Category Archives: ico crypto price

How To Embark Bitcoin Mining – The Bitcoin Miners Club

How To Embark Bitcoin Mining

If you were given the chance to playmate with Google when they very first launched, where would you have been today? The same screenplay is now playing out with Bitcoin. As with Google, if you miss the chance with Bitcoin, you are going to be very disappointed with your ‘past self’!

Let us look at the reality.

During the last five years from two thousand ten to two thousand fifteen the Rand has lost another 50% against the Dollar. The South African Rand lost 89% of its purchasing power inbetween one thousand nine hundred eighty and 2010. Since two thousand ten to August 2015, only five years, The South African Rand lost 50% more of its purchasing power. The forecast is that inbetween two thousand fifteen to two thousand sixteen it will liberate another 19% and two thousand fifteen to two thousand seventeen another 48% of its purchasing power.

If we gave you R1000 today and told you to go to your favourite supermarket, how many items would you be leaving with? Two bags? If we gave you the same R1000, five years ago, how many items would you have left with then? A entire trolley fountain?

But, if we gave you that same R1000, ten years ago. how many items would you have left with then? Most likely a boot utter! Plus you would have had to ask your kids to sit on each other’s laps to make space for more groceries on the backseat!

So, now that we have your attention.

What do I need and how do I begin?

Bitcoin mining requires a lot of processing power. You need special hardware, lots of electro-stimulation and time. For this reason, we club together. Everyone joining, pays for their own hardware. The hardware is installed and maintained by a team of professionals in our data centre. Once you purchase your mining contract, your hardware is then ordered and installed in our mine. This process takes from eight – twelve working days, before you can actively embark mining, even however your account is live upon purchasing the contract. The larger the contract you purchase, the more power you have to your availability and the more bitcoins you are able to mine.

This takes away the difficulty of setting up your own expensive hardware at home, then having to battle with setting up software, worrying about security, and unnecessary to say, saving you from a very hefty electro-stimulation bill at the end of each month. In most cases, wielding a single server setup at home, will cost you so much in electro-therapy, that it won’t be worth the come back on investment.

When it comes to Bitcoin Mining, we know our business. We’ve come up with two solutions. Our Retail Mining solution permits you to mine from our platform as soon as your equipment is installed. We have a selection of Bitcoin Mining contracts available to choose from. With our Networking option, you can buy larger Bitcoin mining contracts and get more ‘bang for your buck’ so to speak. Not only that, but you can also share in the revenue by introducing friends, family and colleagues to Bitcoin Mining. Everyone wins.

We explain each option in greater detail below.

1. Retail Mining Option

Retail mining gives the general public the chance to mine bitcoins from the most favourable bitcoin cloud mining operation platform.

Since the begin of our mining, we have taken our freshly generated bitcoins and compounded it back into brand fresh hardware in our Bitcoin mine.

Now that we have accumulated critical mass from our compounding side, this permits you to purchase a Bitcoin mining contract from as little as $25 up to $500. This enables you to buy GHs with which you will kickstart your mining.

Once you have paid for your bitcoin mining contract, your account will go live instantaneously and within eight – twelve working days you will actively embark mining. During this time the equipment is ordered, delivered and installed in our mine. This then gets delivered and installed in our Bitcoin mine. We install the latest and best equipment like S7’s and now S9’s.

Our equipment is paid for in Bitcoin. This is also the reason why when you purchase your mining contract, you will need to purcahse Bitcoins in order to pay for it.

You get a daily come back from your Bitcoin mining which is amazingly favourable. It is then up to you to determine how much you want to compound daily by purchasing more GHs.

We are in fact helping you to create wealth and cash flow.

Further down we will explain where you store your bitcoins and how your cash flow will be available at your disposition.

As a Retail Miner you will receive your own private link, which means that you can share this chance with your friends and family.

Once you have experienced our product, become comfy with mining your bitcoins and familiarized yourself with moving bitcoin around, then you can determine to upgrade to the Revenue Sharing Networking Option whereby you will be purchasing your GHs at wholesale price. You will also commence earning daily comes back of 3% from the mining of your retail miners.

Related video:

How To Get 300% Monthly Comebacks On Bitcoin: Bitcoin Trading, Its Blockchain

How To Get 300% Monthly Comes back On Bitcoin? : Bitcoin Trading

How to get 300% Monthly comebacks on bitcoin

Cryptocurrency is the best space to get into if you are looking to get some quick investment comebacks. Many companies has took advantage of it by began suggesting investment services, mainly in bitcoin mining segment. Bitcoin is a historical success of this mankind, it has provided unbelievable comebacks to investors. Nowadays, More and more people wants to get into bitcoin investment and they want to dual/triple their Bitcoin investment in shortest time possible, So there are options available that comes in form of bitcoin mining pool contracts, They usually suggest 10-12% monthly come back on Bitcoin investment. It sounds good and Many people have invested into such schemes in past few years, 90% of them went dishonest and investors lost their money too. Bitcoin brought trust in our mitt, we are providing the trust to other people who promises to manage our asset and give us comebacks, Don’t leave behind the fact that Trust can be violated here by these companies. Once BTC used to have around 95% market dominance, now its decreased to 66% that clearly shows bitcoin is not now that fruitful in term of comebacks, which it was earlier. Bitcoin mining also going through community splat, Difficulty level has been enlargened that clearly shows getting comes back through mining contracts is not a viable option these days. Here comes altcoin market emerges as a king in cryptocurrency investment, Its more volatile than bitcoin, has more promise for quick comes back , all you need trading abilities which can be learned.

In this article, I am going to showcase how you can get around 300% monthly comeback on your bitcoins. All you need is an account with any popular cryptocurrency exchange, I recommend poloniex. You just need to go after these steps:

  1. Buy bitcoins from any Bitcoin exchange, For indian customers buy it from Zebpay, For others buy it from Bitstamp.
  2. Create an account with poloniex.
  3. We will be going to trade in Ripple, You can also trade in monero, litecoin, dash and ethereum.
  4. Ripple and other said coins, Goes +-10% each and every days.
  5. Similar to Share trading, poloniex provides an option for stop buy and sell.
  6. You need to analyze the Ripple chart history, Last week, Last month and Determine the buying/Selling price according to that. The current best buying price is 0.00002200 BTC. The current best selling price is 0.00003200 BTC.
  7. Now you need to use stop buy option, Set stop to 0.00002300 BTC and Limit to 0.00002200 BTC, An order will be automatically placed for buying ripple when it touches 0.00002200 ( Note buying price can be different according to chart)
  8. Once you setup Stop Buy option, setup stop sell option: Stop: 0.000033000 BTC and Limit: 0.00003200 BTC, An order will be automatically placed for selling ripple when it touches 0.00003200 BTC
  9. By doing this practice you can lightly get 10% daily come back on your bitcoin investment, Don’t rely on ripple solely, You can also buy other coins like ETH,Monero,Dash,Decred etc.
  10. The Fundamental is elementary, Buy when the price is low, Sell when it is high, Do daily trading on 10% come back
  11. Always read about coin very first, Its services, Technical capability, Supply, media release before making a decision. Don’t go after any XYZ Coin, Check credibility and past spectacle before investing.

Related video:

Data industrialization on our way to marketing in a blockchain world – Chief Marketing Technologist

Data industrialization on our way to marketing in a blockchain world

DON’T MISS A CHANCE TO HEAR JEREMY SPEAK. He will be presenting at the MarTech Conference in Boston, October 2-4, with an in-depth talk on Blockchain and the CMO: The Next Era of Marketing. Register now for the “alpha” rate discount on tickets to ensure your seat.

We live in a world of “big data.”

It’s pretty much common skill that an organization’s data sets are the source of competitive advantage. For example, if McDonald’s knows you go there once a week, that lump of information is something they can use to keep you a customer, instead of you switching to Burger King.

But what happens when this world of proprietary data systems goes away?

The potential of blockchain-based or decentralized systems offers two challenges to our current reality:

  1. The data doesn’t belong to McDonald’s. It belongs to you.
  2. Anyone can access the data about the transactions that occur on a given blockchain. (For example, here are the latest Bitcoin transactions.)

Let’s tackle #Two in this post, as I think it forms the basis of “data industrialization.” But very first, let me explain what data industrialization is (at least as I understand it).

Data Industrialization Primer

I didn’t invent the term data industrialization. I heard it from Robbie Mehler. He’s your culprit, but here are the basics.

The era of physical industrialization was marked by humans’ ever-increasing capability to find, extract, manufacture and sell physical resources. Coal, oil, natural gas, diamonds, tungsten — you get the picture. We’ve done that exceedingly well. Very likely too well when you think about the climate switch influence, but that’s a different story. We’re getting better and better at this.

The next era of human existence, according to Robbie, is how we do the same with vast amounts of data.

To some extent, this is what Big Data is about. How do you find the right information (insights, truly) from within a hefty pool and extract it so that you can manufacture it, creating value for someone else?

Then, how do you operationalize the process of finding insights so you can systematically create value at scale?

(Robbie: how am I doing so far?)

Where Blockchains Meet Data Industrialization

As you know, a blockchain, at its core, is truly a distributed database where no one can modify or delete past entries and there are rules — the protocol — for how fresh entries are made to the ledger.

That ledger is available to everyone. We’re all looking at the same Google Sheet or Excel document. Anyone can provide an interface to that ledger. That’s relatively effortless. That’s what you see here for Ethereum or zCash.

A lot of people can also provide applications that enable you to interact with the protocol so you can participate. This is what Jaxx or BitPay do, for Bitcoin. They are software wallets.

But very few people provide a set of analytic capabilities that suck up all of this data and tell you what it all means and what you should do about it. Fewer still have figured out the scalable process for doing this.

That’s the chance.

In fact, I think that is what Jamie Burke is referring to when he talks about blockchain-enabled convergence. Blockchains are the mechanism through which 3D printing, drones, and more hit global scale. They are also the foundation for an entirely fresh set of AI solutions.

The Data Industrialization Chance in a Blockchain World

Putting Jamie and Robbie together, I think you embark looking at the question of: who can put the best AI/machine learning solution on top of open, collective, blockchain-based data layers? Whoever does that gets some degree of competitive advantage.

If your Bitcoin wallet, for example, instead of being “dumb” (as it is now) is actually “clever” — in the sense that it can advise/help you make sense of the world — you’ll use that one versus a competitor.

You’ll also stay with them. In this world, customer lock-in doesn’t come from the idea of “let’s make it truly difficult for people to leave.” It comes from “how well can we mine, extract, and produce insights and value from the collective data layer so that people don’t want to leave.”

If a dApp (distributed application) provider, like a Bitcoin wallet, is incapable to do that, the switching costs become an issue, because there basically are none. You’ll simply go somewhere else.

The Trillion Dollar Opportunities

The world’s top fifty mining (physical) companies are worth about $700 billion dollars. I suspect that we’ll see blockchain-based data mining companies that will lightly take us into trillions of dollars of market cap.

Blockchains are step 1. Understanding what’s going on and turning that into insight systematically, that’s value creation.

Reminder: Jeremy will be speaking at the MarTech Conference in Boston, October 2-4, with an in-depth talk on Blockchain and the CMO: The Next Era of Marketing. Register now for the “alpha” rate discount on tickets to assure your seat.

Data industrialization on our way to marketing in a blockchain world – Chief Marketing Technologist

Data industrialization on our way to marketing in a blockchain world

DON’T MISS A CHANCE TO HEAR JEREMY SPEAK. He will be presenting at the MarTech Conference in Boston, October 2-4, with an in-depth talk on Blockchain and the CMO: The Next Era of Marketing. Register now for the “alpha” rate discount on tickets to assure your seat.

We live in a world of “big data.”

It’s pretty much common skill that an organization’s data sets are the source of competitive advantage. For example, if McDonald’s knows you go there once a week, that lump of information is something they can use to keep you a customer, instead of you switching to Burger King.

But what happens when this world of proprietary data systems goes away?

The potential of blockchain-based or decentralized systems offers two challenges to our current reality:

  1. The data doesn’t belong to McDonald’s. It belongs to you.
  2. Anyone can access the data about the transactions that occur on a given blockchain. (For example, here are the latest Bitcoin transactions.)

Let’s tackle #Two in this post, as I think it forms the basis of “data industrialization.” But very first, let me explain what data industrialization is (at least as I understand it).

Data Industrialization Primer

I didn’t invent the term data industrialization. I heard it from Robbie Mehler. He’s your culprit, but here are the basics.

The era of physical industrialization was marked by humans’ ever-increasing capability to find, extract, manufacture and sell physical resources. Coal, oil, natural gas, diamonds, tungsten — you get the picture. We’ve done that exceedingly well. Most likely too well when you think about the climate switch influence, but that’s a different story. We’re getting better and better at this.

The next era of human existence, according to Robbie, is how we do the same with vast amounts of data.

To some extent, this is what Big Data is about. How do you find the right information (insights, truly) from within a massive pool and extract it so that you can manufacture it, creating value for someone else?

Then, how do you operationalize the process of finding insights so you can systematically create value at scale?

(Robbie: how am I doing so far?)

Where Blockchains Meet Data Industrialization

As you know, a blockchain, at its core, is indeed a distributed database where no one can modify or delete past entries and there are rules — the protocol — for how fresh entries are made to the ledger.

That ledger is available to everyone. We’re all looking at the same Google Sheet or Excel document. Anyone can provide an interface to that ledger. That’s relatively effortless. That’s what you see here for Ethereum or zCash.

A lot of people can also provide applications that enable you to interact with the protocol so you can participate. This is what Jaxx or BitPay do, for Bitcoin. They are software wallets.

But very few people provide a set of analytic capabilities that suck up all of this data and tell you what it all means and what you should do about it. Fewer still have figured out the scalable process for doing this.

That’s the chance.

In fact, I think that is what Jamie Burke is referring to when he talks about blockchain-enabled convergence. Blockchains are the mechanism through which 3D printing, drones, and more hit global scale. They are also the foundation for an entirely fresh set of AI solutions.

The Data Industrialization Chance in a Blockchain World

Putting Jamie and Robbie together, I think you commence looking at the question of: who can put the best AI/machine learning solution on top of open, collective, blockchain-based data layers? Whoever does that gets some degree of competitive advantage.

If your Bitcoin wallet, for example, instead of being “dumb” (as it is now) is actually “clever” — in the sense that it can advise/help you make sense of the world — you’ll use that one versus a competitor.

You’ll also stay with them. In this world, customer lock-in doesn’t come from the idea of “let’s make it indeed difficult for people to leave.” It comes from “how well can we mine, extract, and supply insights and value from the collective data layer so that people don’t want to leave.”

If a dApp (distributed application) provider, like a Bitcoin wallet, is incapable to do that, the switching costs become an issue, because there basically are none. You’ll simply go somewhere else.

The Trillion Dollar Opportunities

The world’s top fifty mining (physical) companies are worth about $700 billion dollars. I suspect that we’ll see blockchain-based data mining companies that will lightly take us into trillions of dollars of market cap.

Blockchains are step 1. Understanding what’s going on and turning that into insight systematically, that’s value creation.

Reminder: Jeremy will be speaking at the MarTech Conference in Boston, October 2-4, with an in-depth talk on Blockchain and the CMO: The Next Era of Marketing. Register now for the “alpha” rate discount on tickets to ensure your seat.

Related video:

Column: Is the boom of bitcoin a bubble that – s about to burst, PBS NewsHour

Column: Is the boom of bitcoin a bubble that’s about to burst?

Making Sen$e columnist Vikram Mansharamani assesses whether the latest digital currency’s boom is bubble about to bust. Photo by George Frey/Getty Pics

The rapidly rising price of bitcoin is leading many to question if the digital currency’s boom is about to bust. Strategist Peter Schiff, for example, recently warned “today’s bitcoin could be tomorrow’s beanie babies.” As of this writing, bitcoin is up almost thirty percent in the past month and over one hundred percent in the past year. It has been hitting fresh highs on an almost daily basis and recently crossed the $1,200 mark. So is there a bitcoin bubble about to burst?

To attempt to reaction this question, let’s apply the framework for spotting bubbles that I articulated in my two thousand eleven book, “Boombustology: Spotting Financial Bubbles Before They Burst.” The treatment is based on the application of five lenses and generates a probabilistic assessment of a forthcoming bust.

Most mainstream economic theories utilize a supply and request driven price determination model that generally results in prices tending toward equilibrium. I say “tending” because most serious scholars admit that behavioral and informational issues can contort the price at any one point in time, but there exists an overarching belief that such distortions are rapidly ironed out. Markets are, according to this view, basically efficient. Higher prices dampen request, and lower prices disincentivize supply.

But what if that’s not true? What if higher prices increase request? Such a dynamic might arise for many reasons, but one eloquent explanation is the “Theory of Reflexivity,” as proposed by George Soros. Albeit it has many subtleties beyond the “self-fulfilling” logic that many ascribe to it, the underlying implication is that prices can and do tend away from equilibrium. The result: booms and busts.

So has the higher bitcoin price been accompanied by higher request? It’s unclear. The evidence is mixed. On the one arm, it sure seems that as news about and interest in bitcoin rises, so does its price. It’s been seen as a safe-haven asset during times of elevated geopolitical, financial or regulatory risk and may even attract price-insensitive buyers at those times. But on the other forearm, the volume of trading has not gone up as prices have. And while volume is at best a crude proxy for request, it tells us about the general activity level. Lens one: half-check.

Another telltale sign of a bubble is the presence of significant leverage supporting lofty prices. And while it’s unclear if bitcoin prices are bubbly or not, I don’t see any evidence that leverage is fueling the potentially elevated prices. There are no futures contracts that enable large exposures with minimal collateral. There are no options that provide de facto leverage. Sure, some investors may be utilizing other collateral to secure credit that is in turn used to buy bitcoin, but this is unlikely to track.

But more importantly, perhaps, we can look at the amount of debt that has been holding up many of the countries that back traditional fiat currencies. (Hint: it’s not a puny number!) In addition, the fact that printing presses around the world proceed to print more and more money implies that traditional currencies are being debased at an alarming rate. With a motionless algorithmic release of extra bitcoins into the market and a cap on the total number that will ultimately be issued, the cryptocurrency represents a non-printable currency (similar in this respect to gold). Lens two: blank.

Overconfidence and new-era thinking are the hallmarks of my third lens, psychology. Whenever individuals develop a devout belief that “it’s different this time,” buyers beware. It is infrequently different, and asset prices have never risen indefinitely. Rather, they generally go up and down, and in this regard, bitcoin prices are no different.

It’s also clear that there is enhancing agreement that cryptocurrencies are the “new fresh thing” and suggest the promise of freedom from authoritarian manipulation of monetary instruments. Even investor Peter Thiel noted the promise of bitcoin by highlighting his own failure: “Paypal had these goals of kicking off a fresh currency. We failed at that, and we just created a fresh payment system. I think bitcoin has succeeded on the level of fresh currency.”

And like gold bugs, bitcoin believers tend to exhibit religious conviction in the cryptocurrency’s capability to store value. They often go further, suggesting the amazing upside potential they exhibit. Internet analyst Henry Blodget has even suggested bitcoins could be worth $1 million per coin. In fact, CNBC’s Brian Kelly described bitcoin as “not just digital gold … it is a once-in-a-generation investment chance, similar to the internet, growing just as quick, if not quicker … it’s the internet of money.” Lens three: check.

My fourth lens is politics, broadly defined to include both regulations and moral hazards. As with any asset, regulations can contort prices by either artificially enlargening or dampening supply or request.

Just think of what happened when political motivations to increase home ownership in the United States nudged more and more people into houses. Without the political incentives, prices may not have risen as handsomely as they did during the housing bubble. Further, the moral hazard endemic in the use of government sponsored mortgage finance enabled lenders to play a game of “heads I win, tails you lose.” If loans worked out, the lender profited. If it didn’t, Fannie Mae or Freddie Mac bore the losses.

When it comes to bitcoin, are there any artificial government interventions that are supporting bitcoin prices? No. On the contrary, regulators are attempting to discourage interest in bitcoin. Just look to China, where its major bitcoin exchanges were effectively shut down last month by government officials. But as noted by Elaine Ou in Bloomberg View, “even China can’t kill bitcoin.” Bitcoin prices shortly fell upon the news, but quickly recovered and marched higher. They’re up more than twenty five percent in the three weeks since China attempted to control trading.

And when it comes to moral hazard, there are no signs of it in bitcoin land. No one bailed out those who lost millions when bitcoin exchange Mt. Gox filed for bankruptcy. No regulator prevented or intervened to manage the governance disputes that arose on the bitcoin algorithm. Many bitcoin market participants are transacting with open eyes, fully aware of the risks of doing so. There is no FDIC protection, no Federal Reserve put. Lens four: blank.

Kolin Burges, a self-styled cryptocurrency trader and former software engineer who came from London, holds a placard to protest against Mt. Gox. Tokyo-based Mt. Gox was a founding member and one of the three elected industry representatives on the board of the Bitcoin Foundation. Photo by Toru Hanai/Reuters

An application of epidemic logic to the investigate of financial bubbles can help gauge the relative maturity of manias. If we analogize an investment hysteria to a fever or flu spreading through a population, the variables of concern to us would include the infection rate, the removal rate, and perhaps most importantly, the percentage of the population not (yet) affected. The last metric can be thought of as the fuel available to keep the fire searing. Once we run out of people to infect, so to say, the party’s over. Fresh request will vanish. Prices will fall.

When it comes to bitcoin, the number of potential buyers (that is, those still vulnerable to infection) is very large indeed. To begin, it’s not particularly effortless to buy bitcoin, and that’s deterred institutional investors. Specialized exchanges, online wallets and the need to protect private keys create thick friction in transactions, keeping many potential bitcoin buyers away. There isn’t an ETF, at least not yet. Stay tuned, however, as an ETF is in the works. And if approved (we’ll know more later this month), the Wall Street Journal notes it might generate a buying madness with up to $300 million of inflows during the very first week alone, a volume that dwarfs the presently traded daily value of any bitcoin exchange.

And with a current market capitalization of around $20 billion, the bitcoin market is miniscule relative to its potential. Consider that the value of privately held gold is in the trillions of dollars or that the global remittances (a potential use for cryptocurrencies like bitcoin) presently tally into the hundreds of billions of dollars. The bottom line is that bitcoin just isn’t as widely held or used as it could be. There is still an enormous population of potential buyers waiting on the sidelines. And in a latest Twitter poll conducted by investor Mark Hart, only twenty two percent of respondents indicated that they were “Max Long” bitcoin, with forty nine percent “Planning to buy/add” or “Curious.” Lens Five: blank.

So on my five-point scale, with five being a “virtually certain bubble likely to burst imminently,” bitcoin only registers one and half points. On the margin, this means that the stage may be set for it to become a bubble, but it doesn’t emerge to be one yet. It may one day become a full-blown bubble with high bursting risk, but the evidence doesn’t suggest we’re there yet. Recall that government attempts to contain bitcoin have failed, anointing the cryptocurrency with a “forbidden fruit” status and driving fresh request. Or that the possibility of an ETF or other investment instrument may emerge to ease the frictions of purchasing bitcoin.

And the promise of clever contracts inspires visions of unprecedented request for digital currencies. In fact, just yesterday, a collection of large companies including Microsoft and JP Morgan announced they would be forming the Enterprise Ethereum Alliance. Ethereum is a distributed computing platform based on blockchain technologies that features the capability to design clever contracts. The cryptocurrency native to Ethereum is ether, and it’s been called “the greatest fresh thing in digital currency.” As the standard-bearer for cryptocurrencies, bitcoin will benefit from any attention ether generates. (Utter disclosure: I own both bitcoin and ether.)

While short-term price corrections are always possible, there are compelling reasons to believe the long-term outlook for blockchain-enabled currencies like bitcoin is bright. If you’re looking for beanie babies, you best look elsewhere.

Related video:

BTC, Bitcoin (USD), Bitcoin (USD) exchange rate, Bitcoin (USD) price, Trade Bitcoin (USD), IG UK

Bitcoin (USD)

Switch: 1.23% ( 56.24 pts ) during the current or most latest trading day

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Details for Bitcoin (USD) DFB

Dealing

Margin factor 12.5%

Minimum stop distance forty

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Please note: we have attempted to ensure that the information here is as accurate as possible, but it is intended for guidance only and any errors will not be roping on us.

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DFBs lodge on the Last Dealing Day basis the middle of the IG price at 20:00, plus or minus half the IG spread.

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[Daily funding will be applied on a T+Two basis at 0.0416% when long and 0.0416% when brief. ]

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Switch: 1.23% ( 56.24 pts ) during the current or most latest trading day

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Client sentiment i

The percentage of IG client accounts with positions in this market that are presently long or brief. Calculated to the nearest 1%.

73% of IG client accounts with open positions in this market expect the price to rise

27% of IG client accounts with open positions in this market expect the price to fall

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An MIT accomplished on why distributed ledgers and cryptocurrencies have the potential to affect every industry.

By Zach Church | May 25, two thousand seventeen

Why It Matters

Like the internet in its early years, blockchain technology is hard to understand and predict, but could become ubiquitous in the exchange of digital and physical goods, information, and online platforms. Figure it out now.

Blockchain is a term widely used to represent an entire fresh suite of technologies. There is substantial confusion around its definition because the technology is early-stage, and can be implemented in many ways depending on the objective.

“At a high level, blockchain technology permits a network of computers to agree at regular intervals on the true state of a distributed ledger,” says MIT Sloan Assistant Professor Christian Catalini, an experienced in blockchain technologies and cryptocurrency. “Such ledgers can contain different types of collective data, such as transaction records, attributes of transactions, credentials, or other chunks of information. The ledger is often secured through a clever mix of cryptography and game theory, and does not require trusted knots like traditional networks. This is what permits bitcoin to transfer value across the globe without resorting to traditional intermediaries such as banks.”

On a blockchain, transactions are recorded chronologically, forming an immutable chain, and can be more or less private or anonymous depending on how the technology is implemented. The ledger is distributed across many participants in the network — it doesn’t exist in one place. Instead, copies exist and are at the same time updated with every fully participating knot in the ecosystem. A block could represent transactions and data of many types — currency, digital rights, intellectual property, identity, or property titles, to name a few.

“The technology is particularly useful when you combine a distributed ledger together with a cryptotoken,” Catalini says. “Suddenly you can bootstrap an entire network that can achieve internet-level consensus about the state and authenticity of a block’s contents in a decentralized way. Every knot that participates in the network can verify the true state of the ledger and transact on it at a very low cost. This is one step away from a distributed marketplace, and will enable fresh types of digital platforms.”

How is blockchain related to bitcoin?

Bitcoin, with a market cap of more than $40 billion, is the largest implementation of blockchain technology to date. While a lot of media attention has shifted from bitcoin to blockchain, the two are intertwined.

“When The Economist put blockchain on the cover in 2015, it wasn’t truly about its use to support a digital currency anymore. It was all about the other applications this technology will release within the next five to ten years,” Catalini says. “For example, in finance and accounting there is excitement about the capability to lodge and reconcile global transactions at a lower cost using the technology. In logistics the attention is all on how you can use the immutable audit trail generated by a blockchain to improve the tracking of goods through the economy. Others are fascinated by the possibility to use this as a better identity and authentication system.”

There are two types of costs blockchain could reduce for you: the cost of verification and the cost of networking.

So what’s the big deal? In a latest paper, Catalini explains why business leaders should be excited about blockchain — it can save them money and could upend how business is conducted.

Every business and organization engages in many types of transactions every day. Each of those transactions requires verification. In many cases, that verification is effortless. You know your customers, your clients, your colleagues, and your business playmates. Having worked with them and their products, data, or information, you have a pretty good idea of their value and trustworthiness.

“But every so often, there’s a problem, and when a problem arises, we often have to perform some sort of audit,” Catalini says. “It could be actual auditors coming into a stiff. But in many other cases, you’re running some sort of process to make sure the person claiming to have those credentials did have those credentials, or the rock-hard selling you the goods did have the certification. When we do that, it’s a costly, labor-intensive process for society. The marketplace slows down and you have to incur extra costs to match request and supply.”

“The reason distributed ledgers become so useful in these cases is because if you recorded those attributes you now need to verify securely on a blockchain, you can always go back and refer back to them at no cost,” he says. “It’s costless verification. So when you think about why bitcoin works, it’s because it can cheaply verify that the funds are actually there. You can transfer value from here to anywhere on the globe at almost zero transaction cost. Sending secure messages that carry value does not require a bank or PayPal in the middle anymore.”

In brief: Because the blockchain verifies trustworthiness, you don’t have to. And the friction of the transaction is diminished, resulting in cost and time savings.

Using a blockchain can also reduce the cost of running a secure network. This will happen over a longer timeline, Catalini says, perhaps a decade. The internet has already permitted for a quicker, less stilted exchange of goods and services. But it still needs intermediaries, however efficient they may be — think eBay, Airbnb, and Uber.

“Those intermediaries are costly and earn rents for processing payments, maintaining a reputation system, matching request and supply,” Catalini says. “This is where blockchain technology, combined with a cryptotoken, permits you to rethink an entire value chain from the ground up. That’s where incumbents should be slightly worried, because in the long run the way you may be delivering value to your customers and contesting against other companies could be fundamentally different.”

Blockchain technology could mean greater privacy and security for you and your customers.

Catalini calls it data leakage. When you give a bartender your driver’s license, all that person needs to know is your age. But you’re exposing so much more — your address, your height, whether you’re an organ donor, etc.

The same thing happens in commercial transactions.

“As your business fucking partner, I need to know that you’re trustworthy and reliable, but for plain transactions I don’t truly need to know many other things about you,” Catalini says. “Information disclosure is increasingly becoming a cost because of data breaches. We can’t keep our data private and it’s becoming increasingly sophisticated to do so within large organizations. So imagine a model where you can verify certain attributes are true or false, potentially using a decentralized infrastructure, but you don’t have to expose all these attributes all the time.”

In a business transaction context, Catalini says, a blockchain could be used to build a reputation score for a party, who could then be verified as trustworthy or solvent without having to open its books for a utter audit.

“Reputation scores both for businesses and individuals are today siloed into different platforms, and there is very little portability across platforms. Blockchain can improve on this,” he says.

Which industries could blockchain disrupt?

“All of them,” Catalini says. “The technology is what economists call a general purpose technology, and we will see many applications across different verticals.”

Here are a few to keep an eye on.

Central banks: Many central banks — including those in Canada, Singapore, and England — are studying and experimenting with blockchain technology and cryptocurrencies. The potential applications include lower settlement risk, more efficient taxation, swifter cross-border payments, inter-bank payments, and novel approaches to quantitative easing. Imagine a central bank stimulating the economy by delivering digital currency automatically to citizens. Don’t expect big moves from big countries soon. The risk is too high, Catalini says. But expect to see smaller, developed countries with a high tolerance for technology experimentation lead the way and possibly experiment with a fiat-backed, digital currency for some of their needs.

Finance: The busiest area of application so far, blockchain is being used by companies seeking to suggest low cost, secure, verifiable international payments and settlement. Ripple is one of the leaders in this space on the banking side. Meantime, companies like Digital Asset and Chain seek to create a swifter, more efficient financial infrastructure for tracking and exchanging financial assets of any type.

Money transfer: In 2014, two MIT students raised and distributed $100 worth of bitcoin to every MIT undergraduate. They desired to see what would happen and generate interest on campus. Catalini, together with Professor Catherine Tucker, designed the experiment and studied the results. While eleven percent instantly cashed out their bitcoin, forty nine percent were still holding on to some bitcoin. Some students used the funds to make purchases at local merchants, some of whom accepted bitcoin. Others traded with each other. Meantime, startups around the world competed to become the consumer trading application for bitcoin. Then PayPal bought Venmo, a payment platform that trades cash. PayPal’s own mobile app permits for peer-to-peer transactions, as well. The bitcoin-based consumer payment industry cooled down. But the application of blockchain remains attractive because of the lower costs it could suggest parties in global, peer-to-peer transactions. Rapid payment company Circle, which advertises itself as “Like a text packed with cash,” stopped permitting users to exchange bitcoin last year, but is building a protocol that permits digital wallets to exchange value using a blockchain.

Web browser company Plucky uses a blockchain to verify when users have viewed ads and, in turn, pays publishers when those same users consume content.

Micropayments: What if, instead of subscribing to a news site online, you paid only for the articles you read? As you click through the web, your browser would track the pages and record them for payment. Or what if you could get puny payments for doing work — completing surveys, working as a freelance copy editor — for a diversity of clients. By reducing the cost of the transaction and verifying the legitimacy of parties on either end, blockchain could make these micropayments, fresh types of cross-platform subscriptions, and forms of crowdsourcing possible and practical. A company called Plucky is already attempting this, with potential ramifications for the digital advertising industry.

Identity and privacy: In October 2013, the arrest of the founder of Silk Road, a deep web marketplace where users paid for illegal goods with bitcoin, demonstrated just how anonymous bitcoin indeed wasn’t. Nor was it ever intended to be — bitcoin addresses function much as a pseudonym does for a writer, Catalini says. Users can never fully mask their transactions. But others are attempting. Zcash promises to be a fully private cryptocurrency. There are significant downsides to the anonymity a blockchain could suggest, such as the capability to fund terrorism or facilitate money laundering. But there are many virtuous applications too — Google’s DeepMind is attempting to use blockchain to layer privacy and security in electronic health care records.

Wise contracts: This application is still in the early stages, Catalini says, but by recording information on a blockchain, contracts could use that information to make themselves self-executing if certain conditions are met. This idea backfired last year when code was exploited to steal $60 million from The DAO, a blockchain-based venture capital stiff.

Provenance and ownership: A blockchain could be used to record details about physical products, helping to verify authenticity and prevent fraud and counterfeiting. London-based EverLedger is tracking diamonds and envisions doing the same for fine wines. At the same time, for all these applications, a blockchain is only as useful as the quality of the information recorded on it in the very first place.

Internet of things, robotics, and artificial intelligence: Your appliances are already talking to each other — think clever home technologies like Nest thermostats and security systems. What if they could barter or acquire resources? What if a highway could verify the identity of and accept payment from a self-driving car, opening up a pay-per-use prompt lane to commuters in a rush? At the outer edge of application, but not outside the field of possibility, Catalini says.

When will this disruption happen?

Over a period of more than ten years. Catalini is coaxed blockchain has internet-level disruption potential, but like the internet it will come over a multi-decade timeline with fits and starts, and occasional setbacks. Some industries, especially finance, will see drastic switch soon. Others will take longer.

“A lot of the work in this space is experimental,” Catalini says. “We are at the infrastructure building stage. Bitcoin has a market capitalization of $42 billion, which is nothing compared to the mainstream financial platforms and exchanges that budge trillions of dollars every day. But the technology is maturing and growing. At some point, one of the startups in this space may expose itself to be the Netscape of cryptocurrencies. What would go after is something we have seen play out many times before in history.”

Fresh research, writing, and movies from Catalini and other MIT Sloan faculty members is available at blockchain.mit.edu. Sign up there to receive updates with the latest and most significant MIT work about blockchain.

Christian Catalini is the Fred Kayne (1960) Career Development Professor of Entrepreneurship, and Assistant Professor of Technological Innovation, Entrepreneurship, and Strategic Management at MIT Sloan. He is an accomplished in blockchain technology and cryptocurrencies, equity crowdfunding, the adoption of technology standards, and science and technology interactions. He is one of the principal investigators of the MIT Digital Currency Investigate, which gave all MIT undergraduate students access to bitcoin in Fall 2014. He is also part of the MIT Initiative on the Digital Economy. His work has been featured in Nature, the Fresh York Times, the Wall Street Journal, the Economist, WIRED, NPR, Forbes, Bloomberg, the Chicago Tribune, the Boston Globe, and VICE News, among others.

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An MIT accomplished on why distributed ledgers and cryptocurrencies have the potential to affect every industry.

By Zach Church | May 25, two thousand seventeen

Why It Matters

Like the internet in its early years, blockchain technology is hard to understand and predict, but could become ubiquitous in the exchange of digital and physical goods, information, and online platforms. Figure it out now.

Blockchain is a term widely used to represent an entire fresh suite of technologies. There is substantial confusion around its definition because the technology is early-stage, and can be implemented in many ways depending on the objective.

“At a high level, blockchain technology permits a network of computers to agree at regular intervals on the true state of a distributed ledger,” says MIT Sloan Assistant Professor Christian Catalini, an accomplished in blockchain technologies and cryptocurrency. “Such ledgers can contain different types of collective data, such as transaction records, attributes of transactions, credentials, or other lumps of information. The ledger is often secured through a clever mix of cryptography and game theory, and does not require trusted knots like traditional networks. This is what permits bitcoin to transfer value across the globe without resorting to traditional intermediaries such as banks.”

On a blockchain, transactions are recorded chronologically, forming an immutable chain, and can be more or less private or anonymous depending on how the technology is implemented. The ledger is distributed across many participants in the network — it doesn’t exist in one place. Instead, copies exist and are at the same time updated with every fully participating knot in the ecosystem. A block could represent transactions and data of many types — currency, digital rights, intellectual property, identity, or property titles, to name a few.

“The technology is particularly useful when you combine a distributed ledger together with a cryptotoken,” Catalini says. “Suddenly you can bootstrap an entire network that can achieve internet-level consensus about the state and authenticity of a block’s contents in a decentralized way. Every knot that participates in the network can verify the true state of the ledger and transact on it at a very low cost. This is one step away from a distributed marketplace, and will enable fresh types of digital platforms.”

How is blockchain related to bitcoin?

Bitcoin, with a market cap of more than $40 billion, is the largest implementation of blockchain technology to date. While a lot of media attention has shifted from bitcoin to blockchain, the two are intertwined.

“When The Economist put blockchain on the cover in 2015, it wasn’t truly about its use to support a digital currency anymore. It was all about the other applications this technology will whip out within the next five to ten years,” Catalini says. “For example, in finance and accounting there is excitement about the capability to lodge and reconcile global transactions at a lower cost using the technology. In logistics the attention is all on how you can use the immutable audit trail generated by a blockchain to improve the tracking of goods through the economy. Others are fascinated by the possibility to use this as a better identity and authentication system.”

There are two types of costs blockchain could reduce for you: the cost of verification and the cost of networking.

So what’s the big deal? In a latest paper, Catalini explains why business leaders should be excited about blockchain — it can save them money and could upend how business is conducted.

Every business and organization engages in many types of transactions every day. Each of those transactions requires verification. In many cases, that verification is effortless. You know your customers, your clients, your colleagues, and your business fucking partners. Having worked with them and their products, data, or information, you have a pretty good idea of their value and trustworthiness.

“But every so often, there’s a problem, and when a problem arises, we often have to perform some sort of audit,” Catalini says. “It could be actual auditors coming into a rigid. But in many other cases, you’re running some sort of process to make sure the person claiming to have those credentials did have those credentials, or the rock hard selling you the goods did have the certification. When we do that, it’s a costly, labor-intensive process for society. The marketplace slows down and you have to incur extra costs to match request and supply.”

“The reason distributed ledgers become so useful in these cases is because if you recorded those attributes you now need to verify securely on a blockchain, you can always go back and refer back to them at no cost,” he says. “It’s costless verification. So when you think about why bitcoin works, it’s because it can cheaply verify that the funds are actually there. You can transfer value from here to anywhere on the globe at almost zero transaction cost. Sending secure messages that carry value does not require a bank or PayPal in the middle anymore.”

In brief: Because the blockchain verifies trustworthiness, you don’t have to. And the friction of the transaction is diminished, resulting in cost and time savings.

Using a blockchain can also reduce the cost of running a secure network. This will happen over a longer timeline, Catalini says, perhaps a decade. The internet has already permitted for a quicker, less stilted exchange of goods and services. But it still needs intermediaries, however efficient they may be — think eBay, Airbnb, and Uber.

“Those intermediaries are costly and earn rents for processing payments, maintaining a reputation system, matching request and supply,” Catalini says. “This is where blockchain technology, combined with a cryptotoken, permits you to rethink an entire value chain from the ground up. That’s where incumbents should be slightly worried, because in the long run the way you may be delivering value to your customers and contesting against other companies could be fundamentally different.”

Blockchain technology could mean greater privacy and security for you and your customers.

Catalini calls it data leakage. When you give a bartender your driver’s license, all that person needs to know is your age. But you’re exposing so much more — your address, your height, whether you’re an organ donor, etc.

The same thing happens in commercial transactions.

“As your business fucking partner, I need to know that you’re trustworthy and reliable, but for ordinary transactions I don’t indeed need to know many other things about you,” Catalini says. “Information disclosure is increasingly becoming a cost because of data breaches. We can’t keep our data private and it’s becoming increasingly elaborate to do so within large organizations. So imagine a model where you can verify certain attributes are true or false, potentially using a decentralized infrastructure, but you don’t have to expose all these attributes all the time.”

In a business transaction context, Catalini says, a blockchain could be used to build a reputation score for a party, who could then be verified as trustworthy or solvent without having to open its books for a utter audit.

“Reputation scores both for businesses and individuals are today siloed into different platforms, and there is very little portability across platforms. Blockchain can improve on this,” he says.

Which industries could blockchain disrupt?

“All of them,” Catalini says. “The technology is what economists call a general purpose technology, and we will see many applications across different verticals.”

Here are a few to keep an eye on.

Central banks: Many central banks — including those in Canada, Singapore, and England — are studying and experimenting with blockchain technology and cryptocurrencies. The potential applications include lower settlement risk, more efficient taxation, quicker cross-border payments, inter-bank payments, and novel approaches to quantitative easing. Imagine a central bank stimulating the economy by delivering digital currency automatically to citizens. Don’t expect big moves from big countries soon. The risk is too high, Catalini says. But expect to see smaller, developed countries with a high tolerance for technology experimentation lead the way and possibly experiment with a fiat-backed, digital currency for some of their needs.

Finance: The busiest area of application so far, blockchain is being used by companies seeking to suggest low cost, secure, verifiable international payments and settlement. Ripple is one of the leaders in this space on the banking side. Meantime, companies like Digital Asset and Chain seek to create a swifter, more efficient financial infrastructure for tracking and exchanging financial assets of any type.

Money transfer: In 2014, two MIT students raised and distributed $100 worth of bitcoin to every MIT undergraduate. They wished to see what would happen and generate interest on campus. Catalini, together with Professor Catherine Tucker, designed the experiment and studied the results. While eleven percent instantaneously cashed out their bitcoin, forty nine percent were still holding on to some bitcoin. Some students used the funds to make purchases at local merchants, some of whom accepted bitcoin. Others traded with each other. Meantime, startups around the world competed to become the consumer trading application for bitcoin. Then PayPal bought Venmo, a payment platform that trades cash. PayPal’s own mobile app permits for peer-to-peer transactions, as well. The bitcoin-based consumer payment industry cooled down. But the application of blockchain remains attractive because of the lower costs it could suggest parties in global, peer-to-peer transactions. Rapid payment company Circle, which advertises itself as “Like a text packed with cash,” stopped permitting users to exchange bitcoin last year, but is building a protocol that permits digital wallets to exchange value using a blockchain.

Web browser company Plucky uses a blockchain to verify when users have viewed ads and, in turn, pays publishers when those same users consume content.

Micropayments: What if, instead of subscribing to a news site online, you paid only for the articles you read? As you click through the web, your browser would track the pages and record them for payment. Or what if you could get puny payments for doing work — completing surveys, working as a freelance copy editor — for a multitude of clients. By reducing the cost of the transaction and verifying the legitimacy of parties on either end, blockchain could make these micropayments, fresh types of cross-platform subscriptions, and forms of crowdsourcing possible and practical. A company called Courageous is already attempting this, with potential ramifications for the digital advertising industry.

Identity and privacy: In October 2013, the arrest of the founder of Silk Road, a deep web marketplace where users paid for illegal goods with bitcoin, showcased just how anonymous bitcoin truly wasn’t. Nor was it ever intended to be — bitcoin addresses function much as a pseudonym does for a writer, Catalini says. Users can never downright mask their transactions. But others are attempting. Zcash promises to be a fully private cryptocurrency. There are significant downsides to the anonymity a blockchain could suggest, such as the capability to fund terrorism or facilitate money laundering. But there are many virtuous applications too — Google’s DeepMind is attempting to use blockchain to layer privacy and security in electronic health care records.

Brainy contracts: This application is still in the early stages, Catalini says, but by recording information on a blockchain, contracts could use that information to make themselves self-executing if certain conditions are met. This idea backfired last year when code was exploited to steal $60 million from The DAO, a blockchain-based venture capital rigid.

Provenance and ownership: A blockchain could be used to record details about physical products, helping to verify authenticity and prevent fraud and counterfeiting. London-based EverLedger is tracking diamonds and envisions doing the same for fine wines. At the same time, for all these applications, a blockchain is only as useful as the quality of the information recorded on it in the very first place.

Internet of things, robotics, and artificial intelligence: Your appliances are already talking to each other — think brainy home technologies like Nest thermostats and security systems. What if they could barter or acquire resources? What if a highway could verify the identity of and accept payment from a self-driving car, opening up a pay-per-use rapid lane to commuters in a rush? At the outer edge of application, but not outside the field of possibility, Catalini says.

When will this disruption happen?

Over a period of more than ten years. Catalini is wooed blockchain has internet-level disruption potential, but like the internet it will come over a multi-decade timeline with fits and starts, and occasional setbacks. Some industries, especially finance, will see drastic switch soon. Others will take longer.

“A lot of the work in this space is experimental,” Catalini says. “We are at the infrastructure building stage. Bitcoin has a market capitalization of $42 billion, which is nothing compared to the mainstream financial platforms and exchanges that budge trillions of dollars every day. But the technology is maturing and growing. At some point, one of the startups in this space may expose itself to be the Netscape of cryptocurrencies. What would go after is something we have seen play out many times before in history.”

Fresh research, writing, and movies from Catalini and other MIT Sloan faculty members is available at blockchain.mit.edu. Sign up there to receive updates with the latest and most significant MIT work about blockchain.

Christian Catalini is the Fred Kayne (1960) Career Development Professor of Entrepreneurship, and Assistant Professor of Technological Innovation, Entrepreneurship, and Strategic Management at MIT Sloan. He is an accomplished in blockchain technology and cryptocurrencies, equity crowdfunding, the adoption of technology standards, and science and technology interactions. He is one of the principal investigators of the MIT Digital Currency Explore, which gave all MIT undergraduate students access to bitcoin in Fall 2014. He is also part of the MIT Initiative on the Digital Economy. His work has been featured in Nature, the Fresh York Times, the Wall Street Journal, the Economist, WIRED, NPR, Forbes, Bloomberg, the Chicago Tribune, the Boston Globe, and VICE News, among others.

Related video:

Blockchain Week in Review – May 26, two thousand seventeen – Virtual Currency Report

Virtual Currency Report

Blockchain Week in Review – May 26, two thousand seventeen

Below is a summary of some of the significant legal and regulatory deeds that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

Vermont Law Recognizes Digital Currency as a Permissible Investment

Earlier this month, Vermont Governor Phil Scott signed a bill into law which made clear that bitcoin and other digital currencies are considered permissible investments under the state money transmitter licensing requirements. The fresh law defines eligible digital currency as “stored value that can be a medium of exchange, a unit of account or a stored value; has an equivalent value in money or acts as a substitute for money; may be centralized or decentralized; and can be exchanged for money or other convertible [digital] currency.” VT H.182

Florida to Enact Law Adding Digital Currency to Money Laundering Act

The Florida Legislature unanimously approved an amendment to the state’s criminal money laundering statue, which clarifies the statute’s definition of “virtual currency” and makes it a criminal offense to use virtual currency in laundering criminal proceeds. The legislation is presently with Florida’s governor awaiting signature. Assuming the bill is signed by the governor, the statute is scheduled to take effect July 1, 2017. HB one thousand three hundred seventy nine Text; HB one thousand three hundred seventy nine History; Four.28.17 Week-in-Review; Source.

West Virginia Lawmakers Finish Bill Criminalizing the use of Cryptocurrencies for Money Laundering

The West Virginia legislature has ended work on a bill that would make it a felony to use cryptocurrency for money laundering. The purpose of the bill is to “create criminal offenses relating to money laundering.” WV HB2585 Summary The bill defines “cryptocurrency” as “digital currency in which encryption mechanisms are used to regulate the generation f units of currency and verify the transfer of funds, and which operate independently of a central bank.” The bill also adds the term cryptocurrency into the definition of “monetary instruments.” Any property or monetary instruments involved with violating the freshly proposed bill would be subject to forfeiture. WV HB2585 Text HB2585 passed both the House and the Senate in West Virginia. The governor approved the bill, and the House added the statute’s text to Chapter fifty seven of its Regular Session Acts this week. WV HB2585 History

Congress Considers Bill Requiring Investigation of the use of Virtual Currency and Terrorism

Representative Kathleen Rice (D-NY) introduced HR two thousand four hundred thirty three to the House of Representatives this month, a bill that would direct the Secretary of Homeland Security for Intelligence and Analysis to develop and disseminate a threat assessment regarding terrorist use of virtual currency. The investigation would need to evaluate the actual and potential threat posed by individuals using virtual currency to carry out activities in furtherance of an act of terrorism.

Fresh York Files Lawsuit against OCC Fintech Charter

The Fresh York Department of Financial Services (“NYDFS”) filed an independent lawsuit challenging the OCC Fintech Charter. This lawsuit comes on the high-heeled shoes of another lawsuit challenging the legality of the proposed OCC Charter, filed by the Conference of State Bank Supervisors (“CSBS”). Four.28.17 Week-in-Review. NYDFS Superintendent Maria T. Vullo announced that lawsuit, filed in NY federal court, challenged “the decision of the Office of the Comptroller of the Currency (OCC) to grant special-purpose national bank charters to undefined ‘fintech’ companies.” The NYDFS complaint seeks “to stop the OCC from granting charters to institutions subject to Fresh York State law that provide financial services to Fresh York consumers based on the OCC’s unidentified and sweeping array of commercial ventures never before authorized or regulated by the OCC.” The NYDFS release describes the OCC’s charter decision as “lawless, ill-conceived, and destabilizing of financial markets that are decently and most effectively regulated by Fresh York and other State regulators.” NYDFS Press Release May 12, 2017. The CSBS issued a statement in support of NYDFS’s lawsuit against the OCC. CSBS May 12, two thousand seventeen Statement.

Congress Questions the IRS’s John Doe Subpoena for Coinbase

Last week, senior Republicans in Congress sent a letter to the Commissioner of the Internal Revenue Service, which suggested that the agency had overstepped its powers by requesting information about the IRS’s strategy for digital currency and latest events surrounding the IRS’s summons to Coinbase. The letter points out that the IRS issued guidance in two thousand fourteen indicating that digital currency would be treated as property for tax purposes, but by 2016, the agency had not yet developed a comprehensive digital currency tax strategy. In late 2016, however, the IRS issued a summons to the digital currency exchange Coinbase, which required the records of all American Coinbase customers who conducted transactions in convertible digital currency from 2013-2015. Sen. Orrin Hatch (R-UT), Rep. Kevin Brady (R-TX), and Rep. Vern Buchanan (R-FL) signed the letter, where the legislators “strongly” questioned “whether the IRS has actually established a reasonable basis to support the mass production of records for half a million people.” Fearing that the summons sets a “dangerous precedent for companies facilitating virtual currency transactions that could be subject to a similar summons,” the legislators also remarked that based “on the information before us, this summons seems overly broad, utterly burdensome, and very intrusive to a large population of individuals.” Members of the Senate Committee on Finance and House Committee on Ways and Means requested a briefing from the IRS on these issues. Letter from Congress to IRS, dated May 17, 2017; Two.Trio.2017 Week in Review; 12.Two.2016 Week in Review.

CFTC Announces Plans to open an Office for Fintech Innovation

The U.S. Commodity Futures Trading Commission (“CFTC”) announced its plan to open LabCFTC. This office will be the “focal point for the CFTC’s efforts to promote responsible Fintech innovation and fair competition for the benefit of the American public.” LabCFTC will provide a dedicated point of contact for Fintech innovators to engage with the CFTC, learn its regulatory framework, and obtain feedback and information about implementing technology ideas into the market based on existing law, CFTC regulation, and policy. To do this, the CFTC plans to: proactively engage with the innovator community to better understand how innovations interact with the regulatory and supervisory framework, collaborate with the industry and market participants to coordinate responsible innovation, participate in studies to foster responsible innovation, cooperate with financial regulators at home and overseas, monitor trends to ensure the regulatory framework does not stifle innovation, as well as engage with academics, students, and professionals to share information about the industry. LabCFTC will be located in Fresh York and is intended to “bridge the gap” inbetween today’s regulations and regulations for the 21st century for today’s digital markets. LabCFTC

Dubai Regulators Announce Special Testing License for Fintech Startups

The Dubai Financial Services Authority (“DFSA”) released plans detailing its Innovation Testing License (“ITL”) on Wednesday. Under this plan, Fintech startups in Dubai will be permitted to test their products under a restricted financial services license for 6-12 months, a period which can be extended by the DFSA. Successful applicants would then be required to obtain a total financial services license to proceed formally operating, and firms that fail to meet the required outcomes will have to cease activities. This fresh license creates, in essence, a regulatory sandbox that will permit startups to experiment with fresh ideas with a improvised exemption from the standard regulatory requirements that regulated companies face. Source; Source

Indian Government Requests Public Comment on Virtual Currency Regulation

The Indian Government invites constituents to comment and make suggestions on the use of virtual currency within India. The Indian Ministry of Finance made the announcement via its Twitter account on May 20, 2017, which invited public involvement in the future of virtual currency regulation. The Ministry is accepting input until May thirty one and is specifically looking for input on the following questions: (1) whether virtual currencies should be banned, regulated or observed? (Two) if virtual currencies should be regulated, how should India treat consumer protection, promote the development of virtual currency, and which institution should monitor? And (Three) if virtual currencies should not be regulated, how should they be self-regulated effectively and what measures should be taken to ensure consumer protection? Since 2013, the Indian government has issued several warnings to the public to be aware of the risks of virtual currencies. However, since the country has been demonetizing, many citizens have been using virtual currencies as an alternative to the Rupee. Source

Regulators in Gibraltar Propose Fresh Government Regulatory Framework for Digital Currency

The government of Gibraltar announced its purpose to establish itself as a hub of the Fintech sector and that it has made a public commitment to widely consult with the private sector and other interested parties to achieve that objective. The HM Government of Gibraltar, Ministry for Commerce, issued a paper entitled Proposals for a DLT Regulatory Framework, which investigates a regulatory treatment for the country to take that (1) provides regulatory certainty while meeting the challenge of regulating firms using the rapidly evolving technology, (Two) permits firms to grow and adapt while ensuring it does so securely, (Three) protects consumers and Gibraltar’s reputation, (Four) leverages Gibraltar’s standing as a quality financial center, (Five) does not compromise Gibraltar’s regulatory environment, (6) supports fresh firms seeking to embark up in Gibraltar, (7) encourages overseas enterprises to establish operations in Gibraltar, and (8) recognizes the need for “speed to market” in the authorization process of these firms. The paper establishes nine principles the country will require DLT firms to go after to ensure that the plan’s regulatory outcomes are achieved. The Minister for Commerce, Hon. Albert Isola, stated that he was delighted to publish the proposals for widespread public consumption and that he looked forward to receiving comments from the public. Public comments on the plan are due by June 6, 2017. Press Release; Proposals for a DLT Regulatory Framework

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Bitcoin technology launches a Swiss start-up scene – SWI

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Bitcoin is the most prominent example of so-called cryptocurrencies: digital currencies that use encryption technics for generating and verifying transactions.

Bitcoin may have fallen victim to volatility, but Switzerland has become fertile ground for start-ups banking on a different, digital future for currencies. And the Swiss franc’s latest activity has only added fuel to the fire.

When the Swiss National Bank (SNB) announced it had un-pegged the Swiss franc from the euro on January 15, sending the franc’s value skyrocketing, bitcoin enthusiasts took to the Web to say “I told you so”.

While the mainstream media had basically proclaimed bitcoin dead outward link after it lost 400% of its value since its height in November two thousand thirteen and was embroiled in a series of security scandals, the community supporting such digital currency – or cryptocurrency – witnessed the SNB’s stir as validation that a de-centralised monetary system is the way forward.

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Yesterday the Washington Post said bitcoin needs a central bank to stabilize the currency. Today a decision by t. https://t.co/QrPZqIPgVU

Johann Gevers hails from South Africa but now lives in Switzerland where he goes a start-up called Monetas. He was “very blessed to see” the SNB’s budge which he eyed as unsustainable. The budge, he says, exposes the flaws in the idea of having a few people calling the shots at a central bank, which runs “completely counter” to his business’s philosophy of providing individual citizens control over their financial lives.

Cryptocurrency: a glossary

Bitcoin: The most-used type of digital currency, invented in two thousand eight by a person with the moniker Santoshi Nakamoto. Accepted by hundreds of online vendors worldwide, including Amazon and Cherry.

Cryptocurrency: A form of money that uses cryptography to control its creation and management

Blockchain: The public digital ledger keeping track of all bitcoin transactions

Monetas, in a nutshell, is a global payment system that can transfer any currency or commodity to another person anywhere in the world through a phone app, without a central authority controlling the transaction. To do so, it relies on the underlying technology behind bitcoin transactions. Its ultimate objective is what Gevers calls “the democratisation of finance” across borders and currencies.

On the other side of Switzerland, in the French-speaking city of Neuchâtel, Adrien Treccani is also hard at work on three bitcoin-related companies at another soon-to-be-launched cryptocurrency start-up hub known as Bitcoin Factory. A doctoral student in mathematical finance at the Swiss Finance Institute, Treccani is at home in two surroundings: the high-risk start-up culture surrounding cryptocurrency and the traditional Swiss financial world. When the euro peg was liquidated, he also believed the national bank’s policy had an expiration date and supported the decision – but he found reactions differed depending on which environment he was in.

“I was in favour of leaving the peg and I witnessed that many people in the bitcoin community had the same feeling, but not many people around me [in the finance world] agreed,” he says, chalking up the difference in opinion to cryptocurrency enthusiasts’ dislike of “the central bank’s cheating with the currency”.

Gevers would like to take things further and work directly with central banks “to have them see that the course they have been following so far is simply unsustainable and very dangerous to the social fabric”. For starters, one of his company’s goals is to talk to central banks about using the Monetas system and the cryptocurrency technology behind it in order to more sustainably issue currency.

However, former UBS chief historian Robert Vogler puts that idea in the category of “wishful thinking” and the Swiss National Bank did not comment on its preparedness to entertain such a concept.

For Vogler, the current cryptocurrency investment craze has shades of other movements in history following financial crises. He points to Silvio Gesell’s theories about issuing money at a constant value in the wake of a depression in Argentina in the late 1800s, or the WIR independent currency system that was founded in Switzerland in the 1930s and now also functions as an electronic currency. For him it’s no surprise that ideas for such fresh currencies always pop up following major financial and economic crises.

“These aspirations to eliminate oneself from reality have become a bit symptomatic, believing you can avoid certain dangers in the current system,” Vogler believes.

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And as Boston University finance and management professor Zvi Bodie pointed out to the PBS NewsHour outward link , part of the trouble with bitcoin is that it’s not backed or ensured by any government, third party (like a credit card company) or physical, independently valuable entity (like gold).

No one is denying that bitcoin is volatile or the fact that it’s an enormously high-risk investment, says Treccani. That’s one of the three main things he thinks are holding it back from becoming more mainstream, the others being its accessibility and its security.

Right now, when compared to use of other payment methods like credit cards, bitcoin remains a niche; according to the Financial Times, the bitcoin system processes about 100,000 transactions a day, versus one hundred fifty million for Visa.

But Treccani points out that the cryptocurrency itself and the system it brings with it are two different things.

“You have to separate the bitcoin currency from bitcoin technology,” he says. “Then you begin eyeing the real value in the underlying innovation.”

That’s the innovation fuelling start-ups like those populating Crypto Valley and Bitcoin Factory. And Treccani sees more of his colleagues in the financial sector coming around to the technology.

“They might still not know why it is useful or different from the current system, but they see that bitcoin is a credible next step in financial innovation,” he says. Recently, the surest sign of the traditional financial world’s growing interest in cryptocurrency may have been the $75 million investment investment by the Fresh York Stock Exchange and other playmates in Coinbase, a major online marketplace for trading and storing bitcoin.

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Pleased to share we've raised $75M led by @dfjgrowth @USAA @nyse @bbva @docomo and others. Focused on helping #bitcoin grow in two thousand fifteen & beyond

Mike Hearn, a freelance cryptocurrency software developer based in Switzerland, thinks bitcoin-related companies suggest a specific kind of investment chance that’s hard to find these days.

“If you look around in the technology sector there aren’t a lot of areas with high risk, high growth potential,” he says. “But bitcoin began from nothing with one fellow and now it’s this global phenomenon, everybody has heard about it and it’s grown a lot. So why not take a gamble on that?”

But Hearn doesn’t think such large-scale investments as the NYSE’s would have happened in Europe, where he believes people are much less likely to put lots of money into a venture linked to bitcoin’s volatile reputation.

Fabio Federici agrees. The gun-shy investor culture was one reason why he incorporated his start-up in Silicon Valley instead of in Switzerland, where he grew up and went to school. His company is designed to let merchants, investors and others have effortless access to the information stored in the bitcoin blockchain, the digital ledger of all bitcoin transactions.

But Gevers, Treccani and others working to develop the Swiss cryptocurrency start-up sector would argue Switzerland has more working for it than against it when it comes to being an attractive place to launch a company.

For one, the Swiss government and the Swiss National Bank issued a report outward link on regulating bitcoin last year, defining bitcoin as a means of payment like any other currency, outlining guidelines for merchants and traders. “At least they eyed bitcoin coming and have given a clear statement to start-ups and companies about how to deal with this technology,” Treccani says.

It amounts to a clearer regulatory environment for cryptocurrency in Switzerland, Treccani argues, compared with a certain degree of uncertainty in neighbouring countries or in the United States.

Cryptocurrency’s unpredictability is also the most intoxicating thing about it for investors. For now, that makes its future anything but certain and has led its enthusiasts to take its erraticism in their stride.

“I wish bitcoin were more stable, but you never know when even very stable national currencies can abruptly go crazy,” says Hearn.

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Bitcoin platform review: Details, cost, pros, cons

CEX.IO bitcoin marketplace review

If you’re looking into using bitcoin to send money to someone, you will need a cryptocurrency platform.

CEX.IO might be on your list of candidates — it’s a London-based exchange founded in two thousand thirteen that lets you buy, sell and trade cryptocurrencies. In a sea of competitors, CEX.IO’s claim to fame is that it permits withdrawals to credit cards.

The question, of course, is whether CEX.IO is a good choice for money transfers. Let’s find out.

  • Fees: Varies by transaction
  • Supported countries: Worldwide
  • Payment methods: Wire, Credit/Debit, AstroPay
  • No commission for bank deposits and competitive fees for withdrawals.
  • Exchange rates typically within 0.5% to 2% of mid-market rate.
  • High maximum transfers with verified account.
  • Supports US dollars, euros and rubles only.
  • Bitcoin-based money transfers can be complicated.
  • High fees for buying and selling bitcoin.
  • Bank withdrawals can be expensive.

How are CEX.IO’s exchange rates?

Exchange rates on CEX.IO are based on the platform’s market activity. Traders on CEX.IO buy and sell bitcoin; at the same time, the exchange rate will fluctuate.

However the exchange rate can switch, you’ll typically find that it’s within 0.5% to 2% of the mid-market rate.

Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll detect which companies suggest the best rates.

Overall, CEX.IO’s exchange rate is reasonable compared with other bitcoin exchanges. It’s more significant to look at CEX.IO’s fees for buying and selling bitcoin, which are fairly high.

How much will I pay to send money with CEX.IO?

Buying bitcoins

You very first need to deposit fiat currency — government-issued money like US dollars or euros — onto CEX.IO. Here is what you’ll pay to buy bitcoin.

Next, you need to purchase bitcoins. Buying bitcoins comes with a 7% transaction fee, and you may lose a bit of value on your fiat currency from the exchange rate.

Sending the bitcoins to your recipient

Next, you’ll transfer the bitcoins to your recipient. To do that, you can use CEX.IO’s voucher system at no cost.

Selling the bitcoins

When your recipient sells the bitcoins, they’ll be charged a 7% transaction fee. They may also lose a bit of value on their bitcoins from the exchange rate.

Withdrawing the fiat currency

Now that your recipient has sold the bitcoins for fiat currency, they need to get the money from CEX.IO.

Here are the fees for fiat currency withdrawals.

How do I send money through CEX.IO?

A bitcoin-based money transfer involves a series of steps.

  • You use fiat currency to buy bitcoins.
  • You send the bitcoins to your recipient’s bitcoin address.
  • Your recipient sells the bitcoins for fiat currency.
  • Your recipient withdraws the fiat currency to their bank account or credit card.

Here’s a hypothetical money transfer through CEX.IO for sending $1,000 to someone in Germany.

$1,000 to Germany

According to the mid-market rate at the time of this writing, $1,000 is worth about 0.78 XBT.

Case examine analysis

  • In the case investigate, your $1,000 buys you 0.72 XBT. That means you lose 0.06 XBT — about $76 — from the purchase. Most of the loss comes from CEX.IO’s 7% transaction fee.
  • According to the mid-market rate, 0.72 XBT is worth about eight hundred sixty eight euros. But when your recipient sells the bitcoins, they receive eight hundred ten euros. Again, most of the loss comes from the transaction fee.
  • After all is said and done, your recipient is left with eight hundred six euros, which is about $853. Via the accomplish money transfer, you’ve lost almost $150.

Minimum transfer amounts and available countries

When buying bitcoins on CEX,IO, you need to purchase a minimum of 0.01 XBT with a maximum of ten XBT. The boundaries are the same for selling bitcoins.

You can withdraw an unlimited amount in bitcoins — this means you can send as many bitcoins to your recipient as you’d like. The minimum transfer amount is 0.01 XBT.

For fiat currencies, there are different deposit and withdrawal boundaries depending on which type of account you have:

  • Basic account. Maximum of $500 daily and $Two,000 monthly
  • Verified account. Maximum of $Ten,000 daily and $100,000 monthly
  • Verified Plus and Corporate accounts. No limit

Because of these rules, the amount you can send to your recipient will be limited by the type of account you have.

Bitcoin platform review: Details, cost, pros, cons

CEX.IO bitcoin marketplace review

If you’re looking into using bitcoin to send money to someone, you will need a cryptocurrency platform.

CEX.IO might be on your list of candidates — it’s a London-based exchange founded in two thousand thirteen that lets you buy, sell and trade cryptocurrencies. In a sea of competitors, CEX.IO’s claim to fame is that it permits withdrawals to credit cards.

The question, of course, is whether CEX.IO is a good choice for money transfers. Let’s find out.

  • Fees: Varies by transaction
  • Supported countries: Worldwide
  • Payment methods: Wire, Credit/Debit, AstroPay
  • No commission for bank deposits and competitive fees for withdrawals.
  • Exchange rates typically within 0.5% to 2% of mid-market rate.
  • High maximum transfers with verified account.
  • Supports US dollars, euros and rubles only.
  • Bitcoin-based money transfers can be complicated.
  • High fees for buying and selling bitcoin.
  • Bank withdrawals can be expensive.

How are CEX.IO’s exchange rates?

Exchange rates on CEX.IO are based on the platform’s market activity. Traders on CEX.IO buy and sell bitcoin; at the same time, the exchange rate will fluctuate.

However the exchange rate can switch, you’ll typically find that it’s within 0.5% to 2% of the mid-market rate.

Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll detect which companies suggest the best rates.

Overall, CEX.IO’s exchange rate is reasonable compared with other bitcoin exchanges. It’s more significant to look at CEX.IO’s fees for buying and selling bitcoin, which are fairly high.

How much will I pay to send money with CEX.IO?

Buying bitcoins

You very first need to deposit fiat currency — government-issued money like US dollars or euros — onto CEX.IO. Here is what you’ll pay to buy bitcoin.

Next, you need to purchase bitcoins. Buying bitcoins comes with a 7% transaction fee, and you may lose a bit of value on your fiat currency from the exchange rate.

Sending the bitcoins to your recipient

Next, you’ll transfer the bitcoins to your recipient. To do that, you can use CEX.IO’s voucher system at no cost.

Selling the bitcoins

When your recipient sells the bitcoins, they’ll be charged a 7% transaction fee. They may also lose a bit of value on their bitcoins from the exchange rate.

Withdrawing the fiat currency

Now that your recipient has sold the bitcoins for fiat currency, they need to get the money from CEX.IO.

Here are the fees for fiat currency withdrawals.

How do I send money through CEX.IO?

A bitcoin-based money transfer involves a series of steps.

  • You use fiat currency to buy bitcoins.
  • You send the bitcoins to your recipient’s bitcoin address.
  • Your recipient sells the bitcoins for fiat currency.
  • Your recipient withdraws the fiat currency to their bank account or credit card.

Here’s a hypothetical money transfer through CEX.IO for sending $1,000 to someone in Germany.

$1,000 to Germany

According to the mid-market rate at the time of this writing, $1,000 is worth about 0.78 XBT.

Case examine analysis

  • In the case examine, your $1,000 buys you 0.72 XBT. That means you lose 0.06 XBT — about $76 — from the purchase. Most of the loss comes from CEX.IO’s 7% transaction fee.
  • According to the mid-market rate, 0.72 XBT is worth about eight hundred sixty eight euros. But when your recipient sells the bitcoins, they receive eight hundred ten euros. Again, most of the loss comes from the transaction fee.
  • After all is said and done, your recipient is left with eight hundred six euros, which is about $853. Via the finish money transfer, you’ve lost almost $150.

Minimum transfer amounts and available countries

When buying bitcoins on CEX,IO, you need to purchase a minimum of 0.01 XBT with a maximum of ten XBT. The thresholds are the same for selling bitcoins.

You can withdraw an unlimited amount in bitcoins — this means you can send as many bitcoins to your recipient as you’d like. The minimum transfer amount is 0.01 XBT.

For fiat currencies, there are different deposit and withdrawal thresholds depending on which type of account you have:

  • Basic account. Maximum of $500 daily and $Two,000 monthly
  • Verified account. Maximum of $Ten,000 daily and $100,000 monthly
  • Verified Plus and Corporate accounts. No limit

Because of these rules, the amount you can send to your recipient will be limited by the type of account you have.

Bitcoin platform review: Details, cost, pros, cons

CEX.IO bitcoin marketplace review

If you’re looking into using bitcoin to send money to someone, you will need a cryptocurrency platform.

CEX.IO might be on your list of candidates — it’s a London-based exchange founded in two thousand thirteen that lets you buy, sell and trade cryptocurrencies. In a sea of competitors, CEX.IO’s claim to fame is that it permits withdrawals to credit cards.

The question, of course, is whether CEX.IO is a good choice for money transfers. Let’s find out.

  • Fees: Varies by transaction
  • Supported countries: Worldwide
  • Payment methods: Wire, Credit/Debit, AstroPay
  • No commission for bank deposits and competitive fees for withdrawals.
  • Exchange rates typically within 0.5% to 2% of mid-market rate.
  • High maximum transfers with verified account.
  • Supports US dollars, euros and rubles only.
  • Bitcoin-based money transfers can be complicated.
  • High fees for buying and selling bitcoin.
  • Bank withdrawals can be expensive.

How are CEX.IO’s exchange rates?

Exchange rates on CEX.IO are based on the platform’s market activity. Traders on CEX.IO buy and sell bitcoin; at the same time, the exchange rate will fluctuate.

However the exchange rate can switch, you’ll typically find that it’s within 0.5% to 2% of the mid-market rate.

Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll detect which companies suggest the best rates.

Overall, CEX.IO’s exchange rate is reasonable compared with other bitcoin exchanges. It’s more significant to look at CEX.IO’s fees for buying and selling bitcoin, which are fairly high.

How much will I pay to send money with CEX.IO?

Buying bitcoins

You very first need to deposit fiat currency — government-issued money like US dollars or euros — onto CEX.IO. Here is what you’ll pay to buy bitcoin.

Next, you need to purchase bitcoins. Buying bitcoins comes with a 7% transaction fee, and you may lose a bit of value on your fiat currency from the exchange rate.

Sending the bitcoins to your recipient

Next, you’ll transfer the bitcoins to your recipient. To do that, you can use CEX.IO’s voucher system at no cost.

Selling the bitcoins

When your recipient sells the bitcoins, they’ll be charged a 7% transaction fee. They may also lose a bit of value on their bitcoins from the exchange rate.

Withdrawing the fiat currency

Now that your recipient has sold the bitcoins for fiat currency, they need to get the money from CEX.IO.

Here are the fees for fiat currency withdrawals.

How do I send money through CEX.IO?

A bitcoin-based money transfer involves a series of steps.

  • You use fiat currency to buy bitcoins.
  • You send the bitcoins to your recipient’s bitcoin address.
  • Your recipient sells the bitcoins for fiat currency.
  • Your recipient withdraws the fiat currency to their bank account or credit card.

Here’s a hypothetical money transfer through CEX.IO for sending $1,000 to someone in Germany.

$1,000 to Germany

According to the mid-market rate at the time of this writing, $1,000 is worth about 0.78 XBT.

Case probe analysis

  • In the case examine, your $1,000 buys you 0.72 XBT. That means you lose 0.06 XBT — about $76 — from the purchase. Most of the loss comes from CEX.IO’s 7% transaction fee.
  • According to the mid-market rate, 0.72 XBT is worth about eight hundred sixty eight euros. But when your recipient sells the bitcoins, they receive eight hundred ten euros. Again, most of the loss comes from the transaction fee.
  • After all is said and done, your recipient is left with eight hundred six euros, which is about $853. Across the finish money transfer, you’ve lost almost $150.

Minimum transfer amounts and available countries

When buying bitcoins on CEX,IO, you need to purchase a minimum of 0.01 XBT with a maximum of ten XBT. The boundaries are the same for selling bitcoins.

You can withdraw an unlimited amount in bitcoins — this means you can send as many bitcoins to your recipient as you’d like. The minimum transfer amount is 0.01 XBT.

For fiat currencies, there are different deposit and withdrawal boundaries depending on which type of account you have:

  • Basic account. Maximum of $500 daily and $Two,000 monthly
  • Verified account. Maximum of $Ten,000 daily and $100,000 monthly
  • Verified Plus and Corporate accounts. No limit

Because of these rules, the amount you can send to your recipient will be limited by the type of account you have.

Related video:

Bitcoin Mining Software

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MultiMiner is a desktop application for crypto-coin mining and monitoring on Windows, Mac OS X and Linux. MultiMiner simplifies switching individual devices (GPUs, ASICs, FPGAs) inbetween crypto-currencies such as Bitcoin and Litecoin. MultiMiner uses the underlying mining engine (BFGMiner) to detect available mining hardware and then presents an intuitive screen for choosing the coins you’d like to mine.

  • Screenshots
  • All
  • Mining
  • Settings
  • MobileMiner
  • Development

Features

End-to-end mining features

MultiMiner was designed from day-one to cater to both fresh miners and power users. From the Getting Commenced wizard to MultiMiner Remoting, you can be certain you’ve found the Bitcoin mining software to fit your needs.

In fact, many of the more advanced features in MultiMiner require no configuration, such as the automatic detection of Network Devices as well as the remote monitoring and control of MultiMiner equipments on your network – both from your PC and your smart-phone.

The Fresh User

  • A Getting Began wizard means getting mining quickly
  • A familiar, intuitive interface permits users to get up-to-speed
  • Automatic updates make keeping MultiMiner and BFGMiner updated ordinary
  • Notifications alert you of profitable coins to consider mining

The Power User

  • Configurable strategies for automatically mining currencies
  • A built in Stratum Proxy permits you to point other miners at MultiMiner
  • Integration with online services means information on available coins is always up-to-date
  • Direct access to underlying mining engine arguments and API settings

The Coin Farmer

  • Automatically detect, monitor, and control standalone miners on your network (such as those from AntMiner, Avalon, and KnC)
  • Remotely monitor, configure and control any MultiMiner equipment on your network
  • Monitor all of your equipments at a glance on your mobile phone or browser using MobileMiner
  • Install updates for MultiMiner and BFGMiner to all miners on your network with one click

It’s totally brilliant. I think it’s the only viable GUI mining software, and the stats and the API implementation with current pricing and profitability is entirely outstanding.

Downloads

MultiMiner downloads

MultiMiner requires an installation of Mono to run on both Mac OS X and Linux, and requires an installation of Xquartz on Mac OS X. The only pre-requisite on Windows is version Trio.Five of the .NET Framework.

Releases

Click Here to download the latest version of MultiMiner.

Releases for MultiMiner are available both as installers and zip files and are made available regularly on the GitHub Releases Page for MultiMiner.

Click Here for more details instructions for installing MultiMiner on Mac OS X and Linux.

Drivers

Depending on your OS and the mining devices you plan on using you will need one or more of the following drivers / kernel extensions installed:

Source Code

Click Here to view and download the current source code at the official GitHub repo.

As an Open Source project, the source code for MultiMiner is publicly available and regularly updated. Scroll down to find out how you can help contribute to MultiMiner development.

Contribute

Contribute to MultiMiner development

MultiMiner is an Open Source project with a permissive MIT license. Whether helping with features, bugs, or documentation, forking and contributing to MultiMiner is always welcome and encouraged.

The source code for MultiMiner is publicly available and regularly updated. You can download and compile the source code for MultiMiner using any of the following free devices:

MultiMiner source code

The source code for MultiMiner is structured in such a way that makes it effortless to use and re-use for other projects.

The source on GitHub also includes a ordinary example that illustrates the basic functionality such as mining and monitoring mining progress.

Related video:

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