Tag: CryptoCurrency

BEARS ARE WRONG: Why miners are banking on a huge Bitcoin price rise

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This Week in Cryptos: Binance to Support Dogecoin while Cuba Looks towards Cryptos

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Bitcoin Holds Above $11,300, Top Cryptocurrencies See Mixed Results as Market Reacts to Lagarde Appointment

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US Senate Confirms New CFTC Chair to Succeed ‘Crypto Dad’ Giancarlo – CoinDesk

The CFTC tapped Heath Tarbert as incoming chairman of the Commodity Futures Trading Commission (CFTC), replacing current chairman and “Crypto Dad” J. Christopher Giancarlo. The announcement was made yesterday during a Senate confirmation hearing.

The CFTC is tasked with regulating derivatives, digital assets, and over-the-counter trades. The regulatory authority has taken a light-handed approach towards the cryptocurrency industry under outgoing chair Giancarlo.

“During my time of service, it has been a priority to transform the CFTC into a 21st Century regulator for today’s digital markets. With Dr. Tarbert’s confirmation, I know the agency is in safe hands to continue this transition,” said Giancarlo in a statement regarding the succession.

Prior to this designation, Tarbert served a short stint as Acting Under Secretary for International Affairs, beginning April 16, 2019. Before that Tarbert served as Assistant Secretary for International Markets for two years, to which he was confirmed by a vote of 87-8, showing a high degree of bipartisan support.

Politico previously reported Tarbert would likely succeed Giancarlo as chief derivatives regulator.

Tarbert is a member of the Financial Stability Board, the international body established after the financial crisis to monitor global markets, and serves on its steering committee, according to his Treasury Department biography.

Giancarlo has committed to stay on as chairman until July 15, 2019, as Tarbert completes his current Treasury obligations.

J. Christopher Giancarlo image via CoinDesk archives

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source: US Senate Confirms New CFTC Chair to Succeed ‘Crypto Dad’ Giancarlo – CoinDesk

SEC sues Kik for non-compliant securities sale in its $100 million ICO

The U.S. Securities and Exchange Commission (SEC) is alleging Kik Interactive Inc. sold millions of dollars worth of unregistered securities as part of its $100 million initial coin offering. The SEC announced a lawsuit against the company today, seeking a permanent injunction, a penalty, and disgorgement with interest. 

Kik has responded in a statement, saying it expected the suit for some time and looks forward to the fight for the future of crypto.

The SEC complaint indicates Kik turned to a new type of business financed by the sale of one trillion digital tokens after it lost money on its primary product, an online messaging application. The company made the sale out of concerns it would run out of funds during 2017, the filing alleged. 

In its suit, the SEC described the floundering state of Kik’s messenger business, which it says “has never been profitable.” The agency said the ICO was viewed as a “hail Mary pass” by one of its board members to breathe new life into the business by raising new capital.

The SEC also alleges that in the securities sale, Kik marketed its “Kin” token as an investment, claiming a rising demand would drive up the value of its token and that Kik itself would work to drive up the demand by including the token on its messaging platform, among other incentives. According to the suit, Kik emphasized only a finite number of tokens would be created and rising demand for the tokens would cause their value to appreciate.

The SEC also claimed that Kik “assured” potential buyers of the token that they would be able to trade Kin on secondary trading platforms and described it as “an opportunity for both Kik and early Kin investors to ‘make a ton of money.’”

Because the Kin offering allegedly promised securities transactions, claiming the token would trade on secondary markets and yield a profit for both the company and holders, the SEC claims Kik was bound by securities laws.

“Kik told investors they could expect profits from its effort to create a digital ecosystem,” said Robert A. Cohen, Chief of the Enforcement Division’s Cyber Unit in a statement. “Future profits based on the efforts of others is a hallmark of a securities offering that must comply with the federal securities laws.”

Eileen Lyon, Kik’s General Counsel argued that discussing a potential increase in the value of an asset is not necessarily equivalent to promising profits from the efforts of another, a standard of the Howey Test, which discerns if an asset is a security and therefore bound by security laws. Lyon said the SEC’s assumptions stretch the Howey test too far, and Kik does not think it will hold up in court.

However, the SEC also alleges that at the time of the sale, the infrastructure did not exist and there was nothing to purchase using the token. Since then, the token has allegedly traded at half the value public investors paid in the initial offering.

Bither Platform The User Friendly Bitherium Faucet With All Blockchain Features

The architecture of Bither is designed to minimize the computational resources required for safeguarding the network, by doing so, a portion of the computing power, by the miners’ choice and in a democratic way can be driven towards scientific projects that are in need of computing power to process big data.

In this way, Bither provides PoW consensus mechanism with a more efficient framework. One of the Bither’s features is the merged mining, this is a powerful incentive to draw more miners to Bither’s network. Miners would be able to mine all customized tokens located on the second layer, not just the main coin (BTR).

Bither Platform benefits from a more efficient, flexible, modular-based and user-friendly set of features that even currently-existing blockchains with a second layer solution do not. As an example, in Bither, users can add a third layer to their network located in the second layer. Such a feature makes them able to define multiple tokens and make their project better structured.

To conclude, the Bither platform while providing all the features of current blockchains such as protecting the network with PoW, tokenization and smart contracts, it aims to push blockchain technology one step further in order to have a place in a green and eco-friendly future and to be a great help for science to afford to process big data. Besides these, Bither has brought many innovations to make its platform more efficient and user-friendly.

Source: https://panel.bither.one

Bank of England: Cryptoassets Still ‘Too Volatile,’ Not a Good Store of Value By Omar Faridi

David Ramsden, the Deputy Governor of Markets and Banking at the Bank of England (BoE), has argued that cryptocurrencies are “too volatile” to be considered a reliable store-of-value (SoV).

In a brief interview with CNBC on April 30th, 2019, Ramsden said that BoE’s officials have been keeping track of the “emerging developments and then thinking about what they mean” or how they’re relevant to our current economic system.

The Deputy Governor noted that “just over a year ago, the financial policy committee looked at cryptoassets in some detail” – as “supported by” and within the context of the latest developments in FinTech and modern banking services. He confirmed that England’s central bank still believes blockchain-based digital assets are highly volatile, based on their recent price movements.

Cryptoassets Not An Effective SoV Or MoE

Cryptoassets are also not a reliable medium-of-exchange (MoE) because the “cost of transactions” remains quite high, Ramsden claims. Because of these issues, the BoE’s management thinks cryptocurrencies don’t satisfy the basic “principles of being a currency.”

Ramsden also pointed out that “this is why” the BoE considers them to be cryptoassets, and not cryptocurrencies. Ramsden further noted that cryptoassets “did not pose a risk” to the overall stability of the much larger traditional financial system. This, as the current market capitalization of the crypto market, which presently stands at over $174 billion, is relatively small compared to the multi-trillion dollar global financial market.

BoE Continues To Monitor Crypto Markets

Despite not being able to negatively affect the traditional financial system, Ramsden said that the BoE continues to monitor cryptoassets. He revealed that the UK’s Treasury Department, the Financial Conduct Authority (FCA), and the Cryptoassets Task Force carefully examined the crypto industry.

According to the regulators, cryptoassets that “fall within” the current regulatory framework must comply with the European nation’s existing financial policies. However, Ramsden said that UK’s financial regulators “also had to be very mindful of [digital] assets and exchanges that [may be operating] in or outside” the UK’s regulatory guidelines.

“Very Positive” About DLT

Ramsden added that the BoE and other regulatory bodies in the UK “remained very vigilant about cryptoassets.” He continued to note that the BoE is “very positive” about the distributed ledger technology (DLT) that “underlies” cryptoassets. He also noted that part of his role “in embracing FinTech across the BoE” involves looking closely at the potential benefits of blockchain tech.

He also mentioned:

We are looking at the potential of DLT … for example, in the payments space, we’re making sure that our real-time gross settlement system can interface and be interoperable with blockchain/DLT technology.

Source: CryptoGlobe

Armin Hamidian : Helping To Build Our Center Against Crypto Scams

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Bitcoin Cash Price Surpasses $250 Following Monster Bullish Run

Bitcoin Cash Price Surpasses $250 Following Monster Bullish Run: A 39.8% push in USD value brings the current Bitcoin Cash price to $252.96. There is also a 32.3% rise in BCH/BTC, which elevates the ratio to 0.05115 Bitcoin…

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