Posts belonging to Category bitcoin



Facebook stablecoin for WhatsApp is set to hit the market soon

‘Facebook Coin’ Reportedly Coming in First Half of 2019

The social media giant has been in discussion with various exchanges for the launch of its new stable-coin that would allow cryptocurrency transactions between WhatsApp users. Facebook had recently acquired a high profile blockchain team to gear up the process for the same. As many as five different sources have reportedly confirmed that Facebook is going to launch the currency within the first half of the current year, i.e., 2019.

It is also being stated that the currency is in its testing phases with a small pilot group being involved. The coin when launched is expected to be one of the most rapidly growing digital assets since the social media network has an over two and a half billion global user base on the instant messaging application WhatsApp. Experts also believe that Facebook would have various options to go to after the currency has been launched.

https://www.cryptopolitan.com/

All Venezuelan Oil Will Be Sold In Petro Cryptocurrency

Experts see El Petro as nothing but a scam 

Venezuela’s President Nicolas Maduro said on state television that Venezuela would put in place in 2019 a program to sell all its oil production in the Petro cryptocurrency, which the leader is touting as the first state-backed oil-backed digital currency.

Gradually, Venezuela will sell all its oil production in Petro, Maduro said during a visit to Russia. For 2019, Venezuela will have a timetable to sell all its oil production in the cryptocurrency, its president said. In this way, Venezuela will free itself from the currency used by Washington “to create economic pain” to other countries, and to “persecute countries, as it does with Venezuela, Cuba, Iran, and Russia”, Maduro said.

El Petro, however, is seen by analysts and experts as nothing but a scam and another effort by Venezuela to skirt sanctions and mask the inability to overhaul the ailing domestic economy.

http://www.oilprice.com

 

Are blockchain and bitcoin scams?

Economist Nouriel Rubini : bitcoin and blockchain represent a significant threat

The economist who predicted the 2008 financial collapse has been telling congressional leaders that bitcoin and blockchain represent a significant threat to the stability of the financial marketplace. But he’s getting pushback. Today, Roubini doubled down on his claims in a column published on CNBC.com in which he said blockchain has promised to cure the world’s ills through decentralization but is “just a ruse to separate retail investors from their hard-earned real money.”
Blockchain, which can be used to create a decentralized, permissioned electronic ledger for all kinds of business transactions, “has not even improved upon the standard electronic spreadsheet, which was invented in 1979,” Roubini wrote in the  op-ed column.

Chinese bitcoin mining giant Bitmain had revenues of $2.8 billion in the first half of the year

IPO plan despite slump in bitcoin

After months of speculation about the company’s plans, Bitmain released its first-ever public disclosures, confirming its intention to list on the Hong Kong stock exchange. Bitmain Technologies, founded by billionaires Jihan Wu and Micree Zhan, came on the scene five years ago and rode the cryptocurrency boom to a $12 billion valuation after its most recent funding round.
The financial statements released Wednesday, which were the result of an audit by KPMG, answer key questions about the company’s financial health as the price of bitcoin and other cryptocurrencies have plummeted. Bitmain made $742.7 million in profit during the first half of this year, marking a nine-fold increase from a year earlier, according the heavily redacted documents. Revenue was up tenfold in the same period, to $2.8 billion as of the end of June, and adjusted return on equity was 58.8 percent.
http://www.cnbc.com

Lehman Brothers went bust 10 years ago

Can it happen again?

In early 2007, the then chairman of the Federal Reserve, Ben Bernanke, dismissed the idea that the slowdown in the US housing market had profound implications. It was, according to the man running the world’s most powerful central bank, just a local affair. Everybody knows what happened next. Within 18 months the local problem in the US subprime mortgage market had ballooned into the biggest global financial crisis since the 1930s. When Lehman Brothers went bankrupt 10 years ago this week, it was the catalyst for a month of turmoil in which no financial institution was considered entirely safe.
Inevitably, the anniversary of those tumultuous weeks in late September and early October 2008 has prompted speculation about whether it could happen again. And, if so, what will be the cause? Looking around the global economy, there are plenty of potential candidates…

Initial Coin Offerings are booming

1Q 2018 in Review

There’s a bear narrative in the air about ICOs and crypto currencies. It starts out by suggesting that last year was a bubble around Bitcoin, that many unscrupulous parties tried to jump on the bandwagon and take naive investors’ money. This spilled out in the fintech, crypto and public markets. See, for example, Long Island “Blockchain” being de-listed from NASDAQ. Or India cracking down on crypto currencies. Or the ban on Venezuelan crypto petro currency. And on top of this, regulators across the globe are recognizing Initial Coin Offerings for what they are — unregistered securities offerings from unlicensed institutions.

https://next.autonomous.com/

Facebook to Launch its Own Cryptocurrency

Massive ICO

An exclusive source has confirmed to Finance Magnates that beleaguered social media giant Facebook is diversifying its product line with a cryptocurrency of its own – Facebook Coin (FBC). Users will have to register to use the coin, but Facebook will guarantee that wallets and transactions will be completely anonymous.
The development has not been officially announced, but reportedly the coin is to be launched on the Ethereum blockchain via an ICO within the next two weeks. Given the size and reach of Facebook, it seems safe to assume that the ICO will rival the 1.2 billion dollars that Telegram raised in its own funding round.
https://www.financemagnates.com/

Bitcoin's victory

Wall Street Will SoonTrade Virtual Currency

Some of the biggest names on Wall Street are warming up to Bitcoin, a virtual currency that for nearly a decade has been consigned to the unregulated fringes of the financial world.

The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential.

The news of the virtual exchange, which has not been reported before, came after Goldman Sachs went public with its intention to open a Bitcoin trading unit — most likely the first of its kind at a Wall Street bank.

The Greatest Bubble in History ?

Bank of America “Kills” Bitcoin for 278th Time

The Bitcoin Bubble is popping… this time for real… because Bank of America says so. For the 278th Time.
Bitcoin is not only the king of cryptos but also the king of bubbles. According to Bloomberg, a study by Bank of America Merrill Lynch on the behavior and evolution of Bitcoin’s prices places it as the most significant asset price bubble in history.
The study compares the price trends of bitcoin with other similar phenomena such as the U.S. stock market in 1929 crash in the Stock Markets, the Mississippi Company, and South Sea Company in the 18th century, the behavior of gold pricing, and the famous Dutch Tulip bubble.
http://www.cryptocurrencynews.com/

Britain unveils new fintech plans, including cryptocurrencies

G20:  no consensus for global regulation of cryptocurrencies

Britain announced a task force on Thursday to exploit the technology underpinning cryptoassets, such as bitcoin and other cryptocurrencies, as part of new plans to help fintech companies find more customers.

British finance minister Philip Hammond said he was committed to helping fintech grow and flourish by taking a series of domestic steps and forging links overseas.

“As part of that, a new task force will help the UK to manage the risks around cryptoassets, as well as harnessing the potential benefits of the underlying technology,” Hammond told a fintech conference hosted by the finance ministry.

Investors have flocked to cryptocurrencies like bitcoin despite wild price swings.

Regulators have warned that investors could lose all their money, but see promise in the blockchain technology that underpins cryptoassets.

Britain’s announcement comes after finance ministers from the Group of 20 richest economies (G20) were unable this week to find enough consensus for global regulation of cryptocurrencies.

http://www.reuters.com

Machines have replaced human stock market traders

Impact on the next financial crisis could be devastating

The February sell-off in stocks demonstrated the impact of automated trading on markets, according to Charles Himmelberg, Goldman Sachs’ cohead of global markets research.
“In this new market structure, machines have replaced humans, and speed has replaced capital,” Himmelberg said in a note.
This new ecosystem dominated by machines has dried up the sources of liquidity that would be needed in the next major wave of selling, he said.
http://www.businessinsider.com

Dow futures tumble over 400 points

Markets: Fasten your seat belts

The Dow has already plummeted more than 1,800 points over the previous two trading sessions. Monday was particularly brutal: the index tumbled a record 1,175 points. The 4.6% plunge was the Dow’s worst day since August 2011 and knocked it into the red for the year.
The tremors also spread to the other side of the globe, with stocks in Asia plummeting overnight. Japan’s Nikkei lost more nearly 5%, while stocks in Hong Kong dropped almost 4%.
http://www.cnn.com...  Febuary 06, 2018

Telegram wants its own blockchain platform and native cryptocurrency

Enormous Initial Coin Offering

Encrypted messaging startup Telegram plans to launch its own blockchain platform and native cryptocurrency, powering payments on its chat app and beyond. According to multiple sources which have spoken to TechCrunch, the “Telegram Open Network” (TON) will be a new, ‘third generation’ blockchain with superior capabilities, after Bitcoin and, later, Ethereum paved the way.

The launch will be funded with an enormous Initial Coin Offering, with forthcoming private pre-sales ranging into the hundreds of millions, potentially making it one of the largest ICOs to date. Demand is driven by the fact that rather than the ICO coming from a fresh startup, Telegram is a well-established messaging platform used around the world.
Adopting a homegrown cryptocurrency could give Telegram’s payment system enormous independence from any government or bank — something Co-founder and CEO Pavel Durov is known to covet after investors took over his last company, Russian social network VK. Durov has not responded to TechCrunch’s several attempts to contact him regarding this story.
http://www.techcrunch.com/ … Tue., 16  January 2018

Eastman Kodak unveils cryptocurrency

Stock doubles

Shares of Eastman Kodak Co (KODK.N) more than doubled on Tuesday after the one-time leader in photography became the latest company to jump on the cryptocurrency bandwagon.
The storied Rochester, New York-based company said in a statement it is launching a cryptocurrency called “KODAKCoin” for photographers, part of “KODAKOne,” an image rights management platform in a licensing partnership with WENN Digital.
The platform uses blockchain technology, the backbone of bitcoin and other digital currencies that have surged in recent months and raised fears of a price bubble.
http://reuters.com/ … Wed., 10  January 2018

Wall Street worried by the lack of worry

Some investors are acting as if the market will never go down again

The stock market is sizzling. Companies are touting the bonuses they are giving thanks to lower taxes. And consumers are spending with gusto.
But some experts are worried that a sense of invincibility is starting to creep in among investors. Some are acting as if the market will never go down again.
“Investors are starting to feel a little too overconfident for my liking,” Jamie Cox, managing partner for Harris Financial Group, said in a recent report. “There is a clearly a confidence I haven’t seen in 10 years.”
http://money.cnn.com/ … Tue., 09  January 2018