Ethereum, Augur and MakerDAO together represent the holy trinity of crypto, says CEO of CitizenHex

The CEO of Ether Capital Corp, Benjamin Roberts recently talked about Ethereum, Augur and MakerDAO, on his official Twitter handle. The CEO started the thread by remarking that the three projects are “ingenious independently” and that these three together represent the “holy trinity of crypto.” This was followed by Roberts speculating on the reasons as to how their combined utility will increase the value of Ethereum.
The first point made by the CEO was that the demand for DAI, in turn, increases the price of Ethereum [ETH]. He also stated that this is one of the factors that many people in the community miss about MakerDAO.
“How? DAI demand > supply causes DAI price to exceed $1.00. This creates an incentive for ‘arbitrageurs’ to open CDPs and sell DAI proceeds for greater than $1.00.”
The next point was about the necessity of locking collateral in the Maker System in order to open a CDP. He further added that currently, the collateral is in the form of Ethereum, wherein the token is locked, thereby reducing the supply of the coin and increasing its price. The third point made by the CEO was pertaining to the multi-collateral DAI.
“What about multi-collateral DAI? The same process increases the value of any asset used as collateral. If Ethereum network is securing it, the collateral value increase leads to higher value of the Ethereum network.”
This was followed by Benjamin stating that the demand for the stablecoin “kicks off” the feedback loop, which would result in Augur accelerating the DAI feedback loop. He also remarked that as the cryptocurrency market grows the demand for DAI, it would also grow to near infinity.
“@AugurProject is the Twitter of derivatives. As meaningful to financial engineering as blockchains are to trust, but it’s severely hampered due to a wildly volatile quote currency. 6/ Adoption happens whenever crypto utility exceeds fiat -> crypto friction + crypto volatility. Projects like @veil solve friction, but right now crypto volatility is too high to adopt Augur.”
Benjamin further stated that Augur “acquires an incredible amount of utility” if the volatility of the cryptocurrency market is going to be taken out of the picture. According to him, this is Augur’s goal and the project “will adopt” DAI as the “quote currency for all markets.”
“8/ What happens when Augur adopts DAI? Augur acquires more utility and open interest increases substantially. This creates *a lot* of demand for DAI, putting upward pressure on the ETH price (as described above).”
This was followed by the CEO stating that this would thereby increase the demand of REP and the currency could also be collateral in multi-collateral DAI. “The Ethereum blockchain secures the REP market cap and this creates yet more utility for ETH and further increases value”, he added.
“10/ If all of this doesn’t implode, it’s going to be the greatest financial / social / economic revolution in history. Akin to adoption of the internet…maybe more powerful because of deep synergies within the ecosystem and incentives for modifying behaviour in the real world.”
The post Ethereum, Augur and MakerDAO together represent the holy trinity of crypto, says CEO of CitizenHex appeared first on AMBCrypto.
Source: AMB Crypto

Crypto Trader Made Over $100,000 On Ethereum DApp Augur

2018 hasn’t been kind to the broader cryptocurrency market. It’s no secret that Bitcoin fell by upwards of 70%, as other crypto assets, such as Ethereum, XRP, and the like, posted similar, if not more severe losses. With this downturn, crypto investors lost copious amounts of capital. However, one pseudonymous, somewhat mysterious industry participant managed to net himself/herself six digits of profit amid a broader bear season.
Related Reading: Crypto Fund: “Antifragile” Bitcoin Profits From Chaos
Crypto Enthusiast Nets $100k On Ethereum DApp
The Ethereum user, known only by a string of 40 numbers and letters, purportedly scored a tad over 856 ETH, currently valued at a tad over $100,000 (was valued much higher earlier). While this figure is already astounding in and of itself, the eerily accurate soothsayer secured the $100,000 in 177 trades, amounting to an average of $564 per prediction.
But how did the user turn such a large amount of economic profit?
Well, according to Kevin Rooke, a Canadian crypto researcher, who cited data from programmer Mike Mcdonald, the trader accomplished such a feat via Augur, an Ethereum-based DApp that facilitates predictions of all sorts and shapes. Per previous reports from NewsBTC, the long-awaited project, which ran one of the first successful initial coin offerings, launched its offering in mid-July to widespread media clamor.

One Augur trader has made over $100,000 (856 ETH) in profit from 177 trades.
This one address has earned almost 50% of all realized Augur profits.
Perhaps the first person in the world who can claim the title of 'full-time Augur trader'.https://t.co/UIXoG1yogm pic.twitter.com/WS0Uh3kkz2
— Kevin Rooke (@kerooke) January 24, 2019

Yet now, just six months later, the hype train surrounding the platform, which optimists claimed would single-handedly revive Ethereum, has derailed. In fact, the one aforementioned trader earned ~50% of all “realized Augur profits.” Rooke quipped that the Ethereum user is likely the first person who can “claim the title of ‘full-time Augur trader.’” For a project which token, Reputation (REP), sports a $154 million market capitalization, cynics claim that $200,000 in cumulative profits, even amid a well-extended bear season, is mediocre at best, and dismal at worst.
Yet, this lack of Augur-related volume could change with the advent of a newfangled prediction-centric offering, overtly backed by crypto venture group 1confirmation.
Veil May Bolster Augur Adoption
Veil, a peer-to-peer prediction and derivatives platform that utilizes smart contracts from Augur & 0x, coupled with the Ethereum blockchain itself, launched on January 15th. Per a company blog post on the matter, Veil will be able to support a number of exciting markets, including the decentralized 5x leveraged cryptocurrencies, futures on Ethereum’s gas rate and hashrate, and the trading of Grin.
The upstart, which is not too dissimilar from Augur itself, wants to bring “peer-to-peer markets mainstream.” As company co-founder Paul Fletcher-Hill wrote:
“We foresee a not-so-distant future where millions of people create and trade in millions of markets. And we’re thrilled to finally launch Veil on Mainnet and bring that future just a little closer.”
Just days later, Veil, with its venture capital-sourced war chest, acquired Predictions.Global, a crypto predictions statistic provider, for an undisclosed figure. It seems that Veil has started to do CPR on Augur, but will the upstart’s costly emergency efforts succeed?
Featured Image from Shutterstock
The post Crypto Trader Made Over $100,000 On Ethereum DApp Augur appeared first on NewsBTC.
Source: New feedNewsBTC.com

A Single Trader Has Made Nearly Half of All Augur Profits Since Inception

New data pulled from decentralized betting marketplace Augur shows that since the platform launched nearly seven months ago, a single user has reaped nearly half of the profits made from placing bets on the platform.
An Augur leaderboard compiled by security researcher Mike McDonald shows that the anonymous user has made nearly $100,000 from Augur bets.

Source: GitHub
Contrasting Fortunes
Over the course of 177 trades, the user has made 856.4656 ETH, which works out to about $99,433 at current market rates. As fascinating as this would appear, the rest of the leadership makes more even more interesting reading, with the user in (a distant) second place recording profits of 136.926 ETH (about $15,866) across just 14 trades, meaning that this user has averaged over $1,000 in profit per trade.
Further down the leaderboard in fourth place is a mega-user with 662 trades on Augur and a profit balance of 84.935 ETH ($9,865). At the extreme end of the list in 1,344th place is a user with 80 trades registered on Augur and a net loss of 1311.529 ETH ($152,504), which averages at a loss of approximately $1,906 per trade. This user is by far and away the biggest loser on the entire Augur platform, with the next biggest loser registering a loss of 387.59 ETH ($45,069) across 229 trades.
Evidence of Low Turnover
Beyond the novelty value of these results, what seems evident from this data is that like so many other DApps, Augur is suffering from a pointed lack of usage. A total of 1344 users in over six months of operation averages out at about 224 new users per month. A cursory examination of the current DApp usage leaderboard shows that it is still heavily dominated by gambling DApps which while relatively active with large volumes of money flowing through them, are only used by a relatively small number of people.
Augur was marketed at launch as the platform that would show the true value of decentralization by creating a censorship-free environment for all types of betting markets. Instead, however, the post-launch period was dominated by news about assassination prediction markets on U.S. president Donald Trump opening up, among other embarrassing incidents.
The recent launch of the Veil Mainnet, built on Augur and 0x protocols, however, provided a much-needed market boost for Augur, sending the REP price shooting up 38 percent last week. Veil has marketed itself as a consumer-friendly implementation of Augur, solving the platform’s problems of delayed payout and low speed.
The post A Single Trader Has Made Nearly Half of All Augur Profits Since Inception appeared first on Coingape.
Source: CoinGape

Coinbase ‘Exploring’ Support for XRP and 30 Other Cryptocurrencies

CoinSpeaker

Coinbase ‘Exploring’ Support for XRP and 30 Other Cryptocurrencies

Coinbase is exploring a possibility to add support for a list of 31 coins, including XRP that is currently the second-largest cryptocurrency by market cap.

Coinbase ‘Exploring’ Support for XRP and 30 Other Cryptocurrencies

Continue reading at Coinspeaker
Source: CoinSpeaker

US Government Aims to Make Privacy Coins’ Use Case Obsolete

A branch of the United States Department of Homeland Security (DoHS) is researching the possibility of using blockchain forensic analysis tools to better trace privacy coin transactions.
Privacy No More: US Government Preparing Forensic Analysis Tools
Among the biggest concerns surrounding cryptocurrencies like Bitcoin are fears that the emerging technology could facilitate money laundering by rogue countries, terrorist organizations, and cybercriminals.
However, the United States government has increasingly bolstered their ability to trace blockchain transactions, and have even learned how to track Bitcoin transactions back to the source and identify the wallet holder, as was the recent case where the U.S. Treasury sanctioned two men from Iran over their involvement in ransomware attacks.
Related Reading: Iran Is Prepping National Crypto to Evade US Sanctions
Next on the government’s agenda, is to begin looking into privacy-focused cryptocurrencies, such as Dash, Zcash, Monero, and more.
According to a pre-solicitation document published by the DoHS’s Small Business Innovation Research Program. The document, discovered by The Block, the U.S. government is allegedly investigating ways to better track transactions on the blockchains of the aforementioned privacy coins.
The report does speak positively about some of the aspects of privacy coins, but calls attention to transactions of “illegal nature” that occur using said cryptocurrencies. The eventual goal is to build out a platform that law enforcement agencies, government branches, and even private financial institutions can use to analyze and enforce important anti-money laundering laws.
Since the document is just a pre-solicitation, the notice is “merely an opportunity for interested parties to comment on or request information about the attached topic areas,” and doesn’t mean that the government already has such tools in its possession. It does, however, prove that the DoHS has concerns over privacy coins and their potentially illegal usage.
Japan Bans Privacy Coins, Will the United States Follow?
Zcash, Dash, Monero, and many other privacy-focused cryptocurrencies allow users to hide transaction and address data from anyone outside of the sender and receiver.
Monero is the cryptocurrency of choice for most cryptojackers as cybercriminals are able to easily hide their tracks. Monero has also unseated Bitcoin as the most-used cryptocurrency on the dark web, so it’s no surprise to see that the United States is joining Japan in addressing concerns around privacy coins.
Related Reading: Japan’s FSA Grants Self-Regulatory Status to Crypto Industry
In Japan, where cryptocurrency-related theft has skyrocketed, the Financial Services Agency (FSA) has imposed a ban against any cryptocurrency exchanges in the country from offering privacy coins. The ban took effect this past June, and the ripple effect is just now reaching the United States.
Coincheck, which suffered the largest cryptocurrency exchange hack in history at the start of this year, was among the exchanges that were forced to comply with the FSA’s ban, and removed Monero, Dash, Zcash, and Augur’s Reputation coin.
Featured image from Shutterstock.
The post US Government Aims to Make Privacy Coins’ Use Case Obsolete appeared first on NewsBTC.
Source: New feedNewsBTC.com

Augur Proves Its Worth During US Elections


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Augur is a project built on the Ethereum blockchain, facilitated by its native token, REP. By definition, Augur is a decentralised oracle and prediction market protocol, that is owned and run by the people who use it and of course, REP investors.
Users of the Augur network can make predictions that in turn, have a monetary value, like a bet. This means that users can predict on political movements, cryptocurrency movements and even natural disasters. Augur is an open world full of markets which users can place bets on.
What is Augur
According to the Augur website:
“Augur is a decentralized oracle and peer to peer protocol for prediction markets. Augur is free, public, open source software, portions of which are licensed under the General Public License (GPL) and portions of which are licensed under the Massachusetts Institute of Technology (MIT) license. Augur is a set of smart contracts written in Solidity that can be deployed to the Ethereum blockchain.”
Furthermore:
“Augur is a protocol, freely available for anyone to use however they please. Augur is accessible through a desktop client app, similar to interacting with an Ethereum or Bitcoin node. Users of the Augur protocol must themselves ensure that the actions they are performing are compliant with the laws in all applicable jurisdictions and must acknowledge that others’ use of the Augur protocol may not be compliant. Users of the Augur protocol do so at their own risk.”
According to the Augur website, here are a few use cases for the Augur network:
Political Forecasting
“Turn political knowledge into predictive power by trading on the outcome of upcoming elections, potential policy decisions, and other political events.”
Event Hedging
“Hedge against catastrophic events like natural disasters, market crashes, and geopolitical upheaval by betting that the event will occur.”
Weather Prediction
“Harness the power of crowds to create a more accurate weather prediction tool for events like hurricane landfalls, heat waves, and daily temperature averages.”
Company Forecasting
“Companies can use Augur to guide decision making by forecasting vital information such as total product sales and project completion times.”
How does it work?
Using Augur is a simple process, firstly, users must select and event that they want to hedge against. In this example, we are looking at the US midterm elections, so let’s stick with that. Within the event, users can then bet on a specific market, or can create their own, so, in this instance, a market may include something like ‘democrats or republicans to take the house in US midterms’. Now, other investors can trade on the outcome of the market, they can back whichever outcome they want to bet for, so again in this example, an investor may bet a bunch of Ethereum or REP tokens on the democrats taking the house in the US midterms.
As Augur is decentralised, the final outcome must be reported before winning bets are returned, this gives all users a chance to dispute the outcome if they think it is false or unfair. Finally, those who own shares of the winning market (through the bets they have placed) will receive their payout and the contract is closed.
Augur simply takes a traditional betting format, and brings it to the blockchain.
Augur has been impressive throughout the elections
As we have stated, Augur is in the news this week for holding it’s cool during a huge increase in activity as a result of the US midterm elections. Since Augur is built on the Ethereum network, it’s often assumed that Ethereum products are unable to handle high volumes of traffic and large scale transactions. Even so though, during the recent US election period, it’s alleged that Augur has seen an incredible $1.65 million in bets, with as much as $900,000 all coming through on the same day.
According to Ethereum World News:
“The decentralized prediction platform of Augur (REP) that is built on the Ethereum network, has achieved an impressive feat of handling approximately $1.65 Million in bets during the US Midterm elections that were held on the 6th of November this year. During the day of the midterm elections, the value of bets had initially reached $900,000 only to surpass the $1 Million Mark as the day came to a close. Further researching the bets made using Augur on the tracking website of Predictions.Global, we find one particular bet that asks which party will control the house after the 2018 US Midterm elections. The volume of this bet currently stands at $1.625 Million.”
In terms of value, it’s not a huge amount given the sheer scale of transactions that move across various blockchains, however, it’s a huge amount for a project like Augur to have to handle. What this tells us, is two things. Scalability on the Ethereum network might not be as drastic as we think. Secondly, this proves that there’s a growing interest in cryptocurrency and within the blockchain, so much so, that people are now using it to bet on the outcome of major political elections.

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Source: Crypto Daily

Bitcoin Stability Continues while XRP, VeChain, BAT, Verge, & Augur Making Good Gains

Bitcoin is trading near $6,500 maintain stability as volatility collapses. Meanwhile, XRP, VeChain (VET), Basic Attention Token (BAT), Verge (XVG), and Augur (REP) are up between the range of 4 and 7 percent.
Bitcoin volatility collapses at $6,500
Bitcoin is maintaining stability for a long time now. At the time of writing, it has been trading at $6,497 with 0.56 percent gains. With a daily trading volume of $3.3 billion, as shown in the graph below, the price is being inactive lately with volatility crumbling.
Bitcoin 1-year price chart, Source: Coinmarketcap
The entire crypto market is currently seeing the greens as the total market cap adds over $2 billion. Meanwhile, BTC dominance is at 53.6 percent.
XRP/USD
The world’s 3rd largest cryptocurrency is up by over 4 percent while registering the daily trading volume of $432 million. Currently, trading at $0.4616, it is moving towards $0.4700 resistance level.
XRP 24-hours price chart, Source: Coinmarketcap
VeChain (VET)/USD
Up by 6.13 percent, VeChain is making a lot of headway in IoT space while climbing to $0.01159. With its ecosystem continuing to grow, the prices are depicting a bullish picture.
VET 24-hours price chart, Source: Coinmarketcap
Basic attention token (BAT)/USD
For the past week, BAT has been making a lot of gains on the anticipation of Coinbase listing. Trading at $0.2683, it is up by over 6 percent.
BAT 24-hours price chart, Source: Coinmarketcap
Verge (XVG)/USD
At 41 rank, Verge also managed to make some gains at $0.0146 while rising upwards by about 4 percent with a daily trading volume of $5.1 million approximately.
XVG 24-hours price chart, Source: Coinmarketcap
Augur (REP)/USD
At $14.01, the decentralized platform for predictions market, Augur is rising by 6 percent while managing the daily trading volume of $9.6 million.

REP 24-hours price chart, Source: Coinmarketcap
The post Bitcoin Stability Continues while XRP, VeChain, BAT, Verge, & Augur Making Good Gains appeared first on Coingape.
Source: CoinGape