional platforms, but able to engage and interact with friends and other users in a virtual environment. Sensorium Galaxy will be comprised of themed planets that present users with different options for social interaction. About Sensorium Corporation Sensorium Corporation is a technology company that creates digital simulations of real-world venues and virtual worlds in cooperation with its content partners – globally recognized concert venues, clubs and festivals. Investment in the project to date is approximately $70 million, and it has come from a group of EU companies in both the gaming and entertainment industries. For more information, visit sensoriumxr.com About HitBTC HitBTC is a crypto exchange that has over 800 trading pairs. The platform was created in 2013, and provides exchange, custodial and other related services. HitBTC offers a range of APIs such as REST, WebSocket, FIX API. The UI was developed to meet the needs of the most demanding and sophisticated traders. Users can take advantage of rebates and competitive trading fees via the Trading Fee Tier system. Contact Email Address ikonnikova@vincipr.com Supporting Link https://sensoriumxr.com/ This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Sensorium’s Senso Token Lists on the Top Ten HitBTC Cryptocurrency Exchange appeared first on Bitcoin News. View the full article