BasisBasis BASIS news

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Basis: A New Algorithmic Stablecoin

When it comes to stablecoins, the first examples that usually come to mind are Tether, a dollar-backed token, or Maker’s DAI, an Ethereum-collateralized stablecoin. There are also some with no collateral at all. We’ve previously reported on Kowala, a mineable stablecoin. But among the most promising is Basis, which does not have any assets to back it, but instead an algorithm and three-token model that manages supply. Basis (originally called Basecoin) is the product of Intangible Labs, an American-based software company launched by three Princeton graduates. On June 20th, 2017, Intangible Labs released the whitepaper for Basis, outlining the company’s objectives and the methods by which the coin will maintain stability. In the white paper, Basis is described as a cryptocurrency whose tokens can be “robustly pegged to arbitrary assets or baskets of goods while remaining completely decentralized.” Basis’ central bank algorithm must have seemed like a worthy investment, as the startup was able to raise US $133 million in April of 2018. Per Basis, the investor group included Bain Capital Ventures, Google’s venture arm GV, Andreessen Horowitz, and Lightspeed Foundation Capital, among others. An Algorithmic Central Bank In its whitepaper, Basis states it uses “the same economic principles relied upon by central banks around the world.” These principles are based upon the Quantity Theory of Money, which states if the nominal amount of money has changed, the true value of the good will be the same. Basis believes it can manage inflation by increasing supply and selling extra stable coins when exchange rates are high, and buying them back when rates are lower. To do this, the Basis protocol identifies a target asset to which to peg its value, which could be a fiat currency or an index like the Consumer Price Index (CPI). The protocol then utilizes an oracle system to monitor exchange rates to determine the price of the coin. In order to manage supply, Basis uses a three token system comprised of the Basis token, bond tokens, and share tokens. The Basis token is the one that is actually pegged to USD, and serves as the primary medium of exchange. When the price of the Basis token is greater than US $1, new Basis tokens will be released into the market. These newly minted Basis tokens are first distributed to bond token holders, then whatever is left over is distributed to share token holders. If the price of the Basis token is less than US $1, bonds will be sold at an open auction, which removes Basis from circulation. The bonds, which are sold for less than a dollar,  “have the potential to be redeemed for exactly 1 Basis when Basis is created to expand supply.” Basis believes this model will “incentivize speculators” to buy bond tokens, in the hopes that their bond tokens will pay out in the future. Basis Requires New Speculators The three token system Basis will use to manage market fluctuations is highly dependent on user participation in the system. The crux, as fervent stablecoin opponent Preston Byrne states, is that “every bet being placed by every user of the system goes one way.” Up. If the three token system begins to fail and bond token issuance isn’t stabilizing prices, the whole system could fall into a downward demand spiral. In this instance, if buyers stop purchasing bonds and the bond queue builds up, it will take longer to redeem bond tokens for Basis tokens. The depressed bond price could effect newly minted bonds, and the new bonds would be pegged to lower and lower prices. Ultimately, this could create a downwards feedback loop: a death spiral. Basis claims it can mitigate the death spiral by implementing a bond price floor, a fixed price at which the protocol stops creating new bonds. Additionally, the team established a bond expiration timeframe, which is tentatively established at five years. It’s unclear how effective a five year expiration time will be, as the bonds may remain unpaid at their expiration. Can a continual demand of bond tokens maintain the price of the Basis tokens when that price is  below US $1? It may be that, without a constant influx of new bond purchasers, the algorithmic central bank model is unsustainable. One can only hope that Basis has thought through these potential demand-driven issues, and has all its bases covered.   The author is invested in Ethereum, which is mentioned in this article.    The post Basis: A New Algorithmic Stablecoin appeared first on Crypto Briefing.
CryptoBriefing

Ripple CEO: We’re Taking Over Swift on a Day-by-Day Basis

CoinSpeaker Ripple CEO: We’re Taking Over Swift on a Day-by-Day Basis Ripple has gained a pretty good reputation as a company that lowers the total cost of settlement by enabling banks to transact directly, instantly and with certainty of settlement. Its currency, XRP, has seen growth in value lately, which was partly due to a speculation regarding Ripple’s partnership with the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the world’s leading provider of secure financial messaging services. However, the rumours turned out to be faked. SWIFT categorically dismissed any talks between the two companies. Ripple CEO Brad Garlinghouse denied the rumours as well. He further critisized SWIFT’s methods. He said: “The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market. Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.” He continued: “SWIFT is owned by the banks and we’re trying to help the banks. We feel like blockchain technologies are a massive step forward in terms of how correspondent banking has historically worked. The technologies that banks use today – the SWIFT developed decades ago, it hasn’t really evolved.” In his interview to Bloomberg, Ripple’s CEO said that his company is able to gain customers at a fast rate relative to the market because financial firms are looking for faster, more modern technology than what is currently provided by SWIFT. Garlinghouse believes that Ripple has a significant advantage that will become more apparent in future,  with cryptos and blockchain gaining mainstream adoption. However, Ripple still sees SWIFT as a competitor. Traditionally, SWIFT has controlled the lion’s share of cross-border payments and remittances by offering a secure and trustworthy platform for banks and customers to send money internationally. Currently, SWIFT remains the primary means of large and small transfers across borders, at least in the countries it legally operates in. But with development of cryptocurrencies, the fintech company has faced some limitations and new competitors. For example, Ripple, which uses blockchain technology, can cut down transfer times and fees. The company has already partnered with the largest money transfer firms in the world, Moneygram and Western Union, for pilot programs to test the crypto-based technology in sending money abroad. Brad Garlinghouse is very optimistic about his company’s future. He believes that the technology exploited by Ripple will prevail in the long run and leave SWIFT obsolete. He said: “In that we now signed well over 100 banks – some of the largest SWIFT enabled banks in the world are now using Ripple’s technology.” Ripple’s CEO added: “What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.” Such a statement shows that Ripple has no intention to co-exist with SWIFT. Ripple CEO: We’re Taking Over Swift on a Day-by-Day Basis
Coinspeaker

Voyager Partners with Silver Cost Basis to Provide a Real-Time Crypto Tax Analysis

The world of crypto services is fast growing as more investors look for safe havens to store or transact their digital assets. Voyager Digital Holdings is among the new digital currency brokers whose operations have been licensed hence creating a legally safe environment for coin holders. The firm recently announced a partnership with Silver Cost Basis to improve its tax analysis segment for its clients. Silver Cost Basis is popular for their tech & business services to the financial market players. This milestone will enable Voyager to provide detailed real-time tax information to its clients. In doing so, the digital coin broker will keep their platform users updated on their unrealized profits or losses by leveraging Silver’s analytical tools. Voyager CEO, Steve Ehrlich, said that the move was indeed fundamental to the crypto service provider; “Voyager was developed to provide a single access point for investors to efficiently and securely manage all their crypto assets in one place. Silver’s cost basis and tax analysis tools add an important layer to our differentiated solutions and underscore our commitment to provide customers with the ability to trade crypto assets in a stable, safe and cost-efficient environment with the same confidence that they have come to expect from more established markets.” Ehrlich went on to further state that the new collaboration with Silver Cost basis will add to the existing platform features. Voyager’s crypto services include secure digital currency wallets, efficiency in transactions and provision of information about the blockchain & crypto space. Silver’s expertise in calculation of regulation related taxes has earned the company a table within the investments arena in the past decade. Gradually, the firm has ventured in the newly discovered crypto markets where it aims to scale its services to guide companies on innovation & compliance. As it stands, Silver Cost Basis can process all crypto related transactions including hard forks & airdrops. The regulatory-oriented firm applies the compliance requirements including the ones within crypto to offer the clients a comprehensive outlook about the taxes involved. A managing partner in Silver’s Product Strategy division by the name Neal Ruskin emphasized on the firm’s fundamental value; “By leveraging our production-proven securities cost basis capabilities, we are uniquely positioned to offer a scalable cryptocurrency cost basis processing. We address the significant recordkeeping burden taxpayers face today as well as the inevitable information reporting requirements to be imposed moving forward.” According to Voyager, the integration with Silver’s Cost basis services is scheduled for Q1 of 2019 although the firm will be releasing a trading app for its users in the course of 2018.
Bitcoin Exchange Guide

Crypto exchange Voyager to offer cost basis tax analysis and processing for users

CryptoNinjas Voyager Digital Holdings, a new and licensed commission-free crypto asset brokerage, today announced that it has teamed with Silver Cost Basis, a provider of business and technology solutions for the investment services industry,... Crypto exchange Voyager to offer cost basis tax analysis and processing for users
CryptoNinjas

Ripple Price Analysis: The Bull Among The Bears Adds 2% On A Daily Basis

Ripple engaged forward gears testing $0.48 resistance. The current trend is bullish but the $0.5 is out of reach in the short-term. Ripple is defying the consolidation wave in the market showing a 2.2 percent rise on Tuesday. Most of the assets in the market are making slight bearish corrections following the upswing on Monday this week. Bitcoin (BTC), for example is trading at $6,430 but the trend is bearish. The second largest crypto Ethereum (ETH) is dancing with $210. The rest of the cryptos in the top bracket are mixed red and green. Ripple ...Full story available on Benzinga.com
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Cryptocurrency and Blockchain - Industry News (02.15.19 - 02.22.19)

Total Market Cap, as of 02.21.19 at 5:30pm (PST): $133,778,212,242 (+11.11% from last week) Missed last weeks update? Click here STORY OF THE WEEK •A developer in the community released Tippin.me, a Chrome and Firefox browser extension that enables Bitcoin (BTC) tipping on Twitter via the Lightning Network. CRYPTOCURRENCY EXCHANGES •Binance launches the test-net of its allegedly decentralized exchange, Binance DEX. Users can now manage their own private keys and the associated wallet. •Binance de-lists 5 projects – CloakCoin (CLOAK), Modum (MOD), Salt (SALT), Substratum (SUB) and Wings (WINGS). •Huobi.com lists 3 projects – Stellar Lumens (XLM), Monero (XMR) and Steem (STEEM). •Coinmama, a Slovakian based exchange suffers a security breach which leaked 450,000 user email and passwords. •KuCoin releases version 2.0 of its platform. The update introduces new interfaces across the web and mobile applications, additional 2FA options and order types for users. REGULATION •The U.S. state of Wyoming passed 3 bills that involve digital assets. Digital assets owned by consumers are now categorized as intangible personal property. Banks can now issue digital custodial services and issue securities in tokenized forms, provided they comply with accounting, control and other standards. •The U.S. Securities and Exchange Commission (SEC) settles unregistered securities charges against Gladius Network, whom have conducted an ICO near the end of 2017. There is no penalty as a result of self-reporting. •$430,000 USD worth of cryptocurrencies seized by Belgian law enforcement will be auctioned off on Feb.28 at 12:00pm GMT by Wilsons Auctions – the largest auction company in the UK and Ireland. •The Central Bank of Bahrain’s (CBB) is launching a regulatory sandbox for blockchain and crypto companies. This will allow firms to test solutions and expedite new companies entrance into the market. •2 Bitcoin ETF’s registered by financial firms VanEck/SolidX and Bitwise await approval from the U.S Securities and Exchange Commission (SEC). This kicks off a 45 day countdown to an initial decision. TECHNOLOGY •Samsung’s flagship phone, the Galaxy S10 will introduce “Samsung Knox”, a hardware security feature to store private keys for blockchain applications. •Facebook’s CEO Mark Zuckerberg considers utilizing a blockchain to allow users to login to other sites without going through an intermediary on its existing “sign-in with Facebook” feature, dubbed Facebook Connect. INSTITUTIONALIZATION •Eurex, a derivatives exchange operated by German financial giant Deutsche Boerse is looking to launch futures contracts tied to digital assets such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). •Latin America’s largest investment bank Banco BTG Pactual SA is releasing its own blockchain-based security token dubbed “ReitBZ”. The token’s value is backed by real estate assets within Brazil. PEOPLE •Ethereum loses Afri Schoedon, a core developer for the open-sourced project since 2015. •TrueDigital, a provider of institutional products for digital assets hires Thomas Kim – previously COO of Bridgewater Associates. Bridgewater is a U.S based asset management firm with currently $124.7 billion USD under management. •Digital Asset, a distributed ledger company for financial services loses head of business for Europe, Oliver Hugh-Jones. Key executives continue to depart from the firm. TWITTER •@jack – “I hooked [tippin.me] up and already got tipped some satoshi’s.” •@alecziupsnys – “Taxi reform didn't come from taxis, but from Uber. Hotel reform didn't come from hotels, but from AirBnB. Finance reform didn't come from banks, but from Bitcoin.“ •@cryptoshillnye – “We are either really early or really stupid. $crypto” •@jackdwagner – “If your boyfriend needs to be taken down a notch just start casually asking him how his bitcoin is doing.”
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Dogecoin / USD Technical Analysis: Failing To Capitalize

Dogecoin is neutral in the short-term after the recent rally in the pair failed to break above a former key swing-high DOGE / USD is bearish in the medium-term with price still trading below the neckline of a sizeable head and shoulders pattern Large amounts of bullish MACD divergence seen on the daily time frame Dogecoin / USD Short-term price analysis   In the short-term, Dogecoin is neutral due to the pair failing to move above a former key swing-high during its most recent upside rally. The cryptocurrency is starting to turn lower in the near-term, although price is still above the pair’s 200-period moving average on the four-hour time frame. Technical indicators on the mentioned time frame are turning lower with further scope to push the DOGE / USD even pair lower.     DOGE / USD H4 Chart                                                                         (Source: TradingView)     Pattern Watch The recent rally has created a bullish inverted head and shoulders pattern on the four-hour time frame, which should be monitored closely over the short-term.   MACD Indicator The MACD indicator is trending lower on the four-hour time frame with a bearish crossover underway.   Relative Strength Index The RSI indicator has turned bearish, with push bears taking control below the neutral line. Dogecoin / USD Medium-term price analysis   Dogecoin remains bearish over the medium-term, with buyers unable to move price above the neckline of a large head and shoulders pattern on the daily time frame. A long-term technical bottom has yet to be confirmed in the cryptocurrency, as price remains relatively close to the pair’s multi-year trading lows, despite the broader market rally. Interestingly, Dogecoin is showing bullish MACD divergence on the daily time frame from November of last year.     DOGE / USD Daily Chart                                                                         (Source: TradingView)     Pattern Watch The bearish head and shoulders pattern is the major theme to watch on the daily time frame.   MACD Indicator The MACD indicator remains neutral and is currently failing to generate a clear trading signal.   Relative Strength Index The Relative Strength Index has recently started to recover after an extended period of downward pressure. The indicator is showing that bullish momentum is growing across the daily time frame. Conclusion   Dogecoin is likely to remain under slight downside pressure over the short-term, while its medium-term outlook is decidedly bearish as buyers continually struggle to stage a rally above the neckline of the head and shoulder pattern. Some caution is advised in the medium-term, especially if the broader cryptocurrency market continues to trade higher, as Dogecoin shows a sizeable amount of bullish MACD price divergence that has yet to be reversed on the daily time frame.   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Dogecoin(DOGE) Price $0.0020 Market Cap$241,941,083.92 #ccpw-ticker-24522 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24522 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24522 a.tabperiods.tabperiods_active, #ccpw-ticker-24522 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24522 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24522 .coin-container:after, .ccpw-container_four #ccpw-ticker-24522 .coin-container:after {border-color:#ccc !Important;} Join the conversation on Telegram and Twitter!   Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment. The post Dogecoin / USD Technical Analysis: Failing To Capitalize appeared first on Crypto Briefing.
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Latin America’s Biggest Investment Bank Launches Security Token

Banks once refused to work with blockchain companies in Brazil. Now, BTG Pactual, Latin America’s largest standalone investment bank, is launching a security token of its own. A Wave of Change in Brazil There seems to be a wave of change happening in Brazil. Bitcoinist reported just a few days ago that Santander Bank was ordered by a Court to keep open Bitcoin Max’ checking account. Banks that were once hesitant to work with cryptocurrency exchanges are being forced to eat humble pie. That marked a small victory for the cryptocurrency space in this part of the world. And now, it seems that financial institutions here are realizing the worth of digital assets within their own portfolios. Banco BTG Pactual SA Is Leading the Way Brazil’s Banco BTG Pactual, the largest standalone investment bank in the region, has announced that it will be entering the cryptocurrency space with its own security token, the ReitBZ. With a plan to raise up to $15 million in its token sale, STO, initial offering, or whatever terminology you prefer, the bank will launch a security token backed by distressed real estate assets in Brazil. The ReitBZ token will use blockchain technology. And investors will be able to buy it using the Winklevoss twins’ Gemini Dollar or ETH. The token is indisputably a security token since investors will receive dividends periodically from the recovery of the distressed assets. Hold Up, What Are Distressed Assets? A distressed asset is one that is put on sale at a reduced price because its owner has been forced to sell it. This may be due to excessive debt, bankruptcy, or regulatory constraints. And it’s especially common when it comes to real estate, a market in which during times of financial crises, people often fail to make their mortgage payments. Distressed assets are an excellent opportunity to buy into a devalued asset and make gains as the market recovers. They’re not so awesome for the person forced to sell, of course, but this is capitalism, after all. The BTG distressed real estate assets will be managed by a BTG subsidiary called Enforce. The ReitBZ token will be available worldwide. With the notable exception of the U.S. (surprise, surprise), and Brazil. Wait, so investors around the world will be able to profit from the rising housing crisis in Brazil–but not the Brazilian people themselves? Right. How’s that for messed up? BTG, however, assures that once the regulatory landscape clears up in Brazil, the ReitBZ will be open to its country’s citizens and maybe even the United States as well. The Opportunity for High Yearly Returns According to the bank, investors can expect yearly returns from these assets between 15-20 percent. Moreover, BTG will be providing market-making services for its token to ensure that investors have sufficient liquidity to sell when they want to. CTO Gustavo Roxo told Bloomberg: BTG is deploying its own capital to provide liquidity because it really believes in the crypto business… We came up with this structure because we think investors in the digital world have a higher risk-taking appetite. By using a crypto asset, BTG can maximize returns from its distressed assets and allow investors to enter the market in a cheaper way. The initial sale period of ReitBZ will last for approximately 90 days and proceeds will be reinvested into the portfolio. Banks and Cryptocurrencies Starting to Gain Momentum The announcement comes off the back of the news last week that JPMorgan became the first U.S. bank to launch its own ‘cryptocurrency.’ With CEO Jamie Dimon well-known for ‘Bitcoin bashing’, JPMorgan introducing its own digital coin to accelerate payments was a shock to many in the industry. However, JPMorgan and BTG are not the only horses in this race. It seems that the banks haven’t been falling asleep at the wheel when it comes to cryptocurrency after all. Japanese Mitsubishi UFJ Financial Group started working on plans for their own token back in 2016. And now Brazil has stepped up to the plate. BTG’s partner and initiative head of the ReitBZ Andre Portilho said: We knew we needed to dominate this technology, so we started experimenting with it a few years back… We thought Bitcoin and other currencies were turning too volatile, but we saw an opportunity with this token to try something new–but also with our skin in the game. The question now isn’t whether other banks will launch their own digital currencies, but rather which ones? Will more banks follow with their own virtual currency? Share your thoughts below! Images courtesy of Shutterstock The post Latin America’s Biggest Investment Bank Launches Security Token appeared first on Bitcoinist.com.
Bitcoinist

Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market

Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market An official at South Korea’s sole securities exchange operator, the Korea Exchange (KRX), says the bourse is closely eyeing developments from United States regulators in regard to Bitcoin (BTC) exchange-traded funds (ETFs). The official, reportedly speaking on condition of anonymity, […] Cet article Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market est apparu en premier sur Bitcoin Central.
Bitcoin Central
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