Is buying cryptocurrency investing or gambling? Here’s how to tell the difference – USA TODAY

Peter Dunn, Special to USA TODAY Published 12:01 a.m. ET June 9, 2021 | Updated 8:13 a.m. ET June 9, 2021

From Dogecoin to Bitcoin to Coinbase, cryptocurrency is the hottest trend in investing right now. Heres what you need to know before buying in. USA TODAY

Dear Pete,

I'm one of the lucky ones. I invested very little money, and now own cryptocurrency worth more than $350,000. I'm 30 years old, I rent, and I don't have much in savings or retirement investments other than my crypto. I'm really struggling as to what to do next. I don't know whether to keep going, or to take the $350,000 and do something more practical with it. Am I foolish to just let it ride?

Mason, Chicago

You do realize "let it ride" is a gambling term, right? While you might think I've unfairly targeted one throwaway phrase in your email, it's the blurred line between gambling and investing which makes cryptocurrency so confounding.

Too many people believe investingisgambling. As it turns out, investing is not gambling. Is risk involved? Yes. Is reward involved? Yes. Is investing a game of chance? Well, that depends on your investing strategy.

I've always believed a person can earn the right to take additional investing risks by creating underlying financial stability in their life, such as an emergency fund, properly funded retirement strategy and wiping out consumer debt. It's tough to accomplish this level of stability when your entire net worth is tied-up in something as volatile as crypto.

The primary difference between gambling and investing is an investor will use tools of diversification to mitigate risks and decrease the chance for loss. A gambler is typically all-in with a singular lever dictating whether they win or lose. And even if you hold different types of cryptocurrency, the use of a single asset class means you aren't mitigating risk through asset allocation and diversification.

Cryptocurrency, explained:How does bitcoin even work?

Investors have very specific goals around rate of return, time horizon, and risk tolerance itself. Additionally, investors generally have specific goals for specific accounts whether the money is meant for retirement, college, or some other time-determined event. Gamblers primary goals revolve around winning the bet, without any additional structural elements or constraint.

The strangest reality about the intersection of investing and gambling is the same asset can theoretically be either an investment or a gamble. It's the strategy and planning behind the asset which decide whether or not you're gambling.

Gambling is exciting. Investing, when done well, is really boring. I, too, am tired of reading/hearing quotes from the great investing gurus of our time, but Warren Buffett wasn't wrong when he warned, "Beware the investment activity that produces applause; the great moves are usually greeted by yawns."

Don't make your decision so binary. There is no inherent "all or nothing" moment here. You can take money off the table and do something less speculative with it.

I've always believed a person can earn the right to take additional investing risks by creating underlying financial stability in their life. For instance, a healthy emergency fund, a properly funded retirement strategy, and the absence of consumer debt make investing excess funds in speculative vehicles much more tolerable. It's tough to accomplish this level of stability when your entire net worth is tied-up in something as volatile as crypto.

Consider using some of the value of your crypto holdings to create more conventional stability. By doing that, you allow the rest of your crypto holdings to become less of a gamble and more of a specific investing strategy. You'll still have the theoretical upside of crypto, but you'll also have a more reliable base to your financial planning strategy.

If you do sell any cryptocurrency, be sure to account for taxes. Unfortunately, a gaggle of crypto investors are going to learn an incredibly harsh lesson when they don't consider the tax obligations they hold to the IRS.

The price of bitcoin fell below $50,000 Thursday morning after Tesla CEO Elon Musk tweeted a day earlier that the electric car maker would stop accepting the digital currency as payment for its vehicles. (May 13) AP Domestic

You need to come to terms with the FOMO (fear of missing out) which inevitably comes with switching from a speculative investing strategy to a more prudent investing strategy. You can't forever measure your decision to diversify with an open-ended timeline that would otherwise allow your previous speculative investments to swing wildly, if not higher. That will be the temptation in all of this. If you were to diversify and then your previous investments shot up like a rocket, you'll feel like you failed. You didn't fail. That's FOMO, and it's as old as investing itself.

One additional note: If you do sell any cryptocurrency, be sure to account for taxes. Unfortunately, a gaggle of crypto investors are going to learn an incredibly harsh lesson when they don't consider the tax obligations they hold to the IRS.

Colonial Pipeline hack:Majority of $4.4 million cryptocurrency ransom payment recovered

Peter Dunn is an author, speaker and radio host, and he has a free podcast: "Million Dollar Plan." Have a question for Pete the Planner? Email him at AskPete@petetheplanner.com. The views and opinions expressed in this column are the authors and do not necessarily reflect those of USA TODAY.

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Is buying cryptocurrency investing or gambling? Here's how to tell the difference - USA TODAY

What’s really behind the bitcoin decline and why it could take the cryptocurrency as low as $20000 – CNBC

People enjoy themselves at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida.

Joe Raedle | Getty Images

The price of bitcoin fell about 10% Tuesday to around $32,000 and is on pace for its third straight day of losses, bringing most other cryptocurrency prices down with it. It's down 50% from its April all-time high.

Many are speculating the price moved on news that U.S. officials recovered most of the ransom paid to the Colonial Pipeline hackers.

Analysts, however, say it's more likely the movement is part of wider consolidation coming off highs from a month ago. In other words, the technical breakdown in the charts is driving the action and technical analysts see a possible bottom as low as $20,000 from here.

Dave Keller from Sierra Alpha Research said in a market video update to clients that $30,000 is the support level to watch, and that bitcoin is a market in a clear downtrend.

"Movement in any given day can be filled with noise and short-term action," he said, but the chart "has transitioned from an uptrend phase to a downtrend phase," citing lower highs, lower lows, breaking down through moving averages and breaking down through traditional support levels.

Bitcoin - 6 months

Coin Metrics

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What's really behind the bitcoin decline and why it could take the cryptocurrency as low as $20000 - CNBC

New Cryptocurrency Backed by Geely Will Cater to ‘Establishment’ – Bloomberg

Follow us @crypto for our full coverage.

As governments struggle to rein in cryptocurrencies like Bitcoin and Ethereum, a Swiss-Danish group is launching a new blockchain technology it says will be ready for regulation from day one.

Backed by one of the founders of Saxo Bank A/S and a director at Volvo Cars, which both count Zhejiang Geely Holding Group Co. as an owner, the project will on Wednesday introduce its blockchain, which has been developed with Denmarks Aarhus University. The projects cryptocurrency -- Global Transaction Unit (GTU) -- will be listed on exchanges over the summer.

The foundation behind GTU goes by the name of Concordium AG. Its chief executive, Lone Fonss Schroder, whos also a vice chair at Volvo Cars, says the key difference between GTU and cryptocurrencies like Bitcoin will be its ability to provide the kind of transparency that regulators and members of the mainstream economy want.

We have identification at the protocol level, and that means that every transaction comes with provenance, Fonss Schroder said in an interview. If the regulator wants to see, by court order, whos done what, they can see it. That is why we say we have regulatory readiness.

Meanwhile, Bitcoin slumped on Tuesday, with some analysts pointing to the recovery of Colonial Pipeline Co.s ransom as evidence that crypto isnt beyond government control. The FBI was able to find the Bitcoin by uncovering the digital addresses used by hackers, suggesting the biggest cryptocurrency may not offer the untraceability for which its often sought out.

It may well be that corners of the crypto world are working toward a product they hope will be regulated and widely used. The ultimate establishment digital currency will of course only come once central banks launch their CBDCs.

--Johanna Jeansson, Nordic economist

Regulating Bitcoin and its rivals has emerged as a key challenge as cryptocurrencies draw in ever larger crowds of enthusiasts, despite -- or perhaps because of -- their extreme volatility. But its far from clear how to regulate a product thats generally designed to evade the scrutiny of national authorities. Governments from China to the U.S. are trying, but theres so far no viable model that provides real regulation and transparency.

Fonss Schroder says the hope is that GTU will be more appealing to corporations who have considered the payment form, but are put off by the secrecy that normally accompanies crypto transactions. She says the goal is to promote GTU as a cryptocurrency for the establishment.

Geelys billionaire founder, Li Shufu, would like to see that in the future you can buy a car with the GTU, because its sustainable, Fonss Schroder said.

Concordium earlier this year raised over $40 million from private and strategic sales, reaching a $4.45 billion valuation, according to a statement. Its chairman is the Saxo Bank co-founder Lars Seier Christensen.

GTU wont impose the same kind of burden on the environment that Bitcoin mining does, because additional coins wont be generated by channeling vast amounts of computer energy into cracking a code, the founders say. We have 0.001% of Bitcoins energy spent, according to Fonss Schroder.

Bitcoins carbon footprint has prompted former loyalists to turn their backs on the worlds most popular cryptocurrency. Tesla founder Elon Musk rocked the crypto market earlier this year when he aired his sudden concern over how energy intensive Bitcoin mining is, while still declaring his belief that cryptocurrencies have a future.

The creators of GTU say new coins will be produced using a so-called proof-of-stake technology, rather than the energy intensive proof-of-work that Bitcoin uses. Concordium says that model may also be more appealing to businesses.

With assistance by Frances Schwartzkopff

(Adds reference Bitcoins slump in fifth paragraph)

Before it's here, it's on the Bloomberg Terminal.

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New Cryptocurrency Backed by Geely Will Cater to 'Establishment' - Bloomberg

Crypto finally has a reason to exist – Economic Times

I have news from the world of cryptocurrency: After many years of doubt and uncertainty, a killer app has finally been found. Thats why crypto prices, in spite of numerous plunges, have remained much higher than many skeptics expected.

The core use case for crypto is called DeFi, a recently coined abbreviation for decentralized finance. DeFi doesnt have a formal definition, but it typically includes the use of the blockchain to borrow and lend using auction markets; to trade in unconventional derivatives; to trade one set of crypto assets against another; and for unusual forms of insurance. The profit opportunities arise in part because the blockchain eliminates the need for traditional financial intermediaries, with their fees and associated regulations.

An example: Say you have some money to invest, but government bond rates are too low and you already have plenty invested in publicly traded stocks. You might allocate some of your portfolio to the loan auction markets built on Ethereum, in essence tossing some crypto into the market and seeing at what price it will be lent out. You could end up with yields of 6% or more, though some of these opportunities are very risky.There could be $100 billion invested in DeFi right now. More important, these systems are growing rapidly. Reliable numbers are difficult to come by, but by one account DeFi grew sevenfold in just a few months in 2020, to a total value of $7 billion. Its not surprising that investors would find DeFi attractive, especially in a world of low yields and pricey assets. Think of them as decentralized markets in a very junky form of junk bonds.

To be clear: I am not arguing that these uses of DeFi are socially beneficial. It is simply too early to say. One criticism of DeFi is that it is effectively regulatory arbitrage, bypassing useful laws and restrictions in the quest for higher private gain. The longer-run result could be a financial economy more fragile and more vulnerable to conditions of recession, especially as DeFi attains larger scale. DeFi loans often go to non-mainstream borrowers of uncertain quality.

But its also important not to confuse different criticisms of crypto that its useful only for speculation, for example, or that its bad for the environment. The crucial thing is not to let your attitude toward crypto (positive or negative) affect your analysis. Instead, focus on answering one question at a time.

You could say that crypto is a Trojan horse of a new and quite different financial system. If you have ever dealt with U.S. banks, and suffered through their bureaucracy and mediocre software, you might conclude that they are ripe for disruption. Banks in other countries may be even more vulnerable.

Obviously, as DeFi grows, questions of government oversight and control will come to the fore. Still, it seems unlikely that DeFi institutions will be regulated out of existence. DeFi can be run on platforms outside of the U.S., and American and European regulators cannot shut it down any more than they can prevent me from placing an online bet on a Mexican soccer game.

Keep in mind that significant swaths of the developing world currently use micro-credit, where borrowing rates of interest are often 50% or 100% on an annualized basis. It is likely that some of those countries will experiment with DeFi as an alternative method of credit allocation, regardless of whether those new institutions satisfy U.S. regulators in every regard.

If you are baffled by a lot of DeFi, well welcome to the club. The confusing and ever-changing nature of DeFi helps explains why the prices of crypto assets are so volatile. If DeFi lies in part behind the demand for crypto, and you dont know exactly where DeFi is headed, the future for crypto is also highly uncertain. It is very unusual to have such a highly visible window on what is essentially the value of a bunch of startups.

Finance is about to get even stranger and crypto is just the beginning of that.

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Crypto finally has a reason to exist - Economic Times

Visa And The Cryptocurrency Opportunity: Inside The Card Networks Digital Currency Plans – Forbes

Visa has broad plans for digital currency, as the payments industry begins to embrace the ... [+] opportunities in cryptocurrency.

Its been brewing for some time, but 2021 is finally seeing established payment companies take the opportunities of cryptocurrency seriously, and among those leading the pack is Visa V .

An industry that was previously plagued by volatility and speculation is beginning to see its enterprise-friendly side blossoming, and according to the card network, the opportunities are abundant.

The world of digital currencies and crypto has moved and evolved quite significantly since the 2009 launch of Bitcoin, explains Nikola Plecas, head of new payment flows,Visa Consulting and Analytics, Europe at Visa.

Visa's strategy is to be a network of networks and really be able to originate and terminate new payment flows outside of card rails. We have made tremendous push into these new flows over the last couple of years with products such as B2B Connect, Visa Direct, Push to Pay and digital currencies naturally fall into that category.

However, this doesnt mean that the worlds most famous cryptocurrency Bitcoin features heavily in the card networks plans. Instead, Visa characterises the industry as made up of two distinct groups: conventional, untethered cryptocurrencies and fiat currency-backed digital currencies, often known as stablecoins, which are attracting greater interest from institutional and government organizations despite currently a smaller part of the overall market.

The former is seen by the company as a tradeable asset with limited industry potential CEO Alfred Kelly described it as digital gold in the companys Q2 2021 earnings call. However, the latter is where Visa sees significant potential for payments.

We see these as having the potential to be used by consumers and merchants in the same way as existing fiat currencies are, says Plecas. And when it comes to areas of opportunity, there are many for organizations such as ours.

While many use the terms cryptocurrency and digital currency interchangeably, Visa has chosen to characterize the area it is focusing on the stablecoin side of the industry as digital currencies.

Visas digital currency efforts currently fall into five areas. Some of these are well-established and already contributing to the companys revenue growth, while others are in the early stages and are unlikely to make a meaningful impact on Visas top line in the near future. However, they together represent a long-term view of the market.

The first is perhaps the most obvious: making it easy for consumers to buy cryptocurrencies, which has involved working with wallets and exchanges drive acceptance. This area earned a mention in Visas most recent earnings call as being the second biggest contributor of growth in its card-not-present excluding travel segment the biggest growth was the surge in ecommerce.

Second is a natural progression from the first: enabling cryptocurrency to be cashed out to fiat.

We want to make sure that you as a consumer, once you exit your cryptocurrency positions in exchanges and wallets can cash onto a Visa credential and then start spending at any of our 70 million-plus merchant endpoints, says Plecas.

While those two are in full swing, a newer development is the third pillar, which is the use of digital currency APIs to enable banks and neobanks to add cryptocurrency options for their clients. This is in the early stages, with US neobank First Boulevard becoming the pilot customer earlier this year, however Plecas highlights that Visa is looking to extend to other markets and regions with the product.

We quickly realized that there's potential to be the next gen of neobanks, he explains. They're also doing a lot of their treasury operations, paying vendors and employees already in stablecoins.

In order to do this, the company needed to enable customers to stay within their ecosystem when they also settled their obligations with Visa, which is where pillar four, settlement in stablecoins comes in. This has seen Visa settle its first transaction in a stablecoin, US dollar-tethered USDC, this year.

Settling in USDC is very similar to settling in USD, he explains.

What we've done is an upgrade of existing treasury infrastructure operations to be able to receive these assets, because actually receiving them is now done through public blockchain rails. And as time evolves, we want to support other stablecoins.

The final pillar, however, is the most long-term: central bank digital currencies (CBDCs). According to the Bank for International Settlements, 86% of the worlds central banks are now considering the launch of CBDCs of one form or another, with more than one in ten currently engaged in pilots.

CBDCs have a variety of benefits, including the potential to better reach the underbanked, and Visa argues that their implementation will require public-private partnerships.

That way, they will be integrated in the right way into the existing payments' ecosystem, says Plecas.

At Visa, we want to make sure that our products and services are acting as a bridge between our existing clients and the new clients and blockchain rails involved with digital currencies.

Visa's areas of focus as it moves into cryptocurrency

While much of this is focused on the consumer side of cryptocurrency and digital currencies, Visa also sees significant potential in B2B payments.

B2B is an area of high growth, high importance and high interest to all of Visa. And we see that digital currencies can supplement and compliment some of the existing solutions that we have in the space, says Plecas.

However, while digital currencies can impact the B2B space, and in some cases are already doing so, broader institutional adoption is likely to take time.

Nevertheless, in areas with poor infrastructure, the potential of CBDCs in particular is strong for B2B.

In some countries the infrastructure is just not there yet, and for these types of countries and regions, digital currencies can complement what we already have.

One of the areas that is often raised in digital currency discussions is cross-border payments, with many citing potential speed and cost benefits. However, Plecas stresses that while there is potential, it is not a simple clean fix.

The cross-border space is highly complex, and it has a large number of actors who are trying to solve for consumer experience in terms of end user price and time efficiency, he says.

It's not easy to solve for this, even if you're trying new technologies that would give you some advantages theoretically with this aspect.

However, he says Visa sees particular opportunities in global marketplaces that bring together buyers and sellers from different currencies.

In those instances, potentially digital currencies can help them reach some of these markets in a more time and cost efficient way.

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Visa And The Cryptocurrency Opportunity: Inside The Card Networks Digital Currency Plans - Forbes

Cryptocurrency Prices Today on June 7: Bitcoin, ether, dogecoin and more – Moneycontrol.com

Most cryptocurrencies were trading in the green today as the overall market capitalisation of all tokens jumped 1.54 percent over the previous day to $1.66 trillion.

June 07, 2021 / 07:54 AM IST

Most cryptocurrencies were trading in the green today, June 7, as the overall market capitalisation of all tokens jumped 1.54 percent over the previous day to$1.66 trillion. In line with the general trend, the largest cryptocurrency, bitcoin was trading in the positive territory, up 1.2 percent at36,633.75, at the time of writing this copy.

The total crypto market volume over the last 24 hours is $79.70 billion, whichis a 22.07 percent decrease over the previous day, while the volume of all stable coins is now $61.40 billion, which is 77.04 percent of the total crypto market 24-hour volume.

Meanwhile, in a shift, Google announced slight modification to its advertising policy and said it will begin accepting ads of cryptocurrency exchanges and digital wallets targeting consumers in the United States on its platform from August 3.

A blog post by the search giant says the new rules apply only to wallets in the US, although they will apply to advertisements globally.The tech giant said it will update its financial products and services policy in August.

To take advantage of Googles new policy, crypto wallets will have to be registered with the FinCEN and federal or state-chartered banks. Adding: All prior Cryptocurrency Exchange certifications will be revoked on August 3, 2021. Advertisers must request new Cryptocurrency Exchanges and Wallets certification with Google when the application form is published on July 8, 2021.

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Cryptocurrency Prices Today on June 7: Bitcoin, ether, dogecoin and more - Moneycontrol.com

Inside the world of rising cryptocurrency and DeFi scams – Moneycontrol.com

Ambiguous market regulations, the anonymity of identities, financial transactions, and a rallying, rapidly expanding cryptocurrency market- all of it makes for a heady concoction for both new and experienced investors alike to participate in the cryptocurrency market. But what's hard to miss is that this space is teeming with fraudsters and scamsters as well, looking to profit off the unaware, inexperienced crypto enthusiasts. And given the wild west of cryptocurrency and its novelty, with bitcoin swinging extraordinarily between $8,900 to touching a high of $64,863 this year, the rise of the scamming industry here is not surprising.

Scams on the rise

A global blockchain analytics firm, CipherTrace, estimated that the fraudsters have globally earned somewhere around $432 million between January- April this year.

A recent report by FTC (Federal Trade Commission) stated that around 7,000 U.S. consumers reported losing more than $80 million on various cryptocurrency scams between October 2020 and March 2021, with an average of $1,900 per transaction.

It is hard to miss the sharp, steep rise in both the volume and frequency of such transactions. Comparing this time period with the same last year, the scam reports have risen by as much as 12%. This takes the amount lost to around 1,000% more, as compared to last year.

And it's not just the United States that has seen this trend. Australia has also seen a steady spiral in the number of crypto-related scams. A recent report by the Australian Competition and Consumer Commission, titled Targeting scams: report of the ACCC on scam activity 2020, also pointed out that bitcoin payment frauds ranked second only to the age-old technique of bank transfers. Investors lost around $26.5 million in 1,985 transactions over the last year.

It is interesting to see the myriad ways scamsters are employing to dupe people. From impersonating cryptocurrency influencers like Musk to luring a new love into investing in an amazing crypto opportunity, the creativity is indeed fascinating.

Some of them take it a step further by creating now-defunct cryptocurrencies, or in some cases, an entire exchange. The most recent in the line is the now-defunct LUB Token, which was based on Telegram. The currency offered a daily return of 10% if its press releases and now-gone website is to be believed.

And for those who want a genuine shot at the legitimacy of their fraud, the Korean fraud exchange, BitKRX is a handy case study. Uncovered in 2017, the exchange vanished when investors tried to access their funds. It was found that 99% of its transaction volume was fabricated.

Another area where frauds and scams are burgeoning is the upcoming, relatively nascent area of DeFi or Decentralised Finance. DeFi takes blockchain technology and utilizes its applications in various financial services like insurance, lending, and more.

DeFi is known to offer a higher yield on crypto-assets as compared to other conventional means. But, this also makes it extremely vulnerable to sudden vanishing and absconding post-raising funds for a project.

Between January-April 2021, DeFi scamsters raked in almost $83.4 million. Looking at the broader picture, almost 55% of all major cryptocurrency scams were DeFi hacks. That means out of a total theft amount of $432 million, $240 million can solely be attributed to DeFi.

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Inside the world of rising cryptocurrency and DeFi scams - Moneycontrol.com

Should you invest in Polygon (MATIC) Indian cryptocurrency? Here’s what experts suggest – CNBCTV18

Polygon (MATIC), earlier known as Matic Network, rose over 10 times between March 2021 and its all-time high in May 2021 before crashing almost 66 percent in the recent crypto meltdown starting from May 19, 2021. But, the digital currency recovered compared to most other crypto peers after the crash. The recovery and the previous stellar returns are enough to divert the attention of crypto enthusiasts to this coin.

Not just that, Polygon at present has the most number of partnerships in the crypto space. It is also working on a wider mission ever since its rebranding.

Given these factors and rekindled interest in Polygon, should investors make bets on the coin? To get an answer to this, its first important to understand how the value of any cryptocurrency is determined?

According to Prateek Singh, Founder, LearnApp.com, the value of any cryptocurrency is derived from two factors: the hype (increase in demand due to social media/influencers) which is generally short-term in nature and may result in the fate that Dogecoin saw in the recent crash.

The other factor, Singh said, is the fundamental value that it provides.

Matic is a layer 2 scaling solution built on the Ethereum blockchain. It helps speed up transactions made on ethereum based DApps(Decentralized Applications). So, Matic does provide a fundamental value to DApps developers, he added.

Matic, according to Singh, could hence perhaps be the main solution to the Ethereum scaling problem and solve the blockchain trilemma.

However, Prateek warns against buying any cryptocurrency (including Matic) without understanding its fundamentals.

It will be more interesting if people start learning about how crypto works, what are Dapps, what fundamental value does Matic provide, etc and based on that analysis they should take an investment call, he suggested.

Avinash Shekhar, Co-CEO of ZebPay calls MATIC one of the best performing crypto assets. However, he is also of the view that individuals should learn about the asset and the technology backing it before investing in any cryptocurrency.

Talking about the challenges of Polygon (MATIC), CoinDCX spokesperson said that it may face competition from projects like PolkaDot, Cosmos, or even the much-anticipated Ethereum 2.0 in the future.

These projects, he added, once operational, could overshadow Polygon and lead to significant headwinds for further price appreciation. Thus, investors should research important support and resistance levels before taking any fresh positions.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

(Edited by: By Ajay Vaishnav)

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Should you invest in Polygon (MATIC) Indian cryptocurrency? Here's what experts suggest - CNBCTV18

Bitcoin selloff: Will the cryptocurrency drop to $20,000? – Business Today

The latest selloff in Bitocoin has brought the cryptocurrency closer to the levels seen in May. This has led to questions on how low the cryptocurrency can fall, with some analysts predicting $20,000 levels.

Bitcoin has dropped about 7 per cent this week, and was trading at about $34,200 on Wednesday. Further weakness in the cryptocurrency can lead to a fall to $20,000, as per some of the analysts.

Bitcoin is dangerously approaching $30,000 level and a break of $30,000 could see a tremendous amount of momentum selling, Bloomberg quoted Oanda Corp Senior Market Analyst Edward Moya as saying.

If the cryptocurrency drops further from its current levels, it can possibly fall to $20,000 levels, as per Evercore ISI Technical Strategist Rich Ross and Tallbacken Capital Advisors' Michael Purves, the news agency said.

Tesla CEO Elon Musk calling cryptocurrencies "energy-intensive" and not environment friendly led to a rout in the digital currencies last month. Besides, Musk's announcement that Tesla will no longer accept Bitcoins, and China's action on the crypto front also led to the fall in cryptocurrencies.

Also read: Cabinet approves allotment of 5 MHz spectrum to Indian Railways to boost security

China proscribed financial institutions and payment companies from providing services related to cryptocurrency transactions and warned investors against speculative crypto trading.

US Federal Reserve chief Jerome Powell also turned up the heat on cryptocurrencies last month, saying they pose risks to financial stability, and indicated that greater regulation of the increasingly popular electronic currency may be warranted.

However, not everyone is bearish on Bitcoin, with many confident about the long-term outlook.

On Wednesday, El Salvador became the first country in the world to officially grant legal tender status to Bitcoin. Meanwhile, US-based MicroStrategy Inc, a major bitcoin corporate backer, on Tuesday said it was offering $500 million in bonds, and the proceeds will be used to buy Bitcoins.

Irrespective of Bitcoin value, industry experts recommend building a long term portfolio by investing in cryptocurrencies in a disciplined manner via SIP, like in mutual funds.

Also read: Cryptocurrency market crashes! Is it time to sell Bitcoin?

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Bitcoin selloff: Will the cryptocurrency drop to $20,000? - Business Today

Interactive Brokers to Offer Cryptocurrency Trading by Summer’s End – ThinkAdvisor

What You Need to Know

Interactive Brokers, one of the first brokerages to offer no-fee trading and the trading of fractional shares, will start trading cryptocurrencies on its platform by the end of the summer, according to Chairman and CEO Thomas Peterffy.

Customers certainly are asking for [crypto trading] and we expect to be ready to offer it to them by the end of the summer, Peterffy said Wednesday at the Piper Sandler Global Exchange & FinTech Conference, according to CNBC.

The online brokerage currently offers trading in Bitcoin futures as do TD Ameritrade, Kraken and several other crypto-focused firms.

When it launches cryptocurrency trading, Interactive Brokers will be competing against Robinhood, whose platform has had problems with Dogecoin and Ether trading, and, primarily, Coinbase Global, the worlds largest cryptocurrency exchange, which went public in mid-April. Coinbases stock price has since been falling almost steadily since its initial public offering and is now roughly 40% below its inaugural price.

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Interactive Brokers to Offer Cryptocurrency Trading by Summer's End - ThinkAdvisor

Proof-of-space cryptocurrency Chia triggers HDD sales boom in Europe – The Register

The launch of the cryptocurrency Chia has caused demand for hard disk drives in the European market to blow up, according to research firm Context.

Figures for April released by the analyst show just under 200,000 enterprise-grade nearline storage drives of 10TB capacity and above were sold to end users across the region, representing 240 per cent growth compared with the same month in 2020.

Meanwhile, NAS consumer-grade HDDs saw around 250,000 units sold, a year-on-year increase of 167 per cent.

Finally, surveillance disk drives sales were just shy of 200,000 units, up 116 per cent. These pieces of kit "should be used in surveillance but there has been no specific event in surveillance to cause that growth," senior enterprise analyst Gurvan Meyer told The Reg.

The explosive growth in drives across the market was best explained by the launch of cryptocurrency Chia, which relies on proof of space, as opposed to proof of work employed by Bitcoin and other cryptocurrencies.

"For sure it is Chia," Meyer told The Register. He said economies opening up and cloud providers beefing up their infrastrucure has als played a lesser role.

"It has taken everybody by surprise following the launch of Chia. Even Western Digital and Seagate were not expecting high demand like this." He said he expects the effect on the market to be long-lasting.

Cryptocurrencies, especially Bitcoin, have been criticised for relying on proof-of-computational work, which sucks up a phenomenal amount of electricity and skews the market for GPUs.

The alternative proposed in the Chia model relies on proof of space, in which the user sets aside a dedicated amount of storage on their computers and the software allocates a unique number to each section of that space.

When the currency network needs to validate a new transaction, it selects one of these unique numbers at random and the computer the segment belongs to then validates the transaction. The idea is that rather than using computing power in a race, it employs a lottery system.

Context said the model made Chia not only greener than proof-of-work systems in terms of power consumption, but also more accessible as most users have unused storage space on their devices.

Chia launched in May after BitTorrent protocol author Bram Cohen founded the network in 2017.

"Proof of space is a relatively new consensus mechanism but any number of new currencies could also choose to use it," Meyer said. "Should the method gain popularity, the demand for storage could increase even further."

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Proof-of-space cryptocurrency Chia triggers HDD sales boom in Europe - The Register

Why Cryptocurrency Investors Are Excited About Cardano – Motley Fool

Cardano (CRYPTO:ADA) has seen one of the most significant price jumps of any leading cryptocurrency in 2021 so far. Priced at just $1.85 as of this writing, the coin is more than 10 times more valuable than it was on January 1 and currently sits in the top five cryptocurrencies by market cap.

The recent crypto market crash has erased much of Bitcoin's (CRYPTO:BTC) recent gains (although it's still up about 32% since January 1), and at least temporarily dampened Ethereum's (CRYPTO:ETH) electrifying surge -- it's down about 35% from its recent all-time high. However, Cardano has kept more of its upswing action intact amid increased market volatility.

Image Source: Getty Images.

Cardano isn't as well-known as Bitcoin or Ethereum, and its market cap and daily transaction volume are a fraction of those leading coins. But that's part of the appeal: cryptocurrency investors see vast potential in the so-called "Ethereum killer," which is on the verge of a massive blockchain network upgrade that could help it live up to that moniker.

Here are five reasons why investors are so bullish on Cardano right now.

Cardano will soon implement "smart contract" functionality, which essentially means adding code that enables automated, self-executing contracts. Smart contracts allow developers to build apps on top of blockchain platforms, such as Ethereum's enormously popular Uniswap decentralized exchange. The entire decentralized finance (DeFi) industry is built on smart contracts, much of it on Ethereum, and Cardano is about to join the party.

Ethereum's blockchain can only handle a very limited number of transactions right now -- around 15 per second -- which has led to immense congestion on the network. That means longer waits to complete transactions and high "gas fees" (or transaction fees) that you'll pay to send them through.

Future network upgrades should ease that pain, but Cardano is already primed to handle much larger volumes of transactions. It has been tested at up to 257 transactions per second, but Cardano developer Input Output is looking into much vaster tallies -- potentially as many as 1 million or more transactions per second.

Both Bitcoin and Ethereum are based on energy-intensive "proof-of-work" systems, which require miners to use powerful computers to solve complex math equations -- all in the hopes of winning some cryptocurrency for their efforts. In fact, it's part of the reason why the crypto market is down so much lately, after Tesla decided to stop accepting Bitcoin due to the outsized environmental impact of mining.

Luckily, Cardano has a much more eco-friendly "proof-of-stake" system, in which validators hold their coins within the network to participate and earn rewards. According to Cardano founder Charles Hoskinson, the network is "1.6 million times more energy efficient" than Bitcoin. That might seem like an impossible figure, but it really speaks to the overwhelming amount of energy needed to power Bitcoin's network. It's something that crypto newcomers are surely keeping in mind as they plot potential investments, and Cardano offers a better path forward.

As a third-generation blockchain network, Cardano has learned from the missteps of its predecessors to try and create a more effective, economical, and energy-efficient system. On top of that, it's also based on peer-reviewed scientific research, with ample time and energy put into exploring the technical possibilities within. You might call it the opposite of Facebook'sclassic "move fast and break things" motto. Some would say that's why Cardano has been slow in implementing features like smart contracts, but it could assuage some investors' fears given the already volatile nature of cryptocurrency.

If bullish cryptocurrency analysts are correct, then the entire market may have plenty of room to grow in the years and decades to come. But the days of buying a single BTC or ETH for a few dollars and watching it grow into the thousands (and beyond) are long gone. Could Cardano's value ultimately lift off into the stratosphere like those coins did? There's no telling for now. But the fundamentals behind Cardano appear to be strong, and given the current low price per coin, many investors see it as a worthy long-term bet on a promising cryptocurrency project.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Why Cryptocurrency Investors Are Excited About Cardano - Motley Fool

Cryptocurrency Is Just a Minor Threat to the State- CoinDesk – CoinDesk

Are cryptocurrencies a new form of money and, if so, do they threaten state power?

Our friend Nic Carter has recentlycommentedon these questions indialoguewith the Federal Reserve Bank of New York. We would like to add our perspective and thoughts on this, as we believe there is value to be derived from discussing these matters in depth. For better and worse, we believe that blockchains such as Bitcoin, Ethereum and Handshake (in which I am involved) have features that make them a novel threat to the powers that states derive from currency issuance but only a very marginal threat. This fairly mild conclusion flows from more controversial premises.

Steven McKie is a founding partner and managing director at Amentum Capital, developer on HandyMiner and HandyBrowser for Handshake and host of the BlockChannel podcast. A version of this article first appeared on Amentum's blog.

The New York Fed writers name three kinds of money: fiat money, money with intrinsic or commodity value and claim-backed money. Without getting lost in the weeds, we think this overcomplicates things. All money that we can think of falls into two categories: either it has intrinsic value (like edible grains) or it doesnt. If it doesnt, then its value comes from the supposition that someone else values it.

This mysterious someone else might be totally unspecified, as when we suppose someone will pay us for gold; or it might include a specific party, such as a state, that promises to take the money in exchange for, e.g., discharging tax obligations. Bitcoin, like gold in the post-gold-standard era, falls into the former category. It has no intrinsic value and nobody in particular has promised to exchange anything for it. We just guess that someone will.

But we should not be surprised that the worlds most popular kinds of money are the ones that states explicitly promise to honor. For states, such promises are an extremely important instrument of their power. For example, by only accepting dollars as tax payment, the United States obliges its hundreds of millions of people to make sure they have dollars handy. Because of this, everyone in the world knows they can sell their dollars to someone (i.e., to U.S. residents). Moreover, everyone knows that by accumulating dollars they gain certain leverage over the United States. This situation enables the United States to print its own money and in so doing, project its power around the world.

The power to print money also gives states another kind of power: It enables them to maximize their productivity. By increasing the money supply, they can pull more people on the margins of the economy into the productive process. But this comes at the cost of the scarcity of money and, because it puts the newly minted money directly into the pockets of the less-powerful, tends to decrease the power of those who have already accumulated a lot of money. Hence, artificial constraints of the money supply, like the gold standard, are often associated with extremely conservative politics. Constraining the money supply hurts productivity, but it preserves social hierarchies.

This is where the more benign hopes of transcending nation-states mix with the darker fantasies of so-called bitcoin maximalists. On the one hand, a meaningful alternative to national currencies could allow people in abusive regimes not to rely on their governments worthless promises. On the other hand, a mechanistically fixed supply of money could put an unequal social hierarchy beyond the reach of democratic power, as the gold standard once did.

Bitcoin, in this respect, is very much like gold. And like gold, it poses no active threat to state currencies or state power. For the value of state currencies as described above is predicated upon the actual, practical power of states. Throughout modern history, the preeminent reserve currency has been the coin of the worlds preeminent military power. Only if states lose their status as the main global powers are their currencies likely to follow suit.

Cryptocurrencies are only playing around the margins of this reality. Still, they can play an interesting role because they have features that prior non-state currencies did not. For example, they can facilitate coordination and communication between their holders. Imagine if all the holders of gold could, for example, vote on whether to mine more. Moreover, some cryptocurrencies have intrinsic value, such as ether (paying for the use of a distributed network), or HNS (paying for domain names on a decentralized registry).

The ongoing improvements in global cooperation that happen in the bitcoin/crypto private sector derive from the many players that ensure a proof-of-work (PoW) system remains secure.

The intricacies that go into the production of hashrate, such as power and chipmaker pricing negotiation, manufacturing, international sales and marketing, mining pools and hashpower secondary markets. All are playing a piece in hardening relationships locally and internationally.

Therefore, a properly secured chain has then worked its way into regional regulations and labor, becoming a localized economic staple over time as it approaches scale. And, the second-order effects that come from that embedded chain of incentives include a public blockchain that is secure, not just technically but socially and politically. The most secure chains possessing such widespread economies of scale become powerful economic instruments of finance and political social progress (albeit slowly, but each new major public chain hastens this emergent process, thankfully).

In essence, though these systems may at first seem adversarial to state power by their very design, if you look more closely youll see they inherently (slowly) improve diplomacy via scalable trustless cooperation and international business over time.

To understand more on the alchemy of PoW hashpower and how it naturally derives incentives for international business cooperation, see thisongoing series from Anicca Research. The trustless systems we deploy globally have powerful consequences, and its important that we as an industry understand how to continually scale the positive aspects of decentralized monetary systems, without amplifying the negative effects such as centralized financial influence.

States are not wrong to be somewhat threatened by these hard-to-assess possibilities. If many people decide they would rather hold cryptocurrencies than state-backed currencies, it will diminish states abilities to project power through their coins.

But states still have the armies, the police and on a good day anyway democratic legitimacy. All of that still matters, and will for a long time.

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Cryptocurrency Is Just a Minor Threat to the State- CoinDesk - CoinDesk

Dissidents Are Turning To Cryptocurrency As Protests Mount Around The World – Forbes

A pro-democracy protester gives the three-finger salute while holding up a sign on an electronic ... [+] tablet during an anti-government rally on the outskirts of Bangkok on October 19, 2020. (Photo by Jack TAYLOR / AFP) (Photo by JACK TAYLOR/AFP via Getty Images)

In a COVID-19 era marked by aggressive political consolidation and economic troubles, there have been sparks of protests around the world. From Hong Kong, to the United States to Nigeria, to Thailand, to Belarus and beyond no corner of the world has been untouched by a wave of fresh political protests.

Their causes are diverse: fighting against established political classes, opposing police brutality or calling for reexaminations of elections with possibly fraudulent vote counts.

Yet their concerns are common: they are aligned against powerful and entrenched politicians who largely control trust within their borders. From use of force against dissidents to regulations that control domestic banking systems to the control of state-affiliated media, political incumbents have a lot of power to wield to advance their interests. In order to create meaningful dissent, you have to work around that power.

Cryptocurrency offers one way to doing so. From the payment processor side, you can set up your own payment service using open-source software such as BTCPay. With decentralization, you dont rely on any third-party organization to vet or potentially censor your payments, and there are no processing fees: a stark contrast from the conventional banking system in nation-states that are largely dependent on the corpus between political and legal power to maintain their good financial standing.

An example of this is the Feminist Coalition, an organization of Nigerian activists, moving to accept donations in bitcoin as part of the #EndSARS movement dedicated to fighting police brutality in Nigeria. The Feminist Coalition has reported that its bank account has been shut down, along with a donation link provided by centralized payment processor Flutterwave. Flutterwaves chairman is Tunde Lemo, a former deputy governor of the Central Bank of Nigeria.

The move to bitcoin not only helps the Feminist Coalition to be resilient to censorship for payment processors who are entrenched in traditional power structures, it also helps donors decide the level of privacy they need to make donations to a cause that might be frowned upon in official circles.

People can choose to use Wasabi wallet and the combination of tools they bring to the fore (broadcasting via the Tor network, using CoinJoin to more deeply anonymize transactions) to express a strong desire for privacy. They can use a bitcoin address they dont use very often and which cant be strongly tied to their identity to send cryptocurrency donations. Or they can choose to express a very loose expression of privacy by sending from a more centralized exchange with stricter identity rules such as Coinbase.

The essential point is that people can send cryptocurrency when centralized exchanges censor payment processing and theres no other ways to transact, and they can choose how strongly they want to link their personal identity to financial transactions in the face of political repression and political power.

This same dynamic is what happened with Hong Kong Free Press, an English-level media organization that has pro-democracy support and perspectives within Hong Kong which is also using BTCpay to accept bitcoin and donations.

Given the new national security law, its possible that payment processors might shut off Hong Kong Free Press and their access to the financial resources required to operate and its possible that they might go after with their donors, especially ones with weaker privacy protections.

In Thailand, where pro-democracy protestors have emerged, protestors have put up signs asking for others to buy bitcoin. In Belarus, government employees fired for supporting the political opposition have been supported with grants partially financed through cryptocurrencies by the BYSOL organization, an organization founded by civic society and technologists that support[s] anyone who was repressed, prosecuted, or lost their jobs because of participating in strikes or peaceful protests in Belarus.

Those facing political prosecution fill out a form that took one just ten minutes to figure out, and then theyre set up on a mobile cryptocurrency wallet, then sent grants and support. BYSOL is fundraising with bitcoin and ethereum as funding options. The organization has raised slightly over $2 million USD to send out to support protesters for their bravery if they are economically tied to the state and are punished for it.

Around the world, as protests mount, cryptocurrencies are starting to be used in various ways to go around established political power and to support protestors and dissidents. Each use further bolsters the case that cryptocurrencies can help support meaningful dissent and political diversity even in the face of extreme repression.

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Dissidents Are Turning To Cryptocurrency As Protests Mount Around The World - Forbes

A $4 Billion Dream – Exclusive Interview With Cryptocurrency Creator Brendan Blumer – Forbes

As a leader you have to be that bridge that brings everyone together, so that you can assemble in large numbers and scale sustainably. - Brendan Blumer, Founder & CEO of Block.one

Brendan Blumer, Founder & CEO of Block.ONE

Block.one and the EOS blockchain are most well known for conducting a year-long token crowd-sale between June 2018 to June 2019 resulting in a total of $4 Billion in collected revenues. While, many of the other token crowd-sales such as Kik and Telegram faced tough regulatory persecution resulting in fines, termination of activities and even refunds to investors, Block.one was able to settle the U.S. regulatory charges against it in a favorable deal with the SEC, resulting in a civil fine of $24 million dollars, or only 0.6% of the crowd-sale proceeds.

Block.one maintains that its token sale was a revenue-generating event rather than a fundraising exercise, and that is most closely compared to selling virtual gaming digital assets.Prior to the token sale, Block.one on-boarded several brand name investors from Silicon Valley icon Peter Thiel, to Bitmain, Louis Bacon, Alan Howard, Christian Angermayer, Lansdowne Investment Company Ltd, and Galaxy Digitals Mike Novogratz.

This mega successful revenue-generating event put Block.one in a very special position, allowing its executives to ask themselves a questions every start-up founder can only dream of - What would you build, if money was no object?

This week, I had the opportunity to sit down for an inspiring interview with Brendan Blumer, Founder & CEO of Block.one, to discuss his vision for the company, how to be an effective leader in an ever-changing technological landscape and what tools he uses to stay on top of his game.

Tatiana Koffman: Hi, Brendan. Thank you for joining us today! Blockchain innovation offers unlimited possibilities, beyond just a more efficient and secure way to share data. What is the future of this technology and how does it fit within your vision for EOS and Block.one?

Brendan Blumer: Thank you so much for having me.

Block.one has three core components:

(1) We have the EOSIO business, where we are focused on developing the layer one protocol and all the tools required to harmoniously integrate that architecture EOSIO is a business unit that looks at the tools required to integrate private and public blockchain infrastructure within your business, holistically, and develop the support functions required.

(2) We have a private equity arm that is focused on investing in primarily EOSIO businesses a lot of it is done through third-party GPs, so that way we can spread the capital to other experienced investors and extend the reach of the ecosystem, although we do make some direct investments ourselves.

(3) The last piece of our business...is realizing the potential of EOSIO by actually building businesses ourselves. Voice, our social media platform, is one of those projects.

[Last week, Block.one announced EOSIO for Business a new suite of enterprise service offerings designed to help organizations integrate blockchain-based solutions into their operations. The four new offerings will leverage Block.ones performance-focused EOSIO software and will include Blockchain-as-a-Service (BaaS), consulting, technical support, and training and certification programs. Block.one also announced a partnership with Google GOOG last week, where Google will join as a block producer candidate with the opportunity to become one the EOS 21 block producers,building on Googles strong open-source routes.]

Tatiana Koffman: The Google Partnership was an important announcement for the blockchain sector, because it was one of the first tech giants to recognize the space as legitimate. Do you see other Silicon Valley heavyweights joining next?

Brendan Blumer: Absolutely, I think all of them are exploring it in their own ways. Some of them have different risk appetites. Google is pretty far along in that process. Its just a matter of time before others continue to enter.

Tatiana Koffman: You are based in Hong Kong and have a front row seat to the blockchain developments in China. What global impact do you foresee as a result of Chinas digital currency DCEP and the Blockchain Services Network (BSN)?

Brendan Blumer: We see very aggressive adoption specific to blockchain technology happening in Asia and how you can create interoperability between public and private blockchain components. China is absolutely building a large private infrastructure. I think China is very savvy in terms of what blockchain is capable of. They have made it a cornerstone to revolutionizing their currency and increasing their currencys prominence, particularly in emerging markets.

One of most incredible things about China, in terms of their economic growth, is how aggressively they pave the way for organizations to innovate with these new technologies, as opposed to America which impedes organizations with regulation.

America was built on the foundation of low regulation what you saw is the human spirit set free, and an era of capitalism and innovation. Now there are too many rules, and its a constant battle...In China, you have the government blazing the way. And you really see that in the growth numbers.... They are poised to succeed on a policy level.

Tatiana Koffman: Coinbase Brian Armstrong made headlines recently by publicly stating that Coinbase will be a mission-driven company and will no longer tolerate political discussions in the workplace. Will Block.one adopt a similar policy?

Brendan Blumer: I have a lot of respect for what Brian Armstrong...I think its a touchy subject, but I understand the stuff Brian has to go through, and I understand it on an intimate level... When you want to make change you can take two routes: cooperation and confrontation. A lot of people in the space tend to be more anarchist but Im a big believer that the way you bring societal change is to first show that you can comply with the existing framework Legal frameworks have been the biggest catalyst for the evolution of human rights over a long period of time I do think that major organizations in the space like Coinbase and Block.onewe cant sit down and accomplish every change we want to seenow We cant make perfect the enemy of the good Coinbase understand[s] what they are bringing to the worldthrough making digital assets accessible... but there is a lot of compliance that they are going to have to follow to safely operate for their employees.

Block.one is committed to compliance as well...We are focused on bringing as much of the advantage of the space to the public as possible. We want to earn the trust of the community and abide by legal frameworksThen we want to engage in intelligent conversation on how we can make changeIn order to make change, you have to play by the rules [first].

Tatiana Koffman: There is an active debate on monetary stimulus in the U.S. Do you think adding more stimulus is the correct path to recovery?

Brendan Blumer: Stimulus is just another form of tax. When you deal with global prices that asymmetrically affect the population, you are faced with tough choices. So how are you going to fix it? We do look to our governments to step in when those things happen. We pay taxes. We expect them to be there in times of need like today. And there are only so many options and tools that governments have... I think stimulus is the right way for governments to be addressing this problem the problem is money gets allocated in the wrong way. One of the most frustrating aspects of this pandemic is that it really has made the wealthy wealthier. Policies are being implemented in such a way that they are driving asset prices up for the wealthy and not properly redistributing the subsequent value back to the people that need it the most.

The reality is, fiat is not a good investment. It is not designed to be a good investment...Governments are responding to the crisis the way you would expect and the way they probably shouldbut it's also very powerful marketing for cryptowhere you can rely on supply integrity.

Even in absence of the stimulus, Bitcoins and cryptos value proposition is similar to gold, and the integrity that it brings.

Tatiana Koffman: With negative interest rates and active pursuit of inflation, we now have companies like MicroStrategy MSTR , Square SQ and Stone Ridge allocate funds into Bitcoin. Does Block.one utilize Bitcoin as part of its treasury management strategy?

Brendan Blumer: Block.one holds just under 10% of EOS in treasury and we also hold a very sizable position in Bitcoin. As loyal ambassadors of this ecosystem, we keep our value in Bitcoin we have for a long time and Ive been quite public about thatWe are very much aligned with that mentality. I think you are going to see other organizations follow suit.

Tatiana Koffman: Lets fast-forward 5 or 10 years. Where is Block.one? Where is Brendan Blumer? Will you still be running Block.one or does the dream get even bigger?

Brendan Blumer: Block.one is a holding company, and see different business emerging but technology projects take a long time. One of the hardest demands to meet in this space is the expectation of speed by the community. And its great, it keeps you alive and keeps you focused!

I hope in 5 or 10 years Im still doing this. I do love what I do.

Tatiana Koffman: You mentioned some of the pressures you face from the various stakeholders, investors and employees. You started this journey relatively young. What are some of the challenges youve had to face as you stepped into the shoes of a leader?

Brendan Blumer: Blockchain is challenging in its own wayWe are in a regulatory landscape thats evolving[You need to] have a holistic picture of who your market is and...make sure you are operating with compliance, building a practical route for delivering innovation at the intersection of something that works for your users but is also able to deliver a competitive advantage. Thats a really powerful but also very difficult thing to land on.

The other thing is just building the right kind of culture. We live in a world where so much of it is through remote collaboration...and understanding the bleeding edge of remote collaboration and productivity and cultureis becoming fundamental to building transformational blockchain organizations.

So thats one of the big transformational shifts that Im focused on. We recently brought on an incredible advisor Marty Chavez, former CIO of Goldman Sachs GS . One of the reasons I was excited to work with him is his experience in corporate governance. We spend a lot of time talking about how I can be a better leader in terms of actually applying best practices of scaling organizations and the things you dont think of when you have 10-15 staff. How do you bring 3000 people together and get everyone to appreciate the different components of what each one is building and what still needs to be built? You have to build a team that can harmoniously operate and institute strong culture.

As a leader you have to be that bridge that brings everyone together, so that you can assemble in large numbers and scale sustainably.

Tatiana Koffman: Thank you for joining us Brendan!

Check out the full video interview available this Friday on the MythOfMoney.com

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A $4 Billion Dream - Exclusive Interview With Cryptocurrency Creator Brendan Blumer - Forbes

Bitcoin: Another Mini-Meltdown Appears Likely – Seeking Alpha

Source

Bitcoin (BTC-USD), as well as the blockchain enterprise sector in general, has become increasingly correlated with stocks in recent months. Due to the upcoming election, the lack of progress on the fiscal stimulus front, uncertainty about the state of the economy going forward, the likelihood of an increase in volatility, as well as other factors, things could get messy in the blockchain enterprise segment in the weeks ahead.

Bitcoin: 1-Hour Chart

Source: Binance.com

We see that BTC is forming what appears to be another head and shoulders pattern, similar to the prior ones in the chart above. Furthermore, Bitcoin got rejected at the critical $11,800 resistance level recently and broke through support at $11,500. More recently BTC has been testing the $11,250 area of support and is dangerously close to breaking below this crucial level. If $11,250 gets penetrated, Bitcoin could melt down further below $11,000 and possibly retest $10,500, as well as $10,000 support levels next.

Source

Despite the possibility for short-term downside, we remain quite bullish on BTC and the overall digital asset segment long term. As the above chart illustrates, BTC moves in waves, and the top of each wave is substantially higher than the previous top.

I see no reason for this trend to end, and the next major top will likely be substantially higher than the previous one around $20,000. In fact, I believe the next major top could be around $75,000, but it will likely take some time (1-3 years) to get there.

Since the mid-March bottom, Bitcoin has roughly tripled, while the S&P 500/SPX (SP500) has appreciated by about 58%. Despite the clear outperformance, we see that Bitcoin has been moving largely in tandem with the stock market. This was also apparent during the February/March meltdown as stocks and Bitcoin essentially meted down simultaneously.

So, here we are now. The presidential election is approaching, certain economic indicators as well as some key company earnings are coming in worse than expected, fiscal stimulus seems to be off the table until after the election, volatility appears to be picking up, and Bitcoin coupled with stocks could experience another notable leg lower.

Despite the apparent correlation with stocks, we remain very bullish on Bitcoin and select blockchain enterprises in the intermediate and long term. One reason for this is because Bitcoin and systemically important digital assets are likely to play an increasingly important role in the future economy, as some offer valuable services and others serve as digital currencies/payment systems.

Furthermore, Bitcoin and other key "coins" are essentially inflation proof, as there is only a certain amount that can ever exist in circulation (Bitcoin 21 million). A stark difference to the dollar and fiat currencies in general that are being debased on a perpetual basis and can be printed endlessly if so desired by central banks.

Bitcoin is the gold standard of the digital asset market, and it serves as a payment system as well as a unique store of value mechanism.

Transactional Coins

Litecoin (LTC-USD): If Bitcoin is akin to digital gold, then Litecoin is somewhat akin to digital silver. It may not be the store of value that Bitcoin is in the digital world, but it is a far more efficient transactional vehicle.

Bitcoin Cash (BCH-USD): Bitcoin Cash is another transactional coin, much like Litecoin that can handle scale, speed, and cost far more efficiently than Bitcoin.

Zcash (ZEC-USD): Zcash is another top and very promising transactional coin, but is more encrypted, thus making transactions more difficult to track.

Dash (DASH-USD): Another top transactional coin, similar to Zcash.

Monero (XMR-USD): This is the only top transactional coin that I am aware of that is essentially untraceable.

Please understand me correctly. I am not talking about nefarious transactions, money laundering, etc. here. I am simply pointing out that there are coins that can be used with a certain degree of anonymity, and in my view, there is nothing wrong with that. The government does not need to know when, where, and how I spend my own hard-earned money. This is my personal libertarian viewpoint, and everyone is welcome to their own.

Functional Blockchain Enterprises

Not all digital assets/blockchain enterprises are created equal. In fact, the ones that I am discussing are all different and have their own unique role to play in the future economy. Transactional coins are designed to work as currencies/payment systems, while functional coins are designed to perform a particular function/offer a service.

For instance: Ripple (XRP-USD) enables banks to perform interbank and other transactions far more efficiently and less costly than traditional methods.

Ethereum (ETH-USD) handles smart contracts and various applications.

Cosmos (ATOM-USD) specializes in connecting blockchains together.

Other functional coins we see substantial potential going forward include: Tron (TRX-USD), Tezos (XTZ-USD), Swipe (SXP-USD), EOS (EOS-USD), Cardano (ADA-USD), and several others.

How to get exposure without going through crypto exchanges

I understand that not everyone is comfortable with cryptocurrency exchanges, blockchain wallets, etc. Unfortunately, the market is rather thin on alternative options (although Bitcoin futures are available).

This Is Where the Grayscale Trust Comes In

For now, market participants can get exposure to several "coins" through the Grayscale Trust.

So what does the Grayscale Trust offer?

Well, market participants can get exposure to Bitcoin through Grayscale's OTC (GBTC) trading vehicle. Likewise Grayscale offers similar trading instruments for Ethereum (OTCQX:ETHE), Bitcoin Cash (OTCQX:BCHG), Ethereum Classic (OTCQX:ETCG), Litecoin (OTCPK:LTCN), and a diversified large cap-fund (OTCQX:GDLC). Other crypto trading instruments appear to be on their way as well from Grayscale.

Volatility in stocks appears to reflect poorly on Bitcoin and the digital asset market in general. As there is likely to be more volatility ahead in stocks as well as other key markets, Bitcoin/blockchain enterprises could decline in the short term. Nevertheless, intermediate and long term, we remain extremely bullish on this segment and see a lot of upside potential ahead in the next 1-5 years and beyond.

However, in this uncertain environment, our portfolio's 25% allocation in Bitcoin and other digital assets feels a bit heavy. Therefore, we began locking in profits in some blockchain enterprises after the $11,500 level was unable to hold up. Intuition tells me that $11,250 may fail in upcoming sessions as well, and a mini meltdown to around $10,500-$10,000 is plausible. Therefore, we are reducing our digital asset holdings to raise our cash position, but we will reenter the market once volatility calms down after the election and we have a clearer view on where markets are headed next.

Want the whole picture? If you would like full articles that include technical analysis, trade triggers, portfolio strategies, options insight, and much more, consider joining Albright Investment Group!

Disclosure: I am/we are long ASSETS MENTIONED. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: This article expresses solely my opinions, is produced for informational purposes only and is not a recommendation to buy or sell any securities. Please always conduct your own research before making any investment decisions.

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Bitcoin: Another Mini-Meltdown Appears Likely - Seeking Alpha

FinCEN Hits Helix and Coin Ninja Operator with $60M Fine – Finance Magnates

Department of the Treasurys Financial Crimes Enforcement Network (FinCEN) fined a Bath Township man it accused of violating anti-money-laundering laws and running a business affiliated with darknet sites.

Federal prosecutors said Larry Dean Harmon laundered more than $300 million worth of cryptocurrency often used for illegal transactions in underground marketplaces. He also exchanged bitcoins hundreds of times on behalf of customers, operated an unlicensed money transmitting business and transmitting money without a license, court records show. He was ordered to pay $60 million in fines for violating reporting and registration requirements under the Bank Secrecy Act

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This marks the second time FinCEN has taken action against a cryptocurrency business and comes seven years after it first issued guidance requiring those who buy and sell digital assets to register as money-services businesses.

FinCENs announcement refers back to its 2013 Guidance, in which it stated that this type of business is required to obtain regulatory licenses and establish an anti-money laundering compliance program.

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Harmon has allegedly operated two bitcoin businesses, Helix from 2014 to 2017 and Coin Ninja from 2017 to 2020. These services allowed users to launder more than 350,000 bitcoins, the equivalent to about $400 million, and obscure its origin in a practice known as mixing or tumbling.

Prosecutors allege Harmon charged a 2.5% fee, which would be about 900 bitcoins worth close to $106 million at todays prices.

Mr. Harmon operated as an exchanger of convertible virtual currencies by accepting and transmitting bitcoin through a variety of means. From June 2014 through December 2017, Helix conducted over 1,225,000 transactions for its customers and was associated with virtual currency wallet addresses that sent or received over $311 million dollars. Mr. Harmon operated Helix as a bitcoin mixer, or tumbler, and advertised its services in the darkest spaces of the internet as a way for customers to anonymously pay for things like drugs, guns, and child pornography, the FinCEN explains.

Helix and Coin Ninja were advertised to customers as a way to conceal transactions from law enforcement and were used in connection with underground marketplaces Agora Market, Nucleus and Dream Market. His two operations were also accused of partnering with thethe dark web websiteAlphaBay in a scheme that lasted until federal authorities shut it down in 2017.

These darknet places allowed customers to buy drugs, fraudulent ID documents and other illegal items.

See more here:

FinCEN Hits Helix and Coin Ninja Operator with $60M Fine - Finance Magnates

Everything you need to know about Crypto Trading – Nairametrics

Trading cryptocurrency simply involves changing one cryptocurrency to another cryptocurrency or changing crypto to local money or Fiat. On the other hand, cryptocurrency trading also covers the buying and selling of any crypto or coins and exchanging to the fiat of ones choice.

To trade crypto assets, the first thing you need to do is to ensure you have a wallet where you can keep any cryptocurrency youll be purchasing from any crypto exchange platform like Remitano, Coinbase, Binance, etc. The first stage of trading cryptocurrency is creating an account. The essence of creating an account is to show interest and also give you the platform to get your cryptocurrency wallet.

READ: Cryptoexchanges withmost valuable crypto-assets in the world

These are platforms that allow the buying and selling of cryptocurrencies. There are centralized and decentralized platforms, but the bests are always decentralized. The decentralized platforms are controlled by multiple systems (meaning there is no single computer controlling it). These platforms allow you to buy and sell cryptocurrency and as well as store them in your wallet.

Read this article about decentralized cryptocurrency exchanges (DEX) to gain more insight into decentralized exchanges.

Exchanges charge traders a fee for allowing you to trade cryptocurrencies. The average fee per trade is 0.1% of each trade executed on the platform. Billions of dollars worth of crypto assets are traded every day. Lucky traders and early adopters have made it big from trading cryptocurrencies, and it is now their full-time job.

From my experience, there are basically two types of cryptocurrency trading; short term trading and long term trading. Now lets look at these types of trading.

This refers to buying cryptocurrency at a low price only to hold for a short time before selling at a marginal profit. Trading time can be between minutes to months.

The idea is simple; you buy a coin because you think the price will increase in a short time and then sell it for a quick profit.

This guide on day trading will help you become an expert at short term trading.

Long term holding refers to the act of holding a particular crypto asset for a very long time, years to be precise. The word HODL which means Hold on For Dear Life originates from long term trading. The idea of long term trading is to hold crypto assets for a very long term regardless of the volatility with the hope that it will increase by a significant factor after years of holding.

Fluctuations are the most significant problem that cryptocurrency traders face. Trading cryptocurrencies have many benefits, but before you trade, you must be aware of the risks involved in trading. Below are some of the cryptocurrency-related risks.

Cryptocurrency fluctuates: There is no fixed price over a fixed period for cryptocurrency. This means the worth of a cryptocurrency today can change tomorrow. The change can be slow or rapid, but it is quite unusual for cryptocurrency value to drop heavily. Most times, whenever it drops, it is always little, and theres still a time when it will pump (cryptocurrency increases).

READ: Fate of $2.3 billion worth of Bitcoins in Limbo

Cryptocurrency is not regulated: The bank and government are not in control of these digital assets. However, people are paying more attention to it because of its usefulness and how it is becoming generally accepted across the globe.

Security risks: There can be cryptocurrency mistakes, and cryptocurrency can be hacked: Sometimes, avoiding obstacles as a result of technical failures might be difficult. Hackers can also hack into cryptocurrencies and toy with it.

The best way to avoid issues with cryptocurrency is to get as much information as possible before starting.

READ: How to buy and sell Bitcoins in Nigeria

There are quite a number of people that are concerned about the best trading platforms to use for their transactions. There is no need to worry about that.

This article will highlight some of the top and best cryptocurrency exchange platforms you can use for trading. There are a lot of other platforms out there, and finding the best should be the aim. Below is a streamlined list of five cryptocurrency trading platforms that are safe and trusted.

READ: Bitcoin could reach $225,000 by 2021

This is the most recommended trading platform for both beginners and experts. The platform is a P2P escrowed marketplace that makes buying and selling of cryptocurrency and trading to local currency easier and faster. You are connected with buyers or sellers (depending on what you want to do), and the transaction goes on safely.

Coinbase is one of the best platforms for trading. It is highly secured and easy to use for trading leading cryptocurrencies like Bitcoin, Ethereum, and others. Coinbase has APIs that allow developers to link with third-party apps and trading platforms. Coinbase is on this list because it is easy to use, highly secure, and fees are low.

Kraken is on the list because it is an old and consistent cryptocurrency platform that allows funding from diverse options. This platform is super cool for beginners because it makes the onboarding process easier.

BItfinex is a good platform for all trading necessities. If you are already learned and good with trading, you will find this cryptocurrency exchange valuable. Beginners might find the interface complicated, but it supports different cryptocurrencies.

CEX.IO

This is a reliable platform for multiple cryptocurrencies. You can also make deposits from your local bank (credit card or any other option that suits you). The multiple payment option and high security, state compliance with regulatory organizations are top reasons why you should consider the platform. You can also track your investments with their developed reports.

The primary reason why cryptocurrencies are ideal for trading is because of the fluctuations. There are cases where youll have more profits due to the price when you bought the cryptocurrency, and you experienced an increase in the long run (that means youre making a profit). Also, the opportunity to buy cryptocurrencies when theyre cheaper or at the prices that are convenient for you and sell off when you realized theyve increased in value makes cryptocurrency ideal for trading.

It is an undisputed fact that the income coming from crypto trading might not be as huge as you might have envisaged, however, the more the value of the cryptocurrency youre holding or trading, and the longer you hold your cryptocurrency, the more your chances of cashing out big.

The price is influenced by the economic factor of demand and supply. This is what the cryptocurrency traders use in balancing their portfolio. Cryptocurrency is just a different and unique investment form or opportunity.

Now that you understand everything about crypto trading, you can learn how to begin cryptocurrency trading in 2020.

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Everything you need to know about Crypto Trading - Nairametrics

Cryptocurrency Mining Market to Observe Strong Growth to Generate Massive Revenue in Coming Years 2020 to 2027 – The Think Curiouser

Global Cryptocurrency Mining Market Research report 2020 provides a detailed analysis of industry status and outlook of major regions based on key players, countries, product types, and end industries. This research report offers the overall analysis of the segments such as market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions.

We have also focused on SWOT, PESTLE, BCG matrix, SCOT analysis, and Porters Five Forces analyses of the global Cryptocurrency Mining market. Leading players of the global Cryptocurrency Mining Market are analyzed taking into account their market share, recent developments, new product launches, partnerships, mergers or acquisitions, and markets served.

Download FREE PDF of This Report @ https://www.stratagemmarketinsights.com/sample/12806

The Major Players covered in this Cryptocurrency Mining Market reports are-AntPool, Ebot, BTC Top, Genesis Mining, BTC.com, F2Pool Hashing 24, ViaBTC, Bitmain Technologies Ltd., and Hashflare..

Industrial Impact of Covid-19 on Cryptocurrency Mining Industry:

The outbreak of the pandemicCOVID-19changed the market scenario on the global platform. Many of the regions are facing the biggest economic crisis owing to the lockdowns that were implemented due to the outspread of the coronavirus infection. As the only solution that has been found to contracting this disease is social distancing many countries have implemented strong regulations in regards to people gatherings. Owing to this many of the businesses are working with only 30% of its employees thus not able to bring the maximum production.

Thiscan affect the global economy in 3 main ways: by directly affecting production and demand, by creating supply chain and market disturbance, and by its financial impact on firms and financial markets.

Cryptocurrency Mining Market Report is Segmented as Following-

Market Attributes

Details

Market size value in 2020

USDXX Million

Revenue forecast in 2027

USDXX Million

Growth Rate

CAGR of XX % from 2020 to 2027

Report coverage

Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends

Country scope

U.S., Canada, Mexico, U.K., Germany, France, Italy, China, India, Japan, Brazil, Argentina, Saudi Arabia, South Africa

AntPool, Ebot, BTC Top, Genesis Mining, BTC.com, F2Pool Hashing 24, ViaBTC, Bitmain Technologies Ltd., and Hashflare.

In conclusion, the Cryptocurrency Mining Market report is your trusted source for accessing research data that is expected to exponentially accelerate your business. This report provides information such as economic scenarios, benefits, limitations, trends, market growth rates, and figures. The SWOT analysis is also incorporated into the report along with the guess attainability survey and venture revenue survey.

Do you have any Query or any customization with this report, please get in touch with our business experts at: https://www.stratagemmarketinsights.com/speakanalyst/12806

Contact Us:Mr. ShahStratagem Market InsightsTel: US +1 415 871 0703 / JAPAN +81-50-5539-1737Email:[emailprotected]

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Cryptocurrency Mining Market to Observe Strong Growth to Generate Massive Revenue in Coming Years 2020 to 2027 - The Think Curiouser

Cryptocurrency Market 2020 Industry Size, Share, Regional Growth, Trends, Methods, Applications, Equipment vendors, Business Prospects and Forecast to…

Coherent research output presented by expert research analysts and seasoned professionals have anticipated a substantially optimistic growth outlook for Cryptocurrency market at the backdrop of efficient business models and delivery systems which are likely to offset global pandemic crisis and its concomitant implications. As per recent predictions the overall CAGR percentage and overall growth is likely to align with the business objects and revenue generation models of some of the leading vendors in the Cryptocurrency market.

Download Sample PDF Brochure: @ https://www.adroitmarketresearch.com/contacts/request-sample/349?utm_source=bh

This report also examines the key market players identified by their market share and product offerings. In addition, Cryptocurrency Market Research provides strategic insights based on assessing recent events and analyzing players strategy. It also covers the driving forces, opportunities and challenges prevailing in the industry. The report covers segment analysis for a key region: North America, Europe, Asia Pacific, the Middle East, Africa and South America.

Essential Key Players involved in Global Cryptocurrency Market are:

BitFury Group Limited, Microsoft Corporation, Ripple Labs Inc., Intel Corporation, Advanced Micro Devices Inc., Coinbase Ltd., NVIDIA Corporation, AlphaPoint Corporation, BitGo, Xilinx Inc. and BTL Group Ltd. among others.

Browse the complete report Along with TOC @ https://www.adroitmarketresearch.com/industry-reports/cryptocurrency-market?utm_source=bh

This extensive research presentation is posed to serve as an authenticate knowledge hub for the diversified reader spectrum comprising investor enthusiasts as well as other key contributors and frontline players in global Cryptocurrency market.

The multi-timeline Cryptocurrency market analysis is in place to allow market players devise growth-oriented business strategies and tactical decisions, thus securing healthy growth trail and profit numbers in the foreseeable future.

This report is designed to serve as a ready-to-use guide for developing accurate pandemic management programs allowing market players to successfully emerge from the crisis and retrack voluminous gains and profits.

The report includes detailed market overview inclusive of details in the historical and current timelines. The report scouts for noteworthy trends and profit generation trends in the past decades, followed by current status.

Cryptocurrency Market Segmentation

Type Analysis of Cryptocurrency Market:

Component Segment

HardwareFPGAGPUASICWalletOthersSoftwareMining PlatformBlockchainCoin WalletExchangeType SegmentEthereumBitcoinLitecoinDashcoinRipple (XRP)OthersEnd-User Industry SegmentMedia & entertainmentRemittanceE-commerce & retailPeer-to-peer paymentOthers.

Vendor Profile: Global Cryptocurrency Market

The vendor landscape and competition analysis of the global Cryptocurrency market by reveals that the market is significantly disrupted by novel market vendors and manufacturers, as well as technological innovations and product expansion plans. Additional details on frontline players, as well as contributing members have been widely addressed in the report favoring logical business investments.

This specifically designed research report highlighting current and historical developments in global Cryptocurrency market is poised to catapult substantial disruption in the market ecosystem, underpinning fast track developments in M&A ventures, commercial collaborations besides also highlighting novel disruptions across product and service facets.

The report is also equipped with high end information compiled in a dedicated format to highlight some of the leading players in global Cryptocurrency market, besides also identifying significant contributors.

COVID-19 Analysis and Crisis Management: Global Cryptocurrency Market

Committed to offer real time data on ongoing market developments and trends, this detailed research report on global Cryptocurrency market presented also entails a clear and detailed overview of the Cryptocurrency market amidst the global pandemic and the various pandemic management operation designed and implemented by frontline and contributing players alike. The report particularly zooms in to find the prominent market alterations during the pandemic, affecting global Cryptocurrency market in a multi-dimensional scheme encompassing production and consumption patterns, CAGR percentage, pricing alteration, besides lending significant awareness upon evident challenges, threats, development cycles.

Report Highlights:

1. Detailed overview of Cryptocurrency market2. Changing market dynamics in the industry3. In-depth market segmentation4. Historical, current and projected market size in terms of volume and value5. Recent industry trends and developments6. Competitive landscape7. Strategies of key players and products offered8. Potential and niche segments, geographical regions exhibiting promising growth9. A neutral perspective on market performance10. Must-have information for market players to sustain and enhance their market footprint

Make an Enquiry About This Report @ https://www.adroitmarketresearch.com/contacts/enquiry-before-buying/349?utm_source=bh

About Us :

Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a markets size, key trends, participants and future outlook of an industry. We intend to become our clients knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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Cryptocurrency Market 2020 Industry Size, Share, Regional Growth, Trends, Methods, Applications, Equipment vendors, Business Prospects and Forecast to...