Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking

In Bitcoin in Brief today, billionaire Warren Buffett has been reminded that he was wrong about Google and Amazon, and told he might be wrong about bitcoin, too. Billboards have appeared outside his office to convey the message of the crypto community. Also, a report suggests that the US cryptocurrency exchange Coinbase may apply for a banking license. Some conflicting views on the future of the Internet and its money complete Saturday’s roundup.  

Also read: Bitcoin in Brief Friday: UN Backs Crypto-Solar Project in Moldova, Malta Uses Blockchain in Public Transportation

“Warren: Maybe You’re Wrong About Bitcoin?”

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by BankingBillionaire investor Warren Buffett, known for his negative attitude towards cryptocurrencies, has been targeted in a bitcoin advocacy campaign lead by one of the largest cloud mining companies. Genesis Mining has recently posted billboards in front of Buffett’s office reminding him that he was wrong about Google and Amazon, and telling him that he may very well be wrong about bitcoin, as well.

The initiative has received a lot of support from the crypto community on social media. Genesis co-founder Marco Krohn posted on Twitter photos of the message to the investment guru with a short note saying: “Some new billboards outside of Warren Buffetts office! :)”

Earlier this month, the American business magnate issued another warning in regards to bitcoin and the like. “Cryptocurrencies will come to a bad ending,” he said during the annual Berkshire Hathaway’s shareholder meeting, but he didn’t stop there. “If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth,” he said, concluding that bitcoin is “probably rat poison squared.” Needless to say, Buffett’s comments provoked reactions and even inspired new business ideas. A tokenized marketplace called Ecoinmerce has announced the “Rat Poison Squared clothing line.” Т-shirts and hats are already offered online, but one can also order a mug with the winged phrase.

The Money of the Internet and the Internet of Money

Square CEO Jack Dorsey has recently reiterated his views about bitcoin. “The internet is going to have a native currency, so let’s not wait for it to happen, let’s help it happen,” he said during a blockchain conference, adding: “I don’t know if it will be bitcoin but I hope it will be.” Dorsey, who is also the chief executive of Twitter, wants his payment processing company to be at the forefront of the efforts to achieve adoption of cryptocurrencies as global means of payment. In an interview in March, he predicted that there will be a single world currency in the next ten years. The billionaire believes that will be bitcoin, although he admits the cryptocurrency is still slow and costly.

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking

Circle co-founder and President Sean Neville, however, has a different vision of what’s to come for the digital space and the digital currencies. “Very excited about the idea of reimagining what global finance can be,” he says that a dollar token is the future of the Internet of money. “One of the things that’s interesting for us is how we take fiat money and put in on blockchains, how do we get the benefits of a public blockchain infrastructure, which might underpin something like HTTPS of money,” he told Bloomberg.

Neville thinks there is a problem with using existing crypto assets for payments and settlements – they are very volatile. “So, it makes sense to have something like the US dollar represented as a token that can transfer anywhere in the world, to any digital wallet and any exchange that can support it,” he explained. Sean Neville, whose company raised $110Mn USD in a fundraising round led by Chinese giant Bitmain, believes that “we need a replacement for SWIFT.” He also predicted that eventually everything of value will be tokenized in a “hybrid world” of centralized and decentralized services. Boston based Circle has announced plans to issue a dollar-backed cryptocurrency called USD-C.

Coinbase May Apply for a Banking License

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by BankingBy attracting some serious investments, Circle has actually joined the club of the most well-funded cryptocurrency companies. Another of its members, Coinbase, seems tempted to expand its financial business to include banking services. According to a report by the Wall Street Journal, representatives of the crypto brokerage have met with US regulators to talk about the possibility to apply for a banking license.

A source quoted by the WSJ has revealed, that the company, which operates the largest cryptocurrency exchanges in the United States, has contacted officials from the US Office of the Comptroller of Currency earlier this year to discuss the matter. Beside the opportunity to broaden the types of products it offers, a banking license would allow Coinbase to operate without the need to partner with banks.

What are your thoughts on today’s Bitcoin in Brief stories? Tell us in the comments section below.   


Images courtesy of Shutterstock, Marco Krohn (@mkrohn5).


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Indian Cryptocurrency Exchanges Undeterred By Central Bank Crackdown; New Players Still Entering The Market

A famous quote says “Water always finds a way,” and this seems to be the motto of beleaguered Indian cryptocurrency exchanges, who are circumventing the Reserve Bank of India’s (RBI) blanket ban on digital currencies by a flurry of methods. Central Bank Tries To Shut Industry A country of 1.4 billion, India undeniably had a

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PR: Parsec Frontiers Opens Doors to New Galaxies with Its ICO

Parsec Frontiers Opens Doors to New Galaxies with Its ICO

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.

The popularity of massive multiplayer online games and virtual worlds has grown tremendously during the last 20 years, and some of the largest services have seen tens of millions of users. Now you have the opportunity to take part in the creation of the exciting blockchain universe that opens new galaxies for you.

Last Tuesday, the first Nordic blockchain game ICO commenced following on from a successful pre-sale earlier this year.

The Parsec Credit token will be used in the game making it the core of the economy. It can also be exchanged for Ethereum. And as the players accumulate wealth in-game, they also accumulate real world money. The developers aim to get Parsec tokens on as many cryptocurrency exchanges as possible and make it a liquid currency not just in the game, but also in the real world.

Blockchain and Game
Parsec Frontiers is regarded as one of the most exciting blockchain games in development, as it’s one of the first full games that deploys blockchain technology at the core of it’s virtual economy.

Just recently Parsec Foundation and Artplant opened the auction for the first spaceships to be available in its game. The ARK-class ships is a limited edition available to the first 100 players, beginning with an auction that started on May, 15.

“It’s a very natural step for a game like this to embrace blockchain technology to empower the virtual economy driving the game.” says Henning Rokling, the founder of the Parsec Foundation and COO in Norwegian game developer Artplant. “Not only will it give players full transparency of what assets, ships and resources are available and tradable, but it will also allow players to invest time or money into a game and also bring those investments out of the game if they want to.”

Largest NEO Based MMO
Early in May, Parsec Frontiers developers also made the key decision choosing Neo customized networks instead of EOS.IO.

It was a well-considered choice, as Neo has very advanced smart contracts which support several mainstream languages including C# and Java, which will be used by players along with the diagram-based solution they’re considering implementing. Parsec Frontiers is by far the largest game to choose NEO.
For more information about Parsec Frontiers, please visit www.parsecfrontiers.com

About Parsec Frontiers
A rich and immersive space MMO with focus on trading, exploring and populating the galaxy in the years after Earth has been rendered uninhabitable by our own actions. With the virtual economy in the game backed by blockchain technology «Parsec Frontiers» adds a completely new element to such games, allowing players to trade and make a profit even before the game launches. The full game is set to launch in December 2019.

About Artplant
Artplant a Norwegian online game developer founded by Funcom and Innerloop veterans in 2001. It focuses on creating competitive player-versus-player games and made its name developing the «Battlestar Galactica Online» game, and later the popular «Block N Load» on Steam. Is currently working on two major games, the blockchain-based space MMO «Parsec Frontiers» and the tactical shooter «Project I.G.I.». The company has studios in Oslo, Norway, and Tver, Russia.

Contact Email Address
alex.drofa.ra@gmail.com
Supporting Link
www.parsecfrontiers.com

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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Purse.io Adds Native BCH Support and Launches ‘Bcash’

Purse.io Adds Native BCH Support and Launches 'Bcash'

On Friday, May 18, 2018, the firm Purse.io, the company that enables up to 20 percent savings when users shop on Amazon with Bitcoin Core (BTC), announced native support with Bitcoin Cash. Now users spending Bitcoin Cash can get the same services the firm has been offering since 2014. Additionally, Purse has revealed its own Bitcoin Cash (BCH) Javascript library for node.js called ‘bcash.’

Also read: “Stablecoin” Trueusd Pumps After Binance Listing

Purse.io Adds Native Support for Bitcoin Cash

Purse.io Adds Native BCH Support and Launches 'Bcash'This week at the Coingeek conference in Hong Kong, the firm Purse announced native support for BCH alongside its new client release ‘bcash.’ Right out of the gate during this formal announcement, the firm details that a marketplace like Purse depends on cryptocurrencies that don’t rely on “speculative interest or enthusiasm alone.” The company says the average order on Purse is around $100 and the average discount is about $15 and two on-chain transactions. Then Purse says they witnessed the grueling debate last year, while BTC transactions climbed to $50 per transaction. Now Purse has added Bitcoin Cash to the platform with full native support.      

“We’re excited about the vision of a cryptocurrency for commerce and appreciate the overwhelming support from the Bitcoin Cash community — We’re thrilled to announce native Bitcoin Cash,” Purse explains in a blog post.

The update is being tested to ensure a smooth experience with a target live date by the end of May. In addition, once Bitcoin Cash goes live, users who missed the post-fork withdrawal period will be happy to see their balance restored.

Purse.io Adds Native BCH Support and Launches 'Bcash'

Introducing ‘bcash’ an Implementation Not a Currency

In addition to the native support Purse has also unveiled the bcash implementation — an open source fork of the client bcoin, for the Bitcoin Cash network. Basically, bcash is an alternative implementation of the bitcoin cash protocol, written in node.js. The client can act as a full and SPV node, a wallet backend with BIP-44 derivation, a mining backend, and a general purpose BCH library. The bcash implementation will be the sixth BCH client joining Bitcoin ABC, XT, Unlimited, Parity, and Bitprim.

“We’re delighted to announce bcash, a bcoin implementation for Bitcoin Cash,” Purse details.  

We’re excited about projects including Yours, Joystream, Memo.cash, and Openbazaar, and excited to see new use cases emerge. Bcash is open source and ready for testing today.   

Two Crypto Nerds Agreeing?

Purse says to celebrate the Bitcoin Cash addition they have collaborated with the Bitcoin Cash Fund and customers who shop will earn a BCH cashback bonus this June.

“Going to from ‘One to Two’ has been challenging on technical and emotional levels — Over 25 crypto nerds work at Purse — When’s the last time you heard even two crypto nerds agree on anything?” Purse adds.

What do you think about Purse adding native support for Bitcoin Cash and the new bcash implementation? Let us know what you think about this subject in the comments below.


Images via Purse, bcoin, and Shutterstock. 


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Japanese Exchange Coincheck Eyes America for Expansion

Japanese Exchange Coincheck Eyes America for Expansion         

Coincheck, the Japanese crypto trading platform that found new owners after it was hacked earlier this year, is now planning to offer services on the US market. The exchange expects to be licensed in Japan next month, according to the chief executive of Monex, the online brokerage which bought the troubled company last month.    

Also read: Coincheck Resumes Monero Withdrawals and Sales

Coincheck’s US Plans – Part of the Comeback

Japanese Exchange Coincheck Eyes America for ExpansionRecognizing the need to “study carefully” the legal framework for cryptocurrencies in the US, Japanese exchange Coincheck is planning to expand its operations and its customer base in America, building on top of over 2 million accounts in Japan. No timeframe has been specified yet, but the move is under consideration by the platform’s new management. Its operator, Coin Check Co., became a wholly owned subsidiary of Monex Group in April after losing some ¥58 billion worth of NEM (~$550 million USD at the time) in a hacker attack in January – one of the biggest heists in crypto history.

“The legal framework for cryptocurrency in the US is somehow wandering right now – money transfer, commodity, security. And, the rules are different state by state. So, we have to study this carefully. But the short answer is ‘yes’,” Monex CEO Oki Matsumoto told Bloomberg in an interview about Coincheck’s future intentions. He also revealed that the exchange, which spent a lot of funds and efforts to improve security and restore confidence, is expecting to receive a license in Japan next month. Matsumoto’s comments indicated that bringing the trading platform to the US is also part of the plans for the comeback.

Japanese Exchange Coincheck Eyes America for Expansion

For many observers, the purchase of the notoriously hacked cryptocurrency exchange for $34 million might have looked like a risky investment, but the takeover has so far proven to be a positive move for Monex. Its shares have almost doubled in price since the news of the acquisition broke in April. Doing crypto business in the US may not seem like a great idea either, given that the company comes from Japan, a country known for its much friendlier crypto atmosphere.

A Different Perspective of the West

Matsumoto, however, has a different reading of the situation as he sees favorable conditions forming in the West, including lower taxes and growing interest from institutional money managers. France was mentioned in the interview in the light of last month’s government decision to lower the crypto capital gains tax rate by more than half – to 19 percent, compared to Japan’s 55 percent.

Japanese Exchange Coincheck Eyes America for ExpansionAnother sign of the warming climate in Paris was the Finance Minister Bruno Le Maire’s statement this week that he was wrong about cryptocurrencies before. “I was a neophyte a year ago, but now I’m passionate. It took me a year, so let’s […] make France the first place for blockchain and crypto innovation in the EU,” Le Maire was quoted as saying at a meeting with entrepreneurs and representatives of the French startup Blockchain Partner. According to Bitcoin.fr, he also assured the members of the French crypto community of his “total support.”

The Japanese government does not plan any tax cuts for crypto-related incomes and gains and that, according to Oki Matsumoto, means that cryptocurrency will remain a “plaything for speculators.” Despite legalizing crypto trade last year, Tokyo has yet to determine the status of crypto-related financial products such as futures contracts, which will require some amendments to the Japanese securities law.

“Japan may seem like it’s one step ahead in crypto, but in terms of deciding what’s a security or a token, and in terms of attracting institutional investors, the US and Europe are moving ahead,” the chief executive of Monex said. In his opinion, the classification of cryptocurrencies in the United States will create regulatory clarity which is necessary to draw more investors. Matsumoto believes that the decisions US regulators take will influence the role of cryptocurrencies, in general, and have a huge impact on the crypto policies in his country, in particular.

What are your expectations for the future of crypto industries in both Japan and the US? Share your thoughts in the comments section below.  


Images courtesy of Shutterstock.


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Coinbase Aims to Obtain Banking Licenses

Coinbase, the largest U.S. Bitcoin exchange, has initiated exploratory conversations with financial regulators regarding banking licenses. Coinbase and Ivy Koin Meet with U.S. Regulators About Banking Licenses Coinbase is now intent on learning how to o

Inside the Competitive World of OTC Bitcoin Trading

Inside the Murky World of OTC Bitcoin Trading

If you work in cryptocurrency and are a member of Linkedin, you’re probably familiar with OTC bitcoin brokers. They’ll message you, out of the blue, asking if you know any private sellers, and will offer to set up a deal for your mutual benefit. The majority of these men (for they are always men) are genuine in their intentions. This does not disguise the fact, though, that BTC brokers are little more than sharks circling the same prey.

Also read: Research Paper Finds Transaction Patterns Can Degrade Zcash Privacy

Brokers Outnumber Buyers and Sellers 100:1

Anyone can become a bitcoin broker: change your Linkedin title to “OTC Bitcoin Broker” and you’ve done it. Brokerage is a job that, like most cryptocurrency roles, outside of development, requires no formal qualifications. Just as anyone can call themselves an ICO advisor, anyone can assume the mantle of bitcoin broker, consigning them to start spamming Linkedin users for buyers and highly coveted sellers.

To understand the viral spread of brokers, it’s necessary to understand the conditions that led to large OTC sellers coming about. Back in the day, it was possible to acquire a lot of bitcoin for very little money. A lot of people mined it; some made it from trading shitcoins; and a few simply bought a bunch of BTC and then had the presence of mind to hodl, through thick and thin, for years.

Inside the Murky World of OTC Bitcoin Trading

Most brokers will take on anything from 500 BTC upwards as an OTC deal, often operating on behalf of family funds seeking to acquire bitcoin in bulk. But what brokers are really chasing is the big one – deals of 10,000 BTC or more, in which a brokerage commission of 3% is worth millions of dollars. The number of bitcoin addresses containing between 10k and 100k BTC sits at little more than 100, however, and while some sellers have their coins distributed across multiple wallets, bona fide whales looking to sell are rare. Because the rewards for finding one are so great, a swarm of brokers, each chasing “the big one”, has proliferated.

How an OTC Deal Works

Inside the Competitive World of OTC Bitcoin TradingSellers want to sell OTC to avoid the sort of slippage that occurs when unloading large amounts of BTC on an exchange. Whales also value their privacy, and while they are still required to undergo KYC to complete an OTC deal, their identity is only going to be shared with the broker, their attorney, and the escrow service. Normally, even the buyer won’t know the identity of the person they are buying the coins from. The seller provides “proof of satoshi” by moving a fraction of a bitcoin from the wallet they control, the buyer provides proof of funds in the form of a bank certification of deposit or credit and a non-disclosure agreement (NDA) and a letter of intent (LOI) are signed. The process usually works as follows:

  • Attorney for the buyer prepares LOI detailing terms including BTC purchase amount, commission, net discount and other details
  • Proof of funds is provided within a specific timeframe of signing the LOI. A screenshot is not accepted: cryptographically provided proof of coin, sent via the blockchain, is required
  • Master Fee Protection Agreement as well as Draft Purchase Agreement and Escrow Agreement may then be circulated and signed by all parties
  • Money is placed in escrow, escrow verifies receipt of funds and BTC is sent to buyer’s wallet
  • Transfer may be done in full or in tranches depending on the agreement

Given the desire of buyer and seller to preserve their privacy, and the need for each party to be connected in the first place, brokers play a vital role. But due to the lucrative prize at stake, it’s a job that attracts a lot of chancers – and a lot of Linkedin requests, much to the chagrin of other cryptocurrency users.

Have you been contacted by bitcoin brokers and do you think they’re a nuisance or an essential link in the OTC chain? Let us know in the comments section below.


Images courtesy of Shutterstock and Bitinfo Charts.


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