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Why Do We Need to Wrap Bitcoin?

BitGo, Kyber Network, MakerDAO, IDEX and many other crypto companies partnered to create a Bitcoin-backed Ethereum token, Wrapped Bitcoin. This token will represent BTC, 1 token equal to 1 BTC stored in the custody of BitGo. It could be used to trade BTC on DEXes, the whole administration will be via DAO, similar to Maker system

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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.
BitZamp

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.
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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
Coinspeaker

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 Bitcoinist.com.
Bitcoinist

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 Gate.io, 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.
AMBCrypto
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