Tag: Bitcoin

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Vitalik Buterin, co-founder of Ethereum (ETH), “Tweetstorms” About Blockchain

It might be only natural for human beings to currently view the cryptocurrency markets from a financial standpoint, and that could be the reason that most headlines involving cryptocurrency tend to revolve around the price of Bitcoin. This might be natural, given the fact that the digital asset was able to rise in value from under a dollar to over $19,000 in less than a decade. However, Vitalik Buterin, the co-founder of Ethereum, went on a “tweetstorm” about the “non-financial applications of blockchain”, pointing out that “this will become a bigger and bigger part of the story.”

 

Buterin then described the fact that blockchain technology could be used to ensure the validity of university degrees. He has noticed that there is more use of this, and he is correct: there are countries around the world that are currently using blockchain technology in order to verify degrees of all kinds. Most recently, Malaysia announced, through the Ministry of Education, that degrees would be verified on the NEM blockchain. The Bahamas also established a similar system earlier this year.

 

Of course, this might not have a financial implication – but it does have a societal purpose. It ensures the security of degrees. This is especially important considering that “content mills” that produce fake degrees have become a recent problem, and the UK is a recent example of this issue growing in importance.

Buterin did not stop there, as it is clear that he wanted to elaborate on some other ways blockchain technology could offer innovation. He also pointed out that blockchain offered “permanence”. This was important in the sense that authorities could potentially alter information in the future, but no matter what, a blockchain is immutable. He tweeted:

This is particularly notable in that if a government attempted to censor information – before blockchain technology, servers would be able to be shut down. Before the Internet existed, documents could be seized and destroyed. Blockchain technology does, in this sense, offer a “permanence” that previously did not exist – as it does not require a “device” to be functioning, or a server to be up.

 

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Coinbase Expands WeGift Partnership

There is little doubt that Coinbase is one of the most important companies in the cryptocurrency sector, and has made strategic acquisitions in the space for some time now. In fact, the startup is now reportedly worth $8 billion. It’s also one of the most recognizable names in the sector.

During the cryptocurrency bull run of late 2017, the company became the most downloaded Iphone app in the United States, as well. The company also had the distinction of being subtly referenhttps://bitsonline.com/coinbase-featured-silicon-valley/ced in the intro to the HBO hit show Silicon Valley, that satirizes the startup culture in the United States.

Holiday Announcements

Coinbase also apparently has some important announcements lined up. It has described these series of announcements as “12 Days of Coinbase” and states that the announcements will be related to “new features, support for new cryptocurrencies, and more.”

This is an obvious reference to the historic Christmas carol, “The 12 Days of Christmas”. Coinbase has described the announcements as a “holiday thank you” to its users.

The Gift Of Crypto

The first announcement is that E-gift cards are available through WeGift. This program was previously announced in the UK and EU only, but is now available internationally. Users simply visit WeGift, link their Coinbase wallet, and can use their cryptocurrency to purchase gift cards for their family and friends during the holiday season.

There are even certain vendors that are offering savings in conjunction with the announcement, and customers that are purchasing E gift-cards will be charged no withdrawal fees.

Any user interested simply has to visit https://wegift.io/coinbase. Some of the companies involved include the ridesharing service Uber, the pizza chain Domino’s, and athletic wear companies such as Nike and Adidas, as well.

This is the first announcement from the “12 Days of Coinbase”, which will continue through December 21st.

 

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U.K. MP Thinks Taxes Should Be Able To Be Paid Through Bitcoin (BTC)

All over the world, there are influential politicians that are arguing about cryptocurrency regulation and how it should be executed. There are those that praise blockchain technology and believe that regulation should spur innovation, and there are other politicians that believe that the sector is rampant with fraud, and that regulation should be postponed until the sector is more understood.

The U.K. is no exception, and for some time now, there are lawmakers that have argued that some kind of cryptocurrency regulation is necessary, because the sector is a “Wild West”. Nicky Morgan, a British conservative and current member of Parliament (MP), stated: “Bitcoin and other crypto-assets exist in the Wild West industry of crypto-assets. This unregulated industry leaves investors facing numerous risks.”

It appears as though another MP has an opinion regarding Bitcoin, but it doesn’t have to do with regulation; it has to do with taxes. Eddie Hughes has described himself as a “crypto enthusiast with amateur knowledge”, and believes that members of the UK government have a “duty” to learn about and understand blockchain. He stated about Bitcoin: “It feels like it gets talked about a lot, where you go in the UK.”

He also pointed out that he had just met with an organization with the RNLI, which accepts Bitcoin. He is referring to the Royal National Lifeboat Institution, which began accepting Bitcoin in donation form in 2014, before many other organizations were even considering Bitcoin as an option.

The charity is a rescue service that is dedicating to saving the lives of those at sea. The organization has actually saved over 140,000 lives since it was founded in 1824. It has the distinction of being the first major charity that accepted Bitcoin as a donation, and still does, at rnli.org/bitcoin.

He stated: “Only recently I met with the RNLI which is now accepting charitable donations through cryptocurrency – if we can do that, what’s to stop us being able to pay council tax and other bills with bitcoin?”

Ohio recently made waves around the world with regards to cryptocurrency, as it now officially allows Bitcoin to be used to pay for tax bills.

Hughes elaborated that the UK’s decision to innovate has to be made soon: “You’re either ahead of the curve or you’re behind the curve, and our country is in an interesting position right now – we need to be seen as a progressive country.

“We are at a crossroads and we’re about to determine our future – one in which taking the lead in this field could prove very beneficial.”

 

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India Crypto Regulation Report Officially Submitted

Asia appears to be quite conflicted when it comes to cryptocurrency markets, with some countries, such as China, outright banning initial coin offerings (ICOs), while South Korea appears to be going out of their way to encourage innovation. For example, the country recently committed $100 million into developing Seoul as a potential hub for blockchain technology. However, one country that seems to be unsure as to how it plans to regulate cryptocurrency is India, the second-most populous country in the world, and the sixth-largest economy in the world.

About The Panel

A finance ministry panel was set up over a year ago in November 2017 to discuss the issue, and it appears as though they may have finally have made some decisions. Of course, in April 2018, the global cryptocurrency community felt as though India had stifled any type of cryptocurrency-related innovation as the Reserve Bank of India called on lenders of any cryptocurrency-related companies to sever their relationships in April 2018.

The panel was created to draft the regulations for virtual currencies in the Indian subcontinent. It is also headed by Subash Chandra Garg, the Economics Affairs Secretary for India. The government put out an official statement regarding the panel that indicated that a clear regulatory framework would soon be drafted: “Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month.”

Unknown Contents

The report has been submitted – although no one knows the actual contents of the report. One of the most well-known cryptocurrency proponents in the region is Nischal Shetty, the CEO of cryptocurrency exchange Wazirx. He did not seem too enthusiastic about the prospect of a clear regulatory framework, stating: “Several times we’ve heard such stuff in the news before. Until we get to see the report I would not suggest anyone to jump to conclusions.”

There is reason for those to be skeptical. The entire global cryptocurrency community was surprised when Indian authorities arrested founders of a cryptocurrency startup, Unocoin, over non-functional ATMs, which many considered an excessive move.

In addition, should India decide to ban cryptocurrency, they might not even be successful. There are reports that the cryptocurrency ban in China is being circumvented. This is not entirely surprising, considering VPN technology could certainly help – and have been helping – investors truly engage in the cryptocurrency markets, even if they reside in a country where cryptocurrency is banned.

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CEO of SingularityNet Interviewed By Joe Rogan, Discusses Bitcoin (BTC) and Ethereum (ETH)

Dr. Ben Goertzel appeared on Joe Rogan to speak on a range of topics, including artificial intelligence, cryptocurrency, blockchain technology, and technology in general. For those who are unaware, Dr. Goertzel is the founder and CEO of SingularityNET, a blockchain-based AI marketplace. Joe Rogan hosts one of the most popular podcasts in the world, which allowed for a unique opportunity for an influential member of the cryptocurrency community to bring some exposure to blockchain technology and cryptocurrency markets. The interview between the two was live streamed on December 4, 2018, and already has accumulated over 900,000 views.

Topics Of Discussion

Goertzel spoke of the need for “new systems” with regards to technology. He pointed out that traditionally, governments have funded innovation for decades, and then the free markets have been responsible for bringing products to market, scaling accordingly, and reducing costs. He stated that the world is now changing, and that this “idea incubation” system isn’t conducive to modern innovation. He pointed out that cryptocurrency projects are currently trying to figure out how to use tokens to “incentivize independent scientists and inventors to do new stuff without them having to be at a government research lab or a big company.”

Goertzel is a global leader in the artificial intelligence space, and has written over 100 books on the subject, and has spent decades applying artificial intelligence to all sorts of sectors, including robotics, video games, national security, and more. He was featured prominently in various documentaries, one of which is entitled Singularity Or Bust, and is available on Youtube:

Goertzel spoke on how the “military” and “large corporation” modes of organization” will not ultimately be the most beneficial to society. He praised the idea of “open-source” organization, and praised the “better aspects” of the “blockchain and crypto” communities. He stated that a decentralized form of organization, with the right resources, could accomplish much more than a centralized authority.

Breaking Down Basic Concepts 

He broke down the idea of a distributed ledger to Rogan, as well. He gave the example of how blockchain technology could be used to vote in elections, to which Rogan replied: “What’s ironic about it is that it’s probably one of the best ways ever conceived to vote in this country.” Goertzel also explained Ethereum to Rogan, who apparently was not quite aware of the term at all. Rogan stated, “That’s how out of the loop I am.”

Goertzel pointed out that cryptocurrency projects and the financial reward associated with ICOs is only a tiny aspect of blockchain technology and its potential. He spoke about decentralized voting mechanisms, supply chains, E-commerce, and stated: “In essence, just like computers and the Internet started with a certain small set of applications, and then pervaded into almost everything, right? It’s the same way with blockchain technology. It started with digital money, but the core technology is going to pervade almost everything, because there is almost no domain of human pursuit that couldn’t use security…some sort of participatory decision-making, and then distributed storage of information…these things are also valuable for AI, which is how I got into it in the first place.

 

You can find the interview below:

 

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Morgan Creek Digital Betting Big On Bitcoin (BTC)

Bitcoin has dropped by over 80% in 2018, and the cryptocurrency markets have lost hundreds of billions in market capitalization. The bearish sentiment is clear – however, many in the cryptocurrency community view this phase as simply the calm before the next big cryptocurrency bull run.

Morgan Creek Digital certainly appears to be bullish. The crypto management firm is meant for institutional investors, and is putting a twist on a wager made by Warren Buffett. For those that don’t remember, Buffett famously bet that an index fund would outperform hedge funds in ten years. He made the bet in 2007, and was proven right in 2017.

Morgan Creek Digital offers a crypto index in partnership with Bitwise Asset Management. For some context, the index is 77.4% Bitcoin, 11.1% Ethereum, and the rest involves altcoins. The firm is betting that the index will beat out the S&P Index over the next 10 years, and is willing to put up $1 million for the bet. The firm has stated that the wager is funded by its “partners”.

One of the founders of Morgan Creek Digital is Anthony Pompliano, one of the most active and well-known cryptocurrency enthusiasts on Twitter. He often updates his followers on developments involving blockchain and cryptocurrency markets, and even writes a daily crypto newsletter titled “Off the Chain”. He boasts over 170,000 Twitter followers, as well.

Pompliano recently appeared on CNBC to speak on the fact that institutional investors are moving into the cryptocurrency markets, and that retail traders are getting “washed out”. About Bitcoin, he stated: “We’ve been pressing into it the whole way down. We’ve got very deep conviction in this over a long period of time.”

 

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Bitcoin Address Artwork Featured At Amsterdam’s Lights Festival

amsterdam lights festival

The Amsterdam Lights Festival is world-famous, and tourists from all around the globe flock to the city to see the beautiful architecture and canals lit up by innovative artists that choose light as their medium. This year, an interesting work of art has been on display on one of Amsterdam’s most famous streets: the Herengracht. Although some have been puzzled and confused, it would appear that the artwork is actually Bitcoin code.

Dutch artist Frederike Top is behind the artwork, which is called “Code”. Top is 37, and has been very conscious of where she placed her artwork. Specifically, the art is displayed over a former bank building. The website explains that the artist is clearly making a statement about how blockchain threatens banks, stating:

Central control is no longer needed for digital transactions as opposed to the traditional financial world. Cryptocurrency is a real threat for governments and banks as Top highlights in her installation by positioning it in front of the enormous, ‘closed’ former bank building.”

The BTC address, interestingly enough, actually includes the word “bank”. For those wondering about the purpose of the Bitcoin address – it is actually a charitable one. Those who send money to the address are donating to Huis van de Tjid, a foundation that aids elderly individuals suffering from dementia.

Amsterdam is quite Bitcoin-friendly. In fact, earlier this year, the House of Nakomoto was opened in the city, which improvises somewhat like a Bitcoin museum, and serves to inform visitors about cryptocurrency who might not be familiar with the space. It also houses a retail store that sells cryptocurrency-related products, as well. The name is an obvious reference to Satoshi Nakomoto, the anonymous inventor of Bitcoin.

Top normally works with lamps and furniture, and her artwork is often seen as “playful” and requires more interaction than many of her peers’ work. “Code” will be on display until January 20, 2019.

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BlockTower’s Bet On Bitcoin (BTC) Soon To Be Worthless

A bitcoin and poker chips

It wasn’t long ago when the cryptocurrency community was celebrating a historic 2017 cryptocurrency bull run, as Bitcoin ran from $900 to over $19,000 within the same year. When Bitcoin was breaking the $15,000 level, many cryptocurrency figures believed that Bitcoin would go parabolic, break the $20,000 level, and continue on to reach milestones such as the $50,000 and $100,000 levels. Of course, that didn’t happen, and Bitcoin currently trades at a price under $3500.

Blocktower Capital is a cryptoasset firm based in Stamford, Connecticut, and has raised a significant amount of money since its inception in August 2017. Specifically, they raised $140 million by two of the most well-known venture capital firms in the United States, Andreessen Horowitz and Union Square Ventures.

Ari Paul, a cryptocurrency fund manager at Blocktower Capital, purchased the biggest-ever bet on Bitcoin just a few days after Bitcoin saw its all-time-high in late 2017. The call options have a strike price of $50,000 and expires on December 28, 2018. Considering that Bitcoin is currently trading at nowhere close to $50,000, the contracts will soon be essentially worthless, unless the digital currency somehow finds a way to increase by over 1,000 percent in several weeks.

Many have pointed out that Paul would be losing a tremendous amount of money on the trade. However, Paul has stated on CNBC that these calls “let me capture upside while reducing my downside risk.” In addition, Paul has claimed on Twitter that he has made money on the trade on Twitter, despite many skeptics who do not believe that this is the case.

Blocktower Capital did not comment. The calls were purchased on LedgerX’s platform for almost $1 million.

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Bitcoin SubReddit Hits 1 Million Subscribers

1 million

One might think that the discussion around cryptocurrency markets would quiet because of how bearish 2018 has been on cryptocurrency markets, but we have seen that the community is more alive than ever, thanks to the fact that certain projects such as Stellar and Ripple have made significant partnerships in the space. For example, Stellar has teamed up with tech giant IBM, and Ripple has partnered with banks from all around the world, from U.S. bank PNC to Malaysian banking group CIMB.

In further proof that the cryptocurrency community has refused to let 2018 hinder their expansion, the official Bitcoin subreddit has officially hit 1 million subscribers. The subreddit is now the 121st most popular community on the website.

bitcoin reddit

Reddit remains one of the most popular websites in the world, and it is ranked #18 globally in terms of visitors. The company is now valued in the billions, and has recently caught up with Twitter in terms of users, boasting over 300 million monthly active users. The website serves several functions, and is described most commonly as a “social news aggregator”, although it also is a discussion website, as well.

The subreddit more than doubled since last year. In November 2017, the subreddit had only 400,000 users – meaning that the subreddit gained 600,000 users in the past year alone. The second most popular subreddit is r/cryptocurrency, which is creeping up on 800,000 subscribers.

The subreddit does have several rules with regards to discussion. The first three rules include “no malicious content”, “no trolling”, and “no begging”. Other rules include “The primary topic is Bitcoin”, and “Do not promote altcoins”.

Bitcoin currently is currently sitting – as of press time – at a price of $3890.70, with a market capitalization of over $67 billion dollars.

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Civic CEO Still Bearish On Bitcoin (BTC)

bitcoin bear concept

There are various figures in the financial world who have changed their opinion on Bitcoin and its price, and the cryptocurrency markets in general. For example, Mark Yusko recently admitted that he was overly optimistic regarding Bitcoin this year, even though he remains a long-term bull. Tom Lee, widely considered to be a permabull, has stuck to his prediction of Bitcoin price hitting $15,000 before the year’s end, despite the fact that the price currently sits at just below $4200, as of press time.

There are some in the cryptocurrency community that feel as though these predictions do not bring “smart money” in whatsoever, but simply appeal to greed rather than deal with logic. This is why many respect Vinny Lingham, who is famous for being able to predict Bitcoin’s adjustments in price over the years to a remarkably specific degree. As a result, he has gained the nickname “the Oracle of Bitcoin”.

While many are still offering optimistic and bullish predictions about Bitcoin price, Lingham offered a different opinion on CNBC’s Fast Money. The Civic CEO said that Bitcoin would be “range bound” between three thousand and five thousand for “at least three to six months”. He did emphasize that he believed that despite the bear market cycle, he didn’t believe that Bitcoin, at least in the short-term, would break the $3,000 support level.

Vinny Lingham is the CEO and co-founder of Civic, a blockchain startup that seeks to utilize the security and transparency of blockchain technology to help with identity protection. The company already boasts an impressive list of “partners and users” – most notably, Anheuser-Busch, the world’s largest beer producer.

Often times, those who are not permanently bullish get a large amount of criticism from cryptocurrency investors. This could be evidenced by the fact that the CNBC interview actually has 94 dislikes and 93 likes, which is a much higher dislike ratio than its other videos. CNBC also apparently even disabled the comments on the video, as well.

Lingham addresses this “checkered past” with the cryptocurrency community, crediting it to a February 2017 blog post where he warned about Bitcoin price action, and the fact that it could decline significantly. He stood by his belief that Bitcoin was extremely volatile, and that it limits institutional interest.

Vinny Lingham is also well-known for being a regular on Shark Tank Africa, where aspiring entrepreneurs attempt to pitch their businesses as potential investments to various South African “shark” investors.

Mr. Lingham actually seemed to suggest that “it’s too risky at its current point” to buy, suggesting that he believes that “there will be better opportunities later on” to purchase Bitcoin.