Facebook’s Libra has the downside of volatility without the upside of investment, claims ex-Coinbase CTO

Primed as the “next big thing” in the intersection of the payments and technology industry, Facebook’s foray into the cryptospace took the market by storm, following its unveiling on June 18. As more and more layers of Project Libra are peeled off, the more positive does it look for the social media giant, with many […]
The post Facebook’s Libra has the downside of volatility without the upside of investment, claims ex-Coinbase CTO appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase reports issues with card purchases & processing, days after its debit card debut in Europe

Digital currency exchange Coinbase recently announced its Visa debit card services for several countries in Europe, enabling many of its European users to spend cryptos like Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC] at any merchant shop accepting Visa. This announcement from Coinbase came at a time when most tech companies and crypto-enthusiasts were devising ways to use crypto in the mainstream to spur crypto-adoption.
However, within days of the launch, there were certain bugs reported in the use of these cards. Coinbase Support managed to inform the community about the problem, after many users reported facing issues while processing their debit/credit cards. In an incident report filed by Coinbase, the exchange stated that it was identifying the issue and working on a fix. The report read,
“A fix has deployed. Card purchases will remain disabled for a few more minutes to let the pending payments finish processing.”
Even though the problem was solved within an hour and payments re-enabled, the exchange said that it would monitor its status for a bit longer. This incident impacted payments via credit and debit cards. However, over two weeks back, several users had reported facing a similar problem.
The Coinbase report read,
“We are currently having issues with accepting payments on Android for 3ds enabled debit cards. As a temporary workaround affected Android users can make card payments using our website.”
Coinbase had then resolved the issue, but asked users to deploy version 6.0.2 or later, if there were still any issues with the app. Although technical difficulties are common in the tech business, user experience matters the most. Many users subsequently took to Twitter to applaud Coinbase’s efforts, despite the fact that some continued to diss the exchange.
The post Coinbase reports issues with card purchases & processing, days after its debit card debut in Europe appeared first on AMBCrypto.
Source: AMB Crypto

Will Binance’s ‘Short Term Pains’ Prove Worthy of ‘Long Term Gains’ for US Citizens

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Will Binance’s ‘Short Term Pains’ Prove Worthy of ‘Long Term Gains’ for US Citizens
Even though Binance currently gets approximately 15% of traffic from U.S. customers, they announced that they will stop serving US individual and corporate customers on Binance.com in September.
Will Binance’s ‘Short Term Pains’ Prove Worthy of ‘Long Term Gains’ for US Citizens

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Source: CoinSpeaker

Bitcoin worth over $150 million transferred from Coinbase to unknown wallet; community speculates foul play

Bitcoin has had a pretty active 2019, with major price fluctuations pulling the price of the world’s largest cryptocurrency up, while also pulling up the prices of other cryptocurrencies. Post the rise in value of the world’s largest cryptocurrency, many transactions and transfers of significant amounts have taken place. A recent transfer of Bitcoin worth $3.25 billion had put a spotlight on the BTC ecosystem once again, with users interested in the industry taking a deeper look at the transfer market.
Recently, Whale Alert, a cryptocurrency transfer alert website, revealed that 18,899 BTC worth $153.44 million had taken place from the Brian Armstrong-led Coinbase to an unknown wallet. The transfer held a hash of cbc24d99af76c969b037ebd3824a0e9b6794e423e261a and the Coinbase address was 3Qy5mTpumWh24f5UdwGPJEhStoD3A25fK9. The unknown wallet possessed 4 different addresses, with the transfer settling at 0.302 BTC, 1999.89 BTC, 9899.89 BTC, and 6,999.85 BTC. The transfer had a time stamp of 22:51 UTC on June 12.
The transfer was spoken about by C3|Nik, a popular cryptocurrency proponent, who tweeted,
“18,900 Bitcoin were transferred to Coinbase a few hours ago.
An easy way to freak out some people who interpret these kinds of transactions as an impending “dump”.
A few hours later, a total of 18,900 are transferred out of Coinbase again in three separate transactions. Fake.”
The transfer was speculated by many members of the community to be a way to get the market moving again. However, looking at the charts, it is clear that BTC’s price moved consistent to what it was doing over the past couple of days. C3|Nik added,
“The market did not react much. It seems like a lot of the people who interpret these transfers as legitimate learned their lesson …. or got liquidated.”
One Twitter user viewed this as an opportunity to air his concerns, commenting,
“Why does Coinbase let 18,900 BTC move in and out so easily, but when I want to move a measly $500 worth, I have to wait a week?”
The crypto-proponent’s opinion was shared by a majority of the Bitcoin community too, with many claiming that the digital asset industry needs to be more mature for sustainable growth and development.
The post Bitcoin worth over $150 million transferred from Coinbase to unknown wallet; community speculates foul play appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Custody Supports Blockchain Capital’s BCAP Security Token

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Coinbase Custody Supports Blockchain Capital’s BCAP Security Token
Coinbase Custody announced that they will be supporting Blockchain Capital (BCAP) deposits and withdrawals. Blockchain Capital’s native token BCAP is one of the very first security tokens for which they conducted an STO in April 2017.
Coinbase Custody Supports Blockchain Capital’s BCAP Security Token

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Source: CoinSpeaker

Bitcoin Price Lost $700 and Dropped Below $8,000 in Just a Couple of Hours

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Bitcoin Price Lost $700 and Dropped Below $8,000 in Just a Couple of Hours
In just a couple of hours, Bitcoin price fell below $8,000. Some traders believe that it happened due to some market manipulations performed by a BTC whale.
Bitcoin Price Lost $700 and Dropped Below $8,000 in Just a Couple of Hours

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Source: CoinSpeaker

Block.One Launches Social Media Platform ‘Voice’ on EOS Blockchain

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Block.One Launches Social Media Platform ‘Voice’ on EOS Blockchain
EOS-based new ‘Voice’ social media platform by Block.One aims to give users a transparent platform to share their data and information while having complete control over it.
Block.One Launches Social Media Platform ‘Voice’ on EOS Blockchain

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Source: CoinSpeaker

This Week in Cryptos: Kik announces “Defend Crypto” Effort While Insurance Companies Test Blockchain

Key highlights

Kik announces #DefendCrypto
State Farm/USAA test blockchain
Coinbase adds EOS
Japan approves the new crypto bill
Anchorage adds insurance

Kik announces #DefendCrypto
This week, Kik, the messaging app, launched an initiative escalating its regulatory struggle against the U.S. Securities Exchange Commission (SEC). The new initiative called the DefendCrypto.org is a coordinated crowdfund campaign centered around fighting the SEC in court to push back against tokens like kin being considered securities in the U.S. This initiative is a continuous effort of Kik’s CEO Ted Livingston who in January, made waves in the crypto-economy when he revealed that his company’s interactions with the SEC suggested the agency was going to imminently declare the kin ICO as an unregistered securities offering.
State Farm/USAA test blockchain
This week, a few new mainstream companies tried their hands on blockchain and this time they were from the Insurance industry. According to some reports this week, leading insurance companies United States insurance giant State Farm and military-affiliated bank United Services Automobile Association (USAA) tested a blockchain-based subrogation solution with real claims data. The two insurance titans are using blockchain technology to automate and streamline the subrogation process in insurance claims.
Coinbase adds EOS
This week saw another major coin found its way to Coinbase and surprisingly it was EOS. According to this weeks announcement, EOS was added to Coinbase.com and the Coinbase Android and IOS applications on May 30, 2019. EOS had already been active on the Coinbase Pro platform, a cryptocurrency exchange designed specifically for traders, since around mid-April. However, the latest announcement now brings EOS to the entire Coinbase infrastructure, allowing all users to swap fiat and other cryptocurrencies for EOS, or vice versa.
Japan approves the new crypto bill
Another country attempts to give cryptos a legal status and this time it’s one of the pioneers of blockchain economy, Japan. This week Japan has officially approved a new amendment bill which now allows lawmakers to amend two laws related to crypto assets in the country. The bill was prepared by Japan’s Financial Services Agency (FSA) and has now been passed by both the houses of the Japanese Parliament.
Anchorage adds insurance
This week, Cryptocurrency Custodian Anchorage has added Insurance Coverage for storing digital assets. In the post, Anchorage — which raised $17 million in a Series A round led by Andreessen Horowitz — announced insurance coverage for institutions that covers digital assets under custody. The coverage comes as the result of a partnership with major insurance broker Aon. Anchorage outlined in the post that not all coverage of cryptocurrency custody insurance is equally as most custodians use a combination of hot and cold storage, on which policies may differ.
The post This Week in Cryptos: Kik announces “Defend Crypto” Effort While Insurance Companies Test Blockchain appeared first on Coingape.
Source: CoinGape

Block.One aims to usher ‘Transparency’ through social media platform via the EOS Blockchain

With all the hype about Facebook and its cryptocurrency concept, cryptocurrency companies are taking a U-Turn and venturing into the realm of social media. Block.One, the company behind EOS is set to rival the likes of Facebook and Twitter with their own social media behemoth.
Announced at the Block.One event held on June 1 in Washington D.C. the CEO of Block.One Brendan Blumer unveiled Voice, the social media platform that will operate on the EOS blockchain which is soon to be upgraded to Version 2.0.
Heralded as a “transparent” social media platform, a press release to the effect stated that “the value of good content gets circulated right back into sustaining the community, not corporate bottom lines.” Blumer, taking a jibe at other platforms stated that their competitors are “designed to use their users.”
The release quoted Blumer stating,
“Just look at the business model. Our content. Our data. Our attention. These are all incredibly valuable things. But right now, it’s the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas dictated by the highest bidder. Voice changes that.”
Piling on to their core message of emphasizing on the user of the platform rather than the products, the document read that “creation” will be the first order, and the platform will promote “content” by real users and “not bots and fake accounts.”
Since Voice will be built on the EOS Public Blockchain, the social media platform will follow the EOSIO protocol so that the workings will be public, adding on to their “transparency claims.” The document read,
“Everyone –the user, to contributor, the platform –plays by the same rules. No hidden algorithms, no invisible interests.”
Blumer also added that Voice will have its own token, titled the Voice token, stating that everyone who “signs up for Voice will get an EOS account.” Block.One’s CTO Dan Larimer also opined on the Voice token stating that users could stake their tokens to move ahead on comments: the higher you go the more tokens you stake. If you get passed on the comments ladder, tokens would be returned.
In the same event, it was announced that EOS would be integrated on Coinbase Earn, allowing Coinbase users to earn the cryptocurrency by viewing content geared towards educating retail investors about blockchain technology.
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Source: AMB Crypto

Coinbase: COO Asiff Hirji leaves exchange one month after CTO Srinivasan’s departure

Coinbase, the poster-child for American cryptocurrency exchanges has lost yet another one of its top executives, Asiff Hirji, the company’s Chief Operating Officer has called it quits, after joining the exchange back in December 2017.
The former TD Ameritrade Holdings Corp executive, Hirji lead the crypto-startup at a time when trading was off the charts as the price of Bitcoin [BTC] and the larger market soared. Hirji also spearheaded Coinbase’s growth into foreign markets as well as curate products for the institutional market.
Emilie Choi, Coinbase’s vice president of business and data would take up the role of COO in Hirji’s absence, according to a company statement. Interestingly, as per her LinkedIn profile, Choii has been the COO of Coinbase since March 2018.
In a tweet, on the eve of his departure, Hirji stated,

@coinbase tour of duty over. Scaled to over $1b in revenue; launched new assets, countries, and products; achieved $8b valuation; and built out team. Company in far better place and ready for next chapter. Cheering on @brian_armstrong and the rest of the team.
— Asiff Hirji (@AsiffHirji) May 31, 2019
Brain Armstrong, the exchange’s CEO stated, as per the statement,
“He joined at a critical time when both the company and crypto space were going through rapid growth, bringing his extensive experience to bear when it was most necessary.”
Hirji is the fifth heavyweight executive to leave the cryptocurrency exchange at a juncture when all seems to be going well for the cryptocurrency industry. Coinbase is hailed as one of the cleanest exchanges, in terms of exchange volume, while the prices of virtual currencies are enjoying a bullish spree.
Last month the San Francisco company’s Chief Technology Officer Balaji Srinivasan stated that he would be leaving Coinbase, to take some “time off.” The Earn.com founder was a part of the exchange during a crucial time as the USD Coin [USDC] was launched, in partnership with Circle, and Coinbase saw the introduction of OTC trading.
Hirji and Srinivasan’s recent exit follows that off Christine Sandler, Coinbase’s institutional sales head, who joined Fidelity Digital Assets, Dan Romero, Coinbase’s VP for International Business citing the need to take ‘time off,’ and Adam White, one of the most senior executives at Coinbase, holding the role of VP of Business Development in the past.
All in all, over 12 key members from within the upper echelons of Coinbase’s management have left the exchange since October 2018.
The post Coinbase: COO Asiff Hirji leaves exchange one month after CTO Srinivasan’s departure appeared first on AMBCrypto.
Source: AMB Crypto

Why All Bitcoin and Crypto Investors Should Consider U2F Security Keys

The Chief Information Security Officer at Coinbase, Philip Martin, has revealed that the firm has enabled its Coinbase and Coinbase Pro accounts to support securing Bitcoin and other crypto assets using U2F Security Keys – a safer, and somewhat ironclad alternative to SMS-based two-factor protection of accounts.
With SIM-based hacks picking up in pace and severity, and with crypto being so attractive to cyber criminals due to the pseudo-anonymity and general unfamiliarity associated with it, U2F protection via Security Keys are likely to become a necessary investment for any and all crypto investors who care about the safety of their assets.
Coinbase: Secure Your Bitcoin With U2F Security Keys
This week, San Francisco-based crypto giant Coinbase revealed that its customers can now secure their crypto assets and Bitcoin using Security Keys and WebAuthN.

Coinbase now supports security keys! Really excited to get this out the door and in the hands of our customers. https://t.co/4fpEb0z3WW
— Philip Martin (@SecurityGuyPhil) May 30, 2019

In a blog post shared by Chief Information Security Officer Philip Martin, the firm revealed that support for U2F (Universal 2nd Factor) has now been enabled. The completely optional feature arms crypto investors with the highest level of personal asset security – far safer and secure than traditional SMS-based two-factor authentication, and even safer than authenticator apps like Google Authenticator or Authy.
Related Reading | Google U2F Security Expert: Crypto is Like Catnip for Cyber Criminals
Coinbase calls Security Keys the “gold standard of modern account security,” and recommends users secure additional accounts using Security Keys, such as Twitter, Dropbox, Youtube, Instagram or Gmail – which oftentimes is tied to the login of crypto exchange accounts and acts as another backdoor for cyber criminals to access.
Why Crypto Investors Need To Consider U2F Security Keys
The emergence of Bitcoin ten years ago brought with it the creation of an entire new asset class in crypto. The young, budding financial technology has the potential to completely transform money as we know it. Bitcoin and most cryptocurrencies that came after it were designed to be decentralized, and borderless, with no controlling party that can intervene in transactions, freeze assets, and more the same way governments can govern the fiat currencies held by its citizens. But putting complete control, ownership, and therefore responsibility over significant wealth in the hands of the average person, is a recipe for disaster.
Even Coinbase concludes the”vast majority of theft is due to human error.”
In a recent Medium post entitled The Most Expensive Lesson Of My Life: Details of SIM Port Hack, the author, Sean Coonce, Engineering Leadership at BitGo – the self-proclaimed “leader in the storage of digital assets” – details an account where the developer had his entire crypto accounts drained in a SIM port hack.
Related Reading | Pro League of Legends Gamer Robbed of $200K in Crypto in Sim-Hack
SIM port hacks are an emerging trend where cyber criminals gain unauthorized access to a user’s phone number, which is then used to receive SMS-based two-factor codes allowing the hackers to access sensitive financial accounts and steal all of the crypto assets held there.
In this example, even a crypto industry developer working for the “leader” in the storage of crypto had his assets stolen right out from under his nose while he slept – it’s foolish to think it couldn’t happen to you.
By investing in a U2F Security Key, cyber criminals would need access to the physical Security Key to be able to access accounts secured using this method, bringing the highest level of protection possible. The downside is that the user will experience a minor inconvenience each time they need to log into an account, or may be locked out themselves if they don’t have immediate physical access to the Security Key. But it’s an inconvenience worth experiencing for the added safety and security.
Pro tip: The Ledger Nano S doubles as a security key, and can be used to secure even Gmail accounts.
The post Why All Bitcoin and Crypto Investors Should Consider U2F Security Keys appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitfinex CTO Paolo Ardoino Announces Tether’s Launch on EOS Blockchain

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Bitfinex CTO Paolo Ardoino Announces Tether’s Launch on EOS Blockchain
Bitfinex CTO, Paolo Ardoino discloses the company’s decision to launch Tether stablecoin on the EOS blockchain protocol and, thus, to supplement eosfinex.
Bitfinex CTO Paolo Ardoino Announces Tether’s Launch on EOS Blockchain

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Source: CoinSpeaker

EOS Gets Listed on Coinbase, Will This Affect the Coin Price?

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EOS Gets Listed on Coinbase, Will This Affect the Coin Price?
Coinbase, the San Francisco-based crypto exchange giant, announced that they are going to be listing EOS. Unfortunately, this announcement came along the same time as the crypto market crash, so EOS/USD’s price reaction was pretty bad.
EOS Gets Listed on Coinbase, Will This Affect the Coin Price?

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Source: CoinSpeaker

Coinbase CEO claims there was ‘no crypto-winter’ in Latin America, citing volume inconsistencies

The crypto-winter is well and truly gone. With Bitcoin [BTC] riding wave-after-wave, the long-awaited spring is on the horizon. With the entire community is looking forward to a future rife with ETFs, institutional interest and halving-hikes, some have their eyes on the rear-view mirror.
Brian Armstrong, CEO of Coinbase, shed light on the divergence of cryptocurrency performance in South America, when compared to the overarching market. In a recent tweet, the CEO noted the “different pattern” of volumes in Latin American countries. He further claimed that there was ‘no crypto-winter,’ in these countries.
His tweet read,

Interesting that the crypto market is following a totally different pattern in LatAm (source data from LocalBitcoins) – there was no winter. pic.twitter.com/4hPiAFpY18
— Brian Armstrong (@brian_armstrong) May 29, 2019
Armstrong also attached a chart portraying volume recorded by Finnish exchange LocalBitcoins, globally, and in six LATAM countries, in isolation. The countries were Chile, Argentina, Venezuela, Colombia, Peru, and Mexico.
The volume followed the larger market movement, rising in December 2017, owing to the BTC bull run, and dropping in 2018, as the crypto-winter set in. Notable dips were seen in August 2018 and January 2019, with a prominent peak in November 2018, owing to the BCH hardfork.

Source: Twitter
According to the charts presented by Armstrong, LATAM countries exhibited a complete divergence, showing massive volume spikes throughout 2018. Unlike the global chart which saw a trough during the previous year and a tower in December 2017, South American countries saw a surge over the past few months.
Chile saw an isolated pillar gathering, presumably due to short trading activity while Argentina and Colombia had its volume closely resembling the global chart.
Despite Armstrong’s claims of there being no crypto-winter, a currency conundrum can be pegged to be the reason for this divergence. Most countries in the list have seen their fiat currency drop against the US Dollar. Coupled with the surging growth of the cryptocurrency market, the incline was accelerated.
Earlier this month, Bitcoin broke its all-time-high [ATH] against the Argentinean Peso [ARS], following the former’s $8,000 breakout and the latter’s disastrous performance due to economic and political turmoil.
MakerDAO’s Mariano eluded to the same, stating,
“Those graphics are denominated in National Currencies, so while you can see a decline in actual BTC being sold, inflation can you show as “more volume” being generated by operations.”
The post Coinbase CEO claims there was ‘no crypto-winter’ in Latin America, citing volume inconsistencies appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Considering Margin Trading Option, Is It Following the Suite of Binance?

In a recent interview, Coinbase’s VP of Business, Data & International, Emilie Choi hints the company’s upcoming plans. In her talk, she states that Coinbase is thinking to launch a margin trading option on its platform.
To remind, Binance was the latest exchange which gotten the mainstream media attention due to its margin trading option. However, the timeline of the launch is still unclear – according to Emilie Choi, the feature is going to be the next big step. She adds;
“Margin lend borrow is definitely going to be a next big step for us, especially on the active trader side,”
The exchange in particular with U.S regulations is still on pause mode to introduce features like options and futures trading. Talking about the regulatory scenario currently exists in the United States, she says;
“We still need to figure that out because there’s not a lot of regulatory clarity there right now in the US,” Choi said. “And so that is being discussed.”
Although Margin trading by its nature brings potential profit to the investors or traders, it also carries huge risk. However, those who learned the tactics, are leveraging the benefit of these options on exchanges like Binance and many others.
Also Read – Facebook’s ‘GlobalCoin’ to Attract 2 Billion People To Coinbase and Crypto Exchanges?
Nevertheless, Coinbase often comes in competition with Binance exchange, not particularly by their founders but by the crypto community on social media Twitter. In fact, few crypto enthusiasts think that the exchange is following the suit of Binance exchange. Moreover, On questioning the competitor between Coinbase and Binance, Choi said that both (Binance and Coinbase) are fewer competitors and more friendly giants.
While Coinbase is still thinking, Binance exchange is already taking its another big move. According to the reports, Binance is planning to introduce derivatives market, allowing traders to buy on margin.
“We couldn’t probably be more differentiated than them in terms of the focus on the fiat to the crypto bridge and being that safely trusted center of the crypto economy,” Choi said. “So I think they’re playing one game, we’re playing another.”
So readers, what’s your view on Coinbase’s next move of considering Margin trading option.? Let us know in the comment below
The post Coinbase Considering Margin Trading Option, Is It Following the Suite of Binance? appeared first on Coingape.
Source: CoinGape