Cryptocurrency Hedge Funds Were Down 12% to 19% in May 2018

with No Comments

Cryptocurrency Hedge Funds Were Down 12% to 19% in May 2018

No need to beat yourself up if your cryptocurrency portfolio exhibited less than stellar performance in May. Even the professional traders employed by the big hedge funds active in the space have suffered double digit declines during the previous month. 

Also Read: Bitcoin in Brief Monday: From New York to Historic Istanbul Market

Crypto Hedge Funds Show Weak Performance in May

Data provided by three different industry trackers reveals that crypto hedge funds achieved considerable negative growth in the bear market of May 2018.

The Eurekahedge Crypto-Currency Hedge Fund Index estimates the losses made by crypto funds to have been 11.66% during May, and 2018’s year to date (YTD) performance to be -22.71%. Market analysis firm, Hedge Fund Research Inc. (HFR), estimates crypto funds to have suffered a decline of 15.48% during May, bringing the YTD performance to -33.3% per the company’s HFR Blockchain Index. And the Cryptocurrency Traders Index of hedge fund data specialist Barclay Hedge shows that the performance of those it is tracking dropped by 19.09% in May, and down 34.57% YTD. The differences between the three benchmarks are due to each following a different number of funds.

The weak May figures are in sharp contrast to the strong rebound performance seen the previous month, as Eurekahedge reported an increase of in 52.83% and Barclay Hedge a similar 44.86% in April 2018.

Cryptocurrency Hedge Funds Were Down 12% to 19% in May 2018
Barclay Cryptocurrency Traders Index May 2018

Reasons to Remain Positive in the Long Term

Despite the setbacks in May and high volatility from month to month analysts believe there are reasons to remain optimistic such as the recent SEC statement and new institutional money coming in. “I expect the crypto markets to remain volatile for the foreseeable future,” said Henri Arslanian, cryptocurrency lead for Asia at PwC. “Whilst retail investors may see volatility in the crypto markets as a downside, many crypto funds see it as an opportunity.” He added that the “long term positive impact of the number of institutional players entering” is more important than short-term price changes.

And interest among Asian investors is surging, according to Josh Gu, director of quantitative research at the HFR index division. “Cryptocurrencies have been very volatile, the topic is still hot in China and Japan.” He explained to the FT that cryptocurrencies appealed to individual investors with a large risk appetite. “However, the [Chinese] regulator has banned some of the crypto trading platforms because of risk, so some investors might have panicked.”

Cryptocurrency Hedge Funds Were Down 12% to 19% in May 2018

Is such a performance justifies paying for portfolio management? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Cryptocurrency Hedge Funds Were Down 12% to 19% in May 2018 appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2t35MGz https://ift.tt/1L2dnrU

Financial Services Provider Square Acquires New York Bitlicense

with No Comments

Financial Services Provider Square Acquires New York Bitlicense

The company Square announced on Monday the firm has been granted the Bitlicense from the New York Department of Financial Services (DFS). The firm and its ‘Cash App’ are now legally allowed to operate and utilize cryptocurrency solutions in the state of New York.

Also Read: Cryptocurrency Brokerage Service Genesis Global Granted Bitlicense

Square Has Obtained the New York Bitlicense

 Financial Services Provider Square Acquires New York Bitlicense
The Square Cash App was offered to most U.S. states this past February and now the company can operate in the state of New York. Users can purchase and sell Bitcoin Core (BTC) from within the app.

Square, Inc. is a payment processor and financial services provider that was launched in 2010. The San Francisco based company was founded by Jack Dorsey (also the CEO of Twitter) and Jim McKelvey back in 2010 and the firm has been staunch bitcoin supporters for quite some time. Back in November 2017, the company announced it was implementing in-app BTC buy/sell Options for certain select customers. A few months later in February of 2018 Square rolled out the BTC service for all users. Since then the revenue derived from the cryptocurrency in-app services has added around $8Bn USD to Square’s overall valuation according to data collected last May. Now this week, Square has been granted the official Bitlicense money-transmitter approval from the DFS.

“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market,” explained the Financial Services Superintendent Maria T. Vullo during the announcement on Monday.

DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.

Square Joins Eight Licensed Cryptocurrency Operations in New York

According to the DFS, the regulators have conducted a review over Square’s business model which includes anti-money laundering guidelines, Know-Your-Customer (KYC), and cybersecurity policies. Moreover, the DFS states the newly licensed Square will be under supervision. The New York regulatory agency has granted the Bitlicense to Circle, Gemini, Coinbase, XRP II, Paxos (formally Itbit), Bitflyer, Xapo, and more recently Genesis Global Trading Inc.

“We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin,” said Brian Grassadonia, Head of Square’s Cash App service.

Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.

Now New York residents will be able to utilize the Cash App in the state as the region was one of the few states where the cryptocurrency option wasn’t incorporated until today.

What do you think of Square receiving the New York state Bitlicense? Let us know in the comment section below.


Images via Shutterstock, Square, and Pixabay.


Tired of those other forums on the subject of Bitcoin? Check forum.Bitcoin.com.

The post Financial Services Provider Square Acquires New York Bitlicense appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2lk16Ia https://ift.tt/1L2dnrU

Six Alternatives to an Initial Coin Offering

with No Comments

Six Alternatives to an Initial Coin Offering

Last summer, ICOs could do no wrong. But by 2018, the acronym had been relegated to the realm of the unmentionables, a place normally reserved for the most offensive cuss words and the name of Harry Potter’s antagonist, Voldemort. In many circles, “ICO” has become a dirty word. In its place has come a range of creative alternatives, each designed to improve on the model and nomenclature of the much derided Initial Coin Offering.

Also read: This Village Decided to Launch Japan’s First Municipal ICO

ICOs Are So Last Year

Whenever a new musical movement emerges – punk; nu-metal; emo – bands lumped into the genre rush to distance themselves from it. Something similar has happened with ICOs: everyone’s in them, but no one wants to admit to being in them. Instead, we have the spectacle of projects dressing their ICO up as a “token generation event” and other euphemisms.

Some of the alternative nomenclature is an attempt to avoid legal repercussions (“You can’t charge us with running an unregistered ICO if we didn’t call it an ICO!”), but more often it’s an attempt to avoid being tarred with the same brush as the scammy ICOs that have ruined the name for everyone. Then there are the crowdsales whose alternative name reflects a genuine desire to provide an alternative means of raising capital in which everyone gets a bite of the cherry. What follows is six alternatives to the tried, tested, and tired ICO.

STO

Six Alternatives to an Initial Coin OfferingA Security Token Offering (STO) is a fully regulated ICO which proceeds with the SEC’s blessing. These are categorized into various types including Reg D (open to institutional investors only) and Reg S, which is for STOs being held in a country outside the US. The holy grail for companies seeking an STO is Reg A+ as this entitles retail investors to participate. A number of projects including Dexfreight, Gab.ai, and Knowbella are all waiting for Reg A+ approval, but SEC approval is still pending.

IICO

The Interactive Initial Coin Offering (IICO) was first proposed in a paper by Vitalik Buterin as a fairer model of ICO. It’s designed to prevent the sort of FOMO and gas wars that can result in whales getting all the tokens and squeezing out investors of humbler means. In Fantom’s recent crowdsale, for example, one investor spent 580k gwei, or around $24,000, just to ensure their transaction reached the front of the queue.

Decentralized justice protocol Kleros has become the first project to trial an Interactive Initial Coin Offering. Contributors can specify a maximum cap for the sale; if the total raised surpasses that, their ether will be returned to them. This ensures that everyone is given a chance to purchase tokens at a price they deem fair – or at least that’s the theory.

Initial Supply Auction

Six Alternatives to an Initial Coin OfferingMetronome’s crowdsale started today under the banner of an Initial Supply Auction. As the team explain, “The Initial Supply Auction utilizes a descending price auction, where the price starts intentionally high and ticks down incrementally toward its intentionally low price floor as long as the auction is open. The price is not averaged out. Purchasers will receive their Metronome almost immediately after purchase, at the price they purchased. Purchasers should purchase only when they feel the price of MET to be fair.”

Various attempts have been made at ensuring everyone gets a chance to participate in a crowdsale including the IICO, the Initial Supply Auction, and variations of the Dutch auction, in which winning bids are not revealed until the sale has been completed. The risk with the latter two methods is that they risk being perceived as a mechanism for boosting the coffers of the project rather than as a more democratic process.

SAFT

A Simple Agreement for Future Tokens provides a means of overcoming the risk that tokens sold for a project that is under development could be classified as a security. To circumvent this, investors contribute funds on the understanding that they will receive their tokens once the network is operational and the tokens are usable. That way the project benefits from receiving the capital necessary to get building, and investors can sell their tokens to the public at a future date, once the platform has utility.

Airdrop

Six Alternatives to an Initial Coin OfferingMost ICOs now allocate a portion of their tokens to an airdrop –  i.e a giveaway – to onboard a distributed community in the hope that these individuals will become users of the platform. It’s standard practice to distribute less than 5% of tokens via an airdrop, but there is a bolder approach: to give away the majority of your tokens in this manner, retain a portion for the team as a reserve, and then hope that the market assigns value to the token once it starts trading. That’s the model being trialed by Everipedia and a host of other EOS-based projects whose tokens will be given away to EOS token holders.

No ICO

The final alternative to the ICO is to have no ICO whatsoever. That might sound crazy in an era of multi-million-dollar valuations for crypto projects, but it’s actually a much better way to align the incentives of participants. Bitcoin, Litecoin, and Decred are all examples of networks that started life without a fundraiser. If your tokenized idea is genuinely revolutionary, you don’t necessarily need to resort to an ICO: build it and they will come.

What ICO alternatives do you think provide a fairer investment model? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Six Alternatives to an Initial Coin Offering appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2lfKilp https://ift.tt/1L2dnrU

PR: GIN Hits Three Milestones in One Week – Cryptopia Listing, PIVX Addition and Investor Dashboard Debut

with No Comments

GIN Hits Three Milestones in One Week - Cryptopia Listing, PIVX Addition and Investor Dashboard Debut

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

The still young GINcoin cryptocurrency continues its ascension in the crypto market. With its rapid development, the project is ticking three important boxes last week: getting listed on Cryptopia, adding PIVX to the turnkey masternode deployment platform, and launching an all-in-one Investor Dashboard, where masternode owners can keep a close eye on all of their masternode investments.

PIVX masternodes can now be deployed on GIN’s masternode platform

Since its launch, the GINcoin platform has become the go-to utility tool for anyone looking to set up a masternode, regardless of their technological knowledge. By constantly adding coins to the platform, they enabled masternode enthusiasts to easily diversify their portfolio.

The team worked out a two-lane highway for listing coins on the platform: one focusing on the well-established projects in the masternode field, the other giving every coin available the opportunity to apply to be listed and afterwards being subjected to a community vote. The first one has led to its first major breakthrough, pushing GIN to reach an important milestone: the famous PIVX was just added to the platform.

Cryptopia listing – trade pairs available are GIN/BTC, GIN/LTC, GIN/DOGE

GINcoin was launched in February of this year and has developed constantly ever since, by adding more and more altcoins to its masternode deploying platform (https://ift.tt/2GKTcjU) and by growing in value steadily. The increase in daily traded volume and the boost of investors’ interest prompted the team to ensure that the coin was more easily accessible. Hence, the natural step to be made was to get the coin to an additional exchange – Cryptopia.

Deposits and withdrawals are open, and trading started on 13th of June, at 3 am UTC. The following trade pairs are available – GIN/BTC, GIN/LTC & GIN/DOGE.

A new feature on the GIN platform: the Investor Dashboard – a quick access control panel

The Investor Dashboard was designed to offer a comprehensive overview on a masternode owner portfolio. It can be accessed through the My Masternodes section on the platform. It contains all the essential information: portfolio value, exits, revenue (24h, weekly, monthly, yearly), number of nodes, investments, earnings, individual masternode breakdown (ID, wallet address, days live, rewards, status). This applies to all the masternodes owned by the user that have been created on the platform. Moreover, the user can easily start a new masternode launching process by clicking the plus sign on the top right of the dashboard.

Masternode Investor Dashboard – Short FAQ

1. Why is the information in the Investor Dashboard different from that on masternode.online?

The algorithm used to calculate the forecasted revenue and ROI inside the Dashboard is different from that from masternodes.online. While on MNO, the forecast is based on the instantaneous value of rewards in the last 24h, the Investor’s Dashboard uses an algorithm based on your individual portfolio returns in the past 30 days.

2. What exactly are Exits?

Every masternode owner is free to choose what he wants to do with the amount of coins gathered from masternode rewards. However, every amount withdrawn from the masternode will be registered as an Exit, regardless of the purpose for which it has been taken out. For example, if someone gathers 1,000 GIN from rewards and decides to re-invest it in GIN by launching an additional masternode, it will still be regarded as an exit.

3. The Exits amount value does not match the rewards value

The value of an Exit amount is calculated by taking into account the coin’s value in BTC at the exact moment of the exit. As such, the Exit amount value can seem incorrect, while it is, in fact, accurate. To make it clearer, here is an example: if 500 GIN are taken out at a point where 1 GIN = 1 USD, that Exit will forever be valued at 500 USD, regardless of the ulterior price fluctuation of the GIN coin.

About Cryptopia

Cryptopia is a cryptocurrency platform that embeds, besides the exchange itself, a marketplace, a lottery, a mining platform, a rewards system, forums, and a Coin Information page for various altcoins. It was created by a company registered in New Zealand and it describes itself as “your one stop crypto shop”.

About PIVX

PIVX is a form of digital online money using blockchain technology that can be easily transferred all around the world in a blink of an eye with nearly non-existent transaction fees with market leading security & privacy.

About GINcoin

GINcoin is the first masternode deployment platform meant to be used by the mass market; its mission is to make masternode investments (and subsequently passive income generation through MNs) easily accessible to everyone, regardless of technical skill.

Website: http://gincoin.io
GINcoin Masternode Platform: http://p.gincoin.io
Contact: contact@gincoin.io
Telegram: https://t.me/gincoin
Discord: https://ift.tt/2M2m5uk
Twitter: https://twitter.com/gincoin_crypto

Contact Email Address
contact@gincoin.io
Supporting Link
https://gincoin.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: GIN Hits Three Milestones in One Week – Cryptopia Listing, PIVX Addition and Investor Dashboard Debut appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2K3Byg8 https://ift.tt/1L2dnrU

With No One Price Law for Bitcoin, Japan’s FSA Debates Restrictions on Leverage

with No Comments

With No One Price Law for Bitcoin, Japan’s FSA Debates Restrictions on Leverage

The different prices of bitcoin and other cryptocurrencies between countries and exchanges have led investors to seek arbitrage opportunities, a trend noticed by financial regulators around the world. Discussions are underway at the Japanese Financial Services Agency on restricting leverage.

Also read: This Village Decided to Launch Japan’s First Municipal ICO

Value of Bitcoin up 10% After Sending It Elsewhere

With No One Price Law for Bitcoin, Japan’s FSA Debates Restrictions on LeverageCryptocurrencies are traded in many countries with varying prices. The value of BTC in Zimbabwe, for instance, is currently 80% higher than in Japan. Hyperinflation has made bitcoin popular in the African country because many of its residents do not trust their own fiat currency.

In stock markets, investors cannot employ arbitrage because each stock has only one price at a given time. However, digital currencies like bitcoin are financial products that defy the law of the universal price. The change in the price of cryptocurrency doesn’t only emerge across borders but also within borders, between crypto exchanges. Arbitrage is an activity exploited by cryptocurrency traders who spot those price changes to make a profit.

The price of BTC in South Korea is relatively high compared to other markets. The gap is known as the “kimchi premium.” When the price of bitcoin went down last January, 1 BTC was worth about ¥2 million ($18,200 USD), and about the equivalent of ¥2.6 million (USD 23,600), in South Korea. It was a “kimchi premium” of 30% at the time. Sometimes the premium reportedly went as high as 50%.

With No One Price Law for Bitcoin, Japan’s FSA Debates Restrictions on Leverage

Nikkei reported the story of a Korean man in his 20s working in Japan, who made a profit in bitcoin in May 2017, when he repaid a friend from home about ¥500,000 ($4,500) in BTC, because the transaction fees were cheaper that way. The price of BTC in Korean won was 10% higher than in Japanese yen. The man told Nikkei he couldn’t believe that its value would jump as much as 10% “just by sending it” to another country.

FSA Research Group Debates Restrictions On Leverage

The South Korean man and his friend reportedly developed an automated trading robot that made a profit of several hundred thousand yen in the first month. The men raised ¥100 million from investors and started a crypto asset management company in January 2018.

According to Nikkei, they operate around nine crypto exchanges in Japan and South Korea, and carry fees of about 10% per month. The value of BTC across six digital currency exchanges in Japan, including Bitflyer and Bitbank, reportedly varied as much as ¥1,600 ($15) in May.

With No One Price Law for Bitcoin, Japan’s FSA Debates Restrictions on LeverageMeanwhile, the members of a research group, formed this spring by the Japanese Financial Services Agency, have started debating restrictions on leverage, as users of digital currencies have the ability to speculate with large amounts of leverage. In the U.S., the Federal Reserve Bank of New York has also taken issue with distorted prices.

Cryptocurrency investment has inflated to about ¥70 trillion and about 3.6 million traders annually, mainly retail investors, according to Nikkei. Because the price of cryptocurrencies vary so much, even within a single country, it is believed that they are not yet ready for being used for financial transactions, despite their popularity observed over the last months.

Do you expect price differences between trading platforms and crypto markets to decrease over time? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com

The post With No One Price Law for Bitcoin, Japan’s FSA Debates Restrictions on Leverage appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2K02Xjb https://ift.tt/1L2dnrU

Japan’s SBI Crypto Exchange Adds Two Major Cryptocurrencies

with No Comments

Japan’s SBI Crypto Exchange Adds Two Major Cryptocurrencies

Japan’s SBI Virtual Currencies has added support for two major cryptocurrencies in addition to the one trading pair that its crypto exchange service, Vctrade, launched with. Users who pre-registered prior to the launch can now trade BTC, BCH, and XRP against the Japanese yen.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

BTC and BCH Trading Now Supported

SBI Virtual Currencies, the cryptocurrency exchange subsidiary of one of Japan’s largest financial services groups, has announced support for two major cryptocurrencies. Starting Monday, June 18, customers can start trading BTC/JPY using the exchange’s Vctrade service. This is in addition to the BCH/JPY trading pair which the exchange started offering on June 8.

Japan’s SBI Crypto Exchange Adds Two Major Cryptocurrencies

Popular Japanese Twitter user Ihayato, who has 177K followers, tried out the service for BCH and XRP. He tweeted his experience (loosely translated from Japanese):

SBI virtual currency exchange, spreads [are] tight. 3 yen for XRP and about 3,000 yen for BCH.

He further noted, “I do not think that there are merits to utilize here in the present situation. [But] I expect [there will be] in the future.”

Three Trading Pairs

Japan’s SBI Crypto Exchange Adds Two Major CryptocurrenciesSBI Virtual Currencies is one of the 16 government-approved crypto exchanges in Japan. The company launched the Vctrade crypto exchange service on June 4 with just the XRP/JPY trading pair. Currently, the service is only available to a limited number of users who pre-registered; the full launch is expected next month. With Monday’s announcement, the exchange now offers three trading pairs: BCH/JPY, BTC/JPY, and XRP/JPY.

For all three cryptocurrencies, customers can trade between 500 yen (~US$5.5) and 5 million yen (~$45,261). Alternatively, they can place their orders in cryptocurrencies of between 0.0001 and 40 BCH, 0.0001 and 5 BTC, or 10 and 70,000 XRP.

Japan’s SBI Crypto Exchange Adds Two Major CryptocurrenciesAccording to local media, SBI Group said at the company’s third-quarter earnings press conference that there is a possibility of adding ether (ETH) in the future. However, the company also indicated that it would not support smaller cryptocurrencies, Impress Corporation conveyed.

To gain market share in the crypto space, SBI Group plans to convert users from its existing securities business, which the group says is already the largest in Japan. SBI Securities “is number one in the share of individual stock trading value, number of accounts, deposits and profitability,” the group wrote. SBI Securities currently has approximately 4.17 million accounts.

What do you think of SBI crypto exchange adding the two cryptocurrencies? Do you think many more will be added? Let us know in the comments section below.


Images courtesy of Shutterstock, SBI Virtual Currencies, and Ihayato.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japan’s SBI Crypto Exchange Adds Two Major Cryptocurrencies appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2MxQ12i https://ift.tt/1L2dnrU

UK Financial Game Show Uses Comedy & Bitcoin to Entertain, Inform

with No Comments

UK Financial Game Show Uses Comedy & Bitcoin to Entertain, Inform

Who is the richest person in the world? Who said, “It costs a lot of money to look this cheap?” Where do they drink the most alcohol per capita? Ireland, Scotland, Russia or France? Readers who immediately answered just might be perfect guests on Dominic Frisby’s Financial Game Show, launching in the United Kingdom. Prizes include standard fiat payouts, but the show is also offering prizes in bitcoin cash (BCH) and even silver bullion.

Also read: Star Trek Icon Joins Bitcoin Mining Revolution

Game Show Offers Prize Money in Bitcoin Cash

A recent announcement blogged by famed UK financial guru, Dominic Frisby, explained he “is host and quizmaster in [a] classic gameshow full of fascinating financial facts. Contestants from the audience (willing volunteers only) can win big prizes including £500 in cash – there is £500 to be won every show – solid silver and bitcoin cash. Games range from higher-lower for house prices to to high-pressure quiz questions with the £500 jackpot at stake. Exciting, informative, amusing.”

Dominic Frisby is a well known author on things financial, including Bitcoin: the Future of Money? (praised by no less than Sir Richard Branson). He’s also something of a television star, hosting very popular shows on financial literacy such as Let’s Talk About Tax, blending both finance and humor. Indeed, he bills himself as “the world’s only financial expert and comedian.”

UK Financial Game Show Uses Comedy & Bitcoin to Entertain, Inform

“I am very excited to be going to the Edinburgh Festival this August,” he posted. “My show is called Dominic Frisby’s Financial Gameshow. It’s at 5pm at the Gilded Balloon.” It’s a triumphant return of sorts, and mostly because it follows his “widely-acclaimed show, Let’s Talk About Tax.” As “the world’s only financial expert and comedian, Dominic Frisby has devised a new game show that mixes The Price Is Right with Mastermind. It’s all about money, finance, economics – you know, boffin stuff but made exciting,” Broadway World Scotland detailed.

Reviews have been positive. The Times described the new show as, “Very witty… entertaining and educational… impressive,” while The Spectator mused it was “Funny, absorbing… full of historical insights.” Mr. Frisby notes the show has “some great prizes for the winners: silver bullion kindly donated by Ross Norman at Sharps Pixley; Moneyweek subscriptions (thank you Merryn); bitcoin cash; and a £500 jackpot each show, donated by a mystery sponsor whose name is yet to be announced.”

Are game shows and entertainment important to crypto adoption? Let us know in the comments. 


Images via the Pixabay, Dominic Frisby’s Financial Game Show.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post UK Financial Game Show Uses Comedy & Bitcoin to Entertain, Inform appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2t69bV9 https://ift.tt/1L2dnrU

Bitcoin in Brief Monday: From New York to Historic Istanbul Market

with No Comments

Bitcoin in Brief Monday: From New York to Historic Istanbul Market

The stories covered in today’s edition of Bitcoin in Brief hail from all across the globe. In New York a major cold storage company has received a Bitlicense, in China there are new signs of crypto mania, and in Turkey bitcoin has made an appearance at a historic Istanbul market.

Also Read: Etoro Is Launching an OTC Crypto Trading Desk for Institutions

Xapo Receives Bitlicense

Bitcoin in Brief Monday: From New York to Historic Istanbul MarketThe New York Department of Financial Services (DFS) has announced it granted a virtual currency license to Xapo, the company providing wallet, cold storage, and bitcoin-based debit card services estimated to hold around $10 billion worth of BTC. With the Xapo approval, DFS has in total approved eight firms for virtual currency charters or licenses.

The regulator says it has conducted a comprehensive review of Xapo’s application, including the company’s anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies. According to the license, Xapo will be authorized to offer a digital wallet and a vault service, and be subject to ongoing supervision by DFS. Xapo President Ted Rogers said: “We are very pleased with the approval of Xapo’s BitLicense application. It is the end result of much hard work, not just by Xapo personnel but by the DFS and its staff.”

2000 New Chinese Crypto Foundations?

If anyone really expected that the Chinese government could keep its hordes of cryptomaniac citizens out of the market, they’re due for a rude awakening. According to reports from the giant Asian economy, at least 2,000 new crypto foundations have been set up by Chinese people in offshore jurisdictions, most of these to facilitate the trade of new ICO tokens. The main hubs for this activity are said to be in places offering quick and easy registrations such as Singapore, the Cayman Islands, and Malta. The size of each such foundation is estimated to range from tens of millions to tens of billions of Chinese yuan.

Would-Be Bitcoin Robbers Indicted

According to media reports from the state of Georgia, a group of would-be bitcoin thieves we previously reported on has been indicted by the Superior Court of Forsyth County on charges of conspiracy to commit burglary and robbery. The five young men, Justin Ellison, Trivette Adams, Matthew Schwartz, Jacob South, and Michael McDermont, conspired to break into a local home and steal nearly $1 million in bitcoin. They were formally charged last Monday, June 11, with counts of conspiracy to commit burglary and conspiracy to commit robbery by force.

Bitcoin Grand Bazaar

An image posted to Reddit a few days ago shows that bitcoin is now available in one of the largest and oldest covered markets in the world. A retail currency exchange shop has placed a bitcoin sign to attract the many shoppers and tourists that visit the Grand Bazaar every day. Turkey could be an ideal location for bitcoin adoption as the local fiat, the Turkish lira, has been on a downward spiral for a while now and the country is an international nexus for trade.

Bitcoin accepted in 550 year old Istanbul market! from r/Bitcoin

What do you think about today’s news? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Bitcoin in Brief Monday: From New York to Historic Istanbul Market appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2tiKPXl https://ift.tt/1L2dnrU

​PR: Musicians Have Always Been Ripped off – Qravity Wants to Fix It

with No Comments

Musicians Have Always Been Ripped off - Qravity Wants to Fix It

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

The music industry’s business model has always been broken. For over 100 years artists have been paid a fraction of the earnings their music makes. Take Enrico Caruso, an Italian opera singer from the early 1900’s, credited with being one of the very first recorded artists. Over his lifetime he made over 488 recordings, almost exclusively for Victor, a record label now known as RCA and owned by Sony Music. While it is said that this made Caruso extremely rich, netting him nearly $2 million, his label scooped nearly twice that and is still making money from his recordings today.

Many think the golden age of vinyl and CD’s was a time when artists were fairly compensated, but even then musicians weren’t exactly raking it in. A report suggests that, when records were still popular, of every $1,000 of albums sold, 18% went to the musicians, 63% to the record label, and 24% to distributors. Meaning each artist got a grand total of $23.40.

Then along came the Internet.

Times They Are A-Changin’

According to The Economist, back in 1997 Amazon CEO Jeff Bezos was looking for online retail opportunities. He considered selling music, but quickly realised there were only a few major music labels, and they would have the power to stifle any online venture that presented serious competition.

The first online music sharing service, Napster, bypassed the record labels altogether and facilitated free peer-to-peer sharing of compressed music files. Obviously that didn’t work out for them, and it wasn’t long before Napster found itself facing litigation from all angles. The company was closed by court order in 2001, after less than three years of operation. The Napster brand only survived because the company’s assets were liquidated and purchased by other companies through bankruptcy proceedings.

Free Money

So what changed to make online streaming services a viable business model for companies like Spotify and Apple Music?

The answer is…. nothing.

Musicians are not earning more now, despite having a new revenue channel. Spotify admits the average per-stream payout to rights holders lands somewhere between $0.006 and $0.0084. As this model shows, an artist would need to get 200k plays per month on Apple Music and 230K plays to earn the US minimum wage.

Investors aren’t getting rich either. Despite a revenue growth rate of 40% a year and having 140 million monthly active users, Spotify reported a quarterly operating loss of €41 million (around $47,814,000) in May 2018. Jimmy Lovine, whose fledgling Beats Music service was acquired by Apple Music, warned last year that music streaming is not a great business and that there is no profit margin.

Despite losses, executive teams still brought home the bacon. Last year Spotify’s executives earned, on average, $1.34 million each, with the top five taking home over $26 million between them.

But by far the biggest winners are, unsurprisingly, the record labels. Last year the ‘big three’ made a record-breaking $14.2 million a day from streaming services like Spotify and Apple Music. The Universal Music Group alone made $4.5 million every 24 hours.

So what can be done to fix this broken business model and ensure that artists receive fair compensation? Austrian producer and composer David Brandstaetter, believes he has the answer.

“Streaming services pay artists pennies, partly because so much is swallowed up by the record labels. Spotify isn’t profitable, but the public won’t support a price raise,” says David, “The only way for artists and collaborators to receive fair payment for their efforts is by decentralizing the industry and taking the power out of the hands of the record labels and streaming services. Blockchain technology is the perfect enabler for this.”

For the last two years, David and his business partner Dr. Sascha Dennstedt have been developing a platform called Qravity, which allows creatives to connect with each other and collectively develop and monetize original digital content. The platform uses virtual tokens on the Ethereum blockchain to track digital media creation and distribute project stakes among creative team members

David continues, “Using Qravity, musicians can collaborate and work in exchange for stakes in the project. The content will go direct to market, so if a songwriter has, for example, a 30% stake in the project, he receives 30% of the revenue every time his songs are streamed or downloaded.”

The platform contains a comprehensive suite of project management and communication tools to help creatives collaborate remotely; it also rewards them with a greater stake in projects as they complete each milestone.

“We want to completely overhaul the entire industry,” says David, “With Qravity, we’re transferring the power and profits from the executives to the talent, transparently and equitably.”

Get QCO during the Qravity token sale.

Presale with 30% bonus: July 2-16, 2018.

To learn more, visit www.qravity.com, read the Qravity white paper, or join the discussion in the Qravity Telegram group.

Contact Email Address
marketing@qravity.com
Supporting Link
http://qravity.com/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post ​PR: Musicians Have Always Been Ripped off – Qravity Wants to Fix It appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2JZeJu9 https://ift.tt/1L2dnrU

Regulation Round-Up: Shapeshift COO Says U.S. Regulations Worsen, Germany to Protect Financial Stability not Individual Investors

with No Comments

Regulation Round-Up: Shapeshift COO Says U.S. Regulations Worsen, Germany to Protect Financial Stability not Individual Investors

In recent regulatory news, the Shapeshift co-founder and chief operating officer, has given a damning appraisal of the current regulatory climate surrounding cryptocurrencies in the United States. The president of Germany’s Federal Financial Supervisory Authority, Felix Hufeld, has indicated that the principal concern of German regulators regarding cryptocurrency will be seeking to ensure financial stability, rather than concerns pertaining to individual investors. The U.K’s Financial Conduct Authority has published an open letter to the CEO’s of businesses offering “services related to cryptoassets” regarding financial crime risks associated with virtual currencies.

Also Read: EOS Has Issues

Shapeshift Co-Founder Says U.S. Cryptocurrency Regulations are Worsening

Regulation Round-Up: Shapeshift COO Says U.S. Regulations Worsen, Germany to Protect Financial Stability not Individual InvestorsFollowing the passing of Bill 5031 in Washington and New York, which demands that cryptocurrency exchanges provide regulators with customer information and trading data, Shapeshift has emerged as one of the most vocal critics of the new, and the current direction in which U.S. cryptocurrency regulations are heading.

In a recent interview, Jon, Shapeshift’s co-founder and COO, stated “I would say in the US it’s actually gotten worse […] especially in the last 6 months. I think the explosion of value in 2017 brought a lot of these regulators into the space and made them more concerned. Most of them don’t understand what the heck it (cryptocurrency) is, but they want to control it.” Jon also accused regulators of failing to “give clarity,” stating “all these companies and lawyers and lobbyists are left to read the regulatory tea-leaves […] Nobody knows what the rules are and everyone’s just left to figure it out, that’s a dangerous place to be.”

Jon described decentralized exchanges as comprising a form of resistance to the current regulatory climate on the part of the cryptocurrency community. Of decentralized exchanges, the Shapeshift COO stated, “I think it’s a lesson to the smart regulators in the space that if they don’t work with companies, they’ll push things that way, and it’ll become harder and harder for them to have an impact in the space. The more regulators push hard, the more things become unregulatable.”

Jon concluded by advocating a collective approach among companies in the cryptocurrency sector to push for a more amenable regulatory apparatus, stating that he hopes “more and more of the crypto companies do band together to help educate the regulators in the space and try to work together to do something productive.”

German Crypto Regulations Will Strive for Financial Stability, Not Protection of Individual Investors

Felix Hufeld, the President of Germany’s Federal Financial Supervisory (BaFin), recently delivered a speech addressing cryptocurrencies, in which he emphasized the regulator’s primary intention as being preserving financial stability, rather than issues concerning individual investors.

According to a rough translation, Mr. Hufield stated “We will not be able to protect every single investor from his fate, and that can not be the task of state supervision. Once again, the maxim is that we must act on a prudent or regulatory basis if financial stability as a whole is threatened.”

Overall, Mr. Hufield spoke favorably of cryptocurrency and distributed ledger technology, stating that he “consider[s] the applications that start where there is a lack of effective control mechanisms or trustworthy institutions to be promising. Among other things in foreign trade or development aid, Blockchain’s promise of confidence and efficiency in cryptography and immutability may prove beneficial.”

U.K. FCA Publishes Open Letter to CEOs of Businesses Offering “Services Related to Cryptoassets

Regulation Round-Up: Shapeshift COO Says U.S. Regulations Worsen, Germany to Protect Financial Stability not Individual InvestorsThe United Kingdom Financial Conduct Authority has published an open letter to the CEOs of businesses that offer services pertaining to virtual currencies seeking to warn of the financial crime risks associated with cryptocurrencies.

The letter asserts that whilst “There are many non-criminal motives for using cryptoassets [..] this class of product can also be abused because it offers potential anonymity and the ability to move money between countries,” advocating that businesses “take reasonable and proportionate measures to lessen the risk of [firms] facilitating financial crimes which are enabled by cryptoassets.” Said measures include “developing staff knowledge and expertise on cryptoassets,” and “ensuring that existing financial crime frameworks adequately reflect the crypto-related activities which the firm is involved in.”

Mohammed Adil Siddiqui, compliance professional & founder of The CFD Trading & Compliance Forum, commented on the letter, stating, “The FCA’s recent notice to banks and financial institutions servicing the cryptocurrency sector comes as no surprise, it’s typical of the regulator‘s approach when things are getting from bad-to-worse. Despite the global regulatory framework around virtual currencies gaining prominence, there are fundamental weaknesses that the watchdog finds uneasy, namely ‘source of funds’. With cryptos, the possibilities to circulate funds from lands few and far between is as easy buying milk, and banks, exchanges and the wider market must act swiftly. The CFD Trading & Compliance Forum welcomes the guidance note and expects regulators to take more stringent & drastic actions by way of legislation to ensure that preventative measures are applied pre-the-use of these innovative financial instruments. And banks, that have questionable or suspicious transactions should carry out the appropriate checks as earliest as possible to maintain confidence and reduce the possibility of financial crime and inefficient activities distorting the marketplace.”

Do you agree with Shapeshift’s appraisals of the current regulatory climate in United States? Join the discussion in the comments section below!


Images courtesy of Shutterstock, Shapeshift


Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action!

The post Regulation Round-Up: Shapeshift COO Says U.S. Regulations Worsen, Germany to Protect Financial Stability not Individual Investors appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2JU7xfu https://ift.tt/1L2dnrU

1 2 3 4 5 6 384