Mainstream: ‘Big Four’ Firm EY Builds Enterprise Product on Public Ethereum Blockchain

The big four accounting firms are pouring more resources into blockchain technology now more than ever, and now Ernst & Young (EY) has just deepened its commitment. The global professional services firm has unveiled a Public Edition (PE) prototype of its EY Ops Chain, using the public Ethereum blockchain to deliver what the company describes

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Unconfirmed Report: Miner Manufacturer IPO Halts Due to Alleged Illicit Finance Practices

Chinese finance news outlet Sina Finance reports that crypto mining equipment producer Ebang’s IPO has been halted due to alleged involvement in illicit financial activities.

Investigators have reportedly halted the public listing process of cryptocurrency mining machine manufacturer Ebang International on the Hong Kong Stock Exchange (HKEx), local financial news outlet Sina Finance reported Oct. 14. According to reports, the move was prompted by the firm’s alleged involvement in illicit financial practices.

Ebang International operates in the field of Application-Specific Integrated Circuit (ASIC) chip design and production, telecommunications services, and the development, manufacture and sale of blockchain processors, or miners. In 2017, the company’s market share reportedly was 11 percent in terms of sales revenue, totalling 9.79 billion yuan ($1.4 billion). The annual profit of the company was 385 million yuan ($55.2 million) in 2017.

In June, Ebang filed a listing application with the HKEx, in addition to submitting a prospectus for an Initial Public Offering (IPO). Sina Finance reports that Ebang planned to go public on Oct. 16, however the company was ostensibly accused of illicitly using over 500 million yuan ($71.7 million).

An investigation of a 524.9 million yuan ($74.6 million) transaction between investment and wealth management portal and Ebang, reportedly discovered that in 2017, Cui Hongwei, the wife of Yindou director Li Yonggang, transferred the funds to Ebang. Between March and April 2018, Ebang supposedly transferred 380 million yuan ($54.5 million) back to Cui Hongwei, but 144.9 million yuan ($20.8 million) were lost.

According to Sina Finance, Ebang received the funds from for money laundering, inflating sales revenue, or collecting a fictitious sales contract for the deposit, all in order to make their listing on HKEx go more smoothly.

Ebang reportedly explained the alleged loss of 144.9 million yuan as a regular business relationship between and Ebang for the purchase of cloud computing server equipment. Sina Finance states that total order amounts of specific items are unknown.

On Oct. 12, a request was reportedly submitted to the HKEx in order to prevent Ebang from listing on the exchange. The claim subsequently put Ebang’s listing application under investigation by the Listing Department, which is now supposedly reviewing relevant information in order to decide whether further action is needed.

At press time, Ebang has not responded to Cointelegraph’s request for comment.

Another Chinese mining equipment manufacturer Bitmain has also been caught in questionable practices ahead its IPO. In June, the company submitted an application for launching its IPO on the HKEx, scheduled for September 2018.

The media subsequently reported that Bitmain had held its first round of pre-IPO funding, with the participation of such industry giants as major Uber shareholder SoftBank, DST Global and Chinese IT giant Tencent as notable investors. In August, both DST Global and SoftBank denied investing in the Bitmain.

Daily Crypto Roundup 10/31/2018

Today saw an interview with the mother of Ross Ulbricht, Coinbase head trader resignation, Janet Yellen receiving Bitcoin, and Coinbase saying no to an IPO for now – all on the tenth anniversary of Bitcoin’s whitepaper. Lets dive in!

Interview: Lyn Ulbricht (Ross’ Mother) On Bitcoin And Criminal Justice

Crypto Insider recently had the chance to interview Lyn Ulbricht. Ms. Ulbricht is the mother of Ross Ulbricht, who was convicted of running the online drug site “Silk Road”.

Ross’ conviction has been a highly debatable topic, as he received a double life sentence, plus an additional forty years for his actions.

Some members of the crypto community have expressed their disagreement with the sentence given to Ross. The list includes Charlie Lee (creator of Litecoin), as well as others.

Read on Crypto Insider 

None Of Us Would Be Here Without Satoshi Nakamoto’s “Bitcoin: A Peer To Peer Electronic Cash System”

Bitcoin’s whitepaper turned ten years old today. The unknown person or group named Satoshi Nakamoto published the Bitcoin’s whitepaper on October 31, 2008, giving an explanation of Bitcoin.

A group of several people supposedly put forth effort and ideas that helped in the creation of Bitcoin.

“By combining David Chaum’s ideal of an anonymous payment system, Adam Back’s Proof of Work consensus algorithm, Wei Dai’s cryptographic b-money concept, and Nick Szabo’s Bit Gold, Satoshi created a system which both economists and computer scientists can analyze in a state of utmost awe”, reported Crypto Insider.

Read on Crypto Insider

Coinbase’s Head Of Trading Resigns After Six Months On Job

Today saw news of Hunter Merghart pack it in, after only serving six months as head trader for Coinbase.

Merghart was hired by Coinbase executive Adam White, who also said farewell to Coinbase recently to claim the job of Chief Operating Officer for Bakkt. (The Intercontinental Exchange (ICE) recently publicized its plans to open a crypto trading platform named Bakkt, designed for institutional players.)

CoinDesk reports – “Merghart is leaving out of frustration that he wasn’t getting enough resources or clarity on the roadmap to building an institutional business, according to two people familiar with his reasons”.

Read on CoinDesk

Former Fed Chair Janet Yellen Is Now A Bitcoin Owner

Just yesterday the crypto public heard news of former U.S. Federal Reserve Chairman Janet Yellen expressing concerns about Bitcoin.

Today brings news that Yellen was apparently given about $20 worth of Bitcoin from Raz Suprovici. Suprovici founded Biterica – a platform that helps people give Bitcoin as a gift. CoinDesk reports this information, via an email they were able to find.

CoinDesk reports Yellen stating -“I did receive a gift of bitcoins this morning and have been very busy ever since so I’ve not looked into it further,” she wrote. Yellen further said that she did not have anything to add to her previous remarks about bitcoin this week”.

Read on CoinDesk

Coinbase Exec Denies Plans For IPO ‘Any Time Soon,’ Reveals Plans To Add Up To 300 Coins

The cryptocurrency space has been filled with recent rumors of a possible Coinbase Initial Public Offering (IPO) – especially after raising a recent $300 million.

Coinbase President Asiff Hirji denied those rumors today, stating there would not be an IPO in the near future.

Hirji did however, speak on further crypto asset listings, stating: “We offer seven [cryptocurrencies], so you should expect us to go from seven to that total number we think is worth it [200 – 300] over the next year or so.” …“Some things will be offered in the U.S., but more things will probably be offered outside the U.S.”, reported CoinTelegraph.

Read on CoinTelegraph

*Crypto Insider is sponsored in part by blockmodo. as part of our arrangement with them, Crypto Insider may occasionally link to, and quote, blockmodo when appropriate. this is done at the discretion of our staff. Crypto Insider sponsors have no say in any of our editorial decisions.



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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 31

While today marks the tenth anniversary of Bitcoin, the cryptocurrency has been trading sideways recently, with low volatility in markets overall.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Bitcoin’s White Paper was published ten years ago, today. From an obscure beginning in 2008, Bitcoin has become a worldwide phenomenon. Thousands of cryptocurrencies have been born since then, but Bitcoin has managed to maintain its relevance. Currently, its dominance over the market is hovering around the 54 percent mark.

In the past ten years, Bitcoin has witnessed wild swings. From being valued 2,300.03 Bitcoin for $1 in October 2009, its price rose to a high of $19,531.9 per single coin in late 2017. Such a huge appreciation is unprecedented in any other asset class.

With such an impressive rise, Bitcoin has attracted several supporters and critics alike. Many traditional investors and economists remain skeptical of Bitcoin, whereas many millennials and technology enthusiasts see a bright future for it in the next decade. Analysts have set very aggressive targets for Bitcoin in the next few years.

Though the next decade will continue to attract new investors to Bitcoin, a parabolic rise similar to that of the first decade, is unlikely. The rise will be more measured and gradual with sporadic spurts in between.


Bitcoin is looking weak. There are no signs of a pullback yet. The RSI has dipped into the negative territory, and the 20-day EMA is turning down, which shows that the bears have an upper hand in the short-term. A fall to $6,200 and thereafter a retest of the $5,900–$6,075.04 support zone looks probable.


The failure of the bulls to capitalize on the break out of the descending triangle is a negative sign. If the bears sink the BTC/USD pair below $5,900, a quick fall to $5,450, and further to $5,000 is possible.

Cyclically, the digital currency closes the year with strength. In the past three years, November and December have been strong months. Therefore, we anticipate a similar move this year. If the bulls succeed in breaking out of $6,831.99, a rally to $7,400 is likely. Traders who own long positions can keep their stops at $5,900.  


Ethereum has been trading below $200 for the past three days. A retest of the $188.35 mark, which has held on the two previous occasions, is likely.  


The 20-day EMA is turning down and the RSI is in the negative territory, which suggests that the short-term trend is down. A break of $188.35 can push the price to the next lower level of $167.32, which should act as a strong support. A break of this level will be negative, sinking the pair to the next support at $136.

The trend on the ETH/USD pair will change if the bulls break out of $249.93. Such a move is likely to attract buyers, who can push the price to the next resistance at $322.57.


Ripple has been trading in a tight range since Oct. 16. The RSI is also close to the midpoint. This shows balance between supply and demand.


The XRP/USD pair will either break out or break down of this tight range within the next few days. Traders can buy a breakout and close (UTC time frame) above $0.48, with the stop loss at $0.42. A rally to $0.55, followed by a move to $0.62 is possible.

On the other hand, if the bears break down of the tight range, a fall to the next support zone of $0.37185–$0.38838 is probable.  


Bitcoin Cash broke down of the symmetrical triangle on Oct. 29. An attempt to climb back into the triangle failed on Oct. 30. If the price slides below the Sept. 11 low of $408.0182, we anticipate a fall to the next support at $300. Therefore, traders who are long can keep their stops at $400.


The declining 20-day EMA and the RSI in the negative zone show that the sellers are in command. The bearish view will be invalidated if the BCH/USD pair bounces from the current levels and breaks out of $500. Until then, the rallies will be sold into.


The bulls are attempting to hold EOS above $5. However, they have not been able to achieve a bounce, which shows a lack of buying at higher levels.


If the EOS/USD pair breaks down of $5, it can drop to the next support at $4.49, and below that to $3.8723. Therefore, traders can keep the stops on their long positions at $4.9.

If the bulls push the price above the moving averages, a rally to $6.1, followed by a move to the top of the range at $6.8299 is likely. The trend will reverse if the price sustains above the top of the range.


The bulls might attempt to support Stellar at the trendline, below which a fall to the next support at $0.2 is probable.


If the bounce from the current level scales above the moving averages and the downtrend line of the descending triangle, it will signal a change in trend. The XLM/USD pair can be purchased on a breakout above $0.27, which can result in a rally to $0.36, with a minor resistance at $0.304.


Though Litecoin has broken below the support at $49.466, the bulls are trying to defend the Sept. 12 intraday low of $47.166. If this level breaks, a fall to $40 is possible.


If the LTC/USD pair bounces from the current levels, it will face resistance at the moving averages, which are trending down, and the downtrend line of the descending triangle.

A break out of $60 will indicate the probability of a change in trend that will be confirmed on a close above $69.279. We shall wait for a new buy setup to form before suggesting a trade on the pair.


Cardano has continued its journey southward after breaking down of the symmetrical triangle. It can drop to $0.060105, which will act as a strong support. If the bears sink the price below $0.060105, the downtrend will resume.


The bulls are trying to hold the immediate support at $0.068989. If the virtual currency rebounds from the current levels and breaks out of the moving averages, a rally to the top of the range is probable.

The ADA/USD pair will signal a reversal if it sustains above the range. The traders should wait for buying to resume before initiating any long positions.


The bulls are attempting to defend the support at $100.453, whereas the bears are stalling the pullback at the 20-day EMA. Monero will correct to $90 if it plunges below $100.453, and will move up to $112.5 if it breaks out of the 20-day EMA. A break out of $112.5 might carry the cryptocurrency to $128.65.


Below $100.453, the XMR/USD pair can correct to the bottom of the $81–$150 large range. If the price bounces strongly from $81, we might suggest a long position on the pair. However, if the bears break this support, a fall to $61 is probable.


TRON continues to slide lower, towards the next support zone of$0.0183–$0.0225. The moving averages are still flat, which suggests that the range bound action is likely to continue.


A break and close (UTC time frame) below $0.0183 will resume the downtrend that can extend to the next support at $0.01095383.

The TRX/USD pair will show signs of a turnaround if it scales $0.03. The breakout can carry the price to the next overhead resistance at $0.0415.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

To the Moon? Ethereum Startup ConsenSys Acquires Asteroid Mining Company

New York-based blockchain software technology startup and Ethereum development studio ConsenSys has acquired asteroid mining company Planetary Resources, Inc. through an asset-purchase agreement. Following the acquisition, Planetary Resources President and CEO Chris Lewicki and General Counsel Brian Israel will be joining the team at ConsenSys, according to an official press release. Before co-founding and joining

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EOS21 Protocol Bridges the Gap to Ethereum’s ERC20 Tokens

eos eth bridge

The future of cryptocurrency will heavily hinge on interoperability between different blockchains. Atomic swaps will pave the way for broader adoption, as will decentralized exchanges. The EOS21 Protocol bridges the gap between EOS and ERC20 tokens. It is another big step forward, assuming this protocol can deliver the expected goods.

The EOS21 Protocol Concept

Although all cryptocurrencies and digital assets are “competing” against one another for market traction, collaborative efforts can no longer be overlooked. Rather than having coin developers work together out of the blue, enthusiasts are building the necessary infrastructure to bridge the gap between different ecosystems. The EOS21 Protocol is one of those solutions which can make a big difference over the coming years.

How Does it Work?

As one would come to expect from such a project, the goal is to provide additional network liquidity. EOS21 Protocol will bridge ERC20 tokens to EOS in a meaningful manner. This cross-chain token movement marks an important milestone for both Ethereum and EOS, as there has been no direct “link” between both ecosystems to date.

Although it is possible for developers to move their tokens to a different chain today, it is not convenient to do so. A “snapshot” needs to be taken to issue official airdrops to token holders at a later date. With this new method, those methods become a thing of the past, and a more straightforward solution is introduced in the process.

shEOS Co-founder and CEO Emily Bush adds:

“As one of the most well-funded startups in the world, EOS technology has the ability to bring blockchain to the masses on a daily basis. Our primary commitments remain flawless stewardship, and supporting the success of the EOS network with technical input and testing at every stage of development. The EOS21 protocol is the latest example of this.”

This new EOS21 Protocol will make life easier for developers looking to switch between different blockchains for their dApps and other projects. EOS Is seemingly capable of handling a lot more transactions compared to Ethereum right now, although that situation may come to change in the near future. Having an easy option to switch between chains can be rather valuable to the right parties.

The Road Ahead

Considering how the EOS21 Protocol is completely open source, it seems to be a matter of time until the concept gains a lot of traction. Implementing this protocol seems rather straightforward. The shEOS team also invites developers to customize and fork the code as they see fit. An interesting addition for both EOS and ETH developers, and one that can have major implications.

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Survey: A Quarter of Millennials Hold Crypto, Wary of Current Financial System

A big chunk of wealthy American millennials have either warmed up to cryptocurrencies or are considering embracing them, reveals a recent report.

Millennials with Money, a report by Edelman has found that 25% of American millennials, aged between 24 and 38, and earning $100,000 in individual or joint income, or owning $50,000 in investable assets, are either holding or using cryptocurrencies. Also, another 31% are interested in using cryptocurrencies.

Financial System Designed to Favour the Rich and Powerful, Say Millennials

The millennials today are not too happy with the existing financial system, highlights the report.

Of, the 1,000 surveyed, 77% of affluent millennials and 65% of non-affluent millennials are of the opinion that the whole financial system is designed to be favourably biased towards the rich and powerful at the expense of ordinary people like them.

Three-quarters of affluent millennials fear that the global financial system will be hacked and their personal information will be stolen. Whereas, 58% of non-affluent millennials have the same opinion about the security of the global financial system. A whopping 77% of affluent millennials and 58% of non-affluent millennials also expecting another global financial crisis in the future.

The figures are not shocking for those she speaks with, said Deidre Campbell, Edelman’s Global Chair of Financial Services. In fact, millennials with crypto regret not having bought it earlier, she reveals, reports Yahoo! Finance.

With a significant majority of affluent and non-affluent millennials distrustful of the existing financial system, it is no wonder that cryptocurrency adoption has soared in the last few years. In fact, Bitcoin is believed to have been invented as a refuge from events like the economic crisis of 2008 when several large banks and financial institutions of the world failed.

Even at present, countries like Argentina and Venezuela are struggling with high inflation rates, which are driving their citizens to choose cryptocurrency over their fiat currency.

According to the report by Edelman, 74% of the respondents feel that technological innovations like blockchain contribute to enhancing the security of the global financial system.

Crypto Gaining Ground in the US

Cryptocurrency support across the world is increasing rapidly, as can be inferred from the fact that the number of blockchain wallets in the world had crossed 28 million at the end of September 2018. The citizens of the U.S. have been particularly active in embracing crypto and pushing for making it a part of the mainstream financial system.

In a recent poll conducted by the IT firm Clovr, it was found that 60 percent of eligible voters in the U.S. want cryptocurrency donations in federal elections to be legalized. Coinbase, a leading cryptocurrency platform has obtained a license as an independent Qualified Custodian by the New York Department of Financial Services (NYDFS), which shows that there is a demand for crypto infrastructure from institutional investors.

Wall Street giants Fidelity and Goldman Sachs also recently entered the market with their custody solutions. Boston-based Fidelity Investments has established Fidelity Digital Asset Services (FDAS), a subsidiary focused on offering products pertaining to digital assets such as Bitcoin and Ethereum. Goldman Sachs has partnered with Galaxy Digital to invest $15 million collectively in BitGo, a cryptocurrency custody startup based in Palo Alto.

Featured image from Shutterstock.

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GK Group’s KAMBO Platform Launches To Put ‘Idle’ Cryptocurrency To Work


UK-based fintech and financial services conglomerate Global Kapital Group (GK Group) has formally released its dedicated cryptocurrency loans platform as the sector quickly diversifies.

Bitcoin And Ethereum As Loan Collateral

In a press release dated October 30, GK-Group, which has operated various brokerage, consumer and business finance services since 2010, said it planned to level the playing field for private investors looking to use their cryptocurrency holdings as collateral.

Instant loans are available in the modest range between $1000 and $10,000, while larger sums are reviewed and approved within 48 hours. Collateral can come in the form of either Bitcoin or Ethereum (though more cryptocurrencies are planned to be added soon).

“We believe cryptocurrencies and novel fintech concepts will liberate the financial ecosystem, and more tools a system has healthier it becomes,” co-founder Can Gulec explained.  

“Our goal is to build those tools, starting with giving people basic freedoms to use their cryptocurrencies as they please.”

The platform makes money by charging 14 percent APR on all loans, a model similar to other actors set to launch in the fledgling cryptocurrency loans market.


Amid the ongoing bear market across crypto-assets, KAMBO and others see a desire among consumers to put their cryptocurrency to work while waiting for markets to pick up.

Unlike competitors such as Salt Lending and Nexo, GK Group has taken steps to avoid raising funds via an ICO.

Pointing to statistics showing the extent of losses taken by investors in token sales since 2017 prior to the launch, KAMBO suggested conducting an ICO of its own could prove counterproductive, adding it did not need to raise funds to build and operate a lending platform.

“…People have seen through the smokescreen and realize, like many governments and regulators, that ICOs are mostly big and empty promises,” executives wrote in a blog post.

“Our mandate is to rather underpromise, and then over deliver.”

What do you think about Let us know in the comments below! 

Images courtesy of Shutterstock.

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Hong Kong Stock Exchange Partners With Blockchain Firm to Improve Post-Trade Process

The Hong Kong Stock Exchange has teamed up with blockchain firm Digital Asset to accelerate post-trade processes and reduce settlement risks.

The Hong Kong Exchanges and Clearing Limited (HKEX) has partnered with blockchain firm Digital Asset to accelerate the post-trade process, financial news agency Finextra reports Oct. 31.

HKEX had been working with Digital Asset to test a prototype system “in an effort to accelerate the post-trade process and reduce settlement risk.” According to Finextra, the system was tested by HKEX and the Shanghai and Shenzhen stock exchanges, in a collaboration called “Stock Connect.”

The Stock Connect project lets international and mainland Chinese investors trade in each other's markets via their home exchanges' platforms to improve the efficiency of northbound trades.

According to the report, the parties are now planning to release a full service platform that aims to solve the problem of discrepancies in time zones and other settlement and operational issues for northbound traders via Stock Connect that arise “due to the tight settlement cycle for Mainland China trades.”

Last week, the HKEX published a report proposing crypto and blockchain be regulated in compliance with existing regulatory frameworks. In the report, the exchange stressed that blockchain, along with artificial intelligence (AI), should fall under securities regulations instead of such spheres as banking, Internet finance or digital currencies.

Earlier in September, anonymous sources revealed that the HKEX actively looking to acquire firms in blockchain and other tech sectors due to issues with trading connections with Chinese exchanges.

Tether’s Market Cap Has Dropped by More than $1 Billion in October

Tether (USDT), the embattled cryptocurrency token whose value is purportedly backed by US dollars, continues to see massive outflows as it struggles to maintain USD parity amid rising competition from other stablecoins launched by some of the crypto industry’s biggest names. Blockchain data from Omni Explorer shows that yesterday, on Oct. 30, Tether Limited redeemed

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Jamie Dimon Breaks Promise, Says He Doesn’t Give a S**t About Bitcoin

The CEO of global investment banking giant, JPMorgan Chase has once again piped up about the world’s most popular digital asset. Jamie Dimon had previously said that he would not be speaking about Bitcoin again after receiving backlash for earlier comments on the subject.

Jamie Dimon: “I Don’t Wanna Be a Spokesperson Against Bitcoin”

Dimon broke his self-imposed gag order about Bitcoin yesterday. The CEO was speaking at an Axios conference being held in LA. In response to a question posed about pivoting from his earlier remarks on Bitcoin, Dimon stated:

“I never changed what I said, I just regret having said it. I don’t wanna be the spokesperson against Bitcoin. I don’t really give a shit about Bitcoin, that’s the point, OK?”

The question posed to Dimon is missing on the video posted to CNBC today, but we can assume it references his suspected warming to the technological innovation over a series a remarks starting last September. The CEO famously called Bitcoin a “fraud” at an investor conference held in New York City. He then went on to say that it was “worse than tulip bulbs” and he’d fire anyone from his firm that was found to be trading cryptos.

Amusingly, Dimon was later accused of market manipulation regarding these comments since it emerged that JPMorgan were one of the most active buyers of a Bitcoin fund known as Bitcoin XBT. A blockchain startup called Blockswater alleged that Dimon had violated Article 12 of the EU Market Abuse Regulation by publicly attacking crypto. Of course, nothing came of the allegation.

Later, Dimon said that he regretted his comments and his choice of words. This time round he was speaking on Fox Business around the height of Bitcoin mania this January.

Although admitting he probably phrased his critique poorly, Dimon also stated that he was not very interested in the topic. He, like others connected to the world of finance, went on to claim that blockchain was an interesting idea. Presumably, they mean private, permissioned distributed databases with none of the liberating characteristics of open-source, decentralised systems, however.

Previous reports have indicated that the Wall Street bank is using the Quorum blockchain to tokenise gold bars. According to the Financial Review, the tecnology could present new trading opportunities within the next 10 years.

Despite his public outcries against Bitcoin, Dimon’s firm published a report in February stating that cryptocurrencies could pose a risk to JPMorgan’s services in the future. The report detailed ways the bank could change its operating procedures to compete with the sector.

Featured image from Shutterstock.

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CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering

CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering

CMC Markets, a U.K.-headquartered financial derivatives brokerage with shares listed on the London Stock Exchange, revealed on Tuesday that it has expanded its cryptocurrency offering to include bitcoin cash (BCH), as well as litecoin (LTC) and ripple (XRP).

Also Read: How to Easily Give BCH as Gifts in Halloween Trick-or-Treat Packages

CMC Markets Responds to Demand

CMC Markets Adds Bitcoin Cash to Cryptocurrency OfferingThe roughly 60,000 clients that CMC Markets serves around the world can now start taking positions on the three additional cryptocurrencies paired against the U.S. dollar. The move follows the brokerage’s extension of its cryptocurrency offering from professional to retail clients in July. At launch, the trading platform only offered bitcoin core (BTC) and ethereum (ETH).

“Since the successful launch of our cryptocurrency offering in March, and subsequent extension to retail clients in July, our clients have expressed interest in extending their trading options beyond bitcoin and ethereum,” explained David Fineberg, group commercial director at CMC Markets. “We are pleased to offer them the chance to take a position on bitcoin cash, litecoin and ripple, three altcoins which continue to generate much speculation among traders.”

Research Before You Start Trading CFDs

CMC Markets Adds Bitcoin Cash to Cryptocurrency OfferingForex, spread betting and contracts for difference (CFDs) brokerages have been very eager to add cryptocurrency-based instruments in recent years, as the volatility lured their day-trader clients away to crypto exchanges. However, concerns about alerting regulators prevented some of the more established players from doing so as quickly as they could have. Only this week it was revealed that the U.K. government is now considering a ban on crypto derivatives.

CMC Markets cautiously entered the cryptocurrency CFDs race only after rivals such as Admiral Markets, Gain Capital’s City Index, Plus500 Ltd., and IG Group Holdings Plc. had already established operations in the space.

“Spread bets and CFDs offer a way to trade on cryptocurrencies as clients can take a position on market movements without owning the asset. By trading with an established provider, funds can be deposited and withdrawn with ease, avoiding the risks of purchasing cryptocurrencies directly through an exchange,” said Fineberg. “However, like all other financial instruments we offer, we always recommend clients understand the risks and conduct thorough research before trading.”

Is trading CFDs a good way to get exposure to bitcoin cash? Share your thoughts in the comments section below.

Images courtesy of Shutterstock, CMC Markets.

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

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Crypto Markets Placid on 10th Anniversary of Bitcoin Whitepaper

On the 10th anniversary of the Bitcoin white paper, markets are seeing stability: Bitcoin is trading sideways and other major coins see gentle growth of below 2 percent.

Wednesday, Oct. 31: after a couple of days of mild losses, crypto markets have today stabilized, with most of the top twenty cryptocurrencies by market cap seeing slight fluctuations capped within a 2 percent range.

Market visualization by Coin360

On the 10th anniversary of the publication of its white paper on Oct. 31, 2008, Bitcoin (BTC) is today up under one percent, trading just above $6,300 at press time. Before sustaining mild losses Oct. 29-31, Bitcoin had been trading within a tightly range bound between $6,400-$6,500, prompting multiple crypto sphere commentators to remark on its new quasi stablecoin-like trading patterns.

Earlier this month, the top coin sealed a 17-month low volatility rate, recording its highest level of stability since mid-2017: the trend continued before this week’s minor stirrings.

Bitcoin’s first ever recorded trading price was March 17, 2010, on the now-defunct platform, at a value of $0.003: the crypto has sealed 209,999,900 percent growth since then to press time.

On the week, Bitcoin is around 1.8 percent in the red, with monthly losses at around 4.65 percent.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is also up just slightly, seeing 1.4 percent growth on the day to trade at $196, having correlated closely with Bitcoin’s trading patterns throughout the week. Until Oct. 29, the leading altcoin was holding close to the $200-$210 mark, before dropping to $192, then trading sideways at a lower price point this week.

On its weekly chart, Ethereum is around 2 percent in the red; monthly losses are at a stark 15 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

The coin’s price remains in the lower ranger after dropping Monday, despite big headlines for the Ethereum network since. On Oct. 30, “Big Four” auditor Ernst and Young launched the prototype of an enterprise-focused system that enables secure and private transactions to take place on the Ethereum public blockchain, using zero-knowledge proof (ZKP) technology.

During the Ethereum’s annual Devcon conference today, the co-author of the ERC-20 token standard introduced a new model for Initial Coin Offerings (ICO), dubbed a “reversible ICO” (RICO). The new fundraising model allows investors to return their tokens – and be reimbursed – at any stage of the project, via a special-purpose smart contract.

The remaining top ten coins on CoinMarketCap are mostly just inching into green, with the strongest growth sealed by anonymity-oriented alt Monero (XMR), up 2.42 percent to trade at $104.15. Stellar (XLM), down just 0.65 percent at $0.222, has been the hardest hit of any top-ten coin.

In the context of the top twenty coins, volatiltiy is also low, with coins seeing a mix of red and green, almost all bound under 2 percent. VeChain (VEC), ranked 20th, is seeing the most change over the past 24 hours, up 2.6 percent. With markedly little price momentum all round, 19th largest crypto Zcash (ZEC) has seen the largest losses on the day to press time, down 1.49 percent.

Total market capitalization of all cryptocurrencies is around $203.3 billion as of press time, down from around $210 billion – a mark it held for about two weeks prior – since the markets tipped downwards Oct. 29.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

In other major crypto news today, the chairman of South Korea's Financial Services Commission (FSC) has affirmed that crypto exchanges should face no issues with banks issuing them so-called virtual accounts, as long as their anti-money-laundering (AML) know-your-customer (KYC) measures are adequate.

In the U.S., the president of major cryptocurrency exchange and wallet provider Coinbase has denied recent IPO rumors and indicated that the platform aims to support around 200-300 coins within the “next year or so,” though more likely to customers outside of the country.

A Brief History of Bitcoin: 10 Years of Highs and Lows

Bitcoin was brought to life in Satoshi Nakamoto’s whitepaper 10 years ago and Cointelegraph takes a look at the whirlwind decade since its inception.

October 31 marks the ten year anniversary of the release of the Bitcoin whitepaper, which was authored by Satoshi Nakamoto, and whose identity still remains a mystery.

In this relatively short period of time, Bitcoin has challenged the way modern society looks at global finance and banking, and has been the catalyst for the birth of over a thousand different cryptocurrencies as well as many more blockchain projects.

Its history has been full of highs and lows, as the volatile cryptocurrency has battled through years fraught with controversy and success. With the release of the whitepaper, a movement was set in motion that has left an indelible mark across a multitude of industries.

Cointelegraph takes a look at some of the most memorable and infamous moments over the 10 years since Bitcoin was brought to life.

Formative years

On Aug. 18, 2008, the domain was registered by an anonymous entity as a precursor to the body of work that would describe the intricacies of the Bitcoin protocol.

This came to life with the publishing of the Bitcoin whitepaper on Oct. 31, 2008. Titled “Bitcoin - A peer-to-peer electronic cash system,” the initial nine page document was distributed on cypherpunk mailing list in November 2008.

On Jan. 3, 2009, Nakamoto successfully created the Genesis Block, the founding block of the Bitcoin blockchain. The Genesis block was hardcoded into the Bitcoin software and the 50 BTC, which were created cannot be spent, due to the way the code was written. The exact reasons for this aren’t known, just another mystery to add to Satoshi’s story.

The average time between the creation of new blocks is 10 minutes, but it took a full six days before the next block was added to the Bitcoin blockchain, according to the timestamps of those specific blocks.

There are a number of speculative theories why it took so long, ranging from Nakamoto using the next few days to mine the first block to test the network, while other have even suggested that he waited six days in a figurative reenactment of the book of Genesis from the Bible, in which God created the world in six days.

Nevertheless, the first ever Bitcoin transaction took place on Jan. 12, 2009, between Nakamoto and the late Hal Finney, who was an early contributor to the project. Nakamoto sent Finney 10 BTC as a test, while the computer scientist began mining blocks himself.

Ten months later, on Oct. 5, 2009, the New Liberty Standard set the first ever Bitcoin exchange rate against the dollar. At the time, $1 equalled 2300.03 BTC.

The first ever transaction of Bitcoin for physical goods took place on May 22, 2010. The famous Bitcoin Pizza saw two pizzas bought for 10,000 BTC by Laszlo Hanyecz. The programmer had offered users on a forum the BTC in exchange for two pizzas. A teenager named Jeremy Sturdivant, nicknamed Jercos, accepted the Bitcoin and sent Hanyecz two pizzas from Papa John’s.

The transaction is a comical milestone for Bitcoin, but it is staggering what one could buy with the same amount of BTC today and is often used as a reference point for the rise in value of the preeminent cryptocurrency.

First real highs and lows

On Feb. 9, 2011, Bitcoin reached parity with the US dollar at a 1:1 ratio. The milestone would mark the start of a tumultuous period for Bitcoin. In the space of just four months, Bitcoin skyrocketed from $1 to $31.91.

Four days later, on June 12, 2011, Bitcoin plummeted in value to $10.25, in the first major correction experienced by the Bitcoin community. This was also exacerbated by the first major security breach of Mt. Gox on June 19, 2011.

After a relatively quiet six months, the price of Bitcoin dropped again, following news that e-wallet company Paxum had stopped accepting BTC. This period of time marks the first real instance where Bitcoin experienced high volatility and humbling corrections.

First halving, Silk Road closure & Mt. Gox liquidation

On Nov. 28, 2012, the first halving of Bitcoin rewards occured, when the block reward reduced from 50 to 25 BTC after the 210,000 block was mined. The price of BTC continued to climb into 2013, and the cryptocurrency went past the $200 mark for the first time ever on April 9.

Things went downhill just ahead of the fifth anniversary of the Bitcoin whitepaper, as the infamous dark web site, Silk Road, was shutdown and over 26,000 BTC were seized. The price of Bitcoin dropped from $139 to $109 in a few short hours.

By November 2013, the value of a single Bitcoin reached parity with an ounce of gold, over $1000. This feat was short lived though, as the price of Bitcoin tanked once again the following month, to as low as $600, before moving between that range for the next two months.

In February 2014, rumors began circulating that Mt. Gox had been hacked and the exchange formally suspended trading that month after a series of “thefts.” By the end of February, Mt. Gox CEO, Mark Karpeles, had resigned from his position on the board of the Bitcoin Foundation amid controversy at the exchange.

In March, the company filed for bankruptcy protection with debts over $60 million declared by its legal team at the time. Around 850,000 BTC had been “lost,” with Karpeles blaming technical issues with the Bitcoin protocol.

Bitcoin foundation’s Gavin Andresen refuted these claims at the time, pointing to problems with Mt. Gox’s wallet software.

Signs of mainstream adoption

While the Mt. Gox debacle, and the controversy surrounding the Silk Road, gave a negative perception towards Bitcoin, the next couple of years marked the first real waves of mainstream adoption by big name companies.

On Dec. 11, 2014, Microsoft began accepting Bitcoin payments, marking a big milestone for Bitcoin approval by global corporations.

Six years after Satoshi released the Bitcoin whitepaper, the cryptocurrency appeared on the front page of The Economist on Oct. 31, 2015.

Amid these positive moves for the cryptocurrency, the value of Bitcoin went through a two year period of relative stability.

On July 9, 2016 the second halving of Bitcoin mining rewards took place, with the BTC reward dropping to 12.5 for every block mined.

The beginning of Bitcoin’s big bull run

The dawn of 2017 marked the start of what would be the biggest bull run in Bitcoin history, the most prolific year for the cryptocurrency, and its move into mainstream consciousness. Having breached the $1,000 mark three years previously, Bitcoin hit the mark once again on Jan. 2, 2017.

The Winklevoss twins, who successfully sued Mark Zuckerberg for stealing intellectual property that led to the creation of Facebook, grabbed headlines in Mar. 10, 2017. The brothers had filed an application to launch, Bitcoin Exchange-Traded Fund (ETF), which was turned down by the US Securities and Exchange Commission (SEC).

The price of Bitcoin had surged past its previous all time high in the week leading up to this decision, in anticipation of the ETF approval. The value of the cryptocurrency dipped for a couple of months before a slow and steady rally began.

On June 11, Bitcoin crossed the $3,000 mark for the first time ever, amid an ongoing debate around the possible measures to address scaling issues affecting Bitcoin.

This came to an infamous end on Aug. 1, 2017, as a small part of the Bitcoin community couldn’t agree with proposed changes to the protocol. The likes of Roger Ver, advocated for an increase in the blocksize, which ended in a hard fork from the original Bitcoin blockchain - giving birth to Bitcoin Cash.

A few weeks later, on Aug. 23, 2017, the SegWit soft fork activated, as the outcome to what originally led to the Bitcoin Cash hard fork, but also to a decision which was made to support SegWit.

Still, Bitcoin continued a surge in value and surpassed the $5,000 mark on Sep. 2, 2017.

A couple weeks of volatility followed, with the price of BTC dropping down to $3,000 before rebounding, after China banned ICOs and cryptocurrency exchanges from operating in the country. Another compounding factor were infamous comments made by JPMorgan Chase CEO, Jamie Dimon, calling Bitcoin a “fraud.”

After the dust had settled, Bitcoin set off on a mind-bending bull run from October onwards. The cryptocurrency surpassed $10,000 in value on November 29, and then breached the $11,000 mark a few hours later.

The cryptocurrency continued to gain value as investors scrambled to join in on the action. A driving factor was the perception that the launch of Bitcoin futures in December 2017, would cause an influx of institutional money into Bitcoin, further stimulating the price of the cryptocurrency.

With no sign of stopping, Bitcoin finally breached the $20,000 mark, marking an historic high for the cryptocurrency. Sadly for the community, the price of Bitcoin slumped back down to the $13,000 mark by Dec. 31, 2017.

2018 – Bitcoin volatility reaches record lows

After the lofty highs of 2017, the cryptocurrency community had to endure a tough start to the new year. January saw the price of Bitcoin drop as low as $10,000 as a wave of FUD took over the markets.

Murmurs of a cryptocurrency ban in South Korea contributed to the correction, as did talk of China ramping up existing cryptocurrency sanctions, as well as Facebook’s ban of cryptocurrency and ICO adverts on its platform.

Things looked even more bleak in February, as Bitcoin slumped to the $7,000 mark on Feb. 6, 2018.

On the very same day, the Commodities and Future Trading Commission and the SEC held a highly anticipated hearing focused on cryptocurrencies, initial coin offerings (ICO), and blockchain technology.

The meeting ended up being somewhat of a lifeline, as the regulatory bodies produced positive outlooks for Bitcoin, while promising to provide an environment that protects investors from the volatility and inherent risks of participating in ICO funding.

The cryptocurrency markets rebounded after the hearing, but the next few months continued to be relatively unstable.

In March, Twitter followed in the footsteps of Facebook by banning cryptocurrency advertising, while Google also announced plans to stop cryptocurrency advertising through the AdWords service.

The slow slide in value of Bitcoin hit its lowest point on June 24, 2018. According to data from CoinMarketCap, the cryptocurrency went as low as $5,868.

Despite the mid-year slump, the markets slowly began to look up in the lead up to the SEC’s decisions on a number of anticipated ETF proposals.

Unfortunately, optimistic investors were left disappointed as the SEC rejected all nine Bitcoin ETFs due to concerns of “inadequate resistance to price manipulation” on August 2.

While the final decision over these proposed ETFs has been pushed further into the future, there is a silver lining for Bitcoin at this present moment in time.

On October 17, Bitcoin market volatility hit a 17 month record low, with its highest level of stability in over 12 months. This prompted various industry experts to put out optimistic forecasts for the cryptocurrency.

As we celebrate the 10 year anniversary of the Bitcoin whitepaper’ release to the general public, it is important to recognize this topsy-turvy journey over the past decade.

While it has been fraught with difficulty, the cryptocurrency has endured and still remains the most valuable in terms of market capitalization - an impressive feat considering over a thousand cryptocurrencies have been launched since Bitcoin’s inception in 2008.

Youtoken Loan to Take Over the Crypto-Backed Loan Market

youtoken loan

While the crypto market is still static and stagnant, there are crypto HODLers who don’t give up on their digital assets. Though HODLing is respected in the community, it’s often hard to maintain a day-to-day life without some extra cash in a pocket.

Luckily for many, there is a platform, YouToken Loan, that is designed to allow people to borrow cash while using their crypto as collateral.

Why Take a Loan

If you are one of the crypto enthusiasts who invested his/her savings at the peak of the market, you might have realized that most of your money is now trapped in your crypto wallets. Meanwhile, you still want to travel and enjoy your life, just like your peers.

The great news is that quick crypto-backed loans are now possible.

YouToken Loan vs. Competitors

YouToken loan is all about speed, quality, and transparency. Unlike its competitors, YouToken Loan offers a high LTV ratio (up to 70%) and extremely low fees (5% on average). The interface is minimal and easy to understand. If you know how to use Coinbase, you will understand how to use the YouToken Loan platform.

YouToken Loan Structure

The crypto-backed loan platform uses a Cyprus company, bank accounts in Switzerland, and its own investment fund. The founder and CEO, Ilya Volkov, has accumulated many corporate and entrepreneurial experiences, which he uses today.

Free YTN Tokens for Early Adopters

The company just started its big journey. As a benefit, anyone who tries the YouToken Loan service this month will receive free YTN tokens from YouToken Loan (1 YTN as giveaway, for every 10 dollars used as collateral).

YTN token is an ERC-20 token representing the YouToken platform. According to the company’s CEO, the tokens are expected to be tradable on crypto exchanges in approximately 10 months.

This is a sponsored article and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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Bitcoin Turns 10: A Decade Of Transformation, Upheavals And Everything In Between

bitcoin birthday

On this day in 2008, the world was introduced for the first time to a peer-to-peer digital currency called Bitcoin by the pseudonymous Satoshi Nakamoto. At the time, very few would have anticipated that the digital currency would gain traction, let alone revolutionize the entire financial services industry. In ten years, Bitcoin has become a household name and is inching ever closer to Nakamoto’s vision of creating a trustless society. It hasn’t been without its mishaps however, with some even threatening to cripple it and even wipe it out altogether. However, Bitcoin has grown stronger and has spearheaded the growth of a $200 billion industry.

The Good, The Bad And The Incredible

It all started with the release of the Bitcoin whitepaper which would become the Magna Carter of many digital currencies that came after. Initially, only a few technophiles knew of its existence and the transactions on the Bitcoin ledger, which was private then, were very few. Bitcoin grew very slowly in its first years, with the first real-world Bitcoin transaction being the purchase of two Papa John’s pizzas in May 2010. The two pizzas were purchased for two bitcoins which given Bitcoin’s price today, values them at $63 million!

Having been valued at mere cents when it was launched, it began to appreciate in value gradually and in 2013, it hit just over $1,000. Expectedly, this caught the attention of many who begun purchasing the crypto. However, the market corrected and it would be four years until it would hit the milestone again.

With the rise of Bitcoin, other programmers and developers recognized an opportunity and this led to the emergence of other cryptocurrencies. Among the earliest is Litecoin, referred to by its founder, Charlie Lee, as the ‘silver to Bitcoin’s gold.’ Other cryptocurrencies that emerged during the early days are Namecoin and Swiftcoin.

In its early days, Bitcoin was a hit with criminals who took to it thanks to its relative anonymity. It was thus used on the dark web to pay for all sorts of illegal goods and services. One of the earliest such markets is Silk Road which has since then been shut down. As revealed by an FBI agent earlier this year, criminal activities accounted for 90 percent of Bitcoin’s volume in its early days. It was hence rightly branded as a currency for criminals and efforts were initiated to halt its use.

Despite having been around for eight years, it was towards the end of 2017 that Bitcoin took off. Having begun the year at just under $1,000, Bitcoin skyrocketed by 1,900 percent to its record high which was just shy of $20,000. At its peak towards the end of the year, Bitcoin’s market capitalization stood at $330 billion. This made it bigger than all U.S banks except J.P Morgan Chase, a great achievement for an asset that had been dismissed severally before as only good for criminals.

Over the ten years, the number of merchants and organizations that have started accepting Bitcoin has risen greatly. Some of the early adopters include online retailers and Newegg, social games developer Zynga, travel services giant Expedia and tens of other smaller neighborhood joints such as pizza and coffee shops. Some of them, such as Expedia, have however dropped Bitcoin as a payment method owing to its volatility.

The number of exchanges has also risen greatly and is currently estimated to be way above 500. CoinMarketCap only lists 207, but there are hundreds of regional exchanges, peer-to-peer exchanges and dark web marketplaces that are not accounted for on the list. The first Bitcoin exchange is thought to be the now-defunct which started operating in March 2010. Crypto exchanges have since then grown to multibillion-dollar businesses, making billions of dollars a year.

The future looks even brighter for Bitcoin. With the first ten years having been majorly about becoming popular and setting up the foundations, the next decade will see better regulation and mainstream use. Onwards for Bitcoin!


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Bitcoin Bull Tom Lee ‘Pleasantly Surprised’ by Drop in Crypto Volatility

Over the past several weeks, the bitcoin price has been uncharacteristically stable, even as equities have lost their footing and the global stock market has flirted with corrective territory. Tom Lee, the founder of Fundstrat Global Advisors and one of Wall Street’s most well-known bitcoin bulls, said that he was pleasantly surprised by the drop

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Has Warren Buffett Made a U-Turn on Crypto Investments?

For years now, Warren Buffett has been talking against cryptocurrencies, and Bitcoin especially, claiming that this technology is nothing more than a bubble and a scam. However, recent reports indicate that he may have had a change of heart.

Berkshire Hathaway Investing in Fintech

Mr. Buffett, who continuously rejected cryptocurrency and fintech, seems to have decided to invest as much as $600 million into two large fintech firms.

Each company is set to receive a $300 million investment from Buffett’s own multinational investment conglomerate — Berkshire Hathaway. While he never admitted to it, many believe that Buffett might be ready to finally join the crypto scene.

So far, the details remain unknown, but it is largely believed that both investments are being led by Todd Combs, one of Berkshire’s two portfolio managers. In addition, it appears that his move has been planned for some time, as Berkshire reportedly bought around $300 million stakes of Paytm, which is the largest mobile-payments service in India.

While this alone did not cause too much suspicion among the cryptocurrency supporters, Berkshire’s second large investment did. This one was made only last week when it bought shares in an IPO for StoneCo, a large Brazillian payments processor. Both of these investments are very unusual for Berkshire, which usually invests in companies like Coca-Cola, and aims for acquisitions of insurance companies.

Buffett has expressed that technology investments are outside of his area of expertise, which is why he never wanted to aim for this area of industry. While this may be true for Warren Buffett himself, it seems that Berkshire’s portfolio managers are ready to expand their views. Additionally, since they decided to enter the fintech sector, many have accepted this as a sign of the sector’s maturity.

Are Cryptocurrency Investments Next?

At this point, many have started thinking that Buffett might have had a change of heart regarding cryptocurrencies as well.

He spent years stating that Bitcoin is “rat poison”, a bubble, and not a way of investing. He even gave predictions of Bitcoin entering a “bubble territory” and imploding at some point in 2017. However, late 2017 was the best year for Bitcoin yet.

As a result, the first cryptocurrency became very popular in India. Soon after that, the RBI decided to interfere, and Indian banks were prohibited from working with cryptocurrency-based businesses such as crypto exchanges. While this is a matter that has yet to be resolved, cryptos in India — the country where one of the two investments into new technology were made — are still alive.

The other investment made by Berkshire was into Brazillian StoneCo. This investment, atypical for Berkshire, was made soon after Brazil’s largest brokerage announced that Bitcoin and Ethereum exchanges are soon to be launched in this country. Many have found it to be quite curious that Berkshire would invest into a fintech firm in a country that is just about to start actively dealing in cryptocurrencies.

With no official confirmations, there is still no way of knowing what Buffett’s goal is. However, these investments are a clear indicator that Berkshire is ready to “widen the net”. Whether or not cryptocurrency investment is next remains to be seen.

Featured image from Shutterstock.

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Petro… Petro… Get ’em While They’re Hot!

Petro venezuela

After what seems like an unnecessarily long bout of teasing, we can finally get our hands on all those lovely Venezuelan Petro. 

As Bitcoinist reported earlier this month, the Petro has been finally launched by the Venezuela government. Today, the Vice-President of the Economy announced the release on Twitter with this lovely infographic.

Vice-President of What?

Well the tweet says that it is from the official account of the Vice-President of the Economic Sector of Venezuela. Oh, but it doesn’t have one of those blue ticks! Are they important? Hang on, there’s a link to the Vice-President’s personal Twitter… @TareckPSUV. He’s got one of those blue ticks, so it must all be fine.

Although, if you Google his name, Tareck El Aissami, you find that Wikipedia says he is Minister of Industries and National Production. But nobody trusts Wikipedia, right? And I’m sure those allegations of corruption, money laundering, and drug trafficking, were just someone having a lark.

Two Ways to Buy The Petro

So, Google Translate at the ready, let’s decode that infographic…

Apparently, there are two options to buy the Petro, through the National Treasury of Cryptocurrency, or through an Exchange. Wait, it seems all the exchanges are linked to Sunacrip. There’s a big Sunacrip logo on the infographic, so let’s see what that is…

Hmmm… National Superintendent of Cryptocurrency. So you can either buy it through the Venezuelan government or a Venezuelan government-linked exchange?

Well that sets my mind at rest. Surely my investment will be safe if it’s being overseen by a national government either way?


Both buying options follow essentially the same five steps, so let’s see what we need to do for our Petro:

Register with Treasury or exchange… Receive validation… Make payment… Payment confirmation… Petro sent to wallet…. This is as easy as falling off a bike!

No wait, the infographic has symbols for dollars, yuan, and euros, Bitcoin, Litecoin, and Ether, but the website just mentions Bitcoin and Litecoin. M’eh, surely an oversight.

What? The PetroApp is down for maintenance! But look, there’s a block explorer for Petro, right there on the website (showing over 300 blocks already mined). And I can always just use my wallet for now.

Damn You, Apple!

Sadly, though the Petro wallet claims to be available for “most common operative (sic) systems”, that doesn’t include OS X. I guess they’re technically right though. Of the three common (if you include Linux) operating systems, you can get a wallet for most (two) of them.

And sadly (according to the infographic), the PetroApp (when it works) is only available for Android phones. Gah! Apple are such fuddy-duddies when it comes to risk-taking.

But that’s me, unfortunately. If you can’t think of a convincing reason not to buy into Petro, then you might want to try harder.

One last thing, however. US citizens have been banned by President Trump from buying the Petro.

Is the Petro a cryptocurrency? Share your thoughts below!

Images courtesy of Shutterstock

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Indian Official Suggests Ban on ‘Private Crypto’ Prior to Supreme Court Decision

India’s secretary of Economic Affairs has briefed financial officials on cryptocurrency regulation, mentioning “ban” on use of “private cryptocurrencies.”

India's secretary of Economic Affairs has recommended that the country’s Ministry of Finance to impose a ban on “private cryptocurrencies,” according to a report published by the Indian government press center Oct. 31.

The Financial Stability and Development Council (FSDC), headed by India’s finance minister Arun Jaitley, held a meeting on the current economic and financial situation in India, attended by senior government and financial regulation officials.

Shri Subhash Chandra Garg, secretary of the Department of Economic Affairs, reportedly proposed that the Council “devise an appropriate legal framework to ban use of private cryptocurrencies in India,” as stated in press-release.

He further suggested “encouraging” the use of distributed ledger technologies (DLT), such as blockchain, in the country.

Crypto Kanoon — a team of Indian lawyers that publishes crypto and blockchain regulation news — posted a quote from the press-release in Twitter, questioning whether or not the potential ban would extend to possessing digital currencies and trading.

The Council’s discussion was held shortly after a hearing in Supreme Court of India last week, which had set a deadline for the Indian government to clarify its position on crypto. The Supreme Court requested that officials present their stance by mid-November.

The Indian crypto industry has been struggling to uplift a partial ban for seven months now, after the Reserve Bank of India (RBI) ordered that local banks cease operations with persons or legal entities that are involved in cryptocurrency. As a response to central bank’s move, several crypto businesses filed a complaint against the RBI in India’s Supreme Court. The latter continued to uphold RBI’s ban, subsequently postponing the hearings.

Bitcoin Price Could Hold $6,300 For Another Month Due to Low Volume

Over the last 24 hours, Bitcoin has slightly recovered from $6,230 to $6,260, unable to breakout of the $6,300 mark. Throughout the upcoming days, if Bitcoin fails to stabilize in the $6,300 to $6,400 range, the price of BTC is at risk of dropping to the lower region of $6,000 and possibly below the $6,000

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