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Winklevoss twins predict multitrillion-dollar value for bitcoin

Winklevoss twins predict
multitrillion-dollar value for bitcoin

  • Bitcoin investor Cameron Winklevoss told CNBC he sees the cryptocurrency ultimately becoming a 'multitrillion-dollar asset'
  • He disputed claims that bitcoin is in a bubble, and said it was justified for someone to use the token without understanding the underlying technology
  • Looking ahead to the launch of bitcoin futures contracts, he said he thinks "derivatives set the stage for other products and is the next logical evolution of this market

Cameron Winklevoss and Tyler Winklevoss.

Bitcoin investor Cameron Winklevoss — one half of the twins reported to have just become the world's first bitcoin billionaires — says the skyrocketing cryptocurrency is primed to head higher. Winklevoss and his brother Tyler famously settled with Facebook founder Mark Zuckerberg in 2008 over the claim that he stole the idea for the social network. But it's what the brothers have done in the cryptocurrency realm that has been making headlines of late — and they don't think it's run its course.

"We've always felt that bitcoin, given its properties, is gold 2.0 — it disrupts gold. Gold is scarce, bitcoin is actually fixed. Bitcoin is way more portable and way more divisible. At a $300 billion market cap, it's certainly seen a lot of price appreciation, but gold is at $6 trillion and if bitcoin disrupting gold is true and it plays out … then you can see 10 to 20 times appreciation because there is a significant delta still," Cameron Winklevoss told CNBC on Friday. "Long term, directionally, it is a multitrillion-dollar asset — I don't know how long it takes to get there," he added. While the bitcoin investor predicted success ahead, many financial luminaries have told CNBC they believe the cryptocurrency is a bubble of historical proportions. But Winklevoss, for his part, disputed that characterization.

"We've seen the bubble term thrown around and it's just not the right way to look at this," he said. "Social networks grow in value exponentially based on the number of users and participants. The difference between one and 100 is dramatic — 100 and a million is that much more dramatic and exciting. As more people join it gains more value." And even though some of those people getting involved with the platform may not understand the advanced technology behind it, Winklevoss said he's not worried, explaining that "most people don't know how the internet works but they are comfortable using it."

The investor declined to say just how many bitcoin he has, but said he's "directionally long" on the most popular cryptocurrency and also invested in rivals ether and filecoin. While some analysts have cautioned that the sheer number of different crypto assets could dilute the gains of the ecosystem, Winklevoss told CNBC he didn't share those concerns. "Bitcoin is not competing with those other currencies. It is competing with gold. Bitcoin is the oldest, it has the first mover advantage and there's tremendous liquidity," he said, adding that the problem ether is trying to solve is different than bitcoin's payment application. "I think it's great if there are a number of cryptos."

Looking ahead, the next major catalyst for bitcoin will be the CBOE bitcoin futures contract, which uses the Gemini cryptocurrency exchange co-founded by the Winklevoss twins. "We are the price mechanism for the contracts when they settle," Winklevoss said. Some experts say the CBOE and CME futures launch over the coming two weeks will help pave the way for bitcoin ETFs. In March, the U.S. Securities and Exchange Commission rejected the Winklevoss ETF, which the twins have been working to get on the market.

"We think derivatives set the stage for other products and is the next logical evolution of this market," Winklevoss said. The SEC is said to be reviewing bitcoin ETFs, but a decision is not anticipated this year. In general, regulators have been paying more attention to the cryptocurrency market, and Winklevoss said more oversight is actually a good thing. "When Silk Road got busted, the price of bitcoin appreciated considerably and transaction volume did not decrease. In fact the number of transactions on blockchain only increased from that point forward. So this idea that bitcoin is powered by dark market or money launderers is simply false."

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

Who Accepts Bitcoins As Payment? List of Companies,Stores, Shops

Who Accepts Bitcoins As Payment?
List of Companies
,Stores, Shops

Bitcoins are taking over the crypto-currency marketplace

Who Accepts Bitcoins? Who accept bitcoins as payment? Bitcoins are taking over the crypto-currency marketplace. They’re the largest and most well-known digital currency. Many large companies are accepting bitcoins as a legitimate source of funds. They allow their online products to be bought with bitcoins. With the extreme facilitation of transfer and earning of bitcoins, it would be a mistake not to accept these new-found online coins as cash.

With a fluctuating value, the funds can either help or hurt the company. This fluctuation of inflation can be a boon to business, unless the market is valuing the coins insanely high, sometimes reaching 1000$! So really who accepts bitcoins?  Many companies are accepting bitcoins, many are not. Here is a list of the biggest (and smaller) names who accepts bitcoins as a currency.

WordPress.com –
An online company that allows user to create free blogs

Overstock.com –
A company that sells big ticket items at lower prices due to overstocking

Subway –
Eat fresh Microsoft –

Reddit –
You can buy premium features there with bitcoins

Virgin Galactic –
Richard Branson company that includes Virgin Mobile and Virgin Airline

OkCupid –
Online dating site

Namecheap –
Domain name registrar

CheapAir.com –
Travel booking site for airline tickets, car rentals, hotels

Expedia.com –
Online travel booking agency

Gyft –
Buy giftcards using Bitcoin

Newegg.com –
Online electronics retailer now uses bitpay to accept bitcoin as payment  

Wikipedia –
 The Free Encyclopedia with 4 570 000+ article

Alza –
Largest Czech online retailer The Internet

Archive –
web documatation company Bitcoin.

Travel –
a travel site that provides accommodation, apartments, attractions, bars, and beauty salons around the world Pembury

Tavern –
A pub in London, England  

Old Fitzroy –
A pub in Sydney, Australia

The Pink Cow –
A diner in Tokyo,

Japan The Pirate Bay – 
BitTorrent directories

Zynga –
Mobile gaming 4

Chan.org –
For premium services

EZTV –
Torrents TV shows provider

Mega.co.nz –
The new venture started by the former owner of MegaUpload

Kim Dotcom Lumfile –
Free cloud base file server – pay for premium services

Etsy Vendors –
93 of them PizzaFor

Coins.com –
Domino’s Pizza signed up – pay for their pizza with bitcons

Whole Foods –
Organic food store (by purchasing gift card from Gyft)

Bitcoincoffee.com –
Buy your favorite coffee online Grass Hill

Alpacas –
A local farm in Haydenville, MA

Jeffersons Store –
 A street wear clothing store in Bergenfield, N.J

Helen’s Pizza – 
Jersey City, N.J., you can get a slice of pizza for 0.00339 bitcoin by pointing your phone at a sign next to the cash register.

A Class Limousine –
Pick you up and drop you off at Newark (N.J.) Airport

Seoclerks.com –
Get SEO work done on your site cheap

Mint.com – 
Mint pulls all your financial accounts into one place. Set a budget, track your goals and do more.

Fancy.com – 
Discover amazing stuff, collect the things you love, buy it all in one place (Source: Fancy)

Bloomberg.com –
Online newspaper

Humblebundle.com –
Indie game site

BigFishGames.com –
Games for PC, Mac and Smartphones (iPhone, Android, Windows)

Suntimes.com –
Chicago based online newspaper.

San Jose Earthquakes –
San Jose California Professional Soccer Team (MLS)

Crowdtilt.com – 
The fastest and easiest way to pool funds with family and friends (Source: crowdtilt)

Lumfile –
Server company that offers free cloud-based servers

Museum of the Coastal Bend – 
2200 East Red River Street, Victoria, Texas 77901, 

USA Gap, GameStop and JC Penney –
have to use eGifter.com

Etsy Vendors –
Original art and Jewelry creations.

Fight for the Future –
Leading organization finding for Internet freedom.

i-Pmart (ipmart.com.my) –
A Malaysian online mobile phone and electronic parts retailer.

curryupnow.com – 
A total of 12 restaurants on the list of restaurants accept bitcoins in San Francisco Bay Area

Dish Network – 
An American direct-broadcast satellite service provider.

The Libertarian Party –
United States political party.

Yacht-base.com –
Croatian yacht charter company.

Euro Pacific –
A major precious metal dealer.

CEX –
The trade-in chain has a shop in Glasgow, Scotland that accepts bitcoin.

Straub Auto Repairs – 
477 Warburton Ave, Hastings-on-Hudson, NY 10706 – (914) 478-1177.

PSP Mollie –
Dutch Payment Service.

Intuit – 
an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals.

ShopJoy –
An Australian online retailer that sells novelty and unique gifts.

Lv.net –
Las Vegas high speed internet services.

ExpressVPN.com –
High speed, ultra secure VPN network.

Grooveshark –
Online music streaming service based in the United States.

Braintree –
Well known payments processor.

MIT Coop Store – 
Massachusetts Institute of Technology student bookstore.

SimplePay – 
Nigeria’s most popular web and mobile-based wallet service.

SFU bookstore –
Simon Fraser University in Vancouver,

Canada State Republican Party –
First State Republican Party to accept bitcoin donations.

mspinc.com –
Respiratory medical equipment supplies store.

Shopify.com –
An online store that allows anyone to sell their products.

Famsa –

Mexico’s biggest retailer Naughty.

America –
Adult entertainment provider.

Mexico’s Universidad de las Américas Puebla –
A major university in Mexico.

LOT Polish Airlines –
A worldwide airline based in Poland.

MovieTickets.com –
Online movie ticket exchange/retailer.

Dream Lover –
Online relationship service.

Lionsgate Films –
The production studio behind titles such as The Hunger Games and The Day After Tomorrow.

Rakutan
A Japanese e-commerce giant.

Badoo –
Online dating network RE/MAX.

London – 
UK-based franchisee of the global real estate network.

T-Mobile Poland –
T-Mobile’s Poland-based mobile phone top-up company.

Stripe – 
San Francisco-based payments company.

WebJet –
Online travel agency Green Man.

Gaming – 
Popular digital game reseller.

Save the Children  – 
Global charity organization.

NCR Silver –
Point of sales systems.

One Shot Hotels –
Spanish hotel chain Coupa Café in Palo Alto.

PureVPN –
VPN provider.

That’s my face –
create action figures.

Foodler – 
North American restaurant delivery company.

Amagi Metals –
Precious metal furnisher Note:

More who accepts bitcoins companies, stores, merchants will be added as they’re announced! With many companies accepting the change and others getting ready to, bitcoins are an extremely fast-spreading currency. Small businesses aren’t missing out on the action; many small shops have made the switch as well. QR codes are the biggest help in real-world bitcoin transfers. Using a smartphone and a Bitcoin wallet app, a user scans a label and presses a small buttoned aptly named “spend.” The list above is a current list of who accepts bitcoins. We’ll keep adding to this list as more companies get on board! Transferring digital funds is becoming easier with the day by the use of growing technology. Smartphones and tablets make a cold, online transfer of money a more personal one. Many retail stores carry gift cards that can be bought with paper money.

You plug a code into an online wallet, and the funds will be transferred to you. Related: How to Accept Bitcoin Donations on Your Blog / Site Though not all companies have made the switch, most have taken notice of the quick trend. The New York Times, a newspaper company, is currently looking for third party affiliates to help host the bitcoin currency. This is just a small example, there is no doubt many more companies are making the switch. Even newly legal pot shops in Washington are beginning to back the bitcoin as a viable currency. Some companies have lingering doubt, due to the infancy of the market. Only introduced 5 years ago, Bitcoin is still growing. Without a government backing the cash, the value fluctuates rapidly. Though some companies have taken the risk, some still doubt the currency.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

GINNI ICO- 1.289 Million Tokens issued in less than 12 hours for a Billion Dollar Block Chain Mining & Crypto ATM Business from Singapore.

GINNI ICO- 1.289 Million Tokens issued in less than 12 hours for a Billion Dollar Block Chain Mining & Crypto ATM Business from Singapore.

A Singapore based young entrepreneur,
Vikas Gupta

is getting widespread media attention by  sharing on how he is in the process of launching GINNI ICO and creating a huge multi-million dollar mining infrastructure along with a crypto vending  solution to support block chain businesses across Asia, starting off with Singapore. Vikas Gupta is scheduling an Initial Coin Offer (ICO) of 300 million GINNI tokens. He is raising about US$15 Million for 50% of GINNI tokens. Funds raised will be mainly used to install 2300 mining servers in Singapore which will be able to generate a regular profits .MAW will also install 100 Fast coin ATM machines in many countries namely Thailand, UAE, India besides Singapore. Both of these are expected to generate an average turnover of over 1 billion per annum and profits of over $21Million.

FASTCOIN ATM

machines will help crypto buyer and sellers. Currently It is quite tough for buyers to buy or sell crypto coins especially general public who is not so tech savvy. Currently they have to wait for 1-3 days to get funds remitted to online exchanges leading to a substantial price variation. FASTCoin ATM will help them to buy/sell instantly about 40 different type of coins giving users a wide choice and peace of mind. Fastcoin ATM will have very good demand for coins on a daily basis.

Vikas emphasized that FastCoin ATMs will prove to be a great benefit to the MAW and its token holders. We are presently mining coins, but it needs to be sold to materialize rewards and to reap the rewards of the collective efforts,” he shared. FastCoin gives us the opportunity to sell coins to end users without any intermediary, broker or exchanges. It further divides our business risk and enhances our business with value proposition. MAW’s first prototype is now ready in Singapore and any potential investor can book a tour of the facilities to see the premises ,mining and ATM in person. Pilot testing of ATM is being done in December and will be fully operational in a popular plaza by January 2018.Vikas has plans laid out for FastCoin to be positioned as leading brand in the Crypto coin ATM sector.

‘MAW is launching its GINNI token PRE-ICO starting on the 6th of December, 2017 at a  price of 3100 Ginni /Ethereum. Public crowd sale for ICO will start on the 6th of January 2018 starting from 2800 and closing at 2200 Ginni /Eth on 3rd Feb. 2018. It gives a benefit about 40% in Pre ICO and about 27% in ICO  making it very attractive proposition. Vikas also mentioned, “We value our supporters as our lifeline and we have decided to reward them more than us( around 58% for token holders in prorated ratio to be distributed quarterly) from the rewards the business will generate, making it a lifelong asset for them. Our tokens will be listed on  2 exchanges so any crowd funding supporter can trade them easily to get liquidity or exchange them with other tokens.

We see a strong response from media and good demand for the GINNI tokens worldwide as we are ICO based on a concrete and profitable business. We have sold 1.289 Million token in less than 12 hours of launch. MAW has done successful road shows in India namely Delhi. Lucknow , Chandigarh , Kurukshetra , Karnal and getting very good response and massive media coverage. MAW will be having more road shows in Singapore on 10 Dec, Bangkok on 12th Rajkot on 26th and in Mumbai on 27 Dec. to have face to face meetings with media and public.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

Zcash Sets Roadmap for Blockchain

Zcash Sets Roadmap for Blockchain

The zcash development team is planning a series of network upgrades

for next year, according to a roadmap published today. Writing on the zcash blog, co-founder Zooko Wilcox and CTO Nathan Wilcox detailed two milestone upgrades – "Overwinter" and "Sapling" – the latter of which was discussed in a roadmap update earlier this year. According to the post, the goal of next year's upgrades is to "further upgrade zcash's performance, security, and usability."

The first update, Overwinter, is scheduled to go live in June 2018. Per the post, that upgrade is focused on "making itself and future network upgrades safer for users, even in the case of governance contention." Though light on detail at present, the Wilcoxes said that future details about the update would be released in a future blog post. The second one, set to take place in September, is centered around its "Sapling" protocol, which is aimed at boosting the capability of the cryptocurrency's privacy-oriented shielded transactions.

The two wrote:

"Sapling will activate the Sapling protocol update, bringing orders of magnitude improvements in both time and memory to shielded transactions, making mobile wallet support feasible. Additionally, Sapling will rely on the Powers of Tau open-participation parameter setup, largely mitigating concerns about the parameter setup risks for zkSNARK applications (including other applications outside of Zcash)."

The post concludes by suggesting that other upgrades may be in the offing, including functionality for smart contracts and research into the proof-of-stake algorithm. "Possibilities include scalability improvements to allow practically unlimited numbers of transactions, novel consensus algorithms such as Proof-of-Stake, and private and scalable smart contracts," they wrote.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

Apple Patent Filing Hints at Blockchain Use/Australian Exchanges Now Required to Register with AML Regulatory Body

Apple Patent Filing Hints
at Blockchain Use

Apple has recently submitted a new patent application

that uses Blockchain within a prospective system for creating and verifying timestamps. Based on the public application to US Patent and Trademark Office on Thursday where Blockchain technology was used to certify timestamps as a program combined with Public Key Infrastructure (PKI) tools. Apple's application describes three possible methods for establishing timestamps, with one of these scenarios centering on a Blockchain platform. There is a use case in question where data stored involves tying a piece of information to a particular transaction on a Blockchain, establishing the state of that data at a particular point in time.

The program would generate a block containing a timestamp, with every subsequent block being added as miners verify each transaction conducted on the chain. This system is part of what Apple is calling a "multi-check architecture," meaning that another system would confirm the timestamp after the block is generated but before it is added to the chain. Like other established institutions, Apple believes in the power of Blockchain technology and its benefits.

Apple has seen the benefits of how the transactions are verified and approved by consensus among participants in the network, making fraud more difficult. The technology operates on a distributed rather than centralized platform, with each participant having access to exactly the same ledger records, allowing participants to enter or leave at will and providing resilience against attacks. According to the application, using a decentralized ledger to store timestamps has two main benefits – it can propel the time to maintain permanent and can have a protected from corruption if a single node is compromised by malicious actors.

Australian Exchanges Now Required to Register with AML Regulatory Body

The Australian government has implemented a law

mandating Bitcoin exchanges operating in the country to register with the anti-money laundering agency Australian Transaction Reports and Analysis Centre (AUSTRAC). The move is aimed at imposing restrictions on digital currencies, particularly Bitcoin, due to their continuous growth and adoption in the mainstream financial sector. The bill was first filed with the Australian parliament in August 2017 with an aim to fight the threat of financial crime in the country. The country’s parliamentarians felt that there was a need to do this after the discovery that one of the major banks, Commonwealth Bank, has violated laws related to money laundering.

The filing of the bill was also driven by the report of the Financial Action Task Force, which stated that the existing laws to combat money laundering have serious flaws and should be amended to eliminate loopholes. Under the new law,the AUSTRAC is empowered to monitor the activities of all virtual currency exchanges operating in Australia’s jurisdiction. The main aim of the monitoring is to ensure that financial transactions are not related to money laundering or terrorism. The law mandates that virtual currencies will receive the same treatment as physical cash in a bank with regards to money laundering and transactions suspected to be supportive of terrorism.

The directive also requires businesses offering cryptocurrency exchange services to verify their customers’ identities, keep a record of transactions and report any threshold transactions or suspicious deals. A threshold transaction is the transfer of virtual currencies worth AUD10,000 or more. The new regulation also imposes both jail time and fines to any company found guilty of operating unregistered cryptocurrency exchanges. The penalty for unregistered exchanges starts with a two year jail term and/or a fine of $105,000, while violators of more serious offenses could face a fine of $2.1 mln for corporations and $420,000 for individuals.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

After bitcoin’s dramatic rise, here’s where experts see cryptocurrencies heading

After bitcoin's dramatic rise, here's where experts see cryptocurrencies heading

  • Cryptocurrencies have had a banner year due to the rise in bitcoin prices and the popularity of digital token sales as a new way for companies to raise funds
  • Experts told CNBC that, next year, companies will raise even more funds through ICOs but regulators will also issue clearer guidelines for digital tokens
  • Bitcoin, the experts said, is also set to become more mainstream

A logo of Bitcoin is seen on an advertisement
 
of an electronic shop in Tokyo, Japan September 5, 2017.The cryptocurrency market has had a banner year thanks to the meteoric rise in bitcoin prices and the huge popularity of initial coin offerings as a new way of fundraising.Many people are buying into new digital tokens with the assumption that those virtual currencies will appreciate over time at levels similar to bitcoin, or its rival ether. And while price action has hardly been staid this year, market watchers told CNBC they expect more dramatic movements in the cryptocurrency market in 2018.Those developments could include a spike in funds being raised through ICOs, clearer guidelines and crackdowns from regulators and the mainstream acceptance of bitcoin, they said.

Disrupting investment banks

Companies, mostly start-ups, have raised at least $3 billion by issuing new digital tokens in 2017, resulting in more than 1,000 virtual currencies in existence today.Commentators are largely predicting that companies will raise even more funds through digital token sales next year — only this time, bigger, more established companies could get in on the action."We are going to see the first of the real legit, large ICOs of existing established companies that are suddenly raising half a billion, or maybe even 5 billion (in funds)," Julian Hosp, co-founder and president of Singapore-based start-up TenX, told CNBC. That company, which has a wallet application and fiat-denominated card for the use of cryptocurrencies in "real life," raised $80 million in a token sale

earlier this year.

"We are going to see the first sale of equity (through an ICO) and that's … going to be a big, big, big slap in the face to many large investment banks."

Hosp explained that large firms would bank on their established credibility to potentially raise even larger sums than what small start-ups with unproven business concepts are raising today. Some, he said, could even start offering investors an equity stake as part of their digital token sales.

At the moment, participants in an ICO usually send either bitcoin or rival token ether to back a blockchain-based project. In exchange, they receive an entirely new virtual "coin" that has some sort of assigned worth and can be used to redeem a service offered by the company. Theoretically, companies can also give investors an equity stake — similar to an initial public offering — but most don't to avoid being subjected to stringent securities regulations.

But all of that could change next year, according to Hosp. "We are going to see the first sale of equity (through an ICO) and that's … going to be a big, big, big slap in the face to many large investment banks," he said. One of the ways that investment banks make money is by helping companies structure their securities before they are sold to investors.

Crypto consolidation

The dramatic rise of digital token offerings saw the creation of hundreds of new virtual currencies, but experts say most of them have little to no value and some are outright examples of fraud. That's due to the relative ease in conducting a token offering and the few regulatory checks. Hosp said he expects the cryptocurrency market to consolidate next year: "We are going to see the weaving out of a lot of cryptocurrencies in 2018," he said, adding, "People that are gambling on worthless companies, they are going to lose massively."

Digital token sales have, indeed, taken a bit of hit in recent months. Industry analytics firm TokenData said November was set to be the slowest month for ICOs since August, and many of the token sales did not even reach their target. There have also been instances of fraudulent tokens being issued and the theft of millions of dollars' worth of cryptocurrencies. That led to many in the industry distancing themselves from the hottest new way of fundraising.

I've been saying through this past year that ICOs are toxic and that a lot of investors are going to get burned — badly!" Brad Garlinghouse, CEO of Ripple, which runs the fifth-largest cryptocurrency by market value, told CNBC by email. Garlinghouse added that he expects to see lawsuits, fines and "even jail time" for perceived bad actors in the cryptocurrency space. That all could cause short-term volatility for the whole space, he said. Still, many in the industry maintain there are benefits to conducting an ICO, including the ability to raise funds without giving away equity.

Regulatory clarity

Short of the odd ban on the creation of new virtual currencies, regulators have largely struggled to keep up with the rapid pace of the ICO market. Ripple's Garlinghouse said he expects authorities to clamp down on fraudulent players in the space. Others said they expect clearer guidance, and eventual enforcement actions, from regulators like the U.S. Securities and Exchange Commission. "I think certainly more clarity will come about through enforcement actions and other guidance that the SEC will give in the tokenized marketplace," Stephen Obie, partner at international law firm Jones Day, told CNBC. He pointed to a report the SEC issued earlier this year that indicated the regulator "knows about this market (and) takes it seriously."

Seems like a bubble

Regulators could also clamp down on so-called ICO advisors and those advising investors to buy cryptocurrencies, according to Obie. He explained that, at least in the U.S., various regulations apply to different types of advisors. "This is going to open up a series of enforcement actions for those that think they can advise in this space and not participate in the regulations," Obie said. At the same time, efforts from regulators in the cryptocurrency space need to be international, according to Tim Phillipps, Asia Pacific financial crime network leader at consultancy firm Deloitte. He told CNBC that investors will need international laws to give investors some piece of mind that their assets will not disappear.

"Only then can we really see healthy growth in this space," he said. Garlinghouse added, "For blockchain and digital assets to realize their potential, it's critical we in the industry work with regulators, not in the shadows." He said that he expects the total value of digital asset market to surpass $1 trillion in 2018 — currently, bitcoin's market capitalization is about $300 billion.

Bitcoin to become more mainstream

Bitcoin started the year at about $968 and recently saw a more than 1,600 percent jump to top $16,700 per token as of Dec. 7 (although at least one exchange has seen the price exceed $19,000). Ronnie Moas, founder and director of Standpoint Research, said he expects bitcoin's price to jump to $20,000 by next year from his initial target of $14,000. He told CNBC that a majority of the people in the world have yet to get in on the bitcoin trade. Since the cryptocurrency has a fixed number of possible tokens, Moas said more entrants into the space will push up the prices because of the constricted supply. The outlook is "very comforting to the bulls here, and to the people who are invested" in bitcoin, he said.

He also predicted that the cryptocurrency will go mainstream in 2018 and become part of "strategic reserves" and "asset allocation models" around the world. More consumers will also likely pay for goods and services with bitcoin, he predicted. Jones Day's Obie agreed that bitcoin will become more mainstream and an entirely new asset class may emerge in the investor community. He referred to the string of announcements from the Chicago Board Options Exchange, Chicago Mercantile Exchange and Nasdaq to offer bitcoin futures contracts. "I think you're seeing mainstream regulated exchanges looking at whether bitcoin, and other cryptocurrencies, are asset classes in and of themselves," said Obie. "Clearly there are people that would like exposure to this."

In July, the U.S. Commodity Futures Trading Commission, which regulates the futures and option markets, approved a swap execution facility for cryptocurrencies. Meanwhile, investors are also waiting to see if the SEC will eventually approve the creation of a bitcoin ETF. The existence of bitcoin futures contracts could increase confidence for the regulator to give its approval, Obie said. "Having a futures market with price discovery will enable the SEC to get comfortable that there is a regulated market, where pricing is showing," he said. "I think you're seeing the development of a fourth asset class."

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-461

This cryptocurrency is up 1,000% in a month, and it’s not bitcoin or ethereum

This cryptocurrency is up
1,000% in a month,
and it’s not bitcoin or
 ethereum

Blockchain has the potential to transform multiple industries

and make processes more democratic, secure, transparent and efficient, industry body Assocham had said in a recent report.NEW DELHI: One of the most extravagant predictions sees bitcoin at $1 million within three years. But that's a story for another time.

Bitcoin, undoubtedly the most talked about asset class today, has spurted over 1,500 per cent on a year-date-basis so far and over 115 per cent in the past one month. But a little known cryptocurrency has put to shame the meteoric rise in bitcoin.
With a rally of astounding nearly 1,000 per cent in the past one month alone, IOTA is now the fourth biggest crytocurrency in terms of market capitalisation after bitcoin, ethereum and bitcoin cash.

Prices of IOTA surged 980 per cent to $4.14 on December 7, 2017 from $0.38 on November 7. The e-currency has surged over 180 per cent in December so far. According to coingecko.com, IOTA is a distributed ledger for the Internet of Things. The first ledger with microtransactions without fees as well as secure data transfer.Announcement of partnership with major companies like Microsoft can be considered as one of the reasons for the recent surge in the prices of IOTA.

“We are excited to partner with IOTA foundation and proud to be associated with its new data marketplace initiative. This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers,” Microsoft’s Omkar Naik in a statement published on the IOTA Foundation website. In terms of market capitalisation, bitcoin has the highest market cap of Rs 18.46 lakh crore. It is followed by ethereum (Rs 2.80 lakh crore), bitcoin cash (Rs 1.66 lakh crore) and IOTA (Rs 0.71 lakh crore).

In rupee terms, IOTA is hovering at around Rs 258. Other cryptocurrencies, including bitcoin, ethereum and bitcoin cash is trading at Rs 11 lakh, Rs 29,100 and Rs 98,000 lakh, respectively. Ripple was trading at Rs 16.41, according to the data available with coingecko.com. A cryptocurrency is a digital currency created and stored electronically. The supply of this currency is not determined by any central bank or authority and the network is completely decentralised.

One cannot directly buy IOTA in India but can exchange bitcoin for IOTA on couple of websites including Binance.
IOTA was founded in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener and Serguei Popov.
Back home, The Reserve Bank of India on Tuesday reiterated its concerns about Bitcoins, stoking fears that a rapidly swelling bubble could burst in a spectacular fashion.

The Central Bank said it wanted to reinforce its previous message to “users, holders and traders of Virtual Currencies (VCs) including bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs.” The RBI had earlier said those trading in VCs were doing so at their own risk, given that the central bank has not given a licence or authorisation for any company to deal in such cryptocurrencies.

Chuck Reynolds


Marketing Dept
Contributor
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$15,000: Is There a Limit to Bitcoin’s Meteoric Rally?

$15,000:
Is There a Limit to Bitcoin's
Meteoric Rally?

Bitcoin's stellar run continues with prices leaping

one major psychological hurdle after another. At 11:00 UTC today, the world's largest cryptocurrency by market value reached a new lifetime high of $15,058, according to CoinDesk's Bitcoin Price Index (BPI). In the last 24 hours, bitcoin (BTC) has appreciated by more than $2,000. As per CoinMarketCap, gains are close to 19 percent over the same period. Prices have since dropped back slightly and stand at $14,562 at press time

The primary theory about the astonishing rally being put forward by investors on social media is that bitcoin is pricing in the entry of big institutional money via the introduction of the first BTC futures products. Both CBOE Global Markets and CME Group are set to launch the new futures contracts on Dec. 10 and Dec. 17, respectively. With the notable shift in the industry, bitcoin may remain well bid at least until Sunday's listing of BTC futures on the CBOE. That said, the technical chart studies show BTC could face immediate resistance at around $16,194.

The charts show:

  • The 127.2 percent Fibonacci extension of the rally from the November low stands at $16,194 levels. The next big resistance is lined up at $18,261 (161.8 percent Fibonacci extension) and $18,399.50 (261.8 percent Fibonacci extension of the rally from the September low).
  • On the downside, support is seen at $12,476.51 (161.8 percent Fibonacci extension of the rally from the September low).
  • 5- and 10-day moving averages (MAs) are sloping upwards, suggesting any corrective pullback is likely to be short-lived.
  • The RSI and stochastic indicate overbought conditions.

Bitcoin could easily extend the rally to $16,194 levels in the next few hours. But, while the investor community is mostly happy to see the cryptocurrency heading for the moon, as indicated by comments on social media, there is growing discomfort with the pace of the ascent. Still, today, the recipe for a notable technical correction is absent. History shows that bitcoin usually suffers big sell-offs following confirmation of a bearish RSI divergence. Yet, the charts show no such development so far. In the past, bitcoin has suffered pullbacks when the RSI and stochastic turned lower from the overbought territory (see circles on chart). Currently, both indicators show overbought conditions, yet are still rising.

Look at these Stats.

  • Bitcoin could extend gains to $16,194 and possibly even further.
  • A pullback to $11,000 cannot be ruled out, but dips below the upward sloping 10-day MA of $11,500 are likely to be short-lived.
  • As of now, a significant correction is unlikely and could be seen only on confirmation of a bearish price-RSI divergence and/or if RSI and stochastic move lower from the overbought territory.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-461

Coinbase: The Heart of the Bitcoin Frenzy

Coinbase:
The Heart of the Bitcoin Frenzy

SAN FRANCISCO —
The booming stock market of the 1920s had the New York Stock Exchange.

The tech bubble of the 1990s had Nasdaq and E-Trade. And the virtual currency market of the last year has had Coinbase. Coinbase employees lining up for free food in the gaming room of the company's office in San Francisco.CreditJason Henry for The New York Times Coinbase has been at the center of the speculative frenzy driving up the value of Bitcoin — which topped $13,000 on Wednesday — and similar currencies. While there are many Bitcoin exchanges around the world, Coinbase has been the dominant place that ordinary Americans go to buy and sell virtual currency. No company had made it simpler to sign up, link a bank account or debit card, and begin buying Bitcoin.

The number of people with Coinbase accounts has gone from 5.5 million in January to 13.3 million at the end of November, according to data from the Altana Digital Currency Fund. In late November, Coinbase was sometimes getting 100,000 new customers a day — leaving the company with more customers than Charles Schwab and E-Trade. The company faces challenges that are a reminder of the early days of now-mainstream online brokerages, which suffered through untimely outages and harsh criticism from traditional finance companies and government regulators. And Coinbase’s missteps make it clear that the virtual currency industry is still young, with little of the battle testing that other financial markets have faced.

An employee working in a nook inside Coinbase’s offices.CreditJason Henry for The New York Times  Coinbase’s offices in downtown San Francisco show a start-up straining to keep up with growth. The company offers all the usual perks: free lunch and dinner, a sizable cafeteria and a room with yoga mats and board games. Recently, every last inch of space has been pressed into action. The day after Bitcoin hit $10,000 last week, a training session for Coinbase managers was moved to the game room because the engineering team needed to set up an emergency war room in the regular conference room.

The engineering team was trying to get Coinbase back up after the company’s site was knocked offline, overwhelmed by a wave of incoming traffic. The number of visitors was double what it had been during the previous peak — two days earlier — and eight times what it had been in June, the peak until recently. All of the big Bitcoin exchanges went down for at least part of the day, and Coinbase got back online faster than most. Still, any sort of downtime like that would be unacceptable in more traditional exchanges where stocks and commodities are traded. “There are some well-known places this year when we weren’t able to keep up with the volume,” said Jeremy Henrickson, the chief product officer at Coinbase. “We are not where we need to be yet.”

Coinbase employees tossed around a "talk box" during a question-and-answer session with company executives.CreditJason Henry for The New York Times Most Friday afternoons, Brian Armstrong, the chief executive of Coinbase, holds a session in the cafeteria where employees can ask him anything. On the Friday of the record-hitting week, Mr. Armstrong discussed how the company was planning to grow and introduced Asiff Hirji, the new president and chief operating officer who will help him oversee it all.

The addition of Mr. Hirji, who had the same role at TD Ameritrade, was an implicit recognition that this new industry needs more seasoned hands to help young executives like Mr. Armstrong, who is 34. Mr. Hirji will manage Coinbase’s trading operations while Mr. Armstrong focuses on new projects. rian Armstrong, the chief executive of Coinbase, speaking with employees.CreditJason Henry for The New York Times Mr. Armstrong has been running Coinbase since he co-founded it in 2012. Soft-spoken and reserved, he is an unusual figure in an industry filled with loud ideologues. He has done few public appearances during Bitcoin’s recent bull market, and he recognizes the current frenzy has come with downsides.

“It’s probably a little bit too focused on the price or people trying to make money,” Mr. Armstrong said last week. “The thing I’m passionate about with digital currency is the world having an open financial system.” There is some irony to the success that Mr. Armstrong has experienced as a result of Bitcoin’s rising price. In 2015, he helped lead a push to get the Bitcoin network to expand so it could handle more transactions. That effort failed, and Mr. Armstrong said in a recent interview that Bitcoin “did break my heart a little bit.” He said he now holds more of his wealth in a Bitcoin competitor, Ether, which Coinbase also offers to customers.

A monitor in the Coinbase office displaying the value of several virtual currencies.CreditJason Henry for The New York Times. Most of the screens in the Coinbase offices show the performance of the company’s servers and customer metrics — like the number of customers downloading its iPhone app. For a time last week, Coinbase was among the 10 most downloaded iPhone apps, ahead of Uber and Twitter. There are a few screens, including one in the cafeteria, that show the price of Bitcoin, Litecoin and Ether, the three virtual currencies that Coinbase buys, sells and holds for customers. Litecoin was created by a former Coinbase employee and is often described as silver to Bitcoin’s gold. The newer Ether, which lives on the Ethereum network, is the second most valuable virtual currency after Bitcoin.

Licenses issued to Coinbase.CreditJason Henry for The New York Times Coinbase set itself apart from other early Bitcoin companies when it was one of the first to get a new, special license for virtual currency companies in New York, called the BitLicense. In the last year, though, Coinbase’s most notable interaction with the government came after the Internal Revenue Service asked the company to hand over all of its customer records. Bitcoin holders are supposed to pay taxes if they collect gains from selling coins, but the I.R.S. has said that only a few hundred people have done so each year. Coinbase fought the broad request from the I.R.S. and last week, while the price was skyrocketing, announced an agreement to hand over only the records of customers who made transactions involving more than $20,000 of virtual currencies — around 3 percent of the company’s customers.

Adam White, the general manager of a Coinbase exchange for large investors.CreditJason Henry for The New York Times In addition to the brokerage service for small investors, Coinbase also runs an exchange, called GDAX, tailored to larger investors. GDAX is overseen by Adam White, a former Air Force officer and a graduate of Harvard Business School. The day Bitcoin hit $10,000, he was in New York speaking with big financial institutions that are looking into Bitcoin. Some companies are getting ready to begin trading Bitcoin futures contracts in December, when that activity becomes available on the Chicago Mercantile Exchange.

A year ago, his Wall Street outreach was difficult, but “it’s all inbound now,” Mr. White said.Workers preparing new office space for Coinbase, part of the company's significant expansion plans.CreditJason Henry for The New York Times Not surprisingly, Coinbase is on a building spree. It recently leased office space in New York that will handle the Wall Street business and a new service that holds virtual currencies for large customers. In San Francisco, the company is adding two new floors in the building where it now has one.

New Coinbase employees learning the ins and outs of virtual currencies during a lunchtime meeting.CreditJason Henry for The New York Times Still, the main concern among virtual currency investors is that Coinbase has not expanded fast enough. In May, the company was criticized by a customer who could not reach anyone at the company after his account was hacked.

Coinbase is trying to be more responsive. At the beginning of the year, the company had 24 employees providing customer support. It now has around 180, with most of them outsourced from a call center in Texas and an email response team in the Philippines. The cafeteria is often turned into a “Crypto Club” where new employees are taught the ins and outs of virtual currency. Daniel Romero, the general manager of Coinbase, said he wanted to have 400 customer support employees by the first quarter of next year to provide phone support around the clock. But in the meantime, there is a 10-day backlog of service requests. “When your customer support issues are that publicly bad, and you have your site go down when people want to be trading,” it’s a very humbling experience, Mr. Romero said.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-461

 

Australia’s CommBank Plans to Issue a Bond on the Blockchain

Australia's CommBank Plans to Issue a Bond on the Blockchain

The Commonwealth Bank of Australia has revealed a plan

to issue a bond over a blockchain system, possibly as soon as next year. Though few details were revealed, Sophie Gilder, CommBank's head of blockchain, said that the bond would be transferred and paid for over a blockchain-based system in collaboration with an unnamed major world issuer, according to ZDNet report.

In comments made during the GMIC Sydney conference Tuesday, Gilder said that bank has been exploring blockchain use cases for more than four years and has completed 25 proofs-of-concept and trials aimed to address real-world business issues. CommBank, she continued, is eyeing the technology for equities, bonds, syndicated loans and other applications where it considers there are high levels of "friction."

Gilder stated:

"We think the platform we have built can make this more efficient."

Earlier this year, as reported by CoinDesk, CommBank announced that it is developing a blockchain-based system for the sale of government bonds. The concept was tested by the Queensland Treasury Corporation, which acts as the Australian state’s central financing authority. Other institutions are also moving to adopt blockchain technology for bond issuance.

This October, Russia's National Securities Depository said it had issued its first-ever live bond using blockchain. The financial instrument, a $10-million bond for shares in Russian telecom giant MegaFon, used smart contracts and the open-source Hyperledger Fabric blockchain. And, in late 2016, French bank BNP also announced that it was exploring the technology for use in distributing instruments known as "mini-bonds."

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-461