Bitcoin Unicorn Circle Records a 30% Spike in New Institutional Clients in May
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CryptoCoins News, 1/1/0001 12:00 AM PST Much like your eccentric uncle swears to have seen Bigfoot, the Loch Ness Monster, or — for the West Virginia readers among us — Mothman, many industry professionals have claimed for months to have seen evidence that institutional investors are preparing to enter the cryptocurrency markets in a major way. This event, the oracles foretold, The post Bitcoin Unicorn Circle Records a 30% Spike in New Institutional Clients in May appeared first on CCN |
Andreessen Horowitz Has Launched a $300M Crypto Fund
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Bitcoin Magazine, 1/1/0001 12:00 AM PST Andreessen Horowitz has launched a $300 million crypto fund dedicated to investing in cryptocurrencies and other blockchain-related projects. The fund, named a16z crypto, signals that the firm is diving deeper into the cryptocurrency space to grow its existing portfolio, which includes digital currency exchange Coinbase. In a statement posted on the company's blog, general partner Chris Dixon states that the a16z crypto fund provides the firm with the flexibility to invest in any area of its choosing from traditional equities to digital tokens. As a result, the firm will be able to invest in both companies and the tokens those companies create. Emphasizing how bullish the firm is on the crypto industry, Dixon writes that the fund won't be deterred by market conditions, and it will ultimately focus on crypto-powered services with “practical use cases” that could ultimately be used by “hundreds of millions.” Dixon went on to iterate that Andreessen Horowitz structured the new fund to hold “investments for 10+ years.” “We have an 'all weather' fund. We plan to invest consistently over time, regardless of market conditions,” he explains. “If there is another 'crypto winter,' we’ll keep investing aggressively.” The firm also revealed that the fund would invest in companies at any stage and in any location, the investments ranging from blockchain-related projects to initial coin offerings. These investments will offer more than just capital injection into cryptocurrency companies. Any companies Andreessen Horowitz invests in will also have access to “operational support,” which will purportedly help them to scale their businesses faster. The fund’s operations will be overseen by a group of general managers, including Chris Dixon and former federal prosecutor Katie Haun, who joins the firm as its first female general partner. Haun got her first taste for cryptocurrency during the investigation and conviction of two federal agents involved with the Silk Road and the Mt. Gox exchange hack. She also sits on the board of Coinbase where she chairs the company’s audit and risk committees. VC firms have long avoided cryptocurrency businesses due to regulatory uncertainty. But as U.S. officials offer more clarity to this end, VC firms such as Union Square Ventures and Sequoia Capital have been making investments in the space. This article originally appeared on Bitcoin Magazine. |
How to Slow Down a Startup: Erik Voorhees’ Hard Lesson
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Bitcoin Magazine, 1/1/0001 12:00 AM PST The Let’s Talk Bitcoin Network has added a new show to its lineup, “What Bitcoin Did.” The WBD podcast is hosted by U.K.-based Peter McCormack, an “accidental Bitcoin and Cryptocurrency investor, miner, blogger and podcaster.” His show, an industry interview program, follows important figures and developments in and around the crypto space. What’s the next level beyond being a cryptocurrency investor? That would be achieving the status of bitcoin entrepreneur. Imagine not only profiting from your trades but being the one who built the exchange you executed it on; created the portfolio platform for your digital asset holdings; designed a comprehensive bitcoin banking platform; acquired a cryptocurrency hardware wallet manufacturer; and/or were among the first to see your bitcoin business acquired for a significant sum. Those moves aren’t an imagined scenario. They’re the real-life portfolio highlights of Erik Voorhees, reflecting his involvement with ShapeShift.io, Prism, Coinapult, KeepKey and SatoshiDice respectively. He’s been accumulating these credentials since 2012, when he launched SatoshiDice, the well-known gambling website that proved to be the first of Voorhees’ many wagers on crypto’s future. Voorhees went in-depth on those bets, and the reasons why they’re no sure thing, in a candid interview with Peter McCormack on Episode 22 of his podcast series What Bitcoin Did, which marks the latest addition to the Let’s Talk Bitcoin network. The conversation that resulted from their London meetup was equal parts engaging and sobering, offering a painful reminder of why many new crypto services may face a complicated rollout before they can take off, particularly in the U.S. Oversight OverdoseVoorhees’ markedly libertarian leanings have driven him to innovate within the bitcoin vertical. But in the process of building out businesses like ShapeShift, he’s relearned why he believes that the government’s role in key areas like money, education and healthcare is best minimized: what he sees as regulatory overreach by entities such as the U.S. Securities and Exchange Commission (SEC) is stifling new crypto businesses. Voorhees speaks from his own personal experience of trying to expand ShapeShift. “At this point we’re about 100 people, and all through 2017 we were just trying to grow,” he relates. “2018, unfortunately, has largely been trying to navigate regulatory issues because we’ve gotten big, and because the industry has gotten bigger, and trying to figure out how to grow something in a legal gray area is tricky. We’ve spent a lot of resources and time both on regulatory matters with SEC-style stuff, as well as transaction monitoring and other questions, which many governments have strong feelings about. Frankly, it’s all been very depressing.” Discussing the varying scrutiny of KYC (Know Your Client) practices from country to country as an example, Voorhees notes that, although every jurisdiction is different, there’s one that stands out for having the most complications. “It’s always the U.S.,” he tells McCormack. “The U.S. is the biggest pain in the ass for any crypto business, I think. That’s why a lot of companies block the U.S. entirely. Suffice to say that each regulator in the U.S. … all claim jurisdiction on various things. Because crypto blurs so many lines, you end up in a situation where a lot of regulations either don’t apply, or do apply, and you don’t know which it is and it gets into this big tangled mess. For example, we haven’t added any new coins to the platform in six months, and this is all due to SEC crap. The SEC has been very unclear about which tokens are securities and which are not.” The result, according to Voorhees, is an environment where banks around the world won’t take on U.S.-based customers because the reporting requirements and regulatory risk are simply too onerous. “Most Americans are just getting ring-fenced into a financial system from which they will not be able to escape,” he states. “Crypto is really the only answer.” Crypto CautionFor any successful crypto investor who dreams of being bitcoin’s next Bill Gates, ShapeShift’s tough experiences illuminate a sobering reality: If even Erik Voorhees is being slowed by an uncertain regulatory environment, how will others fare? This question introduces additional risk to what’s already a risky proposition, no matter what the industry, namely launching a new startup. Voorhees’ trials and tribulations with ShapeShift show how the waters of crypto entrepreneurship remain largely uncharted. Not only are there zero guarantees, but many of the rules are yet to be clearly written, especially for one of the world’s largest markets. Then again, maybe that’s why the spoils of today’s crypto industries are earmarked for those with a special type of tenacity. “If the question is, ‘Does the business have to be destroyed, or do we have to become more conservative?’ I wouldn’t necessarily destroy everything,” Voorhees says, “but it’s a fight I won’t give up. If we have to give in one area, we will fight more strongly in another.” This article originally appeared on Bitcoin Magazine. |
CRYPTO INSIDER: Big changes are coming to Robinhood
CRYPTO INSIDER: Big changes are coming to Robinhood
Nobel Economist Naysayer Robert Shiller Calls Bitcoin A ‘Social Movement’
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CryptoCoins News, 1/1/0001 12:00 AM PST Robert Shiller, the Nobel Prize winner in economics who has called bitcoin a bubble, has observed that bitcoin is a social movement and its popularity in the U.S. varies based on geography, according to Bloomberg. He called it a non-rational response to new information. Speaking on Bloomberg TV with Guy Johnson and Tom Keene, Shiller, The post Nobel Economist Naysayer Robert Shiller Calls Bitcoin A ‘Social Movement’ appeared first on CCN |
Op Ed: Utility Token? Why You’re Still Better Off as a Security
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Bitcoin Magazine, 1/1/0001 12:00 AM PST The SEC’s proclamation that ether (ETH) is not a security has sparked some celebration amongst the cryptocurrency community. Regulatory clarity is always a good thing, but ICO operators shouldn’t see this as a reason to put the champagne on ice. The fact is, ICOs are still better off operating as if they were securities. Even if the case can be made that you’re a utility token, there are still an array of external factors that can upend your legitimacy. Though following the path of least regulatory resistance is more tempting than ever, taking the steps to be overseen as a security, which includes proactive engagement with regulatory bodies, is the wiser move, both for the stability of your business and the viability of the cryptocurrency space. Before we dive into the reasons why, let’s make one thing clear: the SEC’s view on ETH is correct. It is more akin to a commodity like oil than it is a security. That said, the SEC’s announcement has its flip side: further clarity on what can be considered a security. While the SEC’s reasoning behind why ETH is a utility can still be loosely interpreted, their instruction for security tokens to register with them is pretty clear-cut. This brings us to the first reason why going the utility route is less than ideal: regulatory flux. To put it differently, regulators can change their minds. The warm sentiment that has opened the door to utility tokens can grow cold faster than people realize. All it takes is one catastrophic market event to force regulators to tighten the reins. Additionally, the appointment of a new commissioner or a shift in the political climate can send regulatory bodies in a new direction. Dodd-Frank is a prime example. The arguably draconian, though beneficial, rules were instilled after a major crisis, upending banking as we know it. Less than eight years and one new president later, those rules are starting to be wiped away. Additionally, the ETH proclamation may seem to excuse many ICOs from SEC oversight. But, if a token is deemed akin to a commodity, does that then encourage the CFTC to step in? How does their view differ from the SEC’s? Instead of seizing on the clarity the SEC has provided, going down the utility token route reintroduces uncertainty — and heightens the risk of being cracked down on later. If regulatory sentiment does indeed shift, many ICO operators will be tempted to double down on their rebellious stance, arguing that the SEC did not make any formal rules and cannot come after them for issuing non-registered securities. Others will avoid the U.S. altogether when raising capital; this could help an ICO work around the rules now, but it may end up precluding them from operating in the U.S. later, even as a utility token. Which brings us to our next reason for opting to be governed as a security token: operational stability and strength. In contrast to the disruption that could occur for any token operating under loosely defined regulations, ICOs that have preemptively registered with regulatory bodies will continue to function as usual. In addition, they stand to be protected if regulators decide to retroactively crack down on tokens. While I do believe in the merit of utility tokens, I also firmly believe there will be a day when the utility argument will fail for many ICOs, whether it be in the court of public opinion or in the court of law. For registered security tokens, this is a business advantage. If the marketplace is wiped clear of questionably-governed businesses, those that are left standing can seize a larger slice of market share. Moreover, being overseen as a security allows the flexibility for future business model changes, including the issuance of tokens under more sophisticated structures. The upcoming generation of security token issuances will likely represent equity, preferred shares, dividend streams and more. Instead of crowdfunding for platform creation, these offerings will resemble those that traditional companies undertake, whether to raise capital for further growth or to create real shareholder equity and deliver a return-on-investment for holders. Those companies that grasp onto the “utility” label may end up locking themselves out of this evolved marketplace. The utility label is a necessary and valid one for the space. But it’s also highly speculative and, again, subject to interpretation. As the cryptocurrency market matures, a day will come where any company looking to be taken seriously by investors will have to register with regulators in some way. Registering as a security isn’t cheap or easy, and it may bring on more oversight than needed. But it is an investment in the future, recognizing that it is the ultimate path to stability, security and growth, both for your company and the cryptocurrency market. Louis Adimando is the Chief Strategy Officer of The Praetorian Group. He is also a lawyer and a former compliance officer for multiple Wall Street banks. This is a guest post by Louis Adimando. Views expressed are his own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. This article originally appeared on Bitcoin Magazine. |
KaratGold Coin (KBC) Gets Enlisted on HitBTC Following One of the Biggest ICO’s Ever in History
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CryptoCoins News, 1/1/0001 12:00 AM PST This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned The post KaratGold Coin (KBC) Gets Enlisted on HitBTC Following One of the Biggest ICO’s Ever in History appeared first on CCN |
What you need to know on Wall Street today
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Business Insider, 1/1/0001 12:00 AM PST Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox. Recession fears are flaring as Trump's trade war has markets behaving in a way not seen since 2008 If you want evidence of how President Donald Trump's trade war is affecting investor nerves, look no further than the widespread damage inflicted upon US stocks in recent days. Beyond that, if you're looking for a hint as to what the future holds, an even more ominous signal is forming in the Treasury market. The metric in question is the spread between two- and 10-year Treasury yields, which has fallen to its lowest level since 2007 — the period immediately preceding the most recent financial crisis. Goldman Sachs creates new team to compete with Wall Street's fastest traders Goldman Sachs is taking a bold step to improve teamwork in its securities division and better compete with the fastest traders on Wall Street. The investment bank has created an engineering unit within its sales-and-trading division that will now oversee the front-to-back development and management of trading systems, according to a series of internal memos obtained by Business Insider. A common complaint across Wall Street has long been that engineering and control employees who don't interact with clients aren't as attuned or accountable to customer needs as the front-line traders. That's been true at Goldman Sachs as well, according to insiders. That structure has held back Wall Street banks like Goldman as they look for ways to compete more effectively with the likes of Virtu and Citadel Securities, newer market-making entrants that have shown an ability to innovate more quickly due to their smaller teams and flatter organizational structures. These investors control $3 billion of Facebook stock — and they want to take Zuckerberg down Facebook investors boasting nearly $3 billion in shares are making moves to topple Mark Zuckerberg as chairman and tear apart his power base at the company. Business Insider has spoken with six prominent shareholders who are growing increasingly restless about the way Facebook is run and ever more vociferous in their demands for change. All agreed that anger among investors had never been more pronounced since Facebook went public in 2012. They have watched in frustration as the firm has slogged through a series of scandals, from election interference to the Cambridge Analytica data disaster. The rebel investors blame these crises in part on the way the company is run and say the issues have not been properly addressed because Facebook's corporate governance structure means Zuckerberg is basically untouchable as both CEO and chairman. Big changes may be coming to Robinhood's crypto platform and Coinbase should be worried Robinhood, the California broker known for pioneering free stock-trading, is looking to dive deeper into the market for digital currencies. And Coinbase, one of the largest platforms for crypto trading, should be worried, market observers tell Business Insider. Robinhood, which rolled out a cryptocurrency trading offering earlier this year in some US states, is looking to hire developers to build-out a cryptocurrency wallet, according to a job advertisement. Such an offering would allow investors to transfer their crypto holdings from outside brokerages and wallets into Robinhood. Currently, if a Robinhood crypto customer wants to transfer coins in and out of the platform they would have to first sell them, transfer the money to another platform, and then buy. Andreessen Horowitz is launching a $300 million fund to invest in crypto As the price of bitcoin slips to a 2018 low, top Silicon Valley venture firm Andreessen Horowitz shows it's not backing down with the launch of a $300 million venture fund, called a16z crypto, which will invest in cryptocurrency companies and protocols. Leading the effort alongside partner and crypto fanatic Chris Dixon is Katie Haun, a former prosecutor who helped bring down corrupt agents on the Silk Road task force, as well as the head of BTC-E, a digital currency exchange popular with criminals. Haun is the first-ever female general partner at Andreessen Horowitz. Industry insiders are buzzing about possible ad-tech acquisitions after AT&T-AppNexus tie-up AT&T's acquisition of AppNexus will open up loads of new web inventory and technology pipes to power the telecom's aggressive ambition to challenge not only the duopoly of Facebook and Google but also rival TV networks for ad budgets. And according to industry experts, we can expect to see similar ad-tech deals in the coming months — although it will be hard to top the size of AppNexus. In markets news Join the conversation about this story » NOW WATCH: Millennials are leading an investment revolution — here's what makes their generation different |
A ‘Visa Cryptocurrency’ Might Only Be Worth $3 Billion: Napkin Math
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CryptoCoins News, 1/1/0001 12:00 AM PST Critics of the Bitcoin community’s decision to pursue a development path that prioritizes the coin’s utility as a store of value often allege that a payments-first focus is necessary to create a “base level of demand” for a cryptocurrency. However, writing on Twitter, BitGo co-founder Ben Davenport makes the case that the payments use case The post A ‘Visa Cryptocurrency’ Might Only Be Worth $3 Billion: Napkin Math appeared first on CCN |
India: Coinsecure [Finally] Reveals Compensation Process for $3 Million Bitcoin Theft
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CryptoCoins News, 1/1/0001 12:00 AM PST After delays, Indian cryptocurrency exchange Coinsecure outlined its compensation process for customers impacted by the theft of 438 bitcoins in April, worth approximately $3 million at the time. In an announcement on its website on Tuesday, Delhi-based cryptocurrency exchange Coinsecure revealed it will begin processing customer claims for compensation in rupees, India’s fiat currency. Customers The post India: Coinsecure [Finally] Reveals Compensation Process for $3 Million Bitcoin Theft appeared first on CCN |
These 22 sketches make complicated financial concepts simple enough to fit on a napkin
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Business Insider, 1/1/0001 12:00 AM PST
Tina Hay doesn't think in numbers. In 2002, enrolled in a finance class while pursuing her MBA from Harvard Business School, she realized that her classmates who came from the world of banking and consulting were acing the coursework without a problem, while she struggled to master the concepts foreign to her liberal arts background. So, she started to draw. "I think more visually," Hay told Business Insider. "I've always put numbers into illustrations and understood them that way, especially finances and money." Hay didn't stop sketching, and today, her business school drawings have turned into something bigger: Napkin Finance, a multimedia company that aims to introduce people to complicated financial concepts through videos, text, and of course ... napkins. We're not talking bar napkins with a few pen strokes on the back, but rather digital illustrations that go through months of development between former bankers, financial advisers, and an illustrator to nail the perfect visual intro to nuanced concepts such as compound interest, student loans, and credit scores. The Napkin Finance team has even collaborated with Michelle Obama's Better Make Room initiative to create a course on navigating the financial side of college admissions. Below, 22 of the most popular and beloved explainers from the Napkin Finance team: DON'T MISS: 13 pieces of money advice you can't afford to ignore Bitcoin
Compound interest
Robo advisors
See the rest of the story at Business Insider |
Jack Ma Launches Blockchain Money Remittance to Philippines, Bashes Bitcoin [Again]
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CryptoCoins News, 1/1/0001 12:00 AM PST Alibaba Group’s affiliate, Ant Financial Services, is on the way to cutting the cost of remitting money to close to zero using blockchain technology. This is according to the online retail giant’s co-founder, Jack Ma, who said this during the launch of a blockchain-based money transfer service between Hong Kong and the Philippines. The remittance The post Jack Ma Launches Blockchain Money Remittance to Philippines, Bashes Bitcoin [Again] appeared first on CCN |
Breaking New Ground: South Africa Gets Its First Bitcoin Atm
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CryptoCoins News, 1/1/0001 12:00 AM PST South Africa, whose citizens are increasingly interested in investing and trading in cryptocurrencies, is to have its first functional bitcoin Automated Teller Machine (ATM), following up on Zimbabwe and Djibouti. The country has the most sophisticated financial services sector in Africa and has been the front-runner in cryptocurrency taxation on the continent. This is in The post Breaking New Ground: South Africa Gets Its First Bitcoin Atm appeared first on CCN |
Bitcoin Price Building Relief Rally, But Resistance Hurdles Await
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CoinDesk, 1/1/0001 12:00 AM PST Currently trading sideways, bitcoin still looks set for a corrective rally as long as prices remain above $6,000. |
Crypto Market Remains Relatively Stable: Theta Surges 30% as Tokens Record Big Gains
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CryptoCoins News, 1/1/0001 12:00 AM PST The crypto market has slightly rebounded by $4 billion over the past 24 hours, providing investors with a breathing room in a major mid-term sell-off and downtrend. In a sideways market, a period in which major cryptocurrencies like bitcoin, Ethereum, Ripple, and Bitcoin Cash barely move but still secure some stability, tokens and small-scale cryptocurrencies The post Crypto Market Remains Relatively Stable: Theta Surges 30% as Tokens Record Big Gains appeared first on CCN |
Crypto Market Remains Relatively Stable: Theta Surges 30% as Tokens Record Big Gains
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CryptoCoins News, 1/1/0001 12:00 AM PST The crypto market has slightly rebounded by $4 billion over the past 24 hours, providing investors with a breathing room in a major mid-term sell-off and downtrend. In a sideways market, a period in which major cryptocurrencies like bitcoin, Ethereum, Ripple, and Bitcoin Cash barely move but still secure some stability, tokens and small-scale cryptocurrencies The post Crypto Market Remains Relatively Stable: Theta Surges 30% as Tokens Record Big Gains appeared first on CCN |
10 things you need to know in markets today
A Long-Secret Bitcoin Key Is About to Finally Be Revealed
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CoinDesk, 1/1/0001 12:00 AM PST A long-held bitcoin secret is about to come out - and for good reason - but it could cause problems for older altcoins. |
A Long-Secret Bitcoin Key Is About to Finally Be Revealed
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CoinDesk, 1/1/0001 12:00 AM PST A long-held bitcoin secret is about to come out - and for good reason - but it could cause problems for older altcoins. |
Second Bitcoin Mining Manufacturer Plots Hong Kong IPO
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CryptoCoins News, 1/1/0001 12:00 AM PST China-based bitcoin mining hardware manufacturer Ebang Communication has filed to go public on the Hong Kong Stock Exchange (HKEX). The company, the third-largest producer of application-specific integrated circuit (ASIC) chips for bitcoin mining, on Monday filed an application to hold its initial public offering (IPO) on HKEX. The news was first reported by regional industry The post Second Bitcoin Mining Manufacturer Plots Hong Kong IPO appeared first on CCN |
Opinion: Bottoms up, Lads!
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CryptoCoins News, 1/1/0001 12:00 AM PST Why is Bitcoin still crashing? Are we ever going to recover? Who caused this latest dip? Was it Tether? Bitcoin Futures? What about price manipulation? If you’re wondering who is benefiting from this massive dump, consider your current status if you sold in December 2017. For the rest, like me, who hold on tight to The post Opinion: Bottoms up, Lads! appeared first on CCN |