Author Archives: jetencila

Stable Coins: The “Holy Grail of Cryptocurrencies”

In the middle of the Cryptocurrency industry meltdown in 2019, Bitcoin experienced a loss of more than 3-quarters of its value. This created a queue for enthusiasts to shift to so-called “stable” coins, which are deemed the utopia in the world of Cryptocurrencies. Let’s take a close look at stable coins:

To be able to be considered as a stable coin, it should not be the only asset on its own, it must represent another entity that is another asset, like cash or petroleum. While a traditional digital currency like Bitcoin is so unstable, stable coins are more like traditional cash, it’s usually valued at a constant price.

Currently, these stable coins are being used by new investors to jump into Cryptocurrency investing.

Complicated process

Almost all Cryptocurrency only allow trading one Coin to another type of Coin. The reason behind, is that exchanging traditional money to digital money is not exactly a straightforward process, it’s usually more complicated than that, the process has to go thru banks, regulations and local laws.

If you are a first timer in the world of Cryptocurrencies, it’s recommended to convert your cash to stable coins using Cryptocurrency exchanges, like Coinbase or for example. Using your stable coins, you may opt to move to bigger exchanges like Binance where you can trade more than a hundred different Cryptocurrencies.

When the time comes that you want or have to opt out of Cryptocurrencies, it is possible to convert them back to stable coins without cashing them out to actual money.

A better alternative?

Advantages of stable coins include being used for daily purchases, such as paying for your food, groceries, fare or commodities, showing greater potential to adoption of the masses compared to the more popular Cryptocurrencies, where transactions usually take a lot of time, and the fees tend to be higher due to changes in value.

In most cases, most stable coins are supported by actual currencies with no difference between their values. Distributors of the coin get exactly the same amount in their accounts.

The top stable coin is Tether, also called USTD, that is distributed by US-based start-up company Tether Limited. Though, when the start-up failed to produce an independent audit, it affected its price that went down to 90 US Cent.

Other stable coins which are also USD supported are: Gemini, TrueUSD, USDC, and Pax, that are distributed by companies regulated by the US government, and the auditing process is more transparent.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

The post Stable Coins: The “Holy Grail of Cryptocurrencies” appeared first on Live Bitcoin News.

Source: Bitcoin News

First Ever US Pension Funds to Invest in Bitcoin

Morgan Creek Digital is taking things a notch higher with a claim that they are probably the first US pension fund to ever pour money in the digital currency business.

Fairfax County, Va., has two pension plans that are mainstay stockholders in this new venture capital fund worth 40 Million USD, an official statement from the firm has disclosed.

Some other stockholders involve an insurance company, a university endowment and a private organization, according to Anthony Pompliano, founder of Morgan Creek Digital, who did not elaborate on his statement regarding the company’s latest move.

A lot of investing institutes, according to Cryptocurrency supporters would be attracted to virtual money equities due to their variability and massive potential to grow in value, that is caused by freedom in tweaking the system with not enough regulatory bodies.

Digital asset investment

There have been several organizations that the Virginia pension funds has partnered with, as well as Yale University, which is one of the top universities in the US that invests in digital assets.

There are three distinct welfare programs conducted by the Fairfax County Retirement Systems, 2-thirds of them investing in the Morgan Creek Digital fund, according to Pompliano.

One of the Chief Investment Officers of the funds, Katherine Molnar, stated that the underlying technology of Bitcoin, which is used to monitor its transactions, opened a whole new set of tools that would help people solve a complex array of obstacles.

Conventional asset to Crypto

Pompliano said that his new fund is built in such a way that it’s related to a conventional venture capital fund which would then stake in the assets of firms that is involved in the business of Blockchain and digital assets, adding that the fund would also retain a tiny amount of its worth in liquid Cryptocurrencies, much like Bitcoin, which in 2018 lost 3-fourths of its value.

A branch of the investments managing firm Morgan Creek Capital Management, Morgan Creek Digital surpassed its original goal of 25 Million USD for the fund.

Its proposal is that every conventional asset would very soon be turned to Cryptocurrencies at the same time increasing intellectual capital that would make beneficial earnings.

They as well contend that Cryptocurrencies are not in any way related to conventional assets, putting investors in unique risks.

(Jet Encila is a journalist, editor and freelancer writer from the Philippines).

The post First Ever US Pension Funds to Invest in Bitcoin appeared first on Live Bitcoin News.

Source: Bitcoin News

Chinese Mining Pool Co-Founder Encourages Investors to Buy Bitcoin Now

Instant messaging platforms like Discord, Telegram, and WeChat have seen the growth of groups dedicated to cryptocurrencies over the past couple of years.  In a recent WeChat group conversation, Zhu Fa, the cofounder of Poolin, one of the largest crypto mining pools from China, stated that one Bitcoin can cost 5 million Chinese Yuan (about US $74,000) in the near future.

“Bitcoin price will be in the range of 500,000 yuan — 5,000,000 yuan ($74K-$740K) in the next round of bull run,” he said.

He was commenting on a bullish statement made by Bitcoin tycoon Zhao Dong, who believes that now is the right time to buy Bitcoin since no one is paying attention to it.

Mr. Zhao believes that the crypto space is experiencing “crypto winter” and that, like any other season, it will come to its end in 2020 — the year when “crypto spring” starts, followed by “crypto summer” in 2021. So it is best to accumulate Bitcoin now while crypto prices are low.

Mr. Zhao and Mr. Zhu are not alone in their bullish sentiments.

Earlier this week, popular crypto trader and analyst Josh Rager tweeted to his more than 25,000 twitter followers that this could be the last time “the general population can afford to buy a full $BTC,” predicting that after 2021 “Bitcoin could move to a market price where most will only buy fractions.”

Another analyst, Mark Jeffrey, author of the book “Bitcoin Explained Simply”, said Bitcoin could cost as much as US $250,000 when the crypto winter ends.

Until these predictions come true however, investors should take caution.  Mr. Zhao warns that many projects will die this year and will be replaced by new ones, stating that there is one thing that investors need while in a bear market — patience.

(Jet Encila is a journalist, editor and freelancer writer from the Philippines).


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Source: Bitcoin News

10 Pct of World’s Population Now Use Crypto; But Hackers Also on the Rise, Kaspersky Lab Says

It once was known only to computer nerds or people who are looking for a quick buck, or someone with a shady business. Today, Cryptocurrency has now evolved into a popular method of payment.

Kaspersky Lab recently noted that 10% of the world’s population now use Cryptocurrency to pay for their purchases. Unfortunately, cybercriminals are also taking advantage of this recent rise in its usage by attacking Cryptocurrency exchanges and investors.

This is putting people at high risk of being robbed of their investments stashed in this free for all technology, because it’s a hacker’s job to engineer new tactics in order to exploit the security of this relatively new technology.

A lot of establishments now started giving their customers an option to pay by Cryptocurrency, by the use of kiosks and computer systems that can processes such transactions.

This caused prices to go down. Even big sports teams are doing collaboration with Cryptocurrency exchanges. Still, along with people showing their interest in, and being willing to invest and use Cryptocurrency, they as well put their money at risk of being stolen, due to weakening security measures of Cryptocurrency wallets and exchanges being under constant attack with hackers.

Safety nets for crypto a must

Major incidents, like that in 2005, when 120,000 Bitcoins were stolen from different wallets on Bitfinex, and when Coincheck lost 530 Million USD in 2018, just exposes the vulnerabilities of these exchanges and how easy it is for Cybercriminals to access the networks and cause massive, irrevocable destruction.

It’s particularly scary to think that when a Cryptocurrency exchange is hacked, and all its money stolen, none would ever be returned to the stakeholders.

New companies and startups that are setting up their own Initial Coin Offering (ICO) is in significantly more risk, because based on statistics, people who set them up doesn’t have experience with Cybersecurity. When an unfortunate attack is to happen, this lack of experience would leave them helpless as they watch the hackers take down all their hard work.

The biggest problem so far is that the Cryptocurrency network is still not yet being regulated and there aren’t any standard security assessment procedures being implemented.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).


The post 10 Pct of World’s Population Now Use Crypto; But Hackers Also on the Rise, Kaspersky Lab Says appeared first on Live Bitcoin News.

Source: Bitcoin News

NASDAQ to Offer Bitcoin Core, Ethereum Indices this Month

TWO new indices connected to the crypto market will soon be included in NASDAQ Stock Exchange’s platform.

In a statement issued on February 11 by the second-largest stock exchange in the world, NASDAQ announced Bitcoin Core and Ethereum’s entry starting February 25, 2019.

The new indices – the Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) – will provide a real-time spot and reference rate priced at 1BTH and 1ETH.

In addition to the tick-messages, recipients would also be getting real time index updates from Nasdaq Global Index Data ServiceSM (GIDS).  Index level information will be disseminated by Nasdaq’s data partner Brave New Coin.

Introducing digital assets to the stock market

NASDAQ further stated:

“BLX and ELX work by capturing data from multiple exchanges to provide a single price point for BTC and ETH, which helps traders get in and out of a given position.”

The latest move by NASDAQ is believed to be one way of introducing digital assets to traditional stock market investors.

Since last year, the exchange began publishing reports about Bitcoin and partnered with Vaneck, an investment management firm based in New York, to initiate Bitcoin futures as trading goes through a falling market.

The new cryptocurrency indices will soon be part of the several NASDAQ indices such as the NASDAQ Composite and the NASDAQ 100.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

The post NASDAQ to Offer Bitcoin Core, Ethereum Indices this Month appeared first on Live Bitcoin News.

Source: Bitcoin News

Bitcoin (BTC) is Going to be Digital Gold! Mike Novogratz Says

MICHAEL Novogratz, billionaire and CEO of Galaxy Digital Ventures LLC, has a quite interesting take on bitcoin’s future: “Bitcoin is going to be digital gold.”

In a Bloomberg interview earlier today, the former Goldman Sachs partner expressed his confidence in Bitcoin recovering from its fall from its 2017 all-time high market price. He recounts how painful it was for investors who saw the cryptocurrency bubble burst last year.  After all, his company suffered a tremendous $136 million dollar loss in cryptocurrency trading when crypto prices plummeted.

Novogratz said:

“We had a fantastic bubble in cryptocurrencies.”

“Last year you realized just how painful popped bubbles can be. The market was down 90-odd percent depending on what crypto you’re looking at. I always laugh about the math of that. Like, you know, the market was down 90%, down 60%, and then another 65,” he stated in retrospect.

However, he sees a bright future ahead for Bitcoin as he observes the architecture required by institutional investors are being slowly put into place with the “retail frenzy” having “washed out”.

Venture funds, hybrid funds, and other institutional investors are coming in. He cited Bakkt specifically, a company that raised $182 million dollars of funding last year to help it get started in the crypto futures contract business. International Exchange (ICE), the owner of Bakkt and the New York Stock Exchange, said that they will be spending between $20- to $25 million dollars on Bakkt this year.

Cryptocurrency enthusiasts however should not get their hopes up too soon. Just like any other financial bubble that’s burst, prices do not skyrocket to the moon. “We’re not going to bubble backup up, we’re going to grind back up,” says Novogratz.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

The post Bitcoin (BTC) is Going to be Digital Gold! Mike Novogratz Says appeared first on Live Bitcoin News.

Source: Bitcoin News

2 Public Pension Funds, Morgan Creek to Launch $40-M Crypto Venture in US

In a display of confidence on the cryptocurrency sector, Anthony Pompliano of Morgan Creek Blockchain Opportunities Funds has announced their plans to launch a crypto venture fund which will be backed by two pension funds.

It was revealed that the MCBOF is a  partner of Morgan Creek Digital which is managed by investment giant Morgan Creek Capital Management.

In a tweet from Pompliano, he said:

“The institutions aren’t coming. They’re already here.”

The planned venture is said to be structured similar to a traditional VC fund that would invest on companies related to digital assets. However, it was also disclosed that the fund will be placing a small portion of the capital in cryptos.

Digital asset firms join the fray

Among the funds that were reported to be backing this venture are the Fairfax County Police and the Fairfax County Employees pension plans. There were also other unnamed parties that will participate in the VC including a private foundation, a hospital system, a university fund, and an insurance firm.

Previously, a number of digital asset companies has already received investments from Morgan Creek. These companies include: Good Money, Open Finance Network, Coinbase, Bakkt, Digital Assets Data, and CityBlock Capital.

This is not the first time Morgan Creek Digital has ventured into the crypto space. In August of last year, they introduced the Digital Asset Index Fund designed for endowments, pensions, sovereign wealth and other funds access.
On one of his posts in Medium, Pompliano stated that “every pension fund should buy Bitcoin.”

Pompliano added:

“It will take time for pension funds to get comfortable with investing in Bitcoin. We need to educate multiple stakeholders and demystify this nascent industry. When one makes the decision, it will create a cascading effect that leads to hundreds of them jumping in. Bitcoin has the potential to save us from the current pension crisis. We just need one or two courageous individuals to make the first move.”

(Jet Encila is a freelance writer, editor and photojournalist from the Philippines)

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Source: Bitcoin News

Using Your Mining Rig, Which Crypto Coin Should You Mine This 2019?

Do you want to start mining Crypto Coins this year? Or have you already been mining for sometime now? Either way, you should know the course of this Crypto Coins trade in order for you to make profits.

It’s clear that Crypto Coin mining is one of the most taken routes in order to make profits in this field. These days though, in order for you to be able to jump into the mix, you would at least need an Application Specific Integrated Circuit (ASIC) miner.

The problem is that for normal people who mine using their CPUs and GPUs, the introduction of these ASIC miners gave them a hard time to compete, as these machines are exponentially more powerful in mining Crypto Coins in comparison.

But don’t despair, for normal CPU and GPU miners, there’s a solution, we all just have to mine for Crypto Coins that use a different algorithm.

If you’re mining using your CPU, you would get the most profit if you would pick Crypto Coins that work on the Cryptonight Cryptocurrency Algorithm:

  • Monero

Released in April of 2014, Monero is an open-source project, and its main tenets revolve around ‘fungibility’, privacy, and decentralization.

  • Dogecoin

Dogecoin prominently depicts the famous internet meme Doge, a Shiba Inu dog, as seen on the Crypto Coin’s logo. It was introduced on the 6th of December, 2013 as a “Joke Currency”, but is now a legit Crypto Coin valued at 60 million USD.

  • Zcash

Zcash is a Crypto Coin that has focus primarily on using Cryptography in order to enhance user’s privacy.

And if you’re mining using a GPU, here are the Crypto Coins you should be mining for healthy profits: 

  • Bitcoin Gold

Launched in November 12, 2017, Bitcoin Gold’s main focus is to disallow ASIC miners and give chance to normal CPU and GPU miners.

  • Zencash

Zencash is also an open-source Crypto Coin that works on Blockchain technology to provide privacy and anonymity to its users.

  • Zclassic

Zelassie is a fork of ZCash and runs on the same underpinnings, the only difference is that rewards are 20% less, but that said, it’s still going to be a good choice as not too many people are mining it.

(Jet Encila is a freelance writer, editor and journalist from the Philippines).

The post Using Your Mining Rig, Which Crypto Coin Should You Mine This 2019? appeared first on Live Bitcoin News.

Source: Bitcoin News

In-Depth Analysis of Jack Dorsey Podcast: His Thoughts on Bitcoin and The Power of its Brand Name

Jack Dorsey, Twitter’s CEO, on an episode of Stephan Livera’s podcast, shares his enthusiasm on Bitcoin. He claims that good technology existing on other Cryptocurrency, and that if they are exceptional enough, might someday make the cut and be interspersed with Bitcoin.

It appears almost obviously that it’s going to be a promotion. Dorsey is heavily pronouncing Bitcoin during these past few days; he explained to Joe Rogan how Bitcoin could potentially be the constitutional internet money in the future, with a huge following and highly cheered for.

Naturally, not anyone would agree on how Dorsey sees Bitcoin, and believes that the statements he has been blurting out is to just light a fire under the competing Cryptocurrencies.

Repeating what he has said in the Joe Rogan Experience, Dorsey made clear to Livera that Bitcoin’s underlying foundations is what makes him interested.

Emerging from the stereotypes

Dorsey has also explained that he is very keen on hacking, and he labeled Bitcoin to be “very Internet” as most of its features would have never been possible before the internet became a thing. Something Dorsey cleverly states is that Bitcoin, during its development stages, emerged out of the common stereotypes and the meritocratic internet long ago.

Bitcoin’s development is not anymore being driven by hippie programmers and activists, but more significantly, by companies that actually make profits, Blockstream, for example. In partnership with Lightning Labs, they are the two firms that lead the development of the Lightning Network. It is a set of rules to be followed by the underlying blockchain technology of Bitcoin which would make it follow the logic written in Satoshi Nakamoto’s original writing.

Power of a brand name

Dorsey really upholds the current status of Bitcoin and signifies its brand name, which is almost synonymous to Cryptocurrency. He said that because of the power of its brand name, it is what’s going to bring it to the mainstream and would survive until it is well known and get submerged unnoticed to the daily lives of normal people.

“Most of it is just due to the principles that created it, the community around it, the ideals that it fosters, the brand, but there’s an element of practicality to it as well… I think there’s interesting ideas elsewhere, but I think those ideas can be integrated into Bitcoin if they have the merit that is above some bar, and it feels like the one that wants to be the currency the most vs. others that are doing more general-purpose things,” he said.

He also states that it would be the go-to brand for Cryptocurrency just like we associate Coca-Cola as the household, well, Cola.

Sticking with Coca-Cola, the brand of Bitcoin has been dramatically altered ever since it was introduced, that in 1985, Coca-Cola revealed New Coke, the masses reacted with hostility and it caused for a roll- back to the original plan.

Gold standard in crypto

During the time that Blockstream got to the scene and hindered an increase in the size of the block, and then soldiered on to sell non-blockchain expansion solutions to solve problems that wouldn’t have existed if it wasn’t for them, the public would have reacted the same way, if they actually have known about it.

Rather, people who disagree got blocked off of subreddits and the CEO of Blockstream just persevered with their objective, somehow true and transparent about their plans to capitalize on a space where it’s supposedly free for all.

Dorsey believes fervently that Bitcoin would be the standard when it comes to Cryptocurrencies and that great concepts from other Crypto systems would be picked out and applied to the underlying technology of Bitcoin.

There is almost no way of telling if the apparent inclination of the underlying systems of Bitcoin is true, because he has one of the biggest investments in Lightning Labs, and the motivations might just be to alter the way we think about Bitcoin.

When sitting around a table along with people who also invest in the same technology, it’s easy to dismiss any technology out there that’s not Bitcoin.

(Jet Encila is a freelance writer, editor and journalist from the Philippines).

The post In-Depth Analysis of Jack Dorsey Podcast: His Thoughts on Bitcoin and The Power of its Brand Name appeared first on Live Bitcoin News.

Source: Bitcoin News

Survey: 70 Pct Willing to Invest in Bitcoin ETF as Experts Believe it’s “Virtually Certain”

Setting the stage for a bitcoin exchange traded fund (ETF) has been quite a long-drawn prospect, but one finance manager is confident that it will happen soon.

At the sidelines of the recent ETF Conference in California, Edelman Financial Engines founder Ric Edelman bared to CNBC’s “ETF Edge” that the concept of a bitcoin ETF “is virtually certain. The only question is when.”

Edelman noted that the Securities and Exchange Commission is greatly concerned about certain issues that they need to hurdle for the bitcoin ETF to take effect, adding that:

“Eventually we will see a bitcoin ETF and it’s at that stage that I will be much more comfortable recommending that ordinary investors participate.”

Media hype

The hype surrounding the much-anticipated bitcoin ETF has been high during the past weeks with traders bracing for its impact.

For instance, CBOE – one of the largest exchange holding companies in the world – backed out of its ETF proposal because of government shutdown. Then a few days after that, it filed for reapplication with the SEC, with most crypto players not even taking notice.

Regulating the digital currency market has been one of the biggest challenges that the SEC had to deal with in the past years. For one, crypto trading does not have a stable chain of security measures compared to other financial markets.

And secondly, the regulatory body is not well-equipped in terms of exercising full control over price exploitation considering its limitations in controlling overseas trading systems.

Not until late this year

Now, with proposals being subject to a 240-day deadline; and considering SEC’s propensity to capitalize on this deadline, many people in the bitcoin community think that an ETF will not materialize until the later part of the year.

Edelman believes that key finance players’ interest in finding a way for applications to be approved indicates just how important having a bitcoin ETF is, to which Tom Lydon, chief editor, agrees to:

“There is pent-up demand. We interview advisors all the time. Seventy-four percent say they’ve talked to clients about their interests in bitcoin so they need to step up when this happens because that money is going to go elsewhere.”

Meanwhile, a recent survey conducted by CNBC, as shown above, bared that 70 percent of respondents said they are willing to invest in a bitcoin ETF.

(Jet Encila is a freelance writer, editor and journalist from the Philippines)

The post Survey: 70 Pct Willing to Invest in Bitcoin ETF as Experts Believe it’s “Virtually Certain” appeared first on Live Bitcoin News.

Source: Bitcoin News

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