Nouriel Roubini says JP Morgan’s cryptocurrency JPM Coin is a joke; compares it to XRP

Nouriel Roubini aka Dr. Doom has always been against cryptocurrencies and blockchain, but Roubini’s tweets regarding JP Morgan’s cryptocurrency suggests that he acknowledges cryptocurrencies.
JP Morgan, an American financial services company and bank, recently launched its own cryptocurrency called “JPM Coin”, which was created to settle payments between clients. JP Morgan, as a result, became the first major bank to launch its own cryptocurrency in the US.
The cryptocurrency faced a lot of heat from the cryptocurrency eco-system as they called it centralized as it basically destroys the ethos of blockchain and the first cryptocurrency, Bitcoin, which was created to take control away from centralized authorities.
Nouriel Roubini was one among such people who disliked the idea of a bank coin. Roubini tweeted:
“In which way has the new alleged JPMorgan crypto coin anything to do with blockchain/crypto? It is private not public, permissioned not permissionless, based on trusted authorities verifying transaction not trustless, centralized not decentralized. Calling it crypto is a joke.”
The JPM Coin is similar to stablecoins in concept as it can be redeemed for $1 and as CNBC reported, clients will be issued the coins after depositing dollars at the bank; after using the tokens for a payment or security purchase on the blockchain, the bank destroys the coins and gives clients back a commensurate number of dollars.
Nouriel Roubini went on to compare the JPM coin and XRP. Roubini retweeted his aforementioned tweet with a comment:
“Ditto for XRP. It is as much of a joke as the new JPMorgan new pseudo crypto coin.”
Even though a lot of people in the crypto-community hated the idea of a bank-issued coin, some applauded it. Twitter user @Tusharjain tweeted:
“Banks were obviously never going to use XRP for settlements and enrich Ripple Inc (who owns more than half of all XRP). They would rather enrich themselves instead!
Kudos to JPM for being first. They are going to wipe the floor with Ripple.”
Miked Dudas, the founder, and CEO of The Block, commented:
“JP Morgan, the bank whose CEO Jamie Dimon has called Bitcoin a “scam” + said “I don’t really give a shit about Bitcoin” is launching its own cryptocurrency.
When @TheBlock__ inquired a month ago, JP Morgan blockchain execs denied this was in the works.”
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Source: AMB Crypto

Nouriel Roubini takes hit on Bitcoin [BTC] and others; focuses on 4,800 pump and dump schemes

In a recent tweet by Dr. Doom aka Nouriel Roubini, the veteran economist wrote that digital assets and the cryptocurrency market contain the maximum amount of manipulation in the human history.
He also addressed these digital assets as “shitcoins”, equating them to zero. The tweet referred to an article that mentioned a total of 4,800 pump and dump schemes involving cryptocurrencies. The original post read:
“4800 Pump & Dump schemes! Crypto is THE most manipulated financial market in ALL human history & manipulation of “assets” that are all shitcoins & worth ZERO. It makes the Wolf of Wall Street look like a naive amateur. And in spite of this sleaze shitcoins lost 95% this year!”
In the same article that Roubini referenced to, research by Toulouse School of Economics was mentioned. It stated that the research found a total of around 4,800 pump and dump schemes in the cryptocurrency space, signaling the sources to Telegram and Discord.
The distribution of the schemes was also mentioned allocating 3,767 to Telegram and 1,051 to Discord in the span of six months from mid-January to early July of this year. The article also pointed out, through the research, that the rank of a coin that is assigned on the basis of market cap and trade volume is the most significant aspect in determining the scale of profit from a pump and dump scheme.
ssv1978, a cryptocurrency and blockchain space follower and enthusiast wrote:
“The stock market is overheated, the debt burden of corporations, especially in the medium-sized US business sector, exceeds their capitalization tenfold, that’s where the bubble is and scam. Lol”
A., another Twitter user and a cryptocurrency enthusiast also commented:
“All this may be true but I still believe that the people who invented the negative interest rate scheme take the prize.”
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Source: AMB Crypto

Nouriel Roubini and Anthony Pompliano’s “Buffet Bet 2.0” feud rages in the Twitter-verse

Anthony Pompliano, a Bitcoin enthusiast and the founder of Morgan Creek digital asset recently set off a bet, now being called as the Buffet Bet 2.0, putting $1 million at stake. The bet by Pompliano is a competition between the performance of S&P 500 index and cryptocurrencies as a whole.
Roubini being himself had an opinion on this bet and bad-mouthed Pompliano and his bet, which led Pompliano to invite him to go against the bet. The feud continued as Roubini took to his Twitter saying that Pomp is “changing goal posts” and “talking books all day”.

To Roubini’s Tweet, Pompliano replied:
“Talk is cheap. You taking the bet or going to Monday morning quarterback this one?

If you want to check out the index, you can see it here digitalassetindexfund.com”
On December 10, Roubini erupted the feud again when he Tweeted:
“You take bets only when there is no counter-party risk, ie when the side losing the bet is still there to pay it. The loser pompous @APompliano who lost 80% for investors in his shitcoin fund is only seeking attention with his bet. His fund will be BUST/GONE well before 10 years”
Pompliano replied to him saying that Roubini was the candidate for the worst call of the decade.

Mark W. Yusko, the co-founder of Morgan Creek Digital also replied to Roubini’s above-mentioned thread saying that there was zero counter-party risk in the “Buffet Bet”.

A Twitter user Bitvillain replied to the same thread:
“Sounds like an easy win for you Nouriel. I think there are plenty of good charities that you could donate your winnings to. Take the bet! Surely the odds of crypto beating the S&P 500 over 10 years is close to zero. What could possibly go wrong?”
Meanwhile, on the other side of Twitter-verse, an S&P believer, Jim O’Shaughnessy, Chairman & Chief Investment Officer, OSAM, bet against the cryptocurrencies in his tweet saying that he was up for the bet.

O’Shaughnessy in subsequent tweets said that the bet was not going to happen. He tweeted:
“.@Nouriel won’t do it, @patrick_oshag (my son, the least-millennial millennial I have ever met) is tired of talking about crypto, so, no bet from us. Ah well…
#SavedYouaClick”
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Source: AMB Crypto

Roubini is Having an “I Told You So” Moment With Crypto, But Bitcoin is up 62x Since his Call

It is no secret that Nouriel Roubini hates cryptocurrency. For most of 2018, the American economist has been smugly congratulating himself for denouncing the entire space as toxic and stating that prices were heading to zero. The problem is, Bitcoin is still up more than 60x since he first took up his anti-crypto offensive in 2014.
Temporary Bear Market Makes Nouriel Roubini More Self-Righteous Than Ever
US economist Nouriel Roubini has been all over the cryptocurrency news in 2018. He has been such a keen fixture in fact that he has been nicknamed Dr. Doom for his uber-bearish outlook. In October, for example, he put forward his own challenge for “most creative insult fired at Bitcoin” (an honour previously bestowed on Warren Buffet for his “rat poison squared” remarks) by calling crypto a “stinking cesspool”.
Later, he broke tradition amongst traditional finance-loving crypto naysayers by widening his offensive to include blockchain technology. Whereas most of those opposed to decentralised, non-statist currencies admit that blockchain tech is at least interesting, Roubini has penned a lengthy article attacking the technological innovation, titled “The Blockchain Lie”, which lambastes blockchain as being largely useless and completely over hyped.
Recently, as prices took a more severe nosedive than many were expecting them to, Roubini has once again taken to Twitter to smugly pat himself on the back for being “right” all along about Bitcoin.

Expect 1000s of crypto & blockchain ventures to go bankrupt. Almost all were total vaporware: they had no goods, services, products, software, apps. They stole the money & run. Crooks!
Bloomberg: Crypto Market Crash Leaving Bankrupt Startups in its Wake.https://t.co/G0Xzps4Qg1
— Nouriel Roubini (@Nouriel) December 7, 2018

A high correlation btw how much the pompous carnival barker @APompliano talks up his fund that lost this year 90% of its value & how much Bitcoin/shitcoins in his fund collapse. Now BTC down to 3400. Maybe if he were to shut up for a while BTC may take a temp breather on way to 0
— Nouriel Roubini (@Nouriel) December 7, 2018

Better late than never…some of us have been saying and writing about it for over two years
Why a Nobel laureate in economics thinks bitcoin is toast https://t.co/gTkELpw2Lf
— Nouriel Roubini (@Nouriel) December 6, 2018

Aren’t We Forgetting Something Nouriel..?
The problem with Roubini’s “told you so-ing” is that he has actually been bleating the same old tune since 2014. If we look at BTC’s price performance over this period, instead of the one arbitrary picked by the US economist to support his own biases, we see that he has been proved anything but right. Bitcoin has shot from around $600 to well over $3,000. If we widen our lens further, we see that the number one digital asset is actually the best performing investment by far over the last decade.
In 2014, CNBC ran a story on Roubini and his pessimism about Bitcoin. The article stated that Roubini said the only use of the digital currency was criminal activities and that those transacting in it would immediately convert it back into dollars. Four years and almost $55 billion later, Roubini’s earliest attacks on Bitcoin look ill-conceived at best.
Included in the CNBC article was the following Tweet:

So Bitcoin isn't a currency. It is btw a Ponzi game and a conduit for criminal/illegal activities. And it isn't safe given hacking of it.
— Nouriel Roubini (@Nouriel) March 9, 2014

The above sentiment has been proved entirely incorrect in the years since he posted it. Reports estimate that less than 1% of all Bitcoin transactions involve any criminal activity. Meanwhile, there still has not been a single incident of Bitcoin itself being “hacked”. Sure, there have been plenty of examples of exchanges being having their security compromised but that is entirely irrelevant. If the Royal Bank of Scotland had a security breach, do you blame the pound? No, that would be ridiculous. It is the fault of the institution being negligent in their security and nothing else.
No market ever travelled straight up and in four years time, it is highly likely that the criticisms Roubini levies at Bitcoin today will once again be proved entirely wrong. That would certainly be quite the imbroglio for the outspoken economist.
Related Reading: Tech Lead at Capgemini Defends Bitcoin Against Nouriel Roubini’s Testimony
Featured Image from Shutterstock
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Nouriel Roubini invited to bet against the “Buffet Bet 2.0” by Anthony Pompliano

The latest buzz in the cryptocurrency eco-system in the first week of December is the wager made by the Morgan Creek Digital’s Anthony Pompliano aka Pomp, and the tragedy that has befallen the crypto-verse as Bitcoin plunges, testing new lows.
Nouriel Roubini was invited to bet against the performance of cryptocurrencies and S&P 500 index in a 10-year period by Anthony Pompliano.
The wager by Pomp is a page out of American business and investor magnate, Warren Buffet’s playbook. Buffet bet a brobdingnagian $1 million that the S&P, an index fund, would outperform five actively managed hedge funds. Buffet won that bet in 2017 and proceeded to donate his winnings to a charity.
Anthony Pompliano did the same thing but instead, bet that cryptocurrencies, in a span of 10 years, would outperform index funds, S&P 500. The bet, now being called as the “Buffet Bet 2.0”, invites any investor who believes otherwise to get on the other side of the bet.
Nouriel Roubini aka Dr. Doom of the crypto-verse commented on the recent crash of the cryptocurrency markets where Bitcoin’s prices went as low as $3,280, and the rest of the cryptocurrencies followed the path laid out by king coin.
In his tweet, Roubini said that the Bitcoin and cryptocurrency’s meltdown is continuing and that is nothing but a “pile of baloney manure nonsense”.

To this, Pomp tweeted saying that he was more than welcome to take the other side of the “Buffet Bet 2.0”. Pomp tweeted:
“You in to take the other side of this bet if you think crypto is going to zero?”
Roubini replied to him in subsequent but different tweets.

Pomp replied to this tweet saying:
“Everyone can check out our index fund at http://www.digitalassetindexfund.com Thanks for the shout out, Nouriel!”
Mark Yusko of Morgan Creek retweeted Roubini’s tweet asking him to take the other side if he is so confident about the cryptocurrencies failing.

A Twitter user Crypto LADE replied:
“Haha love it Pomp! You revived Buffett’s bet and gonna play them at their own game. Balls of steel!
Roubini would be the perfect candidate to accept the bet, but we all know he’s too cowardly. Bark but no bite.”
At the time of writing, XRP had fallen down by a massive 12% and was trading at $0.22, while Ethereum [ETH] was trading at $85.02 after collapsing by a whopping 17.5%. The rest of the top-20 cryptocurrencies have all collapsed by double digits and it seems like the doom for the cryptocurrencies kicked off with the start of December.
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Source: AMB Crypto

Bitcoin [BTC] and other cryptocurrencies are on the way to a funeral march, says Nouriel Roubini

Nouriel Roubini aka Dr. Doom continues to strike down the cryptocurrency space. The economist, known for predicting the 2008 financial crisis, gained the attention of the entire cryptocurrency space by making a statement against Bitcoin [BTC] and Vitalik Buterin, the co-founder of Ethereum. This brawl went to an extent wherein the whole community wanted both Buterin and Roubini to have a debate on the cryptocurrency space.
Now, Roubini is back in the limelight because of his statement on Bitcoin [BTC] and other cryptocurrencies’ state in the market. The biggest and the very first decentralized digital currency has witnessed a massive fall since its all-time high in January 2018. The coin has lost almost 80% of its value, currently trading at $3992 on Binance, one of the leading cryptocurrency exchange platforms.
Roubini stated on Twitter:
“If it all sounds funereal it is because Bitcoin and all other crypto-currencies are on the way a funeral march!”
This remark comes in the wake of the comment made by UBS’s Global Wealth Management’s chief economist, Paul Donovan and an opinion article written by a Finance Professor, Atulya Sarin stated that ‘Bitcoin is on a death spiral’
Recently, Paul Donovan had stated that Bitcoin and other cryptocurrencies are never going to currencies and that they are “fatally flawed”. He stated that the key problem with digital currencies is that they are not going to be a store of value, as it is all about supply and demand. Donovan added that in the case of cryptocurrencies, supply cannot be controlled as a result to a drop in the demand.
Additionally, Atulya stated that Bitcoin [BTC] is “close to becoming worthless”. The finance professor further that Bitcoin is going to go zero because of the mining death spiral and due to its “run of the mill greed driven investors.”
Fabiano Anemone, a Twitterati said:
“Eventually everything comes to a end. But overall Bitcoin has bigger chances to survive than Euro. Eurozone is the real foolish idea, it’s proven to be broken, proven to be unsuccessful in contrasting major crisis, proven to damage real economies, proven to enslave democracies…”
The Endless Chain, another Twitterati said:
“It’s drank the blood from many an “average” American investor, w/no regulations and a large underbelly of ne’er do wells like rapper DJ Khaled & former pro boxer Floyd Mayweather infesting social media, it’s time to start making penalties for this sort hurt…”
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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

Nouriel Roubini on Amazon’s new blockchain services; says it is a centralized database

Nouriel Roubini, famously called Dr. Doom in the crypto world, commented on the Amazon Web Services [AWS] announcement of launching two new blockchain services. Roubini commented on the service saying that it is not a blockchain, but a centralized database. Roubini tweeted:

Roubini’s remark garnered the attention of cryptocurrency enthusiasts who were divided on Dr. Doom’s statement. A Twitter user commented:
“a Blockchain is a concept for representing information in a structured way. it says nothing about central or decentralized. That aspect only comes into play, when there is more than one Blockchain at the same time, and you want to converge to just one. POW is a mechanism for that”.
Some others dismissed his comment as a joke. Another Twitter user said,
“Slowly, you are starting to get it. Now, read the cypher-punk manifesto.”
AWS’s Chief Executive Officer, Andy Jassy, announced the launch of the Amazon Managed Blockchain on Wednesday. This service will underpin blockchain networks that register millions of transactions. Jassy mentioned that the company has spent the past year studying the requirements of clients in blockchain solutions before creating new products.
This service by Amazon supports two blockchain frameworks, Ethereum, and Hyperledger Fabric. Jassy spoke at ReInvent 2018 conference and said:

“This service is going to make it much easier for customers to use the two most popular blockchain frameworks.”

Jassy, in his keynote at the conference, also mentioned that the companies use Hyperledger Fabric when they are aware of the number of members in their blockchain and want strong private operations and capabilities. The web service assures to scale thousands of application and will enable users to carry out millions of transactions, reported Techcrunch. Jassy added in his note:
“When we heard people saying ‘blockchain,’ we felt like there was their weird conveluting and conflating what they really wanted. And as we spent time working with customers and figuring out the jobs they were really trying to solve, this is what we think people are trying to do with blockchain.”
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Source: AMB Crypto

Monero [XMR] will be ‘cracked down’ by Feds soon, says Nouriel Roubini

Nouriel Roubini, popularly known as Dr. Doom in the crypto-space, recently tweeted stating that cryptocurrencies do not provide anonymity and it is only a matter of time before the Federal Bureau of Investigation “cracks down” on the privacy coin Monero [XMR].
The statement was made in response to an article, which mainly concentrates on a statement made by Peter Szilagyi, a core developer of Ethereum. Szilagyi, in an interview, had stressed about the information that is exposed through the blockchain technology, sometimes in “complex and unpredictable” ways.
Commenting on an article on Coin Desk about how Ethereum reveals user location, Roubini tweeted:
“So much for privacy, anonymity & censorship resistance: there is NO anonymity in crypto. Law enforcement authorities prefer transactions on crypto because it is easier to trace transactions & who is behind them than in banks. Wake up crypto zealots. & Feds will crack Monero too”.
This is not the first time Roubini has showed his dissent towards Ethereum and the Foundation members. The war started when Roubini equated Bitcoin to North Korea and Vitalik Buterin as the dictator. The joust has been going on ever since, with Roubini standing against the very concept of cryptocurrencies.
Nonetheless, this statement, like all his other statements, has riled up the whole community. Some of the members stated that this was the best part about blockchain and cryptocurrency and that this could be used to eradicate corruption.
A user, DogKick commented:
“Exactly why crypto can be such an effective tool at cracking corruption. Imagine if all public spending was this transparent.”
Another user, NimaBeheshtian made a witty remark which said:
“Feds want crypto to succeed. It’s to their best interest to have a system which tracks transactions. The ones who have been involved knew about this 10 years ago hence why the, “BTC is used to hide drug money” was such a stale and ignorant argument.”
Moreover, Roubini also commented on the financial crisis, which is believed to be the next catalyst for the adoption of cryptocurrencies. While most people in the space are propagating that when the economy and governments are going to fail, the predictor of the 2008 financial crisis still believes otherwise. He said:
“I warned about US fiscal issues well before most crypto zealots were born. So I DO NOT join forces with them on this matter. And my view is that fiscal issue will NOT lead investors to go into crypto assets that are worth LESS THAN ZERO”
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Source: AMB Crypto

Cryptocurrency Could Pave Way for New Financial Order, Says Expert

Despite the persisting bear market and low market sentiment, the potential impacts of cryptocurrency and blockchain technology remain astounding, and many investors have maintained their confidence in this fact.
One industry insider shares this sentiment, explaining in a recent interview with the Express, that cryptocurrency will likely change the current economic system for the better.
Marcus Swanepoel, the CEO of cryptocurrency exchange, Luno, expressed immense confidence in the future impacts of Bitcoin and cryptocurrency, but also noted that he is unsure of how soon digital currency will replace physical fiat currency.
“Money is not going to be the same forever and ever. I believe we happen to be sitting in the middle of one of these changes. I don’t know if it is going to be Bitcoin or Ethereum – or if it is going to happen in a hundred years or one year. But the future of money will involve some kind of global currency that is completely interoperable,” he said.
Many industry outsiders, including the notorious economist, Nouriel Roubini, are critical of the cryptocurrency industry due to its public perception as being anti-establishment and libertarian. He also disagrees with the idea that digital currencies are the natural evolutionary progression for the banking system, saying in a controversial tweet that:
“These crypto lunatics know nothing about money, banking finance, monetary policy. They have zero financial literacy. And they pretend to reinvent money. A solution to a problem that doesn’t exist. And a solution that is the return to the Stone Age of barter.”
Despite Roubini’s negativity, Swanepoel explained that the adoption of crypto doesn’t have to be linked with any sort of anti-government or anti-bank movement, and that it can simply mark the technological progression of the banking industry:
“I am not anti-bank or anti-government. But if you think about the way the banking system was built, it was built for a non-digital age. There is nothing wrong with the existing financial system – it is probably just quite inefficient for the world we live in today.”
Cryptocurrency Prices Influence Public Adoption
Despite the fundamentals surrounding a cryptocurrency not changing despite their prices, Swanepoel said that they do indirectly influence adoption, because it shapes the public’s perception of its validity as a currency, commodity, or a store of value.
“But the reality is, a lot of people at the moment are using it to speculate and invest and that means the Bitcoin price has quite a big influence on adoption.” He added that despite pricing being a temporary setback, its influence on crypto’s adoption is “a reality of life.”
In addition to influencing the public’s perception of cryptocurrency, the markets also aid in the public’s involvement in the industry. Following the 2017-2018 bull run and proceeding bear crash, the markets still grew, with a plethora of new investors becoming intrigued by the industry and its potential.
As more investors enter the market and global regulations begin to take shape, it is very likely that widespread adoption will rapidly unfold, bringing the market to new highs.
Featured image from Shutterstock.
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Source: New feedNewsBTC.com

Again, Crypto Based Money Transfer Proves to be Way Cheaper than Traditional Banks

A lot has been spoken, in theory, about the money transferring capabilities of cryptocurrencies and how cheap it is to use them instead of traditional banking systems. All those theories seem to be coming to reality after XRP, Ethereum and Bitcoin both seem to have demonstrated transferring huge sums of money at negligible fees.
Ethereum and Bitcoin prove their potential as cheaper and quicker payment options
This week, A multi-million dollar worth of transaction that could have cost senders over $5 million in commissions on legacy systems was made with $0.06 on Ethereum. The Ethereum block 6556384 went through 5080 confirmations and took over 19 hours to transfer more than $183,000,000 without having to go through expensive intermediaries. The scene is pretty typical to those who transfer value on the blockchain on a regular basis. But, simultaneously, it is a clear attestation for one of the blockchain’s most killer applications: remittance.

More than $183,000,000 in $ETH transferred almost instantly for $0.06. Bullish on real use cases. https://t.co/HdLIsUcPId
— Altcoin Thoreau (@cvrbonbased) October 21, 2018

Last week, On October 16, a Bitcoin user moved 29,999 BTC worth $194 million with a $0.1 fee, a transaction which with banks would cost tens of thousands of dollars.
According to research across media, a legacy payment system like PayPal – after removing the remittance limit – should have transferred $183 million by charging a $5.3 million transaction fees in an average East-to-West payment corridor. Western Union, another global remittance service, should have sent the same amount by taking out $120 off each $3,000 transferred. The Ethereum blockchain transaction fee was lower than what Western Union charges for sending $50.
Same is with Transferwise is a UK-based multi-billion-dollar firm that eliminates hidden fees in bank transfers. On the platform, users can send small to large payments through bank accounts with substantially lower fees. However, even on a platform like Transferwise, to send over $1 million, it costs over $7,500 in transaction fees. That means, through wire transfers and conventional banking methods, tens of thousands of dollars are required to clear a transaction that is larger than $1 million.
The same was noted by Joseph Young today when he tweeted

This week, $183 Million in Ethereum was moved With $0.06 fee instantaneously.
Last week, $194 million in Bitcoin was moved with a $0.1 fee.
To move $1 million costs $10k using banks. This is one killer application of crypto that currently works.
First shared by @cvrbonbased pic.twitter.com/FpVo5rqnPg
— Joseph Young (@iamjosephyoung) October 22, 2018

This comes to a strong reply to cryptocurrency critic Nouriel Roubini, who recently in his testimony had claimed that it costs $60 to process a Bitcoin transaction and as such, it costs $63 to purchase a Starbucks latte that costs $3, using Bitcoin.
With these capabilities, we may soon see traditional banks accepting cryptocurrencies to speed up their transaction strength. That’s what has been happening with Ripple Net and XRP and soon it seems Ethereum and bitcoin too will be in the queue.
Will Bitcoin and Ethereum soon find a wider option? Do let us know your views on the same.
The post Again, Crypto Based Money Transfer Proves to be Way Cheaper than Traditional Banks appeared first on Coingape.
Source: CoinGape

Ethereum [ETH] in the spotlight again; developers and the community talk updates

Ethereum [ETH]’s ride over the past week has been a frantic rollercoaster with developments and updates being announced from the house of Ethereum Foundation.
The cryptocurrency’s much-awaited forks which are still in the pipeline have come under the scanner when Lane Rettig, an independent developer of Ethereum, bought up a few concerns regarding the Constanople hard fork. He had stated:
“Apparently, in this case, there was some confusion over the meaning of terms like ‘transaction’ and ‘execution frame’ that may have contributed to the bug.”
The main issue that was bought up by the developer was the lack of miners for the upcoming fork. A solution that was brought up by Rettig was educating the community on mining process on a Proof of Work [PoW] Testnet. Lane Rettig further added:
“We should discuss this in the context of forks and long reorgs – is there some way to communicate a hint to such nodes that they’re on the wrong chain?”
Ethereum seems to be a favorite discussion topic for the people involved in the cryptosphere, which was evidenced by George Hotz, the Founder of Comma.ai, appreciating the platform for its feasibility with bug bounties. He had stated:
“If you like find the exploit you and you run it, then you get money very in exchange and it’s pretty cool”
Ethereum’s co-founder Vitalik Buterin also made news as he was involved in a debate with Nouriel Roubini, the economist who had remarked Ethereum a scam. Roubini had drawn parallels with the Gini coefficient of Bitcoin and North Korea to which Buterin had replied:
“Cryptocurrency Gini is admittedly a problem, though taking the 0.88 statistic directly is misleading for several reasons…
Roubini has been rampant on his attack on Ethereum even attacking the dApps built on the Ethereum blockchain. He had said:
“You know, there’s a lot of people [who] talk about their DApps or their distributed apps. 75 percent of those apps are what? CryptoKitties, Ponzi schemes and other pyramid schemes, and other casino games, like Las Vegas. So, after a decade, what does Ethereum have to show us? CryptoKitties and Ponzi schemes? And that’s what they’re doing? They’re not doing anything that is of any use to anybody.”
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Source: AMB Crypto

Bitcoin to Power Multi-Million Dollar Transactions at Negligible Fees, 30k BTC Moved with a $0.10 Fee

About 30k Bitcoin or 29,999 Bitcoins to be exact worth around $194 million has been moved with a transaction fee of just 10 cents.
30k Bitcoin worth $194 million moved with a $0.10 fee
A few days back, a transaction has been made in block 545911. At that time, 30,000 BTC in total at $6,466 per BTC rate was sent to two addresses for a fee of 0.00001464 BTC worth $0.10.
Source: https://www.blockchain.com/btc/tx/bace354d53088d92740485ade3211309d80b427355b931a790575b6646970202
Blocktower co-founder Ari Paul stated that  the transaction fee is actually publicly verifiable:
“BTC fees are less than $0.10, easily verifiable. If you value truth, you’d provide a public correction. If your goal is to mislead people with simply false statements, carry on. There’s nothing to research. Fees are publicly viewable from many sources (googling it works.) I find it better not to provide a specific source because then regardless of source, the source gets attacked.”
There has been a lot of debate surrounding the scalability issues along with high fees against Bitcoin. However, for larger transactions, Bitcoin seems to be relatively cheap. Now, this event demonstrates the potential of Bitcoin blockchain for cross-border payments. Moreover, it is simply remarkable that millions of dollars can be transferred to anyone with negligible fees without even the permission from any third party.
For the past few months, average transaction fees on the Bitcoin network has been stable and keeping below one US Dollar since June with a few days as an exception.
Source: Bitcoininfocharts.com
When it comes to the traditional networks, say banks, it takes about $7,500 in fees to process a million dollars. It could even take more with conventional banking modes or wire transfers. Though $7,500 is less than 1 percent of a million dollars, in comparison to Bitcoin’s transaction fees of 10 cents, it’s way over the top.
Not long ago, Nouriel Roubini, an economist of NYU’s Stern School made the claims of,
“So the cost per transaction of bitcoin is literally $60. So if I were to buy a $3 latte at Starbucks I would have to pay $63 to get it! So the myth of a ‘Brilliant new technology that reduces the vast fees of legacy financial systems!’ turns out to be a Big Fat Lie!”
As pointed out by Joseph Young as well:

Professor @Nouriel, how do you explain $194 million being processed on the Bitcoin network for a fee less than $0.1?
With banks, it costs at least $7,500 to process $1 million, that is based on Transferwise fee, which is substantially lower than wire transfers.#falsenarrative pic.twitter.com/dBh3IHFP3P
— Joseph Young (@iamjosephyoung) October 16, 2018

With the transactions on Bitcoin network registering a significant volume and the fees taking a dip, Bitcoin holds a strong case to become the store of value and to be actively used in cross-border payments for a large amount of transactions.
The post Bitcoin to Power Multi-Million Dollar Transactions at Negligible Fees, 30k BTC Moved with a $0.10 Fee appeared first on Coingape.
Source: CoinGape

Nouriel Roubini Expands Anti-Cryptocurrency Crusade to Blockchain Technology

Controversial economist and professor at New York University’s Stern School of Business, Nouriel Roubini, has long been a detractor of cryptocurrencies, first warning investors against the “scam” in 2013.
Since his widely reported tirade against the cryptocurrency, its price has risen 11x, mainly due to increased adoption and growing promise.
Despite being undeniably wrong about cryptocurrency so far, Roubini has since doubled down on his original claims, now expanding his attack on cryptocurrency to the technology that underpins it: blockchain.
In a recent post on Project Syndicate, Roubini wrote an article titled “The Big Blockchain Lie,” in which he speculates that blockchain and DLT technology will shortly become obsolete.
He begins his attack on the technology by highlighting the recent cryptocurrency market crash, exclaiming that many cryptocurrencies are down 80%+ through the course of 2018, equating the price action of the volatile markets to their adoption and success as fintech products.
Roubini neglects to mention that many of these cryptocurrencies are still up significantly on a one or two-year price chart.
Nouriel Roubini Hates Blockchain Too
With regards to blockchain technology, Roubini describes it as being the “last refuge of the crypto scoundrel,” explaining that it is the “most overhyped – and least useful – technology in human history,” expanding on this cruel and inaccurate observation by referring to it as a “glorified spreadsheet.”
Nouriel also equates blockchain technology to being a sword that libertarians use to plot the destruction of governments, financial institutions, and central banks.
“In practice, blockchain is nothing more than a glorified spreadsheet. But it has also become the byword for a libertarian ideology that treats all governments, central banks, traditional financial institutions, and real-world currencies as evil concentrations of power that must be destroyed. Blockchain fundamentalists’ ideal world is one in which all economic activity and human interactions are subject to anarchist or libertarian decentralization,” he said.
Ironically, most of the groups Roubini mentions as being hated by proponents of blockchain tech are the very groups propelling its world-wide adoption.
JPMorgan, one of the world’s largest financial institutions, is one such group that is heavily implementing blockchain technology into their infrastructure in order to increase their operational efficiency.
Within the bank, there is a group – called the Blockchain Center of Excellence – that is exploring how the bank can best use blockchain and DLT technology expand their technical prowess.
On JPMorgan’s website, they explain their dedication to researching and utilizing blockchain technology:
“The Blockchain Center of Excellence (BCOE) leads efforts for applications of distributed ledger technology (DLT) within JPMorgan. We are exploring blockchain use cases and piloting solutions across business lines. We are active in the blockchain ecosystem: developing technology, investing in strategic partnerships, and participating in cross-industry consortia.”
Also, governments across the globe are encouraging blockchain research and implementing DLT tech into their own infrastructures.
Recently, Park Won-soon, the governor of Seoul, spoke about blockchain technology and the government’s openness to it, saying:
“There’s no doubt blockchain is the core technology of the fourth industrial revolution, which will shape the future IT industry. I will make efforts to help Seoul become the center of a blockchain industry ecosystem.”
Despite Roubini’s relentless crusade against cryptocurrency and blockchain technology, widespread and real-world adoption continues to occur each day, with more and more corporations and institutions utilizing DLT solutions created by major companies, like IBM.
As the technology continues to blossom, it is unlikely that Roubini will ever admit that he is wrong and will always be a small thorn in the side of the online cryptocurrency community.
Featured image from Shutterstock.
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Crypto Week In Review: Coinbase Drops Index Fund, “Dr.Doom” Bashes Crypto

Despite Nouriel “Dr.Doom” Roubini’s cries that the crypto market is on its last legs, this week’s crypto- and blockchain-pertinent developments indicate that this industry is still booming.
Nouriel “Dr.Doom” Roubini Takes To Twitter, US Senate To Bash Crypto
Dr.Nouriel Roubini, one of NYU Stern’s economics professors, recently bashed the cryptocurrency and blockchain world through a series of scalding comments and rants. Speaking in front of the U.S. Senate Committee on Banking, Housing, and Community Affairs, Roubini, dubbed “Dr.Doom” by some, made a series of comments against cryptocurrencies. From calling Bitcoin “the mother of all scams” to dubbing blockchain “the most hyped tech ever,” Dr.Doom threw everything he had — a handful of senseless, wanton, and baseless comments — at this budding industry.
Moreover, as seen in a 37-page post-mortem of the inflammatory testimony, Roubini pulled out all the stops, taking out the classic bag of tricks that heavy-handed regulators utilize to falsely tarnish the name of the crypto industry.
Although America’s leading officials and governmental employees heard the economist’s cries, some would argue that Roubini’s thrashing of this nascent technology hasn’t damaged the cryptosphere at all. In fact, there are optimists who truly believe that his comments managed to unite this industry, instead of fundamentally splitting it apart.
Roger Ver Looks Into Launching An Crypto Exchange
Speaking with Bloomberg reporters at Malta’s first-ever DELTA Summit, Roger Ver revealed that he intends to develop or purchase a cryptocurrency exchange in the near future. While Ver, a diehard decentralist, didn’t make Bloomberg reporters privy to many details, the Bitcoin Cash proponent explained that if his plans to purchase an exchange fall through, he will call upon one of Bitcoin.com’s partners to exclusively develop the platform.
Although the specifics the Bitcoin.com CEO gave were few and far between, Ver explained the benefits and drawbacks of building a platform in-house, noting:
“If we build it ourselves, we can do it really, really cheap, and we get exactly what we want. But we don’t have the security of a battle-tested exchange that’s been around for a while.”
What the industry veteran is alluding to is that Bitcoin Cash is barely used as a base cryptocurrency, as many platforms are hesitant to put the foremost Bitcoin fork front and center. Seeing that Roger “Bitcoin Jesus” Ver presides over the Bitcoin.com domain, which hosts a news outlet, wallet solution, and gaming portal, it would make sense that the entrepreneur would want to capitalize on his webpage’s steady stream of traffic. Acknowledging this, Ver noted:
“Our exchange will be posted on Bitcoin.com so we’ll have thousands or tens of thousands of new users every single day.”
Skeptics of Bitcoin.com claim that this exchange is being manufactured in a bid to bolster the adoption of Bitcoin Cash, a popular, yet controversial Bitcoin fork. For now, however, it is unclear what Ver has in mind for the platform.
Binance Drastically Alters Listing Policy, Delists 4 Altcoins
On Monday, Changpeng Zhao, the CEO of Binance, revealed that the platform of his creation was about to drastically change its listing fee policy, which was kept under wraps for over a year.

Hope others will follow. https://t.co/tBWvyAStd2
— CZ Binance (@cz_binance) October 8, 2018

According to the official announcement pertaining to the matter, Binance will now disclose all listing fees paid, while also remaining to fees received to charity for the foreseeable future.
Further bringing clarity to the sudden policy shift, the startup added that prospective Binance listees will be giving a “donation” rather than a listing or application fee. The platform also explained that there will not be a minimum monetary value for “donations,” which should come as a relief to small-cap, lesser-known altcoin projects that are looking to gain traction on the world’s largest crypto market.
The firm has already stayed true to its word, listing Ravencoin (RVN) and then divulging that the project had paid not a single dime, or Bitcoin for that matter, to gain a spot on Binance’s exclusive roster of supported crypto assets.
However, it was explained that if a project happens to give a “donation,” the funds will immediately be transferred to the Blockchain Charity Foundation (BCF), which is a non-profit organization looking to support those in need through blockchain technologies.
While there were cynics that suggested that Binance’s top brass had ulterior motives, as BCF is managed by the startup, CEO Zhao took to Twitter to explain that this move is likely to be a long-term “win-win” for the blockchain industry, along with Binance itself.
Zhao, better known as CZ, wrote:
“I think this is a net win for us too. Charity will increase adoption, make the industry bigger, which in turn will benefit BNB and Binance (and others too). Of course, we sacrifice short-term direct gains. But if you keep a long term view, it’s a win-win on multiple fronts.”
Just a day after Binance’s aforementioned announcement, the company issued another statement, this time revealing that it had bad news to tell its clients. Per an official release, employees at Binance decided to delist Bytecoin (BCN), Iconomi (ICN), ChatCoin (CHAT), and Triggers (TRIG), due to worries that these altcoins may be scams, or worse. Although the exact details were scant, the firm explained that it was making this drastic move to protect its customers.
Coinbase Shutters Institutional Index Fund
Coinbase, a well-known San Francisco-based startup, revealed with heavy hearts that it had to shutter its in-house cryptocurrency index fund. Per information from an anonymous source, which was routed through The Block, Coinbase decided to kill its institutional-focused index fund due to a lack of interested clients, and subsequently, the absence of volume.
The depressing picture that the insider painted was sadly a far cry from what Coinbase expected during the launch of the product, which was said to be seeing “strong demand from institutional and high-net-worth individuals.”
It wasn’t cut and dried, however, as it was widely believed that there were a variety of catalysts that sparked this sudden change. For instance, the sudden departure of Adam White, who headed Coinbase’s institutional branch, likely put the startup on the back foot in the institutional crypto game, so to speak.
Others claimed that the launch of Coinbase Bundle didn’t help either, as the new investment product is essentially a watered-down, retail investor-focused version of the fully-fledged Coinbase Index Fund.
But for now, $8 billion valued Coinbase has only credited the dry up in institutional interest to the unfortunate closure of the highly-hyped, long-awaited index vehicle.
Crypto Tidbits

Coinbase Introduces First Token To Its “Pro” Platform: After months of rumors and hints, Coinbase’s professional trader-focused platform finally listed ZRX, the native token of the 0x project. Keeping in mind that Coinbase has become notorious for only listing the crème de la crème of the cryptocurrency world, this move to list an Ethereum-based evidently came as a surprise to many traders. Since ZRX’s launch on Coinbase Pro, the asset has seen a large influx of volume from both buyers and sellers, indicating that traders have accepted the altcoin with open arms. This announcement follows Coinbase’s move to integrate a formal listing application process, that will apparently see the world-renowned platform “rapidly add digital assets” in the near future on a jurisdiction-by-jurisdiction basis.
Former Coinbase Exec Joins ICE-backed Bakkt: Per The Block’s insider sources, Adam White, the aforementioned former Coinbase executive, has joined ICE-backed Bakkt as its chief operating officer (COO). Bakkt’s unexpected hire comes amidst the startup’s Bitcoin (BTC) futures launch, which is widely expected to gain traction across global markets from investors of institutional, retail, and merchant varieties.
New York-based Gemini Adds Litecoin: After receiving a green light from the New York Department of Financial Services (NYDFS), the Winklevoss Twins-owned Gemini exchange has listed Litecoin (LTC), sparking a slight, but noticeable surge in the value of the popular altcoin. Interestingly enough, Gemini listed Litecoin on the crypto project’s 7th birthday in an apparent nod to the crypto asset’s prominence in this budding market. While releasing Litecoin support, Gemini also revealed that it has had to delay its Bitcoin Cash listing, as a variety of upcoming hard forks has led the New York-based startup to be wary of the security and stability of the current Bitcoin Cash chain.
Forbes Joins Hands With Civil To Enter Blockchain-based Journalism: Forbes, one of the foremost media outlets on planet Earth, recently revealed its plan to partner with Civil, a blockchain-focused journalism network, to ensure that none of its content is misused. Civil will reportedly start to accept Forbes’ content metadata by Q1 of 2019, which will allow blockchain startup to aid the outlet’s goal to curb cases of plagiarism and similar issues. This partnership follows Civil’s similar move to collaborate with the Associated Press, another one of the world’s foremost media sources.

Featured Image From Shutterstock
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