Here’s the Bitcoin ETF Presentation Given to the SEC Last Week

Here’s the Bitcoin ETF Presentation Given to the SEC Last Week

The Securities and Exchange Commission (SEC) recently published a presentation given to agency staffers by crypto startup SolidX in late July, a move that comes days ahead of an expected decision on a bitcoin exchange-traded fund. The public document, dated August 1, reveals that representatives from SolidX, Cboe BZX Exchange, VanEck Securities Corporation and Patomak Global Partners met with the agency on July 31. The meeting drew officials from a number of SEC offices, including the Division of Trading and Markets, the Division of Corporation Finance and the Divison of Economic and Risk Analysis, according to the memorandum. While the document itself doesn’t provide a blow-by-blow of the meeting, it does offer insight into the arguments being made in favor of the bitcoin, including “significant changes in product, market structure and overall circumstances since March 2017 disapproval” – referring to the decision made last year with respect to SolidX’s prior proposal. The information is notable given that the SEC is expected to issue some kind of decision this month on SolidX and VanEck’s proposed bitcoin ETF, though a choice to punt its approval or disapproval forward could lead to the process extending for additional months. Historically, the presentation argued, the approved commodity-trust exchange-traded products (ETPs) all have been “well-established, significant, regulated markets” for trading futures on the underlying commodity such as gold and silver. The document cited the SEC’s comment at the time: “The Commission notes that bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop. Should such markets develop, the Commission could consider whether a bitcoin ETP would, based on the facts and circumstances then presented, be consistent with the requirements of the Exchange Act” With that being said, the presentation made it clear that “significant changes” in bitcoin and its market structure have been made since then, for example, multiple derivatives markets are now available for bitcoin such as CME bitcoin futures, and Cboe bitcoin futures. “All of the above are markets regulated by the CFTC (the U.S. Commodity Futures Trading Commission) and all are cleared products,” the presentation added. See the full presentation document below: srcboebzx2018040-4152607-172036 The SEC building in Washington D.C. image via Shutterstock The leader in blockchain news, CoinDesk…

Coinbase Is Boosting Its Crypto Buying Limit to $25K a Day

Coinbase Is Boosting Its Crypto Buying Limit to $25K a Day

Cryptocurrency startup Coinbase will boost its daily purchase limits and allow for “instant” trading following user bank transfers, the company announced Tuesday. Currently, according to the startup, clients have to wait five days for those funds to settle. But that’s about to change, with Coinbase reasoning that “when someone makes the decision to sign up, they don’t want to wait days before they can start buying cryptocurrency.” Coinbase went on to note: “While we do support instant transfers via wire transfer and debit cards, purchases via direct debits from your bank account can take days to appear. With this update, customers will receive an immediate credit for the funds being sent from their bank account. They can then buy and sell crypto to and from their USD wallet right away, but cannot send their funds off the Coinbase platform until the funds coming from their bank have settled.” Daily purchase limits are being lifted to $25,000, according to Coinbase, though only customers who have completed the site’s identity verification process will have access to these changes. Coinbase is still in the process of adding these changes for its non-U.S. customers. A Coinbase spokesperson told CoinDesk that “these improvements are built on our [six]-year history of focusing entirely on cryptocurrency and building the most trusted, compliant cryptocurrency exchange in the world.” “We’ve focused on building a state-of-the-art fraud detection system that relies on machine learning and, over the past year, we’ve made significant improvements to our systems that help us balance a good user experience with preventing losses due to fraud,” the representative said. Image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Buy and sell immediately and higher daily limits

Buy and sell immediately and higher daily limits

Increasing daily limits to $25,000 and enabling immediate trading Today we’re announcing immediate trading and significantly higher default limits for Coinbase accounts. Starting today, we are rolling out the ability to trade cryptocurrency immediately after a purchase — no more waiting five days for funds to settle. Most customers will also see their trading limits increased to $25,000 per day. This functionality will be available for US customers over the next few weeks. Empowering customers to trade when they want Millions of people turn to Coinbase to get started buying and selling cryptocurrencies. But when someone makes the decision to sign up, they don’t want to wait days before they can start buying cryptocurrency. While we do support instant transfers via wire transfer and debit cards, purchases via direct debits from your bank account can take days to appear. With this update, customers will receive an immediate credit for the funds being sent from their bank account. They can then buy and sell crypto to and from their USD wallet right away, but cannot send their funds off the Coinbase platform until the funds coming from their bank have settled. We are also increasing limits for the majority of our US customers. Until now, the maximum allowable purchase was $25,000 weekly. For verified customers, the limit will now be $25,000 daily, a 7x increase over our prior limits. And once your funds are transferred to Coinbase, there are no longer any limits to how much you can buy or sell at a time. We’ve begun making these updates available and are now beginning to roll them out more broadly. They will be available over the next month to US customers who have completed the identity verification process with Coinbase. Customers who have not yet completed this process will be required to do so before having access to instant purchases, new trading limits and the ability to withdraw or send coins off-platform. We’ll also be working hard to bring these same improvements to our customers around the world. How much cryptocurrency you can purchase at a time and limits on withdrawals based on the payment method

Ethereum Classic (ETC) is now launching on Coinbase Pro

Ethereum Classic (ETC) is now launching on Coinbase Pro

Transfer ETC immediately to your exchange account, and start trading within the next few days. We announced final testing for Ethereum Classic (ETC) last Friday, with a goal of accepting ETC transfers for exchange users by Tuesday August 7th. Our testing has gone according to plan and we will be launching ETC support first on our exchanges, and then at Coinbase.com. Our launch will proceed in four stages: transfer-only, post-only, limit-only, and full-trading mode. Ethereum Classic launches first on Coinbase Pro We are beginning the launch of ETC on our exchange at Coinbase Pro. We plan to add support for ETC at Coinbase.com when sufficient liquidity is established. We expect this to occur approximately 1–2 weeks after trading begins on Coinbase Pro. As background, we recently split GDAX into Coinbase Pro and Prime. Coinbase Pro is our exchange for individual traders, and Coinbase Prime is our exchange for institutions. Institutional customers will be contacted directly from the Coinbase Prime team. Unless you have received an email from our institutional team, if you traded on GDAX you are a Coinbase Pro user. The Stages of the Ethereum Classic Launch There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book: ETC–USD, ETC–BTC and ETC–EUR. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time, or suspend trading as per our Trading Rules. Transfer-only. Customers will be able to transfer Ethereum Classic beginning at 10am PT on Tuesday August 7th. Traders cannot place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for 24–48 hours. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of 10 minutes. Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes. Full trading. In the final stage, full trading services will be available, including limit, market, and…

Bitcoin Posts Solid Gains to Break Above $7,000 While Altcoins See Green

Bitcoin Posts Solid Gains to Break Above $7,000 While Altcoins See Green

Bitcoin (BTC) has seen solid growth to break back above the $7,000 mark today, August 7. The overall crypto market is seeing a healthy flush of green, rallying forth after the weekend’s losses, as data from Coin360 shows. Market visualization from Coin360 Bitcoin (BTC) is trading around $7,118 at press time, up around 2.5 percent on the day. After several faltering attempts to break past the $7,000 threshold yesterday, the leading cryptocurrency has today seen a sustained uptick as of very early trading hours. Today’s growth has not yet pushed the coin’s weekly price change back into the green, however, which still remains at around an 8 percent loss. On the month, Bitcoin is now up almost 9 percent. Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index Fundstrat’s head of research and well-known Bitcoin bull Tom Lee today used his firm’s recently launched Bitcoin Misery Index (BMI) to evaluate the coin’s current market momentum. The index determines that any value below 27 signals promising future returns, while 68 is set as a “time to sell” misery threshold. With the index presently at 39, Lee said: “Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets.” The analyst also noted the recent uptrend in Bitcoin dominance by market capitalization, which as of press time is pushing 48 percent. In late July, BTC dominance had surged to 2018 record-highs, hitting levels not seen since last December, at a time when the coin was trading just below its $20,000 industry peak. Lee also singled out the Intercontinental Exchange’s (ICE) plans to develop a regulated, global digital assets platform — spearheaded by Bitcoin-fiat conversion for consumers — as a strong bullish signal for the asset. Ethereum (ETH) is currently trading around $409, up around one percent on the day to press time. The altcoin is now closing its losses on its weekly chart: while the asset is still down around $20 from its price point at the beginning of August, only yesterday its weekly value loss was above $50. Closing down to a 6 percentage loss on the week, Ethereum is still around 1.5 percent in the…

Need Cold Storage? Check Out Bitcoin.com’s Revamped Paper Wallet Generator

Need Cold Storage? Check Out Bitcoin.com’s Revamped Paper Wallet Generator

Promoted There are many ways to store bitcoin cash, and while some people use mobile apps, others use hardware wallets to store their digital assets. Then there are those who use one of the oldest methods in the book — the paper wallet. The tried and true paper wallet technique is a convenient way to store bitcoin cash (BCH) offline in a physical manner, with funds still spendable or receivable at any time. At Bitcoin.com we’ve revamped our paper wallet section so our visitors can create a beautiful physical bitcoin cash bill in a matter of minutes. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Bitcoin.com’s Newly Revamped Paper Wallet Generator Cryptocurrencies have become very popular and people who use digital assets store them in various ways. One of the oldest methods for storing bitcoin cash is the use of a paper wallet, which is basically a piece of paper that holds funds because it contains a printed set of both the private and public key. As long as no one has visible access to the bill’s private key, the paper wallet can be a very secure method of offline storage (cold wallet). At Bitcoin.com we’ve always had a paper wallet generator available, but we’ve recently updated the portal so anyone can easily create a bitcoin cash-loaded bill that can be spent at any time. All a person has to do is use our wallet generator to create a bitcoin cash (BCH) private key and print the paper wallet on a secure printer. In order to make the process very secure, we recommend downloading our paper wallet source code and creating the seed using a device that’s not connected to the internet. Simply print out the finished product using our yellow and black design (similar to the anarcho-capitalist flag) and cut the bill out with some scissors. You can go the extra mile and laminate the paper to make the wallet more durable over time. Remember paper can last a while, but it couldn’t hurt to add some extra durability measures if you decide the paper wallets won’t be used for a very long time. Loadable, Spendable, Open Source, and Stylish After cutting out the bill, our Bitcoin.com paper wallet designs allow users to…

Decentralized Apps Might Be the Future but They’re Not the Present

Decentralized Apps Might Be the Future but They’re Not the Present

Technology To their proponents, dapps – decentralized applications – are the future of internet. To their critics, they’re multi-million dollar sinkholes, with huge development costs, poor UI, and no users. Are dapps like Augur and IDEX early test cases for the web to come, or impractical experiments that are destined to fail? Also read: Bitcoin ATMs Now In The Thousands Around the World Decentralized Cash is a Success But Decentralized Apps Remain Unproven Hating on dapps has become something of a parlor game. They’re an easy target after all. While all the headlines are about VCs pouring millions of dollars of seed money into dapps like Crypto Kitties, and the highly publicized launch of Augur (market cap $311 million), behind the scenes, things are less than rosy. The latter, which launched with great fanfare several years and personnel changes later, typically has less than 60 daily active users (DAUs) and yet Augur is supposedly ethereum’s flagship dapp. A glance around the categories on Dappradar shows that the number of people talking about dapps is multitudes greater than the number actually using them. For less than 90 DAU, your dapp can make it into the top 20 for all categories and for around 230 DAU into the top 10. Only decentralized exchanges IDEX and Forkdelta, plus the runaway ponzi game Fomo3D, have more than 1,000 daily active users. It’s to be expected that numbers should be low in the evolution of what is still a nascent technology, but should they be so low that you could squeeze the users of the average dapp into a small room? “Design is the Killer App for Crypto” A widely shared article from Coinbase this week, titled “Why design is the killer app for crypto”, observed: “Blockchain today is often compared to the internet in the 1990s. When the internet first came about, you couldn’t have predicted that twenty years later people would be using it to share their houses and cars (thanks to Airbnb and Lyft). The builders of the web didn’t have to know what all the possibilities were — they were just a group of passionate people who believed that this technology was important and transformational to society, and they pulled together to work to make it a reality.” Coinbase…

Researchers Discover Huge Crypto Scam Botnet on Twitter

Researchers Discover Huge Crypto Scam Botnet on Twitter

Researchers have uncovered a huge botnet that mimics legitimate accounts on Twitter to spread a cryptocurrency “giveaway” scam. As reported by ITPro, the discovery was made during a research effort by Duo Security that looked at 88 million Twitter accounts from May to July and used machine learning to identify bots, malicious or otherwise, on the social media platform. The team notably found a single network of over 15,000 bots in a three-tiered structure that spread the fake cryptocurrency giveaway, and further evolved over time to remain undetected. The Duo team described how the botnet works in a paper to be presented at the 2018 Black Hat cybersecurity event on Wednesday. Typically, they write, bots first create a spoofed (or copycat) account for a genuine cryptocurrency-related account that would copy the name and profile picture of the legitimate account. To spread the fake giveaway scam, the bots would reply to tweets posted by the legitimate account, containing a link to entice Twitter users to the scam. Adding to the complexity, Duo found that many spoof accounts followed what they termed “hub accounts, which the researchers suspect are followed “in an effort to appear legitimate”. The botnet also employed “amplification bots” – other fake accounts that are used to give “likes” to scam tweets to “to artificially inflate the tweet’s popularity [and] make the cryptocurrency scam appear legitimate.” Intriguingly, the team found that the discoveries allowed them to connect the bots in a way “that can result in the unraveling of the entire botnet.” The paper states: “[Searching for connected bots] resulted in a 3 tiered botnet structure consisting of the scam publishing bots, the hub accounts (if any) the bots were following, and the amplification bots that like each created tweet. The mapping shows that the amplification bots like tweets from both clusters, binding them together.” While Twitter has been making moves to clamp down on such cryptocurrency scams, Duo writes in its conclusion that the work shows that botnets are still active and can be discovered by “straightforward analysis.” “We don’t consider the problem solved,” they said. However, they plan to open source the techniques described in the paper in the hope that new techniques can be developed to identify malicious bots, and help “keep Twitter and…

New Blockchain App Claims Its Already Tracking 760,000 Diamonds

New Blockchain App Claims Its Already Tracking 760,000 Diamonds

A subsidiary of China’s first web-only insurer, ZhongAn Insurance, says it has put the data of 760,000 diamonds on a blockchain. ZhongAn Technology, which is publicly listed in Hong Kong, announced the launch of its gem-tracking blockchain application on Tuesday, saying that the project was created to achieve a higher level of traceability in the luxury industry. The product is being marketed through Diamsledger, a new subsidiary jointly created by ZhongAn and online diamond trading firm Ediams. Built on top of ZhongAn’s proprietary blockchain network, and hosted on its Anlink cloud platform, the application is deployed across selected parties along the diamond supply chain, including diamond dealers, processing firms, customs, logistic companies and exchange centers. The end of goal, according to the firm’s announcement, is to provide a transparent ledger on a decentralized network that tracks every piece of information about a diamond, from production to customer. The system also works in parallel with traditional industry certificates such as GIA, NGTC and HRD, ZhongAn says, meaning purchasers can type in a diamond’s certificate number to view all its information via a portal on Diamsledger. Zhang Yongwen, CEO of Diamsledger said that currently “information of 760,000 diamonds has been uploaded to Anlink as of mid-July.” Zhang went on to state that the application provides a double assurance together with traditional certificates, which mainly record diamonds’ physical information such as color and place of origin. The launch follows previous initiatives from ZhongAn including a blockchain-based application to track and record the food supply chain, as well as a patent filing for a blockchain solution designed to protect media from piracy. Diamond image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

US DEA: Criminal Activity in Cryptocurrency Has Dropped 80 Percent Since 2013

US DEA: Criminal Activity in Cryptocurrency Has Dropped 80 Percent Since 2013

An agent of the U.S. Drug Enforcement Administration (DEA) has noted that Bitcoin’s (BTC) role in crimes has dropped to just 10 percent of transactions, while transactions themselves have “grown tremendously,” Bloomberg reports August 7. In an interview, DEA special agent Lilita Infante — who is a member of the 10-person Cyber Investigative Task Force — said that the ratio of legitimate to illegitimate Bitcoin transactions had flipped over the past five years, noting “The volume has grown tremendously, the amount of transactions and the dollar value has grown tremendously over the years in criminal activity, but the ratio has decreased.” The concept of criminals turning to cryptocurrency as an alternative to cash has traditionally formed a central argument used by those critical of Bitcoin’s future. Regulators too have set about tackling the perceived usage of cryptocurrency for illicit purposes, often associated with terrorism and money laundering. As Bitcoin’s popularity has grown, however, it is now legitimate trading which forms the overwhelming majority of activity, with Infante noting that the “majority of transactions are used for price speculation.” She added that although privacy-focused altcoins are less liquid and more anonymous than BTC, the DEA “still has ways of tracking” currencies such as Monero and Zcash. Infante concluded, “The blockchain actually gives us a lot of tools to be able to identify people. I actually want them to keep using them [cryptocurrencies].’’ At a U.S. House public meeting on digital assets in mid-July, Andreessen Horowitz managing partner Scott Kupor suggested that “Bitcoin is law enforcement’s best friend” due to the ability to track illicit transactions on the blockchain.