Top Crypto News – 18/06/2017

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Metropolitan Bank Is Handling Millions for Crypto Clients (And It Wants More)

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To most banks in the U.S., cryptocurrency businesses are pariahs. To Metropolitan Commercial Bank, they’re “pioneers.”

At least, that’s how the New York financial institution’s chief technology officer, Nick Rosenberg, describes them.

“We’re certainly very interested in growing this vertical,” Rosenberg told CoinDesk of the bank’s crypto clientele. “We’ve learned that it’s a serious industry. There are some very smart people involved. There are some very interesting ideas coming out that could really change the way people do business.”

While most banks cling to the adage “blockchain not bitcoin,” Metropolitan stands out simply by being one of the very few to enthusiastically court deposit business from crypto firms.

These clients include a few exchanges, as well as hedge funds and other crypto investors that bank at Metropolitan because it’s easier to quickly move their money to those exchanges. (To be clear: the bank only handles fiat for customers and does not touch crypto itself.)

So far, it’s proven a lucrative niche for Metropolitan. In the first quarter, cash management and foreign exchange conversion fees from cryptocurrency clients totaled $3.4 million, the bank disclosed in an investor presentation. This helped drive a more than 300 percent increase from a year earlier in Metropolitan’s total non-interest income, to $5.4 million, according to a Securities and Exchange Commission filing.

If that doesn’t sound like a lot of money, keep in mind that Metropolitan is a community bank. With just $1.9 billion in total assets, it’s less than one-1,000th the size of JPMorgan.

What’s more, that triple-digit rate of growth is astronomical for the U.S. banking industry, where non-interest income for all institutions climbed a measly 7.9 percent during the same period, according to data from the Federal Deposit Insurance Corp.

Yet despite the lucrative demand from crypto companies for banks to provide fiat liquidity and other traditional services, bitcoin-friendly banks like Metropolitan are still as rare as they were three years ago.

“It’s extremely challenging,” said Joe Ciccolo, president of the compliance service provider BitAML Inc. Referring to another sector that banks have famously shunned, he added:

“The legalized cannabis industry are having a much easier time than our cryptocurrency clients.”

‘High-touch relationship’

One reason Metropolitan Bank is an outlier in embracing the crypto industry is that most banks can’t stomach the risks. Chief among them is the regulatory risk.

Anti-money-laundering regulations require banks to identify their customers and even their customers’ customers, plus track the flow of funds. While public blockchains can help banks and law enforcement trace the movement of money, the pseudonymous nature of crypto addresses makes it hard to determine who is ultimately sending and receiving funds.

Bitcoin’s historical association with underground drug markets certainly doesn’t help.

“It’s very difficult for a bank to maintain a pro-bitcoin stance,” said Ciccolo, citing the high turnover among compliance officers. “If you have a new officer come into a financial institution, they may take the opportunity to put a different stance on high-risk customers such as crypto companies.”

As bullish as they may be, Metropolitan’s bankers still recognize the risks of working with crypto clients. “It’s a high-touch relationship,” Rosenberg said, meaning one requiring extra diligence.

With regard to risk management, Rosenberg said there are two crucial keys to serving crypto clients.

The first is being extremely selective about client acquisition, only working with companies that take compliance as seriously as the bank does. The second is maintaining an open dialogue with regulators.

“Law enforcement departments, in general, are understanding that cryptocurrency is not all about illicit payments, it has a value and it has a legitimate purpose,” Rosenberg said. “It’s just a matter of spending time explaining it, understanding what their concerns are, making them feel comfortable that we are mitigating those concerns, and that we have the right controls in place.”

Other risks

Compliance aside, Metropolitan also has to insulate itself from the volatility its cryptocurrency customers live with every day. As noted above, the bank only works with fiat currency like dollars, never touching cryptocurrency directly.

But more subtly, it’s minimized the risk to its own balance sheet in the event crypto depositors’ balances suddenly shrink. To illustrate why this would be a concern, the settlement accounts it maintains for exchanges totaled $281.2 million on March 31, representing 17.4 percent of the bank’s total deposits, according to the SEC filing.

Such a high concentration might normally be worrisome.

However, Metropolitan isn’t using these accounts to fund long-term assets like mortgages, just cash and equivalents. So, even if they were drained at once, it’s far from a run on the bank.

“They do not utilize a lot of these deposits in their everyday operations, just because they do know there is significant volatility there,” said Collyn Gilbert, an analyst and managing director at the investment banking firm Keefe, Bruyette & Woods.

To be sure, Metropolitan held another $100.8 million in corporate accounts for cryptocurrency firms, making up 6.2 percent of total deposits as of March 31. And these accounts do fund assets on the balance sheet.

But corporate accounts, which clients use for normal business activities like payroll, are less volatile than settlement accounts, which hold money only temporarily until a transaction is completed, Gilbert said.

Yet there’s one more risk Metropolitan has encountered in the crypto space: what finance types call “headline risk.”

In January, the bank sent its customers a reminder of what it said was a longstanding policy of not accepting crypto-related wire transfers from entities outside the U.S. Word leaked out to the press, which reported this was a new policy prompted by fraud. Metropolitan had to issue a public denial of that claim to quell backlash.

Reaping rewards

Setting aside the fee income and interest-free funding on deposits, there’s a more intangible benefit Metropolitan gains from banking cryptocurrency firms, one that arguably compensates for all the risks.

Namely, it gets a front-row seat to the revolution and is learning about how cryptocurrencies perform in the wild.

“I think Metropolitan was intrigued by the structure, more than just bitcoin, but the structure of that currency market in general,” Gilbert said. “The technology behind it is what has really been intriguing to this management team.”

Ciccolo agreed that serving this sector has given Metropolitan a competitive advantage.

“There’s a dual benefit for those banks that are willing to step out there,” he said. “Not only does it present a new book of business their competitors don’t have, so they can grow their customer base and reach, at the same time, it also gives them a sneak peek at some of the technology that might be impacting their world in traditional finance.”

Indeed, the bank’s director of new products, Kyle Hingher, said Metropolitan hopes to someday be one of the leading banks serving the emerging token economy, once the opaque regulatory landscape clears up.

“We’re looking at this market as a new asset class,” Hingher said. “We’d like to do more for the new asset class.”

For now, of course, even companies with cypherpunk ideals benefit from working with traditional banks to tap into audiences and services that utilize fiat currencies. Liquidity lends any crypto startup greater usability.

“If something is really going to succeed, it’s going to require a banking partnership,” Hingher said.

Looking ahead, the Metropolitan banker is keeping close tabs on the emergence of security tokens and blockchain-based settlement systems.

“The opportunity is to merge technologies and that potential for something brand new that could be earth-shattering and change everything. The potential for that, I think, outweighs all the crash-and-burn scenarios,” Hingher told CoinDesk, concluding:

“We call ourselves the entrepreneurial bank. We want to work with this new space rather than butting heads.”

Image via Metropolitan Commercial Bank
Written by CoinDesk.com

EOS May Be Live But It’s Still Got Crypto Critics Debating

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After a messy weeks-long process, CoinDesk broke the news yesterday that the EOS blockchain is officially live.

To some, it’s already an event for the cryptocurrency history books.


Still, if you haven’t been following the event closely, it might beg the question, ‘What is EOS anyway?’

When we talk about EOS, think about a cloud computing service like Amazon Web Service. It’s a platform for the storing or hosting of data, except rather than using a centralized server, EOS is attempting to distribute the data in a distributed system using blockchain technology.

It was created by blockchain startup, Block.one, and was able to gather over $4 billion to develop its open-source software over a year-long initial coin offering (ICO).

Last week, however, Block.one turned its code over to the world, or more specifically, to developers willing to work on the software as well as 21 block producers who will approve its transactions. The idea is that, in order to be more efficient than your average blockchain, EOS reduces the number of individuals or companies that can validate transactions.

Rather than competing in a global open market like bitcoin’s, users who own tokens are constantly voting for block producers.

The votes

Sounds pretty ideal right? Well, the trick is getting a global network no one is supposed to control off the ground.

Some questioned the set-up, as it ensured the voting process went on for some time while all the distributed users of the network struggled to coordinate. In this way, the more damaging criticisms might come from those who were eager to point out this has been done before (with varying results).


Overall, it’s safe to say this voting process looked a bit confusing from the outside, and other market observers were perhaps a bit too quick to cast judgement.

Some even went so far as to blame the plan of action for the token’s poor market performance over the last few weeks.


Education to come

These comments point to a central issue – EOS operates differently than other blockchains.

This means it’s still taking the industry a while to see what EOS is trying to create and that this vision actually adds value to the users it wants to reach.

As long-time industry observers point out, it’s still not really clear who would want a blockchain that’s not that decentralized. After all, blockchain believers cite decentralization as a key advantage of blockchains over the existing financial system.

As these tweets show, some already have their minds made up about how EOS will work.

Some even go so far as to argue past investments are influencing current opinions on the project.

But with EOS is ranked as the number five cryptocurrency on CoinMarketCap, there are those who remain eager to defend its vision.

As the tweet below shows, crypto Twitter might be divided on this view for some time to come.

EOS money image via Shutterstock
Written by CoinDesk.com

An Inside Look at the Electron Cash Wallet Coming to iOS

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Electron Cash Is Coming to iOS

An Inside Look at the Electron Cash Wallet Coming to iOSThe Electron Cash wallet is a reputable bitcoin cash (BCH) wallet that’s been around for quite some time. At the moment the client is available for Mac, Linux, Windows, and Android for mobile phones. However, the wallet’s development team and lead developer Jonald Fyookball are in the midst of building the Electron Cash application for iOS users. Fyookball has allowed news.Bitcoin.com access to the beta testing using Apple’s Testflight system so we could experiment with the wallet, and share our experience with our readers.

Experimenting With Beta Version 3.2.0 on Testflight

When opening the wallet users are greeted by a neon-blue like screen that says Electron Cash, from here the user can choose a few options when they launch the app for the first time. The choices given are the usual create new wallet, import an existing seed, or use existing public or private keys. We created a new wallet and the Electron Cash iOS interface gave us a new twelve-word mnemonic phrase to write down. After finishing writing the seed down, the wallet asks you to re-type all twelve words, but it doesn’t take too long because words are predicted and easily-tappable after a few letters are typed. You also encrypt the wallet with a password, and are given the option to name it as well. Remember your password and mnemonic phrase give you access to your funds, and keeping them a secret is a top priority.

An Inside Look at the Electron Cash Wallet Coming to iOS

The Electron Cash iOS app always asks you for your password whenever you open it or if you want to sign an outgoing transaction. In the wallet interface there are five main settings which include wallets, addresses, coins, contacts, and the settings section. The wallet section is basically the main page you are greeted with after entering your password. It shows the name of the wallet(s) and you can toggle to different wallets in the first field on the top of the page. The page will also show you all the transactions that have occurred for that specific wallet. On the very top, there is a blue banner with a green light indicating the client is synced up and online. If it was red this would indicate the wallet is not online and synced to the BCH network.

Moving on to the addresses page it will show a bunch of addresses both used and unused. You can toggle between funded addresses and unfunded addresses, alongside if they are receiving or change addresses as well. The Electron Cash wallet allows users to create contacts by utilizing an individual or organizations’ address so you can easily send funds to any recurring contact. The coins area shows BCH transactions that have been sent or received but are not yet confirmed.

An Inside Look at the Electron Cash Wallet Coming to iOS

The Electron Cash Wallet Has Numerous Adjustable Settings

The wallet’s settings section is where you can make a bunch of changes to the wallet, like change your password, and view your mnemonic phrase if you needed to see it again. In the settings, the Electron Cash iOS client has an address converter so a person can change a legacy address into the Cashaddr format. This section also offers a variety of features like the ability to change the fee to max static or the user can choose a custom fee. Below that where it says transactions, you can choose to utilize change addresses, multiple change addresses, and whether or not the wallet will spend only confirmed coins. Following this section, you can change the appearance, choose what block explorer you want to use. From here users can also set the fiat settings so you can view the value of coins in USD, EUR, and many other monetary units.

An Inside Look at the Electron Cash Wallet Coming to iOS

The wallet works very well for being in its beta (3.2.0) testing phase and Electron Cash users will be sure to enjoy this wallet. There were a few occasions where it was difficult to remove the keyboard and view the lower fields on the screen in the earlier versions we tried prior to the 3.2.0 upgrade released just the other day. Since then we’ve found the app works like a charm, and haven’t found any difficulties using it. The Electron Cash developers have also been looking for testers on the subreddit /r/BTC over the past few weeks in order to get feedback.

Written by Bitcoin.com

 

 

SVK CRYPTO PODCAST 162 – 15/06/2018 – SVK Crypto’s Week in Review!

https://www.podbean.com/media/share/pb-y29gf-9355bc

Welcome to the SVK Crypto, 15 Minutes of Crypto Fame, brought to you by your host, Charles Storry. We provide daily cryptocurrency content and analysis on topics such as Bitcoin, Ethereum, Altcoins and ICO’s.

We not only produce our daily content we feature CEO’s of all exciting ICO’s! Stay tuned to find out more!

If you’d like to stay in touch or get more info from me, please SUBSCRIBE to the channel and spread the good word!

Follow us on Twitter: https://twitter.com/SVK_Crypto

Visit our website: http://www.svkcrypto.com

Email us: cstorry@svkcrypto.com

Telegram: https://t.me/SVKCrowd

Top Crypto News – 15/06/2018

The EOS Blockchain Is Now Officially Live

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The EOS blockchain is now live.

At press time, the blockchain has received more than the 150 million votes needed to determine the individuals or entities that will maintain the distributed network, the world’s fifth largest by total value, thus ending a weeks-long process that had been among the most complex the evolving cryptocurrency market has perhaps ever seen.

As such, the news effectively ensures that the software for which a company called Block.one raised more than $4 billion during an almost year-long initial coin offering (ICO) will now be accessible. According to best estimates, the blockchain began operations at 17:46 UTC.

This happened after a roughly a week of deliberation and testing by block producer candidates – those groups vying for one of 21 validator node spots in which they will receive rewards for verifying transactions – from all around the world. While that testing phase uncovered several vulnerabilities that caused two groups to go head-to-head on the correct implementation and delays for the launch, on June 9, block producer candidates voted unanimously in favor of launching the blockchain.

As per the project’s process, that percentage was the two-thirds +1 of the candidate community to initiate the launch, but also per the plan, the blockchain wasn’t officially live until further validation had been completed, an appointed block producer launched the chain and then 15 percent of EOS holdings had voted.

And once 15 percent of token holders had voted to establish the set of 21 elected block producers, the chain became active. This took longer than many had anticipated for many reasons, including security concerns with the voting process.

Following the launch, tokens were trading at $10.45.

Written by CoinDesk.com

 

Despite Court Order Tokyo Exchange Says It’s ‘Technically Difficult’ to Close Accounts

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Tokyo Exchange Can’t Comply with Court Ordered Crypto-Account Closure Due to Technical Difficulties

The regional news outlet Nikkei has reported that a woman in her 70s requested a cryptocurrency account foreclosure. According to her lawyer, Yuko Fujii, the lady got caught in trouble in May 2016, as a trader in Saitama Prefecture convinced her that she could make a profit with virtual currencies. The lady allegedly was advised to purchase cryptocurrencies at 30% above the market price. She purchased the amount of about JPY 500,000 (~US$4,525) worth of crypto with JPY 150 million (~$1,357,500).

The lady later reconciled with the trader and was being repaid at the purchase price, but suddenly the payment stopped. She then requested the foreclosure of the account under the name of the trader to get the remaining JPY 13 million (~$117,650). Her claim was approved and the Saitama District Court ordered the exchange to foreclose the wallet linked to the trader’s ripple account twice, once in July 2017 and the other in April 2018.

But the cryptocurrency exchange replied that the wallet was technically not managed by them and that they could not refund the victim. They added that if they reimbursed the lady on behalf of the wallet company, they would not be able to get refunded by the trader, and they would suffer losses themselves.

Despite Court Order Tokyo Exchange Says It’s 'Technically Difficult' to Close Accounts
The exchange later revealed that it had withdrawn its application to enter the cryptocurrency industry, based on the revised fund settlement law.

Exchange Has Yet to Refund the Victim

As a result, because the wallet of the trader was not foreclosed, there is alleged evidence that the trader had moved his crypto out, and the victim still has not recovered her funds. Fujii, the attorney, commented that if the cryptocurrency exchange did not comply with the court order, the victim could “hardly” be relieved from the damage she suffered.

The cryptocurrency exchange told Nikkei that they consulted an advisory lawyer and recognized that there was a legal problem regarding the payment. “We have not yet refunded the victim,” the exchange’s official replied. The exchange had received a business improvement order from the Fukuoka Financial Office in March and later revealed that it had withdrawn its application to enter the cryptocurrency industry based on the revised fund settlement law.

Professor Masashi Nakajima, a financial expert familiar with crypto, said that a cryptocurrency that doesn’t have an administrator cannot be seized by a public authority. It is also impossible to technically guarantee a secure execution of the refund. This practice could become the hotbed for money laundering and concealment if not tackled properly.

Written by Bitcoin.com

 

A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency

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Coinex: The Exchange That Uses Bitcoin Cash as Its Base Currency

A Look at a Few Exchanges That Use Bitcoin Cash as a Base CurrencyMost cryptocurrency exchanges use bitcoin core (BTC) as the base currency that is traded against various other digital assets. At the moment bitcoin cash (BCH) only has three exchanges that use the decentralized cryptocurrency as a base currency and one of them just launched its beta release this past May. At the moment the most popular exchange that offers BCH base currency pairs is Coinex. The firm Viabtc announced the launch of Coinex back in December of 2017 and the trading platform offers BCH pairs with the most popular digital assets in the crypto space.

Viabtc’s chief operating officer, Sara Ouyang, explained that because BCH network fees were so low it prompted the firm to create the markets with bitcoin cash as the base currency.

“The reason we chose [BCH] over [BTC] is that it has much faster transactions with low fees and better performance in terms of usability,” Ouyang detailed at the time.

A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency
Coinex Bitcoin Cash markets.

Coinex is also available on mobile operating systems like Android and iOS and provides global trading services in nearly 100 countries. Further, Coinex offers HTTPS and two-factor authentication and claims its cold storage funds are held by using a multi-signature strategy.

Panda Exchange Provides Traders With Bitcoin Cash Trading Pairs

Another trading platform that offers BCH pairs is the Panda Exchange — a cryptocurrency exchange that provides bitcoin cash pairs with ETH, ZEN, XRP, LTC, BTG, and others. The Panda Exchange is open to residents in the U.S., South America, Canada, and Portugal. The exchange recently announced that it has added a slew of new pairs and more will be added in the future.

A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency
The Panda Exchange offers BCH pairs traded against various cryptocurrencies such as LTC, ETH, and XRP.

   The Recently Launched BOA Exchange and Hello Group’s Upcoming Bitcoincash.io Trading Platform

Recently another exchange called BOA Exchange has launched a set of crypto-markets that use bitcoin cash as the base currency. The exchange is very new as the trading platform explains that it recently finished its beta phase this May and is now opening signups to the public.

A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency
BOA Exchange BCH markets. This platform just recently launched.

Lastly, Bitcoin Cash supporters will soon see another exchange that uses BCH as the base currency from the Cyprus-based company Hello Group. In February the firm announced it had purchased the domain Bitcoincash.io to host its BCH trading platform. When visiting the URL Bitcoincash.io, visitors are greeted by a picture that says ‘Bitcoin Cash — Coming Soon.”

A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency
The Cyprus-based firm Hello Group is launching an exchange that uses BCH as the base currency. When people visit the website Bitcoincash.io this banner comes up.

The BCH community believes there is a significant need for more of these exchanges in order to decouple the digital asset’s price from BTC. Many of them believe BCH is a perfect choice for a trading platform’s base currency, as its speed and low fees would make deposits and withdrawals much faster and cheaper. For now, BCH traders have Coinex, Panda Exchange, the newly launched BOA Exchange, and the upcoming launch of Hello Group’s BCH trading engine.

Written by Bitcoin.com

 

 

SVK CRYPTO PODCAST 161 – 14/06/2018 – EOS Mainnet has been activated!

https://www.podbean.com/media/share/pb-vu8jk-933d70

Welcome to the SVK Crypto, 15 Minutes of Crypto Fame, brought to you by your host, Charles Storry. We provide daily cryptocurrency content and analysis on topics such as Bitcoin, Ethereum, Altcoins and ICO’s.

We not only produce our daily content we feature CEO’s of all exciting ICO’s! Stay tuned to find out more!

If you’d like to stay in touch or get more info from me, please SUBSCRIBE to the channel and spread the good word!

Follow us on Twitter: https://twitter.com/SVK_Crypto

Visit our website: http://www.svkcrypto.com

Email us: cstorry@svkcrypto.com

Telegram: https://t.me/SVKCrowd

Top Crypto News – 14/06/2018

Crypto Exchange Approved for Regulatory Sandbox License in Bahrain

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Crypto Exchange Received Sandbox License

The Central Bank of Bahrain (CBB) has reportedly granted a regulatory sandbox license to the operator of Palmex, a Dubai-based cryptocurrency exchange. The Dubai International Financial Center (CPI Financial) elaborated on Tuesday:

Palmex, a professional digital asset exchange powered by Arabianchain Technology, has become the first cryptocurrency exchange in the Middle East and North Africa (MENA) to receive a regulatory sandbox licence.

Crypto Exchange Approved for Regulatory Sandbox License in BahrainAccording to its website, the exchange offers “multiple trading pairs including bitcoin and Dubaicoin DBIX, the first decentralized cryptocurrency in the region,” in addition to ETH, LTC, and XRP. Fees are divided into three tiers based on monthly trading volume.

Venture company Arabianchain Technology is also based in Dubai. “Arabianchain is the first public, decentralized and consensus-driven blockchain in the MENA region,” the company claims.

Crypto Exchange Approved for Regulatory Sandbox License in Bahrain

License Effective June 15

The sandbox creates a virtual safe space for businesses to “trial and refine innovative products, services, platforms and business models in a live but controlled environment…giving regulators time to adapt legislation as needed,” CPI Financial explained. “Companies will also be able to apply to list their tokens and coins with Palmex and benefit from the compliance of the exchange.”

Crypto Exchange Approved for Regulatory Sandbox License in Bahrain

According to Arabianchain’s founder and CEO, Mohammed Alsehli, the company “will start with a limited number of select users to test and optimize the process and then expand to the rest.” CPI Financial wrote:

The licence goes into effect on 15 July as part of a rigorous application process that verified its security systems, policies, processes and controls to protect customers. Whilst in the regulatory sandbox, companies are required to adhere to CBB regulations.

The CEO believes that “a significant rise in awareness and adoption [of cryptocurrency] could be expected, driving a huge spike in the number of trades and token-based fundraising across the region while maintaining the safety of the financial system,” CPI Financial conveyed.

Written by Bitcoin.com

 

Dennis Rodman and Potcoin: How Crypto Gatecrashed a Historic Summit

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With all eyes on Singapore this week, was it any surprise crypto would make an appearance?

The historic summit between U.S. President Donald Trump and North Korea’s Supreme Leader Kim Jong Un got the crypto community’s attention – and held it – thanks to Dennis Rodman and the notorious cryptocurrency that funded his travel to Singapore, potcoin.

CoinDesk reported on June 7 that retired basketball star Dennis Rodman was headed to Singapore for the Summit with the help of the marijuana-themed cryptocurrency. As a celebrity who have visited North Korea several times, Rodman’s trip was considered as “a celebrity twist” to the historical geopolitical event.

According to The Washington Post, Rodman was “in discussions with” the team behind potcoin last week to get financial support for the trip. He later officially confirmed the news on Twitter highlighting the fact his trip was sponsored by the group:

In fact, it is not the first time that potcoin has helped Rodman with his travels.

Just last year in June, the former Chicago Bulls star went back North Korea through potcoin’s sponsorship. At the time, the price of cryptocurrency spiked as Rod announced the news on Twitter in a “potcoin” t-shirt and a baseball cap.


Launched in 2014, potcoin claims it is “the first digital currency created to facilitate transactions within the legalized cannabis industry” on its website. By which, it means that it gives marijuana dispensaries and farmers an alternative to other financial institutions like a bank when they trade.

And that leads us to the day when we have Rodman, crying, on CNN from Singapore wearing a “Make America Great Again” hat, and it makes the crypto world look no worse than ever.


Oh yeah, he was also wearing a potcoin shirt.

Good for potcoin?

Shawn Perez, a potcoin spokesman, told The Post that the trip would be a “peace mission,” but many suspected it was purely a trip to promote potcoin’s brand.

ESPN reporter Darren Rovell tweeted that the advertising Rodman garnered for potcoin in the moment was worth $4.1 million.


Though Virginia Heffernan, editor at WIRED, thinks the advertising would only have counterproductive effect. Potcoin is, after all, trying to disrupt payments (a real industry).

2018 jumps the shark?

For most of Twitter users, though, it was just a weird moment that is really, really, really hard to digest.

As it is now, the price of potcoin, which is ranked No. 315 on CoinMarketCap, spiked in the last 24 hours, according to ConMarketCap’s data.

Written by CoinDesk.com

Coinbase’s New Index Fund for Investors Is Now Live

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Coinbase has formally launched a new index fund product aimed at large investors.

Announced Wednesday in a blog post by product lead Rueben Bramanathan, the Coinbase Index Fund is now “open for investments” with a minimum required investment of $250,000.

The fund will give investors access to all of the assets currently listed on Coinbase, which at present include bitcoin, bitcoin cash, ethereum, litecoin and now ethereum classic. The assets will be weighted by their market capitalization, according to the post.

Further, more assets can be added if Coinbase lists them at a future date.

Bramanathan wrote:

“We’ve seen overwhelming interest from investors since we announced the fund earlier this year. At this stage, we have opened the fund to those who wish to invest $250,000 to $20 [million].”

The fund was first announced in March. At the time Coinbase noted that it would offer exposure to any assets listed on GDAX, which is now being deprecated in favor of the firm’s new Coinbase Pro service.

However, the fund is not yet open to everyone – Bramanathan noted that, “At this stage, Coinbase Index Fund is only open to US-resident accredited investors.”

While he said that Coinbase is “working on launching more funds which are accessible to all investors and cover a broader range of digital assets,” no timeline has yet been provided.

Coinbase app image via Pe3k / Shutterstock
Written by CoinDesk.com

 

 

SVK CRYPTO PODCAST 160 – 13/06/2018 – Chris Burniske on Crypto Asset Valuations!

https://www.podbean.com/media/share/pb-vpkz8-932bc0

Welcome to the SVK Crypto, 15 Minutes of Crypto Fame, brought to you by your host, Charles Storry. We provide daily cryptocurrency content and analysis on topics such as Bitcoin, Ethereum, Altcoins and ICO’s.

We not only produce our daily content we feature CEO’s of all exciting ICO’s! Stay tuned to find out more!

If you’d like to stay in touch or get more info from me, please SUBSCRIBE to the channel and spread the good word!

Follow us on Twitter: https://twitter.com/SVK_Crypto

Visit our website: http://www.svkcrypto.com

Email us: cstorry@svkcrypto.com

Telegram: https://t.me/SVKCrowd

Top Crypto Stories – 13/06/2018

What People Are Saying About Coinbase’s Surprise ETC Listing

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Surprise?

That might sum up the reaction among some members of the crypto community Tuesday when U.S.-based exchange startup Coinbase suddenly announced its plans to list ethereum classic (ETC).

Ranking just inside the top 20 cryptocurrencies, ETC traces its origins to 2016 and the collapse of the DAO, an ethereum-based funding vehicle that fell apart following a code exploit. As such, the network is known by some as “a continuation of the original ethereum blockchain,” a name bestowed after a code change on ethereum reversed losses stemming from the failed project.

Still, it might be the small size of the market that is grabbing most of the attention.

As of the time of writing, ethereum classic is the eighteenth largest cryptocurrency by market capitalization – valued at more than $1.5 billion – according to data from CoinMarketCap, which tracks price developments in the market. However, it’s important to note, it’s one of the largest by volume (ranking in the top five).

But despite that boost from traders, a scan of reactions on Twitter suggests that a number of market observers were taken aback by the listing announcement, which sparked a 25 percent price increase following the revelation.

In one case, the response was pretty blunt:

This observer took criticism to the next level, suggesting that the listing had more to do with spurring user activity, to put it lightly, than anything specifically to do with ETC.

Ripple effect?

Amidst the social conversation, some tried to draw a connection between the ETC listing and the fact that, to date, the exchange hasn’t added support for the cryptocurrency XRP. As XRP is the third-largest crypto by market capitalization, much of the surprise stemmed from the fact that Coinbase would move to list a “lower value” coin.

Yet the lack of a listing is perhaps unsurprising, given past reports. Back in April, Bloomberg reported that distributed ledger startup Ripple tried unsuccessfully to get the token listed on Coinbase.

On the other hand, those supportive of the token and Ripple’s efforts struck optimistic tones as the story spread.

Glass half-full

While much of the discussion today centered around what the listing might mean for ETC in the long-term, others rode the social waves by taking a more humorous approach to their commentary.

For example, several observers tied the development to this week’s summit between U.S. president Donald Trump and North Korean dictator Kim Jong-un.

Still, a (small) portion of people in the crypto community decided to stay positive after the announcement.

Coinbase image via Shutterstock
Written by Coindesk.com

 

South Korean Banking Group to Launch Blockchain-Powered ID Verification Platform

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A group of South Korean commercial banks will launch a blockchain-powered customer ID verification platform in July 2018, local news outlet Korea JoongAng Daily reports today, June 12.

According the report, the Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be used in both online computer-based and mobile banking.  According to Korea JoongAng Daily, the move is intended to replace the 20-year old public verification system that is reportedly notorious for its complexity and inefficiency.

Park Chang-ok, a manager at the department of deposit services and payment systems at KFB, explained that banks’ new blockchain application would offer a range of options to verify clients IDs, “not just the public certification system.”

According the report, development of the BankSign initiative was started immediately after the KFB launched a consortium exploring blockchain applications opportunities at the local banking sector in November 2017.

The BankSign platform is based on Nexledger, a private enterprise transaction management tool developed by Samsung’s subsidiary, Samsung SDS.

Last week, Samsung SDS announced the launch of its own enterprise blockchain platform Nexfinance aimed at finance-related businesses.

Written by CoinTelegraph

 

CBDC Could Have “Severely Negative Consequences” for “Bank-Dominated Payments System” – Former FDIC Chair

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Sheila Bair Authors Article Advocating Central Bank-Issued Digital Currency

CBDC Could Have “Severely Negative Consequences” for “Bank-Dominated Payments System” - Former FDIC ChairThe former FDIC chair begins the article by discussing the increasing proliferation of financial crises across major economies, such as the “Europe[an] sovereign debt crisis” and national crises recently felt in “Portugal, Venezuela, Russia, Ukraine, [and] Brazil.”

The article describes “Lack of confidence in [the] banking system” as the principal catalyst for Satoshi Nakamoto’s choice to develop bitcoin, asserting that “He (she, they?) originally intended it as a widely accepted method of payment that could function completely outside of the banking system.” However, Mrs. Bair states that “Unfortunately […], bitcoin has failed miserably as a method of payment” – blaming such on the “extreme volatility [that] has made it popular as a speculative investment and store of value.”

The former FDIC chair advocates that central banks issue their own digital money, describing such as “a radical idea that […] is gaining credibility among an increasing number of mainstream economists and central bankers themselves.” Mrs. Bair describes central bank-issued digital currency as “presumably […] be[ing] as stable as traditional fiat currency, while reducing the risks of financial crises and improving monetary tools.”

Benefits of CBDCs

CBDC Could Have “Severely Negative Consequences” for “Bank-Dominated Payments System” - Former FDIC ChairMrs. Bair asserts that the development and issuance of CBDC could provide greater financial stability in times of economic crisis, stating that “in times of extreme stress, people lose confidence in their banks. So they pull their uninsured money out of the banking system, disrupting the free flow of payments. […] However, suppose consumers could convert their bank deposits into a digital currency that would be issued and backed by the Fed? […] They would no longer need to worry about bank instability.”

The former FDIC chair also states that “the Fed would have much more effective tools for conducting monetary policy to address economic cycles.”

“The Fed now manipulates the money supply through buying and selling securities with a select group of big banks and by paying them interest on the reserves they deposit at the Fed — currently a tidy 1.75%,” Mrs. Bair continued. “When the Fed wants to stimulate the economy — as it did after the crisis — it buys securities from these banks and reduces the rates it pays them on reserves, inducing them to lend the proceeds to the real economy to get a better return. When it wants to raise rates — as it is doing now — it reduces its holdings of securities and increases the rates it pays on reserves. This is a nice deal for the banks, but hasn’t done a whole lot to help the rest of us. The past 10 years are proof positive that current monetary tools are woefully inadequate to stimulate broad-based economic growth. The super rich have gotten a lot richer, while the middle class has struggled.”

CBDCs May Bring “Severely Negative Consequences” for “Current Bank-Dominated Payments System”

CBDC Could Have “Severely Negative Consequences” for “Bank-Dominated Payments System” - Former FDIC ChairThe former FDIC chair emphasizes the creative destruction that a “wholesale shift from bank accounts to CBDC” would have on the “current bank-dominated payments system,” stating that such “could have severely negative consequences for credit availability given banks’ reliance on deposits to funds loans.”

Mrs. Bair asserts that “the costs and inefficiencies in the current payments system would be greatly reduced.” The former FDIC chair claims that consumers would benefit from “no longer need[ing] to maintain checking accounts, with their expensive maintenance and overdraft fees, to effectuate payments,” whilst businesses accepting CBDC “could avoid the interchange fees charged by banks and their card networks – fees that are particularly burdensome to small firms.”

Written by Bitcoin.com