UK Customers to Enjoy Full GBP Support Following Coinbase Reinstatement

UK Customers to Enjoy Full GBP Support Following Coinbase Reinstatement
After nearly three months of a blackout, Coinbase’s UK retail and institutional customers can now withdraw and deposit cash within 60 seconds.
UK Customers to Enjoy Full GBP Support Following Coinbase Reinstatement

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Source: CoinSpeaker

Nasdaq Lists New Index for Decentralized Finance Projects Called Defix

Nasdaq Lists New Index for Decentralized Finance Projects Called Defix
Nasdaq’s Defix index will offer real-time tracking of crypto assets of different blockchain projects like MakerDao, Augur, Gnosis, Numerai, 0x and Amoveo.
Nasdaq Lists New Index for Decentralized Finance Projects Called Defix

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Source: CoinSpeaker

Augur [REP]: Decentralized prediction markets are going to be much tougher to shut down

Arianna Simpson, the Founder and Managing Director of Autonomous Partners, recently spoke about the prediction market and the cryptocurrency space, with the main focus being Augur Project, on Twitter. The early-stage investor remarked that prediction market was one of the “most fascinating yet poorly understood areas” of Decentralized Finance.
She said,

3/ They rely on the collective wisdom and info of a group, and allow participants to place bets on the probability of specific outcomes, where the value of a bet directly reflects the probability of an outcome occurring.
— Arianna Simpson (@AriannaSimpson) May 23, 2019

Simpson further stated that people get involved in buying and trading activities on these markets, where the “value of a contract” differs based on a future outcome. This was followed by Simpson listing three common types of prediction market: binary, categorical, and scalar. She also pointed out that these market existed prior to gaining a lot of traction in the crypto-community, citing the example of Hollywood Stock Exchange [HSX], one of the first digital prediction markets.
In terms of decentralized prediction market, she stated that Augur Project and Gnosis were one of the “few main platforms”, adding that it was the most happening platforms at present. Following this, Simpson gave a brief introduction about Augur, stating that it was a trustless, decentralized prediction market built on Ethereum. She stated that the market has four stages of progression: creation, trading, reporting, and settlement. She added that anyone could create a market based on current events.

15/ REP plays a central role in Augur’s operations, but is not used to trade in its markets. After the event on which a market is based has occurred, the outcome is determined by Augur’s oracle and traders can close out their positions and collect their payouts.
— Arianna Simpson (@AriannaSimpson) May 23, 2019

Further, the Founder remarked that the predictive market were all centralized before Augur with centralized entity taking care of the key roles such as ledger maintenance, market outcome, and payouts. However, the inception of decentralized network “removes many of the risks of self-interest and corruption.” With Augur, the contracts are “fully automated” and the developers have no control over the outcome and other functions.

19/ One of the toughest issues facing PMs is their murky legal situation: some jurisdictions consider it gambling, while others view is as options trading.
— Arianna Simpson (@AriannaSimpson) May 23, 2019

She concluded by stating that prediction markets were an “interesting way to tap the wisdom of the crowd”, adding that the decentralized versions were going to be “much tougher” to shut down.
The post Augur [REP]: Decentralized prediction markets are going to be much tougher to shut down appeared first on AMBCrypto.
Source: AMB Crypto

Augur [REP] Price jumps 5% as the Project Announces Major Update.

Augur is a leading Ethereum-based prediction market platform which envisions to bring the power of blockchain to the betting and gambling industry. While the coin has found decent success in establishing its use case, the project team has announced that it is about to undergo a major update calling it Augur 2.0.
Augur 2.0 will be a remedy to issues the Coin faced in 2018.
2018 was a relatively bad year for all cryptocurrencies as prices of most coins and tokens hit the bottom. But with Augur, things were even more difficult as the token faced certain issues with its fundamentals. One particular issue that Augur struggled all of 2018 was that bad actor could create invalid prediction markets—such as markets that end before an outcome is known—allowing them to exploit these markets for profit.  Augur 2.0 aims to solve this. According to the official announcement
“ In V2, Invalid will be a tradeable outcome like any other, enabling traders to hedge the risk of Invalid outcomes and gauge their likelihood via market forces. For example, if a market’s order book consistently has BUY orders for Invalid above .2, that suggests there is a greater than 20% chance the market is Invalid. For conservative users, this should be a warning to not trade the market.”
Apart from the issues resolution, Augur is also upgrading its token standard from ERC 20 to ERC 777. ERC20 which is a simple, commonplace standard in the Ethereum ecosystem has many applications built over it. But for a project like Augur, it has its own set of deficiencies. Hence project has decided to move to ERC777 which according to the team is a better standard to be with as  ERC777, is backward compatible with ERC20 but also improves upon many of its features.
While other features will also bring significant upgrades to the project, Augur will be launching a new token which will be denominated in MakerDAO’s Dai (DAI) stablecoin as part of a major upgrade to its platform. Augur claims that introducing DAI-denominated markets will make trading less volatile as compared with Ethereum (ETH), which has been used for trading on the platform thus far.
“For V1, the usage of ETH was accomplished by using a contract (‘Cash’) that wrapped ETH and was given additional trust by the Augur contracts to take privileged transfers. The V2 contracts will still reference ‘Cash,’ which will instead point to an ERC20 Token with no extensions. At release time, this will be set to the Multi-Collateral DAI token.”
The market appreciates the upgrade.
The upgrade news did bring some joy to the investors as the price of the coin started rising up. Even amidst slumber markets the token was up almost 5% clearly signifying that the markets have accepted the welcome change.
Source: Coinmarketcap
Augur 2.0 is a significant upgrade over its previous version and does hold some legs that can take the coin higher. How sooner that would be is something that the Augur investors would be waiting for
Will Augur break into top 20 coins in 2019 on back of this update? Do let us know your views on the same.
The post Augur [REP] Price jumps 5% as the Project Announces Major Update. appeared first on Coingape.
Source: CoinGape

Base of 700,000+ Professional Freelancers Moves to EOS Blockchain

Base of 700,000+ Professional Freelancers Moves to EOS Blockchain
Over 700,000 user accounts from a freelancing website Moonlightning will move to the EOS blockchain.
Base of 700,000+ Professional Freelancers Moves to EOS Blockchain

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Source: CoinSpeaker

Coinbase Pro Lists Three New Tokens Including EOS

Coinbase Pro Lists Three New Tokens Including EOS
Coinbase has announced support for EOS, Augur (REP) and Maker (MKR) on its professional trading platform Coinbase Pro.
Coinbase Pro Lists Three New Tokens Including EOS

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Source: CoinSpeaker

EOS, Maker [MKR], and Augur [REP] gain support from Coinbase with listing on Coinbase Pro

Coinbase, one of the United States’ leading cryptocurrency exchanges, announced the provision of trading services for more altcoins. This time, the exchange is opening its doors for three leading cryptocurrencies, namely EOS, Maker [MKR], and Augur [REP]. These would be available for trading on Coinbase Pro, and would be launched in four stages, transfer only, post-only, limit-only, and full trading.
The exchange announced,
“Trading of EOS and REP will soon be available in all jurisdictions supported by Coinbase Pro, with the exception of New York State. MKR will be available in all Coinbase Pro-supported jurisdictions outside the US. Additional regions may be added for each asset at a later date.”
The exchange will be launching EOS and Augur [REP] with Bitcoin [BTC], US Dollar [USD], and EUR trading pairs. These trading pairs will be supported in all US regions where Coinbase operates, except New York. Maker [MKR], on the contrary, will be paired with Circle Coin [USDC] and Bitcoin [BTC] and would be supported in all regions Coinbase operates in, outside the US.
Karma_z, a Redditor, said,

“This is excellent for Augur and Maker. People need to get over the EOS salt. If it’s as bad as you think it is let it die. Maker is one of the most impressive blockchain developments to date.”

JuicyPorkDumplings, another Redditor, said,

“Its going to be interesting what gets bought the most in the next bull run by people who aren’t informed.”

Notably, this is not the first time that Coinbase has announced its support for Maker. Last week, the exchange announced that its institutional clients would be participating in the governance of MakerDAO and Tezos, as the platform would be launching voting services in Q2 of this year.
The exchange had also stated that MakerDAO was one of the fastest growing projects based on Ethereum and that the platform’s stablecoin, DAI, was one of the most used stablecoins in light of over 200 projects integrating with the coin.
The post EOS, Maker [MKR], and Augur [REP] gain support from Coinbase with listing on Coinbase Pro appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Pro adds EOS (EOS), Augur (REP), and Maker (MKR) to its offering

Well, it’s a dream for the project to get their coins listed on prominent exchanges like Coinbase. And this seems to be coming true for EOS, Augur and Maker teams as these coins would soon find themselves trading on the world leading crypt exchange Coinbase Pro.
EOS, Augur, and Maker not to be rolled out in all jurisdictions.
According to the latest announcement made by Coinbase on its official medium channel, the exchange plans to list EOS (EOS), Augur (REP), and Maker (MKR) on its Pro platform. The announcement further states that trading of EOS and REP will soon be available in all jurisdictions supported by Coinbase Pro, with the exception of New York State. MKR will be available in all Coinbase Pro-supported jurisdictions outside the US. Additional regions may be added for each asset at a later date.
The announcement further states that
“After 12pm PT on Monday April 8, we will begin accepting inbound transfers of EOS (EOS), Augur (REP), and Maker (MKR) on Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling trading.”
Once there will be sufficient liquidity for all these coins via initial deposits, the exchange will begin trading on the following order books

EOS-USD, EOS-EUR, EOS-BTC (all Coinbase-supported regions excluding NY)
REP-USD, REP-EUR, REP-BTC (all Coinbase-supported regions excluding NY)
MKR-BTC, MKR-USDC (all Coinbase-supported regions outside the US)

The exchange plans to add further order book on the later date. There will be four stages to the launch as states below

Transfer-only. After 12 pm PT on Monday, April 8, customers will be able to transfer EOS, REP, and MKR into their Coinbase Pro accounts. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in a transfer-only mode for at least 12 hours.
Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in a post-only mode for a minimum of one minute.
Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.

It’s good to see that Coinbase is adding newer and newer coins for people to access it. Coinbase was long thrashed for not adding enough coins to increase its offering but it looks like the exchange is all set to turn it around. Definite happy news for its customers
Which would e the next set of coins that Coinbase would add to its offering? Do let us know your views on the same.
The post Coinbase Pro adds EOS (EOS), Augur (REP), and Maker (MKR) to its offering appeared first on Coingape.
Source: CoinGape

Bigger Things to Come: Crypto Trading Volume Hits All Time High

Crypto markets move ever higher; Record volumes see Bitcoin Cash, SV and Litecoin surge in the wake of Bitcoin.
Market Wrap
Crypto market momentum has continued for a second day as prices push ever higher. Bitcoin’s continued climb has pulled most of the altcoins up with it, many of which registering double digit gains over the past 24 hours. Total market capitalization has reached its highest level for over four months and daily volume is at a record high.
Bitcoin’s epic rally yesterday resulted in a minor correction as BTC pulled back to the $4,700 but it did not stay there for long. Volume has built up to record levels of over $24 billion which has caused the momentum to continue as BTC broke $5k again a couple of hours ago. At the time of writing it is trading at $4,970 according to Many analysts and observers are predicting the move to go all the way up to $6,000 for the king of crypto.
Ethereum finally got the lift it has been waiting for as prices pushed up to $166 in a 12% gain over the past 24 hours. Analysts have their eyes on $200 again if the momentum can be sustained. ETH is currently being outperformed by many of the other altcoins but XRP is not one of them. The Ripple token only managed to add 8% on the day taking it to $0.35.
Bitcoin Cash has trounced the top ten as it surged 45% from $180 to $255 over the past day. The pump appears to be fomo driven on the back of the market-wide rally and a few others are getting the same treatment. Litecoin has flipped EOS again as it pumped 22% to reach $80 and Cardano is still going strong with a gain of 16% flipping Tether and taking ninth spot.
Big moves in the top twenty are Bitcoin SV with a jump of 23% to $85, NEM is also up over 20% on the day. Monero, Dash and NEO have all added almost 10% over the past 24 hours but Maker has failed to register any new gains and remains at $740.
FOMO: Augur Flying High
Bitcoin Cash is the top performing coin in the top one hundred but Augur is second with a jump of almost 40% to reach $23 before a slight pullback. The predictions based token project has just released an app update. Metaverse ETP is pumping 30% and Dogecoin is still riding on its April Fool joke as it continues to climb.
There are very few altcoins getting dumped at the moment but ABBC Coin is one of them dropping almost 10% from previous pumps. Ravencoin is also down around 4% on the day.
Total crypto market capitalization has reached a new 2019 high of $171 billion as another $10 billion was injected over the past 24 hours. The key take at the moment is daily volume – it has reached an all-time high of almost $90 billion, at least according to This is higher than the peak of 14 months ago when prices were through the roof. Volume is often indicative of greater things to come so watch this space, the bull run could just be beginning.

Here's an easy tip I've picked up after experiencing many $crypto market cycles:
When you see a massive high volume candle close clean on the daily, the tone has been set for a strong trend. Continuation is likely, trade with that trend.
— The Crypto Dog (@TheCryptoDog) April 3, 2019

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
The post Bigger Things to Come: Crypto Trading Volume Hits All Time High appeared first on NewsBTC.
Source: New

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'.
— 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

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


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

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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

Augur Proves Its Worth During US Elections

 Listen Here –
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.”
“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