Dallas Mavericks CTO: Crypto Payment Option Still ‘A Cottage Industry’

The Dallas Mavericks pro basketball team’s cryptocurrency payment option has not yet caught on with the majority of fans, the team’s chief technical officer said in a recent interview.

As sports business-focused media outlet Front Office Sports reported on Nov. 14, Mavericks CTO David Herr said that the team wants to provide its fans with a more flexible way to purchase tickets and merchandise, thus enabling them to pay with cryptocurrencies. However, Herr pointed out that the demand for such an option is still very low, saying:

“[Users] are pretty low, I don’t want to say infancy, but it’s a select group of people using it […] We did some research, heard some discussions and conversations and one comment was it’s still complicated to 99% of the population. Until it’s more widely accepted, it’s a cottage industry or a neat way to pay.”

As previously reported, the Mavericks became the second NBA team to accept Bitcoin (BTC) as a means of payment for match tickets and merchandise in mid-August. The team uses cryptocurrency payment processor BitPay to process their fans’ Bitcoin payments.

Herr said that the novelty of paying in cryptocurrency was part of the decision to introduce the payment option, stating, “We want to provide cool things for the fans and crypto was in response to some requests we’ve had.”

Sports adopting crypto and blockchain

Professional sports teams in various leagues and sports across the world have begun to dabble in blockchain and cryptocurrencies. In mid-October, the Sacramento Kings — the first NBA basketball team to adopt cryptocurrencies — partnered with creator of Ethereum-based Kaiju toys, CryptoKaiju, to launch crypto-collectibles. The collaboration followed the news that the team was launching a blockchain-powered rewards program within its gaming app Call the Shot.

In Germany, FC Bayern Munich became the latest football club to announce blockchain-based merchandise for fans, following a partnership with Stryking Entertainment to produce digital collectibles of its players.

By
Ana Alexandre

Dutch Central Bank: World Will Need Gold if Entire System Collapses

Gold will rescue the economy from “collapse”

In comments which have caught critics of fiat by surprise, the Dutch Central Bank, known as De Nederlandse Bank (DNB), said gold would be indispensable in the event of a fiat meltdown.

Retweeted on social media on Oct. 13, a statement from the bank’s website describes gold as “the trust anchor for the financial system.”

“If the entire system collapses, the gold stock provides a collateral to start over. Gold gives confidence in the power of the central bank’s balance sheet. That gives a safe feeling,” it continues.

Sound arguments

While it is known that central banks have begun buying up gold since the 2008 financial crisis, it is the DNB’s phrasing that has excited Bitcoin (BTC) proponents in particular.

As a form of sound money with the highest stock-to-flow ratio of any commodity, gold previously ensured the sound functioning of economies before governments uncoupled their national currencies from its backing over the last century.

Since then, as Saifedean Ammous noted in his popular book, “The Bitcoin Standard,” telltale signs of decay have plagued most countries’ economies.

Central banks, notionally in charge of fiat currencies, use interventions to manipulate their supply artificially, something which is all but impossible to do with gold due to its stock-to-flow ratio.

This championing of the precious metal’s qualities over paper money thus did not go unnoticed among Bitcoin figures.

“It’s an established central bank! Speaks to the times we live in,” Gabor Gurbacs, digital asset manager at VanEck, tweeted in response to DNB.

https://cointelegraph.com/news/dutch-central-bank-world-will-need-gold-if-entire-system-collapses

These Debit Cards Will Help You Spend Your BCH Anywhere

US Crypto Cards That Can Be Topped Up With BCH

The Bitpay card is the leading product of its kind in the U.S. and in fact one of the few remaining options for American crypto users after alternatives like Shift became unavailable. The card issued by the well-established crypto payment service provider supports bitcoin cash (BCH) and bitcoin core (BTC). Those who have a Bitpay wallet can convert their coins into U.S. dollars and spend them with any retailer accepting Visa.

U.S. residents can now also use a crypto debit card from Blockcard. Once you sign up, add digital money, and pass KYC, you’ll be able to get a virtual Visa card. You can fund your account with a number of major cryptocurrencies such as BCH, BTC, ETH, and LTC, as well as several stablecoins. Note that the deposited amount is converted to ternio (TERN) which is then sold for fiat at the time the purchase takes place.

These Debit Cards Will Help You Spend Your BCH Anywhere

According to the platform’s website, you can also use your account to make payments via Apple Pay and Google Pay. The Blockcard crypto debit card is currently available in the United States only but the company plans to launch in over 30 European jurisdictions in the future.

Coinbase, America’s leading cryptocurrency exchange, is already offering a debit Visa in 19 countries in Europe. The plastic Coinbase Card is currently available to customers in Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, Spain, and the U.K. The trading platform intends to add other markets.

The card can be employed for online and offline payments, at all retail locations that accept Visa. Holders can also withdraw fiat at ATMs around the world. The daily spending limit is £10,000 or €10,000, while cash withdrawals are limited to £500 or €500 respectively.

More Options Available to Europeans

BCH enthusiasts on the Old Continent definitely have more options at their disposal than Americans. At least two other card providers support bitcoin cash. 2gether is a financial platform providing services in the Eurozone, where it allows users to send and receive euros and cryptos from the same wallet app. It also issues a Visa debit card linked to its wallet. As its website explains, your money is managed by Pecunia Cards, an electronic money institution regulated under EU law and supervised by the Bank of Spain.

Bitnovo, another Spanish platform, buys and sells more than 20 major cryptocurrencies. Besides facilitating trades, it has a mobile application and issues debit cards that don’t require a bank account and can be topped up with BCH and other coins with large market cap. Its Bitcard can be used to pay bills online and purchase items in brick and mortar stores as well as withdraw fiat cash at ATMs. It’s currently available only to EU residents.

These Debit Cards Will Help You Spend Your BCH Anywhere

Europeans can also order a virtual or plastic debit card from Uquid. The cards are powered by bitcoin cash among other cryptocurrencies that can be converted to British pounds, euros and U.S. dollars. The platform promises unlimited online spending, ATM withdrawals and fee-free POS purchases. But to find out if the card is available in your country, you need to create an account first. It’s free of charge but you’ll have to pay for the physical card itself.

Other cards that support bitcoin cash and are available to customers elsewhere include Crypto.com’s MCO Visa. The company started shipping its cards to clients in Singapore last year and added BCH this past May. It plans to introduce the card in the U.S. through a partnership with a local affiliate and the New York-based Metropolitan Commercial Bank.

If you need to acquire bitcoin cash you can safely and securely purchase BCH and other cryptocurrencies at buy.Bitcoin.com. You can also freely trade your crypto assets on our noncustodial, peer-to-peer marketplace, local.Bitcoin.com, or register at our recentlylaunched premier trading platform, exchange.Bitcoin.com.

https://news.bitcoin.com/these-debit-cards-will-help-you-spend-your-bch-anywhere/

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‘Big Growth Opportunity’: Billionaire Builds USD 1Bn Crypto Venture

Elwood Asset Management, owned by billionaire investor Alan Howard, is building a new crypto investment platform for institutional investors, The Financial Times reported, citing CEO Bin Ren.

He sees this as a “very big growth opportunity” and hopes that the platform could eventually manage over USD 1bn of assets, the report said, adding that details of Elwood’s new fund have not been finalized.

However, it is already known that the system would design portfolios for each investor, based on their risk preferences, expected returns and the liquidity terms they want. It will also measure the potential correlation with other assets they own, according to the report. It noted that Elwood would then apply its own fee, in addition to the fees investors pay to access the underlying funds.

According to Ren, they have already identified up to 50 crypto hedge funds that “probably satisfy our due diligence”.

As reported in March, Elwood Asset Management, which also manages the personal crypto assets of Howard, is planning to launch a range of regulated investment products to lure more institutions into the crypto space.

The company plans “products that will cover the full spectrum of crypto-assets,” including direct exposure to major cryptocurrencies like Bitcoin and Ethereum. The company has already launched an exchange traded fund (ETF) that invests in companies involved with Blockchain technology, although they have so far avoided direct exposure to crypto assets.

Howard, who made sizable personal investments in cryptocurrencies in 2017, last year was one of the most high-profile investors participating in EOS’ “strategic investment round.” He has been ranked by Forbes as one of the 40 highest-earning hedge fund managers in the world, with a net worth of USD 1.35 billion (in 2018.)

The crypto hedge fund market:

(May 2019)

  • It is estimated that there are 150 active crypto hedge funds collectively managing USD 1 billion in assets (excluding crypto index funds and crypto venture capital funds)
  • Over 60% of these funds have less than USD 10 million in assets under management (AuM) with fewer than 10% managing over USD 50 million
  • The average crypto hedge fund AuM as of Q1 2019 is USD 21.9 million
  • The median AuM of funds as of Q1 2019 (USD 4.3m) is 3X that of the median AuM at fund launch (USD 1.2m -January 2018), which indicates that funds have been relatively successful at fundraising despite difficult market conditions
  • 52% of funds use an independent custodian, yet only 25% have independent directors on their board
  • The average size of fund team is 7-8 people
  • Typical crypto fund investment professionals have between 3-4 years of investment management experience
  • The majority of crypto hedge fund managers tend to be based in the United States (64%
  • The median fund returned -46% in 2018 vs a Bitcoin benchmark of -72%
  • The average fees for crypto hedge funds are 1.72% management fee and 23.5% performance fee

https://cryptonews.com/news/billionaire-investor-s-firm-builds-usd-1bn-crypto-venture-4550.htm

 

Crypto Exchange: Taiwan to Become Libra’s Chinese-language Capital

A Taiwanese cryptocurrency exchange wants to join Facebook’s Libra Association – and believes that Taiwan will become Libra’s de facto center of gravity in Chinese-speaking countries.

Per a report from the Taipei Times, Taipei-based exchange MaiCoin is hoping to be unveiled as a new association member by the year’s end. The exchange says it wants to operate a node on the Libra blockchain platform.

The news outlet quotes MaiCoin CEO Alex Liu as saying that even though companies like Binance (now headquartered in Malta, but originally based in Mainland China) are already vying for association membership, Taiwan would be a more logical location for a Libra node.

Liu noted that Facebook remains blocked in Mainland China, but is accessible in Taiwan, meaning that “Taiwanese firms have a better chance of being trusted” by Facebook.

Liu also opined that “Taiwanese exchanges are more likely to take the lead in Chinese-speaking regions” than companies with links to the mainland, and suggested that “money would not be a key factor for the Libra Association when choosing members.”

The CEO also claimed that Facebook said it was “confident of building a local user base of more than 20 million people.”

The company would possibly need to obtain regulatory approval from the country’s Financial Supervisory Commission (FSC) should it wish to offer Libra-Taiwanese dollar pairings.

Meanwhile, earlier this week, the Winkelvoss twins, co-founders of the New York-based Gemini exchange, hinted that they may be prepared to put a long-running feud with Facebook behind them and join the Libra Association, which now has 28 members.

In an interview with CNN, the twins claimed they have “been in talks with Facebook about joining” the association.

Even if it does not join, the Gemini exchange could be set to work with the social network in some capacity.

CNN said that the Winklevoss twins are “waiting to learn more about the project before deciding whether to join the association or to list Libra on the Gemini exchange, which they said is another possibility.”

According to Tyler Winklevoss, “Facebook was a dispute, but it didn’t really define who we were as people.”

After going to Harvard University with Mark Zuckerberg, now Facebook CEO, the Winklevoss sued him for stealing their idea for a social network. The twins eventually won a USD 65 million settlement in cash and Facebook shares.

According to the Libra whitepaper, they hope to have approximately 100 members of the Libra Association by the target launch in the first half of 2020. Also, in order to join the Association companies are obliged to pay at least USD 10 million, which also gives a right to become one of validator nodes that “have the ultimate power” in making decisions about the project. However, in July, Facebook confirmed that until now all investments in Libra were made by Facebook only.

LG Electronics and Unicorn Could Create Cryptography Companies

The cryptocurrency scene in East Asia could soon host two new Great Success players, namely South Korean mobile telecom provider Toss and electronics giant LG.

According to a Newsway report, Toss is one of three mobile phone companies waiting for a securities trading license from the Financial Services Commission (FSC) in South Korea. The Toss app has about 12 million active users and last year the company got a unicorn. The company’s financial sponsors include PayPal and COME VC in the United States and South Korea.

If the report states that Toss has been approved by the FSC, it is “very likely” that the company will move “into an area that includes investments in cryptocurrency”.

I will submit your request to the FSC on May 30 and the regulator will announce its decision at the end of July. Korea Foss Securities and Cocoa Group’s KakaoPay subsidiary are the other two companies that ask the FSC to handle securities issues. Member of the Government Council of X Klaytn, and it is known that the entire cocoa group is interested in blockchain technology and activities based on cryptocurrency.

1xBit
Meanwhile, LG Electronics is filing a patent on the so-called ThinkQ wallet for an application registered with the US Patent and Trademark Office. The company already offers a wide range of products, smartphones, applications and services. with IoT compatible in your THINQ offer extension as per presentation includes LG products and services recently added to your wallet application:

Cryptocurrency for mobile electronic purse pairs.
Question of the virtual currency.
Provide multiple payment options via customer-managed electronic terminals on the site available in retail stores
Electronic bill payment services.
Yesterday, Cryptonews.com announced the portfolio reported by the Samsung blockchain. You will see a range of new DAPPS for AVAILABLE users of the company’s SMART Galaxy S10 phones.

The company will use its own blockchain platform, Monachain, and will conduct its operations in South Korea. Beginning of the Sayit Blockchain.

As already mentioned, LG is working with a KB bank in Payment Platform, which seems to endanger LG’s jet.

Bitcoin predicts a parabolic jump of nearly $ 14,000, an increase of 320% since December, as the euphoria sets in

A cryptographic winter for digital assets has given way to a white summer.
The world’s # 1 cryptocurrency reached its highest level in about 17 months on Wednesday, rising to almost 60% in June.
At the peak of the day, Bitcoin BTCM19, -6.91%, a daily high of CME Group Inc. reached -3.17% to $ 13,680, according to FactSet.
BTCUSD bitcoin prices, + 1.39% on CoinDesk, also jumped over $ 13,000. But on Wednesday after the crash of the Coinbase website, prices dropped by more than $ 1,700 in just a few minutes. The site was online again Wednesday night and priced at $ 12,400.
Bitcoin, the 2009 digital coin, generated a market value of $ 237 billion, the total amount of Bitcoin in circulation. Wednesday’s rally means that Bitcoin now represents 62.6% of all digital currencies collected on the CoinMarketCap.com data website. At its peak on December 16, 2017, Bitcoin’s market value was $ 326.5 billion.
About do not know what has pushed the price of Bitcoin on the rise lately, but after the values ​​at unintir in December have reached $ 194.96 3, assets rebound, 319% rise.
Bepaalde market participants point out the increase in investment volume in the bitcoin, suggesting a growing appetite for cryptographic assets, while institutional investors, traditional companies include cryptography projects launched.
Michael Moro, CEO of Genesis Global Trading, the digital currency trading platform, said in e-mailed comments, “Volumes are two to three times higher than 12 months ago.”
“While this increase and volume is due to the increased activity of our usual buyers of hedge funds and family offices, we have created a new and interesting group of buyers: Private School Foundations, which supports the spread of Bitcoin and Crypto,” he said.
The game Libra proposed by Facebook Inc., -0.62%, use blockchain, digital registry technology crypto currencies, which underlies the bitcoin underlying a digital currency like the social media giant and its dozens to create Uber Technologies Inc. UBER, -1.37% Visa Inc. V, -0.13% MasterCard Inc. MA, + 0.60% in PayPal Holdings Inc. PYPL, -0.25%, Hope is becoming a global payment system.
This has generally been seen as an implicit acknowledgment of technology blockchain and, to a lesser extent, cryptographic assets that were developed digitally for the first time over ten years ago, when a person or people known as Satoshi Nakamoto have struck the first Bitcoin ,
However, the strong recovery has led some crypto experts to be cautious with early investors.
Jeff Dorman, chief investment officer of the company’s management of cryptographic Arca Investments, told Marketwatch that the parabolic rise of bitcoin in June gave the impression that the asset was now “overbought and had to fall while red”.
“We’re seeing a lot of signs and they’re all overbought,” Dorman said.
Thomas Lee Fundstrat, a popular crypto bull, said last week that he is tracing the rising prices of bitcoins to investors ‘FOMO’ u missed the fear of the operator. He predicts that prices will eventually reach $ 40,000. Lee made a series of false predictions for Bitcoin in 2018.
Bitcoin futures have risen 270% since the beginning of the year, and Bitcoin-indexed assets have also risen.
Graustufen Investments, a subsidiary of Digital Currency Group, is betting the greyscale bitcoin trust GBTC, a popular way managed on bitcoin, to raise 325% in the premium 2019 semester.
By comparison, the DJIA Dow Jones Industrial Average rose, -0.04% to 14% this year, the S & P 500 SPX jumped -0.12% to 16.5%, while the Nasdaq Composite COMP Index, + 0, 32% reported 19.3% in 2019 on Wednesday afternoon, according to FactSet data.

Coinbase Leads the ‘Most Trusted’ Exchanges Ranking, Binance is 8th

By Sead Fadilpašić

Below, is the top 10 “most trusted and reliable exchanges” “for investors and traders who want to identify the best venues for their risk appetite,” ranked by crypto market data provider CryptoCompare.

Today, the company launched its inaugural Exchange Benchmark in response to the problem of wash trading and inflating volume through incentivized trading schemes.

Here is how they have ranked the “most trusted and reliable exchanges”:

  • 1. Coinbase – grade AA, total: 60.30
  • 2. Poloniex – grade AA, total: 59.90
  • 3. Bitstamp – grade AA, total: 59.60
  • 4. bitFlyer – grade AA, total: 57.20
  • 5. Liquid – grade AA, total: 56.30
  • 6. itBit – grade AA, total: 56.0
  • 7. Kraken – grade A, total: 54.10
  • 8. Binance – grade A, total: 54.0
  • 9. Gemini – grade A, total: 53.20
  • 10. Bithumb – grade A, total: 53.10

The ranking components include: geography, legal/regulatory, investment, team/company, data provision, trade surveillance, and market quality. We see that exchanges in the top 10 category have received either AA or A grade, and all are in the 50-59 score range, save for Coinbase that is just above 60, though the differences in scores between an exchange and the one that immediately follows or precedes it is small. While most of these are relatively strong in the investments and market quality categories, certain points have been lacking in the geography and trade surveillance categories.

There are ten exchanges, ranking 101 to 110, that have received the F grade. These are: Upbit Singapore (17.90), Coinroom (17.40), Yobit (17.20),Bit-M (16.90), AidosMarket (16.00), IQFinex (15.10),Ethermium (14.60), CryptoExchangeWS (13.10),LiveCoin (13.00), FatBTC (11.20) – all significantly lacking in the legal category. However, according to CryptoCompare, Exchange Benchmark indicates that the exchanges who got C-F grades have increased market share by 30% in the last 12 months.

Meanwhile, one of the top rated exchanges, the U.S.-based Poloniex, faces a backlash from the community that is unsatisfied with their risk management, and they might even face lawsuits. However, news about the exchange’s problems surfaced in June, while CryptoCompare based its rankings on data collected in May.

Also, following a number of unfortunate events, Coinbase got into the #DeleteCoinbase crisis earlier this year.

Overall, the Benchmark is ranking 110 active spot exchanges globally, “offering investors and traders a comprehensive, granular and reliable source of information on the best trading venues”, according to CryptoCompare.

The ranking methodology is comprised of a combination of:

  • 34 qualitative metrics – due diligence checks consisting of six main categories designed to rate each exchange qualitatively on the basis of the above-stated ranking components;
  • and quantitative metrics – measuring market quality through a combination of five metrics the objective of which is to measure the cost to trade, liquidity, market stability, behavior towards sentiment, and “natural” trading behavior.

Trading volume is not used directly in the ranking, as volumes can be easily manipulated, CryptoCompare concludes, and any untrusted exchange can provide false data.

Finally, “Metrics were categorized into several buckets and distributed fairly,” they explain, “to arrive at a final robust score, ensuring that no one metric overly influences the overall exchange ranking.”

Meanwhile, just recently, it was also reported that only 10 out of 83 cryptocurrency exchanges, analyzed by crypto investment company Bitwise Asset Management, passed a test aimed to show if they were reporting systematically inflated bitcoin trading volumes. Out of the above mentioned exchanges, seven were on the “passed” list to: Poloniex, Bitstamp, BitFlyer, itBit, Kraken, Binance, and Gemini.

Soared 160% in 5 months, where did Bitcoin’s madness start this year?

Since the beginning of 2019, the price of bitcoin has been “all the way to the north”. Since the beginning of the year, it has risen from 3,300 US dollars per piece to the current 8500 US dollars per piece. In just five months, the increase rate is as high as 160%, which has regained the last year of a bear market. The full decline in the last 7 months.
Although for the “super-emerging market” of digital currency, traditional financial people often ridicule their lack of logic, price volatility is terrible and there is always no valid explanation. The inefficient market pricing leads to news-to-price feedback. “random”. But since the beginning of 2019, this wave of bitcoin has not been accidental.

In February of this year, Grin and Beam were officially released under a privacy policy called MimbleWimble’s new privacy protection protocol, which verifies the sender’s and recipient’s private keys without transmitting any information. While the identity of both parties to the transaction is kept secret, the transaction is almost impossible to track, which is the best of both worlds. With Li Qiwei’s announcement of the plan to introduce the MimbleWimble privacy agreement in the Litecoin upgrade, the price of Litecoin has risen sharply. Since the digital currency world has always had “bit gold, Wright silver”, the motivation behind the creation of Litecoin is to improve bitcoin. Bitcoin also benefits indirectly.
After the currency restarted the Launchpad crowdfunding platform and completed the fundraising of the two projects of BitTorrent and Fetch.AI, the currency platform BNB went out of a wave of explosions. Subsequently, the concept of IEO suddenly sprang up, Prime, JumpStar, stellar plan… The “preferred” platform of each project rose from the ground up and became a new phenomenon-level hotspot in the cryptocurrency market. The attention and participation of the entire digital currency market ushered in Another wave of climax in the first half of this year.

The interest of traditional “giant” companies in the fast-growing digital currency ecology has also given considerable support to Bitcoin, a market-represented currency. In the list of companies that have already laid out or decided to participate in the ecological layout of the digital currency market, we can see leaders in various industries such as Facebook, Disney, Nike, Samsung and Fidelity. Among them, Facebook has announced that it will officially release its own digital currency GlobalCoin in the first quarter of next year; Samsung has built a hardware wallet in the flagship model S10 in the first half of this year, and is developing a blockchain main network based on Ethereum, which is likely to become The technical reserve of the currency; and recently the telecommunications giant AT&T also announced that it began accepting payments in digital currency.

Furthermore, the market still has some expectations for bitcoin ETFs such as VanEck / SolidX that have been postponed many times. US Securities and Exchange Commission Commissioner Hester Peirce said in an interview at the 2019 New York Consensus Conference that the time is now ripe for the approval of Bitcoin exchange-traded funds, and that each application may be approved, but the SEC still has some issues to solve. Such as market manipulation and asset custody. And because the US Securities Exchange Act requires the US Securities and Exchange Commission to decide whether to approve an exchange-traded fund within 240 days from the date of registration, if the SEC does not make a decision after 240 days for any reason, the exchange trades. The fund will be automatically approved. Therefore, the market generally believes that we are very likely to see the birth of the first bitcoin exchange-traded fund before October 13 this year.

The lightning network, which appears to be able to provide a more reliable payment solution for Bitcoin, maintains a high-speed growth momentum and provides a very direct boost to Bitcoin’s further strength. The Lightning Network allows for a large number of transactions to be carried out without the Bitcoin network expanding, and the transaction fee is almost zero. More importantly, the lightning network is able to achieve seconds.
As Bitcoin officially broke through the $8,000 mark, market trading volume has continued to soar in recent times, and the arrival of the flood season has also caused miners to “wake up”. Today, bitcoin continues to occupy the headlines of major websites. The bear market atmosphere of the past year is gradually dissipating, and market confidence can be quickly rebuilt. Bitcoin is obviously also “cognitive” by more people in this process, and is thus “recognized” by more people.