ICOs are becoming funds

What does a startup do with $48 million? $130 million? $1.7 billion? This question – one integral in the whole ICO craze – hasn’t quite been answered yet but it’s going to be far more interesting as ICOs and cryptocurrencies transform from purely product-oriented companies into actual funds.

Take the news that the creator of the TRON token bought BitTorrent for $140 million purportedly to lend legitimacy to the platform. “One shareholder we spoke to says there are two plans,” wrote TechCrunch’s Ingrid Lunden. “First, it will be used to ‘legitimize’ Tron’s business, which has met with some controversy: it has been accused of plagiarizing FileCoin and Ethereum in the development of its technology. And second, as a potential network to help mine coins, using BitTorrent’s P2P architecture and wide network of users.”

Given a $4.8 billion market cap, the cost of buying a beloved network brand, even one as tainted by controversy as BitTorrent, is miniscule. Further, it allows TRON to fill its war chest with solid businesses even as its own efforts end laughably with ham-handed announcements about non-existent partnerships and failed pumping by the idiosyncratic John McAfee.

In short, all of those massive ICO raises aren’t going to Aeron chairs and food truck rodeos in the company parking lot. Those smart enough to machinate their way into an ICO raise aren’t interested in product, no matter what they claim. They are interested in becoming investors, gobbling up products and people in order to gain a stranglehold on the space. Further, these ICOed organizations are often already registered as broker-dealers in various jurisdictions and have all of the legalities in place to take and invest large sums of cash. In short, if you think any successful ICOed company will deliver actual product before it would buy itself into multiple iterations of that same product I have a few tokens to sell you.

Startups start small for a reason. None of the current crop of successful ICOs have any technical merits, no matter how dense their white papers. While PhDs and computer scientists have great ideas, ultimately their ideas fail when dashed against the realities of the market. Most startups die because they are underfunded but they are underfunded because the risk associated with their ideas are far too high to ensure a win.

ICOs on the other hand are wild bets that a person who is connected to the crypto space will know better what to do with unearned crypto riches than the owners of those riches. It is a bet that the ICOing org is willing to work a little harder to make 10,000 Ether or a few hundred Bitcoin pay off in the long run and it’s a bet that the congregation of all that crypto wealth will bring the true sharks out to help turn a small investment into a big one. And you never get rich releasing a single product. You get rich buying and controlling multiple products.

The other important consideration? VCs will soon find themselves fighting for deals with ICOed companies. While it won’t happen soon and perhaps the big houses won’t feel it at all, expect smaller VCs to lose LPs as those LPs dump their cash into Maltese ICOs and not Sand Hill Road. It’s an interesting and overdue turnaround.

So don’t expect these ICOed companies to invest in fancy offices and ping pong tables (although they will.) If you’re a startup founder expected these ICOed companies to invest in you.

What Causes Ripple Hype? Cory Johnson Gives His Opinion

What causes Ripple hype

Even with its many price fluctuations, there’s been a lot of Ripple hype. What causes Ripple hype? Cory Johnson gives his two cents and we give ours.

Latest Ripple News | XRP Price Analysis 

In 2017, XRP increased in value by roughly 32,000%. So far in 2018, XRP has dropped by 75%. However, the fascination around the digital asset remains. More on that later, though!

Today, XRP is changing hands at $0.543. The coin is 2.80% higher on daily basis. At press time, Ripple (XRP) has a market cap of $21.32B, and a 24-hour ...

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Bitcoin Price Outperformed Crypto Hedge Fund Pantera Capital Last Month

Sometimes it doesn’t pay to diversify — just ask cryptocurrency hedge fund Pantera Capital, whose fund underperformed the bitcoin price last month. According to Bloomberg, the firm’s Digital Asset Fund underperformed bitcoin during May as the cryptocurrency markets continued to decline further from the all-time highs they set in late December and early January. Pantera

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Ethereum Price Watch – ETH/USD Shoots Higher, Reaches Seven-Day High

Ethereum price watch

Ethereum price watch: Ethereum edges higher today.

Key Highlights: Ethereum price moved up by about 5% on Tuesday morning, reaching a seven-day high of $548.80. ETH/USD is currently on a major bullish run to test a resistance at $550. The cryptocurrency market continued its recovery from last week, adding $12 billion in 24 hours. Ethereum Price Watch: ETH/USD Edges Higher, Hits Weekly High

Ethereum price edged higher on Tuesday morning, hitting a weekly high of $548.80. Currently, ETH/USD is in the $530-$540 price range. A major support has been established at the lower band of this ...

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PR: Bloomberg Hosts “The Future of Cryptocurrencies”

Bloomberg Hosts "The Future of Cryptocurrencies"

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

On June 29, 2018, Bloomberg will host a half-day, invitation-only “The Future of Cryptocurrencies” event at Bloomberg’s offices in the heart of London, England. The event will focus on the future of cryptocurrencies, where subject-matter experts and leading industry players from the virtual currency market will discuss crypto’s regulatory future, the factors driving its volatility and potential trading strategies. More than 200 industry executives, including attendees from such global giants as UBS, Societe Generale and IBM to name a few, are expected to attend.

Bloomberg’s “The Future of Cryptocurrencies” is sponsored by trade.io and is the first event exclusively focused on cryptocurrencies produced by Bloomberg Live.

Event speakers include:
• John Patrick Mullin, trade.io
• Ajit Tripathi, Partner, ConsenSys
• Mona El Isa, Melonport, CEO & Co-founder
• Oliver con Landsberg-Sadie, BCB Group CEO
• Nic Niedermowwe, Prime Factor Capital Co-Founder & CEO
• Stijn Vander Straeten, CEO, Crypto Storage Ag

With opening remarks from:
• Jim Preissler, trade.io

When: Friday, June 29th, 8:30-1:00pm GMT
Where: Bloomberg Headquarters, 3 Queen Victoria Street, London

Jim Preissler, trade.io’s CEO, said, “Bloomberg’s involvement in this event illustrates how crypto and blockchain are becoming more and more accepted by mainstream finance.”

“There will be many interesting, thought-provoking panels which will include an opening remark from our CEO Jim Preissler, as well as our Director of Research & Development, John Patrick Mullin,” said Helen Astaniou, trade.io’s Chief Marketing Officer. We view this as a great opportunity to both showcase trade.io’s industry knowledge and technology and bring a greater understanding of the cryptocurrency and blockchain industry and how it can coexist with, and even enhance, traditional finance and the financial markets.”

For more information and the full agenda, visit:
https://www.bloomberglive.com/the-future-of-cryptocurrencies

Contact Email Address
marketing@trade.io
Supporting Link
https://trade.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Medium Is the Latest Platform to Start Censoring Crypto Companies

Medium Is the Latest Platform to Start Censoring Crypto Companies

Cryptocurrency, a technology based upon principles of transparency, accountability, and censorship-resistance, is facing further censorship. Blogging service Medium joins a long list of platforms to have clamped down on crypto content together with Facebook, Google, and Mailchimp. As a service that’s meant to support free speech, Medium’s crackdown is all the more mystifying.

Also read: Freedom of the Press Foundation Now Accepts Five Cryptocurrencies

Medium Wields the Banhammer on Bug Bounties

Medium Is the Latest Platform to Start Censoring Crypto CompaniesMedium is the crypto community’s platform of choice for long reads and thought leadership pieces. It’s a place where the latest thinking on tokenomics, hashing algorithms, blockchain scaling and much more can be found. It’s also where ICOs and other cryptocurrency projects publish details of their crowdsale, bug bounties, and other initiatives for the benefit of their community. In the past week, however, Medium has begun inexplicably suspending the blogs of crypto projects. The reasons for its decision are sketchy, but the suspensions seem to be triggered by content discussing airdrops or bug bounties.

In a post entitled “Status, Medium, and Censorship”, Ethereum-based messaging platform Status wrote, on June 15: “Medium is currently one of the primary communication channels of the cryptosphere. Blockchain-based visionaries, both affiliated with projects and independent free-thinking technologists, have all made Medium a critical part of how they communicate. Recently, we attempted to publish a blog post announcing our latest Bug Bounty Program. The post was immediately suspended, followed by an automated email noting a general violation, without detailing any specifics, and a link to Medium’s recently updated policy regarding cryptocurrencies.”

Medium Is the Latest Platform to Start Censoring Crypto Companies
Status

They continued: “Though we had not violated any of these policies, we re-submitted several revisions that carefully edited out any potential trigger words, like “bounty”, “ETH,” and “SNT”. The post was never successfully published.” Status is not the only project to have been suddenly suspended without warning: this week Blockchain.io’s Medium page also succumbed to the same fate. It’s since been restored, but the most recent blog post, discussing its airdrop, has gone. While Blockchain.io’s Medium blog is hosted on the Medium platform, Status’s is self-hosted on their own domain. In each case, the end result has been the same: sudden suspension.

Creeping Censorship Is an Attack on Cryptocurrency

When Google and Facebook announced that they were calling a stop to ICO ads, few mourned their loss. But when other platforms joined in, including Twitter and, bizarrely, email marketing service Mailchimp, it led to fears that cryptocurrency was facing a concerted global attack. Be it through imitation or collusion, company after company has begun censoring or excluding crypto projects, whilst allowing far more egregious content including affiliate schemes, hate speech, and spam.

Medium Is the Latest Platform to Start Censoring Crypto Companies
Evan Williams

In its terms of service, Medium states that “We can remove any content you post for any reason” but does not specify what sort of content might give the company grounds to exercise that right. There is nothing that explicitly excludes cryptocurrency, airdrops, or bug bounties. Medium was founded by former Twitter CEO Evan Williams. While fellow co-founder and current Twitter CEO Jack Dorsey is extremely bullish on bitcoin, Evans’ only discernible comment on cryptocurrency is a single tweet posted five years ago.

“We worry that the seemingly arbitrary decision to suspend our blog is a sign of a troubling trend,” finish Status. “We’re concerned about the creeping censorship around cryptocurrencies. We want our society to be freer for everyone. We believe the forces of censorship and centralization often are closely bound and we worry when we see the power to freely express ourselves so arbitrarily limited.”

Why do you think Medium has begun censoring crypto content? Let us know in the comments section below.


Images courtesy of Shutterstock, and Medium


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Bitfury Integrates Java, Allows for Private Chain Anchoring to Public Networks

bitfuryjava

Mining firm and blockchain software service company Bitfury wants to expedite blockchain development for traditional enterprise and business. Working toward this goal, the company announced today that it’s introducing Java binding for its blockchain service, Exonum. The soon-to-be-available binding comes with a software development kit that will allow developers to build private chains on Exonum that can be anchored to public blockchains, the press release notes.

In computer science, binding allows a library of data written in one coding language to interact with libraries written in another coding language. For Exonum, which is written in Rust, it means that developers can now build on the network using Java. Ultimately, this will allow Java developers to create private blockchains on top of Exonum’s framework.

Java binding will provide businesses, enterprises and other organizations with the tools they need to tailor private blockchain networks to fit their needs. If they so choose, enterprises can anchor these private chains to a public chain’s mainnet, giving them the privacy and versatility of a permissioned network with the transparency and reliability of a permissionless one.

The Java binding feature also enables developers to integrate third-party applications with Exonum’s blockchain.

With Java binding and its contingent software development kit, Exonum’s head Gleb Palienko hopes that the two additions to Exonum’s suite of offerings should attract more coders to its network.

“Java binding is meant to make it easier for enterprises and businesses to implement blockchain applications,” Palienko told Bitcoin Magazine. “Java has the largest developer community and is the de-facto standard for large enterprises, while Rust is not as widely used, so this move will generally make Exonum more accessible to more people. Getting the Java develop[er] community on board is a big step toward making Exonum the most developer-friendly framework.”

With Java enabled, Exonum users can now launch smart contracts, Palienko added. The Exonum head expects that this initial step will clear the way for Bitfury’s blockchain to bind with the Java Virtual Machine’s auxiliary programming languages, as well.

“No other languages are supported at this time, but in the future, Java binding may support other JVM-languages, such as Kotlin, Groovy, Clojure or Scala. However, Java binding is only the first step. We hope to make blockchain application development accessible to all developers, regardless of the language they are familiar with.”

Exonum’s Java binding comes a month after Amazon launched its own blockchain-as-a-web-service, Kaleido. Like Exonum, Kaleido allows enterprises to set up their own private blockchains while also giving them the option to synchronize it with a public chain. Developed with assistance from Ethereum incubator ConsenSys, Kaleido can be anchored to Ethereum’s network.

Unlike, Kaleido, however, Palienko stressed that Exonum can be anchored to any public chain, be it Ethereum, Bitcoin or any other.

There’s no concrete date for Exonum’s Java binding 1.0 release, but Palienko indicated that it’s not too far off and that the Bitfury team plans “to give an update on this soon.”




This article originally appeared on Bitcoin Magazine.

Blockchain.info’s Moving… Domains!

In the coming weeks, we’ll be consolidating blockchain.info into blockchain.com, making it seamless for our users to access all of our products through a single web experience. Like with all big moves, we’ve been feeling a bit nostalgic. Way back in A

Buglab: Revolutionizing Cybersecurity

Cybersecurity is a massive industry, with revenue exceeding US$138 billion globally in 2017, and is expected to achieve $232 billion by 2022. Despite this gargantuan size and projected double digit yearly growth, organization of the industry remains large