Tag Archives: cryptocurrency

Ethereum ETH Co-Founder Predicts Blockchain Will Dominate Economy in 10 Years

Ethereum (ETH) Co-Founder Predicts Blockchain Will Dominate Economy in 10 Years

Ethereum co-founder Joseph Lubin made the prediction that blockchain will be a primary catalyst for the growth of the global economy over the next 10 to 20 years.

Speaking in a keynote at the SXSW conference in Austin on Mar. 14., Lubin claimed that he expected the global economy to grow ten times larger over the next decade or two, and fully expected blockchain to be involved in the majority of enterprise and market growth.

Lubin explained his prediction by comparing the current of blockchain and cryptocurrency to that of the internet and email in the years before it became a mainstream sensation. Speaking on the issue of mainstream adoption and the room left for blockchain to grow, Lubin said

“There weren’t a lot of ‘normal’ people firing email around in 1983.”

Ethereum’s co-founder also took the opportunity to address the advantages he sees in the development of Ethereum 2.0 over cryptocurrency market leader Bitcoin. In particular, Lubin explained that the Ethereum development team is specifically targeting the inefficiencies of Bitcoin as areas of advantage for Ethereum 2.0, presenting what he believes will be a cryptocurrency capable of overcoming the current industry hurdles,

“In Bitcoin and currently in Ethereum, you need to have specialized hardware, burn lots of electricity, waste lots of computation, to basically keep everybody in sync. [With Ethereum 2.0, in 18 months] we’ll have a blockchain system much more powerful and scalable that uses orders of magnitude less energy.”

While Ethereum is still a year and a half away from launching its anticipated major update, one that will witness a monumental switch from a Proof of Work system to Proof of Stake, the developer is already looking to how Ethereum can revolutionize the industry and improve upon its current framework.

Lubin made headlines earlier in the week for similar comments related to the benefits of blockchain, when he claimed that the decentralized technology could be of substantial benefit to content creators. Lubin singled out artists as a subgroup that would “benefit quite dramatically” from the adoption of blockchain, allowing them greater control over the distribution of their content while dictating the parameters of its consumption.

During that talk, Lubin went on to state that blockchain removed the need for middlemen in content creation and distribution, a factor that would greatly benefit the bottom line for musicians and other creative performers,

“I think artists in the music industry on average capture about 11 or 12 percent of the value in the industry and those big record companies are sucking up 70 or so percent. We can replace those record companies with smart contracts on the Ethereum platform.”

Cryptocurrency, as a whole, has seen positive price traction in 2019 after an abysmal year for coin prices in 2018. While there have been periods of price oscillation, Bitcoin reached its lowest 30-day price volatility earlier in the week since November 2018. In addition, the majority of top cryptos have experienced double digit price gains since the start of the year, with altcoins leading the market. Ethereum has managed a nice rebound in price after falling in valuation with the rest of the industry from it’s all time high established in early 2018.

Last week, analytic firm Electric Capital reported that Ethereum had the most robust monthly developer contribution, generating twice that of second-place Bitcoin.

Original article posted on Ethereum World News and written by Michael Lavere

Posted on Markethive by Jeffrey Sloe

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Will Cryptocurrencies Replace Gold?

Will Cryptocurrencies Replace Gold?

By Sunshine Profits (Arkadiusz Sieron) Mar 12, 2019 01:44PM ET


Image Copyright© by American Bullion

The World Gold Council has issued quite a few interesting papers recently. In this edition of the Gold News Monitor, we discuss the most provocative ones. Such as the money worthiness of gold compared to Bitcoin. Or the ongoing gold repatriation trend as Romania recently joined the fray. What can the precious-metals investors learn from here?

Cryptocurrencies Are No Substitute For Gold

In January, the World Gold Council (WGC) published an investment update about cryptocurrencies. The main aim of the report is to refute the claim that cryptocurrencies could replace gold. The authors do not agree, pointing out that gold differs substantially from cryptocurrencies. In particular, the yellow metal:

  • is less volatile – the dollar-denominated gold price is about 10 times less volatile than Bitcoin price;
  • has a more liquid market – Bitcoin turnover is $2 billion a day on average, which is roughly less than 1 percent of the total gold market that has turnover of around approximately $250 billion a day;
  • trades in an established regulatory framework;
  • has a well understood role in an investment portfolio;
  • has little overlap with cryptocurrencies on many sources of demand and supply;
  • has broad appeal outside the tech-savvy demographics.

All these differences explain why Bitcoin and cryptocurrencies are not a substitute for gold. In particular, the former should not be considered a safe haven. The best example is Q4 2018, when global stock markets experienced their worst quarter since 2009 – cryptocurrencies then performed as risky assets and fell, while gold rallied. Although you can also find periods when gold did not behave like a safe-haven asset, we generally agree that cryptocurrencies are not a substitute for precious metals. Bitcoin was designed to mimic gold, but it still has to prove its moneyness, while gold has a proven few-thousand year history as a monetary asset.

Gold Demand Trends In 2018

On the last day of January, the WGC published its summary of the gold market for 2018. From the market's perspective, the developments of last year belong to the days of yore, so we will not analyze the whole market. However, we would like to point your attention to one important trend: central banks added 651.5 tons to their gold reserves in 2018, the second highest yearly total on record. And net purchases jumped to their highest level since the end of gold standard in 1971, as more central banks turned to gold as a portfolio diversifier.

Importantly, the rise in official purchases was accompanied by the increasing repatriation of gold. Many analysts interpreted this as a signal of intensifying nationalism, but there is also another narrative. The repatriation of gold signals that the central banks stopped lending gold for any significant volumes. You see, when you want to lend out your gold, you keep it in the Bank of England, the Fed or other systematically important, third-party locations, not in your own vaults. It means that – despite much speculation – the central banks intervene less in the precious metals market. That’s good news for all investors who desire greater transparency and a fairer price discovery process.

WGC’s 2018 Annual Review

In February, the WGC published a review of its activity in 2018. Although most of the review is of little interest to gold investors, the WGC also included its outlook for 2019. In short, the organization believes that increased market uncertainty and protectionist economic policies should make gold increasingly attractive as a hedge. Moreover, the slowdown in the US economy could curtail rising interest rates and limit dollar strength, which would support gold prices.

And in 2019, we should see increasing concerns about a global growth slowdown or even outright recession fears with resulting elevated stock-market volatility and political and economic instability in Europe. We recently discussed the ECB's major policy reversal following the EZ's slashed economic growth forecast and its implications for the gold market.

Disclaimer: Please note that the aim of the above analysis is to discuss the likely long-term impact of the featured phenomenon on the price of gold and this analysis does not indicate (nor does it aim to do so) whether gold is likely to move higher or lower in the short- or medium term. In order to determine the latter, many additional factors need to be considered (i.e. sentiment, chart patterns, cycles, indicators, ratios, self-similar patterns and more) and we are taking them into account (and discussing the short- and medium-term outlook) in our trading alerts.

Thank you.

Complete article posted on Investing.com

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Article posted on Markethive by Jeffrey Sloe.

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Facebook is Working to Launch Its Own Crypto This Semester NYT Reports

Facebook is Working to Launch Its Own Crypto This Semester, NYT Reports

Facebook is not satisfied with becoming a web 2.0 empire. After consolidating in the world of social networks, and buying the most important instant messaging appli on the planet (WhatsApp), now Mark Zuckerberg’s company has its eyes on crypto as its new goose of the golden eggs.

According to an article published by the New York Times, the Facebook project seems to point more towards the development of a stablecoin than a cryptocurrency of fluctuating value. Thus, while it would not be particularly attractive to speculators, it would allow users to make payments and have a virtual wallet without worrying about sudden falls or rises in the value of the token.

If so, Facebook’s cryptocurrency would have a similar use as that of the Chinese messaging service Wechat. Likewise, Facebook’s blockchain would not necessarily be a direct competitor of TON (Telegram Open Network) a blockchain project developed by the Russian messaging company Telegram, which raised more than 1.7 billion dollars in its ICO.

If so, Facebook’s cryptocurrency would have a similar use as that of the Chinese messaging service Wechat. Likewise, Facebook’s blockchain would not necessarily be a direct competitor of TON (Telegram Open Network) a blockchain project developed by the Russian messaging company Telegram, which raised more than 1.7 billion dollars in its ICO.

The interest of these large companies to provide their own proposals to improve payments with fintechs and blockchain technologies has excited several investors who evaluate as positive the influence of these companies in a world dominated by a select group of important financial actors.

“It’s pretty much the most fascinating thing happening in crypto right now,” said Eric Meltzer, a co-founder of a cryptocurrency-focused venture capital firm, Primitive Ventures. “They each have their own advantage in this battle, and it will be insane to watch it go down.”

According to the NYT, Facebook expects to have its stablecoin ready before the end of this semester. Although Facebook has treated the project with the strictest confidentiality, anonymous sources told NYT that those working on the blockchain division do so on an exclusive basis and in isolation from the rest of the Facebook staff.

Likewise, the stablecoin would not be pegged only to the dollar but to a basket of fiat currencies according to the funds that Facebook has deposited in several countries. It is hoped that in this way, Facebook users, and especially those using Whatsapp can send money instantly.

“Facebook is looking at pegging the value of its coin to a basket of different foreign currencies, rather than just the dollar, three people briefed on the plans said. Facebook could guarantee the value of the coin by backing every coin with a set number of dollars, euros and other national currencies held in Facebook bank accounts.

Also, Ethereum World News previously reported that Telegram, Whatsapp’s main competitor (which is also owned by Facebook) sent a letter to its investors assuring that the TON project would be 90% complete and will be initially traded in Asian exchanges.

Original article written by Jose Antonio Lanz and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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JPMorgan Chase’s Cryptocurrency: Is It A Gimmick Or The Real Deal?

JPMorgan Chase's Cryptocurrency: Is It A Gimmick Or The Real Deal?

By Investing.com (Tanzeel Akhtar/Investing.com)

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JP Morgan logo is seen on an android mobile phone. Photo credit: LightRocket via Getty Images GETTY

The announcement last week by JPMorgan Chase & Co (NYSE:JPM), that it plans to launch its own digital token, JPM Coin, caused ripples throughout the blockchain and cryptocurrency space. It's an unexpected development from an unlikely issuer. It's also the first cryptocurrency to be launched by a major global bank.

The bank is characterizing the introduction of this alt-currency as a pilot project aimed at institutional clients. According to JPMorgan, it will enable "instant" fund transfers and will allow both clients and the lender to settle payments over a blockchain network.

What makes this particularly startling are previous statements by JPM's CEO Jamie Dimon who famously bashed Bitcoin more than once. In late 2017 he referred to the most popular cryptocurrency by market cap as a "fraud," and compared the drivers of its then-rapidly-rising price to the mania that in the 1630s drove Dutch tulip bulb speculation.

In late 2018, even after the speculative Bitcoin bubble had burst, he denigrated the asset, saying, "blockchain is real, it's technology, but Bitcoin is not the same as a fiat currency." By those measures, JPM Coin appears to be something of a hybrid: it's based on blockchain technology and will be pegged 1:1 to a fiat currency, the U.S. dollar, which makes it a stablecoin, similar to Tether or TrueUSD.

JPM Coin is a very positive development for the asset class and the industry says En Hui Ong, head of business development at blockchain technology platform, Zilliqa. It demonstrates how blockchain can improve the way legacy payments are handled.

Don't Call It Cryptocurrency

However, he adds, it shouldn't be viewed as a cryptocurrency. Rather, it can best be described as a “digital asset.”

“JPM Coin will be built on Quorum, a distributed ledger platform described as an “enterprise-focused,” private version of Ethereum. As Quorum was developed by JP Morgan and some of its partners, the network will be controlled by the bank itself, rendering it both centralized and permissioned, therefore implying that any participants have to be vetted in order to join the system.

Contrast this with other cryptocurrencies such as Bitcoin and Ethereum where anyone located anywhere can spin up a node and join the system without permission.”

These restrictions mean only a small number of participants will likely able to join the network. Information from the bank, says Ong, indicates that JPM Coin is a prototype being tested by a restricted number of institutional clients. Though JPMorgan plans to expand the pilot program later this year, there are no plans to offer the cryptocurrency service to retail clients.

In contrast, true cryptocurrencies are available to anyone, notes Ong. All one has to do is to set up a wallet in which to store it. Nevertheless says Ong:

“Despite its differences from cryptocurrencies, the launch of JPM Coin and the participation of a major financial institution lends greater legitimacy to the wider blockchain industry as a whole."

Angelo Laub EOS lead at private data computation and data marketplace Slant agrees with Ong:

“The only users of JP Morgan coin are likely to be JP Morgan and their clients. I can’t even see other banks wanting to use it as it will make them reliant on JP Morgan Bank for processing transactions. Still, it’s a big step for a bank to go ahead and do something like that. This concept would have been unthinkable one or two years ago.“

Others don't see this development as particularly notable. Marcel Vaschauner, Chairman of Slant's board,argues that JPM Coin—which is issued by the bank and linked to the funds of the customer using it—most closely resembles a European digital payment instrument called e-money. He says it's a concept that's already widely used by Fintechs.

Still, because of Dimon's past criticism of cryptocurrencies, some within the industry can't help but appreciate the irony even if he's not convinced about the coin itself. Pedro Anderson, COO and co-founder of Winding Tree says:

“JPM Coin is great validation [of the asset class]. We'll take it. However, the entire case for the coin is built on trusting JPM—that they'll make everything right if they are in control because…they have a lot of money.”

Crossing the Chasm?

Ned Myers, senior vice president of Product Management at AlphaPoint, believes JP Morgan’s entrance into the digital asset space is another clear sign that the security token industry is rapidly “crossing the chasm,” to cite Jeffrey Moore, moving from early adoption to mainstream acceptance.

“Combined with other announcements from Fidelity and ICE’s BAKKT’s announced entry into the digital asset exchange space…we see JPM’s move as a clear harbinger that the use of digital assets by traditional financial institutions has arrived. I am looking forward to the tipping point, in which tokenized securities become the de facto standard for unlocking market liquidity.”

Others, however, would argue this nothing more than an advertising stunt. Vaibhav Kadikar, founder and CEO of, CloseCross believes JPM Coin, though billed as a cryptocurrency, is seen by critics as a self-promotional gimmick with little in the way of real value.

“The pioneering bank is relying on both its dominant market share, with 80% of Fortune 500 companies as clients, and other banks imitating this strategy, to drive increased adoption."

Original article posted on Investing.com.

Posted on Markethive by Jeffrey Sloe

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‘Forbes’ Launches Blockchain Newsletter Aimed At Potential Crypto Investors

'Forbes' Launches Blockchain Newsletter Aimed At Potential Crypto Investors

by Melynda Fuller , February 13, 2019

Earlier this year, Forbes began to send a new premium-subscription digital newsletter called Forbes CryptoAsset & Blockchain to select Forbes customers with the intent of deepening its blockchain coverage and further establishing itself as a voice in the field.

The newsletter is edited by Jack Tatar, an investor and co-author of “CryptoAssets: The Innovative Investor’s Guide to Bitcoin and Beyond.”

Forbes’ stable of journalists will contribute to the monthly publication, interviewing notables from the field like Ripple’s CTO David Schwartz, cofounder and CEO of Zcash Zooko Wilcox, and Morgan Creek Capital’s Mark Yusko.

The newsletter costs $595 a year or $195 a quarter, and is not supported by advertising.

“This newsletter is geared toward educating potential investors in blockchain and crypto, and the goal is to provide actionable and profitable advice,” Matt Schifrin, vice president and managing editor of Money & Markets at Forbes, told Publishers Daily.

“It builds upon Forbes’ broader coverage that covers news, technology insights, crypto game changers, enterprise blockchain and issues important to crypto traders.”

According to Schifrin, Forbes began to establish itself as a leading voice in crypto and blockchain when it launched its first annual Fintech 50 list in 2015. Last year, the outlet hired enterprise blockchain reporter Michael del Castillo to join its budding group of writers covering the beat.

In the coming months, said Schifrin, the outlet will publish its first-ever Forbes Blockchain 50 list that covers the most important companies in the space.

Schifrin said. “As crypto-mania subsides, we believe many of the biggest advances in blockchain technology will come from enterprises that have been quietly embracing this nascent technology.”

Nina La France, senior vice president of consumer marketing and business development at Forbes, reports that early engagement with the first issue is high and retention among the first batch of subscribers is solid. Soon, Forbes will roll out marketing campaigns across email, social, webinars, Forbes.com and the magazine to attract new newsletter subscribers.

Original article written by Melynda Fuller and posted on the MediaPost.com site.

Article posted on Markethive by Jeffrey Sloe

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4500 Stores Worldwide Now Accept XRP for Goods And Services

4500 Stores Worldwide Now Accept XRP for Goods And Services

Ripple keeps growing at a dizzying rate, demonstrating that they not only have the blockchain technology preferred by large banks and financial institutions, but they have also developed a token that works perfectly as a cryptocurrency that grows in use and acceptance faster than any other altcoin in the ecosystem.

Despite the skepticism of many, the Ripple team has managed to captivate several investors, with important new partnerships. The last one was revealed a few hours ago when the cryptocurrency payment processor CoinGate announced that it was providing support for XRP in all of its 4500 stores.

Coingate Accepts XRP But Also Wants To Help it Grow

The CoinGate team comments that in addition to having studied the technology, the decision to accept XRP was made considering the high demand for the token in the community.

“We are thrilled to let you know that we are adding yet another payment option for our merchants, and this time it’s a big one! Due to very popular demand by the community, our next cryptocurrency on the list – XRP! As a result, XRP coin owners can now use it as a means of payment at more than 4,500 shops online! Whether you want to purchase a VPN, video game or anything else, you are more than welcome to do that!”

CoinGate emphasized that as a company they have high confidence in Ripple’s trustworthiness and the advanced blockchain technology they develop. CoinGate noted that despite accusations of being extremely centralized, Ripple is carrying out a decentralization strategy in which they stimulate the admission of third-party validators, removing one proprietary node for every two new decentralized nodes.

They also expressed their commitment to Ripple technology. “To further accelerate the decentralization of the XRP network, we are now running our own XRP Ledger validator!” Coingate said in its announcement.

The relationship between Coingate and Ripple is not limited only to supporting XRP as a payment mechanism. Coingate also announced the launch of a token purchase service with several payment modalities:

“Now, you can also buy XRP via CoinGate using one of our supported methods. For example, you are able to purchase it using SEPA bank transfer, mobile balance, and QQPay via CoinGate dashboard. However, if you do not wish to bother with registration, there are alternative methods to achieve the same.
One way is to buy XRP with a credit/debit card. It is a very simple procedure that only requires a quick KYC check-up. Same goes for those who wish to purchase XRP using Neteller or Skrill wallets. Just provide your receiving XRP address, enter your credentials and proceed to checkout!”

Ripple is Growing… And You Can Be a Part of It

Ripple’s growth is a fact. Its marketing strategy and a solid technological development have allowed it to rise to number 2 in the global market cap, surpassed only by Bitcoin, which remains the undisputed king of cryptocurrencies.

Currently, unlike other projects that have had to dismiss several members due to economic losses, Ripple has initiated a campaign to acquire talent. At the moment there are 36 open positions listed on Ripple’s job site, for various departments in countries such as the United States, United Kingdom, Brazil, China, Dubai, Singapore, and India.

Original article written by Jose Antonio Lanz and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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Trader’s Reprieve: Turbo Tax Now has a I sold or Traded Cryptocurrency Option

Trader’s Reprieve: Turbo Tax Now has a “I sold or Traded Cryptocurrency” Option

It’s around that time of the year and as government workers resume after one of the longest shut-down in US history, the IRS will soon be ready to knock on your doors. Like everywhere else, filing for taxes is a mandatory and crypto traders, investors and holders must comply. Everything else constant, filling will be hectic for crypto day traders. These are individuals who actively trade—and it doesn’t matter the pair. Both crypto-to-crypto and crypto-fiat or vice versa are deductible events and the US government expect taxes from these properties whenever you buy or sell. Luckily and as reported by Ethereum World News, CoinBase did integrate with Turbo Tax to simplify filling.

Turbo Tax Simplification

But, here’s some good news for those who transact at alternative on-ramps—fiat to crypto or crypto to crypto. Turbo Tax now has a “I sold or Traded Cryptocurrency” option. No doubt, this will be a massive boost for traders seeking to cut down the tedious process of counter-checking and filling taxes online. Aside from this new option, note that users won’t be charged a cent and all they have to do is create an account.

Furthermore, the site provides and easy way to track trades. The only problem is that Turbo Tax can only accept 100 trades and they have been reducing this from 1,000 to 500 and now 100 trades which is quite disappointing especially for active traders. However, users can get around this by filtering their CSV files to exclude zero gains.

Before you move on and download your CSV, take a few minutes and note this:

  • Make sure you fill and submit Form 8949 on time.
  • Crypto-to-crypto and crypto-to-fiat (or vice versa) trading is a taxable event
  • Spending your crypto, like buying stuff online, is a taxable event.
  • Gifting someone in crypto is a non-taxable event—but must have supporting documents.
  • Making crypto donations to IRS certified charities is not a taxable event.

And

Hiding your assets—let’s buy Monero guys—is tax evasion and a federal offense. CoinBase was forced to give away traders that had transacted more than 20k. There is no hiding.

Original article written by Daimas Ngetich and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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Blockchain Investor Claims Bitcoin BTC Will Plunge To 0

Blockchain Investor Claims Bitcoin (BTC) Will Plunge To $0

Economists Bash Bitcoin In The Swiss Alps

Bashing Bitcoin (BTC) has apparently become a popular trend at Davos’ recent World Economic Forum event. More specifically, the cryptocurrency has become a punching bag. Just yesterday, per previous reports from Ethereum World News, Huw Van Steenis, the senior advisor to Bank of England’s governor, Mark Carney, bashed this nascent asset class.

Speaking to Bloomberg in a candid interview, Steenis, who purportedly is compiling a report about the future of finance, surprisingly claimed that cryptocurrencies, like Bitcoin aren’t on his radar, or list of concerns for that matter. The former Morgan Stanley economist then remarked that blockchain-based assets “fail” the basic tests that financial services are de-facto run through. Steenis explained that BTC, along with other digital assets, is slow, fail to hold their value over time, and aren’t a viable, bonafide Medium of Exchange (MoE).

Tech Investor Claims BTC Will Fall To $0

Just one day later, BTC fell victim to another attack, as a technology investor and entrepreneur took to a CNBC-hosted panel to bash the blockchain-based digital asset. According to CNBC post-mortem on the manner, Jeff Schumacher, the founder of BCG Digital Ventures, a corporate investment and tech incubator group, claimed that the flagship cryptocurrency could capitulate to a value of zilch eventually.

Speaking to a crowd of economists, global leaders, notable investors, and corporate C-suiters, Schumacher explained that he “believes it will go to zero,” adding that he thinks that it (or the technology underlying Bitcoin) is a “great technology.” However, the BCG founder made it clear that he doesn’t think that blockchain technologies should be applied to currencies, accentuating that its underlying value isn’t based on anything. Like many traditionalists with a vested interest in the centralized system, Schumacher fails to see the value of a decentralized, immutable, cross-border, rapid, uncensorable current that transcends the boundaries imposed by financial incumbents.

Instead of lauding blockchain technologies for their potential revolutionary use cases in finance, Schumacher instead touched on the innovation’s ability to facilitate “open decentralized ecosystems,” which would be the global protocols and infrastructure that businesses could run on.

Yet, some weren’t in agreement with Schumacher’s inflammatory quip. Glenn Hutchins, the chairman of Virtu-affiliated North Island, a financial technology services company, claimed that BTC will likely grow to have a notable role as a Store of Value (SoV). Hutchins noted that BTC’s role “in the system” could be as pseudo-gold in a digital economy, rife with arrays of tokens that serve every use case imaginable.

Hutchins isn’t the only notable investor to think of Bitcoin as a digital semblance of the orange-esque precious metal. As reported by Ethereum World News multiple times previously, a number of pundits have overtly claimed that BTC’s foremost use case is as digital gold.

Alistair Milne, the CIO of Digital Currency Fund, claimed that Bitcoin has seen its Store of Value (SoV) proposition become more apparent. More specifically, he noted that Bitcoin’s investors are now “very aware that BTC is like trading gold with 100x leverage,” along with the fact that the flagship cryptocurrency’s inflation rate will be lower than that of the precious metal. And, as “no one appears to doubt the usefulness of gold,”

The Winklevoss Twins, the co-founders of the Gemini Exchange, recently claimed that Bitcoin “better at being gold than gold itself.” Twin Tyler noted that as this industry continues to develop, BTC will continue eating up bits of gold’s market capitalization, until the newfangled cryptocurrency passes its (arguably worse) physical counterpart.

Lou Kerner has also recently chimed in on the matter. Kerner, the founding partner at CryptoOracle, divulged that the cryptocurrency’s portability, ease-of-use, divisibility, and scarcity, make it a viable alternative to precious metals, and will allow BTC to eventually surmount its quintuple-digit cell.

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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Marshall Island Hires Malta’s Strategic Advisor to Assist in the Issue of an Official Cryptocurrency

Marshall Island Hires Malta’s Strategic Advisor to Assist in the Issue of an Official Cryptocurrency

The government of the Marshall Islands, headed by Hilda Heine, stands firm in its efforts to issue an official cryptocurrency as a mechanism for optimizing financial services and avoiding an exclusive dependence on US Dollars to ensure the proper functioning of banking operations.

“Sovereign” (SOV) is the token that the government of the island created by presidential decree and will circulate together with the U.S Dollar as the official currency of the nation.

 

After the presidential decree was approved, continued pressure from the United States and the International Monetary Fund led a group of congressmen to issue a no-confidence motion against the president in an attempt to make the U.S. currency the only legal tender accepted in the country.

However, the project is still underway, and to ensure fulfillment of the objectives, the government has contracted the services of none other than Mr. Steve Tendon, Managing Director of TameFlow Consulting / ChainStrategies, a firm that provides technical advice and development strategies designed to promote the use of blockchain technologies.

The Marshall Islands Rely on Tendon’s Successful Experience With Malta

According to a Press Release, Dr. Peter Dittus, former Secretary General of the Bank for International Settlements (BIS), Mr. Tendon’s support may be crucial for the Marshall Islands to meet the goal of having an official crypto that meets all the requirements needed for massive adoption:

“With Steve working alongside Neema, we are growing closer every day to support the Marshall Islands with issuing the first digital legal tender and launching a financial services economy around it."

Steve Tendon’s participation and experience were crucial for the Maltese government to become a Blockchain Island. In 2016 he was a strategic adviser for the Ministry of Economy, Investment and Small Business (MEIB) of the Maltese Government, developing Malta’s National Blockchain Strategy which would then be approved by the cabinet of ministers the following year. He then advised the Financial Services, Digital Economy and Innovation (FSDEI) Office of the Prime Minister on matters related to the implementation of Malta’s Blockchain Strategy.

The government of the Marshall Islands, aware of the results obtained from Malta’s experience, gave Tendon some critical responsibilities:

“Steve is one of the foremost experts in blockchain technology and regulations … (He) will assist with the drafting and designing of regulations to develop a blockchain financial services economy out of the Marshall Islands."

Original article posted on Ethereum World News and written by Jose Antonio Lanz

Posted on Markethive by Jeffrey Sloe

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Cryptocurrency in 2019: Things to Expect

Cryptocurrency in 2019: Things to Expect


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Cryptocurrencies continue to surprise us with their behavior through the years. Amidst all the instability and unpredictability in terms of performance, trading, litigation, regulation, and taxation, miners and investors brave the odds and explore what these cryptocurrencies have to offer. Pessimists and optimists alike have much to say about the future of cryptocurrencies like bitcoin – such as bitcoin’s supposed nearing end because of the consistent drop in bitcoin price after reaching its peak. But it’s more viable to focus on observable trends in order to have an idea on what to expect as far as these cryptocurrencies are concerned. Here are some of them.

The Market

The word “bubble” is thrown around in the finance world, and if you’re wondering what it means, it is simply the cycle created by the fast escalation of asset prices followed by a contraction. The bubble deflates when investors cease to buy at elevated prices and massive sell-offs occur. As for bitcoin, yes it is a bubble, and it indeed popped. The market is expected to calm down a bit after the bubble and cryptocurrency trading will remain profitable.

Cryptocurrency as Payment

Retailers are starting to accept cryptocurrency as payment. At this point in time, including cryptocurrency in the list of payment methods can potentially boost income, in the same way that establishments that accept credit cards do have a wider reach than those who do not. Now you can book flights, purchase household goods, get web domains, buy computer products, and so much more with bitcoin. As of December 2018, more travel services, web services, food, and general merchandise have started to accept bitcoin payments. Those with a Microsoft account, for example, have the “Redeem Bitcoin” option upon checkout and can add up to $100 at a time via Bitpay.

Cybersecurity

In the recent years, crypto traders and holders have seen security threats such as phishing and mining malware. Cryptocurrencies, in theory, are secure; however, we expect that new crypto exchanges and platforms will bring about new cybersecurity threats and challenges.

Blockchain

The blockchain industry has always been associated with cryptocurrency, and in 2019, it is expected to work on its image as an industry that has a lot more to offer. If the industry wants to operate on a larger scale, it needs to be communicated that the blockchain technology has a lot of uses that are unrelated to cryptocurrency.

Taxation and Regulation

2019 is set to be the year of more widespread, formal, and international crypto regulation. In cryptocurrency news this year, Malta became the first country to have a clear regulatory framework for cryptocurrencies. Countries such as Russia and India have also begun to draft national legislation for cryptocurrencies; and we expect other countries to follow suit – giving way for cryptocurrency to become more legitimate. Preventing money laundering, fraud, and terrorist funding is a prime motivation in putting these regulations in place. If cryptocurrencies are safely policed, more and more people will be confident to use and adopt them.

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