Bitcoin SV [BSV]’s Dr. Craig S Wright says SPV is being “patented and licensed to SV exclusively”

Dr. Craig S Wright had claimed on Twitter a few days back to teach people “how to build” Simplified Payment Verification [SPV] system. On December 10, he took to Twitter to say that the SPV system is “being patented”. The tweet stated:
Source: Twitter
SPV allows users to validate their transactions without having to be bothered about anyone else’s transactions. SPV ensures that the user’s transactions are in a block and it also provides confirmation or proof of work about the additional blocks are being added to the chain, as reported by Jonald Fyookball on Medium.
Wright, popularly known as Faketoshi, has been reminding his followers about the mention of SPV in Satoshi’s Bitcoin white paper. He had recently tweeted about giving 10 years to everyone to build SPV through Satoshi’s White paper. Wright wrote:

“In January 2019, we will start showing people how Bitcoin (any blockchain) scales. It requires SPV & SPV does not use servers (so, Electrum is not SPV). I gave 10 years, hints… much more… And, nobody bothered to learn, so it will be patented and licensed to SV exclusively”.

Wright disregarded Electrum, a Bitcoin Wallet, of not using SPV altogether as SPV does not use any server. Earlier too, Wright had played the same card. Wright had said:

“In 2019 we will start to teach people how to build real SPV systems. No fraud proofs, secure, instant. It was hinted at in the whitepaper, but nobody has managed to get it. So, I will do it for you. I had hoped others would have understood and run with this, but…”

Wright had been vocal about his commitments in the past with respect to BSV. Along with patenting the SPV system, Wright has claimed to process terabyte-sized blocks within two years for BSV.

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Source: AMB Crypto

Ethereum [ETH] Technical Analysis: Bears look to feast on weakened coin

Ethereum [ETH] the third-largest cryptocurrency, has been struggling due to the constant attack of the bear. However, the coin has maintained its third position and has seen a growth of 0.46% past 24-hours.
The coin was valued at $92.90, with a market cap of $9 billion, at the time of press. The coin’s 24-hour trade volume was $1.9 billion, however, ETH plunged by 18.42% over a week’s time.
1-hour
Source: Trading view
According to the one-hour chart of ETH, a downtrend from $107.41 to $96.89 has been registered. The downtrend further continues till $92.49. The coin also saw an uptrend from $85.64 to $91.78. An immediate resistance was noted at $96.89 but there was no visible support seen.
MACD line was observed under the signal line, which indicates that the market is bearish.
CMF line is under the 0-zone, noting that money is flowing outside the market, indicating a bear market.
Awesome Oscillator too is in line with other indicators, pointing out towards a vermilion market. According to the charts, a bearish market is gaining momentum.
1-day
Source: Trading View
According to the one-day chart, a downtrend was observed from $457.30 to $218.66, which continued till $92.80. Due to such an extreme fall, there was no significant uptrend registered. The coin marked a strong resistance at $116.82 and a support at $89.10.
Bollinger Bands appear to converge, indicating a less volatile market. The moving average line appears to be above the candlesticks, marking a bearish market.
Parabolic SAR too notes a bearish market, with the marker lines aligning above the candles.
Relative Strength Index indicates that the coin is in the oversold zone, pointing at a bearish environment.
Conclusion
According to the indicators, the market is being driven by the bears. Bollinger Bands, Awesome Oscillator, and RSI all predict a bearish market.
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Source: AMB Crypto

Bitcoin Cash SV [BSV]’s Calvin Ayre says, “this is only the beginning of BSV’s scaling road map”

The constant highs and lows in the cryptocurrency market have diluted the faith of investors and garnered a promising response from Calvin Ayre on their loss of faith.
Ayre in his tweet acknowledged the scare of the investors and said:
“no surprise here with what BTC and ABC have done to try to kill scaling so they could run their very stupid side chain experiments.”
Ayre did not forget to brag about how scaling BSV is going to be a game changer. Ayre added:
“this year we show everyone what scaling to enterprise levels really means with Bitcoin SV.”
This is not the first time Ayre has talked about scaling. Previously, Ayre and Craig S Wright, a famous proponent of BSV,  talked about scaling BSV. Ayre was quoted in his article of CoinGeek, which stated:
“It is a superior technology, head and shoulders above any other chain, and this has been proven when we mined a 64 MB block on the BSV chain last week. No other crypto platform is even close to scaling this much, and this is only the beginning of BSV’s scaling road map.”
While Wright had posted this tweet:
Source: Twitter
Wright had added in one of his tweets that Lightning is a “dead-end” concept and that they “will be scaling Bitcoin on-chain”. Wright and Ayre have been in agreement about scaling BSV while dissing other coins, especially ABC.
Many tall promises have been made on the duo’s end when it comes to BSV’s future. However, what comes as an advice from Wright’s end is to convert all assets to a “mix of BSV, gold and Real estate”, in order to survive the “big crash coming”.
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Source: AMB Crypto

Tron [TRX] Technical Analysis: Bear attack imminent as coin struggles to maintain top-10 position

Tron [TRX] has held its mantle on the tenth position on the CoinMarketCap list. Even though December 7 changed the trends of the major coins, TRX maintained its standing on the board. Currently, the coin appears to be nearing green pastures.
According to CoinMarketCap, the coin was valued at $0.013, with a market cap of $873 million. However, the coin plunged by 4.5%, registering a 24-hour trade volume of $101 million. The coin saw a miniscual growth of 0.7% in the past one hour.
1-hour
Source: Trading View
The one-hour chart for TRX shows a downtrend from $0.0145 to $0.0122. After which an uptrend is observed till $0.01284. The coin meets an immediate resistance at $0.0137, whereas, it has a strong support at $0.01229.
Parabolic SAR indicates a bullish market as the markers is under the candle.
Awesome Oscillator too marks a bullish market, with a reducing momentum.
Chaikin Money Flow, on the other hand, points towards a bearish market as the money is flowing outside the market.
1-day
Source: Trading view
The one-day chart of TRX marks a downtrend from $0.0390 to $0.0247, which goes further down $0.0226 to $0.0144. The coin saw a negligible uptrend from $0.0119 to $0.0138. There was an immediate resistance registered at $0.0158 and a strong support at $0.0119.
Bollinger bands appear to be converging, with the moving average line above the candlesticks, marking a bearish market.
MACD unlike the previous indicator points towards a bullish market with the MACD line over the signal line. However, there is a possibility for a crossover making the market bearish.
RSI indicates that the buying and selling pressure is evening each other out, however, the graph has stayed closer to the oversold zone.
Conclusion
The aforementioned indicators point towards a bullish market. However, according to MACD and Bollinger bands indicate that the market may turn on the bull and side by the bear.
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Source: AMB Crypto

Tron [TRX]’s Justin Sun offers to rescue EOS and Ethereum [ETH] but on one condition

Tron [TRX], the tenth largest coin on CoinMarketCap, has been playing it safe and has been gradually moving upwards in the market. Even with the latest changes in the standings of the coins, TRX has proven to hold its tenth position. However, other major coins such as EOS and Ethereum [ETH] have been facing the wrath of the bear and being pulled down to the soil.
After seeing this, TRON founder, Justin Sun offered help to the coin developers but on one condition. Sun tweeted:
Source: Twitter
To this, a Twitter user named JohnColbyEvans1 commented:
“Damn @justinsuntron making people sell their soul. Too the dark side of the moon we go! as long as it gets us there I guess.”
While there were few who appreciated this tactical move by Sun. Boffixpics, a Twitter user commented on Sun’s post saying:
“#TRON is already a really serious competitor. Everybody wants everything fast these days, if not immediately. How can #ETH keep up? If you are developing something that requires fast transactions, the #tron network is recommended.”
Sun had previously suggested Ethereum developers to migrate to Tron, explaining the benefits. Sun had said:
“In bear market, #Ethereum developers should migrate your token to #TRON immediately. 1. 0 transaction fee, no gas in #TRX. 2. Compatible to #ETH, 0 migration cost. 3. 2000 TPS. 4. #TRON dex listing. You can easily increase your token value 100% with High liquidity. $TRX”
Tron recently added a new feather to its hat in terms of daily transactions and account on its network. It recorded transactions over 2 million and 700k registered accounts. This resulted in Sun claiming that Tron is making blockchain history. The founder also revealed that there will be some more exciting announcements during the niTron Summit 2019.
Tron is an ever so growing foundation who is also investing in the gaming industry. The foundation is investing in various gaming projects over the coming few years with a reserve of $100 million. Sun’s aim is to encourage the gaming developers to build on top of Tron and making it an essential blockchain in the gaming industry. The foundation will also be seen involved in charity, enterprise, and social media.
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Source: AMB Crypto

EOS slips by 31% over seven days; acts as feast for the hungry bears

EOS, the sixth largest coin on CoinMarketCap list slipped by 10% on December 4 and ever since has been on a downward spiral.  The coin was enjoying last week along with the other major currencies on the green pastures but has now been subjected to the wrath of the bear.
Source: CoinMarketCap
According to CoinMarketCap, the coin plunged by 31.16% over the last one week, at the time of press. EOS was trading at $2.38 with a market cap of $2 billion. The coin registered a 24-hour trade volume of $840 million.
However, the coin saw a 0.01% growth in the past hour, at the time of press.
According to the maximum registered trade volume, DOBI trade reported the highest 24-hour trade volume of $110 million with EOS/BTC pair. The second place is occupied by OKEx with a trading volume of $77 million with EOS/USDT pair, at the time of press.
DOBI trade and OKEx are followed by DigiFine which reportedly registered 24-hour trade volume of $49 million with EOS/USDT pair.
A few days earlier Daniel Larimer, the creator of Bitshares, sent a message that disturbed the EOS community. In his message, Larmier informed his followers that he will not be abandoning EOS and Block.one, but he discovered a project that according to him is a potential crypto token.
EOS also made new when EOSBet acquired accreditation from Curacao, one of the world’s oldest online gambling regulators. EOS manager Frej said:
“We’ve worked relentlessly to make this license succeed and we will continue to strive to be the standard for smart casinos”.
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Source: AMB Crypto

South Korean government planning to tax cryptocurrency and ICOs, says finance minister nominee

South Korea is planning to tax cryptocurrencies and initial coin offerings [ICOs], in spite of the absence of a regulatory framework. South Korean finance minister nominee, Hong Nam-ki, informed the public of this development through a local media outlet called The Korea Times.
The news comes at a time when Ohio has allowed its citizens to pay tax bills through popular cryptocurrency Bitcoin. However, the government of South Korea does not seem to be on the same page as Ohio.
The nominee had submitted written answers to the South Korean National Assembly in response to a question based on taxation of digital currency. He further added that the tax system for digital currencies will be finalized along with the taxation infrastructure and advancement by global stakeholders. Nam-ki said:
“A task force consisting of experts from relevant government agencies, including the National Tax Service and the private sector, will be formed to examine overseas examples and hammer out the taxation plan.”
Nam-ki defined cryptocurrency as “electronic signs of values issued privately” instead of central banks and financial institution. The finance minister nominee noted that about 2,000 cryptocurrencies were traded globally and 160 domestically.
He stated in his letter that since cryptocurrencies are still in its nascent stage, it does not have a regulatory framework of its own. There are problems like overheating of the market and investor protections that need to be considered while forming a regulatory framework, added the minister.
Nam-ki also commented on the banned ICOs in Korea and said that allowing banned ICOs will be considered after observing market conditions, international trends, and investor protection issues.
The finance minister nominee said that the policy orientation on the ICO will be determined with appropriate agencies after taking into consideration the results of the financial regulator’s market survey and after receiving the feedback from experts.
Nam-ki acknowledged the government’s exclusion of cryptocurrency exchanges and said that the reason behind the exclusion remained that the exchanges were prone to illegal acts and are just brokerage service separate from blockchain technology.
Nam-ki said:
“We will do our utmost to nurture blockchain technology as nine out of the 10 business types classified as blockchain-related businesses by Statistics Korea, excluding the crypto exchanges can be still acknowledged as venture companies.”
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Source: AMB Crypto

Bitcoin SV [BSV]’s Craig Wright claims he has a ‘manifesto’ ready for 2019

Dr Craig S Wright has recently said that he has a manifesto to put forward to the Bitcoin SV [BSV] community, elucidating the way forward for the coin for the new year. He took to his twitter to announce his vision for 2019. Wright said:
Craig Wright’s tweet | Source: Twitter
He continued saying:
“There is no more time. Clearly, it seems that the simplest things are hardest. SPV is P2P and has no server”.
Wright referred to the original Bitcoin white paper to build this Simplified Payment Verification [SPV] system, as he answered a fan about the same in the comments of his Twitter post.
Wright has also claimed in his previous post about a mission he has in mind for BSV to process terabyte-sized blocks within two years. This seems to be in line with the demand of people for transaction space on Bitcoin blocks. Bitcoin has been struggling to meet the demands and this could be a great news for BSV clients.
However, he did not elaborate his plan of action for any of his commitments. Many bashed him for taking credit for the white paper, while other crypto enthusiasts seemed intrigued by these announcements and had various questions for Wright.
A Twitter user called AccountMy3 asked:

“The server is the network. Wasn’t this understood, or at least assumed, all along?”

Some just resorted to bashing him, on the statement. ArneBoschi20783 said:

“Barry please have a little more respect for Mr. Satoshi Nakamoto… without him you wouldn’t even think about Blockchain.”

Wright has not responded to any of the comment, but it would be interesting to see how Mr. Faketoshi, as he is commonly known, replies with a plan of fulfilling these commitments.

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Source: AMB Crypto

Tron [TRX/USD] Technical Analysis: Bulls seem to take over the bear’s red pastures

The market has been changing the sides, putting the crypto investors in dilemma. One of the coins suffering the burn of the market’s volatility is Tron [TRX]. However, at the time of press the coin is seen to be shifting to the bull’s side.
According to CoinMarketCap, at press time, Tron was trading at $0.0143, with a market cap of $951 million. The coin has a trading volume of $61 million and has plunged by 4.07% in the past 24 hours.

1-hour
Source: Trading View
The coin has shown a downtrend from $0.0166 to $0.0156 and it further goes down to $0.0153. The coin also shows an uptrend from $0.0118 to $0.0141. It has an immediate resistance at $0.0153. Another strong resistance point for the coin was seen at $0.0156. The coin had an immediate support at $0.0141 and another strong support at 0.0139.
Bollinger Band are seen to be moving away from each other, indicating an increase in the volatility in the prices. The candle sticks appear to be under the moving average forecasting a bearish market.
Awesome Oscillator is appearing to be green, hinting towards a bullish market.

Chaikin Money Flow indicates that the money is flowing in to the market as the line is above the 0-mark, siding the bull.
1-day
Source: Trading View

In the one-day chart, the cryptocurrency shows a downtrend from $0.0390 to $0.0247 and it further falls from $0.0223 to $0.0149. The chart also shows an uptrend from $0.0145.The coin has an immediate resistance of $0.0158 and a strong resistance at 0.0241. IT also has a strong support at $0.0119.
1-day
Parabolic SAR is predicting a bullish market as the marker line is below the candles.
MACD is also indicating a bearish market as the moving average line has taken an upward jump
RSI is showing that the buying and selling pressure are evening each other.
Conclusion
The coin is siding towards the bull on the one hour chart as represented by Awesome Oscillator and CMF. While on the one day chart the Parabolic indicator shows a bullish market, but a bearish market is indicated by the MACD.

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Source: AMB Crypto

XRP twitter army blocked by Dogecoin [DOGE] creator after facing backlash to his comment on Ripple

Jackson Palmer, the creator of Dogecoin [DOGE], has taken a strict action against the XRP community on Twitter by enabling a script to block dedicated XRP followers. Palmer resorted to the step after the XRP army, the vast dedicated twitter following of Ripple’s cryptocurrency XRP, bashed him over his negative comments on Ripple recently.
Palmer posted an open-source script to block XRP followers’ twitter accounts in order to disable their ability to tag him. The Dogecoin creator is calling this script ‘XRP Away’. The extension by Palmer was originally developed to tackle Ethereum bots after Elon Musk requested for a solution for the on-going bitter comments posted on his twitter handle.
Palmer posted on Twitter saying:
Source: Twitter
The tweet came after Palmer posted a tweet from one of the XRP enthusiasts, calling them a “bunch of 14 year olds who stole their parents credit cards”. The Twitter user, @CryptoDave13, had mentioned Palmer in a post, stating:
“hey @ummjackson why are you such a schmuck? you create Dogecoin, sold it all before it “mooned” so you’re still broke living in your mom’s basement, and now talking shit about XRP/Ripple fam as if we “manipulate twitter” and compare us to a MLM pyramid scheme?”
Soon after this, he removed Ripple [XRP] from his website arewedecentralizedyet.com, about which he talked in a recent podcast interview with Laura Shin. He posted on Twitter:
Source: Twitter
Palmer also added:
“Make sure you don’t reply to or mention me if you have “XRP” in your profile name, handle or bio. Because this will block you. Signal to noise ratio has already improved greatly.”
The script will enable users to view XRP-related posts but will block profiles that explicitly mention XRP. Palmer posted a screenshot of his blocked account list to inform the users about the extension’s functionality.
The blocked XRP enthusiast, @CryptoDave13, shared the news on his Twitter handle and said that he will give 0.589 XRP [marking the 589 haters] to every new follower until the end of the year.
The user also bragged about how XRP has outperformed other cryptocurrencies over the past few months and is the second-largest token now.
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Source: AMB Crypto

Ethereum [ETH] co-founder Joseph Lubin: Blockchain is more than a market, it’s a movement

Joseph Lubin, the co-founder of Ethereum [ETH], recently took to Twitter to note how the Ethereum blockchain is slowly improving the financial and technological infrastructure of numerous developing countries. Lubin named Chile and Philippines as their prime adopters.
The performance of Ethereum has not been up to the mark this year, however, Lubin who is also the known founder of ConsenSys, a software production studio, is promoting it through its technology.
Source: Twitter
Chile’s National Energy Commission had also adopted Ethereum earlier this year. They stated that they picked Ethereum due to its ability to “augment levels of security, integrity, traceability, and confidence in the information available to the public”.
The nation had adapted Ethereum’s Proof-of-Work blockchain to track energy data.  The Ministry had expressed their appreciation for providing their data and for helping against hacking and manipulation, reported Newsbtc.
Likewise, Philipines’ Union Bank had also partnered with Lubin’s ConsenSys to develop Ethereum-based banking solutions for rural areas of the country. The decision was taken when a survey was done by the Bangko Sentral ng Pilipinas, the country’s national bank noted, that 77% of the Filipinos were unbanked.
According to the publication, the chairman of Union Bank, Justo Ortiz, said that Ethereum’s blockchain technology would help them “crack the hole of financial inclusivity”.
Lubin went all out on Twitter about the technological benefits through blockchains and people responsible for this. Lubin tweeted:

“I believe in #blockchain technology because of the people behind it. The developers, engineers, and technologists who #BUIDL The smart contract experts who audit and secure the code The designers who care deeply about user experience The marketers who tell the story of Web3″.

Along with praising the people behind the technology, Lubin highlighted the potential of crypto-assets like Ether to protect people from paying more money to pay for the same commodity, also known as hyperinflation. An example of this is Zimbabwe, which has abandoned its local currency after dealing with hyperinflation for years.

Apart from Ethereum, other crypto-asset like Bitcoin [BTC] and Dash [DASH] have rescued many hyperinflated economies. According to the publication, crypto-assets are ideal choices as they are decentralized and can be minted from anywhere to be exchanged or used as currency.

Lubin opined that the technology has numerous benefits, not only to individuals but to a nation as a whole. Lubin expressed this while saying:

“Blockchain is more than a market. It’s a movement. Blockchains are solving real-world problems. Governments get it.”

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Source: AMB Crypto

Bitcoin [BTC] should be dumped; it is time to see the light, says Nouriel Roubini after Satoshi’s profile update

Nouriel Roubini, more popularly known as Dr. Doom by crypto enthusiasts for his consistently bearish stance on cryptocurrencies, recently commented on the surprise profile update by Satoshi Nakamoto, Bitcoin’s creator. On the update, which read ‘nour’, Roubini commented that “it is time to see the light and give up on the useless Bitcoin and other Shitcoins”.
The comment by Roubini comes after an update on Satoshi Nakamoto’s previously associated account. The same account was reportedly hacked in 2014. Satoshi was last known to have used his account in 2010, and the current post, which had just one word, “Nour”, has left people searching for more answers. Along with this one word, the account has also added a random person.
However, enthusiasts and twitteratis have gone all out predicting the meaning behind this post by the creator of Bitcoin. While people are suggesting Urdu and Hebrew meaning of the word, David Gerard, an author, connected the word ‘Nour’ to Nouriel Roubini and said:
“Satoshi Nakamoto is warning us that Bitcoin was a mistake and @Nouriel is correct in all his concerns”.
To this comment, Jack Palmer, the creator of Dogecoin, replied saying:
“That profile has been hijacked for many years by way of the email hack.”
Roubini took this opportunity to once again trash the crypto world. He took to Twitter to express his joy over the tweet by Gerard. He posted:

Roubini has previously too taken every opportunity to bash the crypto world and his followers, who share a love-hate relationship with him. He further said on his post:
“If economists of your kind were really competent, then our world would not be in debt and inequalities would be smaller. keep your lessons.”
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Source: AMB Crypto

EOSBet acquires Master Gambling License; becomes first on-chain blockchain casino

EOSBet, a popular decentralized gambling application, announced on Friday that it secured accreditation from Curacao, which in itself is one of the world’s oldest online gambling regulators. Curacao is one of the handful of companies to be granted a Master Gambling License from the State’s Ministry of Justice, reported Cryptovest. This license provided to Curacao enables it to sub-license other gambling platforms.
EOSBet smart casino is an on-chain gambling decentralized app made to tackle problems like lack of trust and transparency, costly fees and, high-house advantages on the centralized online gambling platforms. On EOS’ platform, players gamble EOS in baccarat game or dice-throwing game and the platforms which enable players immediate transaction times, zero fees and almost zero latency fees. The platform has a betting volume of over $5 million, making it the top-rated dApp on the EOS network, according to the report.
The platform claims to be the first community-driven casino as it allows holders of their native bet token to get immediate rewards in EOS from the platform’s profit. The payments are distributed proportionally, depending on the number of bet tokens possessed by each holder. EOSBet paid a total of $1 million to the token holders within 2 months of going live.
EOSBet manager Frej said:
“We’ve worked relentlessly to make this license succeed and we will continue to strive to be the standard for smart casinos”.
The platform, after running on beta mode for the past three months, in order to expand their team, worked towards acquiring the license. The license provided by Curacao enables to the platform to operate all forms of interactive gambling. Along with this, the platform has announced a new game and a complete redesigning of the website is underway.
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Source: AMB Crypto

Coinbase secretly introduces free PayPal withdrawals

Coinbase, a California based cryptocurrency exchange has enabled the option of free PayPal withdrawals for various fiat currencies. This was a quiet and swift move from the exchange and includes withdrawals of currencies like USD, EUR, and GBP, reported Beingcrypto.
The publication also added that this secret update will allow users to withdraw the above mentioned fiat currencies free of charge to their PayPal account.
However, Coinbase has not officially announced about this enabled feature on their website or through their social media handles. Although, it has sent e-mails to eligible users, reported the publication.
The option for charge free withdrawals is only availed by a handful of regions, like US, UK, EU, and Canada. As of now, Coinbase provides wallets for USD, GBP, and EUR, but this addition may indicate inclusion of CAD and AUD wallets.
Meanwhile, the users in Canada and Australia do not have access to withdrawal through PayPal but are provided the option to sell their digital assets to CAD or AUD respectively. However, this option is exclusive only to the users of Canada and Australia and not for any other region.
In order to enable this option, the users have to verify their identities, following which, they will receive and e-mail of confirmation, reported the publication.
This move is a small one facilitating withdrawals. Additionally, this might also mean that the option for PayPal deposits might be underway.
This decision came in shortly after Coinbase declared its plans for global expansion, which was followed by its $300 million Series-E funding round and the addition of the new stable coin Circle to it exchange list.
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Source: AMB Crypto

‘I come to bury Bitcoin, not to praise it’, says UBS’ Paul Donovan; calls crypto “fatally flawed”

Paul Donovan, UBS’s Global Chief Economist said that the cryptocurrency bubble may be in its death throes, in his blog post. Donovan was interviewed by CNBC’s show Fast Money over his blog, where he stated that all cryptocurrencies “fatally flawed”.
Donovan titled his blog post as ‘I come to bury Bitcoin, not to praise it’ in which he talks about the rough phase the cryptocurrency market is going through, a bubble which will burst. Donovan called the designers of these currencies brilliant at Maths but they “know nothing about Economics.” Donovan said:
“To be perfectly honest I think anyone with a high school education in economics is been a Bitcoin skeptic right from the start. These things were never going to be currencies, they’re not going to be currencies at any point in the future.”
Donovan added that with a fair understanding of economics, it was clear that the hype created by Bitcoin, just influenced people due to new technology. It was certain that this hype will not result in anything good and will end badly. He thinks that the bankers who left their institutions to join this cryptocurrency space lacked the fundamental understanding of monetary policy.
However, Donovan acknowledged that there was a certain value in the distributed ledger system provided by the blockchain technology, but it failed to showcase any valid use cases at all in cryptocurrencies. When asked about the use of cryptocurrency at places without a proper government, Donovan said:
“If you don’t have a government then society gets a little bit more anarchic and in that situation something like the cryptocurrency does still come through, but the main problem with these things the absolute fundamental flaw is that they’re never going to be a store of value. Every economist knows the store of value is about balancing supply and demand and with crypto currencies you cannot control the supply in response to a drop in demand.”
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Source: AMB Crypto