Bitcoin Price Decline Driven by Q4 Futures Launch, Fed Researchers Claim
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CryptoCoins News, 1/1/0001 12:00 AM PST Bitcoin’s winter price peak and subsequent decline coincided with the introduction of bitcoin futures trading on the Chicago Mercantile Exchange. A team of researchers doesn’t think it was a coincidence. Galina Hale, Arvind Krishnamurthy, Marianna Kudlyak and Patrick Shultz — economic researchers writing for the Federal Reserve Bank of San Francisco — claim in a … Continued The post Bitcoin Price Decline Driven by Q4 Futures Launch, Fed Researchers Claim appeared first on CCN |
‘Put Your Money Where Your Mouth Is’: Winkelvoss Dares Bill Gates to Short Bitcoin
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CryptoCoins News, 1/1/0001 12:00 AM PST Bill Gates, the second richest person in the world with an estimated net worth of $90 Billion, said in an interview with CNBC that he would short bitcoin if he could because it is worthless. “I would short it if there was an easy way to do it. As an asset class, you’re not producing The post ‘Put Your Money Where Your Mouth Is’: Winkelvoss Dares Bill Gates to Short Bitcoin appeared first on CCN |
Bitmain’s Antminer Z9 Mini Designed to Mine Zcash, Threatens ASIC Resistance
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Bitcoin Magazine, 1/1/0001 12:00 AM PST Mining hardware manufacturer Bitmain has announced the release of its new Antminer Z9 mini, an ASIC (application-specific integrated circuit) miner capable of mining any cryptocurrency running the Equihash proof-of-work (PoW) algorithm. This includes, most notably, Zcash. The company made the announcement via its Twitter page: “Pleased to announce the Antminer Z9 mini, an ASIC miner to mine #Equihash-based cryptocurrencies. To prevent hoarding and to let more individuals worldwide get one, we’ve set a limit of one miner per user. Order ... now while stock lasts!” Zcash (ZEC) is a decentralized and open-source cryptocurrency designed to offer users complete (but optional) privacy in transactions. In addition, Zcash has always used the Equihash PoW mining algorithm to prevent the progress of Zcash ASIC miners and has predominantly been mined by general-purpose GPU chips, which are popular amongst gamers. ASICs have long been a subject of controversy. Their introduction has led to centralized mining for some larger operations, and many have argued that ASICs work against the decentralized intentions of various cryptocurrencies. In addition, Bitmain in particular has been accused in the past of leveraging its influence as a dominant player in the mining industry. Critics have claimed that Bitmain does not have a sizable competitor and boasts an unfair advantage when trying to centralize hash power. As such, Zcash mining, too, could wind up in the hands of only a few major mining companies like Bitmain. The development of ASIC hardware has already caused some cryptocurrencies to change their proof-of-work mining algorithm. Martin Kuvandzhiev, operations lead of Bitcoin Gold, which uses the same mining algorithm as Zcash, has stated that an upcoming hard fork has been scheduled to ensure that the currency manages to stand against ASIC mining. Monero, meanwhile, has recently altered its mining algorithm to counter ASIC hardware. It is possible that Zcash will follow suit and change its PoW mining algorithm as well, but no decision has been made on this issue as of yet. Just hours before Bitmain’s announcement, Zcash co-founder and CEO Zooko Wilcox did write in a forum post that ASIC resistance “would probably become impossible long-term” but that he was struck by how essential GPU mining was to people in nations like Venezuela. “If Venezuelans try to import ASIC miners (i.e. for Bitcoin, currently), then they risk having the miners stolen or extorted by the army which controls all imports,” he explained. “I’m basically still in the same place now that I was four years ago when we first decided to go for widespread-distribution-of-coins at the expense of sunk-cost-incentive-alignment. I still think that widespread-distribution-of-coins is more important (but I still think it can’t last forever …).” This article originally appeared on Bitcoin Magazine. |
NYT Report: Parent Company to NYSE Is Planning a Bitcoin Exchange
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Bitcoin Magazine, 1/1/0001 12:00 AM PST Intercontinental Exchange, also known as ICE, the parent company of the New York Stock Exchange (NYSE), wants to establish its own cryptocurrency exchange. The New York Times (NYT) first reported on the developments on May 7, 2018, after four individuals divulged the plans and related emails to the newspaper. While sparse in exact details, the report reveals that the exchange, which would be built for “large investors” in mind, would permit direct bitcoin trading, not futures contracts as we’ve seen with the CBOE and CME. According to the NYT’s sources, ICE has been in talks with legacy banks and financial institutions to facilitate swap contracts for potential bitcoin trading. These contracts would essentially allow banks to buy contracts for bitcoin, giving the exchange sure anchors of liquidity. Once an exchange user buys one of these contracts, cash changes hands and the corresponding bitcoin would appear in his/her wallet the next day. In practice, a swap contract is more complex than this, but the important thing to note is that it would give the exchange the regulatory backing of existing laws and make it fully compliant with the Commodity Futures Trading Commission (CFTC), a status even today’s most popular cryptocurrency exchanges have yet to secure. While the report makes it clear that ICE is at least in the process of formulating a bitcoin trading strategy, it did not indicate whether the exchange is mulling over listing additional popular cryptocurrencies such as ether or litecoin. Further, it warns that all developments are not final and that plans for the exchange could dissolve given crypto’s unregulated, unfettered landscape. Still, if ICE does go through with its plans, it would become the first traditional financial market to trade bitcoin directly. This would put it in the company of Goldman Sachs, who announced earlier this week its plans to trade bitcoin futures contracts on behalf of its clients. Goldman Sachs indicated that while it is not comfortable with trading bitcoin directly straight out of the gate, the bank has plans on standby if clearer regulations surface. The institution shares this sentiment with Nasdaq, whose CEO, Adena Friedman, told CNBC that the exchange would open up bitcoin trading when “people are ready for a more regulated market.” Right now, the only traditional financial exchanges that offer bitcoin options of any kind are the Chicago-based CME and CBOE, both of which began offering futures contracts in December of last year. A representative for the New York Stock Exchange declined to comment on the developments. This article originally appeared on Bitcoin Magazine. |
NYT Report: Parent Company to NYSE Is Planning a Bitcoin Exchange
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Bitcoin Magazine, 1/1/0001 12:00 AM PST Intercontinental Exchange, also known as ICE, the parent company of the New York Stock Exchange (NYSE), wants to establish its own cryptocurrency exchange. The New York Times (NYT) first reported on the developments on May 7, 2018, after four individuals divulged the plans and related emails to the newspaper. While sparse in exact details, the report reveals that the exchange, which would be built for “large investors” in mind, would permit direct bitcoin trading, not futures contracts as we’ve seen with the CBOE and CME. According to the NYT’s sources, ICE has been in talks with legacy banks and financial institutions to facilitate swap contracts for potential bitcoin trading. These contracts would essentially allow banks to buy contracts for bitcoin, giving the exchange sure anchors of liquidity. Once an exchange user buys one of these contracts, cash changes hands and the corresponding bitcoin would appear in his/her wallet the next day. In practice, a swap contract is more complex than this, but the important thing to note is that it would give the exchange the regulatory backing of existing laws and make it fully compliant with the Commodity Futures Trading Commission (CFTC), a status even today’s most popular cryptocurrency exchanges have yet to secure. While the report makes it clear that ICE is at least in the process of formulating a bitcoin trading strategy, it did not indicate whether the exchange is mulling over listing additional popular cryptocurrencies such as ether or litecoin. Further, it warns that all developments are not final and that plans for the exchange could dissolve given crypto’s unregulated, unfettered landscape. Still, if ICE does go through with its plans, it would become the first traditional financial market to trade bitcoin directly. This would put it in the company of Goldman Sachs, who announced earlier this week its plans to trade bitcoin futures contracts on behalf of its clients. Goldman Sachs indicated that while it is not comfortable with trading bitcoin directly straight out of the gate, the bank has plans on standby if clearer regulations surface. The institution shares this sentiment with Nasdaq, whose CEO, Adena Friedman, told CNBC that the exchange would open up bitcoin trading when “people are ready for a more regulated market.” Right now, the only traditional financial exchanges that offer bitcoin options of any kind are the Chicago-based CME and CBOE, both of which began offering futures contracts in December of last year. A representative for the New York Stock Exchange declined to comment on the developments. This article originally appeared on Bitcoin Magazine. |
CRYPTO INSIDER: 'Put your money where your mouth is," Winklevoss twin tells Bill Gates
CRYPTO INSIDER: 'Put your money where your mouth is," Winklevoss twin tells Bill Gates
CRYPTO INSIDER: 'Put your money where your mouth is," Winklevoss twin tells Bill Gates
CRYPTO INSIDER: 'Put your money where your mouth is," Winklevoss twin tells Bill Gates
Promoted: Kryptonite Sparks The Future of Wealth and Global Trade
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Bitcoin Magazine, 1/1/0001 12:00 AM PST As chairman of the board of the Nighthawk Group, an international barter and trade organization involved in other luxury assets, James Bolin possesses a deep knowledge of global markets and commerce. Operating in several countries, Nighthawk and its partners has amassed a global presence that holds major strategic influence on the world monetary stage. Possessing both a wide knowledge of finance and an even deeper historical view of money, Bolin sees life and progress as predicated by innovation and calculated risk. He believes that our world is facing an unprecedented period of global wealth transfer that will have profound implications for the future of money. This trend, said Bolin, has led him on an ambitious quest to create a trade dollar of value that is cash convertible. The Blockchain is the technological mechanism that he thinks can deliver on this promise. In partnership with New York entrepreneur Dean Anastos, Bolin created the kryptonite trade coin (KTC), an asset based digital currency. Kryptonite’s value is to act as a “gateway” currency allowing holders to buy or trade assets or services worldwide. Using smart contracts on the Ethereum blockchain, kryptonite will allow users to employ encrypted wallets for highly secure transaction between parties. Anastos, founder and CEO of BlockchainDevelopers.org, is working with Bolin to weave together the critical infrastructure necessary to make this vision a reality. Luckily, experience is on their side. For many years, Blockchain Developers has worked on the front lines of this space, specializing in token creation and using smart contracts on the Ethereum blockchain. Superman's Kryptonite The digital currency’s name, kryptonite, is best known from DC Comics’ Superman. In the Superman story, kryptonite is the superhero’s greatest weakness. By giving their digital currency the same name, Bolin and Anastos want to carry over the theme in the hope that they can deliver a solution for the current weaknesses of global trade and barter markets. This project aims to remove restrictive regulatory trade barriers, allowing individuals, businesses and other legal entities to purchase or sell valuable assets and services. Trade transactions can be executed more rapidly and securely across geographic boundaries through KTC. Bolin noted that the coin will have the ability to be traded or sold, both publicly and privately. Moreover, he said that it will be listed on public exchanges with no central authority or third-party limitations hindering its use. “Our intent is not to reinvent the wheel,” said Bolin. “Rather, we’re seeking to disrupt this space by leveraging the mechanisms and secure applications that the blockchain can deliver. Kryptonite will deliver on this promise by providing buyers, sellers and traders with unlimited financial flexibility including the ability to obtain cash (fiat currency) from digital barter transactions.” Bolin also said that there is a big need for a recognizable international coin that dovetails off of Nighthawk’s influence with its collective partners and deep roots in high-end luxury entertainment, travel, media, dining and hotel markets worldwide. “We have extensive barter and trade relationships in this space that are a perfect match for our universal coin.” He believes that governments will also want to become key players in the Kryptonite digital community. “Our coin would allow governments to accept it with the overall goal of bringing everyone who is in the international trade world into something that’s cash convertible and can be used through debit cards and otherwise.” Anastos weighed in on this narrative, “We are essentially taking an old-world business model [global trade and barter that has existed for many years and are tokenizing it. We are bringing it now to the blockchain where everything will be done through smart contracts, where people can view all the assets that are a part of our platform and participate through the Kryptonite ecosystem that we are going to build out.” Bolin and Anastos both highlight a unique feature of Kryptonite amid the increased scrutiny received by digital token issuers from regulatory bodies: Kryptonite is intended to be transparent using an accounting firm to assist with setting up and coordinating protocols and regular audits. “We’ll show that Kryptonite coin is always backed up with the luxury assets,” said Bolin. “And we are also going to be SEC compliant and abide by AML laws. Through transparency we intend to reiterate to the world that we are real and that these assets are real.”
Bolin concludes by reiterating his belief that cryptocurrencies will likely create the greatest wealth transfer in the history of mankind, “Our ultimate goal is to have the number one, most respected coin in the world. We believe that our sound business practices and present business model will allow us to achieve this in due time.” This promoted article originally appeared on Bitcoin Magazine. |
Gemini’s Tyler Winklevoss informs Bill Gates that actually he can short bitcoin
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TechCrunch, 1/1/0001 12:00 AM PST While plenty of the scathing criticism aimed at the cryptocurrency world is well-deserved, sometimes a jab fails to land. In the midst of the mostly grossly worded slew of insults that the institutionally rich lobbed at the bitcoin crowd over the weekend, Bill Gates may have landed the furthest from the mark. “Bitcoin and other […] |
The owner of the New York Stock Exchange is working on a bitcoin trading platform
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TechCrunch, 1/1/0001 12:00 AM PST The New York Stock Exchange is working on its own bitcoin trading platform. According to a new report from the New York Times, the NYSE’s parent company is developing an online exchange geared toward large institutional investors — the kind of financial heavyweights that the cryptocurrency community is waiting for with bated breath. Details of […] |
Think Bitcoin’s a Bubble? Oscar Mayer’s ‘Bacoin Cryptocurrency’ Just Crashed 93%
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CryptoCoins News, 1/1/0001 12:00 AM PST Bitcoin bears frequently deride the flagship cryptocurrency as a speculative bubble, but just wait until they find out about the volatility of Bacoin, a bacon-backed “cryptocurrency” from Oscar Mayer. First things first: Bacoin is not a cryptocurrency. Rather, it’s a cleverly-branded promotion that uses an instant win game — excuse me, “mining” — to give The post Think Bitcoin’s a Bubble? Oscar Mayer’s ‘Bacoin Cryptocurrency’ Just Crashed 93% appeared first on CCN |
Bitcoin ABC Patches Critical Vulnerability in Bitcoin Cash Mining Software
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CryptoCoins News, 1/1/0001 12:00 AM PST Cryptocurrency development team Bitcoin ABC has released a patch to address a critical vulnerability in bitcoin cash mining software. According to Bitcoin ABC’s incident report, the vulnerability would have allowed an attacker to initiate a split in the bitcoin cash network. To accomplish this, the attacker would have constructed a malicious transaction that included the The post Bitcoin ABC Patches Critical Vulnerability in Bitcoin Cash Mining Software appeared first on CCN |
'I'm a globalist': Former Trump economic adviser Gary Cohn reemerges to blast Trump's trade strategy
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Business Insider, 1/1/0001 12:00 AM PST
Gary Cohn, the former top economic adviser to President Donald Trump, reemerged on Tuesday in his first extensive interview since leaving the White House and criticized the president's newest trade policies. "I think people are concerned that the economic policy from Washington is not as clear this year as it was last year," Cohn said during the interview on CNBC. Cohn, the former Goldman Sachs executive, stressed that the recent rash of protectionist trade policies — including tariffs on steel, aluminum, and Chinese goods — were foolish. "In a perfect world there would be no tariffs," Cohn said. Cohn submitted his resignation on March 6, shortly after Trump announced the steel and aluminum tariffs. On Tuesday, Cohn reiterated his free-trade stance, calling himself "anti-tariff," "a free trader," and "a globalist." "Globalist" was also the word Trump used to describe Cohn during a Cabinet meeting after his resignation. The term "globalist" has at times been used by far-right groups as an anti-Semitic attack on Cohn, who is Jewish. Cohn also argued that the tariffs' focus on supporting the manufacturing industry was misguided. The US economy is primarily focused on services, Cohn argued. By increasing the cost of goods, he said, American consumers would have less to spend on the sector that creates the most jobs. "I believe that we are very good at doing certain things in the United States," Cohn said. "Other countries are very good at different things, we should buy what they're good at and sell them what we're good at." In particular, the former Trump adviser took issue with the tariffs' focus on input goods or parts that are used to produce finished goods. Economists and trade experts have warned that this focus on "parts" will be particularly problematic for US businesses that rely on imported pieces to create their products. For instance, Cohn cited the aluminum tariffs as an example of the trouble. In various surveys, manufacturers reported that the higher aluminum prices over the past two months caused uncertainty and slowed investment plans. "We have many more tens of thousands of people in industries that use aluminum than in the aluminum manufacturing business," Cohn said. In the interview, Cohn also said that it is too early to judge the effectiveness of the GOP tax law, but he said early signs were promising. Cohn also weighed in on bitcoin and cryptocurrency. "I'm not a big believer in bitcoin, I am a believer in blockchain technology," he said, adding that there will eventually be a global cryptocurrency. Watch some of Cohn's comments to CNBC:
Join the conversation about this story » NOW WATCH: What will probably happen with the North and South Korean peace treaty |
NYSE Isn’t Planning a Bitcoin Futures Market, But a Proper Crypto Exchange
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CryptoCoins News, 1/1/0001 12:00 AM PST According to a report by the New York Times, the world’s biggest stock exchange New York Stock Exchange (NYSE) is planning to operate a proper cryptocurrency trading platform. Beating Goldman Sachs and Nasdaq to the Punch On May 3, CCN reported that Goldman Sachs is entering the bitcoin market by launching a futures market targeted … Continued The post NYSE Isn’t Planning a Bitcoin Futures Market, But a Proper Crypto Exchange appeared first on CCN |
Report: NYSE Owner ICE Weighs Bitcoin Trading Platform Launch
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CoinDesk, 1/1/0001 12:00 AM PST Intercontinental Exchange, the firm that owns the New York Stock Exchange, is developing a bitcoin trading platform, according to a report. |
Crypto Trading Should Be as Easy as Ordering a Pizza, Says Aussie Bitcoin Exchange
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CryptoCoins News, 1/1/0001 12:00 AM PST Australian bitcoin exchange startup Nauticus thinks that trading cryptocurrencies should be no more difficult than ordering a pizza. Regional financial publication Stockhead reports that the Melbourne-based exchange operator — which has raised nearly $17 million through an initial coin offering (ICO) — has ambitious plans for its budding platform. In addition to its bitcoin exchange The post Crypto Trading Should Be as Easy as Ordering a Pizza, Says Aussie Bitcoin Exchange appeared first on CCN |
Sirin's 'blockchain smartphone' will have flagship specs
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Engadget, 1/1/0001 12:00 AM PST
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Late last year, Sirin Labs launched a crowd-sale for what it is calling the "world's first blockchain smartphone." The Finney, named after the late Bitcoin developer Hal Finney, is due to arrive at some point this year. And when it does, it's likely...
Four Crypto Exchanges Challenge India’s Bitcoin Banking Blockade in Supreme Court
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CryptoCoins News, 1/1/0001 12:00 AM PST In the third in sequence yet the fiercest attempt of downing the Reserve Bank of India’s circular blocking off banking services to cryptocurrency exchanges, four more Indian cryptocurrency exchanges have jointly filed a Writ Petition (Civil) no. 373 of 2018 under Article 32 of the Constitution challenging the constitutional validity of the Central Bank’s Circular. The post Four Crypto Exchanges Challenge India’s Bitcoin Banking Blockade in Supreme Court appeared first on CCN |
Cryptocurrency Market Rebounds: Bitcoin at $9,400, Tokens Post Large Gains
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CryptoCoins News, 1/1/0001 12:00 AM PST The cryptocurrency market has rebounded over the past 24 hours as many tokens such as EOS, Ziliqa, 0x, Ethos, Loom, and ICON recorded large gains against both bitcoin and the US dollar. Best Performer: 0x 0x, also known as ZRX and the 0x Protocol, is an ERC20 token based on the Ethereum blockchain network that The post Cryptocurrency Market Rebounds: Bitcoin at $9,400, Tokens Post Large Gains appeared first on CCN |
Bitcoin Risks Drop Below $9K After 4-Day Low
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CoinDesk, 1/1/0001 12:00 AM PST Bitcoin risks falling to levels below $9,000, courtesy of the bearish setup on the technical charts. |
The owner of New York Stock Exchange is reportedly working on a bitcoin exchange
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Business Insider, 1/1/0001 12:00 AM PST
Intercontinental Exchange, the parent company of the New York Stock Exchange, has been developing an online platform to buy cryptocurrency, according to a report by The New York Times. The move, which the Times first reported citing documents and people familiar with the situation, is another example of a traditional Wall Street firm diving into the nascent market for digital coins. Georgia-based ICE first entered the market for digital currencies via a cryptocurrency data feed, which went live in March. Notably, Wall Street bank Goldman Sachs said it was launching a cryptocurrency trading desk earlier in April, the Times earlier reported. A slew of trading firms have been trading crypto, including Chicago trading firms such as DRW and Jump Trading. As per the Times report, the potential crypto platform by ICE would "allow large investors to buy and hold bitcoin." To be sure, the plan may not come to fruition. An ICE spokesperson did not immediately respond to Business Insider's request for comment. Whereas ICE's exchange competitors — Cboe Global Markets and CME Group — have jumped the crypto market via bitcoin futures, ICE has focused on data, and adding transparency to the marketplace known for its wild price swings and fraud via its data-feed product. Nasdaq, which entered into an partnership with crypto-exchange Gemini in April, is also planning on launching a futures market for crypto. Also, Nasdaq's CEO Adena Friedman said the firm could one day launch a crypto exchange. Still, if ICE were to follow through on its reported plan, it would be the first established equities exchange operator to launch such a venue in the US. The venture would potentially have a big leg up over existing crypto-exchange venues which lack the mature market structure of equities exchanges like NYSE and Nasdaq. Join the conversation about this story » NOW WATCH: A Nobel Prize-winning economist explains what Milton Friedman got wrong |
‘Enough Already’: Billionaire Mike Novogratz Says ‘Bitcoin Core is BTC’
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CryptoCoins News, 1/1/0001 12:00 AM PST “Enough already.” That’s the message that billionaire Mike Novogratz had for the @Bitcoin Twitter account, whose operator has lately hopped on the “Bitcoin Cash is Bitcoin” bandwagon. Responding to a post that claimed Bitcoin Cash is the “oldest cryptocurrency” and that BTC is “an experimental currency” that is essentially two years old, Novogratz shot back The post ‘Enough Already’: Billionaire Mike Novogratz Says ‘Bitcoin Core is BTC’ appeared first on CCN |
'Put your money where your mouth is': Winklevoss twin challenges bitcoin hater Bill Gates
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Business Insider, 1/1/0001 12:00 AM PST
Gates, the cofounder of computer and software giant Microsoft, said Monday he would short the digital currency if he could. "I agree I would short it if there was an easy way to do it," Gates said during an appearance on Squawk Box. Responding to the billionaire, Tyler Winklevoss, the founder of Gemini, the crypto exchange, challenged Gates' remarks on Twitter. "There is an easy way to short bitcoin," Winklevoss said in a tweet. "You can short #XTB, the CBOE Bitcoin Futures contract, and put your money where your mouth is," Winklevoss added. Bitcoin futures, which launched in December 2017, allow investors to bet on the future price of bitcoin without actually touching the wildly volatile coin. The cryptocurrency soared towards its all-time high of $20,000 a coin, leading up to the launch of futures. While the futures markets are not as well-known as equities, investors can easily take a position (either long or short) in the market through a broker such as TD Ameritrade or Interactive Brokers. The markets for bitcoin futures have steadily picked up since their launch, with close to 10,000 contracts for the front month trading on Cboe Global Markets at last check, according to Cboe data. They have allowed bears to express a negative view on the cryptocurrency, which has weighed on its price, new research from the San Francisco Federal Reserve shows. "The launch of bitcoin futures allowed pessimists to enter the market, which contributed to the reversal of the bitcoin price dynamics," researchers said. At last check, bitcoin was trading at $9,393 a coin, according to Markets Insider data. Join the conversation about this story » NOW WATCH: There’s a major shift occurring that could signal the end of the historic bull market |
HBO’s Silicon Valley Digs at ICO Mania in Latest Crypto-Themed Episode
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CryptoCoins News, 1/1/0001 12:00 AM PST HBO’s Silicon Valley is doing its part to usher in ICOs to the mainstream, as evidenced by the latest episode, which was entitled “Initial Coin Offering.” The series, whose show opening includes a shot of US bitcoin exchange Coinbase in the corporate landscape, is all in, with fictional decentralized internet startup Pied Piper opting to pursue The post HBO’s Silicon Valley Digs at ICO Mania in Latest Crypto-Themed Episode appeared first on CCN |