Daily News Digest Featured News

Tuesday May 15 2018, Daily News Digest

percentage of total market cap
Source: CoinMarketCap

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United States

International

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News Summary

United States

Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash (Forbes), Rated: AAA

The Gemini bitcoin exchange founded by Tyler and Cameron Winklevoss is adding support for Zcash, a privacy-focused cryptocurrency with a market valuation of over $1 billion.

Following approval from the New York Department of Financial Services (NYDFS), Gemini will begin accepting deposits of Zcash on Saturday, May 19, at 9:30am EDT.

In addition to being approved to custody and trade Zcash, the NYDFS has confirmed to Forbes that Gemini will also receive approvals for Bitcoin Cash, with a market value of $25 billion, and Litecoin, valued at $8.2 billion, though details about when these currencies might go live remain sparse.

Privacy Coin Zcash Spikes 28% After Gemini Exchange Announces New Trading Pairs (Hacked), Rated: A

The value of Zcash rocketed higher Monday after Tyler and Cameron Winkevoss announced their digital currency exchange would begin listing the privacy coin as early as next week. The announcement makes Zcash easier to acquire for U.S. investors, a move that could boost liquidity and prices over the long term.

Here’s How Litecoin (LTC) Will Surpass Its All-time High In 2018 (Crypto Gazette), Rated: A

The buzzword in the last couple of days has been that Litecoin (LTC) is now compatible with Blocknet. What this means is that LTC can now function as a cross-blockchain asset, allowing it to be connected to other crypto assets.

However, it’s almost forgotten that Litecoin has grown so much despite the fierce competition. It’s thus possible that LTC’s recent traction will continue in coming days, “pay with Litecoin” helping to drive it forward. LTC/USD is currently trading at $143, up by 0.9% in the last 24 hours. Over 7 days, the coin has declined by over -20%.

“It’s strange to see people claiming that Bitcoin and Litecoin are dead because the price is so low at $8000 and $140 respectively. A year ago, the price was around $1800 and $30. Back then, people would have killed for today’s prices”

Litecoin, like many other altcoins, gains whenever BTC gains.

Another plus for LTC is its presence on the trading platform Coinbase. With about 100,000 new users visiting daily, Coinbase could be the reason Litecoin breaks the duck and gets to the $400, $500 or $600 experts believe it can achieve.

Will Robinhood Be Bigger for Crypto Than Coinbase? (Investopedia), Rated: AAA

It has been an eventful few weeks for Robinhood, the free stock trading app. After raising $363 million in a new funding round, the company was last valued at $5.6 billion. The company now boasts a larger number of customers than E*TRADE, perhaps thanks in large part to its free platform and user-friendly interface. All told, the company is now the second-most-highly valued private fintech startup in the U.S., after Stripe, the company focused on online payments.

Quadrupling Valuation and Cryptocurrency Growth

A recent report by Fortune shows that Robinhood’s valuation has skyrocketed over the past year. In its previous fundraising round in 2017, the company was valued at $1.3 billion—impressive, but not nearly as much as the latest figures.

Robinhood and Coinbase

Coinbase has long been the leader among exchanges offering bitcoin trading in the U.S. It currently has more than 20 million customer accounts. Nonetheless, Bhatt believes that Robinhood will quickly assume its place as a rival of Coinbase.

Ripple: The Banker Coin Is Dead (Seeking Alpha), Rated: AAA

As we saw in the crypto bull market of 2017 however, many big banks such as Citi Bank (NYSE:C) and Goldman Sachs (NYSE:GS) have been doubling down on cryptocurrency by investing in a bank-backed coin known as Ripple (XRP-USD).

After Ripple topped out at nearly $3.30 on the first of January, we saw it lose over 80% of its value in just under a month.

On April 12th, roughly one month ago, the cryptocurrency broke out of a descending trendline that had kept it in a bear market for nearly four months.

Ripple
Source: Coinigy
Ripple not bullish
Source: Coinigy

Stochastic RSI Analysis

While the resistance at $1.00 may appear bearish, the stochastic RSI analysis isn’t quite as gloomy. When looking at multiple time frames, it seems that Ripple may be due for at least a small rally.

Ripple on Poloniex
Source: Coinigy

MACD Analysis

The MACD, which measures the average momentum over a period of time, also tells a very bearish tale.

Ripple MACD
Source: Coinigy

Ripple [XRP]’s short-term selling a good trading strategy? (AMBCrypto), Rated: A

Like the rest of the markets, Ripple is down 10 percent in the last seven days effectively reversing previous gains. However, it remains perched at position three in the liquidity list.

Ripple is currently surging at the 24-hour mark with 3.90% gains which is quite an achievement given the current conditions of the market. Its 7-day average remains to be negative as the losses in the current market conditions have outnumbered the surge Ripple experienced before. The 7-day average is -11.40% at the time of writing.

Bitcoin corrects up to the 100 day MA and backs off as traders gather in NYC (ForexLive), Rated: A

The price moved up to a new session high at $8824. That move on the hourly took the price back above the 100 hour MA at $8634.  That MA stalled the high in earlier trading today.

The problem with the run, however, is that the high at $8824 crossed just above the 100 day MA (blue line in the daily chart below) at $8819.63 by about $5, but stalled. The price is down modestly, but there is a technical battle now going on between the 100 hour MA below and the 100 day MA above.

bitcoin
Source: ForexLive

First Bitcoin Smart Contracts Sidechain Now Secured By 1 in 10 Miners (CoinDesk), Rated: A

The first bitcoin smart contracts sidechain just reached an early milestone.

To be revealed Monday at CoinDesk’s Consensus 2018 conference, RSK, the startup that built the long-anticipated technology, touted as a way to bring ethereum-style smart contracts to the world’s largest cryptocurrency, is issuing new details on the number of bitcoin users dedicating computing power to backing the experimental idea.

And, although there’s a small fraction of the entire network currently securing the sidechain, about 80 percent of miners have already committed support in the future.

Bitcoin Hype Aside, Blockchain For The ‘Public Good’ Comes To The Rescue (Forbes), Rated: AAA

People tend to gloss over the possible applications for the public good from deploying blockchain or distributed ledger technology (DLT). And, to quote George Washington, the first President of the United States (U.S.) and one of the nation’s Founding Fathers: “I have no other view than to promote the public good, and am unambitious of honors not founded in the approbation of my Country.”

So, it should be seen positively that a number of projects are pursuing this “for-the-people” viewpoint and offering mechanisms to promote fairness and equality. To this end a number of initiatives in the space have sprung and appear now to be gaining some traction. And, it all starts by offering an amazing product or service to gain traction.

Pioneering blockchain-based platform Horizon State, for example, recently announced several partnerships where its voting mechanisms will be put to use in an effort to encourage public engagement. And, decentralized social media platform Sapien secured $11 million from its ICO, which is allowing it to pursue its goal of providing equitable means for content creators to publish content.

BitGo Courts Wall Street With New Bitcoin Custody Products (CoinDesk), Rated: A

Big Wall Street firms now have new options for storing bitcoin.

Announced Sunday, Palo Alto-based startup BitGo has unveiled a new suite of custodial services aimed at institutional investors who may be eying the market with interest.

Caveat Emptor: Major Cryptos Are Still in Negative Territory For 2018 (Fortune), Rated: A

Bitcoin started the year at $14,112.20, according to CoinMarketCap. That’s more than $5,300 above current prices. (And that doesn’t factor in the digital coin’s 2018 peak of $17,527 on Jan. 6.)

Ethereum, the second largest cryptocurency as judged by market cap, is also down, though to a much lesser degree. It kicked off the year at $755.76 and currently stands around $736, as of 11 a.m. EST Monday morning.

Ripple, meanwhile, is down 67% from $2.30 to 75 cents.

And Bitcoin Cash is down from $2,534.82 to $1,454—a 43% drop.

If You Invest In Index Funds, You Need To Know The Cryptocurrency Equivalent (Forbes), Rated: AAA

As an asset class, cryptocurrencies are more volatile than traditional assets. However, the rise can be meteoric as well. Bitcoin, for example, traded at $1,320 on April 28 a year ago, and on April 28 this year it was trading at $9,386; a 611% increase in value. In comparison, the S&P500 was trading at $2388 end April a year ago, and on April 28 this year was trading at $2,669; an 11.7% increase in value in the same time frame.

The rise of bitcoin
Source: CoinMarketCap

While an index tracking the S&P 500 is generally considered the best investment for retirement, it may not generate the highest return within a short time frame. For investors who are looking to balance their short and long-term gains, the next best alternative in the cryptocurrency context might be to invest in a well-diversified cryptocurrency index.

New York cryptocurrency conference triples in size, tracking for $ 17 million in ticket sales (CNBC), Rated: AAA

An estimated 8,500 are attending CoinDesk’s Consensus 2018 this week in New York City, according to Barry Silbert, CEO and founder of parent company Digital Currency Group.

That’s more than triple the 2,700 attendees CoinDesk reported for the May 2017 conference.

At roughly $2,000 a ticket, that means the conference is raking in at least $17 million in ticket sales alone this year. Last-minute admission is $3,000 a head.

St. Louis Fed President Warns Of U.S. Drift Toward Non-Uniform Cryptocurrencies (Forbes), Rated: A

James Bullard, president of the Federal Reserve Bank of St. Louis, kicked off Consensus 2018 on Monday with a warning that the increasing competition being brought about by new cryptocurrencies could be a hindrance to commerce and recreate the fragmented system that led to the introduction of the current uniform monetary arrangement.

“Cryptocurrencies are creating a drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and was replaced,” he explained in a keynote address Monday morning to more than 8,500 conference-goers.

At NYC’s Big Crypto Conference, the Lamborghinis Are Rented and Protests Are Staged (Bloomberg), Rated: A

John Nouri makes a living renting out exotic cars for weddings, birthdays, bachelorette parties, and now … Bitcoin conferences?

Today he stood outside the Hilton Midtown hotel in Manhattan, guarding three Lamborghinis — bright orange, navy blue and black — that Broadway SuperCars had rented to BitMex for the day. Nouri declined to disclose how much the crypto exchange had paid, but said a rental like that typically goes for around $1,000.

Goldman Sachs Bitcoin Endorsement Leads Institutional Investor Cryptocurrency Push (Forbes), Rated: A

The wall street titan is now all in when it comes to allowing clients to trade Bitcoin futures via one of its New York desks. Goldman Sachs becomes the first regulated financial institution to offer such a service. Part of the reason the firm decided to go this route is due to several inquiries received from hedge funds, foundations and endowments which had received donations from Bitcoin millionaires. Will Goldman Sachs cosign of Bitcoin increase confidence in the digital currency?

Cryptocurrency Hedge Funds Rebounded 80% in April (Investopedia), Rated: A

Although bitcoin (BTC) pulled back in price slightly heading into the weekend, floating around $8,300, the past several weeks have nonetheless been significant ones for cryptocurrencies. A recent pullback was not enough to quell expectations that BTC would reach the $10,000 hurdle once again, and analysts could point to the month of April as a sign that the digital currency space is potentially headed for even more significant gains. According to a report by MarketWatchcryptocurrency-based hedge funds gained more than 80% for that month alone. This marks the single largest gain for the cryptocurrency hedge fund world in more than four years.

Nonprofits, It Is Past Time To Start Accepting Cryptocurrency Donations (Forbes), Rated: A

According to CoinMarketCap, the value of the 1,610 cryptocurrencies it tracks is now over $411 billion. Nonprofits looking for a taste of that wealth should, at a minimum, develop the policies and infrastructure to accept crypto donations.

GOLDMAN SACHS VP LEAVES TO PURSUE CRYPTOCURRENCY FORTUNE (Bitcoinist), Rated: B

Former Goldman Sachs banker Chris Matta quit the famous multinational investment bank and financial services company only days after earning a promotion to the position of vice president – and he did it for the sake of cryptocurrency.

Bitcoin Cash poised to join top 3 cryptocurrencies (CoinGeek), Rated: A

Cryptocurrency investors have been suffering a tumultuous ride lately as the markets have dropped significantly. BTC was poised to top $10,000 before sliding to around its current $8,670. Bitcoin Cash (BCH) is also down to around $1,480, losing around 14% of its value in the past 24 hours. However, the markets are starting to climb back up and some are predicting that BCH could soon be among the top three cryptocurrencies.

Bitcoin Cash (BCH) Airdrops to Celebrate a New Partnership (Global Coin Report), Rated: A

Bitcoin Cash has, as of the recent events, acquired a very meaningful partnership that will most certainly help it sky-rocket while gaining more on the exposure of BCH units. In order to step into the next stage of following up with the mass adoption of crypto assets, Bitcoin Cash has partnered up with YeeCall.

YeeCall is a mobile application for online communicating, making chatting and video and voice chat far easier to use. Bitcoin Cash Fund is targeting over 33 million YeeCall users, hoping to be able to become a part of a massive adoption of BCH by the side of YeeCall users.

Bitcoin cash is expanding into the void (Financial Times), Rated: A

I like big blocks and I cannot lie.

That was the opening line from nChain CEO Jimmy Nguyen — whose company wants to make bitcoin spin-off bitcoin cash (BCH) the cryptocurrency of the future — on a panel(or more precisely, a man-el) last week at Exeter University. He was referencing Sir Mix-A-Lot’s early 90s classic Baby Got Back (NSFW music video here).

Bitcoin cash’s blocks — the bundles of transactions that are processed, hashed and then stored on the blockchain — aren’t actually very big at all. Although their maximum size is 8MB, they are currently on average only using one 160th of that capacity: around 50 kilobytes, according to industry data provider BitInfoCharts.

Thats because people aren’t really using bitcoin cash. It therefore seems a little odd that its developers have said they will implement a fourfold increase in the maximum block size later today to 32MB, or around 640 times its current average.

bitcoin cash
Source: Financial Times

Cryptoasset Exchanges Respond to New York Attorney General’s Virtual Markets Integrity Initiative (The National Law Review), Rated: A

On April 17, 2018, the New York Attorney General’s Office (“OAG”) launched a Virtual Markets Integrity Initiative and sent letters to thirteen cryptoasset trading platforms requesting, through a questionnaire, disclosures on their operations, internal controls, and safeguards to protect customer assets.  The questionnaire focused on six major topic areas, including: 1) Ownership and Control, 2) Basic Operation and Fees, 3) Trading Policies and Procedures, 4) Outages and Other Suspensions of Trading, 5) Internal Controls, and 6) Privacy and Money Laundering.

Coinbase

Mike Lempres, the Chief Legal & Risk Officer for Coinbase, responded to the Virtual Markets Integrity Initiative (on behalf of Coinbase) in a cooperative and obliging manner.

Kraken

On the other side of the spectrum, Jesse Powell, the CEO of Kraken, tweeted  that “The AG’s tone-deaf response shows just how bad the disconnect really is” and “Kraken left New York because New York is hostile to crypto, and this ‘questionnaire’ we received today proves that New York is not only hostile to crypto, it is hostile to business.”  Days later, Kraken released their “Position on Regulation,” which, among other things, further described Kraken’s opinions on the OAG’s questionnaire.

Tax Considerations For Business Owners In The Cryptocurrency Space (Forbes), Rated: A

Part of the reason for the staggering highs that these blockchain-based currencies have achieved is the lack of regulation. As a radically new and decentralized form of currency, Bitcoin and altcoins like it have been subject to market surges and crashes that may have been manipulated artificially by bad players. If cryptocurrency is to replace fiat currency as the dominant holder of value, it’s going to need to address this complete lack of regulation.

 

Cryptocurrency Firm Founders Indicted on Federal Fraud Charges (Bloomberg), Rated: A

The co-founders of a cryptocurrency firm that raised money on social media with the help of celebrities were indicted Monday on charges they duped investors into committing millions of dollars in digital funds by lying about an initial coin offering.

Sohrab Sharma, Raymond Trapani and Robert Farkas, the founders of Centra Tech Inc., were previously charged with fraud and conspiracy, and their indictment moves the case closer to a trial. Prosecutors say they lied about their product and the relationships they had with financial institutions.

30+ Real Examples Of Blockchain Technology In Practice (Forbes), Rated: A

Spotify—When Spotify acquired blockchain startup Mediachain Labs it was to help develop solutions via a decentralized database to better connect artists and licensing agreements with the tracks on Spotify’s service.

Loyyal—Powered by blockchain and smart contract technology, this loyalty and rewards platform creates more customized programs that even allow for multi-branded rewards.

Bitcar—Fractionalized ownership of collector cars made possible by a BitCar token.

De Beers—De Beers mines, trades and markets more than 30% of the world’s supply of diamonds. The company plans to use a blockchain ledger for tracing diamonds from the mine to the customer purchase. This transparency will help the industry and anybody who wishes to verify, confirm diamonds are free from conflict.Fura Gems also plans to use blockchain in its supply process of emeralds, rubies and other precious stones.

Proof of insurance—Nationwide insurance company is currently testing a blockchain solution to provide proof-of-insurance information called RiskBlock.

Gem—With a goal to give patients control over their medical records and genomic data by using a blockchain solution, Gem has also partnered with Centers for Disease Control and Prevention to experiment with using blockchain to monitor infectious diseases.

Deedcoin—Rather than a typical 6% real estate commission, Deedcoin runs on 1% and hopes to be the new way for home buyers and sellers to connect with real estate agents who accept a lower commission.

Bitcoin Atom —A new fork of Bitcoin that allows everyone to easily exchange cryptocurrencies without any trading fees and no exchange hacks, making Bitcoin truly decentralized again. The technology is based on atomic swaps—an invaluable tool for exchanging one cryptocurrency with another (e.g. 1000 BTC with 56500 LTC) and no need for a trusted third party.

SEC Rebukes “Sandbox” ICO (Initial Coin Offering) Regulation Strategy (Bitcoin Exchange Guide), Rated: A

Specifically, the SEC continues to question the extent to which cryptocurrencies sold on Initial Coin Offering platforms fall under the regulatory authority of the Securities and Exchange Commission.

Autonomous Trucking and Blockchain Technology (Coin Central), Rated: AAA

The vision of an autonomous trucking fleet is already becoming a reality for some freight companies. Uber, Waymo, Tesla, and Embark are all working on this technology.

Without blockchain, it could take hours or even days to line up the next shipment for smaller trucking companies. This is a real problem considering that 90% of trucking companies utilize six or fewer drivers. In addition, geolocation-based matching would make fleets more eco-friendly by reducing the amount of fuel needed to pickup and transport shipments.

According to a report from Goldman Sachs, the U.S. professional driver industry alone could lose 300,000 jobs per year during the transition period to autonomous driving.

SharesPost Announces SEC-Approved ICOs (Crypto Briefing), Rated: A

SharesPost, a FINRA-registered broker-dealer based in San Francisco, announced today that it had secured regulatory approval for its Alternative Trading System(ATS) to list and trade tokenized securities, allowing US investors to participate in ICOs without skirting digital securities laws.

Apple and Google Play Stores Now Offering Cryptocurrency Wallet from Cryptanite (GlobeNewswire), Rated: B

Cryptanite Blockchain Technologies Corp. (CSE: NITE), a Boulder-based blockchain technology company, today announced that its Cryptanite Wallet app is now available on the App Store for Apple products and Google Play. Cryptanite Wallet includes three baskets for cryptocurrency buyers and investors — HODL, HOOD and BASE — as well as the option to create customized baskets of up to five cryptocurrencies. Cryptanite Wallet is designed to provide a secure, easy-to-use and frictionless process to buy, invest and store a diversified collection of more than 15 top cryptocurrencies, including bitcoin, Ethereum, Ripple, Stellar and Dash.

The baskets are available on www.cryptanite.com, Apple’s App Store and Google Play.

OptDyn Releases Smart Peer 2 Peer Cloud Computing Subutai 7.0 (Bitcoin Exchange Guide), Rated: B

OptDyn, creators of Subutai – the world’s first intelligent Peer-to-Peer (P2P) Cloud computing platform, announced the release of Subutai 7.0.

The Subutai ecosystem consists of:

  • Subutai PeerOS – This is an open source, container-based P2P Cloud and IoT software.
  • Subutai Bazaar – The marketplace created to buy and sell computing resources and aps.
  • Subutai Blockchain Router – This is a power-efficient broadband Cloud router and IoT gateway that works as a plug-and-play crypto wallet and mining device.
  • KHAN – This is an Ethereum Blockchain-based reserve currency token that is used across the Subutai Platform.

Ex-JPMorgan Chase Blockchain Duo Unveil New Startup (Fortune), Rated: B

Baldet, who most recently served as the bank’s blockchain program lead, is cofounding a new startup, Clovyr, that aims to help consumers, developers, and businesses explore the nascent, albeit burgeoning, world of blockchain-based, decentralized technologies, she tells Fortune. She is joined by Nielsen, former lead developer of Quorum, a JPMorgan Chase-built blockchain for business, who will serve as the concern’s chief technologist.

Clovyr’s product, now under development, is slated to take the form of something akin to an app store, where people and businesses can experiment with a multitude of decentralized apps and services, developer toolsets, and underlying distributed ledgers.

Kodak-backed company eyes $ 50M ‘sweet spot’ in token offering (CoinGeek), Rated: B

Wenn Digital announced its plans to raise $50 million in an initial coin offering(ICO) in the coming days. Wenn Digital developed KODAKOne, a blockchain-based system that protects the copyright of images or photographs registered on the platform.

International

CME Group Launches Ethereum Price Indexes In Partnership With Ethereum Futures Exchange (CoinTelegraph), Rated: AAA

The Chicago Mercantile Exchange (CME Group) in partnership with Crypto Facilities, a UK-based digital asset exchange specializing in crypto futures, have launched the CME CF Ether-Dollar Reference Rate and Real Time Index, according to an announcement May 14. The indexes will provide users access to a real-time Ether (ETH) price in US dollars.

10 Cryptocurrencies That Earned Big Gains in a Rough Week for the Market (The Daily HODL), Rated: AAA

The cryptocurrency markets are rebounding today after a rough seven days. The total market cap sits at just over $396 billion at time of publishing, according to WorldCoinIndex.

cryptocurrencies
Source: The Daily HODL

Cryptocurrency Exchanges Pivot to Decentralization to Avoid Overseeing User Funds (CCN), Rated: AAA

Any platform or application online is hackable, especially if poor security measures are implemented.

In December 2017, Bithumb, South Korea’s second-biggest cryptocurrency exchange and the only publicly listed cryptocurrency trading platform in the world, revealed that it held more than $6 billion worth of user funds at the time. Since then, the cryptocurrency market has dropped by around 50 percent in valuation and so based on the current rates of cryptocurrencies, Bithumb holds about $3 billion.

Xapo, a Switzerland-based bitcoin wallet and custody service provider, has more than $10 billion stored in its cold wallets secured in underground bunkers, as a Bloomberg report revealed. $10 billion in deposits is more than the funds held by 3,000 banks based in the US.

Consequently, projects like Kyber Network, 0x, AirSwap, and Bancor have started to develop decentralized trading platforms to allow users to trade cryptocurrencies while remaining in full control of their funds.

Startup Enables Users to Pay Ethereum at 11 Million Locations, Like Cash (NewsBTC), Rated: AAA

Very few retailers accept Bitcoin or cryptocurrency payments these days. That situation is slowly coming to change. Basepay is bringing Ethereum payments to over 11 million locations, with an option to connect this particular solution to Apple Pay.

There is support for nearly 400 million retailers in total, as online payment support is also built in.

Android users will receive access to this application first and foremost. iOS Support is coming later, as Apple usually takes longer when it comes to vetting new applications.

Thomson Reuters Launches Cryptocurrency Real Time Rates (Thomson Reuters), Rated: A

Thomson Reuters has launched a new Cryptocurrency Real Time Rates data feed which provides reliable, real-time information from six currencies across major cryptocurrency trading exchanges; encouraging efficiency and transparency within the global market place for cryptocurrency investors.

The new Cryptocurrency Real Time Rates are accessible through a customized API on Thomson Reuters Eikon, providing trading data from various exchanges including bitFlyer and BITPoint with more exchanges to be added over time.

190 Cryptocurrency Exchanges: So How to Choose (Investopedia), Rated: A

In the case of the latter of these considerations, the most popular and straightforward way of buying and selling digital assets is through a cryptocurrency or digital currency exchange. Sounds simple? Perhaps not when you account for the roughly 200 of these exchanges that are currently available globally.

1. Be Cautious

The first thing to keep in mind when searching for a digital currency exchange, and indeed when considering any aspect of a cryptocurrency investment, is that scams and frauds are out there, and they can have a very real impact on individual investors.

2. Do Your Research

When it comes to cryptocurrencies and exchanges, reputation counts. Before you even go so far as to create an account (which should reflect a high level of trust, as it entails a user passing over private information of various types), take time to thoroughly research the exchange you’re considering.

3. Go With Higher Security

The harder it is to create an account at a particular exchange, the better.

5. Beware of Fees and Pairs

Two major factors that distinguish different exchanges are the fees and the currency pairs they offer.

3 Fundraising Methods Disrupting the ICO Industry Today (CoinSpeaker), Rated: A

Initial Loan Procurement (ILP)

Like Ethereum created the first ICO, blockhive have created the first ILP. It’s an entirely new innovation. Instead of sending your money to a smart contract and receiving tokens as you would in an ICO, you become a creditor and lend your money to a company. The loan is paid back at an agreed time and is legally binding.

Airdrops

Airdrops are becoming an increasingly popular way of distributing cryptocurrency tokens. They aren’t dissimilar to ICOs, but one feature makes them stand out – participating in an airdrop is free. This means that airdrops can sidestep regulations even in countries where the purchase of cryptographic tokens is banned.

Security Token Offerings (STO)

Security Token Offerings, such as those provided on the Polymath platform, could be the future of the cryptocurrency market. This is because security tokens have the potential to revolutionize the trade of traditional stocks, shares, bonds on the blockchain. These tokens are different from those issued in ICOs because they have KYC/AML compliance baked into them.

A Fish’s Trek From ‘Bait to Plate’ on the Ethereum Blockchain (CoinDesk), Rated: A

During the Ethereal Summit, hosted May 11-12 by ethereum startup/incubator ConsenSys in Queens, New York, attendees were given an immersive experience to highlight the benefits a blockchain could have of tracking goods as they move along the supply chain. While blockchain’s use for supply chain management is being tested for a whole host of products by startups and tech heavyweights alike, during the summit, Viant, an ethereum-based supply chain management startup, focused on tuna.

The experience started by showing attendees a short documentary film called “Bait to Plate,” that charted the journey of a person-sized Yellowfin tuna caught in the waters off Fiji, an archipelago in the South Pacific Ocean.

The documentary followed the fish from being caught to being packaged to being shipped all the way to plates of attendees at the conference.

Insiders Reveal ASIC Mining to be Inevitable For Cryptocurrency (NewsBTC), Rated: A

In a revelatory blog post, David Vorick makes a thorough examination of cryptocurrency mining from his experts point of view concluding that ASIC mining is an inevitable result of the big money involved in the mining industry.

Vorick who oversees development of the decentralized file storage coin SIA also operates Obelisk, his own ASIC manufacturing firm which is about to release its first ASIC in the weeks to come. In the essay The State Of Cryptocurrency Mining, he sums up what he learned on the way to bringing his miner to market and shares his conclusions and speculations about the future of Crypto mining.

Secret ASICS Exist

Vorick goes on to describe an underground mining industry where farms pay millions of dollars to get exclusive access to designs for specific cryptocurrencies. He believes that every proof of work coin with a block reward of more than $20 million has a group of secret ASIC mining it.

Cryptocurrency 2.0 Begins (Seeking Alpha), Rated: AAA

Here, in the United States, the Securities and Exchange Commission has expressed openness to ICOs, a general desire to focus on implementing consumer protection over stifling the entire crypto industry, and debates overcrypto’s status as a security that show a likely thoughtful and industry-inclusive approach.

On the private actor side, companies such as Facebook (FB) have gone from banning all crypto ads in January to now seemingly on the verge of releasing their own cryptocurrency for use on Facebook’s ever increasing platform of properties, ranging from now content streaming to reselling to dating.

Cryptocurrency appears to be chugging along, as the overall world market cap has rallied from its post-bubble low of $250 billion to now $406 billion, or 62.4%, in the past month and a half.

cryptocurrency market cap
Source: CoinMarketCap

Indeed, amid cryptocurrency’s resurgence since early April of over 62% in world market capitalization, Bitcoin has fallen from about 45% of the overall market share to about 37%.

Non-Bitcoin market cap has grown from about $140 billion in early April to now $258 billion, an increase of about 84%.

percentage of total market cap
Source: CoinMarketCap

There are 4500+ Cryptocurrencies with Many Being Inactive, CoinJanitor Wants to Clean them Up & Reanimate Some of Them (Crowfund Insider), Rated: A

There have been thousands of digital coins created but many have died, morphing into Zombie coins.

CoinJanitor, a project by Marc Kenigsberg, wants to recycle these coins and create new value with them. The idea is to buy out Zombie coin holders, giving them a way to recover some of the investment they lost in these dead coins.

CoinDesk Releases Q1 2018 State of Blockchain Report (CoinDesk), Rated: AAA

To shed light on a tumultuous Q1, CoinDesk’s latest State of Blockchain report provides a 90-plus slide analysis of some of the most significant data points.

Highlights Include:

  • Bear market takes hold in multiple cryptocurrencies. Price, transaction volume, exchange volume, and more all down over 3 months.
  • Bitcoin hashrate continues to grow by 47% despite slumps.
  • $6.3bn for ICOs and $885mn for VC. The average ICO raise amount has about doubled from last quarter of $16mn to $31mn.
  • Transaction fees fall from 60% to 90% with bitcoin averaging a $9.49 fee per transaction.
  • Sentiment Survey: 31% paid taxes on their crypto gains. 18% of U.S. respondents said they thought understanding taxes were easy compared to 38% of Non-U.S. respondents.
State of Blockchain
Source: CoinDesk

See the full report here.

This is how blockchain can give ‘invisible’ people an ID (CNBC), Rated: A

This is how blockchain can give ‘invisible’ people an ID from CNBC.

 

Mitsubishi Corporation Testing Ripple (XRP) Ledger Protocol For Cross Border Remittance (CryptoRecorder), Rated: A

Mitsubishi UFJ Financial Group (MUFG) and Mitsubishi Corporation have announced intention to use Ripple (XRP) distributed ledger technology to demonstrate international remittance. The cross-border settlement according to Mitsubishi reduces the cost and time of transaction settlement. In the remittance test, it was aired that UK’s Standard Chartered will also be a major participant.

‘Global Blockchain Leader’ At Deloitte Resigns To Join Blockchain-Based Startup (CoinTelegraph), Rated: A

Eric Piscini, former Global Blockchain Leader and Partner at one of the “Big Four” consulting firms, Deloitte, has left the company, Forbes reports May 14. Piscini, who helped build a $50 mln global blockchain practice, is joining the startup Citizens Reserve to move supply chain networks to a blockchain.

Russia bank helps Venezuela defy US cryptocurrency sanctions (The Washington Post), Rated: A

Investors looking to buy Venezuela’s new cryptocurrency may want to head to a little-known Moscow bank whose biggest shareholders are President Nicolas Maduro’s socialist government and two state-controlled Russian companies under U.S. sanctions.

Evrofinance Mosnarbank has emerged as the only international financial institution so far willing to defy a U.S. campaign to derail the world’s first state-backed digital currency, called the petro, even before it begins to function.

First View of Blockshipping’s Global Shared Container Platform (NewsBTC), Rated: A

The Blockshipping GSCP ICO (Initial Coin Offering) opens for public sale on Monday, May 14, and while the main focus has been on achieving a successful ICO, the Blockshipping team has also achieved significant progress on the product development side.

HSBC says it’s made the world’s first trade finance transaction using blockchain (CNBC), Rated: B

HSBC claimed on Monday it had performed the world’s first commercially viable trade finance transaction using blockchain technology.

The bank issued a letter of credit for U.S. food and agriculture firm Cargill. The trade finance transaction involved a bulk shipment of soybeans from Argentina to Malaysia. The letter of credit was issued from HSBC to Dutch lender ING.

GraphPath plans to combine Knowledge Graphs with the blockchain (TechCrunch), Rated: B

Last year I covered the launch of GraphPath, a new startup that had developed a platform that aimed to “insert AI into global corporates” by making it easy to create and manage so-called Knowledge Graphs with its “Knowledge Graph-as-a-Service” technology.

Knowledge Graphs are essentially a way to organize data in an endless network of facts and relationships.

European Union

<h2″>OKEx CEO Quits To ‘Start New Life’ As Exchange Overtakes Binance As World’s Largest (CoinTelegraph), Rated: AAA

Malta-based cryptocurrency exchange OKEx sparked criticism May 14 as its CEO resigned.  The move comes the same week the exchange’s trade volumes reportedly overtook those of market leader Binance.

As Bloomberg reports today, quoting two statements from the exchange, OKEx CEO Chris Lee left his position in order to “start a new life.”

The event coincided with news that OKEx turnover had reached over $2 bln in trades in the past 24 hours, outpacing that of Binance, which had been the world’s largest exchange since January this year.

Why finding blockchain talent is hard, and what to do about it (IDG Connect), Rated: A

There’s no shortage of excitement or activity in the area of blockchains and distributed ledger technology (DLT). In an IDG Connect survey of 516 European IT professionals across multiple industries including finance, health, and retail, 38% said blockchain would have an ‘extremely big effect’ on them as a professional. Other studies suggest areas such as supply chain management and energy expect blockchain-like technologies to have a major impact on their operations.

In addition to the large incumbents looking to offer blockchain services, there are at least 115 blockchain-related startups employing more than 2,000 people in the ecosystem, according to EY,  mainly based in the US (47%) and Europe (28%).

Meet The Sisters Tackling Cryptocurrency’s Crazy Carbon Footprint With Green Power (Forbes), Rated: A

What could possibly be hotter for investors right now than a startup providing people with the computing power necessary to profit from cryptocurrencies such as Bitcoin or Ethereum?

And what if that startup uses eco-friendly hydropower, rather than dirty coal-fired power stations, to cool the ever-increasing number of servers necessary to do so?

Nadine and Nicole Damblon, German-born now Vienna-based sisters, already have half the answer.

Their startup HyrdoMiner, founded in 2016, allows people to rent time, payable in advance, on servers to “mine” cryptocurrencies.

United Kingdom

HMRC updates crypto investors on tax confusion (P2P Finance News), Rated: AAA

CRYPTOCURRENCY investors have been warned by experts that they may face an unexpected tax bill if they sell out of the market at a profit.

However, a HMRC representative has told Peer2Peer Finance News that the tax office will deal with cryptocurrency related tax bills “on a case-by-case basis”.

The 2017-18 tax year saw huge volatility across the cryptocurrency sector, with Bitcoin reaching a high of £13,840 in mid-December before ending the tax year at approximately £4,750 per coin. This has led to confusion among retail investors regarding their tax liability, particularly if they sold out of the market at a high, then reinvested the profits only to see any gains wiped out.

China/Hong Kong

Chinese bitcoin mining gear makers set sights on world’s largest bitcoin IPOs (Reuters), Rated: AAA

Two Chinese bitcoin mining equipment makers are set to test international investor appetite for cryptocurrencies with plans to raise as much as $1 billion each – in what are expected to be the world’s largest bitcoin-focused floats to date.

Canaan Creative has applied to the Hong Kong stock exchange for an IPO while Zhejiang Ebang Communication has started working with advisers on a Hong Kong float, according to IFR, a Thomson Reuters publication.

Both are seeking as much as $1 billion, IFR said, which would dwarf other known listings for crytopcurrency firms.

Binance Coin (BNB) Makes It to $ 13.2223: Cap Reaches $ 1,507,888,150 (Economics Gazette), Rated: A

Binance Coin (BNB) traded up 4.06% on USD since this time yesterday period ending 06:15 on May 13th EST. Binance Coin currently has a market capitalization of $1,507,888,150 and its 24 hour trading volume is around $40,733,200. In the last seven day time period, Binance Coin is -6.94% against the USD with a change of 2.72% during the last 60 minutes.

  • ReddCoin (RDD) is now trading at $0.01 against the dollar, a 4.12 percent change since this time yesterday. The Bitcoin cost of RDD is currently 0.00000089 BTC.
  • EOS (EOS) is now trading at $14.53 against the dollar, a 5.13 percent change since this time yesterday. The Bitcoin cost of EOS is currently 0.00169666 BTC.
  • Stratis (STRAT) is now trading at $6.25 against the dollar, a 6.64 percent change since this time yesterday. The Bitcoin cost of STRAT is currently 0.00072993 BTC.
  • Ethereum Classic (ETC) is now trading at $18.47 against the dollar, a 6.01 percent change since this time yesterday. The Bitcoin cost of ETC is currently 0.00215655 BTC.
  • OmiseGO (OMG) is now trading at $14.01 against the dollar, a 4.79 percent change since this time yesterday. The Bitcoin cost of OMG is currently 0.00163574 BTC.
  • Gas (GAS) is now trading at $25.83 against the dollar, a 4.93 percent change since this time yesterday. The Bitcoin cost of GAS is currently 0.0030151 BTC.
  • Waves (WAVES) is now trading at $6.26 against the dollar, a 2.91 percent change since this time yesterday. The Bitcoin cost of WAVES is currently 0.00073083 BTC.
Australia

Here’s what we know about Block.one, which created the world’s 5th largest cryptocurrency in just a year (Business Insider), Rated: AAA

Commonwealth Bank surprised the market this morning with the announcement that CFO Rob Jesudason is resigning, effective immediately.

And Jesudason’s next destination is also intriguing. He’s moving back to his previous base of Hong Kong to be the chief operating officer for blockchain outfit Block.one.

  • Block.one was established in 2017 following the release of a white paper for the EOS.IO blockchain platform, which is scheduled to launch in June 2018.
  • On 26 June 2017, the company launched an initial coin offering (ICO) for EOS tokens distributed on the Ethereum blockchain. A total of 1 billion EOS tokens were made available.
  • The ICO is unique in that it’s being carried out over the course of one year, with a select number of tokens issued each day until July 2, 2018.
  • Block.one says it has raised more than $1 billion from the ICO so far. The ESO token has a current market value of more than $12 billion.

IT consultant charged with 115 offences of unauthorised data access, insider trading (ZDNet), Rated: A

Australia’s corporate regulator has charged Steven Oaks with 115 offences for unauthorised access to data held in a computer, insider trading, and destroying or concealing books required by ASIC.

Asia

Barclays seeks patents around e-currency tech (The Hindu), Rated: AAA

Barclays has filed two patent applications relating to transfer of digital currency and data storage with the Indian Patent Office.

The bank has filed a patent application titled ‘secure digital data operations’ and its abstract describes it as method and system for transferring digital currency from a payer to the recipient. It also touches upon transmitting data through blockchain technology.

Barclays has also filed for a separate patent titled ‘data validation and storage’ and the abstract pointed to ‘cryptographically signing data corresponding with the data describing the first entity using at least a private key of the second entity’.

Cryptocurrency Traders in Pakistan Still Doing Brisk Business Despite Digital Currency Ban (ZyCrypto), Rated: A

Hodlers in Pakistan have devised ingenious means to trade blockchain-based virtual currencies despite the apex bank’s blanket ban on all things crypto-related.

Enjin Secures Listing on Kyber Network Exchange (ICO Examiner), Rated: B

Enjin,​ the largest online ​gaming community creation platform​, will today have its ERC-20 compatible token listed on the Kyber Network Exchange.

Latin America

Bytecoin (BCN) Defies Bad Press surging by over 25% on the day: How Far Can It Go? (CryptoRecorder), Rated: AAA

The privacy-focused Bytecoin (BCN) has had a week of ups and downs after the cryptocurrency wallet crashed last week after it was listed on Binance cryptocurrency exchange. Its case is that of resilience and determination amid all the negative criticism from the larger cryptocurrency industry. Immediately after the announcement of the listing, the DarkNet popular coin price spiked over 200% in 24 hours while its price achieved an all-time high of $0.018. The cryptocurrency is known for its CryptoNote technology which manages to keep its anonymity status among the best when it comes to privacy-focused coins.

MENA

Israel’s Tax Authority is Using Social Media to Track Down Bitcoin Tax Evaders (BTC Manager), Rated: AAA

It is known that Israeli bitcoiners are required by law to pay a 25 percent capital gains tax while crypto-related businesses must compulsorily send their 25 percent tax plus another 17 percent VAT to the authorities. However, since the bill became law, quite a few people and businesses in Israel’s digital currency ecosystem have failed to remit their taxes.

Bahrain Hopes to Cut Vehicle Data Storage Costs Using Blockchain (CoinDesk), Rated: A

Bahrain’s General Directorate of Traffic (GDT) announced on Thursday a new plan to develop a blockchain-based vehicle registration system in the country and is now looking for a technical partner to focus on the system’s design and implementation.

Canada

Bezant ICO Pre-Sale Raises $ 16.8 Million in Under One Hour (CryptoSlate), Rated: AAA

2018 has already been a massive year for ICOs – in the first quarter of this year, $6 billion has been raised from initial coin offerings, already surpassing the $5.6 billion raised in 2017.

Canada’s Central Bank Continues Blockchain Project Despite Doubts (PYMNTS), Rated: A

press release published on Friday (May 11) said blockchain technology firm R3, along with the nation’s central bank, the Bank of Canada, payments organization Payments Canada, financial services firm TMX Group and professional services company Accenture, are collaborating on a real-time securities settlement solution using blockchain technology. The group has completed its proof of concept for the solution that tokenizes central bank cash and assets for faster settlement.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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