August 16 2019

China Digital Currency is Ready 🥇

A senior official of the Central Bank of China at a meeting of China Finance 40 Group announced that the country will soon deploy the Central Bank Digital Currency of the (CBDC). 🏦

Mu Changchun, deputy head of the Payment and Settlement Department of the National Bank of China, said theCentral Bank Digital Currency prototype that has been under research and development since 2014, now exists. 🔥

Changchun said: “Now we can say that the digital currency of National Bank is ready”. The digital currency will not be completely built on the “classic” blockchain architecture, as this will not allow reaching the required liquidity for use by retail customers. 🤔

Changchun said the Central Bank Digital Currency will use a two-layer structure:

The National Bank of China is the highest level, and commercial banks are the second level. This dual delivery system is suitable for our national conditions. It can use existing resources to mobilize the enthusiasm of commercial banks and smoothly improve the adoption of digital currency.

A two-layer system is preferred due to the complex economy of China, its vast territory and large population. It will also allow the use of the intellectual and innovative capabilities of commercial enterprises that will collaborate with the National Bank of China to deploy currencies. In addition, such a system will help to avoid concentration of risk. 💼

Mu Changchun noted that the two-layer operating system will not change the foreign currency debt and debt relations in circulation. Upon receipt of each transaction from the Central Bank, commercial institutions will pay the full amount and 100% of the reserve to the National Bank of China.

The digital currency of the National Bank of China remains central. The forum was also attended by Shaofu Dzjun, Executive Director, Chairman of China UnionPay. He noted that digital currency can solve the problems associated with cross-border transactions, long delay times and outdated inefficiencies.

But the goals of China’s Central Bank Digital Currency will be difficult to achieve due to the lack of clear operational processes and a detailed regulatory framework. 📝

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August 13 2019

Will AltCoins Die? ⚔️

CoinMarketCap published a study of the cryptocurrency market on the example of the largest Coinbase Pro exchange. 🥇

According to CoinMarketCap, on Coinbase Pro, approximately 75% of the trading volume goes exclusively on bitcoin trading.

Since January 2018, when Bitcoin reached its lowest share in the capitalization of the cryptocurrency market, the dominance of cryptocurrency No. 1 began to grow up from a minimum of 33% to the current 68%, and the main increase occurred in April 2019. 🏦

At the time of the publication of the CoinMarketCap report, the daily trading volume on Coinbase was about $ 480 million, of which 75.1% were Bitcoins, 8.8% were generated by Ethereum, 7.5% were covered by LitecoinRipple and Bitcoin Cash both gained 2.4 %, and the remaining altcoins account for the remaining 3.9%.

Thus, the volume of BTC trading on Coinbase Pro is now three times higher comparing to all other cryptocurrencies combined. For complete objectivity, it should be noted that CoinMarketCap monitors about 50 exchange pairs on Coinbase Pro, with 15 of them having Bitcoin. ⚔️

Another study made by CoinShares are showing that the Bitcoin rally in the first half of 2019 was mainly driven by institutional investors.

At the same time, Retail interest in bitcoin is relatively cool compared to 2017 and implies that the rally in the first half was largely due to the long-awaited release of institutional money

As evidence, CoinShares notes that the four factors present during the 2017 rally are clearly absent in 2019:

–          widespread attention of media; 🔥

–          peaks in search of bitcoins on Google search engine; 🔥

–          tweet peaks on bitcoins; 🔥

–          corresponding altcoins rally. 🔥

CoinShares believes that institutional investors invest in Bitcoins not only for speculative purposes, but also in the form of long-term investments in the growing technology sector.

At my opinion Crypto market within the mass media wants to show the weakness of Altcoins in purpose  to dump them in order to offer them on a white plate  to Institutional Investors for a very sexy prices. 👛

The same was happening with Dot.coms market before. 

However, smart man ones sad that if future there will be just two very expensive things: its Land and Cryptocurrency. 🤔

Altcoin hype is coming. Be hold ! 💰

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August 12 2019

LightCoin Halving 💊 12 5 LTC per Block 💰

On August 5, there was finally a halving of the fourth largest market capitalization coin – the Litecoin (LTC) coin. 🏦

The long-awaited event occurred at the block 1,680,000 block at 10:16 UTC on Monday, and now miners will receive half as much instead of 25 LTC for mining each subsequent block – only 12.5 LTC. 🔥

One of the most important consequences of reducing the remuneration of miners, of course, is a decrease in inflation, since now the market will receive half the number of coins in the same period of time. Until the “halving” of the miners ’award, 75% of the total available Litecoins were circulating on the market, which is 63 million out of a total 84 million LTC

For each mined block, miners received 25 LTC, which, multiplied by an average of 576 blocks checked every day, meant 14,400 new litecoins issued daily. Thus, at the current price of $ 95 per LTC, the daily “flood” was $ 1.4 million, which corresponds to an annual inflation of 8.7%. This level is much higher than that of bitcoins and other cryptocurrencies.

Now, only 7,200 coins will come into circulation, which, will lead to inflation of 4.35%. A decrease in inflation always has a beneficial effect on price in the long run due to significant drop in supply.
🤔

At the same time, many LTC miners will inevitably leave this sector in search of more profitable mining. At the time of the halving, the network was pretty close to the maximum hash achieved in mid-July, when it recorded a maximum hash of 523 TH / s, exceeding the previous record in June.

Due to the increase in prices in anticipation of the expected event associated with the halving, the calculation of the hash rate in the litecoin network and the complexity of mining jumped 200% since the end of December 2019. Since the beginning of this year, the price of LTC has risen significantly from $ 30 in January to $ 120 in June, but has since dropped to about $ 95.

Many investors were sure that the market had long “digested” the positive expectations in connection with a decrease in cryptocurrency emissions and expected either a sideways price movement or even a decrease in the LTC rate. Nevertheless, against the backdrop of a surge in trading volumes, the coin was pumped more than 10%, breaking the $ 100 line.

Further, much will depend on what will happen to the markets in the coming months, so it is very difficult to make a reliable forecast. Litecoin creator Charlie Lee is so far pleased and tweeted the next:

“Litecoin Halving was successful! The coin price has just reached $ 100! Block 1,680,000 was awarded with 12.5 LTC per block. We must come to the next halving in August 2023!”

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August 8 2019

Smart Contracts of Ethereum & EOS 📝

Ethereum, having just celebrated its fourth anniversary and has already become the reference building block forSmart Contracts, which today number is over 200,000. 🏦

Daily account growth is about 100 thousand addresses, and their total number exceeds 70 million. To facilitate the development of Ethereum applications and smart contracts, numerous platforms and services have been created. 💼

As for today, Ethereum is the best solution for decentralized financing (DeFi): the Maker token (MKR) has more than 60% of the dominant, which allows more than $ 310 million to be frozen for a stablecoin DAI coin through CDP (Guaranteed Collateralized Positions).

In addition, the Proof of Stake is approaching, which should begin to function in January 2020, opening the doors to the so-called Ethereum 2.0. The new solution is considering the use of the Bitcoin Cash (BCH) blockchain to increase the scalability of the existing system. 🔥

About 2,500 decentralized applications (dApps) have been created on the Ethereum blockchain, however there are just over 22,000 end users. At the same time, Ethereum has a powerful competitor – the EOS blockchain. It has a high speed of almost 4,000 transactions per second, while Ethereum speed is only at 25 t / s. 📝

There are only 300 applications have been built by EOS, however it has more than 70,000 active users. Guys, pay attention to that two giants as they both could be the leaders in the future World Smart Economy. 🤔

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August 6 2019

Iran Bans Cryptocurrency Payments 🚫

Iranian news agency PressTV, reports that the Government of Iran has passed a new law, according to which cryptocurrency is not recognized as legal tender, and internal transactions using cryptocurrency are considered illegal. 🙅‍♂️

The regulation states that the government and the banking system will not consider digital coins as legal method of payments, and the central bank of Iran will not guarantee their value. 💼

The adoption of the law followed recent comments by the Deputy Governor of the Central Bank of Iran, who announced in July that buying and selling cryptocurrencies, such as Bitcoins (BTC), are illegal. 🏦

At the same time last month Iran passed a law allowing crypto mining. ⛏️

The government of Iran referred the extraction of cryptocurrency to the category of industrial activity. 🔥

In order to mine cryptocurrency, local miners must obtain permission from the Ministry of Industry, Mine and Trade of Iran as reported in the video before that you should see at the screen. Just in case I left the link below that video. 🏦

Cryptocurrency mining equipment should be located no closer than the 30-kilometer zone from the provincial centers of the country, as well as the cities such as Iran’s capital Tehran and the large center of Isfahan are generally excluded from the list, PressTV notes. ⛏️

According to the new rules, the cost of electricity that will be used in crypto mining will be much higher than in other cases of consumption. 🔥

The final tariffs have not yet been published, but according to preliminary reports, the tariff will be set at about 7 cents per kilowatt, equating it to electricity exports, as opposed to 2 cents per kilowatt, which is set for domestic consumption. 💼

At the same time, no permits for the import of mining equipment have been issued so far, and on July 31, according to the Cointelegraph, the Iranian provincial police arrested a person for smuggling cryptocurrency equipment worth about $230,000. 🤔

It is unclear whether the prohibition on payments in cryptocurrency, established by the new law, also applies to crypto exchange, where crypto assets are exchanged for others. 🌍

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August 4 2019

Bitcoin – Scam 😱 Money – Real 💵👍

There is only 21 million Bitcoins against trillions paper dollars and dozens of trillions cyberspace dollars that can double or triple in a single push of a button due to its unlimited supply 💭

Since 1959 fiat money quantity grew up about 50 times. And the purchasing power of 1 dollar in 1959 is equal to purchasing power of 12 cents now 🏦

Do you still think that Bitcoin a Scam? 🤔

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Category: Crypto World News, Cryptocurrencies Trading | Comments Off on Bitcoin – Scam 😱 Money – Real 💵👍
August 2 2019

LedgerX Caught Cheating 😱🛑

On Thursday (August 1), the United States Commodity Futures Trading Commission (CFTC) issued a statement that they never not gave its official permission to the LedgerX cryptocurrency derivatives provider to launch circulation of Bitcoin futures that do not correspond to the company’s statements 🏦

Recall that on July 31, LedgerX reported on the allegedly successful start of trading these tools, with pathos stating that they are the first American company that launched trading in delivery Bitcoin futures. 🎲

In a press release, the company claimed that henceforth all residents of the United States from small retailers to large institutional players were able to make deals with futures and options through the Omni trading terminal. 📰

In addition, the company’s customers were given the opportunity not to invest using US dollars transactions, but to use bitcoins as collateral for their deposits. 🏦

As I reported before in the previous video you can see below. 📜

LedgerX CEO Paul Chow:“Contracts not only have physical delivery in the sense that our customers can get Bitcoins after the expiration of the futures, but first of all they give the opportunity to make Bitcoins as collateral for trading.”📝

Incomprehensible situation with the regulator may result in reputational losses for LedgerX. If the CFTC’s (Commodity Futures Trading Commission’s) permission cannot be obtained soon, it may be done by the parent company of the New York Stock Exchange and the operator of the Bakkt cryptocurrency platform – Intercontinental Exchange (ICE), which has already announced its intention to launch a similar product after obtaining permission from the Commodity Futures Trading Commission USA. 📝

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Category: Crypto World News | Comments Off on LedgerX Caught Cheating 😱🛑
August 1 2019

First US Physical Bitcoin Futures LedgerX 🕙🔥

Cryptocurrency derivatives provider LedgerX officially announced, July 31, that last week it launched the Omni platform, where institutional and retail investors can trade in options, futures and bitcoin swaps with physical delivery 🕙

This is the first case of crypto-currency financial products trading in the US when the participants in the transaction receive the “real” bitcoins, and not their dollar equivalent, as has been the case at the Chicago CME since December 2017 💰

In addition, investors can also purchase contracts using cryptocurrency, which saves customers from having to be tied to the banking system and trade only during the bank’s operating time 🏦

LedgerX CEO Paul Chow said in this connection: “As a digital commodity, bitcoins are traded 24/7/365, and our customers expect it from us, so if you trade on Sunday evening, you no longer need the banking system”.

An important aspect of the project is also the fact that not only large institutions with large financial opportunities, but also individual citizens working from their home application are allowed to trade. To do this, they just have to go through the KYC procedure (“know your client”).

The service is currently open to residents of the United States and Singapore, subject to a minimum deposit of $ 10,000 or 1 BTC.

John Todaro, director of research at TradeBlock, also noted that physically settled contracts allow traders to hedge their bets more adequately, which can be beneficial for non-speculative institutions.

Although cash contracts are considered less costly, they could potentially be more susceptible to manipulation depending on the formula and underlying stock exchanges or indices used for settlements after the expiration, he added.

Another cryptocurrency company, ErisX, also received similar CFTC authorizations, but has not yet announced the launch dates of its product.

At the same time, Bakkt has not yet received a CFTC license, although the crypto platform has already tested its bitcoin futures.

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Category: Crypto World News | Comments Off on First US Physical Bitcoin Futures LedgerX 🕙🔥
August 1 2019

Facebook Reports Libra may never see the Lights ⚖️💡

The company announced this in its quarterly report to the Securities and Exchange Commission in the “Risk Factors” section.

Earlier, Facebook had planned to launch its cryptocurrency project in 2020, but met fierce resistance from regulatory authorities in the vast majority of countries and, above all, at the place of registration, in the United States, at Congress level.

It seems that regulators have realized the scale of the possible negative consequences of such a global project and now, Facebook  fears for the profitability of their business as a whole.

“Libra has drawn close attention from governments and regulators in several jurisdictions, and we expect this analysis to continue.” – says the Facebook report.

The social communications giant also indicates that Libra is based on a relatively new and untested blockchain technology, and laws and regulations relating to the digital currency are vague and uncertain.

Facebook is already responding to many requests from governments and regulators, and further adverse actions on their part or negative advertising can negatively affect the reputation of the social network and damage the company’s entire business.

The report further states that as a cryptocurrency project progresses, it may be subject to various laws and regulations of the United States and international jurisdictions, including, but not exclusively, governing payments, financial services, and the fight against money laundering.

These laws and regulations, as well as any related inquiries or investigations, can delay or prevent the launch of a Libra cryptocurrency project and even other company products or increase operating costs, consume significant time and attention from management, or otherwise damage the company’s business.

Thus, there can be no guarantee that Libra or our related products and services will be provided in  time or will be provided at all. We have no significant previous experience with digital currency or blockchain technologies, which may adversely affect our ability to successfully develop and sell these products and services. We will also incur increased costs due to our participation in the Libra Association and the development and marketing of related products and services. In the end our investments may be unsuccessful. Any of these events may adversely affect our business, reputation or financial results.” –  additionally indicated in the report.

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Category: Crypto World News | Comments Off on Facebook Reports Libra may never see the Lights ⚖️💡
July 30 2019

Iran legalizes Crypto Mining ⛏️⚖️

Iranian news agency Mehr News reported that the Iranian government has allowed the mining of cryptocurrency and now it will be considered one of the types of production activities.

Mining should be licensed from the Ministry of Industry, Oil and Commerce.

Crypto-mining, like other industrial activities, is subject to taxation if the recipient of the cryptocurrency is not exported and the income is not returned to the country.

Despite the fact that the use of digital money in domestic operations is not allowed, the decision of the government should be considered a sequential step towards the legalization of cryptocurrency in Iran. 

As previously reported, the Central Bank of Iran (CBI) has already approved the release of state-owned gold-plated cryptocurrencies. This project was called Paymon. Considering that cryptocurrencies can be used as a means of mitigating the effects of tough economic sanctions imposed by the United States against Iran.

Check out the recent video you can see on the screen. Just in case, I left the link below the video.

Iran is considered one of the most attractive regions for crypto mining because of the low cost of electricity, which is currently about 2 cents per kilowatt-hour, according to Mehr News.

However, the same article states that the government set the price at about 7 cents per kilowatt-hour.

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Category: Crypto World News, Mining | Comments Off on Iran legalizes Crypto Mining ⛏️⚖️