Max’s Corner: Slouching Towards Silicon Valley

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Max’s Corner: Slouching Towards Silicon Valley
This edition of Max’s Corner analyzes the controversy surrounding the changes to Google’s search algorithm, the plight of the Silk Road founder and the latest on Facebook’s crypto project.
Max’s Corner: Slouching Towards Silicon Valley

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Source: CoinSpeaker

Nornickel’s Crypto Tokens Will Be Launched by the End of This Year

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Nornickel’s Crypto Tokens Will Be Launched by the End of This Year
Norilsk Nickel’s Stablecoin backed by contracts for palladium and nickel trading, is planned for launch by the end of 2019. The pilot project will be rolled put in partnership with IBM and Hyperledger Fabric.
Nornickel’s Crypto Tokens Will Be Launched by the End of This Year

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Source: CoinSpeaker

Stablecoin or Cryptocurrency: Both Digital Currencies a Threat To Central Banks

Stablecoins are potentially one of the most popular use cases of blockchain technology after ‘utility coins.’ Utility tokens are primarily created out of thin air or mined by spending electricity or value, whereas A ‘real world’ asset backs Stablecoins. The US Dollar backs the most popular stablecoins.
At the initial stage, the stablecoins were introduced on cryptocurrency Exchange sites to facilitate storing of value digitally. Moreover, now the central bank issued coins like JPM Coin and Facebook’s Globalcoin are adopting the same technology to implement stablecoins only. Agustin Carstens, General Manager for Bank of International Settlements, wrote in a blog post,
Central bank digital currencies could bring profound changes to the financial system, potentially crowding out commercial banks. They could also change the way monetary policy operates. The implications for monetary and financial stability need careful consideration.
Electronic Payments and Digital Currencies
This is because there is a fundamental difference between making electronic payments and using digital currencies. In digital currencies, the value is stored on the ledger, whereas, with electronic payments, the value is stored in banks. The banks then provide interest over it and use to increase revenue. This system currently forms the basis of all financial transactions.
Moreover, according to Carstens, the demand for cash is still very high as that is what is primarily used by the system even now that digital payments are on the rise. The need for digital currencies is still very low. He said,
“Some argue that a central bank digital currency would be the ultimate new central bank tool in this digital age, replacing cash altogether. But very few see a chance of turning theory into practice any time soon.”
Increasing Demand for Stablecoins
Nevertheless, due to the influence of cryptocurrencies, some part of the money is moving to digital currencies. A data reported by the Binance Exchange suggests that the demand for stablecoins was higher than cryptocurrencies are traders are looking for safer virtual currencies on the internet as well. Mati Greenspan tweeted about the fact,
“Latest report from @BinanceResearch shows how stable coins are eating the market share of crypto volumes. USDS went from 1/3rd to 3/5ths in 12 months. That’s a fundamental change.”
Pie Chart Showing Percentage Share of Demand for Digital Tokens on Binance (Source)
Also Read: Facebook’s ‘Globalcoin’ Will Credentialize Bitcoin as a Store of Value: Mike Novogratz
Furthermore, Facebook’s Globalcoin is also a landmark change in the financial payments space due to the sheer size of its network. Nic Carter, analyst, and trader expressed that the sovereign FIAT currencies will ultimately fail and private value tokens including cryptocurrencies would survive; its because they have a higher chance of appreciating. He tweeted,
Facebook has better macroeconomic data than the Fed. More credit data than most banks. Freed from political constraints, why wouldn’t they be able to engineer a currency indexed to purchasing power with attractive interest rates?
Do you think that the Federal Governments will be able to counter the new wave of transparency and accountability in the financial system? Please share your views with us. 
The post Stablecoin or Cryptocurrency: Both Digital Currencies a Threat To Central Banks appeared first on Coingape.
Source: CoinGape

Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative

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Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative
Facebook is in talks with the U.S CFTC to find out whether its GlobalCoin project will fall under the agency’s regulatory requirements.
Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative

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Source: CoinSpeaker

What You Must Know Before You Start Your Crypto Margin Trading

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What You Must Know Before You Start Your Crypto Margin Trading
In this article, we will outline the characteristics of margin trading and more importantly the best exchanges where you can get into this type of trading using your favorite cryptocurrency.
What You Must Know Before You Start Your Crypto Margin Trading

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Source: CoinSpeaker

Why IEOs Might Drive New Investors to the Crypto Market

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Why IEOs Might Drive New Investors to the Crypto Market
In this article, we will be exploring the main reasons why IEOs may, in fact, drive a flock of new investors into the crypto market.
Why IEOs Might Drive New Investors to the Crypto Market

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Source: CoinSpeaker

Kraken Arbitrage Opportunity increases by 5% Following Tether-induced Market Crash

As Bitfinex and Tether faced a lawsuit with charges of price manipulation, Tether and indeed the entire cryptocurrency market went on a downward trend that affected prices for a number of days. As the market recovered, Tether has also recovered with an increasing price that presented an opportunity to trade on Kraken for some quick profits. According to Diar, trading opportunity increased by 5% on Kraken during the comeback.
The Tether Fiasco
Tether USDT Price chart | Source: coinmarketcap.com
Towards the end of April, the attorney general of New York filed a case against Tether and Bitfinex Exchange which is operated by Tether owners. The suit alleged that Bitfinex used USDT to the tune of $850 million to cover up fund loss on the exchange. This did not only affect Bitfinex and Tether but the entire cryptocurrency market. on the 26 April, CoinDesk reported that USDT pegged the price of $1 fell to $0.955. In fact, the crypto market lost $10 billion in one day due to the lawsuit.
Kraken presents opportunities
Tether has since recovered to its pegged price of $1 as the market also recovered with Bitcoin pushing to break through $6,000. During the recovery process which took over 10 days, the market presented a rare trading opportunity on Kraken which has a much larger trading volume of over $170 million than OKCoin which has just about $5 million, as these are the only exchanges that support USDT/BTC trading pair.
Also Read: Coinmarketcap Excludes Bitfinex’s Bitcoin Price from Average Calculation
The Kraken opportunity did not last though and may be officially over as USDT is back to its pegged price of $1. The unique trading opportunity with USDT was due to other major stablecoins being in the green even as other cryptocurrencies crashed alongside Tether as reported by CoinDesk. Those major stablecoins are however in the reds at press time. A switch from Bitfinex to Kraken showed a consistently increasing profit from $58 on 25 April to $268 on 5 May as reported by Diar in its latest volume yesterday 6 May.
The post Kraken Arbitrage Opportunity increases by 5% Following Tether-induced Market Crash appeared first on Coingape.
Source: CoinGape

Paxos is All Set to Issue $100 Million of PAX Stablecoins on Ontology Blockchain

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Paxos is All Set to Issue $100 Million of PAX Stablecoins on Ontology Blockchain
Paxos Standard (PAX) stablecoin is to become available on the Ontology’s blockchain network in May to facilitate fiat transactions.
Paxos is All Set to Issue $100 Million of PAX Stablecoins on Ontology Blockchain

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Source: CoinSpeaker

5 Assets Moving Towards Tokenization in Financial Industry

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5 Assets Moving Towards Tokenization in Financial Industry
While the crypto-world is talking about the tokenization of everything, it’s worth knowing which assets can be tokenized best. Siddarth S, Product & Marketing Strategist from Blockchain App Factory, shares the list of five of them.
5 Assets Moving Towards Tokenization in Financial Industry

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Source: CoinSpeaker

Bitfinex Under Scanner for Covering Up $850M Loss of Tether Reserves, Markets React

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Bitfinex Under Scanner for Covering Up $850M Loss of Tether Reserves, Markets React
The fresh allegations come from the New York Attorney General’s office that accuses Bitfinex of covering the massive loss by transferring funds from Tether reserves without informing the exchange’s customers.
Bitfinex Under Scanner for Covering Up $850M Loss of Tether Reserves, Markets React

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Source: CoinSpeaker

26 Stablecoins Launched on Stellar Blockchain, the New Era in Crypto on the Way

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26 Stablecoins Launched on Stellar Blockchain, the New Era in Crypto on the Way
Wirex, a UK-based payment platform,has revealed that it is planning to launch 26 fiat-backed stablecoins on the Stellar Network.
26 Stablecoins Launched on Stellar Blockchain, the New Era in Crypto on the Way

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Source: CoinSpeaker

Tron Launched Its Version of USDT Predicting Massive Bull Run

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Tron Launched Its Version of USDT Predicting Massive Bull Run
Tether issued USD-pegged stablecoin USDT on TRON blockchainm like an upgrade from the OMNI protocol based USDT, which now allows to hold and transfer via smart contract on TRON both with a completely free and transparent process.
Tron Launched Its Version of USDT Predicting Massive Bull Run

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Source: CoinSpeaker

eToro Launches eToroX Exchange and 8 Custom Stablecoins

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eToro Launches eToroX Exchange and 8 Custom Stablecoins
Israeli-based social trading platform eToro has launched eToroX, a fully regulated crypto exchange. eToroX debuts with half-a-dozen top cryptocurrencies and eight fiat currency-backed stablecoins, the latter of which are now open-source.
eToro Launches eToroX Exchange and 8 Custom Stablecoins

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Source: CoinSpeaker

eToro Brings the World To Bitcoin, Launches A New Crypto Exchange and 8 Stablecoins

eToro is a Cyprus based social trading and multi-asset brokerage company that announced on Tuesday that will launch a new digital crypto exchange, eTorox.
The Exchange will also be including eight new stable coins that will be backed by the FIAT currencies of the countries. eToro is promoting the feasibility of trades in cryptocurrency by providing local FIAT pegged cryptocurrencies.
The CEO of eToro, Yoni Assia announced at the Paris Blockchain Week on 16th April 2019:
“We’re launching @eTorox cryptoasset exchange!” he also added that “we’re starting a process to tokenize the world.”
eToroX Aspires to Become a Global Exchange 
eTorox introduces stablecoin that is pegged to Gold, Oil, and currencies of Japan, the UK, China, Australia, New Zealand, and the US dollar. The stablecoins of the eTorox Exchange are symbols suffixed to the country abbreviation like AUDX (Australian Dollar), NZDX (New Zealand), CHFX (China), and GBPX (Great Britain Pound).
The eTorox Exchange is live and can be used to trade cryptocurrencies and stable coins from all over the world. The cryptocurrencies currently traded on the Exchange are Bitcoin (BTC), Ethereum (ETH), Stellar Lumens (XLM), EOS, Litecoin (LTC), XRP, Bitcoin Cash (BCH) and Dash (DASH).
The CEO of eToro also said:
“We’re launching now 8 new stable coins, which are the most traded currencies in the world.” He added that “We will continuously innovate @eTorox to add more features and more assets.”
Mati Greenspan, senior market analyst at eToro tweeted by quoting Yoni Assia who said, “eventually all assets will move into a native digital form”. Hence, the eTorox Exchange is likely to add all such digital assets on its Global Exchange platform.
Do you think that the innovative exchange will be successful globally? Or USD stablecoins will continue to act as the most popular pegged cryptocurrencies? Please share your views with us. 
The post eToro Brings the World To Bitcoin, Launches A New Crypto Exchange and 8 Stablecoins appeared first on Coingape.
Source: CoinGape

One of World’s Largest Banks, MUFG Getting Ready to Release Its Stablecoin This Year

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One of World’s Largest Banks, MUFG Getting Ready to Release Its Stablecoin This Year
The newly-appointed president of MUFG has announced that the bank is going to put its own cryptocurrency known as MUFG Coin to practice this year.
One of World’s Largest Banks, MUFG Getting Ready to Release Its Stablecoin This Year

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Source: CoinSpeaker