Facebook Begins Hiring For Blockchain Positions, Continues Its Secret Date With Cryptocurrencies

Facebook has had a very interesting relationship with blockchain and cryptocurrencies. While the social media tech giant has been stringent with its advertising policies against cryptocurrencies and ICO’s, it seems to have been slowly building its blockchain and cryptocurrency war chest. According to the recent job openings put up on Facebook Careers website, the tech giant has put opened five blockchain positions.
Is Facebook close launching some kind of cryptocurrency product
What is Facebook up to with blockchains and cryptos? This is an answer every cryptocurrency enthusiast as well as wall street investor is looking for. While officially the social media giant has been silent over it, its hiring updates seem to suggest that Facebook may be launching its own products on blockchain cryptocurrencies soon.
Following is the screenshot of the Facebook careers page that shows the following openings.

Data scientist
Data engineer
Software engineer (x2)
Product Marketing Lead

Source: Facebook
While other jobs are still for developers and data guys, what caught the attention many is the opening for “Production Marketing Lead” In tech hiring market professionals are hired by a company when a product is about to launch. So does that infer Facebook already has a crypto/blockchain product ready?
Also in the job description for Marketing profile, Facebook mentions “we are seeking an experienced leader to build and manage a new product marketing team focused on exploring the opportunity the blockchain will bring.”
With respect to minimum qualification, it reads that “experience with payments or the blockchain” which kind of gives us a hint that it’s probably going to do something with payments.
This is not the first time Facebook has been hiring people for blockchain and cryptocurrencies. A few months back there was a news that David Marcus had stepped down from the board of Coinbase to work and concentrate on Facebook’s secret blockchain project. Marcus joined Coinbase’s board in December 2017 and just 7 months in, his stepping down came as a shocker to many. His decision to resign “was made to avoid the appearance of a conflict of interest,”
“Because of the new group I’m setting up at Facebook around blockchain, I’ve decided it was appropriate for me to resign from the Coinbase board,” Marcus said in a statement provided to Business Insider by a Facebook representative.
As Marcus’s stepping down was in August 2018, there is every possibility that Facebook’s product is ready to launch.
Will we see an official announcement from Facebook soon? Well its again wait and watch
What are your views on Facebooks Blockchain endeavors? Do let us know your views on the same
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Source: CoinGape

Sentimental Analysis for Cryptocurrencies- December 09

Cryptocurrencies are in a very difficult territory where no fundamental or technical indicators is actually affecting the price than the sentiment of the community. Every news article or a social mention is actually driving the trend and direction of where the prices are heading to. Although most of the sentiment is derived from the sentiment of the Bitcoin- the largest cryptocurrency, still some altcoins have their specific pros and cons that change their variance from that of Bitcoin. Let’s look at the few indicators that are used widely across to determine the sentiment.
Bitcoin Sentimental Analysis
As mentioned it’s the largest coin in the market that decides most of the trend for the crypto markets is necessary to understand that sentiment it garners among the community. A lot of news flow and sell off has dampened the short term sentiment but yes there are some long-term positives which make Bitcoin an interesting study. An analysis of its social mention and greed and fear index would give us a clear idea of what is happening

Analysis Type
Tool
Analysis- Score
Sentiment

#BTC – Hashtag Analysis
Keyhole
Score: 82
Positives: 37.4%
Negative: 8.0%
Neutral- 54.5%
Neutral to Positive- Neutrals rising

#BTC- Social Media Mentions
Social Mention
Sentiment 14:0 in favor of positives
With 75 scores towards neutral and 23 in favor of Positives
Neutral to Positive

Fear to Greed Index
Alternative.me
Score 14–Extreme Fear
Negative

Fear to Greed Index
CNN Money
Score 11 -Extreme Fear
Negative

 
Although BTC is seeing some pressure on the downside, there is still some positive sentiment building up due as Bitcoin is now available at lucrative valuation. Both greed and fear index bend towards extreme fear territory, it’s still difficult to gauge where the floor price is. Also, there is some news building up of institutions entering the crypto space which is also keeping up the sentiment slightly neutral to positive.
Altcoin Sentimental Analysis
Fear and Greed index is only available for BTC as not may altcoins have all components required to calculate it

Altcoin
Keyhole #  analysis
Social Mention
Sentiment

ETH- Ethereum
Score – 81
32.1% Positive
7.2% Negative
60.7%- Neutral
24:0 towards Positives
Neutral 61
Neutral to Positive- Neutrality rising

XRP- Ripple
Score 79
32.7% Positive
8.3% Negative
59.0% neutral
2:0 towards Positives
Neutral 81
Neutral to Positive, Neutrality rising

BCH- Bitcoin Cash
Score 65
18.8 % Positive
10% Negative
71.3% Neutral
6:0 towards positives
Neutral 23
Neutral to Positive- Positives rising

EOS
Score 77
26.3% Positive
7.7% Negative
66.0%- Neutral
3:1 towards positives
Neutral 20
Neutral to Positive-
Neutrality rising

XLM-Stellar
Score 91
37.2% Positive
3.6% Negative
59.2% Neutral
4:0 towards positives
Neutral 66
Neutral to Positive, Positive rises but Neutrality dips

 
Most of the altcoins are still in the neutral territory as they seem to be following the BTC sentiment. With prices still dipping for altcoins, they too seem to be nearing the support zones where valuation looks attractive. Apart from Ethereum, none of the altcoins mentioned have any major negativity against them and a slight positive news could cheer the sentiment for these coins.
Will this sentiment actually pull back the prices? Do let us know your views on the same
The post Sentimental Analysis for Cryptocurrencies- December 09 appeared first on Coingape.
Source: CoinGape

Week in Review: Cryptocurrency Price Analysis for the week December 03 to December 09

Key Highlights:

SEC defers Bitcoin ETF again as it pushes the decision to February 2019
Japanese Police See Surge in Suspicious Cryptocurrency Trade Reporting
Bipartisan lawmakers in the USA seek cryptocurrency rules to protect consumers
G20 Countries Agree To Regulate Crypto Assets
ASIC Miners Dumped In China After Bitcoin’s Price Crash

The U.S. Securities and Exchange Commission once again delayed a ruling on approving the first bitcoin ETF for listing on a major U.S. exchange. The SEC has repeatedly rejected cryptocurrency ETFs citing concerns over market liquidity and investor safety, and it now has until Feb. 27 to rule on VanEck’s latest bitcoin ETF proposal. The proposal was first submitted by money manager VanEck and blockchain startup SolidX, who partnered with the Cboe exchange earlier this year. Under SEC rules, a decision on the proposal cannot be delayed any further, meaning the next notice must either approve or reject the ETF.
The National Police Agency of Japan has revealed that between January and October this year, it recorded 5,944 reports from crypto exchanges regarding suspicious cryptocurrency transactions possibly involving money laundering and tax evasion. Figures reported by Jiji Press show that from 699 cases reported last year, the numbers have multiplied more than eight-fold, which the NPA sees as proof that operators are taking their reporting obligations more seriously now.
Its been seen recently, The US Congress is getting more serious about cryptocurrency, This week Members of the House planned to introduce two bills to prevent fraud, protect consumers and make sure the country doesn’t fall behind as a leader in the global digital asset class. One bill directs the Commodity Futures Trading Commission to describe how price manipulation could happen in virtual markets, then recommend regulatory changes. Another seeks to keep the U.S. competitive in the global industry.
Globally G20 — the group of the world’s 20 biggest economies — agreed to introduce regulations on crypto assets (cryptocurrencies) to counter money laundering and financial terrorism. The decision was reached at the G20 leaders’ summit held on December 1, 2018, in Argentina. The regulations shall be in line with the Financial Action Task Force (FATF) recommendations. The G20 countries which include leading economies — India, China, US, UK, and EU — agreed that international standards on crypto assets are crucial to support sustainable growth. And, that the member countries will remain committed to the full, timely and consistent implementation and finalization of the agreed financial reform agenda, and the evolution of its effects.
With Bitcoin values falling more than it takes to mine them, the entire ASIC mining (an application specific integrated circuit, used for Bitcoin mining) has hit a roadblock. Chinese cryptocurrency miners are now either dumping their ASIC or selling it at throwaway prices, according to reports. A recent video circulating on social media has shown crypto miners selling their ASIC as ewaste.

Source: Coin360.io 
Bitcoin (BTC)
Bitcoin is melting down and its doing in very quickly. The prices hit the high point of USD 4,155.98 and the lowest point of USD 3,280.23 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were,  BitMex (24.14%), CoinBene (2.95%) and OKEx (2.45%)
Among prominent news around Bitcoin, Hungry.dk, a Danish online food takeaway portal which handles orders from over 1,500 restaurants in Denmark, has started accepting bitcoin (BTC) as payment.
Ethereum (ETH)
Ether like BTC are hit severly now sits below USD 100 levels. Ethereum on the top, this week were at USD 116.62 and were at lows of USD 83.47. The markets that were more active, in volumes, with ETH across various pairs this week were OEX (6.10%), EXX (5.65%) and LBank (3.90%)
Among news surrounding Ethereum, Ethereum’s developers have decided to activate the Constantinople hard fork upgrade on the cryptocurrency platform’s network at block number 7,080,000, however, this is only set to happen if Ethereum’s community members vote to move forward with the update.
Ripple (XRP)
XRP still is at second place as Ethereum continues to take a beating. On the top, this week the prices of XRP were at USD 0.368598 and towards the bottom, it quoted USD 0.291351. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (10.78%), ZB.COM(9.78%) and OKEx (5.33%)
For XRP this week, American Express has praised Ripple’s Capability to Process Cross-border Transactions ‘In a Matter of Seconds’ 
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on December 09 at 1:35 pm IST) were
Movers

Veros – Showing a rise of 483.24%
EvenCoin – Showing a rise of 481.63%
Lightpaycoin – Showing a rise of 119.90%

Shakers

Dignity – Showing a drop of 54.94%
XinFin Network – Showing a drop of 52.14%
nOS – Showing a drop of 50.57%

 
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Week in Review: Cryptocurrency Price Analysis for the week December 03 to December 09 appeared first on Coingape.
Source: CoinGape

Tron’s Dapp Capabilities And Project Atlas To Trigger Next Bull Run in Cryptos: Justin Sun

Ethereum’s Dapp capabilities and popularity were one of the prime reason crypto markets saw the bull run of 2017. But with rising issues with Ethereum, it seems a new hero would trigger the next bull run. While there could be many heroes, Justin Sun is pretty confident that it would be Tron and that too because of its Dapp capabilities and its Project Atlas- the BitTorrent.
Tron has capabilities to trigger the next bull run
While most coins and projects seem to bite the dust in 2018, Tron has been the project that has clearly stood out. The project has not only been progressing at a great speed on its roadmap it has been one of the best performers for its investors this year.
This standout performance is the reason that Justin Sun believes Tron’s capabilities can trigger the next bull run. In a recent twitter conversation. Binance CEO ZHAO Changpeng, also known as CZ, tweeted a question asking, “What do you think will be the trigger for the next bull run? To which Justin Sun confidently retweeted and replied “DApp in TRON and BitTorrent project Atlas.”

#DApp in #TRON and @BitTorrent project Atlas. #TRX $TRX https://t.co/gL0GtWwIPC
— Justin Sun (@justinsuntron) December 8, 2018

In 2018, Tron moved out of Ethereum’s blockchain to its own mainnet and since then it has been challenging Ethereum’s supremacy in every aspect. The latest of the bouts between Ethereum and Tron are been played out in the Dapp’s ecosystem market where Tron is capitalizing on the opportunity that is coming out of Ethereum’s misery.  A lot of Dapp’s have moved from Ethereum to Tron in recent times as Ethereum is dealing with congestion issues. In the last week of November 2018, a crypto collectible game Blockchain Cuties shifted from Ethereum to Tron while very recently BitGuild’s Dapp Bitizens also moved to Tron from Ethereum.
Justin Sun also had tweeted, inviting Dapp developers to move from Ethereum to Tron.

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
— Justin Sun (@justinsuntron) November 26, 2018

Apart from Dapp’s, Justin seems to be pretty confident on Bit Torrent (Project Atlas), which it had acquired for a whopping USD 126 million. As project Atlas will move the 100 million users of BitTorrent to the TRON network, it is supposed to grow Tron’s customer base and adoption by multifold.
Tron, with its Dapp hosting capabilities and BitTorrent, seems to be a project that could define the future for cryptocurrencies. While its too early to say where would Tron reach, the start has been fabulous and it continues this way, Tron would definitely dethrone Ethereum from its number one place in Dapp hosting market.
Will Ethereum lose its battle against Tron? Do let us know your views on the same.
 
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Source: CoinGape

Coinbase Criticized For Listing Civic (CVC) and Decentraland (Mana)

Coinbase threw a curveball as it announced that it would be listing fairly criticized coins such as Civic (CVC), DNT, LOOM, and Decentraland (MANA) on its Coinbase Pro platform. This announcement led to a lot of criticism for Coinbase among the community as the exchange ignored a lot of prominent coins.
Community not happy over Coinbase’s selection of coin
It came as a shocker to most of the people when Coinbase officially announced that it was launching ERC20 tokens Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA). While these projects were part of Coinbase’s ERC 20 exploration exercise, what didn’t go well with a lot of people is that Coinbase ignored a lot of prominent coins.
Even the official announcement did mention about the exchange’s decision to leave out some prominent coins, but still, that wasn’t enough to a piece the community. The exact words in the announcement were
“ We recognize that there are popular assets that we have not yet added to our platform. Our decision to add ERC20 tokens first is based on the relative ease of integrating the standard with our existing infrastructure, particularly from a security standpoint. However, as noted in our earlier post, we are exploring the addition of many new assets beyond ERC20 tokens on a jurisdiction-by-jurisdiction basis”
The prominent of the criticism came from the head analyst of The Block (of Diar Research Fame) Larry Cermak who said that its was a shocker decision from the exchange calling CVC and Mana as Zombie projects

Listing Civic and Mana is a total joke. Coinbase is losing all the credibility today. Both are literally zombie projects. I’m honestly shocked
— Larry Cermak (@lawmaster) December 7, 2018

 
The post was retweeted by a lot of prominent influencers clearly indicating the decision wasn’t appreciated by many.
As the criticisms for the exchange increased, Coinbase released another post on its official blog stating that it continues to explore support for the new digital asset. The post, very similar to its September announcement, noted that
“Coinbase is exploring a broad range of assets which include, in alphabetical order by symbol: Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Decentraland (MANA), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP (XRP), Tezos (XTZ), and Zilliqa (ZIL)”.
The post also mentioned that although the exploration is on the exchange does not guarantee any listing yet.
What are the real reason behind selecting these coins are still unclear but definitely missing out on prominent coins is not something that has gone down well with the community Coming days would definitely tell us whether Coinbase decision to ignore prominent coins was wise or not.
What do you think of this listing decision by Coinbase? Do let us know your views on the same
The post Coinbase Criticized For Listing Civic (CVC) and Decentraland (Mana) appeared first on Coingape.
Source: CoinGape

Brazilian Crypto Exchange Sends USD 35 Million For a USD 127 Withdrawal Request

According to the news coming from Brazil, cryptocurrency exchange Bitcambio is amidst one such blunder where the exchange seems to have reportedly sent one of its users a whopping R$ 137 million – equivalent to about $35 million – after the user attempted to withdraw 500 reals, worth roughly $127.
Exchange to reward for users lost time
According to local news outlet Portal do Bitcoin, cryptocurrency exchange Bitcambio started calling the user, Kaique Nunes, about the withdrawal shortly after. Speaking to the local new mouthpiece Nunes stated:
“Earlier last month, I issued some normal draft orders. After a while, Bitcambio called to let me know that they had issued all this value and that they needed me to recognize a document in a notary’s office. I thought it was a coup, “Nunes told Bitcoin’s Portal.
He mistrusted the call and thought it was a hacker who had discovered his information that he was trying to create a way to get his signature. “So I did not even hit the ball. I ignored, ” said Nunes
According to Nunes, Bitcambio called back more often to explain the importance of the procedure. “They said that they had already canceled, but that to complete the process it was necessary to go to the registry office, to recognize the signature and a document that they sent by email.”
On December 04,  the client posted a post on Facebook’s personal page and in the Bitcoin Brazil discussion group – where Bitcambio’s platform vendor, Rodrigo Souza, is an administrator. In the post, Souza acknowledged the exchange error and promised that Nunes’ lost time would be rewarded in some way. “People, the mistake really happened. Kaique will be reimbursed for all the costs he has to go to the notary’s office to solve this shit. The note is already being canceled. ”
On the client’s personal page, he commented: “At Bitcambio everything is done strictly within the law. Mistakes happen, we are not afraid to have their attention. ”
Souza told the local news that a bug occurred in the process of issuing automatic notes, which generated the problem. “We tried the cancellation, but the city hall demanded the letter of agreement. If it were a lower value it would be possible. ”
As Nunes was co-operative, the exchange was able to escape the mistake. If this would have been with a fraudster, the exchange would have had to take a big hit. This also points out that exchanges need better systems and processes so that such errors do not occur again
Will crypto exchanges take more stringent steps in getting their processes and systems in place? 
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Source: CoinGape

Expert Opinion: Institutional Offerings For Crypto Increases as Leading Coins Prepare For Another Bounce

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Fidelity and Nasdaq Ventures join hands to invest in crypto exchange ErisX
BTC ETF may not be coming soon but new products would keep institutions interested
Crypto prices touching interesting lower level which could indicate a bounce may be coming

Institutional crypto products and offerings on the rise
Well, its been a while that Nasdaq and Fidelity announced their intentions to get into cryptocurrency related businesses, but they seem to be in a real hurry to get their hands-on cryptocurrencies. Resultant both Nasdaq and Fidelity have come together to get their hands on cryptos by pooling in an investment of USD 27.5 million in cryptocurrency exchange ErisX which also happens to be a regulated online exchange platform.
This investment will be used by the company to hire staff and “build out our infrastructure and secure the appropriate steps are taken to develop a regulated market for digital assets,” ErisX Chief Executive Officer Thomas Chippas said in a statement.
While SEC is still to pronounce its verdict on Bitcoin ETF, institutions have started looking at options which allows them to invest in cryptocurrencies. This rising interest of institutions in cryptocurrencies and incremental growth in institutional investors related products and services has taken off the dependence on Bitcoin ETF to get in institutional monies. So irrespective, the decision from SEC goes in favor of Bitcoin ETF or, the availability of new product can still get plenty of institutional money into crypto markets.
Are we in for another bounce in crypto markets?
It’s no secret that crypto prices have been under pressure lately. Just yesterday, Bloomberg analysts reaffirmed their position that bitcoin could be headed straight for $1,500. Of course, it’s possible to get that low. Anything is possible in volatile markets but one would say that there are still a lot of key levels before that will more than likely support the price.
Currently, the Bitcoin price is dangling close to USD 3500 support. If it breaks through to the downside the next strong support is at USD 3000. If things get worse the next point to watch for USD 1800 before we see USD 1500. All these support levels had played key roles during the rise of 2017 and hence they just can’t be ignored. Of course, the first on that list and the level we’re currently testing is $3,500, which has been showing incredible resilience so far. For institutional investors looking to invest in the assets rather than the infrastructure, there really isn’t much reason to go in strong at the moment.
However thinking long term, if we do think that bitcoin will pass through the all-time highs anytime within the next decade, it won’t make much sense to wait until it $1,500 to start placing orders.
 
The post Expert Opinion: Institutional Offerings For Crypto Increases as Leading Coins Prepare For Another Bounce appeared first on Coingape.
Source: CoinGape

Designate BTC & Cryptocurrencies as a Separate Asset Class: Bobby Lee Seconds Davidson’s View

US Congressmen Warren Davidson is planning to introduce a new legislation which will create a new unique asset class for the cryptocurrency. And he has found support from Bobby Lee, who took on Twitter to second the thought put forward by the congressman.
Bill could get in regulatory clarity towards cryptocurrencies and ICO’s
As certain sections of media reported that US congressman from Ohio was planning to introduce a bill that could create a new asset class to cryptocurrencies and ICO ’s, Bobby Lee took onto Twitter to give a thumbs up to this thought. According to Lee, Bitcoin and cryptocurrencies (as opposed to tokens) need to be designated as a completely new asset class as this is the way forward for them and would help them grow in a much-regulated fashion

Yep, I fully agree. #Bitcoin and true cryptocurrency (as opposed to tokens) should indeed be designated as a completely new asset class. That’s the only way forward. https://t.co/aYJaP4Skk9
— Bobby Lee (@bobbyclee) December 6, 2018

The news was reported by Cleveland.com which said that the Republican from the 8th District says he plans to introduce legislation in the House of Representatives that would create a new, unique asset class for cryptocurrencies and initial coin offerings (ICOs), allowing for a clearer path to government regulation. The bill would prevent crypto assets from being classified as securities and empower the federal government to “regulate initial coin offerings more effectively.”
This was not the first time the Congressman had put forward a request to legitimize and regulate blockchain technology. He was part of the group of US lawmakers who had written a letter to the SEC in September 2018, asking for more clarity on regulations before confused tech companies start leaving the country. The letter than had stated that
“Current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere. We believe that the SEC could do more to clarify its position.”
The legislation has not yet been introduced, but should become public soon said Davidson, who announced his plans at the Blockland Solutions conference, held in downtown Cleveland. Davidson was also quoted saying
“What this does for entrepreneurs is it gives people an ability to raise capital a different way,”
 The news report also quoted that though the conference focuses on uses outside of cryptocurrency, the main point is how blockchain can be used in government. Lt. Governor-elect Jon Husted spoke Sunday evening about how blockchain technology could be incorporated into InnovateOhio, a plan to modernize Ohio’s governance processes.
Well, regulatory clarity is always welcome in the crypto industry as it provides a direction to crypto business by drawing a line between what is legal and illegal. Defining an asset class for cryptos will protect them from being termed as securities and would effectively bring in better regulation that would act as a catalyst for growth for cryptos.
Will we soon see a designated asset class for cryptocurrencies? Do let us know your views on the same.
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Source: CoinGape

Stablecoin Mania Continues as Binance Adds Multiple Trading Pairs with TUSD

Stablecoins have been the buzzword throughout the second half of 2018 and now with volatility coming back to crypto markets, their use across exchanges has just shot up. To capture this demand and provide more stablecoin options to its user, Binance has announced that it would be adding multiple trading pairs with TUSD starting December 7, 2018
Binance adds third stablecoin pair in less than a month
The demand for stablecoin is just increasing and Binance is doing every bit to provide the best options available to its customers.  In over a past month, the leading crypto exchange has added multiple stablecoins and its equivalents pairs to fulfill the growing demand from its customers. In yet another attempt to meet this demand, Binance has announced that it will be adding trading pairs with TUSD as a quote asset into the USDⓈ Trading Market/Tab starting December 7, 2018, 10:00 AM (UTC).  The pairs that will be available for trading TUSD include BNB/TUSD, BTC/TUSD, ETH/TUSD, XRP/TUSD, EOS/TUSD, and XLM/TUSD.
The announcement further states that the existing TUSD/BNB, TUSD/BTC, TUSD/ETH trading pairs will be removed and delisted at 2018/12/08 10:00 AM (UTC). All existing orders in each order book will also be canceled at this time.
This is the third stable coin pairs that Binance is adding to its offering in less than a months’ time.
Binance has added PAX pairs around 10 days back while had USDC pairs in Mid-November to meet the growing demand hand help its customers counter volatility. The PAX pairs available on Binance include BNB/PAX, BTC/PAX, ETH/PAX, XRP/PAX, EOS/PAX, and XLM/PAX while the USDC pairs that are available on the exchange are USDC/BNB and USDC/BTC
With these new additions, Binance is also reducing the reliance on controversial stablecoin Tether which has been pretty opaque. To allow its users to switch easily from Tether to other stablecoins Binance, a couple of months back had listed PAX/USDT
Binance had recently renamed its USDT Market (USDT) to Stablecoin Market (USDⓈ). This step was taken is to support more trading pairs with different stablecoins offered as a base pair and the exchange seems to be well on track to achieve its stablecoin vision.
Unlike Tether, TrueUSD is a pretty transparent stablecoin. It is part of the TrustToken asset tokenization platform where U.S Dollars are held in the bank accounts of multiple trust companies that have signed escrow agreements, rather than in a bank account controlled by a single company. The contents of the said escrow account are verified by an independent third-party accountant that publishes monthly attestation reports.
With multiple stablecoin listings, Binance has not just met the growing demand of stablecoins from its customers but also has reduced the dependence on Tether. With these new stablecoin listings now Binance users have a variety of options to protect their capital from extreme volatilities of crypto markets.
Is Binance correct in its strategy of adding multiple stablecoins? Do let us know your views on the same.
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Source: CoinGape

Expert Opinion: Dipping Token Prices Test Business Models for Cryptos

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Crypto business models being tested amidst the meltdown
Weak businesses wither out amidst real industry growth
Binance increases adoption of its BNB coin in the hospitality sector

Bear market tests business model strength as weaker ones fizzle out
Well, bear markets have a beauty of their own. Although they suppress the prices, they do help in cleaning up the weak links from the industry- be it investors or businesses who are either fragile or are in here for some quick bucks. This recent meltdown in cryptos seems to be doing exactly the same. By applying a modernized version of Darwin’s ‘Survival of the Fittest’ theory, this bear market in cryptos is putting pressure on businesses to prove their model.
Of course, this pressure has resulted in some calamities, prominent ones being the main team responsible for developing Ethereum Classic (a spinoff of Ethereum) announcing that they will be closing operations and crypto social site Steemit along with adult entertainment site Spankchain have been laying off a large portion of their staff.  But these calamities have cleaned up weaker elements of the industry and have strengthened the foundations for the crypto industry for exponential growth.
Binance expands adoption in the hospitality industry
While not many crypto stakeholders are happy with how 2018 has been for them, Binance seems to be having a wonderful time. 2018 has been the year when Binance has grown strong as an exchange, as a company and as a true flag bearer of the crypto world. Binance has expanded its operations into new verticals, added new products, added new pairs and yes has bought its native token Binance Coin (BNB) to best use. According to the recent news flow coming from the exchange, Binance has announced that it will be launching its own public blockchain called Binance Chain.  Also its native coin, Binance coin (BNB) can now be used on a blockchain based hotel booking site with over 450,000 listings. This is a particularly interesting update because of the status of BNB coin in general and this sudden use case as a means of payment in sites other than Binance means that this unique asset may also be considered a cryptocurrency as well.
The post Expert Opinion: Dipping Token Prices Test Business Models for Cryptos appeared first on Coingape.
Source: CoinGape

Stablecoins The Way Ahead on “Blockchain Island” says Malta’s Prime Minister

Malta has come up as a new crypto hub by providing much-required banking support to cryptocurrency businesses. As bringing changes to the banking regulations were not possible due to the risk associated with cryptocurrencies, the Maltese Prime Minister mentioned stable coins as a way for crypto businesses on the island to move ahead.
Won’t intervene in banking regulation asserts PM
According to the report published on Chinese website CNgold.org, all seems to be not going smoothly for crypto business at the “blockchain island” Malta. All their hopes to getting banking support were in high spirits when Joseph Cuschieri, an official at the Malta Financial Services Authority (MFSA), promised to take action against the bank’s conservative attitude towards cryptocurrency companies.  But now everything seems to have hit a roadblock when the Maltese Prime Minister Joseph Muscat proposed crypto businesses to shift towards stable coins.
“We’re obviously not going to intervene in banking policies because they have to deal with issues such as correspondent banking and risk assessments,” Muscat told while addressing the press. “Our job as a government is to create this new market and not allow a vacuum to form within it. Some platforms are already banking in cryptocurrencies and new sectors, such as stable coins, are being set up that is being viewed as more secure. That’s the way the sector is evolving and we look forward [to such developments] positively.”
“Also, whenever people come to Malta to do business in the regulated cryptocurrency sector, I always urge them to maintain their previous banking arrangements.”
Muscat’s interference comes very shortly after MFSA chief executive Joseph Cuschieri promised action in light of banks’ conservative approach towards crypto companies.
“It is abundantly clear that Malta needs more banks to participate in the development of our economy, particularly in the digital and FinTech space,” Cuschieri said. “I am not happy with the current situation on various fronts and doing nothing is not an option for me. Our banking strategy and policy review to be published next year will address this challenge in a holistic fashion and we will consult with all stakeholders before any decisions are taken.”
These comments do come as a slight setback for crypto business as, since early 2018, Malta has been focused on building an ecosystem that improves and is friendlier to crypto and blockchain-related companies. Striving to turn the Mediterranean nation into “Blockchain Island,” the government had opened its doors to blockchain and other so-called distributed ledger technologies. Malta always worked with a vision that the island could become a haven for cryptocurrencies like Bitcoin. On Legislative front as well, In July 2018, the Maltese parliament had passed three bills to set a regulatory framework and drive innovation in blockchain-like technologies with a hope that these laws will attract foreign financial tech companies to establish themselves in the country.
The only thing that it couldn’t turn in its favor was the banking regulation and the support of banks as it would have to deal with a series of issues such as correspondent banking and risk assessment. And now it doesn’t seem to happen anytime soon.
Will crypto business turn to stable coins or will Malta lose its status of being blockchain friendly? Do let us know your views on the same
The post Stablecoins The Way Ahead on “Blockchain Island” says Malta’s Prime Minister appeared first on Coingape.
Source: CoinGape

Expert Opinion: Has Bitcoin entered “Death Spiral?” Dropping prices bring in pessimism on the street

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Santa Clara professor discusses Bitcoin’s Death Spiral
Dropping prices bring in new pessimistic opinions in the market
Recent reduction BTC hash rate has readjusted bitcoin mining difficulty

Has Bitcoin entered a Death Spiral phase?
Well as prices drop, the street gets filled with bearish and pessimistic comments. And this is not restricted to cryptos but happens across asset classes. Over past 24 hours, the crypto world is been discussing about the Bitcoin “Death Spiral”, a term which has gained limelight, thanks to an opinion piece published by Santa Clara University Professor of Finance Atulya Sarin. According to Sarin, with the recent decline in prices the Bitcoin has entered a “death spiral,” and it’s “close to becoming worthless.” In words of Sarin, Death Spiral phenomenon is when,

“Mining at a cost higher than the cost at which you can sell in the futures market destroys value. So, any rational investor — even one who strongly believes the price of bitcoin will rebind — has no incentive to mine if the cost of mining is higher than the future price and is better off buying in the futures market. And unlike gold, which can retain its value even if mining activity stops, bitcoin can have no value absent the mining activity that maintains the ledger of who owns it. Absent the mining activity, bitcoin is a just a set of encrypted numbers with no value.”

Professor Sarin might have put his points based on some facts, but to be clear it is extremely unlikely for such an event to occur, simply because any time a miner does shut down their rig it makes it more profitable for all other miners to continue their operations.  This is the reason Satoshi Nakamoto is called a genius cause his theory practically covers every pitfall that can be envisioned.
The reason there is pessimism in the crypto market today is that there always new people coming into the crypto space and that’s why these types of stories tend to re-emerge. When a newcomer grasps a specific concept, they can sometimes fail to consider the wider implications of their line of reasoning.
Bitcoin mining difficulty has just been readjusted
For most of 2018, while the bear market persisted, mining hash rate and difficulty for Bitcoin continued to increase. But now as Bitcoin price has dropped below $4k, even briefly touching $3,500, the hash rate of the bitcoin network has also taken a dip resulting in the fall of Bitcoin mining difficulty. As the bitcoin prices dipped, Bitcoin miners shut down their rigs that resulted in the fall of hash rate and subsequently the mining difficulty. Actually, every two weeks, the hashing difficulty algorithm of Bitcoin is adjusted in order to maintain the usual 10 minute block time. Since the prices took a hit in mid-November, it has been already adjusted twice. And as a result of this adjustment, the difficulty has been on a downward spiral. And now at a lower difficulty, it will now become easier for new miners to re-enter and receive their bitcoin reward.
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Source: CoinGape

Bear Crypto Market Conditions Are Ripe for Real Growth: Block.one’s Brendan Blumer

Crypto markets have seen one of the worst meltdowns in the past couple of weeks and the confidence in the cryptocurrencies has also dipped to an all-time low. But even with this pessimism in the markets, various data points show that the fundamentals of the crypto industry are strengthening. The same sentiment was echoed by Brendan Blumer of Block.one when he tweeted that bear conditions are good opportunities for real businesses to grow.
Use bear market conditions to lay a healthy foundation for growth says, Blumer,
While the crypto markets have been languishing at all-time lows, real crypto business owners have been busy building strong foundations to their businesses on which they can grow rapidly. Same seems to be the case with Block.one whose CEO Brendan Blumer took on to twitter saying these bearish conditions are ripe for businesses for real growth.

Bear market conditions are ripe for real growth, and https://t.co/IaNK8hWLo7 has been focused on laying a healthy foundation to scale rapidly @RobertJesudaso1 @__MikeAlexander @SheelKohli @bytemaster7
— BrendanBlumer (@BrendanBlumer) December 4, 2018

The confidence-boosting statement from Brendan contrastingly comes only a couple of days after Michael Novogratz mentioned   that
“It sucks to build a business in a bear market” and “There’s plenty of reason to be depressed.”
Brendan Blumer seemed to have got it right as the data over the past 2 months have shown some tremendous fundamental growth even though the prices of major cryptocurrencies have been in the red.
A recent report from Glassdoor titled “The Rise of Bitcoin & Blockchain: A Growing Demand for Talent” shows that blockchain projects and crypto businesses are on a hiring spree. The key finding  of the report as followed

As Bitcoin has captured the public interest over the past year, companies have rapidly invested in hiring for roles related to Bitcoin and blockchain, even in the face of regulatory uncertainty and price volatility.
Are blockchain jobs growing? Using Glassdoor’s database of millions of job openings, we found 1,775 blockchain-related job openings in the U.S. in August 2018, a 300 percent increase over the same period last year.
The median salary for blockchain-related job openings is $84,884 per year. This is $32,423 or 61.8 percent over the US median salary of $52,461, according to Glassdoor’s August 2018 Local Pay Report.
Most blockchain jobs are technical. The software engineer was the most common blockchain job open on Glassdoor, accounting for 19 percent of all blockchain job listings, illustrating the demand for talent who can continue developing this technology.

While recruitment happens to be a key parameter to check on growth in any industry, Glassdoor figures clearly show crypto industry in the real world is not just growing but blooming. It shouldn’t be long the prices too would start reflecting this growth
Are cryptocurrencies in for a real growth or are they too languishing like the prices?? Do let us know your views on the same.
The post Bear Crypto Market Conditions Are Ripe for Real Growth: Block.one’s Brendan Blumer appeared first on Coingape.
Source: CoinGape

Ethereum Whales Continue to Accumulate ETH Despite Growth and Stagnancy Issues: Dair Research

Well, all is not good at Ethereum as the prices are threatening to breach the USD 100 mark and issues with respect to growth and stagnancy continue to remain unanswered. But that hasn’t stopped the ETH whales from “Hodl”ing the ETH even as concerns still loom. According to the data published by Diar research in November 2018, ETH whales sat on a whopping 80% increase versus the start of the year.
Active trading whales have accumulated more in 2018 than any period 
Diar Research happens to have assessed data provided by TokenAnalyst which showed that over 5200 actively traded addresses have held balances that propped them up within the Top 1000 since Ethereum’s Genesis. The research also puts forward
“Today, whales who continue to maintain a balance are an even 500 at the end of November, holding over 20Mn ETH alone, just shy of 20% of the ‘supercomputers’ total circulating supply. At the start of the year, whale addresses amounted to 11Mn during peak season and only 5Mn at the start of 2017.”
According to the numbers presented, whales seem to have superlative confidence in Ethereum and Vitalik and believe they would soon turn around things in their favor. The other reason for this kind of whale move which the report also mentions most likely is, the result of traders exiting the trading of tokens, most of which have been paired with ETH, which has plummeted by all accounts versus the start of the year
The data also shows that, on an Ether holdings basis, and as a total of whale holdings, the balance is exactly split at the start of December versus the start of the year at peak season indicating that new entrants are yet to come into space. There are now fewer whale addresses than the start of the year, a drop of nearly 30%, with active traders consolidating further holdings of the circulating supply.


Source: Diar Research
Whatever the case may be, one thing is for sure, Ethereum needs answers to its problems and needs them real quick. If it doesn’t find solutions soon, whales may also start dumping bringing more misery to Ethereum
Will Ethereum be able to find answers to its problems? Do let us know your views on the same.
 
The post Ethereum Whales Continue to Accumulate ETH Despite Growth and Stagnancy Issues: Dair Research appeared first on Coingape.
Source: CoinGape

Expert Opinion: Crypto Businesses Continue To Grow Despite Bear Markets

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Mike Novogratz says its challenging and difficult to grow businesses in bear markets
Despite Bear Markets Crypto Businesses show a healthy sign of growth with resource allocation
Blockchain Projects are hiring at a rapid pace

Challenging to grow businesses in Bear Markets: Mike Novogratz
As prices remain under pressure, one of Wall Street’s greatest crypto advocates Mike Novogratz has gone on record saying that “It sucks to build businesses in a Bear Market” . Mike stated the same as 2018 was, indeed, a bearish year for cryptocurrencies and especially Galaxy Digital, with the company’s shares dropping 37 percent since they were first listed on Canada’s TSX Venture Exchange at the start of August. It also posted losses of $134 million in the first quarter, driven by $85.5 million in unrealized losses on digital investments and $13.5 million in total losses from its trading arm. During the second quarter, Galaxy Digital posted net income of $35 million, with $44.8 million in unrealized gains and a reduction of its trading losses to $1.1 million.
Things looked really difficult for Galaxy in 2018, but the pessimism by Mike Novogratz is clearly not justified. As it is difficult to build businesses in any market environment, bear market definitely do pose challenges but they need to continuously evolve to meet the clients need in all market conditions
Cryptobusiness continue to grow and hire despite market slow down
While cryptocurrencies are at all time low and challenges continue to bother growth, some businesses continue to grow especially the crypto exchanges. The prices of cryptocurrencies haven’t been able to dampen the interest in them as everyone still wishes to have a piece of this “new money.” Be it any exchange, they have grown significantly in terms of new clients. And it’s not just crypto exchanges, the crypto industry is shining brightly at the moment. Despite the bear market and broader market conditions, blockchain projects are hiring at a rapid pace. This recent study from Glassdoor.com confirms that bitcoin and blockchain roles have never been in greater demand.
The post Expert Opinion: Crypto Businesses Continue To Grow Despite Bear Markets appeared first on Coingape.
Source: CoinGape