Image Image Image Image Image Image Image Image Image Image Image Image

| October 23, 2018

Scroll to top

Top

losing Archives -

Trump’s hardball tactics may win trade battles while losing the loyalty of allies

October 11, 2018 |

Shortly after Canada agreed to new terms for the North American Free Trade Agreement, the Trump administration held up the deal as vindication of the president’s bare-knuckles negotiating style.

And the administration was certainly right about the tactics: During 13 months of talks, Trump imposed…


L.A. Times – Business

Trump is still losing millions at his golf resorts in Scotland

October 8, 2018 |

After sinking more than $ 196 million into his Scottish golf courses, President Trump has yet to make a profit.

His two resorts posted a combined loss of $ 6.07 million in 2017, according to the latest filings in the United Kingdom. Of that, Trump’s flagship Turnberry 800-acre resort on Scotland’s…


L.A. Times – Business

China’s Economy Losing Steam as Trade Fight Starts to Bite

October 1, 2018 |

An intensifying trade brawl with the U.S. is starting to take a heavier toll on China’s economy, as weakening foreign demand and sluggish domestic consumption cause Chinese manufacturers to significantly scale back production.
WSJ.com: What’s News Asia

TMZ

Lil Pump Losing Out On $1 Million After Fall Shows Canceled

October 1, 2018 |

Lil Pump is missing out on a huge payday … the rapper just had 15 shows scrapped and we’ve learned it’s preventing him from earning 7 figures! We’re told Lil Pump was getting $ 70,000 per show on his upcoming tour … and with 15 concerts off the…

TMZ.com

Stocks break four-day losing skid as Apple, Amazon climb

September 27, 2018 |

After four days of modest losses, Apple and Amazon led the U.S. stock market to small gains on Thursday. Internet and healthcare companies rose while mining companies fell with metals prices.

Apple and Amazon are the two most valuable U.S. companies, and analysts said each stock should keep climbing….


L.A. Times – Business

It’s Losing Donuts … but Not the Doughnuts

September 25, 2018 |

First WW , now another high-profile name change. Dunkin’ Donuts will as of January be known simply as Dunkin’, in what NBC News reports is a rebranding designed to reflect its broadened focus on coffee and other beverages and up its appeal to a younger audience. CNN describes it as wanting…
Newser

US Dollar Losing Dominance as a Means for Settling Transactions in Africa

September 24, 2018 |

US Dollar Loses Dominance As A Means For Settling Transactions In Africa

The dominance of the United States dollar as a settlement currency in Africa is being challenged by emerging payment methods in financial technology and by native African fiat currencies. In the four years to 2017, fewer people in the continent of 1.2 billion transacted via the US dollar than they did with their local currencies or mobile money, and perhaps cryptocurrency.

Also read: Steve Hanke: Central Banks Fuel Wealth Loss And Inflation – The World Needs Less Of Them

Digital Transactions Rise As US Dollar Slowly Loses Its Hegemony

At one time gold was the world’s most preferred currency before it was replaced by paper money. After World War II, the United States dollar became the backbone of the world’s reserve currency system due to its strength and stability. But that is beginning to change.

According to a new report by SWIFT, the USD is losing its hegemony as an inter-continental, cross-border settlement currency in Africa. The use of the US dollar has dropped as a share of payments from Africa from 50% in 2013 to 45.1% in 2017, it says.

US Dollar Losing Dominance As A Means For Settling Transactions In Africa
Africa’s currency usage for cross-border commercial payments, 2017

More people are switching to local currencies, and some others to mobile money, for cross-border payments. Payments in the West African franc – used by 8 countries – increased from 4.4% in 2013 to 7.3% in 2017 while transactions in the South African rand – used mostly in Southern Africa – rose to 7.2% from 6.3%.

The report, which maps commercial payment flows against financial flows in Africa, highlighted that since 2014, the percentage of Sub-Saharan Africans with traditional financial accounts has not changed.

US Dollar Losing Dominance As A Means For Settling Transactions In Africa
Africa’s currency usage for cross-border commercial payments, 2013

But the percentage of mobile money users has doubled, to 21 percent. This is shown by an increase in financial payments made through mobile money from 5.5% in 2013 to 6.4% in 2017.

SWIFT, which connects 11,500 financial companies in 200 countries, forecast that financial technology “will play an increasingly important role in defining Africa’s financial landscape.”

“While the US dollar still dominates, it is releasing its hold,” said SWIFT in its latest report titled “Africa Payments: Insights Into African Transaction Flow.”

About about 20% (16.7% four years ago) of “all cross-border commercial payments were credited to an African beneficiary,” indicating “that more goods and services are being bought and sold within Africa.”

Intra-African clearing of payments has also increased, from 10.2% in 2013 to 12.3% in 2017, which shows that an “increasing number of payments are being routed through Africa instead of via a clearing bank outside of Africa.”

Cryptocurrency ‘Goldfield’

US Dollar Loses Dominance As A Means For Settling Transactions In Africa
Digital payments

It is difficult to work out how cross-border payments are going to play out in Africa in future. But the trajectory points towards an escalation in mobile-based settlements.

SWIFT data shows that about 6.4% of all payments within, or from Africa, were done by means other than any form of fiat currency. This includes peer-to-peer digital payments over the phone that may expand to cover cryptocurrency, which is not necessarily captured in mainstream data.

But more than a dozen African countries have plugged into cryptocurrency in the last couple of years, with one crypto-focused operation or another launched, even though regulation remains an area of uncertainty.

According to GSM Association, which represents mobile operators globally, there will be 725-million mobile phone subscribers in Africa by 2020 – a development that is seen as key to driving the adoption and development of cryptocurrency on the continent while boosting intra-African trade.

“With mobile money and other digital financial services, people can store money securely, spend it effortlessly, and afford the small fees charged by their providers,” SWIFT says.

Trade Dynamics Are Changing Within Africa

The report comes at a time when most of Africa is investing in financial market infrastructures (FMIs) that are linking up many countries within the continent. Policymakers recognize that payments systems and other infrastructure are an enabler for economic growth.

US Dollar Losing Dominance As A Means For Settling Transactions In Africa

Early this year, African leaders launched the continent’s biggest free trade agreement since the establishment of the World Trade Organisation in 1995.

The African Development Bank expects that the Continental Free Trade Area will stimulate intra-African trade by up to $ 35 billion per year, generating a 52% increase in trade by 2022 and a $ 10 billion decrease in imports from outside Africa. These efforts will continue to push up intra-Africa payment flows and its impact is being felt in the world as reflected in change in the use of currency.

How far could cryptocurrency go in challenging the status quo in Africa? Let us know what you think in the comments section below.


Images courtesy of Shutterstock


The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

The post US Dollar Losing Dominance as a Means for Settling Transactions in Africa appeared first on Bitcoin News.

Bitcoin News

S&P 500 Breaks 4-Day Losing Streak

September 10, 2018 |

The S&P 500 index broke a four-day losing streak with small gains as industrial companies and retailers rose, the AP reports. Technology companies were also higher Monday following steep losses last week. CBS slipped 1.5% after it announced the departure of longtime CEO Les Moonves following more accusations of…
Newser

Trader Alleges Bithumb is Losing $150,000 USD Daily to Washtrading

September 6, 2018 |

Trader Alleges Bithumb is Losing $  150,000 USD Daily to Washtrading

A trader has posted on Twitter alleging that an actor is taking advantage of Bithumb’s 120% fee payback to milk the platform of approximately $ 150,000 USD each day through washtrading.

Also Read: Uzbekistan Legalizes Crypto Exchanges and Trading

Twitter Trader Claims Bithumb’s Promotional Fee Schedule is Getting Exploited

The Twitter account of Alex Kruger, a cryptocurrency trader, has posted allegations Bithumb is losing roughly $ 150,000 each day to a single opportunist actor who is exploiting the exchange’s 120% fee payback schedule.

Summarizing his findings, Mr. Kruger asserts that “There currently are USD 250 million of fake volume traded at Korean crypto exchange Bithumb, every day at 11 AM Korean Time, since August/25.”

Trader Alleges Actor is Rorting Bithumb Through Washtrading

Trader Alleges Bithumb is Losing $  150,000 USD Daily to WashtradingElaborating upon his theory, Mr. Kruger posted “Bithumb offers 120% payback of trading fees as an airdrop,” before quoting Bithumb’s website – “Daily Limit 1 billion KRW, First Come First Served.” As of this writing, 1 billion KRW equates to approximately $ 890,068.

“Trading fees are 0.15% taker,” his post continues. “Wash trading conducted by entering two opposite limit orders => Total fees 0.3%. Rebate is for 120% => 0.36%. To collect the full KRW 1 billion rebate a wash trader must thus trade KRW 278 billion. That is USD 250 million in daily fake volume.”

31,000 BTC Traded at 11 AM on Bithumb Daily

Again citing Bithumb’s “First Come First Served” stipulation, Mr. Kruger links to a chart that shows 31,000 BTC being executed at 11 AM each day, stating “Notice how 31K bitcoin are traded at exactly 11 AM. That represents KRW 252 billion,” also asserting that “The remainder KRW 26 billion are traded in other coins.”

Mr. Kruger concludes that “some smart trader/s are milking […] Bithumb every day,” adding that “The amount traders collect from Bithumb is USD 150,000 daily. Or USD 4.5 million for the duration of the promotion. Expensive marketing campaign.”

News.Bitcoin.com reached out to Bithumb for commentary, however, did not receive a response.

What is your response to the theory that a trader or traders are exploiting Bithumb’s 120% fee payback through washtrading? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Twitter


The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

The post Trader Alleges Bithumb is Losing $ 150,000 USD Daily to Washtrading appeared first on Bitcoin News.

Bitcoin News