NVIDIA CEO: “Cryptocurrency Is Here to Stay”
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Bitcoin Magazine, 1/1/0001 12:00 AM PST Speaking with Mad Money host Jim Cramer, NVIDIA CEO Jensen Huang recently claimed that “cryptocurrency is here to stay,” and he “doesn’t see the craze ending anytime soon.” Though it first came to fruition in 2008, bitcoin gained a solid taste of mainstream popularity in 2017 when its price began rising faster than anyone had anticipated. The year started with a single bitcoin trading at nearly $1,000, though things ended on a higher note when the currency nearly grazed the $20,000 mark. Since January 2018, bitcoin and other virtual currencies have experienced serious drops in their prices, but Huang is convinced that cryptocurrency remains as popular as ever. “Cryptocurrency will be here,” he stated in the interview while discussing the future of finance. “The ability for the world to have a very low-friction, low-cost way of exchanging value is going to be here for a long time.” NVIDIA is a technology company based in Santa Clara, California. Some of the enterprises’ staple products are its graphics processing units or GPUs. These small processors, Huang explains, were some of the main reasons the company first decided to get involved in cryptocurrency last year. The GPUs have a powerful ability to mine virtual currencies, and blockchain technology requires computers that can be distributed “all over the world” while remaining immutable and safe. Thus, Huang felt his company’s products could be greatly beneficial to cryptocurrency miners: “The reason why cryptocurrency became such a popular thing on top of our GPUs is our GPU system is the world’s largest installed base of distributed supercomputing. Our processor serves as the perfect processor to enable this supercomputing capability to be distributed, and that’s the reason why it’s used.” Interestingly, Huang noted that while the chips were no doubt powerful and crucial to the mining industry, he and his fellow executives are “not ready to move” on this just yet. For the time being, NVIDIA is primarily involved in the gaming business, data centers and self-driving cars, and cryptocurrency and mining operations account for only small portions of the company’s profits. In fact, NVIDIA currently has no alleged involvement in Bitcoin, per Huang’s comments at a recent GPU technology conference. He said its processors are predominantly used to mine ether, which accounted for roughly 6 percent of the company’s GPU sales in 2017. “Ethereum ‘ether’ was designed as an algorithm to ensure no singular entity (or a few entities) has the power to control the ether,” he said. “It was designed so that the algorithm requires the type of computing capabilities — the type of processing capabilities — that are made possible by GPUs in a distributed system. The GPU is popular with Ethereum because the GPU is the single largest distributed supercomputer in the world. It is the only supercomputer that is literally in everyone’s hands, and no single entity can control the currency.” He says that the influence of cryptocurrency isn’t likely to affect how they do business in the present, though he’s very confident this could change in the future: “Gaming is a much bigger business; data center is a much bigger business; our professional graphics is a much bigger business, and, of course, in the future, everything that moves will be autonomous, and we’ll have autonomous capabilities, and that’s going to be a much bigger market, but cryptocurrency gave it that extra bit of juice that caused all of our GPUs to be in such great demand.” This article originally appeared on Bitcoin Magazine. |
Going Meta: Vitalik Buterin Issues Proposal for Capping Ethereum’s Supply
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Bitcoin Magazine, 1/1/0001 12:00 AM PST On a day when the cryptocurrency community was on high alert for gags, whimsical announcements and other tomfoolery, the creator of Ethereum, known for pulling his own pranks in the past, stepped forth with a most serious proposal: setting a cap on Ethereum’s monetary supply — which has long had no cap at all — at 120 million. On April 1, 2018, a day known as April Fools’ Day, Vitalik Buterin published Ethereum Improvement Proposal (EIP) 960 to limit the supply of ether (ETH) to 120,204,432 — twice the amount issued in the project’s presale in 2014. To those paying close attention, the proposal was listed under “meta,” a hint that this was a meta joke, meant to leave people scratching their heads and wondering if he was being serious or not.
All meta joking aside, the proposal recommends implementing the cap as part of a hard fork when the platform switches from its proof-of-work consensus algorithm to Casper, a proof-of stake algorithm still in development, as early as the end of this year. “In order to ensure the economic sustainability of the platform under the widest possible variety of circumstances, and in light of the fact that issuing new coins to proof of work miners is no longer an effective way of promoting an egalitarian coin distribution or any other significant policy goal, I propose that we agree on a hard cap for the total quantity of ETH,” the proposal states. This is the first time Buterin has suggested setting a limit on Ethereum’s supply of ether. Why Set a Cap?Some argue that a supply limit is important to a cryptocurrency because it creates scarcity, making a “coin” more valuable, sort of like gold. Yet, a hard cap can also mean there is no way to replenish the supply when coins fall out of circulation due to people dying, losing them or even holding on to them. Unlike Bitcoin, which has a supply limit of 21 million coins programmed into it, Ethereum has never had a monetary cap, which means over time the number of ether in the system could go up indefinitely. As it stands, 60 million ether were initially created during the Ethereum presale to raise money for building the network. Following the network’s launch in 2015, five new ether have been created for every new block, every 15 seconds. That brings the current supply of ether to around 98.5 million and counting. If EIP 960 goes through, the new cap would likely require reducing the issuance of new coins or finding a way to balance the supply. For instance, in an earlier blog post, Buterin talks about introducing “sinks” or fees into the system that would lead to ether actually being destroyed, as a way to create more scarcity. Making Way for CasperButerin’s proposal to change Ethereum’s monetary policy is timely because it sets the stage for Casper, which will introduce changes to how ether are distributed and used. Buterin’s arguments for a supply cap are based on the idea that in a proof-of-stake system, the coin holders themselves are the ones who get the block rewards, not the miners. Also, because proof of stake consumes far less energy than proof of work, block rewards can be lower. Finally, he thinks the money supply can be better controlled through a system of fees and rewards paid by those using the platform. It is important to keep in mind that EIP 960 is only a proposal and not certain to be adopted. This article originally appeared on Bitcoin Magazine. |
Menlo Ventures makes the leap into crypto with a $40 million investment in a popular Coinbase competitor
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Business Insider, 1/1/0001 12:00 AM PST
But there's nothing like cryptocurrency fever to spice up a venture-capital firm's portfolio. In Menlo's case, it led a $40 million funding round for BitPay, a bitcoin wallet and cryptocurrency processing firm, BitPay announced Monday. The move marks Menlo's first investment in a cryptocurrency company. The firm was drawn to BitPay because of the latter's growth and "stickiness with merchants and consumers," Menlo partner Tyler Sosin said in a statement. The firm was also excited about BitPay's business of processing cross-border and business-to-business payments, he said. BitPay makes its money, in part, by helping companies including Microsoft accept bitcoin as a form of payment on their e-commerce sites. "We felt the company had identified a killer use for crypto," Sosin said. Venture firm G Squared and Asian financial technology company Capital Nine also participated in the funding round. By its own account, BitPay is the biggest bitcoin payment provider in the world. According to the company, it processed $1 billion in bitcoin payments in 2017. But the bitcoin market has proven challenging and volatile. Spikes in the price of bitcoin transactions have caused several online retailers to stop accepting the cryptocurrency. In December, BitPay itself briefly stopped letting people make transactions valued under $100 when network transaction fees topped more than $30 per purchase. One of BitPay's biggest competitors is Coinbase, the $1.6 billion cryptocurrency exchange, which offers its own cryptocurrency payment processing service for businesses. BitPay also competed with the credit card processing company Stripe until January, when Stripe dropped support for bitcoin. Read more about how mining fees impact BitPay's business model here. Join the conversation about this story » NOW WATCH: I quit cable for DirecTV Now and it's saving me over $1,000 a year — here's how I did it |
Robinhood Launches Commission-Free Crypto Trading in 4 US States
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CryptoCoins News, 1/1/0001 12:00 AM PST Investors can now trade bitcoin and Ethereum for free in a handful of US states. As promised, Palo Alto, Calif-based online brokerage Robinhood Financial has rolled out commission-free trading for bitcoin and Ethereum across California, Massachusetts, Missouri and Montana, the company said on Twitter. As CCN previously reported, users will still be responsible for fees The post Robinhood Launches Commission-Free Crypto Trading in 4 US States appeared first on CCN |
Menlo Ventures Leads $40 Million Series B in Bitcoin Firm BitPay
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CryptoCoins News, 1/1/0001 12:00 AM PST One of Silicon Valley’s oldest venture capital firms is dipping its toe into the blockchain ecosystem with an investment in cryptocurrency payment processing startup BitPay. The investment, announced on Monday, came as part of a $40 million funding round, the largest in the Atlanta-based company’s nearly seven-year history. It also constituted the first time Menlo … Continued The post Menlo Ventures Leads $40 Million Series B in Bitcoin Firm BitPay appeared first on CCN |
Quintacorn Robinhood’s free crypto trading rolls out in Cali, 3 more states
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TechCrunch, 1/1/0001 12:00 AM PST Robinhood is rolling out its Coinbase-killer that’s already helped the fintech startup’s valuation grow 4X in a year. Zero-fee trading of Bitcoin and Ethereum is now available to all investors in California, Massachusetts, Missouri, and Montana. Everyone else is still on the waitlist. Robinhood users everywhere can already track 16 crypto coins including BTC, ETH, Litecoin, […] |
Quintacorn Robinhood’s free crypto trading rolls out in Cali, 3 more states
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TechCrunch, 1/1/0001 12:00 AM PST Robinhood is rolling out its Coinbase-killer that’s already helped the fintech startup’s valuation grow 4X in a year. Zero-fee trading of Bitcoin and Ethereum is now available to all investors in California, Massachusetts, Missouri, and Montana. Everyone else is still on the waitlist. Robinhood users everywhere can already track 16 crypto coins including BTC, ETH, Litecoin, […] |
BlockFi Gives Hodlers Another Option to Borrow Against Crypto Assets
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Bitcoin Magazine, 1/1/0001 12:00 AM PST Options for borrowing and lending with cryptocurrencies are on the rise. One of the latest start-ups to join the likes of SALT and Unchained Capital is BlockFi, a New York City–based startup that issues loans backed by bitcoin and ether to individuals, companies and institutions in 35 U.S. states. Collateralization of cryptocurrency assets benefits retail borrowers by allowing them to hold onto their crypto assets rather than selling them in order to make large purchases, like buying a car. They can also save on taxes by borrowing against crypto assets versus selling them. Corporate and institutional borrowers realize similar benefits as well as some others, including access to fiat liquidity to support day-to-day business operations, third-party verification and auditing of crypto asset holdings, and the ability to make large crypto-backed investments in other markets. BlockFi takes cryptocurrency as collateral, offering interest rates on loans of around 12 percent. This is generally lower than unsecured loans and higher than loans secured with traditional assets such as securities or real estate. BlockFi’s founding story starts with CEO Zac Prince’s experience working with a bank in Texas to get a mortgage. He had taken out an earlier loan with the same bank before he started to invest in cryptocurrencies. On his second loan application, in mid-2017, he included bitcoin and ether among his assets. The bank had never heard of bitcoin before and almost stopped working with him when they googled “bitcoin” and learned that “Bitcoin is mainly used by money launderers and drug dealers.” It was then that Prince saw an opportunity to provide a lending product to serve the borrowing needs of cryptocurrency holders and started to develop a plan for what would become BlockFi. Prince and Flori Marquez founded BlockFi in New York City, securing $1.55 million in seed funding on February 13, 2018, from strategic partners ConsenSys Ventures, Kenetic Capital, PJC, SoFi, Purple Arch Ventures and Lumenary. Prince summarized BlockFi’s partnerships, telling Bitcoin Magazine, “We were fortunate to have a strong interest in our seed round and are excited about the strategic value that our investor base adds to our efforts. ConsenSys provides connectivity to the ecosystem via the ConsenSys mesh that BlockFi will leverage in building out our platform. Kenetic Capital is based in Hong Kong and will be valuable as we consider raising capital and expanding into Asian markets. PJC has deep experience and a strong network of regulators. SoFi is the largest and most successful online lender and will provide strategic guidance on capital markets and product development. Purple Arch is part of the Ivy League venture network and has a strong community of professionals. Lumenary is a service provider and investor in BlockFi — they provide branding, design and other marketing services.” BlockFi will announce additional funding in Q2, which will primarily be used for funding loans, with a Series A equity raise expected in the second half of 2018. BlockFi is a secured lender, holding clients’ crypto assets in a storage address maintained by licensed digital asset custodian Gemini Trust Company, LLC. BlockFi then sends the loan money to the client’s bank account. The client makes monthly interest-only payments on the loans. Prince told Bitcoin Magazine, “We have issued both consumer and business loans to date, ranging from $5,000 to $250,000 USD. We should have an announcement coming out in early Q2 regarding a capital partnership that will give us the capacity to lend up to $2,500,000.” In the long term, BlockFi wants to offer customer choice for custody solutions with integration into custody platforms, allowing customers to receive their loan from BlockFi without moving their crypto funds out of storage. There is broad recognition among cryptocurrency market observers that crypto asset holders need easy access to debt beyond short-term, fragmented, margin-trading options. This new liquidity might facilitate scale and reduce volatility, thus establishing cryptocurrency financial infrastructure as “asset-class worthy” and cryptocurrency itself as “just another asset class” such as equities, bonds and art. Though established financial services players are aware of the need for lending options in the cryptocurrency ecosystem, the consensus is that lending must come first from outside of traditional sources. Banks are not yet ready to build lending products for crypto markets. Banks may eventually enter the space, perhaps offering lower interest rates, but, as with other financial markets, there will still be lots of room for smaller players offering more personalized services. Prince said, “We are quite a ways away from banks valuing crypto assets as collateral and making direct loans to individuals or businesses based on their crypto asset holdings. Banks are very slow moving and risk averse. Even in markets where there isn’t a regulatory concern, like unsecured consumer or student lending, there is room for non-bank lenders like SoFi and Lending Club to build large businesses. We believe that, if banks do decide to participate, the market will have experienced material growth and regulatory clarity. There will be a rising tide that lifts all boats, giving BlockFi the ability to become large enough that we are able to compete with banks directly, or partner with them for access to capital or as a licensing partner of our technology.” Crypto-backed loans themselves may become securities that are transferable through existing financial channels. Prince told Bitcoin Magazine, “This could happen in a number of different ways: for example, with asset-backed securitizations or via different fund structures that pool loans, potentially as a tokenized security listed on regulated exchanges. BlockFi is considering both constructs as part of our longer term capital diversification strategy. We could be in the market with something as early as H1 2019.” Prince continued, “There are also projects like Dharma.io which are working on tokenizing loans. Loans themselves are not securities and can be bought and sold freely so long as there is a properly licensed originator of record. These markets are pretty thin in traditional sectors, so it’s difficult to envision a path where there are tokenized loans that trade regularly — but it is feasible. It’s also possible that lending against crypto assets becomes more like margin lending and securities-backed lending in the equities markets, where it is an add-on feature offered by the largest broker dealers.” The opportunity for lenders to assign a global price to digital assets and underwrite risk similarly across national borders may grow stronger over time. Low-cost, crypto-backed credit may become available in markets where it previously was not available, providing access to cash credit that could expand economic activity in developing economies around the world. Prince said, “We believe that the digital and global nature of crypto assets is one of their most valuable qualities, and [we] see an opportunity to offer access to low-cost credit in markets where it historically hasn’t been available. India, Mexico and South America are of particular interest to us.” This article originally appeared on Bitcoin Magazine. |
Bitcoin Price Leads Crypto Comeback after Market Briefly Dips Below $250 Billion
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CryptoCoins News, 1/1/0001 12:00 AM PST The Bitcoin price led a comprehensive cryptocurrency comeback on Monday after the market briefly dipped below $250 billion on Sunday. Altogether, 97 of the top 100 cryptocurrencies posted gains against the US dollar, enabling the cryptocurrency market cap to rise by $15.4 billion. This constituted a single-day gain of more than six percent and raised The post Bitcoin Price Leads Crypto Comeback after Market Briefly Dips Below $250 Billion appeared first on CCN |
Dow plunges more than 500 points as Trump picks on Amazon and trade-war fears return
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Business Insider, 1/1/0001 12:00 AM PST
US stocks tumbled Monday as President Donald Trump doubled down on his criticism of Amazon, sending technology and consumer discretionary stocks lower. The selling also comes ahead of the Trump administration's plan to unveil this week the list of Chinese imports targeted for US tariffs. The list of $50-60 billion worth of annual imports is expected to target "largely high-technology" products. The more tech-heavy Nasdaq 100 — which has been a lightning rod for market volatility in recent weeks — plummeted as much as 3.3% to lead all major US indexes. Meanwhile, the benchmark S&P 500 dropped as much as 2%, and the 30-company Dow Jones industrial average slid more than 2.1% at one point. Among the technology firms worst hit were chipmakers, including Lam Research, Micron Technology, Nvidia, Intel, and Cisco, which all dropped at least 3.7%. Note that due to their position in supply chain, these firms are more vulnerable to geopolitical turmoil, particularly as it pertains to China. Mega-cap technology companies also took a dive as the NYSE FANG+ Index — which includes the traditional FANG group (Facebook, Amazon, Netflix and Google) plus six other massive global firms — decreased 4.2%. Amazon, Netflix, and Tesla all logged losses of close to 6%. Tech sector woes are mounting at a time when it seems everything is going wrong simultaneously for the industry. Netflix shares are falling deeper into a correction in the wake of a recent data breach, while Tesla is under pressure ahead of its quarterly production update for the Model 3 sedan. Check out Business Insider's in-depth coverage of the market's recent turbulence:
Elsewhere in global equity markets, the Shanghai Composite lost 0.2% after climbing as much as 0.7% in early trading, while the Stoxx Europe 600 increased 0.4%. In the bond market, the 10-year US Treasury yield rose 7 basis points to 2.74%, inching closer to the key 3% level that traders are closely watching. Bank of America Merrill Lynch has said in the past that a trade war will move yields higher in the medium to long term. Here's a rundown of other asset classes:
SEE ALSO: A group of investors once left for dead looks more prepared than anyone to fight off a trade war Join the conversation about this story » NOW WATCH: How Jay-Z and Diddy used their fame to make millions off of 'cheap grapes' |
CRYPTO INSIDER: Bitcoin millionaires love Lamborghinis
CRYPTO INSIDER: Bitcoin millionaires love Lamborghinis
Will Non Professional Traders Kill the Market?
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CryptoCoins News, 1/1/0001 12:00 AM PST This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. As we all saw, at the end of 2017 the ever controversial cryptocurrency Bitcoin suddenly increased 12x over what many experts predicted and then managed to exceed even The post Will Non Professional Traders Kill the Market? appeared first on CCN |
Investor: Banks [Goldman Sachs] Entering Crypto Will Lead to Bitcoin Price Surge
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CryptoCoins News, 1/1/0001 12:00 AM PST Jon Matonis, a co-founder of Bitcoin Foundation and executive at VISA, stated that the entrance of major banks and financial institutions like Goldman Sachs will lead to an increase in the liquidity of bitcoin, and ultimately, the bitcoin price. “I think it’s fabulous that they’re getting into it because it brings in new liquidity. They’re … Continued The post Investor: Banks [Goldman Sachs] Entering Crypto Will Lead to Bitcoin Price Surge appeared first on CCN |
To Russia with Bitcoin: Hotels Will Accept Cryptocurrency During the World Cup
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CryptoCoins News, 1/1/0001 12:00 AM PST The world’s biggest sporting event is just a few months away and fans are flocking to online websites to book their seats in Russia. Luckily for crypto users, Kaliningrad, one of the cities hosting the matches, is now offering cryptocurrency payments for hotel rooms. Buying Business Travel Russia reported that Apartments Malina has teamed up with The post To Russia with Bitcoin: Hotels Will Accept Cryptocurrency During the World Cup appeared first on CCN |
Bitcoin Price Rebounds to $7,000 But Other Cryptocurrencies Continue to Struggle
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CryptoCoins News, 1/1/0001 12:00 AM PST The bitcoin price has rebounded to $7,050 as the cryptocurrency market has recorded a gain of $13 billion. Ethereum, Ripple, Bitcoin Cash, Litecoin, and other major cryptocurrencies have also recorded a daily increase in value. Bear Cycle The cryptocurrency market is going through a bear cycle, and speculators who previously sought for 10 to 100-fold The post Bitcoin Price Rebounds to $7,000 But Other Cryptocurrencies Continue to Struggle appeared first on CCN |
Bitcoin Price Rebounds to $7,000 But Other Cryptocurrencies Continue to Struggle
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CryptoCoins News, 1/1/0001 12:00 AM PST The bitcoin price has rebounded to $7,050 as the cryptocurrency market has recorded a gain of $13 billion. Ethereum, Ripple, Bitcoin Cash, Litecoin, and other major cryptocurrencies have also recorded a daily increase in value. Bear Cycle The cryptocurrency market is going through a bear cycle, and speculators who previously sought for 10 to 100-fold The post Bitcoin Price Rebounds to $7,000 But Other Cryptocurrencies Continue to Struggle appeared first on CCN |
Bitcoin Price Rebounds to $7,000 But Other Cryptocurrencies Continue to Struggle
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CryptoCoins News, 1/1/0001 12:00 AM PST The bitcoin price has rebounded to $7,050 as the cryptocurrency market has recorded a gain of $13 billion. Ethereum, Ripple, Bitcoin Cash, Litecoin, and other major cryptocurrencies have also recorded a daily increase in value. Bear Cycle The cryptocurrency market is going through a bear cycle, and speculators who previously sought for 10 to 100-fold The post Bitcoin Price Rebounds to $7,000 But Other Cryptocurrencies Continue to Struggle appeared first on CCN |
Taiwan Central Bank Proposes Money Laundering Rules for Bitcoin
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CoinDesk, 1/1/0001 12:00 AM PST The Central Bank of Taiwan is eyeing new rules that would bring bitcoin under the island's existing anti-money laundering regulations. |
Above $7K: Bitcoin Eyes Gains After Death Cross Fails
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CoinDesk, 1/1/0001 12:00 AM PST Despite having witnessed a so-called "death cross" over the weekend, bitcoin is now eyeing gains above the $7,000 mark. |
Bitcoin Is Close to Cutting Fees with Better Coin Selection
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CoinDesk, 1/1/0001 12:00 AM PST Years of work has culminated in Bitcoin Core software getting a "coin selection" upgrade that will lower transaction fees and scale the blockchain. |
Korean Police Bust Bitcoin Miners Illegally Using Cheap Factory Power
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CoinDesk, 1/1/0001 12:00 AM PST Companies using cheap electricity to mine cryptocurrencies at industrial complexes in South Korea have reportedly been arrested by police. |
Bitcoin Foundation cofounder: Crypto isn't in a bubble — 'bitcoin is the pin that’s going to pop the bubble'
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Business Insider, 1/1/0001 12:00 AM PST
Bitcoin surged to over $20,000 per coin in the final months of 2017 but has since collapsed to around $7,000, leading skeptics to argue that that cryptocurrency was in a bubble that is now bursting. Jon Matonis, who helped found the Bitcoin Foundation in 2012, told Business Insider: "To the people who say bitcoin’s a bubble, I would say bitcoin is the pin that’s going to pop the bubble. The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles." Matonis, who spoke to Business Insider at the Innovate Finance conference in London earlier this month, believes we are entering the "post-legal tender age ... that isn't driven by central banks." Decentralized cryptocurrencies like bitcoin will power this shift, he said. "Hard coded into the original block zero genesis block of bitcoin was a headline from The Times of London saying: ‘Chancellor on the brink of second bailout for banks,’" Matonis said. "All they’re doing is papering over the bullshit infrastructure. That headline epitomizes what bitcoin is about, that’s why it was hardcoded in there." Matonis was a currency trader for the Japanese bank Sumitomo and Visa before he helped set up the Bitcoin Foundation in 2012. The non-profit was created to help compensate the core developers of the bitcoin protocol. Matonis sat on the foundation's board from 2012 to 2014 and remains an executive director. 'The regulators are so confused'Despite his skepticism about the existing financial system, Matonis thinks it's "wonderful" that big banks such as Goldman Sachs are considering entering the world of crypto.
"They’re going to develop futures markets, options markets, I even think you’re going to start to see interest rate markets around bitcoin," he said. "We’re used to hearing things about Libor, the index for bitcoin interest rates is Bibor." Regulators around the world have been trying to come to grips with crypto and the UK recently set up a crypto "task force" to consider regulation of the space. Matonis doesn't think crypto should be regulated. "I think we should operate in an environment of caveat emptor, let the buyer do his research," he said. "This hopefully has forced a lot of investors to do more research. No one is forcing them to invest in ICOs [initial coin offerings]. If you’re worried about the risk, just walk away." He added: "The regulators are so confused, not just in Europe but in North America as well. They’re used to fundraising models that involve selling debt or selling equity." Matonis characterized bitcoin as a "third model for a startup to raise funds." "They actually issue utility tokens into the market that don’t represent equity, they don’t represent equity, they don’t represent debt, they represent a negotiable claim on the success of the token which is in effect, hopefully, linked to the success of the company," he said. "This is an entirely new model and it doesn’t fit in any of the regulator's boxes." DON'T MISS: Crypto projects that raised hundreds of millions of dollars are being 'intentionally non-transparent' Join the conversation about this story » NOW WATCH: An investment chief at HSBC sees huge trading opportunities outside the US |
"I think it’s fabulous that they’re getting into it because it brings in new liquidity," he said, adding that the institutions will help "mature the market" and reduce volatility.Ethereum Drama, More Bans and Lawsuits: This Week in Crypto
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CryptoCoins News, 1/1/0001 12:00 AM PST Make sure you check out last weeks post here, now let’s go over what happened in crypto this week. Price Watch: Bitcoin is down 20% this week completely retracing the past week’s gains. Despite periodic gains this week, the market still finished down significantly from last week posting another double-digit loss. This has been attributed to everything The post Ethereum Drama, More Bans and Lawsuits: This Week in Crypto appeared first on CCN |