Featured post

How You Can Spend Your Bitcoin Fortune wisely

How You Can Spend Your Bitcoin Fortune wisely

http://bargeldwillkommen.com/wp-content/uploads/2014/06/BellaVista_sample.jpgLet’s face it: Having only crypto will not make for a good life. And crypto now is high, very high. A correction is in the cards, so why not lock in the insane profits and convert it to something you can touch, see, feel and use? At  a bargain?

A friend of mine is offering this one-of-a-kind real state in the Caribbean, a true mansion, your neighbors will be Schmid from Google, and other hi-flyers. Cabarete, one of the six important surf and kite surf locations in the world is just 5 minutes by car.

He is very motivated to sell as he needs to go back to Europe to take care of his elder parents.

Go and have a look for yourself

Or here first a video:

 

XRP Security Class Action Makes “Brilliant” Move to Federal Court

A class action lawsuit against Ripple over whether XRP is a security has been moved to federal court. Specifically, the lawsuit has been removed from the San Mateo Superior Court and transferred to the US District Court for the Northern District of California. Ripple’s lawyers motioned for this move, since in the federal courts Ripple might stand a better chance at winning the case.

Government securities litigation attorney Jake Chervinsky Tweeted on what he says is a brilliant tactical move by Ripple.

Ripple’s legal team showing some tactical brilliance here.

It’s hard to explain the procedural maneuver in one tweet & I’m not going to thread this, but suffice to say it’s a *seriously* crafty attempt to go federal. Might not work, but slick regardless.https://t.co/DuR5kWNJwy

— Jake Chervinsky (@jchervinsky) November 9, 2018

The plaintiffs in the case allege Ripple did not register XRP as a security with the Securities and Exchange Commission (SEC), which resulted in losses for XRP holders. Specifically, Ripple’s lawyers say, “Plaintiffs do not allege that they lacked information about the nature of these transactions. Nevertheless, Plaintiffs claim that they were somehow injured because the Defendants were allegedly required to register XRP as a ‘security’ with the Securities & Exchange Commission (‘SEC’) but failed to do so.”

The case was moved because there are more than 100 people on the case suing Ripple, the damages are in excess of USD 5 million, and at least one of the plaintiffs is in another state. In total, the plaintiffs are asking Ripple to pay USD 167.7 million in damages.

It appears the main strategy that Ripple will use to defeat this case is to prove XRP is not a security, and it has hired a former SEC Chairman and a former SEC Director of Enforcement onto its legal team to help bring about that ruling. This might be a tough case regardless, since the SEC has clearly stated that any cryptocurrency which is issued by a company that receives profits from selling the cryptocurrency is a security. Considering that Ripple holds most of the XRP in existence and regularly sells it, it is possible the courts could consider XRP a security.

There are other benefits to moving the case to federal court according to Chervinsky, including plaintiffs may be entitled to less discovery, favorable class action procedures, federal judges are more favorable towards corporate defendants, and lawyers in federal court may have more experience. Additionally, if Ripple succeeds in getting the federal court to declare that XRP is not a security, it will mean much fewer regulations for XRP nationwide.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post XRP Security Class Action Makes “Brilliant” Move to Federal Court appeared first on BitcoinNews.com.

Altcoins Tank 10%, Bitcoin 4% in Surprise Rout Amid Stable Period

Cryptocurrency prices have taken a tumble today in what appears to be sudden rout highlighted by an afternoon selloff across the board, surprising traders getting used to weeks of relative stability in prices.

As of 5.20 pm GMT on 14 November, Ripple posted the biggest daily loss in the Top 10, shedding 15% of its value to around USD 453.88. Bitcoin itself seemed to have weathered the storm better than others, losing just over 6% and breaching the USD 6,000 for the first time since June 2018.

Ethereum, Bitcoin Cash, Stellar, EOS, Litecoin and Cardano fared little better as the other Top 8 ranked, posting 11% – 14% losses.

There does not appear to be any primary cause for the sell-off, although some are wondering if the October shocks in traditional stock markets have prompted traders to liquidate cryptocurrency in preparation for what Bank of America warned yesterday was a “Big Low” coming for the stock markets.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Freerangestock

The post Altcoins Tank 10%, Bitcoin 4% in Surprise Rout Amid Stable Period appeared first on BitcoinNews.com.

NZ’s “Friendliest” Exchange Launches Country’s First ICO

New Zealand is finally about to launch its first ICO with cryptocurrency exchange Coingrid planning to begin a USD 3 million fundraiser in the next two weeks.

Although New Zealand’s Minister of State for Trade and Export Damien O’Connor is positive there is a real desire in the government to be in the vanguard of promoting new technologies in the region, cryptocurrency has not had such an easy ride. SBS Bank’s group chief executive Shaun Drylie reflects the current feeling that while blockchain is here to stay, cryptocurrency still needs to convince New Zealand’s traditional financial community:

“We think, and the common consensus is, that it [blockchain] has real merit. Cryptocurrencies, we’re not too sure, and if you look at the volatility of cryptocurrencies that would suggest the market is not too sure as well.”

Despite New Zealand being one of the strictest countries in the world regarding cryptocurrency, this hasn’t stopped Coingrid forging ahead with their plans to break new ground with plans for a domestic ICO launch on 23 November.

Coingrid says that it is the country’s “friendliest cryptocurrency exchange” although it is not exactly clear what it’s based its self-description on. However, to avoid New Zealand’s still somewhat unclear regulations regarding the trading of cryptocurrencies, Coingrid have been dealing directly with regulators. ICOs are generally registered overseas to avoid government regulations, which still lack clarity.

The approach by Coingrid is an, as yet, untested approach by other cryptocurrency exchanges. By dealing directly with New Zealand’s Financial Markets Authority (FMA), the exchange is now able to launch New Zealand’s first domestic ICO.

Despite the county’s crypto caution, stablecoins continue to attract attention. There are plans to peg the New Zealand Dollar (NZD) to the NZDT, a stablecoin issued by the country’s leading exchange Cryptopia which has a daily trading volume in excess of USD 2 million.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post NZ’s “Friendliest” Exchange Launches Country’s First ICO appeared first on BitcoinNews.com.

Mitsubishi UFJ Signs MoU with Brazil Bank for Ripple-Based International Payments

Japanese banking corporation Mitsubishi UFJ Financial Group (MUFJ) Inc has announced that it has struck a partnership with Brazilian bank Banco Bradesco for a new Ripple-based cross-border payments system.

According to an official press release from the Japanese bank, the new partnership will be based in Brazil itself with the local subsidiary of the bank Banco MUFJ Brasil involved in the partnership with Banco Bradesco.

MUFJ has recently invested a lot in cryptocurrency and blockchain-based systems, including being a party to a blockchain-based syndicated loan organized by Spanish bank BBVA. Now MUFJ has reiterated its confidence in the Ripple’s XRP cryptocurrency after joining its payments steering group back in March 2017.

According to the press release: “The new payment system… will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil.”

While Ripple has been criticized for its centralized approach and other issues, it is gaining traction for the last few months and has seen the price of XRP shoot up significantly from early year’s lows. Various other banks are also in talks with Ripple for adopting its token in cross-border payments systems but nothing concrete has yet been achieved.

Brazil, on the other hand, is seeing increased activity in the blockchain and cryptocurrency sector as the new president Jair Bolsanaro has announced support for the sector. While the financial regulators are running a tight ship when it comes to making regulations, so far, overreach has been largely avoided.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pexels.com

The post Mitsubishi UFJ Signs MoU with Brazil Bank for Ripple-Based International Payments appeared first on BitcoinNews.com.

Rosetta Coffee Adopts Crypto for International Export, Improved Farmer’s Pay

The Rosetta Coffee Company has announced that it will begin accepting Bitcoin, Bitcoin Diamond, Bitcoin Cash, Dash, Litecoin, and Zcoin. This will allow Rosetta Coffee to export internationally for the first time, and to increase their farmer’s wages by sending cryptocurrency directly to them, cutting out middlemen.

Chargebacks had been such an issue when exporting coffee internationally that Rosetta Coffee had cut off all potential international clients. Now that the company is accepting cryptocurrency, which is immutable and irreversible, it can export coffee to anywhere in the world without risk. Co-founder Aaron Skeen says, “We have always been restricted from selling to international customers due to poor merchant protection from Visa and Mastercard. We are excited that cryptocurrency allows us to start offering our coffee to new international customers, knowing that the purchase is guaranteed no matter which country they are located in.”

Beyond this, fiat payment networks regularly deal with payment delays, lack of security and high fees. Accepting cryptocurrency will mitigate all of these problems.

Rosetta Coffee’s network of coffee bean farmers will see this as steps towards more efficient payments and lower fees, translating to higher income. Skeen says, “Cryptocurrency allows them to receive payment directly and immediately without paying a middleman. They will be able to take home more of what they earn. We think this is awesome and it aligns directly with our mission. In the coming weeks and months, we will be working with farmers to iron out this process and make it more accessible.”

Rosetta Coffee is a small batch coffee company based in the United States that has only been around since 2006.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Rosetta Coffee Adopts Crypto for International Export, Improved Farmer’s Pay appeared first on BitcoinNews.com.

IMF Big Guns Uphold Pro-Blockchain Views, Commit Long-Term Research

Key figures at International Monetary Fund (IMF) have recently espoused pro-blockchain views with the IMF Managing Director believing in the public benefits of cryptocurrencies, and the Deputy Counsel discussing blockchain technology as part of ongoing future policy research.

Risk and reward

Earlier on in November, the Official Monetary and Financial Institutions Forum (OMFIF) published a bulletin in which IMF Managing Director Christine Lagarde authored an article titled ‘A Regulatory Approach to Fintech: Guarding Against Emerging Risks Without Stifling Innovation’. Highlighting the challenges facing cryptocurrencies, what opportunities they offer, as well as their downsides, she acknowledges the polarizing camps in which many position themselves with regards to the crypto-industry.

According to Lagarde, there are crypto-evangelicals who see the tech innovation as a “similar breakthrough” to the invention of the telephone, and its initial dismissal by the dominant market forces. She also acknowledges the opposing side who believe cryptocurrencies to be “a fad or a fraud”, and says that the new technology should not be dismissed “so lightly”.

Echoing the balanced statements she had made earlier this year, she continues to argue that in the wake of these new technologies, regulators will be challenged to protect consumers and investors from fraud, tackle tax evasion as well as money laundering and terrorism financing, while maintaining the “integrity and stability on the financial system”. But this must also be done carefully as not to stifle innovations that will benefit the public.

Conclusively, she wrote: “Above all, we must keep an open mind about crypto-assets and fintech, not only because of the risks they pose but also because of their potential to improve our lives. When in doubt, think of Bell and his telephone.”

“Anchored” by Blockchain

At the Singapore Fintech Festival on 12 November, IMF General Counsel Ross Leckow said during a discussion with Ripple CEO Brad Garlinghouse: “The IMF is devoting a lot of attention to fintech and blockchain.”

Giving focus to the demand for absolute regulatory certainty, Leckow described the global blockchain regulatory discussions as “early stage”, adding “a lot more work needs to be done”.

Leckow’s views fall in line with those of his colleague Lagarde; when questioned by Garlinghouse on the IMF’s views of digital assets, Leckow said:

“The IMF takes a balanced view. Each country has to decide for themselves what type of regulatory framework is best. But generally speaking, they should be cognizant of risk but also the potential to make the global system more efficient, more inclusive with this new technology.”

Marshall Islands

These open-minded statements may run somewhat in contrary to an ongoing issue regarding the Marshall Islands and their intentions to launch a national cryptocurrency.

It was reported on 12 September that the IMF had published a 58-page report warning against the plan to adopt a digital currency named Sovereign, citing international banking relations and the potential disruption to foreign aid as areas of concern.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post IMF Big Guns Uphold Pro-Blockchain Views, Commit Long-Term Research appeared first on BitcoinNews.com.

Shell, Equinor, BP to Use Blockchain for Energy Trading

Shell, Equinor and BP will be using the blockchain-based platform Vakt for energy trading, with operations on the platform to go live by the end of November 2018 in the North Sea oil fields. The purpose of using Vakt is to move energy trading from cumbersome paper contracts to digital smart contracts. Cryptocurrency will not be used for the trades but the deal recap, contract, confirmation, logistics, and invoicing will be recorded on the blockchain.

Shell is based in the Netherlands and has an annual revenue of USD 300 billion. Norway-based Equinor records annual revenues of USD 60 billion and BP USD 245 billion. Combined, these energy companies have assets of nearly USD 800 billion, approximately eight times the Bitcoin market cap.

Blockchain is known to shorten and strengthen supply chains, by providing a cryptographically secure, immutable, and transparent ledger. Inefficiencies and errors in the energy trading process will be easy to spot and correct, and fraud will be reduced due to the transparency. Overall, energy trading on the blockchain will be more reliable and efficient than with paper. It is expected that energy trading fees will drop 40% once the blockchain platform is implemented.

Vakt is a post-trade management platform that is meant to digitize the commodities trading industry. Aside from the major oil companies backing Vakt, the banks ING, Societe Generale, and ABN AMRO are on board, as well as the independent traders Koch, Mercuria, and Gunvor.

After the integration of energy trading in the North Sea oil fields in late 2018, Vakt will look to integrate barges, waterborne energy markets, and United States crude pipelines in 2019. Additionally, in 2019 Vakt expects its first licensees and shareholders, implicitly indicating the door is open for other energy trading firms to join Vakt.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Shell, Equinor, BP to Use Blockchain for Energy Trading appeared first on BitcoinNews.com.

BitcoinNews.com Daily Podcast 13th November 2018, Jihan Wu Leaves Bitmain Board of Directors

Listen to the 13 November 2018 BitcoinNews.com Daily Podcast below.

On this edition of the BitcoinNews.com Daily Podcast we discuss how BP, Shell, and Equinor are adopting blockchain technology for energy trading, and how Bitmain’s Board of Directors has been re-shuffled. Hear about a coffee company which has adopted cryptocurrency. Learn about how the President of Venezuela says citizens must buy Petro before the end of 2018 or lose the right to trade it for other currencies.

Follow the Bitcoin News Daily Podcast on AnchoriTunesSpotifyGoogle PodcastsStitcherRadio PublicPocket CastsOvercastCastbox, and Breaker. We broadcast a new episode every day, covering the most important topics in the crypto, Bitcoin, and blockchain world!

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Zachary, Bitcoin News

The post BitcoinNews.com Daily Podcast 13th November 2018, Jihan Wu Leaves Bitmain Board of Directors appeared first on BitcoinNews.com.

Australian Science Agency Praises “Smart Money” Blockchain Trial Success

Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) has completed a blockchain trial with one of Australia’s big four banks, the Commonwealth Bank of Australia.

The trial, announced last month, tested CSIRO’s blockchain-powered “smart money” with the help of carers and participants within Australia’s National Disability Insurance Scheme (NDIS). The NDIS was initiated by the Australian government for citizens with disabilities, including intellectual, physical, sensory and psycho-social. It creates a managed market for disability services in Australia.

The trial revealed that the technology could increase patients’ choices and their levels of control over their support. Also, it was seen to help eliminate the need for unnecessary paperwork and reduced the risk of both fraud and financial calculation errors resulting in misspending. Ten participants and carers took part in the trials.

CSIRO’s Data61 principal software and computational systems researcher, Dr Mark Staples, claimed that the trial was insightful in giving researchers a greater understanding of both the pitfalls and some of the benefits of integrating smart money payments into the NDIS system. He added:

“This automation and flexibility could reduce friction and enable greater innovation in many payment environments and unlock network-effect benefits… directly connecting citizens to public policy programs, empowering people to optimize their spending through things like smart savings plans and smart diets, and reducing costs for businesses, including through the potential for self-taxing transactions.”

Commonwealth Bank’s head of government and ADIs, Julie Hunter, saw wide applications for the new technology in all sectors including the non-profit environment.

Australia’s previous prime minister Malcolm Turnbull had asked the country’s Digital Transformation Agency (DTA) to research blockchain earlier this year. Principally, he asked for a focus on how the technology could be used to improve government services, including welfare payments. The Australian government granted the agency a budget of AUD 700,000 (USD 530,000) to carry out an investigation into DLT.

The move is one of many focused on how the government can best leverage blockchain’s advantages, including looking into how the technology can be used for making social security welfare payments to citizens. This latest CSIRO/Commonwealth Bank collaboration appears to be in line with the government’s current direction regarding implementing DLT into public services and other programs.

The new prime minister of Australia, Scott Morrison, plans to utilize blockchain technology to bring “much tougher competition” to the country’s big banks and dominant industries. He argued that the Australian banking system will be able to utilize DLT to help to transform areas of consumer data rights, open banking reforms, and new legislation.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Australian Science Agency Praises “Smart Money” Blockchain Trial Success appeared first on BitcoinNews.com.

Marshall Islands President Survives No-Confidence Vote over National Crypto

The president of Pacific nation Marshall Islands has survived a no-confidence vote from the parliament in the wake of her intentions to launch a national cryptocurrency.

The move came after the President Hilda Heine suffered a backlash after promoting a central bank digital currency (CBDC) model cryptocurrency to replace the current fiat system. As part of its arrangement with the United States, Marshall Islands uses the US dollar and in return, USA provides security and other measures.

Heine was opposed to the US having this much monetary control and resorted to the idea of a nationalized cryptocurrency called the Sovereign (SOV) back in February that could be used alongside the USD.

However, after the IMF warned Marshall Islands over this move, lawmakers from the country’s legislature became apprehensive regarding the move and the move for a no-confidence vote was submitted. Critics, including former president Casten Nemra, believed the move would tarnish the reputation of the country in the international community.

Nemra also caused political rifts to deepen following a corruption scandal regarding a USD 1 billion compensation paid by the US for citizens affected by nuclear tests carried out near them. With this deep division of confidence on her leadership, Heine probably breathed a sigh of relief after the vote came 16-16 tied, falling just one short of the required number to force her resignation.

But on the downside, the digital currency SOV initiative doesn’t have a clear mandate now. Progress may continue but will likely be slower and will warrant further checks from the legislature and other stakeholders. The government is also looking to fulfill the requirements of IMF and the European Union regarding the new currency.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pexels.com

The post Marshall Islands President Survives No-Confidence Vote over National Crypto appeared first on BitcoinNews.com.