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PR: The Abyss Platform Aims to Reimagine the Video Game Industry Marketing

December 1, 2017 |

Abyss Platform - Game Industry Marketing

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

The Abyss digital distribution platform is gearing up for its Token Sale. The team behind the project aims to allow gamers and game developers to have a mutually beneficial cooperation, in which both sides get to earn from their efforts. Players will be rewarded for playing games and being active with their friends and the community. While developers will get to enjoy marketing benefits, payments for in-game items, and referral benefits.

The gaming industry is growing at an alarming pace. Massive marketing expenses are necessary in order for developers to draw attention to their games. Developers have to spend more time on market shilling than game development. With The Abyss platform, that’s about to change.

The platform will provide developers with promotional and analytical tools, so that they can cough up less cash for ads, earning more at the same time.

Platform Referral System
Players and users will be able to refer other people to the platform and have new users play games, generate content, unlock achievements, and help the community grow. In exchange for rewards, which span over 5 levels.

Developers will be able to monetize their target audience through their games being played, as well as in-game payments. The Abyss is going to allocate about a third of funds to help to build the rewards pool for developers and the user base.

The referral program is split up into different levels. Players and Developers receive most benefits from referrals whom they invited to the platform directly, let’s call this the first level. First level rewards for platform use are 40%, second level and third levels (friends of friends) get 20%, fourth and fifth referral levels provide for 10% rewards.

Helpful Platform Tools
The platform also provides all of the needed analytical and metric tools needed for the video game industry. Tools and info like MAU, ROI, ARPU, LTV, and others.

All stages of user behavior (from traffic sources to in-game actions) will be fixated and calculated, so that developers can easily optimize their sales funnels, reduce expenses, and increase profits by redistributing advertising channels and increasing user value.
Developers won’t have to worry about monitoring and recording traffic, user behavior, as everything will be calculated on the platform. This will allow game developers to boost sales, decrease expenses, and increase the value of their games.

Internal CPA Network
Game developers will be able to sell excess traffic to others, buy it, or even utilize a lead network. Players can also sell traffic to developers through the internal CPA Network and its functionality. Developers can also utilize basic marketing tools like website banner ads, e-mail announcements, etc.

What Developers Can Draw From The Platform
For their efforts, developers will be compensated in fiat currencies or ABYSS tokens. They can also select what currency they receive and in which proportion for each transaction. Funds can be withdrawn instantly at the first request.

The platform will allow game developers to launch their games in alfa & beta versions, utilize crowdfunding for development purpose, and take advantage of the platform’s effective promo tools.

Developers will be able to use the The Abyss reward bank to retain players using achievements and take advantage of support services, and platform analytics tools around the clock.

Why Players Will Love The Abyss
Players will get to enjoy big pool of games and reap benefits and rewards for taking part in building The Abyss community. Earn by completing assignments for developers, generating content, in-game activities, and helping friends.

The platform also offers a lot of functionality such as good privacy settings, app hibernation, screen caps, video recording, customizable client settings, and LAN support.

Players can also get linked up with syndicates (Masternodes). Imagine playing and profiting together. The Abyss supports joint activity and community building, the reward bank ensures great rewards.

ABYSS Tokens Use Within The Platform
Players can use both, fiats and ABYSS tokens to make in-game purchases. ABYSS tokens are needed to power the syndicate system, rewards for user content, fund transfers, internal CPA Network, referral rewards program and in-game auction. The need for token use on the platform will drive up demand and price.

ABYSS Token Sale
1 ETH = 2500 ABYSS (ETH and BTC are acceptable)
SOFT CAP = 10 000 ETH

PRE-SALE:
Nov 29, 2017 – Dec 1, 2017.
Minimum contribution – 5 ETH
Pre-Sale Bonus: +25%

TOKEN SALE:
Dec 12, 2017 – Jan 24, 2018.
Minimum contribution – 0,1 ETH
Bonuses during Token Sale (Dec 12 – Jan 24):
Day 1: +15%
Days 2-4: +10%
Days 5-20: +5%

Players who buy tokens during the Pre-sale and main Token Sale will be provided with a platform bonus that spans over 5 years, bonus rewards for new players will be increased.

PRE-SALE
Every payment from:
5 ETH will provide +50% for the 1st level of referral program (my friends)
25 ETH will provide +50% for all other referral levels (friends of my friends, and so on)

TOKEN SALE
Every payment from:
20 ETH will provide +50% for the 1st referral level
100 ETH will provide +50% for all other referral levels

In order for the bonus to kick into effect, a special code must be used when registering on The Abyss platform. The special code can only be used once.

To find out more, visit The Abyss website: https://www.theabyss.com
Check out the Whitepaper: https://www.theabyss.com/static/docs/theabyss-whitepaper-en.pdf
Or contact the team: support@theabyss.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: The Abyss Platform Aims to Reimagine the Video Game Industry Marketing appeared first on Bitcoin News.

Bitcoin News

Trump and the Federal Reserve Are ‘Keeping an Eye on Bitcoin’

December 1, 2017 |

Trump and the Federal Reserve Are 'Keeping an Eye on Bitcoin'

The U.S. government is very aware of cryptocurrencies and the rise of bitcoin. This week American authorities from multiple agencies such as the IRS, the Federal Reserve, and President Trump’s press secretary all explained they are monitoring cryptocurrencies and bitcoin’s recent popularity.

Also read: It’s Official – CME Group to Launch Bitcoin Futures December 18

U.S. Government Agencies Are Paying Attention to the Rise of Bitcoin

Trump and the Federal Reserve Are 'Keeping an Eye on Bitcoin'Bitcoiners from the U.S. may have some more stringent battles to fight ahead as multiple government agencies are looking into the use of cryptocurrencies and some officials seem somewhat cynical. For instance, the country’s Internal Revenue Service has been granted permission by a federal judge to review Coinbase accounts for people who transacted with $ 20,000 or more from 2013-2016. Then a couple of days later the Federal Reserve revealed it was contemplating its own digital currency, but launching the idea is a different story. The president of the Fed’s New York branch, William Dudley, explained he believes bitcoin and cryptocurrencies are “more of a speculative activity.”

Bitcoin Is Being ‘Monitored’ by Our Team

Following the statements from the New York Fed executive on November 30, president Trump’s press secretary, Sarah Sanders discussed bitcoin briefly at the White House press briefing. A reporter asked Sanders whether or not the president was following cryptocurrencies “specifically the major run-up with bitcoin,” explains the journalist.

“Does he have an opinion on it, and does he feel it is now something that needs to be regulated?” asks the reporter. The press secretary Sanders explains the government is watching bitcoin stating;       

The [Bitcoin situation] is something that is being ‘monitored’ by our team — Homeland Security is involved. I know it’s something that he’s [Trump] keeping an eye on — And we’ll keep you posted when we have anything further on it.

Trump and the Federal Reserve Are 'Keeping an Eye on Bitcoin'
Trump’s press secretary, Sarah Sanders.

Members of the Federal Reserve Are Concerned About Cryptocurrency Spillover Effects

Trump and the Federal Reserve Are 'Keeping an Eye on Bitcoin'
U.S. Federal Reserve vice chairman, Randal Quarles.

In addition to the White House press secretary’s comments the U.S. Federal Reserve vice chairman, Randal Quarles stated on the same day that the rise of cryptocurrencies poses a threat to “financial stability.” Discussing the subject at the 2017 Financial Stability and Fintech event, Quarles said retail investors and regulators need to watch out for threatening “spillover effects” tethered to the popularity of digital assets. The reason Quarles is concerned is because decentralized currencies are not backed by traditional reserves, and suffer from significant price swings.

“Risk management can act as a mitigant, but if the central asset in a payment system cannot be predictably redeemed for the U.S. dollar at a stable exchange rate in times of adversity, the resulting price risk and potential liquidity and credit risk pose a large challenge for the system,” explains Quarles during the Fed’s conference.

Like many U.S. officials and agencies, Quarles says research is needed and testing these cryptocurrencies to see if they can handle financial stress. “It is not clear whether the payment system would be able to function, in times of stress,” Quarles emphasizes.

What do you think about the U.S. government’s statements towards bitcoin and cryptocurrencies? Do these issues concern you? Let us know in the comments below.


Images via Pixabay, the White House, the Federal Reserve logo and Bloomberg.


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Bitcoin News

Britain: Where You Can Bet on Bitcoin but Can’t Find a Bitcoin Exchange

December 1, 2017 |

Britain: Where You Can Bet on Bitcoin but Can't Use It to Pay Your Taxes

If buying bitcoin isn’t a big enough gamble, there’s another way to wager with it – by betting on which merchant will be next to accept the digital currency. One British bookmaker has released odds on a range of big brands accepting bitcoin including McDonald’s, Walmart, and Amazon. Factor in margin lending and futures trading, and there’s never been more ways to bet with bitcoin.

Also read: Circle Financial Plans to Launch a New Investment App Next Year

Super-Sized and Decentralized

British bookmakers are fond of issuing novelty bets. It’s a means of drumming up free publicity and luring in punters who aren’t normally prone to gambling. From the odds of the Queen dancing to Gangsta’s Paradise to the likelihood of Andy Murray swearing at Wimbledon, nothing is too whacky. Despite the inanity of the bets, the odds are genuine, and thus indicative of the probability that the event will occur. Every year, scores of Britons take bookmakers up on their novelty offers and have a flutter.

The odds of McDonald’s accepting bitcoin before the end of 2018, for example, are 1/2, according to bookmaker Betway. In comparison, the British bookie is offering 1/5 on Walmart following suit, 6/4 for Amazon, and 5/2 for Apple. Given that bitcoin is moving away from everyday transactability to wealth storage, shrewd bettors may decide it’s more prudent to hold onto their money rather than risk it.

Britain: Where You Can Bet on Bitcoin but Can't Use It to Pay Your Taxes

Despite offering bets on the probability of various bitcoin-related events coming to pass, Betway doesn’t allow its own casino customers to wager with the digital currency. Even if it did, it’s hard to imagine anyone wanting to lock up their bitcoin for a year at odds of 6/4 when there’s a good chance that simply hodling would yield a greater return. The same bookmaker has also offered odds of 11/8 on bitcoin surpassing $ 20,000 by the end of next year. Once again, however, believers in such an outcome would be as well to buy bitcoin.

Betting Good, Bitcoin Bad

Britain: Where You Can Bet on Bitcoin but Can't Use It to Pay Your TaxesEveryone wants to bet with bitcoin in some shape or form, it seems, but no one actually wants to pay for things with it. This week, a member of the British Parliament enquired as to whether cryptocurrency could be used to pay taxes. The written response from a government minister was unequivocal: “HM Revenue and Customs [Britain’s IRS] does not offer digital currencies as a payment method and has no current plans to do so.” The same politician also confirmed that profits made on cryptocurrency are chargeable at the normal capital gains rate.

If your bitcoin appreciates 10x, in other words, you’ll be expected to pay tax on its final valuation, rather than the price it was purchased for. The UK government has embraced gambling, allowing the trade to flourish while pocketing the tax windfall, but has been lukewarm on bitcoin. Despite fintech thriving in the city of London, cryptocurrency usage nationwide is still limited to the usual early adopters. The slow uptake is exacerbated by the fact that the UK still has zero bitcoin exchanges that permit OTC trading at market rates.

Britain: Where You Can Bet on Bitcoin but Can't Use It to Pay Your Taxes

Until the government rectifies the matter, British investors find themselves short of options. They can either purchase coins from a European change for a premium or give up in frustration, place their savings on a novelty bet, and pray that McDonald’s starts accepting Bitcoin before 2019.

Which major brand would you pick to start accepting bitcoin in 2018? Let us know in the comments section below.


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The post Britain: Where You Can Bet on Bitcoin but Can’t Find a Bitcoin Exchange appeared first on Bitcoin News.

Bitcoin News

It’s Official – CME Group to Launch Bitcoin Futures December 18

December 1, 2017 |

CME Group to Launch Bitcoin Futures December 18

The largest options exchange worldwide, the Chicago Mercantile Exchange Group (CME), has announced its official Bitcoin futures contracts will launch on Monday, December 18, 2017.

Also read: Nasdaq to Debut Bitcoin Futures by Mid 2018

CME Group Is Pleased to Bring Bitcoin Futures to the Market on December 18

CME Group to Launch Bitcoin Futures December 18On November 20 the firm CME Group published an error on the company’s bitcoin futures web page stating that its new bitcoin derivatives products would launch on December 10. Later that day, the company announced it was a mistake, and that the date was incorrect. Now on December 1, the exchange has announced its bitcoin-based self-certified initial listings will be available on December 18. Terry Duffy, CME Group’s Chairman and Chief Executive Officer explains;   

We are pleased to bring Bitcoin futures to the market after working closely with the CFTC and market participants to design a regulated offering that will provide investors with transparency, price discovery, and risk transfer capabilities.

CME Group to Launch Bitcoin Futures December 18

A Continued Collaboration With U.S. Regulators and  Reputable Cryptocurrency Trading Platforms

CME Group’s bitcoin futures products will be available for trade on the CME Globex electronic trading platform. Alongside this, the futures have been submitted for the CME Clearport on Sunday, December 17 and trading will begin the following day. The bitcoin futures provided by CME will be cash-settled by referencing the CME CF Bitcoin Reference Rate (BRR). The rate is based on a daily rate utilizing the USD price of bitcoin across multiple spot exchanges.     

“Though we have worked through a lengthy, comprehensive process with the CFTC to get to this point, we recognize bitcoin is a new, uncharted market that will continue to evolve, requiring continued collaboration with the Commission and our clients going forward,” CME’s CEO details.

At launch, our new Bitcoin futures contract will be subject to a variety of risk management tools, including an initial margin of 35 percent, position and intraday price limits, and a number of other risk and credit controls that CME Group offers on all of its products.

The options exchange has been calculating and publishing the BRR with the help of Crypto Facilities Ltd. The calculation window for the aggregated trade flow ends at 4:00 pm London time. Further, CME details the BRR utilizes the “IOSCO Principles for Financial Benchmarks,” alongside leveraging well-known cryptocurrency exchange spot prices from Kraken, Itbit, GDAX, and Bitstamp. The news also follows JP Morgan and Nasdaq revealing they plan to offer bitcoin futures contracts as well. 

What do you think about CME Group launching it’s bitcoin futures on December 18? Let us know in the comments below.


Images via Shutterstock, Pixabay, and CME Group. 


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“If My Wife Knows, I’m Dead” – Man Shares Story of Losing 1000 Bitcoins

December 1, 2017 |

"If My Wife Knows, I'm Dead" - Man Shares Story of Losing 1000 Bitcoins

An Australian man has recounted his story to local media of losing what would today be more than a seven-figure dollar sum of bitcoin, stressing that such should serve as a warning against storing one’s bitcoin’s keys on a cheap storage device.

Also Read: Australian Tells Story of Throwing Away Hard Drive With 1400 Bitcoins

Alex Mined Bitcoin in Late 2009

"If My Wife Knows, I'm Dead" - Man Shares Story of Losing 1000 BitcoinsWhen Alex began mining bitcoin, he was doing so out of technological curiosity and did not think that bitcoin would see meteoric price gains. Alex recounts “In the tech community we didn’t think bitcoin would be that big,” stating that he “got into [mining] just for fun… It was just applying our PC hardware to a global network, something novel. In the early days of GPU [graphics processing unit] mining, a single card could mine quite a few coins per day.”

Alex chose to store his wallet file on his USB stick, and did not think about his bitcoins until discovering that the price had reached nearly $ 1000 USD in 2013. After scrambling to find the storage device, Alex states he “[plugged] the USB stick back in to try and access the file, but the stick died. It was one of those cheap made-in-China ones,” he said.

“If My Wife Knows, I’m Dead”

"If My Wife Knows, I'm Dead" - Man Shares Story of Losing 1000 BitcoinsAlex’s approximately 1000 bitcoins would be worth more than $ 9 million USD at current prices. He describes the debacle as the “Worst mistake of [his] life.” Alex states “The thinking was that it’s offline, not on my PC, so in case something bad happened to the PC — [if] it blew up, or [was] hacked — I still had a backup… Never back up anything on a cheap Chinese-made disk or USB stick.”

Despite the bumpy start, Alex has persevered with cryptocurrency. Alex states that he mined “a lot” of Ethereum at the start of the year, adding “One day, maybe Ethereum might restore what I lost with bitcoin.”

How do you keep your bitcoins safe? Tell us in the comments section below!


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The post “If My Wife Knows, I’m Dead” – Man Shares Story of Losing 1000 Bitcoins appeared first on Bitcoin News.

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Egypt Finance Attorney General Calls for International Governance of Bitcoin

December 1, 2017 |

Egypt Finance Attorney General Calls for International Governance of Bitcoin Over Terror Concerns

The First Attorney General of Financial Affairs for Egypt announced at a continental conference of prosecutors how international legislation is needed to address bitcoin in the light of evidence, he claims, it is being used to fund terror. The country was rocked just two years ago when the the Prosecutor General was assassinated. More recently the acting successor to the position was also targeted, but narrowly escaped an attempt on his life last year.   

Also read: First Bitcoin Exchange Launching in Egypt

Egypt Finance Attorney General Calls for International Governance of Bitcoin Over Terror Concerns

Egypt Finance AG Calls for International Governance of Bitcoin

On 30 November, Egypt’s First Attorney General for Financial Affairs, counselor Mohamed Fouda, “called for drafting an international legislation to combat dealing with the digital currency bitcoin, considering it a means to finance terror groups,” a report claims.

The 12th Annual Conference of Africa Prosecutors Association held its gathering in Cairo this year under the title, “Africa Defies Crime,” according to Mohamed Emad of Sada Elbalad. “The conference was attended by a group of African Attorney Generals,” he reports, “including the Attorney General of Angola and the Attorney General of Mauritania.”

Moreover, “the meeting comes out of the firm belief of the Egyptian Attorney General of the importance of judicial cooperation between public prosecution organs in other world countries in general and between neighboring African countries in particular,” Mr. Emad explained.

Egypt Finance Attorney General Calls for International Governance of Bitcoin Over Terror Concerns
Hisham Barakat

Egypt’s financial AG “shed light on the increase in the bitcoin trade via different websites without disclosing any information about its sources, or bodies that deal with it, making it difficult to track those transfers,” Egypt Today paraphrased.

Mr. Fouda made his remarks at day two of the gathering, under the theme “Combating [and] Prosecuting Cross-border Crimes: Difference in the Public Prosecution on Crimes of a Special Nature and Money-Laundering.”

The link to terror and bitcoin is fuzzy at best, but there is no denying Egypt’s law enforcement body has had a rough go of it in recent years. The present acting top prosecutor in the country, Zakaria Abdel Aziz, just last year was the target of an assassination attempt. Mr. Aziz himself gained the position after his predecessor, Hisham Muhammad Zaki Barakat, was assassinated via car bombing in the summer of 2015.

What do you think of Egypt’s terror claims in connection to bitcoin? Tell us in the comments below!


Images courtesy of: Pixabay, Ebay, Wiki Commons. 


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Turkey Religious Ministry: Bitcoin “Not Appropriate to Buy or Sell” for Islamic Believers

December 1, 2017 |

Turkey Religious Authority: Bitcoin "Not Appropriate to Buy or Sell" for Islamic Believers

Diyanet İşleri Başkanlığı (Ministry Presidency of Religious Affairs) of the Republic of Turkey has issued the guide “Bitcoin and Ethereum, such as Virtual Money for Investment: Is [it] Possible to Buy?” In it, the religious authority warned “it is not appropriate to buy or sell virtual moneys” for Islamic believers, reports a translation by En Son Haber. The Diyanet further explained believers are to avoid currencies not backed by the state or central authority. 

Also read: Turkey CB: “Cryptocurrencies May Contribute to Financial Stability”

Turkey Religious Authority: Bitcoin "Not Appropriate to Buy or Sell" for Islamic Believers

Islamic Religious Body of Turkey Forbids Crypto

Known as the Diyanet, Turkey’s religious authority weighed in on cryptocurrency use when it comes to being faithful to both Islam and the state. The Diyanet has jurisdiction “related to the beliefs, worship and morals of Islamic Religion, to enlighten the society about religion and to manage places of worship,” according to its website.

Cryptocurrencies such as bitcoin are “encrypted currency for each user, allowing direct commercial exchange between users without any central financial institution behind them,” the Diyanet began its rationale.

“In order for a currency to have a monetary value,” the Turkish Islamic authority continued, “it must either take its value in the state authority or have a unique value like gold. Virtual money, although used by some sectors as a means of exchange, can not be regarded as money because it does not have the prestige and credibility that the state provides, and because there is no central financial institution behind it and it is not under government guarantee.”

Turkey Religious Authority: Bitcoin "Not Appropriate to Buy or Sell" for Islamic Believers

Turkish Street Still Bullish on Bitcoin

This is in contrast with the president of Turkey’s Central Bank, Murat Cetinkaya, who said that such digital currencies could “contribute to financial stability,” as noted in these very pages.

Recently, police in Turkey flouted their arrest of a gang extorting bitcoin from known wealthy businesspeople. Apparently a Turkish man drew the gang’s attention by plastering his bitcoin wealth online. Reports of over 3 million USD in bitcoin were stolen.

The Diyanet statement concludes: “Moreover, it is not appropriate to buy or sell virtual moneys in the following stages, such as being open to speculation about losing or losing, being easily used for unauthorized work and transactions such as money laundering purposes, and being away from state supervision and oversight.”

Evidently, Turkey remains bullish on the world’s most popular cryptocurrency. As Russia Today notes, “A Turkish Lira-Bitcoin exchange, BTC Turk, has been set up, and there is a Bitcoin ATM near the Ataturk Airport in Istanbul. In September, the Miavita Beytepe apartment complex in Ankara said it would be accepting Bitcoin for luxury homes.”

What do you think of religious prohibitions on bitcoin? Tell us in the comments below!


Images courtesy of: Pixabay, Diyanet. 


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Bitcoin News

Future of Bitcoin Futures: CME Gives Details, Regulator Pushes Back

December 1, 2017 |

Future of Bitcoin Futures: CME Gives Details, Regulator Pushes Back

Chicago Mercantile Exchange Group Inc (CME) left a cryptic note atop its more detailed explanation of how bitcoin futures would be rolled out. Red emblazoned, it stated: “Effective Q4 2017, and pending all relevant regulatory review periods, please be advised that CME will launch Bitcoin futures.” Q4, the last three months of the year, is upon us, and it turns out the key phrase in that highlighted sentence might be “pending all relevant regulatory review periods.”

Also read: Nasdaq to Debut Bitcoin Futures by Mid 2018

CME Gives Precious Bitcoin Futures Detail

Lily Katz reports CME’s head of equity products, Tim McCourt, detailing of coming bitcoin futures. Mr. McCourt “said the exchange has put safeguards such as higher margin levels and limits on positions and prices in place to curb risks on the bitcoin futures it plans to offer,” she noted.

Bitcoiners the world over anticipate the entrance of CME to the ecosystem. Chicago Merc was founded just prior to the turn of the 20th century, and rests comfortably now as the largest futures exchange in the world some one hundred and twenty years later.

Future of Bitcoin Futures: CME Gives Details, Regulator Pushes Back

CEO of Bit Go Mike Bleshe, however, is quoted as saying he’s “skeptical they’ll launch this year,” as legacy business might “not be comfortable with bitcoin futures yet,” Ms. Katz paraphrases him predicting.

CME plans normal daily settlement for bitcoin futures will be “based on trading activity on CME Globex between 15:59:00 and 16:00:00 London time.” In three tiers, the company outlined trades (1), market data (2), and the absence of two-sided markets (3).

In the first, “All contract months settle to the volume-weighted average price (VWAP) of outright trades… rounded to the nearest tradable tick. If the VWAP is equidistant between two ticks it will be rounded towards the prior day.”

Tier 2, “In the absence of trades during the settlement period, the contract month settles to the midpoint of the Bid/Ask between 15:59:00 and 16:00:00.” If no “two sided markets [are] available during the settlement period in a particular contract month, then the settlement price will be the net change of the CME Bitcoin Reference Rate added to the prior day futures contract settlement (provided that settlement is within the Bitcoin futures price limits), adjusted to the Bid/Ask if one side is present,” CME explained.

Push Back

While a great many bitcoiners might be excited about futures, the main regulator, the Commodity Futures Trading Commission (CFTC), seems less than enthusiastic. According to Benjamin Bain, “While the agency has limited power to halt CME’s plans… it is demanding changes.”

Mr. Bain explains CFTC has been working to “address various issues, and to change some aspects of the contracts,” he quotes Erica Elliott Richardson, CFTC spokeswoman. “We expect that outstanding issues will be resolved in the near future,” she noted.

Future of Bitcoin Futures: CME Gives Details, Regulator Pushes Back

Ms. Richardson revealed “concerns about bitcoin futures expressed by some market participants” has played a role in closer examination. She might be referring to the full page ad taken by Interactive Brokers Group addressed to the CFTC Chairman from Thomas Peterffy. He argued nothing less the entire futures clearing market could be vulnerable with bitcoin in the mix.

Ms. Richardson of the CFTC continued: “Once the contracts are launched, commission staff will engage in a variety of risk-monitoring and oversight activities. These activities include monitoring and stress testing positions and observing and analyzing open interest, initial margin requirements, and variation margin payments.”

What do you think of CME’s details and CFTC’s push back? Tell us in the comments below!


Images courtesy of: Pixabay, CME, CFTC. 


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NYU Plans to Launch an Undergraduate Course in Cryptocurrencies

December 1, 2017 |

NYU Plans to Launch an Undergraduate Course in Cryptocurrencies

This year’s incredible bitcoin rally has raised a lot of interest in the cryptocurrency and created huge demand from people to learn everything they can about the phenomena. One academic institution which tries to answer this call is New York University (NYU).

Also Read: Paxful to Help Fund 100 Schools in Africa #BuiltWithBitcoin

Bitcoin 101 at NYU

NYU Plans to Launch an Undergraduate Course in CryptocurrenciesThe Stern School of Business at NYU was the first major US academic institution to offer a course in cryptocurrencies to its graduate students back in 2014. Now the school plans to offer a new option for undergraduates to learn about the field as well, NYU professor David Yermack told the Financial Times.

This new course is likely to be a highly sought one among NYU undergrads. Starting out with just a few dozen students, the graduate course accommodated 100 this year with many more applying to get in, and is expected to reach about 300 graduate students next year. “We are moving it to our largest auditorium, with capacity for 350 students,” the professor exclaimed.

Challenges

NYU Plans to Launch an Undergraduate Course in CryptocurrenciesUniversities that wish to offer classes about bitcoin, blockchain and other cryptocurrency related material face two problematic issues at the moment.

First, as anyone who follows the news can tell you, these subjects are changing at an incredible speed and if you were to write a textbook about the latest developments it will be out of date by the time it is printed. As Prof Yermack said: “Year over year we’ll change well over half the course material. It keeps you young to be reading half the night just to keep up with the latest innovations.”

Secondly and more importunately, the field is suffering from an acute talent shortage. With a teeming market full of new projects raising funds via ICOs, established companies exploring how to harness blockchain technology for their needs, and Wall Street heavyweights racing to start bitcoin trading, the competition for knowledgeable individuals is fierce. “Our biggest challenge is finding enough people to teach the courses,” explained Prof Yermack.

If you are looking to learn about bitcoin, but can’t make it to NYU, there is no reason to worry. All of the material needed can be found freely on the internet. And if you desire an Ivy League seal of approval, Princeton offers a ‘Bitcoin and Cryptocurrency Technologies’ course on Coursera.

Do you need a university to teach you about bitcoin? Share your thoughts in the comments section below!


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New $100 Million Cryptocurrency Hedge Fund to Use XRP

December 1, 2017 |

New $  100 Million Cryptocurrency Hedge Fund to Use XRP

TechCrunch and CrunchFund founder Michael Arrington has announced he is going all in on cryptocurrency investments with a new hedge fund called Arrington XRP Capital. As the name suggests, the fund will be managed in Ripple’s XRP but it will invest in a wide variety of cryptocurrency assets and Initial Coin Offerings (ICOs) as well as private equity offerings.

Also Read: Bitfinex Faces Further Scrutiny Over Tether Liquidity Concerns

$ 100 Million in XRP Investments

New $  100 Million Cryptocurrency Hedge Fund to Use XRPAccording to Arrington, the $ 100 million cryptocurrency hedge fund has commitments from investors for over $ 50 million already, and they plan to begin trading in the next few weeks.

Other than the founder, two additional partners in the venture are former CEO of TechCrunch Heather Harde and veteran technology executive Geoffrey Arone.

This move is another strong indication of just how much cryptocurrency is recently becoming a mainstay in Silicon Valley as well as among established venture capitalists.

Why XRP?

New $  100 Million Cryptocurrency Hedge Fund to Use XRPBesides being denominated in XRP, the new fund will accept investment funds and make redemptions in the cryptocurrency as well pay fees and salaries out in XRP. This is despite the fact that it doesn’t have a commercial relationship with Ripple and they are not investors in the fund, Arrington said.

In his announcement, the CrunchFund founder only explains the choice of the cryptocurrency for its advantages over ‘ancient fiat methods’ for cross-border currency transfers, asserting that traditional means are too slow and laden with fees.

Asked specifically about the choice of the cryptocurrency at the Consensus conference he elaborated that: “We think XRP is a particularly useful currency because of the transaction times.” Arrington also added: “I think investors are maybe heavier in bitcoin and ether than they should be.”

At the bottom line, the TechCrunch founder seems very bullish on the cryptocurrency ecosystem, predicting that the overall market cap will rise from around $ 300 billion to trillions of dollars and signalling that he intends to spend the rest of his career in this field.

Are bitcoin transaction times are a critical factor for further adoption? Share your thoughts in the comments section below!


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