NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Retail Stores

NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Retail Stores

News Intercontinental Exchange (ICE), owner of arguably the most important stock exchange in the world, the New York Stock Exchange (NYSE), is introducing a new company, Bakkt. The idea is to weave bitcoin into 401(k)s, credit cards, and retail. The project is getting a lot of hype due in large measure to two very powerful backers: Microsoft and Starbucks. Is this the mainstreaming ecosystem enthusiasts have been urging? Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton NYSE Wants Bitcoin in 401(k)s, Credit Cards, Retail Stores ICE’s digital assets head, turned CEO of the new project Bakkt, Kelly Loeffler, explained in a company blog, “Formed by Intercontinental Exchange — an operator of global exchanges, clearing houses, data and listings services — Bakkt will work with companies that include BCG, Starbucks, Microsoft and others, to create an open ecosystem that supports growing needs in the ~$270 billion digital asset marketplace.” ICE quietly owns and operates two dozen regulated markets and exchanges, from the United States and Canada to Europe. It also holds clearing houses in the Netherlands, Singapore, greater Europe, the US, and Canada as well. It has revenues well in excess of $5.5 billion. It’s also the parent company for the NYSE, an exchange with great prestige among traditional finance: the NYSE is 226 years old, and is easily the globe’s biggest exchange by market cap, some $21.3 trillion as of last summer. Ms. Loeffler told Fortune how for over a year ICE built Bakkt in secrecy. The company name is a twist on asset backed securities, Bakkt, which by design is to engender trust. And trust is everything in the legacy marketplace, but it has a decidedly different meaning in the cryptocurrency world. Trust on Wall Street usually means regulations, and lots of them. Indeed, by late Fall this year, Bakkt hopes to have a fully federally regulated space for all things bitcoin. Fortune notes how “ICE aims to transform Bitcoin into a trusted global currency with broad usage.” That’s an interesting admission for enthusiasts wondering what Wall Street is ultimately up to with this enormous announcement and marketing/public relations campaign. Trust in the Bitcoin ecosystem is established through mathematics, voluntary adoption, by completely bypassing third party fragility, frictions, and gatekeepers for which…

Report: Crypto Markets Moods Change Two Months After New Trends

Report: Crypto Markets Moods Change Two Months After New Trends

Markets and Prices It takes about two months for the public sentiment to adjust to new trends in the cryptocurrency markets. That’s according to a recently published report whose authors have examined the changes in the opinions of thousands of active followers of crypto markets over a period of nine months. They found that the collective mood can be bullish long after a downward trend has started.  Also read: Boerse Stuttgart to Host Crypto Trading and Coin Offerings Optimistic Mood Persists Despite Decline in Prices Investors, traders and market watchers need two months to adjust to new long-term trends in the cryptocurrency markets, a study conducted by the fintech company Cindicator has revealed. For example, one of the key findings is that in January and February of this year the collective mood was still bullish and most participants were forecasting growth, despite a clear downward trend. Sentiments changed in March after the total capitalization had already fallen below $300 billion during the previous month. The “Collective Crypto Mood Swings” report is based on data from over 111,000 users of Cindicator’s mobile and web applications that allow them to make daily forecasts about a range of digital and traditional assets. They are asked almost 200 questions every month about the likelihood of certain events and are granted points for correct predictions but lose points in case of incorrect answers. At the end of each month, the “analysts” are rewarded in ETH if they have earned at least 1 point. The survey covers the nine-month period between September 2017 and May 2018. The company also claims that 5,000 traders and investors are using indicators created by combining collective forecasts based on the opinions of these subscribers who come from more than 135 countries and are active followers of crypto markets from different age groups and backgrounds. Their inputs are enhanced by AI using machine learning algorithms and a neural network to produce predictions with high accuracy. According to the authors, the expectations regarding crypto markets change similarly to those about other asset classes. It took investors 60 to 100 days on average to adapt to a new long-term trend in the markets of the different assets they were asked about. The researchers also found that the higher…

Binance CEO Changpeng Zhao: With Tether ‘Concern is Always There’

Binance CEO Changpeng Zhao: With Tether ‘Concern is Always There’

News During a recent conference in South Korea, Binance CEO Changpeng Zhao responded to questions about the company’s relationship with controversial stablecoin Tether. He acknowledged that “concern is always there,” according to regional reporting. Binance is one of the largest holders of Tether. Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton Binance CEO Voices Concern Over Tether According to Anca Faget of Romania-based Coindoo, the CEO of Binance, Changpeng Zhao, responded to questions about the company’s relationship with controversial stablecoin Tether. One question came from Ran Neu-Ner who asked about the impact a Tether crash would have on Binance. Mr. Zhao Mr. Zhao answered, “We have seen fiat currencies go down in history a lot. Probably more times than they have been in cryptocurrencies. So yes, the concern is always there and that’s also why we’re listing other stable coins as well, so we actively promote other stable coins including True USD and others.” Binance launched in the summer of last year with an initial coin offering that raised around $15 million. It’s a cryptocurrency exchange, catering to a multi-language, international clientele. This year has been a busy one for the exchange. On its way to a very ambitious goal of earning $1 billion this year, Binance invested in a Maltese bank, is attempting to conquer the South Korean market, and recently teamed up with Libra Credit. Tether and Bitfinex  Mr. Neu-Her also asked about the connection between Tether and Bitfinex. Many in the ecosystem have long accused both of bitcoin price manipulation, with some actually attributing the entire price run-up of 2017 to Tether’s inflation (another study, however, came to the opposite conclusion).“I haven’t personally seen their bank accounts,” Mr. Zhao assured, “but from a logical point of view they have so many profits from their regular exchange business, they don’t need to do anything crazy about the Tethering. I think the reason they cannot release their bank account details is because if they release whichever bank they’re using, then the bank account gets shut down,” the CEO said at a Korea Blockchain event. Ironically, accusations against Tether have slowed toward the middle of this year. When yet another study suggests a Tether collusion, this time between it and Kraken, the exchange took to…

Report: Crypto Markets Moods Changes Two Months After New Trends

Report: Crypto Markets Moods Changes Two Months After New Trends

Markets and Prices It takes about two months for the public sentiment to adjust to new trends in the cryptocurrency markets. That’s according to a recently published report whose authors have examined the changes in the opinions of thousands of active followers of crypto markets over a period of nine months. They found that the collective mood can be bullish long after a downward trend has started.  Also read: Boerse Stuttgart to Host Crypto Trading and Coin Offerings Optimistic Mood Persists Despite Decline in Prices Investors, traders and market watchers need two months to adjust to new long-term trends in the cryptocurrency markets, a study conducted by the fintech company Cindicator has revealed. For example, one of the key findings is that in January and February of this year the collective mood was still bullish and most participants were forecasting growth, despite a clear downward trend. Sentiments changed in March after the total capitalization had already fallen below $300 billion during the previous month. The “Collective Crypto Mood Swings” report is based on data from over 111,000 users of Cindicator’s mobile and web applications that allow them to make daily forecasts about a range of digital and traditional assets. They are asked almost 200 questions every month about the likelihood of certain events and are granted points for correct predictions but lose points in case of incorrect answers. At the end of each month, the “analysts” are rewarded in ETH if they have earned at least 1 point. The survey covers the nine-month period between September 2017 and May 2018. The company also claims that 5,000 traders and investors are using indicators created by combining collective forecasts based on the opinions of these subscribers who come from more than 135 countries and are active followers of crypto markets from different age groups and backgrounds. Their inputs are enhanced by AI using machine learning algorithms and a neural network to produce predictions with high accuracy. According to the authors, the expectations regarding crypto markets change similarly to those about other asset classes. It took investors 60 to 100 days on average to adapt to a new long-term trend in the markets of the different assets they were asked about. The researchers also found that the higher…

Canaan Creative Announces World’s First Mining TV Set

Canaan Creative Announces World’s First Mining TV Set

News The world’s second largest manufacturer of bitcoin miners, Canaan Creative, has unveiled what the company describes as the world’s first bitcoin mining TV set. Also Read: High Times Becomes the First IPO to Accept Cryptocurrencies Canaan Creative to Launch Avalon Mining Television Canaan Creative has announced that it plans to sell a 43” television set that doubles as a bitcoin mining rig – dubbed the “Avalonminer Inside.” Canaan, the world’s second largest manufacturer of mining rigs, stated that its television is equipped with A3210 16nm ASIC chips and is capable of processing at a power of 2.8 terahashes per second. Canaan also states that the Avalon mining TV is powered by artificial intelligence, can calculate the profitability of bitcoin mining in true-time, will include a voice control feature, and features 4K resolution. The television will also facilitate the purchase of entertainment content or physical gifts through Canaan Creative’s platform. Canaan has indicated that it plans to predominantly sell the Avalonminer Inside to businesses intending to distribute the TVs to retail customers. Canaan Expands Product Line Earlier this year, Canaan filed for initial public offering with the Hong Kong stock exchange. According to its filing, the company took in $1.3 billion yuan (approximately $200 million USD) during 2017 – comprising a 27-fold increase in its year-over-year revenue. The company sold almost 300,000 Avalon mining rigs in 2017, reportedly representing 19.5% of the processing power generated by the global mining industry. In its filing, Canaan indicated its desire to expand its product line, stating: “If we cannot maintain the scale and profitability of our single line of system products and, at the same time, offer new products, our ability to continue to grow will suffer.” Beijing-based analyst, Xiao Lei, has largely dismissed the project, describing the mining television as “look[ing] more like hype,” adding “It will be more meaningful if these companies are able to embed the mining function into existing major TV brands.” The company has indicated that it has no plans to develop additional cryptocurrency-centric home appliances. What is your reaction to Canaan’s mining TV? Share your thoughts in the comments section below! Images courtesy of Shutterstock At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You…

NYSE Trader Following Bakkt Launch: ‘Bitcoin Is Very Iffy’

NYSE Trader Following Bakkt Launch: ‘Bitcoin Is Very Iffy’

A New York Stock Exchange (NYSE) trader told to Yahoo Finance in an interview Aug. 3, that at the moment Bitcoin (BTC) is “very iffy” following the launch of a new regulated BTC exchange Bakkt by the Intercontinental Exhange (ICE), the parent company of NYSE. Alan Valdes, a senior partner at international advisory firm Silverbear Capital and NYSE trader, raised concerns about BTC, when asked if the launch of Bakkt may be a sign that Wall Street is serious about crypto. Valdes said: “How do you protect your Bitcoin? These wallets seems very iffy at best. If someone hacks into them, it’s like losing cash, you are out. So, I think Bitcoin [has] a long way to go for the average person to get involved. Maybe in some emerging markets you’ll see it take hold with that currency could be a little stronger, it might work. But I think here for trade, I mean, we had at $20,000. Will it get there again? Anything is possible. But I’m not so sure.” The ICE announced its plans to establish a Microsoft cloud-leveraged “open and regulated, global ecosystem for digital assets” earlier today. First use cases will be for trading and conversion of BTC versus fiat currencies. Bakkt will reportedly include federally regulated markets and warehousing” alongside “merchant and consumer applications.” The ICE says that it intends to design Bakkt to “support transaction flows” in the $270 billion digital asset marketplace, and facilitate its “secure” and “efficient” evolution. Wall Street investors’ sentiment in regards to digital assets has been changing. Goldman Sachs CEO Lloyd Blankfein, who had repeatedly stated that BTC “is not for him,” said in May that a dedicated research team was examining how Goldman could provide a range of cryptocurrency-based products in the wake of customer demand. Last month, the world’s largest exchange-traded fund (ETF) provider BlackRock announced the formation of a working group to assess potential involvement in BTC. While a spokeswoman said that the company has been “looking at blockchain for several years” she did not mention cryptocurrency.

Russian Extradition Request Complicates Fate of Suspected Btc-e Owner

Russian Extradition Request Complicates Fate of Suspected Btc-e Owner

News A court in Thessaloniki, Greece has accepted an extradition request from Russia for suspected Btc-e operator, Alexander Vinnik. Last month, a French request for Vinnik’s extradition was also accepted by Greece. Also Read: Markets Update: Monster Liquidations and Flash Crash Fear Russian Extradition Request Accepted for Alexander Vinnik Accepted by Greek Court A senior panel of judges has accepted a request from Russia to extradite Alexander Vinnik, a Russian native suspected of operating former leading cryptocurrency exchange Btc-e, where he faces charges of fraud. At a hearing on Monday, Mr. Vinnik denied the allegations of fraudulent activity made by Russian authorities. Alexander Vinnik’s Fate is Uncertain The request has created uncertainty as to Mr. Vinnik’s fate, as just last month a Thessaloniki court ruled to extradite Mr. Vinnik to France, where he is accused of laundering 130 million Euros worth of funds stolen via ransomware that “defraud[ed] over 100 people in six French cities between 2016 and 2018.” Mr. Vinnik challenged the charges, asserting that his actions in question comprised merely “legitimate[ly] […] transferring e-money through a platform.” “I was working this way. My job is to trade with Bitcoin,” Mr. Vinnik said in July. Emphasizing that he had continued to conduct said transactions whilst situated in Greece, Mr. Vinnik added: “Since I have committed all these offenses, why is Greece not persecuting me?” In May, it was reported that Mr. Vinnik had confessed to Russian accusations of money laundering and other crimes. Vinnik’s Lawyer Suspects French Request Will Lead to U.S. Extradition Ilias Spyrliadis, Mr. Vinnik’s lawyer, has argued that the French extradition request would immediately lead to further extradition to the United States, stating “otherwise the U.S. cannot get him, since the extradition process was blocked.” Mr. Vinnik was arrested on July 26th, 2017 by Greek police under the order of the United States Department of Justice (DOJ) whilst holidaying with his family in Halkidiki. At the time, the DOJ described Mr. Vinnik as “the owner and operator of multiple Btc-e accounts, including administrator accounts, and also a primary beneficial owner of Btc-e’s managing shell company, Canton Business Corporation.” The DOJ stated that Btc-e comprised “an international money-laundering scheme that, by virtue of its business model, catered to criminals — and to cyber…

Japanese Association Seeks Authority to Enforce Self-Regulation on Crypto Exchanges

Japanese Association Seeks Authority to Enforce Self-Regulation on Crypto Exchanges

Regulation Japanese crypto exchanges may soon have an official self-regulatory body. The Japan Virtual Currency Exchange Association has applied with the country’s financial regulator to become the authority for self-regulation, with the power to enforce rules on its crypto exchange members. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Registering with FSA The Japan Virtual Currency Exchange Association (Jvcea) announced Friday that it has applied for certification with the country’s top financial regulator, the Financial Services Agency (FSA). There are currently 16 government-approved, fully licensed crypto exchanges in Japan; all of them are members of the Jvcea. The association explained that it is seeking to become a “certified fund settlement business association,” which will serve as a self-regulatory body for crypto exchanges. Its primary objectives include providing “guidance and recommendations to members to comply with regulations, laws and self-regulation rules,” the Jvcea’s announcement reads. The association hopes to contribute “to the sound development of the virtual currency exchange industry and the protection of the interests of users.” According to To-o Nippo Press:  The Financial Services Agency will carefully examine the affairs of the association and carefully investigate whether proper group management can be expected. It will take 1 to 2 months for the review. The Jvcea was established in response to the hack of Coincheck in January where 58 billion yen (~US$521 million) worth of the cryptocurrency NEM was stolen. It aims to restore public trust in the crypto industry. Japan also has two other crypto associations which predate the Jvcea: the Japan Blockchain Association (Jba) and the Japan Cryptocurrency Business Association (Jcba). Most crypto exchanges in the country are members of one or both of these organizations. Self-Regulatory Rules Submitted The association has reportedly drafted self-regulation that includes a number of restrictions on how crypto exchanges operate. In June, local media reported that privacy coin listings will be restricted and a ban on insider trading will be imposed. Other restrictions include a margin limit of 4 times leverage, trading caps for all customers, and trading restrictions for minors and the elderly. “We also submitted voluntary rules on margin trading and insider trading [to the FSA],” Jiji Press quoted the association: If it [the Jvcea] is approved as a self-regulating organization, it will be possible to…

Goldman Sachs Investment Strategy Group: ‘Crypto Mania’ a Risk to Stable 2018 Outlook

Goldman Sachs Investment Strategy Group: ‘Crypto Mania’ a Risk to Stable 2018 Outlook

Bitcoin (BTC) and “unsteady cryptocurrency mania” are the one of six factors that threaten Goldman Sachs 2018 market outlook, according to a July 2018 report by the Goldman Sachs Investment Strategy Group. The report entitled “(Un)Steady as She Goes,” highlights “cryptocurrency mania” as one of several factors that could affect their initial market outlook for this year.  Other factors listed included terrorism, the rise of populism, rising geopolitical tensions, and an increasing threat of cyberattacks. The investment bank expects cryptocurrency markets to “further [decline] in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of currency…” According to Goldman Sachs, crypto is “neither a medium of exchange, nor a unit of measurement, nor a store of value.” While the adjusted outlook lists cryptocurrency instability as a possible risk factor, it also states that “we continue to believe that such declines will not negatively impact the performance of broader financial assets, because cryptocurrencies represent just 0.3 percent of world GDP as of mid-2018.” The report adds that cryptocurrencies “would not retain value in their current incarnation.” Bitcoin and Ether Price Indexes. Source: Goldman Sachs Investment Strategy Group In a previous report in January, the group listed “cryptocurrency mania” as a factor that caused “higher levels of investor unease,” claiming that the sharp rise in Bitcoin’s price “has pushed it into bubble territory.” At that time, Goldman Sachs refrained from making a forecast on crypto prices, claiming that even if Bitcoin’s price would “double or triple,” the company still does not believe it will retain its value in the long term. While Goldman Sachs’ skeptical stance on crypto “remains intact,” the investment bank’s CEO Lloyd Blankfein has suggested that the adoption of crypto like Bitcoin could happen in a similar way as that of paper money, which replaced gold and silver coins. In an interview in June, Blankfein stated that it is “too arrogant” to argue that crypto cannot be adopted on a large scale only because it is “uncomfortable” or “unfamiliar.” The company’s COO David Solomon claimed that Goldman Sachs is exploring crypto trading derivatives, in a move to assist clients in such derivatives as Bitcoin futures and to “evolve its business and adapt to the environment.”

Report: Mood About Crypto Markets Changes Two Months After Trends

Report: Mood About Crypto Markets Changes Two Months After Trends

Markets and Prices It takes about two months for the public sentiment to adjust to new trends in the cryptocurrency markets. That’s according to a recently published report whose authors have examined the changes in the opinions of thousands of active followers of crypto markets over a period of nine months. They found that the collective mood can be bullish long after a downward trend has started.  Also read: Boerse Stuttgart to Host Crypto Trading and Coin Offerings Optimistic Mood Persists Despite Decline in Prices Investors, traders and market watchers need two months to adjust to new long-term trends in the cryptocurrency markets, a study conducted by the fintech company Cindicator has revealed. For example, one of the key findings is that in January and February of this year the collective mood was still bullish and most participants were forecasting growth, despite a clear downward trend. Sentiments changed in March after the total capitalization had already fallen below $300 billion during the previous month. The “Collective Crypto Mood Swings” report is based on data from over 111,000 users of Cindicator’s mobile and web applications that allow them to make daily forecasts about a range of digital and traditional assets. They are asked almost 200 questions every month about the likelihood of certain events and are granted points for correct predictions but lose points in case of incorrect answers. At the end of each month, the “analysts” are rewarded in ETH if they have earned at least 1 point. The survey covers the nine-month period between September 2017 and May 2018. The company also claims that 5,000 traders and investors are using indicators created by combining collective forecasts based on the opinions of these subscribers who come from more than 135 countries and are active followers of crypto markets from different age groups and backgrounds. Their inputs are enhanced by AI using machine learning algorithms and a neural network to produce predictions with high accuracy. According to the authors, the expectations regarding crypto markets change similarly to those about other asset classes. It took investors 60 to 100 days on average to adapt to a new long-term trend in the markets of the different assets they were asked about. The researchers also found that the higher…