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1.01 USD / 0.00028910
-3.67% / -3.67%
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12,895 USD
86,024,026 / 0.08%
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Bitfinex and Ethfinex to List 4 New Stablecoins: TUSD, USDC, PAX and GUSD

A few hours ago, and via twitter and Medium, Bitfinex announced that it was adding four additional stablecoins. The newly added stablecoins would also be listed on Ethfinex: the Ethereum token centered version of Bitfinex. The four newly listed stablecoins are as follows. USD Coin (USDC) True USD (TUSD) Paxos Standard (PAX) Gemini USD (GUSD) The new additions brings the total tally of stablecoins on the two platforms to six. The other stablecoins are Tether (USDT) and Dai (DAI). Trading Effective 4th December and Why Bitfinex and Ethfinex Added the Stablecoins The announcement by Bitfinex went on to explain that trading of the stablecoins was effective immediately on the date of the announcement: December 4th 2018. The exchange went on to explain why the team chose to add the new stablecoins. Following the Tether boom in 2017, the stablecoin market has rapidly expanded with five alternatives of note launching from March 2018. At Bitfinex and Ethfinex we are dedicated to providing a high quality, unbiased meeting place for every ecosystem and customer. We were the first to introduce alternative stablecoins onto our platform, including Dai (an Ethereum collateralised stablecoin), and now proudly introduce the following established stablecoins: USDC, True USD, Paxos, and Gemini USD. All stablecoins on Bitfinex and Ethfinex will be traded against USD Tether’s (USDT) Dominance Continue’s to Reduce The addition of 4 new stablecoins follows a similar path by other exchanges such as Binance and Huobi. With the bear market still in full effect, crypto traders and enthusiasts have developed a liking for stablecoins to hedge against times of volatility such as the recently ‘concluded’ hash wars between Roger Ver and Craig Wright. Another factor to consider, is the entry of institutional investors who might not have a liking for Tether (USDT) given the coin’s past controversies that include Bitcoin manipulation as well as the parent company not being able to account for its USD reserves. Such uncertainty has led to exchanges such as Gemini, creating their own stablecoin as well as Paxos Standard getting the credibility needed through being registered in the United States. By registering in the US, PAX provides a secure option for Wall Street investors since it is fully regulated. The irony of Bitfinex and Ethfinex listing the four aforementioned stablecoins, is that the earlier mentioned Bitcoin manipulation using USDT was allegedly carried out on Bitfinex. But the additional 4 stablecoins adds much needed credibility to the exchange. It shows that Bitfinex is willing to become a platform that caters for the needs and concerns of traders. What are your thoughts of Bitfinex and Ethfinex listing four additional stablecoins? Please let us know in the comment section below.  Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post Bitfinex and Ethfinex to List 4 New Stablecoins: TUSD, USDC, PAX and GUSD appeared first on Ethereum World News.
Ethereum World News

Bitfinex Adds Four Stablecoins Including GUSD and USDC

Bitfinex, together with its sister exchange Ethfinex, has announced the introduction of four new stablecoins. The additions take the platforms’ total number of dollar-pegged tokens to six and provide a reassuring range of tether alternatives for traders. Trustless, Ethfinex’s decentralized exchange (DEX), will also be listing all six, including the Gemini dollar (GUSD) and Circle’s USD Coin (USDC). Also read: Atomicpay Launches Private Beta of Digital Currency Payment Gateway Stablecoin Diversification Is Spreading There was once a time when a single stablecoin, tether (USDT), was enough to satisfy the bulk of the cryptosphere. But a combination of bearish market conditions, coupled with lingering unease over tether’s dominance of the stablecoin game, has opened the way for a slew of new dollar-pegged coins that exchanges and traders alike have been embracing. Bitfinex’s decision to adopt four new stablecoins, over and above its own tether and the ethereum-collateralized dai, is part of a growing trend among exchanges. Last week, for example, Binance removed USDT as its reference stablecoin in place of a basket of stablecoins that includes paxos (PAX). Bitfinex and Ethfinex now offer six stablecoins, plus USD PAX was among the four stablecoins added by Bitfinex and Ethfinex today, with trueusd (TUSD) completing the quartet. Described as a “commitment to providing coin agnostic platforms” by the twin exchanges, the move will ease the concerns of traders who feel uncomfortable having an ecosystem that is still hugely reliant on tether. The “tether premium” on USDT-based exchanges now stands at 2.64 percent, down 1 percent from a month ago, suggesting that traders now perceive less risk with platforms such as Bitfinex, where USDT is complemented by five alternatives. USDC and GUSD on Ethfinex Trustless With No KYC Trustless, the ethereum-based DEX operated by Ethfinex, will also be listing the new stablecoins. This means that traders will be able to swap between fiat-backed stablecoins such as USDC and GUSD on a platform that does not require KYC. While this would have been unremarkable a few months ago, in a post-Etherdelta world in which DEXs such as IDEX are introducing mandatory verification, Trustless stands out. In an announcement, the exchange wrote: “Stablecoins present a fantastic opportunity for greater adoption of blockchain technologies through the stability and utility of fiat currencies. We are proud to support this growing market.” USDT volume, shown in green, dwarfs that of all other stablecoins, which appear as a sliver across the bottom of the chart. Despite greater stablecoin choice than ever, tether remains the dominant option by a wide margin, as its trading volume puts its dollar-pegged peers in the shade. What do you make of Bitfinex’s decision to add four new stablecoins? Let us know in the comments section below. Images courtesy of Shutterstock, Stablecoin Index and Bitfinex. Need to calculate your bitcoin holdings? Check our tools section. The post Bitfinex Adds Four Stablecoins Including GUSD and USDC appeared first on Bitcoin News.
Bitcoin News

Huobi Launches HUSD Stablecoin To Support GUSD, PAX Token, USDCoin And True USD

For some, perhaps many, there is only one thing that can be called superior in comparison to a stablecoin, and that would be a universal one. When we say ‘universal', it means to have a coin that is immediately usable wherever stablecoins are accepted. This is exactly why the cryptocurrency coin exchange Huobi has announced the launch of its own HUSD token. What makes this stablecoin so unique is that it allows for the support of four major stablecoins. These include the Gemini Dollar, Paxos Standard, USDCoin and TrueUSD. How it works is relatively easy to understand – by holding HUSD, users are able to instantly have an amount that is equally valued in each of these stablecoins. During a small event which was held in New York over this week called the StableCoin New York Conference, and Huobi General Counsel Joshua Goodbody spoke to a detailed length about the efforts taken by him and the firm in general: “We believe the recent developments of stablecoins are positive for the industry and Huobi decided to support these developments proactively by launching HUSD. HUSD acts as a stablecoin aggregator,” Goodbody continued on to explain. “We provide the ability to deposit any of the four supported coins as HUSD and receive a 1:1 balance of HUSD which can be stored as well as traded against six pairs on Huobi Global. Users are also able to withdraw HUSD as any of the four applicable stablecoins.” It would seem that, while speaking at this event, Goodbody misspoke somewhat. According to the full exchange, the available pairs that are offered through HUSD are Bitcoin (BTC), Ether (ETH), EOS and USDT. What sets the USDT apart from other stablecoins is that it is the only one of these that is traded against the HUSD, as opposed to being part of its universal system. This is the second stablecoin effort that has decided to forego integration of USDT, which is the first pegged token. Regardless, the benefits that HUSD brings for users is that it can allow for the reduction of trading fees for those that are otherwise dealing with several types of markets. Much as we would like to believe,  there is no such thing as a market that lists every possible token and opportunity at the same time. So for many crypto traders, being able to move between exchanges is of the utmost necessity. Among these coin exchanges, Binance appears to be engaged in the creation of a stablecoin in a similar fashion to that of the HUSD, but unlike its counterpart, it has yet to announce a substantial amount of information about it. Unlike other digital tokens, the HUSD itself does not belong to any specific blockchain, but is merely a product in operation within the exchange. As a result, it cannot be subject to withdrawal or subsequently traded on with others. When these kinds of products emerge, they . will begin to look like the derivatives market on a superficial level Perhaps on the of net positives for that will be that they will have a far greater constitution. The addition of the TrueUSD, which will be the first token on the Trust Token platform which has yet to fully launch, it makes for a very interesting move by Huobi. Up to this point, the company is one of the few that has been outspoken in its support of Trust Token in any capacity. The Trust Token platform itself aims for the tokenization of any and all real-world assets using ‘smart trust' contracts. In doing so, it essentially enables anyone to offer a certain level of stock in something that they own. To date, its Initial Coin Offering has yet to officially launch, but TrueUSD is very real in the meantime, and operates on the exact same software.
Bitcoin Exchange Guide

BitGo Crypto Custody Service Adds New GUSD and USDC Stablecoins Options to Impress Institutional Investors

BitGo, a crypto custodian company, has recently added the support for a new asset, which will be the 101st asset of the company. The decision was mostly made to offer a wide spectrum of choices in an effort to please institutional investors. Now, BitGo is starting to handle the Gemini Dollar (GUSD), which follows another stablecoin, Circle’s USD Coin (USDC), which was added on November 6. Both of these stablecoins were mainly designed to maintain parity with the USD and were additions of the company to have more stablecoins. Before then, BitGo had MakerDAO’s DAI, Paxos Standard (PAX) and TrustToken’s TrueUSD (TUSD). Stablecoins Are The Trend of 2018 This new asset class, the stablecoins, are a representant of the biggest trend of 2018 among cryptos. With the bear market going full ahead, stablecoins have introduced a constant aspect in the new industry during volatile periods. BitGo’s product technical manager, Isaac Elefheriadis, has told the media that this new stablecoin was added to the company because there was a high demand for it among exchange platforms. According to the records of the company gathered with its internal API, from October 9 to November 9 the clients of the company have submitted over 150,000 requests for TUSD and over 137,000 for USDC. DAI also had almost 29,000 requests. The manager has affirmed that the investors are no looking for a new type of coin that would help them when they need to store their money. The company has affirmed that it is going to keep adding new assets to the platform and that it will also add new stablecoins if it believes that there are more worthy assets that should be put on the platform. Meltem Demirors, the founder of Athena Capital and the chief strategy officer at CoinShares, has affirmed that people are trying to find new revenue streams and this growing type of asset will help the company to extend its business model more. According to him, as originally reported by Coindesk, Wall Street institutions are interested in the assets, but they are also concerned with how the volatility can harm the cryptos’ ability to act as a store of value. Because of this, we have seen a sharp incline in the demand for this type of crypto asset. BitGo’s vice president of marketing, Clarrisa Horowitz, has told the media recently that this year was the year that the company was trying to reshape its model to become a more profitable business and to help its clients in a better way. During 2018, the company has more than doubled its staff, which is now composed of more than 100 employees and went from 8 to 101 different assets in less than a single year. The company also has more than 300 institutional clients now. Horowitz has affirmed that the company is also transitioning in technology and that it wants to be a full financial services company. While institutional investors already use established brands like Fidelity and the Intercontinental Exchange (ICE), as well as the New York Stock Exchange, the company is trying to carve a place in some of this market. Only time will tell how successful the strategy of the company will end up being, but it is definitely looking good at the moment. BitGo believes that these new assets are giving investors a new way to manage their risk and that this will open the space for the institutional investors to come in time. This way, the strategy of the company will work if it is able to seduce these investors which use more traditional companies now.
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COBINHOOD Crypto Exchange Adds Stablecoins GUSD, TUSD, DAI and PAX to Reduce Volatility

COBINHOOD is a next-gen zero-fee exchange. It recently revealed that it had added four stablecoins. The stablecoins are the MakerDao (DAI), the Gemini Dollar (GUSD), the TrueUSD (TUSD), and the Paxos Standard Token (PAX). Each stable coin has unique features. However, they all lead to better market stability. 4 new #stablecoins coming to COBINHOOD $GUSD $DAI $PAX $TUSD Plus, a quick update on CMT staking reward on COBINHOOD, and importantly, COB holder benefits from our ICO clients's @simplyBrand_io and @ZeuxApp . WATCH — COBINHOOD (@COBINHOOD) November 8, 2018 Why Stablecoins Standard crypto can often experience huge prices changes. In some cases, a coin can triple its value or lose nearly half of it in just a week. Stablecoins help to stabilize the market. The coins are usually pegged to a fiat currency such as EUR or USD. In some cases, they are even pegged to oil or gold. The PAX, DAI, TUSD, and GUSD will be offered to all users of COBINHOOD for purposes of trading, depositing, and withdrawals. Unique Features Of The Stablecoins • Gemini Dollar (GUSD) The GUSD holds the title of being the first stablecoin to be regulated. It was created on the Ethereum network and uses the ERC20 standard. The Gemini trust company in NY issued this stablecoin. This stablecoin is pegged to the USD. The NY State Department of Financial Services and the blockchain back it. Trading pairs for this token are GUSD/BT and GUSD/USDT. • MakerDao (DAI) It is an ERC20 stablecoin also pegged to the USD. No central group backs it. The company that created the coin utilizes a platform for smart contracts, various internal and external factors, CPDs, and an automated feedback mechanism to ensure the value of the coin is stable. • The Paxos Standard Token (PAX) The PAX is based on the ERC20 standard and is powered by the Ethereum network. It is pegged to the USD. The Paxos Trust Company issues this stablecoin. The NY Start Department of Financial Services regulates it. On COBINHOOD, there are trading pairs such as PAX/BTC and PAX/USDT. • TrueUSD (TUSD) This ERC20 stablecoin is backed by USD. It is legally compliant and verified by third parties. Each coin is backed fully by USD. The money is held in banks and major trust firms. Trading pairs on this exchange are TUSD/BTC and TUSD/USDT. What The Top Brass Had To Say According to the COBINHOOD cofounder, the main issue is constant fluctuations of the token prices. To handle the problems of instability, the exchange added these stablecoins to show the community they were listening to them. The aim, according to him, is to ensure crypto trading is comfortable for anyone. About COBINHOOD COBINHOOD was a revolutionary exchange that was launched in 2017. The exchange is home to the first zero-fee crypto trading. Besides that, speeds are quite high at this exchange. Two tech leaders Wei-Ning Huang, a former Google engineer, and Popo Chen, founder of 17 Media, created the company. The aim is to create a financial hub for the blockchain world. The COBINHOOD exchange has a belief that the blockchain will have a lasting impact on capital markets and business organizations. Thus, this exchange wants to ensure that when the change happens, they will be at the fore.
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US CFTC Plans to Seek Public Feedback to Better Understand Ethereum Blockchain

The latest report on Ethereum future contract unveiled that the Commodity Futures Trading Commission (CFTC) is looking for an in-depth analysis of Etherum blockchain. In order to improve the commission’s understanding of Ethereum and its underlying technology, the CFTC has announced its intention to publish a respective Request for Information (RFI) with the Federal Register. According to the statement: “The Commodity Futures Trading Commission (CFTC) is seeking public comment and feedback in order to better inform the Commission’s understanding of the technology, mechanics, and markets for virtual currencies beyond Bitcoin, namely Ether and its use on the Ethereum Network.” The Commission has put up a total of 25 questions which include topics such as the impetus for developing Ether and the Ethereum Network, especially relative to Bitcoin; the use of the Ethereum network by the developer community; scalability challenges, if any, of the Ethereum network; proof of work and proof of stake; similarities and differences in the governance of Ethereum and bitcoin networks; introduction of derivative contracts on Ether; and security issues, among others. Notably, one question asks: “How would the introduction of derivative contracts on ether potentially change or modify the incentive structures that underlie a proof-of-stake model?” A number of questions following this go further into detail about how the ether market might impact a derivatives market built on top of it – or vice versa. The CFTC said the comments received will benefit LabCFTC, the CFTC’s Fintech initiative, and help to inform the Commission’s understanding of these emerging technologies.

Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market

Currently, when crypto believers generalize every Wall Street banker to be a Bitcoin critic, a celebrated hedge fund manager and former Goldman Sachs executive changed his perception. Mike Novogratz is a now a name beyond the mainstream finance, and perhaps among the only consistent voices speaking in favor of bitcoin even after its 80 percent-plus drop this year. The 54-year old financial veteran sat before Bloomberg’s Erik Schatzker recently to discuss how the crypto market crash impacted their ventures and how he remains confident about crypto’s long-term potential. Novogratz admitted being on the losing side, stating that his cryptocurrency merchant bank, dubbed Galaxy Digital Holdings Ltd, brought $136 million in losses to its investors when he was raising funds for it. Nevertheless, the crypto crash couldn’t put Galaxy beneath the grounds, and the project was still on its way to – at least – break-even in 2019, he explained. “We’re not nervous; we’re frustrated that our investors have lost money. We’ve got plenty of cash to run the business for a long time. I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto.” Digital Gold in Making Analysts have continuously argued whether or not bitcoin has a use-case in the mainstream. A majority of them believes that the digital asset’s lower adoption make it an overvalued bubble similar to the infamous Tulipmania from the Dutch Golden age. Investors have entered bitcoin markets on a promise of getting rich quickly, and it is no more stable than a pyramid scheme, i.e., it is all horns but no product. Novogratz, on the other hand, interpreted bitcoin as a digital gold in the making, counterarguing that it is one of the only crypto assets that “gets to be a legal pyramid scheme.” Because, to him, it is the belief that denotes value to a store of value- nothing more, nothing less. “All the gold ever mined in the history of the world fits in an Olympic-size swimming pool,” reasoned Novogratz. “You’re out of your mind to think that pool’s worth $8 trillion. But it is because we say it is.” As a metal, a store of value asset like gold does have plenty of use cases. Most notably, it is a good reflector of electromagnetic radiation such as radio and infrared rays, as well as visible light. Therefore, gold makes an ideal metal when it comes to protecting artificial satellites, astronauts’ helmets and in electronic warfare planes. But, in reality, only about 17% of the mined gold gets used in industrial applications – minus jewelry – while the rest gets stored inside vaults. That being said, the value of gold bullion itself is 83% speculation and 17% use case. Bitcoin, according to Novogratz, strictly possesses such characteristics. “The fact that David Swensen [Yale University’s chief investment officer] put an investment into Bitcoin, with his reputation on the line, his endowment on the line, tells you something. Some of the smartest people in the investing world think it’s a store of value,” Novogratz asserted. Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market was last modified: December 12th, 2018 by Davit BabayanThe post Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market appeared first on NewsBTC.

Mike Novogratz: Bitcoin Was a Drug and We’re at the Methadone Clinic Now

CoinSpeaker Mike Novogratz: Bitcoin Was a Drug and We’re at the Methadone Clinic Now A former partner at Goldman Sachs who is popularly called the “pretty face of cryptocurrency” Mike Novogratz, said that he is now the ugly face of the bust. Talking to Bloomberg, he pointed at SEC sanctions on certain ICOs and the uncertainty surrounding Bitcoin Cash’s hard fork as the reasons behind Bitcoin’s drastic fall from $6,200 to $3,400. However, Novogratz remains confident that Bitcoin will make a comeback. “I do believe Bitcoin is going to be digital gold. We have a business that we think can break even next year, if not make money. We’ve got plenty of cash to run the business for a long time. I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto.” First, says Novogratz, they thought of crypto as of a bear market. “I went into it thinking in the long run crypto is going to be a real structural shift in the world and I can just hedge my portfolio. And to be fair, we did a really great job not losing money the first 60 percent down. What you forget is that a market like Bitcoin that’s down 84 percent has dropped 60 percent—and then another 60 percent. That’s where the pain happens. You start buying Ether again, because it’s only $400 after being at $1,300. But then it drops to $100, and you’ve lost 75 percent of your money. We haven’t done horribly in that context, but we’re still down.” He then explains what he thinks it’s next for crypto-world. He invested in a company called High Fidelity, which is a virtual world. “Me and you, we’ll sit down, and we’ll have virtual beers. People think I’m crazy when I say that, but Second Life does $500 million a year of GDP, real money traded back and forth in a virtual world with old technology. That’ll be the first use case where blockchain really works.” One of Novogratz ventures in the field of digital currency is the cryptocurrency bank Galaxy Digital LP which began trading back on August 1st, 2018. The bank was off to a very slippery start, losing 20 percent per share in a single day, which added to the company’s overall estimated losses of about $134 million in Q1 of 2018. At the time, the former Goldman Sachs partner once again said that he thinks “we’ve pretty much bottomed.” However, the market has plummeted since, as Bitcoin lost roughly another 60 percent of its value. Yet, Novogratz says that the situation is “not as dramatically as one would think.” Bitcoin Price Rise was Like a Drug High Addressing the fears surrounding Bitcoin he explains the price rise as a drug, “an instance of testosterone boiling over and its fall led to pessimism and rampant fear.” He said: “That was a drug, and I don’t say that lightly…there’s the pessimism, and the fear, and the “Oh my God, it’s going to zero.” But it’s not going to zero. We’re at the methadone clinic.” Novogratz had already been saying that the Bitcoin could hold its position till the end of the year and maybe rise, but then disaster struck. He thought Bitcoin, “was going to hold at $6,200…. but then Bitcoin Cash decided to fork again.” He also mentioned that ICO legislation by the SEC increased investor panic: “The SEC came out and sanctioned a few ICOs and said- oh, by the way, your investors can sue for damages. That scared the heck out of a lot of people.” Novogratz further added that “the ICO market is pretty much dead right now,” however, the regulatory body, “doesn’t want to kill this innovation.” Many crypto proponents of Bitcoin have equated the top crypto to digital gold, Novogratz is one among them, he said: “That means Bitcoin is the only one of the coins out there that gets to be a legal pyramid scheme. Just like gold is. All the gold ever mined in the history of the world fits in an Olympic-size swimming pool. You’re out of your mind to think that pool’s worth $8 trillion. But it is because we say it is. While I believe in the underlying technology and believe in the crypto movement, when prices get stupid, I sell. A lot of my friends in crypto just couldn’t let go. They were saying that this is going to change the world. Revolutions don’t happen overnight. I’d be walking down the street, and people would come up to me wanting to take selfies. That’s when I started to think, OK, this is weird.” Always Cautious About Bitcoin as a Currency It’s more than obvious that he is still being cautious. A year ago, he was known as one of the biggest pro-bitcoin advocates but always saying that bitcoin will be difficult for governments to shut down. “I’ve got concern that if price movements go higher we’re going to get more regulation, but I think it’s hard to shut down. I don’t think that’s a probability. Banks will be slow to move into the industry,” Novogratz then said, adding that he “doesn’t see quick adoption of bitcoin as a currency.“ He also said that one of the big risks out there right now is that prices are moving so fast that regulators are going to get nervous. “I could legitimately see bitcoin go $13,000, $14,000, $20,000, $25,000 and see somebody balk.” He also warned on the fact that right now most regulators, including those in the U.S., are working with the digital currency system and are “intrigued” by it. Today, one thing where Novogratz remains firm is that he reiterates his view saying institutional entry is key for the Bitcoin price surge. Unless that happens, a sustainable price surge in Bitcoin seems a distant dream. Novogratz says that perhaps we can see a significant institutional money flow in the first half of next year, 2019. Steady Growth or Nuclear Winter for Crytocurrency? Despite a huge cryptocurrency market crash, VC billionaire Tim Draper believes, the value of Bitcoin will keep going higher in the upcoming years. Speaking to Thiel Macro’s Mike Green earlier this month, the billionaire said he believes virtual currencies will eventually overtake fiat currency, making up two-thirds of the world’s currency value. “Down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies—they’re frictionless, they cost you less,” Draper told On the other hand, the billionaire investor and venture capitalist Jim Breyer believes that the promise offered by the technology is too great for it to be permanently buried by short-term market movements. Breyer kept saying that the technology is too big to be dismissed just because of a temporary bear market. He warned that “we’re close to a nuclear winter right now with cryptocurrency.” Mike Novogratz: Bitcoin Was a Drug and We’re at the Methadone Clinic Now

Cubits is Bankrupt and Withholding User Funds As OneCoin Ties Exposed

Anger continues to engulf cryptocurrency trading platform Cubits after executives suddenly announced the company was bankrupt, blocking all user funds. Cubits Owner: Funds Recovery ‘Unsuccessful’ In a press release dated December 11, Dooga Ltd., the UK-based entity trading as Cubits, claimed “collusion” which resulted in a “criminal act” involving the loss of €29 million ($33 million) in February 2018 had forced it to shut down. “Since February, Dooga has made every possible effort to recover these funds,” the release reads. Unfortunately – contrary to expectations – these efforts have been unsuccessful up until now. As Bitcoinist reported December 11, officials had told users on Twitter that Cubits was undergoing “maintenance” and would “be right back.” An identical message had appeared on the company’s website, but on Tuesday this changed to a 500 error message and the website went offline. A fresh tweet then confirmed Dooga had entered administration, leaving already frustrated users bewildered at the conflicting official information. Cubits had begun delaying withdrawals by weeks, some said, while another told Bitcoinist he was looking to involve law enforcement as a result of the company withholding his money. Payments Coordinator Endorses OneCoin At the same time, curious activity among senior management revealed the company’s payments coordinator Eloise Debono to be an advocate of OneCoin, a defunct Ponzi scheme, which has attracted warnings from multiple countries’ authorities over illicit practices. “Bitcoin can be bought and sold on many different exchanges, meaning you could be paying or receiving more or less than you should be,” she wrote in a bizarre article in 2016. OneCoin uses one centralised exchange called OneExchange, where there is a fixed rate for buying and selling. I personally think this is more secure and less volatile. COO Max Krupyshev, listed on LinkedIn as Cubits’ “head of crypto business,” left in November, weeks before users began to complain about withdrawal and funds access problems. Liquidator: Cubits Operator ‘Secure’ According to the company’s administrators, users will receive official correspondence about the debacle in the coming days. “Our goal is to achieve the best outcome for creditors generally at the earliest possible date,” Steve Parker from insolvency firm Opus Business Services Group commented. “Dooga’s current position is secure, investigations are proceeding and we will be writing to creditors, formally, this week.” What do you think about the ongoing Cubits debacle? Let us know in the comments below! Images courtesy of Shutterstock The post Cubits is Bankrupt and Withholding User Funds As OneCoin Ties Exposed appeared first on

Tezos [XTZ] up by 13%; boost comes after Huobi Global teases listing

Tezos [XTZ], the token which ranks on the 20th position on CoinMarketCap’s list, has been going through a rough patch, owing to the strong bear market. However, the time appears to have been changing for XTZ as it has been seen siding the bull. Source: CoinMarketCap According to CoinMarketCap, the coin was valued at $0.41 with a market cap of $252 million, at the time of press. The coin reported a 24-hour trade volume of $2 million and grew by 1.80% in an hour. The maximum trade volume of the coin was registered by, with a market cap of $510,404 with XTZ/USDT pair. It was followed by UEX on the second and third position. UEX on the second position registered a trading volume of $398,341 with XTZ/USDT pair and on the fourth position, the market cap was noted to be $394,993 with XTZ/BTC pair. Source: CoinMarketCap This comes after the coin was valued at its lowest at $0.31 recently, with a low market cap of $192 million. The trading volume of XTZ was reported to be $3 million. The rise in the coin’s prices is speculated due to getting listed on Huobi Global. Huobi released a statement informing the crypto world about this. It read: “Tezos (XTZ) will be launched on Huobi Global on December 12, 2018 (GMT+8). Deposits will be available from 14:30, December 12, 2018 (GMT+8). XTZ/BTC and XTZ/ETH trading will be available from 18:00, December 13, 2018 (GMT+8). Withdrawals will be available from 14:30, December 16, 2018 (GMT+8).” Even though the coin is struggling to make over $2 million in trading volume, it has reported an uptrend by 13% over 24 hours. Meanwhile, there have been constant talks about Tezos being listed on Coinbase over the past couple of months and many holders are hopeful about the same. On December 7, Coinbase released a list of potential cryptocurrency list, which may be a part of the new listing. This listing included tokens like Cardano [ADA], EOS [EOS], Stellar [XLM], XRP [XRP], and also Tezos [XTZ]. An update is awaited on Coinbase’s end about the final listing. Tezos seem to be upping its game and fighting the bear head-on. The post Tezos [XTZ] up by 13%; boost comes after Huobi Global teases listing appeared first on AMBCrypto.
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