Daily Archives: June 9, 2018

Blockchain Is Becoming China’s Darling, but Crypto Suffers From Beijing’s Distrust

Last week’s comments by China’s president Xi Jinping that the “blockchain was 10 times more valuable than the internet” clearly highlights the direction that the Chinese government is taking regarding the cryptocurrency space, according to Cointelegraph

Adding to those comments, the president referred to blockchain as “a part of the technological revolution”. If this “revolution” is already underway, where exactly does that leave bitcoin, following cryptocurrency’s trading ban in the country enforced earlier this year? Under the ban, Chinese residents can hold cryptocurrencies, but can’t currently trade them.

Add to that the prohibitive attack on China’s mining industry by regulatory bodies and things don’t look too bright for Bitcoin when juxtaposed to China’s new enthusiasm for blockchain.

Given these current conditions, China is still a major Bitcoin player with 50 to 70 percent of global mining taking place in the country, although this number is not comparable with its far more significant figures before the ban was actually put in place. Many miners have relocated under China’s crypto skeptical regime and the bans have made their mark on global markets when Bitcoin dropped to its lowest level in more than a month, with Ethereum (ETH) declining 19% and Ripple (XRP) collapsing 29%.

In 2013, banks and financial organizations were prohibited to carry out any crypto-related operations, and all companies offering any services involving Bitcoin were obliged to register with the relevant authorities and to follow know-your-customer (KYC) procedures to prevent money laundering and tax evasion, as Cointelegraph points out.

The situation has deteriorated even further now that ICO’s have been clamped, and exchanges shut down. With 15  closing, some moving to Hong Kong or staying on and becoming fiat free, to avoid the governments no trade for fiat regulations. Despite this and a further increase in regulation, China still boasts the top 20 cryptocurrencies in the global market in terms of valuation.

No such problems for blockchain, as exemplified by Xi Jinping latest stance, and his proclamation that the internet pales into insignificance alongside the new technology:

“The new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain is accelerating breakthroughs in its range of applications.”

Hangzhou is fast becoming blockchain’s Chinese Mecca, the city where Alibaba was founded, with its new Blockchain Industrial Park and $1.6 bln innovation fund. Also, Hangzhou will gain from the construction of a research institute established to provide academic support for the development of blockchain tech in the city.

Recently Blockchain was heralded for its internet-crushing-value on a China Central Television (CCTV) broadcast by the state-backed TV channel tagging it as being “the machine that generates trust” whilst in the same program making further attacks on cryptocurrency.

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A Step Back in History May Answer the Question, Is Fiat’s End in Sight?

Naeem Aslam, Contributor to Forbes has looked to history in an attempt to answer the question, will cryptocurrency ever replace fiat as the standard currency, reports Forbes.

At the recent Money 20/20 Conference held this month in Amsterdam, the panel discussions between major banks’ representatives were all of the opinions that wouldn’t be the case. During a panel discussion, representatives from Swiss National Bank, the Bank of Lithuania, the Bank of England, and the Bank of Canada took turns in expressing their views on the topic.

The responses were generally in agreement, with Bank of Canada’s James Chapman suggesting that this situation would only occur in a hyperinflation scenario, with Swiss National Bank’s Thomas Moser concurring that a poor fiat performance may well invite more cryptocurrency activity, but argued that “as long as central banks do a good job, there is no real for central banks to disappear”.

This discussion was the first of its kind where major financial institutions were able to address a specific question that is on many private and commercial investors’ minds. Aslam suggests that you only need to look into history to find the answer. He uses the UK pound established in 1694 and the US Dollar created in 1792 as cases in point, both currencies originally only available as precious metals, a troy pound of sterling silver constituting a pound,  and 24.75 grains of gold creating a US dollar.

Aslam observes that in the UK, the process of paper replacing gold was actually created by the private sector, with London goldsmiths furnishing receipts for payment, which of course later became the banknotes that are now traditional currency.

Across the Atlantic, The Massachusetts Bay Colony were the first to print paper money in the U.S. in 1690. As a type of IOU soldiers spent or traded them just like gold and silver coins. About 100 years later, the United States dollar became the country’s standard unit of money.

Due to reports of the decreasing trust in government, and specifically, banks after the last economic crisis, coupled with an increasing number of the population turning to alternative forms of electronic payment, such as cryptocurrencies like Bitcoin could be a portent for the future, especially when one looks at the evolution of cash.

Given the private sector was originally responsible for giving life to the current financial system, so it is possible that history is repeating itself with slow the encroachment on fiat by global cryptocurrency adoption, created by a private individual for global use.

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Latest Data Shows Bitcoin Hodlers v Short Term Traders Now Near Parity

Recent data from Chainalysis — a blockchain research company, as published in Financial Times shows that the amount of Bitcoin owned by long-term investors is now almost equaled by speculators, reports Cointelegraph.

Day trading has increased since the end of last year and the amount held by this group is thought to have risen to 5.1 mln BTC according to the report compared to 6mln BTC held by investors hanging on in for the long-term, that is over a period of one year.

It appears, according to the Financial Times, that Bitcoin volumes have fallen in tandem to prices, from $4 bln daily in December to $1 bln today. It’s thought this may be a feature in Bitcoins decline in price, Chainalysis chief economist Philip Gradwell suggests. He estimates that longer-term holders sold at least $30 billion worth of bitcoin to new speculators over the December to April period, with half of this movement taking place in December alone.

Another feature of the current situation shown by the data is the imbalance of wealth distribution of the digital currency, that is small numbers of investors holding a vast amount of the cryptocurrency. Of the roughly 17 mln Bitcoin available, the data show that, as of April 2018, around 1,600 Bitcoin wallets hold at least 1,000 bitcoins each, equalling almost 5 mln BTC and accounting for almost a third of all Bitcoin in circulation.

Six months after its peak, bitcoin remains the most popular cryptocurrency, though its price has fallen to about $7,650 at the time of publication. It follows that for each of the bitcoin millionaires there are numerous casualties that came into cryptocurrency too late, unlike those who established themselves early and reaped the benefits.

One of these is a 39-year-old who has made enough money from trading digital currencies over 5 years to pay off his mortgage, buy a Mercedes and now swap office life for managing his remaining crypto investments full-time, writes The Irish Times.

“It was very euphoric…It’s been life-changing for me at this point,” says the California-based father of two, who has a cult-like Twitter following under the pen name ‘bitcoin Dad’.

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Ant Financial to Finance Blockchain Innovations with USD 14 Billion

Ant Financial – Alibaba affiliate has raised approximately $14 billion to accelerate technological innovations. The equity fund targets top technologies including Artificial Intelligence (AI), Internet of Things and the blockchain technology. The fund was raised in company’s series C round funding.

Ant Financial is a Chinese financial service provider with over 800 million subscribers using its payment services every year. It is also an affiliate of Alibaba, the China-based giant for commercial services. It was founded in 2004 as Alipay and was rebranded later on in 2014 to Ant Financial.

The announcement came just days after a report indicated that the firm is supporting technological services. Thus confirming the company’s commitment to support the development of the technologies as indicated in the report.

Eric Jing, the CEO of Ant Financial dismissed the ICO speculations circulated over the media in March saying that the institution’s prime focus was on cross blockchain compatibility projects.

Mr. Jing added that they will continue to invest in technology to fulfill the unmet financial service inclusions needs. He said that the focus is to build an ecosystem that would enable everyone to benefit from the development of the digital economy anywhere they might be.

Ant Financial has now shifted focus from consumer-related financial services to technology development, but with a keen eye for using innovation in technology to meet the unfulfilled financial needs.

The objective of Ant Financial was to provide consumer financial services. The announcement to focus on technological development is not surprising. This follows a recent crackdown on the risks of the financial system carried out by the Chinese government as reported by Reuters on Tuesday.

Both Ant Financial and Alibaba are not new in the development of blockchain applications. Ant Financial has extended support to blockchain-based charity platform. Alibaba, on the other hand, has tested its flagship project for tracking international shipments on the blockchain.

 

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Billionaire Investor Mike Novogratz Says Cryptocurrency Market Cap Will Hit 20 Trillion USD

Billionaire investor Mike Novogratz commented at the Bloomberg Invest Summit that cryptocurrency’s market cap is heading towards 20 trillion USD. This would be a tremendous increase from the current cryptocurrency market cap near 340 billion USD today.

If the cryptocurrency market cap hits 20 trillion USD like Mike Novogratz expects, it would be approximately a 6000% price increase. Each Bitcoin would possibly be worth 500,000 USD in such a scenario. Although this price increase sounds huge and unrealistic, it is not unprecedented for the cryptocurrency world. Since the first Bitcoin purchase occurred in 2010, a couple large pizzas for 10,000 Bitcoins, the price of Bitcoin is up over 200 million percent. When viewed in that perspective the 6,000% increase that Mike Novogratz is called for doesn’t seem so crazy.

Mike Novogratz says that if the cryptocurrency rally which peaked around the beginning of 2018 is to be considered a bubble then it’s like the dot com bubble of 1996 which occurred before the much bigger dot com bubble of 1999 where the value of that industry hit 6 trillion USD.

Novogratz says that cryptocurrency is a global revolution with a global market that is stirring up a global mania, as opposed to the dot com bubble which was only popular in the United States. He states that cryptocurrency won’t feel like a bubble to him until the market hits 20 trillion USD.

According to Novogratz the most recent rally that brought Bitcoin prices to 20,000 USD was caused by individual and retail traders, but up to this point, institutional investors have barely invested even though there is growing demand from them. He says one thing that has been slowing things down is lack of proper custodial solutions for big investments.

Eventually, Novogratz expects a reputable firm with the proper setup to attract a big cryptocurrency investment, inducing someone else to buy, and so on and so forth until cryptocurrency is commonplace in institutional investor’s portfolios.

If Mike Novogratz is right, it is quite a bargain to purchase Bitcoin today at the price of 7,500 USD per coin.

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Baidu’s Tokenized Game Is Set for Launch

On Friday, Baidu – the Chinese search engine announced its plans to launch a native blockchain game in a week’s time. The announcement comes barely a few days after revealing its blockchain proprietary platform called SuperChain.

Baidu’s reputation in blockchain projects has been on the rise over the past few months following recently launched blockchain-as-a-service (BaaS) platform. Now, Baidu is going to launch another blockchain project termed Du Yuzhou, as confirmed by their website.

According to the company’s announcement, Baidu’s new game is aimed at experimenting on the society. The game termed Du Yuzhou which literally means “The Universe” is a simulation of a journey in a space powered by blockchain where users receive elements- much more like tokens- which they will eventually use to build their own planet.

The tokens represent crypto-like assets which are generated on the blockchain. According to the company’s official website, these elements will be availed through airdrops. As the users play, they will be accumulating more tokens eventually building their own planet. Moreover, as the planet grows, its gravitational force increases pulling more elements that unlock additional game features.

Like any other crypto assets, the tokens earned from the game can be traded. However, besides trading, the play aims at creating awareness and experiencing features that come along with playing with crypto-like assets, mentioned one of the Baidu’s representative.

Even though the company did not disclose details of the blockchain platform for launching the game, Baidu is not on the verge of launching another blockchain project but a digital society experiment. The project details remained scanty, but the Du Yuzhou app is expected to be launched in the coming week, said Baidu’s representative.

In other news, the Baidu’s Blockchain Chief Scientist, Xiao Wei said that the SuperChain platform has been scaled to process up to 100,000 transactions every second. Xiao also revealed that the Baidu’s SuperChain platform is compatible with multiple cryptocurrencies including Ethereum and Bitcoin. Baidu joined other giants in the blockchain-as-a-service platform.

Last month, Baidu launched its “Wikipedia” which uses the blockchain technology to log revisions in a move aimed at revolutionizing traceability and transparency of online services.

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PR: Spiking Announces Partnership with J Capital and Excavo and Brings Top Advisors On Board

Bitcoin Press Release: Spiking, an award winning platform that enables traders to mirror investments by market movers in equity markets, is pleased to announce that two major crypto firms — J Capital and Excavo — have joined the company’s initial token offering (ITO)

June 2nd, 2018. Singapore: .J Capital, a renowned cryptofund, has led a USD 1 million investment round into Spiking’s  PRE-ITO. As a result of the partnership, J Capital’s Chief Investment Officer Kenneth Tan and CEO Jack Ser have been appointed to advisory roles for Spiking. Excavo’s Eugene Loza — the top cryptocurrency trader at TradingView.com. Andy Tian, Group CEO of GIFTO and Ouyang Yun, Group President of Asia Innovations Group, have also been appointed advisors.

Spiking will allow crypto traders to find Whales (i.e. key executives of large companies behind cryptocurrency tokens, mining pools and/or large holders) and follow their cryptocurrency trades[1]. Powered by state-of-the-art tools where followers meet Whales in a completely transparent environment, Spiking will be built on a modern technology stack with fully audited security standards. It  will do this by using smart contracts on the blockchain, allowing users to mirror the trading activity of any Whale and control their own segregated trading accounts directly.

Kenneth Tan of J Capital Stated:

“Having many years of experience in both markets, I am glad that Spiking now offers a solution that allows traditional investors to participate seamlessly in the emerging crypto markets.  We think that this solution will disrupt the industry in a big way and this is a key reason why we chose to participate.”

The Spiking Edge

Spiking connects traders with expert whales who have access to critical information and act upon it quickly, as has already been proven in the stock markets via its popular app. Spiking will give cryptocurrency investors added confidence and peace of mind knowing that their trades will mirror those made by the best crypto investors in the world.

Clemen Chiang, Ph.D., CEO and co-founder of Spiking Said:

“We are thrilled that J Capital and Excavo have joined forces with Spiking, as we continue building a game-changing platform that makes successful cryptocurrency investing easier for everyone,”

He Adds:

“We look forward to working with both teams to execute our vision of transforming and simplifying cryptocurrency investing for millions of people around the globe. Cryptocurrencies are known for their extreme price volatility. It can be incredibly difficult—if not altogether impossible—for average traders to time the market correctly and make the right buying and selling decisions. Spiking allows traders to make better trading decisions by reducing the information asymmetry of the market.”

Eugene Loza of Excavo Stated:

“As an experienced crypto influencer with proven trades in the market, I find Spiking the ideal platform to influence a new generation of crypto traders who can trade alongside me.”

Spiking — which aims to put “1,000 whales in your wallet” — plans to sell tokens to the general public during the third quarter of 2018. The company is targeting to release the first commercial crypto version of its app during the second quarter of 2019.

Andy Tian of GIFTO, said:

“As a founder of tech and blockchain-based startups, I am confident of the market prospect and adoption of Spiking as a key solution to a problem in the market.”

Ouyang Yun of Asia Innovations Group, added:

“For all the ventures that I have been involved in, team execution matters greatly for success. The ambitious aims of Spiking are matched by the energy and competencies of Clemen and his team.”

For the first time, a private sale portion of an ITO is being conducted directly on an exchange. Spiking will partner global blockchain fintech company QUOINE to launch its ITO private sale for a select group of QUOINE’S KYC-approved user base, on 6 June 2018.

About Spiking

Launched in April 2016, Spiking is Singapore’s first financial-technology trading app dedicated to helping the average trader follow the reputable investors as they buy and sell shares on the stock market. To date, Spiking tracks over 170,000 significant shareholders across six stock exchanges in four countries: the United States (NYSE, NASDAQ, AMEX), Singapore (SGX), Malaysia (BM), and Hong-Kong (HKEX).

Spiking is supported by a strong technical team, with Dr William H. Nguyen, as Chief Blockchain Architect. William is also the Chief Crypto Architect of GIFTO, one of the fastest selling ICOs in Asia.

The Spiking app has support from Quest Ventures and National Research Foundation, Singapore Prime Minister’s Office, under the Interactive & Digital Media Strategic Research Programme’s i.JAM Reload initiative. In October 2016, Spiking was awarded a gold at the SiTF Awards 2016, for Best Innovative Start-up (Early Stage), by the Singapore Infocomm Technology Federation.

The app is available on the App Store and Google Play. More information on the ITO can be found at https://spiking.io.

[1]Subject to relevant laws, regulations and licenses, where necessary

Visit the Website: https://spiking.io
Read the Whitepaper: https://docs.google.com/document/d/1gQF9v8AcCtQj5EYuDY40zWf–KAKTjqK_C1FR_3Ul6g/edit?usp=sharing
TelegramEN: https://t.me/SpikingOfficial
Medium: https://blog.spiking.com
Facebook: https://www.facebook.com/stockspiking
Facebook Clemen: https://www.facebook.com/ClemenChiangPhD
Twitter: https://twitter.com/stockspiking
LinkedIn: https://www.linkedin.com/company/spiking.com
Reddit: https://www.reddit.com/r/stockspiking
GitHub: https://github.com/spiking-io
MVP/Prototype: http://spiking.com/app

Media Contact Details
Contact Person: Clemen Chiang
Email: Clemen@Spiking.io
Location: Singapore

Spiking is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high risk tolerance. Only participate in a token event with what you can afford to lose.

This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. The Spiking token sale is closed to US participants and participants of all countries in which ICOs are illegal.

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