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Augur Bets on Ethereum Constantinople Delay After Another Bug Found

A new bug in ethereum’s Constantinople upgrade has been found at the last minute, with it affecting a limited number of smart contracts that utilize self-destruct. Jason Carver, a developer... The post Augur Bets on Ethereum Constantinople Delay After Another Bug Found appeared first on Trustnodes.
Trustnodes

Ethereum, Augur and MakerDAO together represent the holy trinity of crypto, says CEO of CitizenHex

The CEO of Ether Capital Corp, Benjamin Roberts recently talked about Ethereum, Augur and MakerDAO, on his official Twitter handle. The CEO started the thread by remarking that the three projects are “ingenious independently” and that these three together represent the “holy trinity of crypto.” This was followed by Roberts speculating on the reasons as to how their combined utility will increase the value of Ethereum. The first point made by the CEO was that the demand for DAI, in turn, increases the price of Ethereum [ETH]. He also stated that this is one of the factors that many people in the community miss about MakerDAO. “How? DAI demand > supply causes DAI price to exceed $1.00. This creates an incentive for ‘arbitrageurs’ to open CDPs and sell DAI proceeds for greater than $1.00.” The next point was about the necessity of locking collateral in the Maker System in order to open a CDP. He further added that currently, the collateral is in the form of Ethereum, wherein the token is locked, thereby reducing the supply of the coin and increasing its price. The third point made by the CEO was pertaining to the multi-collateral DAI. “What about multi-collateral DAI? The same process increases the value of any asset used as collateral. If Ethereum network is securing it, the collateral value increase leads to higher value of the Ethereum network.” This was followed by Benjamin stating that the demand for the stablecoin “kicks off” the feedback loop, which would result in Augur accelerating the DAI feedback loop. He also remarked that as the cryptocurrency market grows the demand for DAI, it would also grow to near infinity. “@AugurProject is the Twitter of derivatives. As meaningful to financial engineering as blockchains are to trust, but it’s severely hampered due to a wildly volatile quote currency. 6/ Adoption happens whenever crypto utility exceeds fiat -> crypto friction + crypto volatility. Projects like @veil solve friction, but right now crypto volatility is too high to adopt Augur.” Benjamin further stated that Augur “acquires an incredible amount of utility” if the volatility of the cryptocurrency market is going to be taken out of the picture. According to him, this is Augur’s goal and the project “will adopt” DAI as the “quote currency for all markets.” “8/ What happens when Augur adopts DAI? Augur acquires more utility and open interest increases substantially. This creates *a lot* of demand for DAI, putting upward pressure on the ETH price (as described above).” This was followed by the CEO stating that this would thereby increase the demand of REP and the currency could also be collateral in multi-collateral DAI. “The Ethereum blockchain secures the REP market cap and this creates yet more utility for ETH and further increases value”, he added. “10/ If all of this doesn’t implode, it’s going to be the greatest financial / social / economic revolution in history. Akin to adoption of the internet…maybe more powerful because of deep synergies within the ecosystem and incentives for modifying behaviour in the real world.” The post Ethereum, Augur and MakerDAO together represent the holy trinity of crypto, says CEO of CitizenHex appeared first on AMBCrypto.
AMBCrypto

An Updated Guide to Augur REP

Betting platforms have offered a means for personal prediction and speculation over time. In fact, gambling has been with the man for many centuries as an act of […] The post An Updated Guide to Augur REP appeared first on UseTheBitcoin.
Use The Bitcoin

Augur Blockchain-Powered Prediction Markets Predicts the 2019 Super Bowl Winner Successfully

Augur, a decentralized prediction marketplace that is powered by the Ethereum smart contract distributed ledger and makes it possible for people to bet on a vast array of events including sports, politics entertainment and others, rightly predicted the outcome of the Super Bowl finals between the Patriots and the Rams, according to reports on February 4, 2019. Augur Predicts Correctly Per sources close to the matter, long before the game between the Los Angeles Rams and the New England Patriots took place, a considerable chunk of Augur markets favored the Patriots to come out tops, and it has turned out to be the right prediction. As shown in the image below, before the playoffs went live, 49 percent of the Augur crowd predicted that the New England Patriots had a 49 percent chance of winning the league while 46 percent of predictors favored the Los Angeles Rams and a few predicted that the New Orleans Saints would be the 2019 champions. Interestingly, another prediction market on the Augur platform which focused on only the Rams and the Patriots predicted that the Patriots had a 54.9 chance of winning the 2019 Super Bowl. Augur Steadily Gaining Traction Reportedly, the Augur protocol allows users of the platform to purchase or sell shares of a potential outcome of a given event, and if the contest ends in favor of the participants, they will receive $1 for each of the winning shares they hold. One key feature that is boosting Augur's popularity in the betting world is that unlike Vegas, the market maker does not dictate the odds of an event outcome; instead, Augur “relies on the wisdom of the crowd” to decide the probability of any outcome. In other words, Augur doesn't depend on experts or analysts to predict the exact outcome of events, instead, it relies on proven scientific evidence that stipulates that the predictions of a large group of people (the crowd) will often be more accurate than that of experts in that particular field. Augur May Overtake Vegas soon Another excellent feature of the Augur marketplace is its very low fees. While Nevada sportsbooks charge bettors exorbitant fees, which has reportedly amounted to a 7.3 percent profit (an average of $6.2 million annually) on Super Bowl bets since 1991, Augur on the other hand, charges users a meagre 1.97 percent for the highest volume Super Bowl bet which is a scant $3.1 million per year. It's worth noting that some Augur users have made a fortune from the platform in recent times. On January 25, 2019, Bitcoin Exchange Guide reported the story of an Augur user who made more than $100,000 (856 ETH) in profits.
Bitcoin Exchange Guide

Even Super Bowl LIII isn’t Enough to Attract Massive Betting on Crypto Gambling Platform Augur

Super Bowl LIII happens today. One of the biggest sporting events of the year in the world, the game features the New England Patriots (for the 11th time) and the Los Angeles Rams, a franchise which recently moved to the City of Angels from St. Louis. CBS reports that early betting at first favored the Rams, but overall the money appears to be on the Patriots. “On the betting market, the Rams surprisingly opened as one-point favorites on Championship Sunday before sharp money streamed in on the Patriots, making them favorites almost immediately after the opening line was posted. By Even Super Bowl LIII isn’t Enough to Attract Massive Betting on Crypto Gambling Platform Augur by CCN
CCN

The Augur Prediction Market Claims The Patriots Will Win The SuperBowl

Why the Augur prediction market platform will overtake Vegas for sports betting.Ah, the Super Bowl. An event comprised of buffalo wings, your favorite cheap beer *cough* Pabst Blue Ribbon *cough*, and great friends(who aren’t Rams fans). It’s a day filled with wonderful memories — jumping up and down in joy, yelling at professional athletes(we know you could have made that catch), and watching Grandpa fall asleep before half-time.And of course, let’s not forget betting. After crushing my fantasy league, it’s time to show everybody that I can win when it counts — by accurately predicting the winner of the Super Bowl.But who should I bet on, who’s more likely to win? The prediction market platform, Augur, has the answer.What is Augur?Augur is a prediction market platform in which any individual can create or bet on a market(game, event, election). The Augur protocol, which runs on top of the Ethereum blockchain, allows individuals to buy or sell shares of a potential outcome.For instance, a market creator can generate the market for: “Which team will win the SuperBowl?”The creator of the market can define a set of possible outcomes, like “Patriots” or “Rams” At the start, these options are split into shares, with all shares summing to $1.00, or a 100% probability. Possessing a winning shares earns $1.00. For instance, if there’s a 51 percent chance the Rams will win — and they do — each Ram share owner will receive $1.00 per share.Why would I bet on Augur over Vegas?One key difference between Augur and Vegas is that the market maker(a random individual on Augur) doesn’t dictate the odds of an event outcome. The platform relies on the “wisdom of the crowd” to decide the probability of any outcome. The concept, based on proven scientific evidence states that a large number of people(the crowd) will almost always be more accurate than experts when it comes to predicting the outcome of events. Think about the accuracy of NFL or NBA analysts or prominent talk show hosts like Chris Broussard, Jason Whitlock, Collin Cowherd, Shannon Sharpe, and Skip “SKIIEEEEUP” Bayless. While no doubt entertaining, these experts are often wrong at predicting the winners of every game. If they could accurately predict winners, you can be sure Shannon and Skip would bet money instead of cases of mountain dew soda. Personally, I’d prefer Dr. Pepper.A new survey from the American Gaming Association, conducted by Morning Consult, finds that nearly 23 million (or 1 in 10) American adults plan to bet on the big game this year. The betting is predicted to hit $6 billion total, most of which will be conducted illegally via online offshore sportsbooks, local bookies, or bets amongst friends. In fact, a record 158.6 million was wagered with Nevada sportsbooks during last year’s Super Bowl. Because so few people can bet legally, legal bets often lead to the house taking large fees. According to Betfirm, since 1991, the Nevada sportsbook has averaged a 7.37% profit on Super Bowl bets, which amounts to an average of $6.2 million each year in profit and the expected profit for this year’s Super Bowl is $11.7 million. On Augur, the fees are 1.97% for the highest volume Super Bowl bet, which would add up to $3.1 million.Do you want Vegas taking 7.37% of the total pile just because there’s no place else to go?Online gambling will outpace VegasThis is the first year legal sports betting has grown in America because the Supreme Court ruled that the Professional and Amateur Sports Protection Act — which essentially limited sports betting to one state — was unconstitutional.Before this year, Nevada was the only state that allowed for full sports betting. Since the ruling, seven other states are now providing individuals with the ability to place a wager on Super Bowl 53 legally. With most states likely to offer sports betting in the future, Vegas will begin to lose its monopoly of the sports betting market. Online and decentralized platforms like Gnosis and Augur will usurp centralized sports betting to become the gambling platforms of the future.How to place a bet with Augur1. Choose an EventChoose an event to predict. Anything is fair game, from the next presidential election to the success of a company’s product.2. Create a MarketCheck the list of open markets to see if a market already exists for your event. If not, create one.3. Buy and Sell SharesTrade on the outcome of your event by buying and selling shares in its market. Buy shares to go long on an outcome, or sell shares to short it.4. Report the OutcomeReport the winning outcome of the event after it occurs. Other users can dispute your report if they don’t agree.5. Claim Your WinningsUsers who hold shares of the winning outcomes are paid out from the market contract when the market is resolved.The highest all-time earner on Augur has made 734 ETH over 177 trades. At today’s ETH price ($107.00) that amounts to nearly USD 80,000, however, the amount is likely higher depending on when the individual cashed out. On the other end, the biggest loser has made 80 trades and lost 382 ETH or just over USD 40,000.The takeaway, it pays to be right.Who will win the Super Bowl?According to Vegas, as of Jan. 29, five days before the game, 52% of bets are being placed on the Rams, and the Patriots are favored at most sportsbooks by 2.5 points.Below is one of several Augur markets for the 2019 Super Bowl made before the playoffs started. As individuals bet, the likelihood of the winner changes reflecting the overall confidence of the crowd. This prediction market event favors the Patriots by 3% over the Rams.Another Augur market, between only the Rams and the Patriots, shows the Patriots holding a 54.9% chance of winning the Super Bowl. The crowd has spoken, now we just need to see if they are right.There are even some fun and unpredictable markets on Augur that couldn’t exist anywhere else.Surely it’ll be lime green, the best flavor of Gatorade.Over-time AKA final thoughtsPrediction markets bring the potential for new markets, such as “How many plays will Tony Romo be able to forecast correctly before they happen?”My guess, 4.More compelling, are the new business models that merge into existence with Augur. For example, users can build their reputation by proving their ability to predict the future. Worst case scenario — Augur becomes a better Vegas, offering lower fees and increased capital efficiency. In the best case scenario, the platform creates new economic models and a not-so-small shift toward a more merit-based economy.Either way, Go Pats.https://medium.com/media/eb70db0a21c4e8715b29a5306af17d39/hrefDisclaimer. The views, information and opinions expressed are solely those by the author above do not necessarily represent the views of Consensys AG. This article is a general interest piece and is not an endorsement of any betting or gambling platforms. Any reference in this article to any person, organization, activity, products, or services does not constitute an endorsement or recommendation of ConsenSys. This article does not constitute legal or other professional advice or services. ConsenSys is a decentralized community with ConsenSys Media being a platform for members to freely express their diverse ideas and perspectives. To learn more about ConsenSys and Ethereum, please visit our website.The Augur Prediction Market Claims The Patriots Will Win The SuperBowl was originally published in ConsenSys Media on Medium, where people are continuing the conversation by highlighting and responding to this story.
Consensys Media

Augur / USD Technical Analysis: A Tortuous Path To Reversal

Augur is under pressure in the short-term after a period of sustained losses in the second half of January The recent decline has created bullish price divergence on the four-hour time frame REP/USD is bearish in the medium-term but shows potential for a bullish reversal  Augur / USD Short-term price analysis   In the short-term, Augur is bearish and has been under sustained selling pressure over the last two weeks. The REP / USD pair is currently below its 50-period moving average on the four-hour time frame, which is consistent with weakness. Drawing a Fibonacci retracement sequence from the REP / USD pair’s current 2019 trading peak to the start of the mid-January rally, we can see that the decline has found support from 0.786 Fibonacci retracement level. Strong bullish trends will usually reverse from the 61.8 retracement level if a pullback occurs. It is worth noting that the recent decline has created sizeable bullish divergence on the four-hour time frame.   Pattern Watch A head and shoulders pattern is visible on the lower time frames, although the downward projection of the bearish pattern appears to have played out.     REP / USD H4 Chart                                                                         (Source: TradingView)     Relative Strength Index The Relative Strength Index shows bullish price divergence on the four-hour time frame. This may be a leading indicator that the recent decline may reverse at some point in the near-term.   MACD Indicator The MACD indicator is starting to correct higher but currently provides no clear signal. REP / USD Medium-term price analysis   Augur is bearish in the medium-term, but shows potential for a bullish breakout if the REP/USD pair can establish a price floor around current trading levels. A large inverted head and shoulders pattern can be seen across the daily time frame chart. Bulls ideally need to sustain the REP / USD pair above the 10.0000 level over the medium term; this key psychological level also coincides with the pair’s 50-day moving average over the medium-term. Technical indicators on the daily time frame show no clear bullish signs at present, although the Stochastic indicator appears slightly overstretched.   Pattern Watch The inverted head and shoulders pattern is the key theme across the daily time frame. A recovery back above the pattern’s neckline is vital for medium-term strength in the REP / USD pair.     REP / USD Daily Chart                                                                         (Source: TradingView)     MACD Indicator The MACD shows no clear divergence on the daily time frame, while the histogram is starting to stabilize and the MACD line is moving lower.   Stochastic Indicator The stochastic indicator appears overstretched on the daily time frame. Traders should watch for a reversal in this indicator as it may signal a near-term price floor and possibly the start of a reversal. Conclusion Augur is bearish in the short-term and medium-term and is moving lower alongside the prevailing long-term downtrend in the REP / USD pair. This cryptocurrency shows promising signs that a recovery could take place if a near-term price floor is established. The bullish divergence present on the four-hour time frame supports a strong near-term recovery, while the large inverted head and shoulders pattern on the daily time frame could reignite Augur’s medium-term prospects. 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Augur(REP) Price $12.61 Market Cap$138,603,525.54 #ccpw-ticker-24533 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24533 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24533 a.tabperiods.tabperiods_active, #ccpw-ticker-24533 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24533 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24533 .coin-container:after, .ccpw-container_four #ccpw-ticker-24533 .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 Augur / USD Technical Analysis: A Tortuous Path To Reversal appeared first on Crypto Briefing.
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Predictions.Global Partners with Veil to Allow Augur Traders Predict Events

On January 24, 2019, Paul Fletcher-Hill, co-founder and CEO of Veil, announced on Medium that Predictions.Global, a platform for accessing Augur markets, will be integrated into Veil, a peer-to-peer trading platform.  Predictions.Global Blended into Veil As reported by BTCManager on January 16, 2019, Veil, a prediction markets and derivatives trading platform went live on the … Continue reading "Predictions.Global Partners with Veil to Allow Augur Traders Predict Events"Read More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
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The Great Gamer Gone Gambler: How A Single Augur User Made Nearly Half Of All REP Profits

The Great Gambler: A Single user Made Nearly Half Of All Augur Profits. Some people are born lucky while others have to slog it out. Then there are those who have a knack for knowing when lady luck is being kind to them. That seems to be the case for one Ethereum address that has accounted for nearly 50 percent of all profits from the prediction market of Augur. A Charmed Existence As per reports built using Ethereum developer Mike McDonald tools, a lions share of Augurs profits have gone to a single address, 0x008c84421da5527f462886cec43d2717b686a7e4. The address is fairly active, having many tokens and actively taking part in various games. All this has culminated in a profit of 856 ETH. Kevin Rooke, a twitter user, pointed out, ”One Augur trader has made over $100,000 (856 ETH) in profit from 177 trades. This one address has earned almost 50% of all realized Augur profits.” This has prompted McDonald to dig deeper and he is now working on unearthing which predictions were participated in. This is certainly worth checking out as this winner is ahead by a country mile. The next highest earner has profited a respectable 136 ETH, that is still over 700 ETH behind this undisputed leader of Auger trades. What Is It And How Does It Work For those who might be unaware, Augur is a decentralised predictions market protocol that uses the Ethereum blockchain. It essentially works by rewarding those who make the right bets. The Augur Cycle works in 5 stages: Choose an Event: Anything from a product to a president can be chosen and predictions are made on an event. Create a Market: If a similar option has not already been created, make one. Buy and Sell Shares: To see the end of the bet one needs to buy shares, but till the time the event hasn’t occurred, those shares can be traded. Report the Outcome: Once the event comes to pass it needs to be reported, something that others can disagree with. Claim Your Winnings: Those who kept the shares now get a proportionate payout in the winnings. The Fine Line Between Success And Failure While it is exciting to note the potential of the platform, data also suggests that the community's reaction has been, at best, lukewarm. It didn’t help that the most recent elections which saw the Republicans lose their stranglehold over the House of Representative, still saw people who had bet on them, winning. The rationale offered was that the House was controlled by the Republicans on the date the particular bet was closed. Therefore wording and understanding the fine print are of paramount importance. Since anyone can place any bets on this platform, a reputation system has been implemented to encourage fair play and the situation of “read the fine print”. From a technical standpoint, its native implementation uses the Edge wallet but it is flexible enough to allow anyone to build tools. With the collapse of the crypto market, interest in blockchain also dissipated. Thus, blockchain-related products have naturally suffered. While public enthusiasm is market dependent, this slow down gives most cryptos time and space to reinvigorate themselves. Hopefully, this platform can do the same and emerge stronger out of these trying times.
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Augur Based Veil Acquires Predictions.Global To Make User-Friendly Interface

Trading platform Veil has recently announced that they have acquired Texas-based Predictions.Global. Even though the purchase had been done a couple of months back, it was officially announced today. What Is Veil? Veil is a peer-to-peer prediction market and derivatives platform built on top of Augur, 0x, and Ethereum. It is designed to bring Augur mainstream. All markets listed on Veil are represented as Augur markets on Ethereum, and we've augmented the Augur experience in two meaningful ways. Veil was founded in the Fall of 2018 by Paul Fletcher-Hill, Feridun Mert Celebi, and Graham Kaemmer. The company is backed by Paradigm, Sequoia Capital, and 1confirmation. Nick Tomaino of 1confirmation thinks that the potential of Augur is unparalleled. He had earlier said: “Similar to the way that Coinbase aggregated a lot of the talent and mindshare necessary to bring the nascent bitcoin protocol to more users back in 2013, Veil is doing the same around the nascent Augur protocol in 2019.” Notably, Veil launched their Augur-based trading platform which offers a better interface eliminating the requirement to download the Augur app and sync it to Ethereum’s network. What Does Veil Expect Out Of The Acquisition? Predictions.Global has their profile and brand more established than that of Veil. In their pursuit to become the easiest way to discover Augur markets, they want to keep the site up for now. However, they are going to add links that lead to Veil. Ryan Berckmans, one of the co-founders of Predictions.Global will be joining Veil in an advisory capacity to help with product development, especially future social features. The company believes that there will be a surge of new social experiences enabled by open markets; everything from websites reacting to which market positions you hold to reputation systems for curating alike markets.
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A Single Trader Has Made Nearly Half of All Augur Profits Since Inception

New data pulled from decentralized betting marketplace Augur shows that since the platform launched nearly seven months ago, a single user has reaped nearly half of the profits made from placing bets on the platform. An Augur leaderboard compiled by security researcher Mike McDonald shows that the anonymous user has made nearly $100,000 from Augur bets. Source: GitHub Contrasting Fortunes Over the course of 177 trades, the user has made 856.4656 ETH, which works out to about $99,433 at current market rates. As fascinating as this would appear, the rest of the leadership makes more even more interesting reading, with the user in (a distant) second place recording profits of 136.926 ETH (about $15,866) across just 14 trades, meaning that this user has averaged over $1,000 in profit per trade. Further down the leaderboard in fourth place is a mega-user with 662 trades on Augur and a profit balance of 84.935 ETH ($9,865). At the extreme end of the list in 1,344th place is a user with 80 trades registered on Augur and a net loss of 1311.529 ETH ($152,504), which averages at a loss of approximately $1,906 per trade. This user is by far and away the biggest loser on the entire Augur platform, with the next biggest loser registering a loss of 387.59 ETH ($45,069) across 229 trades. Evidence of Low Turnover Beyond the novelty value of these results, what seems evident from this data is that like so many other DApps, Augur is suffering from a pointed lack of usage. A total of 1344 users in over six months of operation averages out at about 224 new users per month. A cursory examination of the current DApp usage leaderboard shows that it is still heavily dominated by gambling DApps which while relatively active with large volumes of money flowing through them, are only used by a relatively small number of people. Augur was marketed at launch as the platform that would show the true value of decentralization by creating a censorship-free environment for all types of betting markets. Instead, however, the post-launch period was dominated by news about assassination prediction markets on U.S. president Donald Trump opening up, among other embarrassing incidents. The recent launch of the Veil Mainnet, built on Augur and 0x protocols, however, provided a much-needed market boost for Augur, sending the REP price shooting up 38 percent last week. Veil has marketed itself as a consumer-friendly implementation of Augur, solving the platform’s problems of delayed payout and low speed. The post A Single Trader Has Made Nearly Half of All Augur Profits Since Inception appeared first on Coingape.
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Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto?

While Elon Musk has yet to formally delve into the Bitcoin space, he has long been a fabled member of the crypto community. Since finding his way to the headlines of the world’s media, the Tesla chief executive’s pro-innovation mindset has struck a chord with many enamored with cryptocurrencies. In fact, some say that Musk’s unsaid raison d’etre of bettering society at large, especially by amending the world’s most harrowing issues (climate change, confinement on Earth, financial inequality), lines up with the goals held by many cryptocurrency insiders. Thus, some have even argued that Musk could be Satoshi Nakamoto. Sahil Gupta, a former intern at Musk’s second multi-billion dollar enterprise SpaceX, once infamously claimed that Musk’s brief mentionings of cryptography, economics, the C++ computing language, along with the entrepreneur overarching vision scream Satoshi. The South African-Canadian entrepreneur has done his best to keep his mouth zipped regarding his candidacy for the Satoshi title, but that hasn’t stopped him from talking about cryptocurrencies. We had @elonmusk on the latest episode of @ARKInvest's podcast! He had a few things to say about Bitcoin. "Paper money is going away and cryptocurrency is a far better way to transfer value than pieces of paper." – Elon Muskhttps://t.co/U5qOnM7nBo — Yassine Elmandjra (@yassineARK) February 19, 2019 Bitcoin Is “Quite Brilliant” While the crypto market has remained in a depressed state, save for Monday’s jaw-dropping rally, stars have begun to descend on this industry. Weeks ago, NewsBTC reported that a mass of celebrities, including the Spice Girl’s Mel B, Johnny Depp, Madonna, and Lionel Messi, had some involvement in cryptocurrency. More recently, Jack Dorsey of both Twitter and Square took to Joe Rogan to claim that the native currency of the Internet is likely to be Bitcoin. Related Reading: Twitter CEO Loves Lightning on Bitcoin: is it the Future of Fast, Instant Payments? And just on Tuesday, Elon Musk, the most well-known Silicon Valley guru, took to the New York-based ARK Invest’s “FYI” Podcast to touch on Tesla’s plans, autonomy, other innovations, such as crypto. Per The Block, who compiled his comments regarding cryptocurrencies, Musk made his comments with explicitly bullish tones. After discussing Tesla’s most recent advancements, the hosts of the podcast, the CEO and an analyst at ARK, a disruptive innovation-centric investment group, took a brief aside. They asked Musk if he agrees with Dorsey’s recent comments on Bitcoin and cryptocurrencies at large. Interestingly, Musk responded with an answer, albeit somewhat cursory. He tacitly agreed, noting that the “Bitcoin structure was (is) quite brilliant,” adding that Ethereum and “maybe some of the others” have merit too. Musk did admit that he isn’t too enamored with Bitcoin’s Proof of Work (PoW) consensus mechanism, noting that it is energy intensive. Yet, he explained that fundamentally, crypto assets are great as they bypass currency controls, especially in nations embroiled in financial and political turmoil, like Venezuela. He added that cryptocurrencies are also a “far better way to transfer value than pieces of paper,” subsequently quipping that he’s sure of this “without a doubt.” In spite of all this, he made it clear that Tesla isn’t going to foray into the crypto space in any capacity, noting that it would be a good use of his firm’s resources to prop up an offering. Musk’s abrash comments quickly elicited responses from each and every corner of the crypto space. Matt Odell, a long-time pro-Bitcoin coder and industry personality, joked that the comments “confirmed” his bias that cryptocurrencies could oust banknotes. Changpeng “CZ” Zhao of Binance noted that eventually, “[Musk] will join the brotherhood,” adding that he is unequivocally sure that the businessman will take up a crypto mantle. CZ notably called on the Tesla founder to take up the Lightning Network Trust Chain torch last week, just days after Twitter’s Dorsey openly lauded Bitcoin in dozens of tweets. Crypto Is Better Than Banknotes? While Musk made notable acknowledgments in his brief appearance on ARK’s “FYI,” what stood out to many crypto investors was his thoughts on the dichotomy between banknotes & physical cash, and crypto assets, not centralized e-money. For a brief recap, Musk simply stated that he is unequivocally sure that crypto, whether it be Bitcoin, Ethereum, or otherwise, is a “far better” medium of exchange than pieces of paper. Shocking, right? This may be deemed hearsay by pundits of the legacy world, but the world is already adopting digital mediums of exchange. Per previous reports from this outlet, Arthur Hayes of BitMEX took to his company blog to claim that platforms like WeChat Pay and AliPay have already begun to take over China’s financial system. Who’s to say that cryptocurrencies, a decentralized counterpart to these systems that tout their own currencies, cannot have a similar impact on society at large. The fact of the matter is that these digital payments systems, whether decentralized or centralized, offer benefits that cash/plastic cannot. Case in point, payments on both Bitcoin and WeChat Pay are cheap, rapid, and relatively secure. But arguably, decentralized payment ecosystems, which are non-sovereign, private, immutable, and non-censorable, are even better than their centralized peers, which is likely what Musk was touching on. Featured Image from Shutterstock Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? was last modified: February 20th, 2019 by Nick ChongThe post Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? appeared first on NewsBTC.
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In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange

In this edition of The Daily we cover some largely supportive remarks the famous entrepreneur Elon Musk has made about Bitcoin, the latest academic institution to launch a blockchain R&D center, and a new offering from Malta-based exchange Xdat. Also Read: Bank of Spain Report: Bitcoin Is a Solution for a System Without Censorship Elon Musk Talks Bitcoin The founder of Tesla and Spacex, Elon Musk, is once again making headlines about crypto. He recently went on the Ark Invest podcast to discuss the future of autonomous driving technologies. Most of the half-hour interview focused on the strategy behind his electric car company but the topic of cryptocurrency eventually popped up in the last four minutes. Musk commented: “I think the Bitcoin structure is quite brilliant. There seems like there is some merit to Ethereum as well, and obviously others. But I’m not sure if it’s a good use of Tesla resources to get involved in cryptos … We’re really just trying to accelerate the advances of sustainable energy. One downside of Bitcoin is … computationally it’s quite energy intensive. There has to be some kind of constraint on the creation of crypto. It’s very energy intensive to create the incremental bitcoin at this point … It bypasses currency controls. Paper money is going away, and crypto is a far better way to transfer value than pieces of paper. That’s for sure.” Shanghai’s Fudan University Launches Research Center Shanghai’s Fudan University has become the latest academic institution to launch a blockchain R&D center. Founded in 1905, Fudan is one of the most prestigious and selective schools for higher learning in China. The Shanghai Blockchain Engineering Technology Research Center is tasked with carrying out basic research in the field, developing demo applications in collaboration with the broader industry, and training talent to serve Shanghai’s economic development. Last month the University of California, Berkeley announced the formation of its own blockchain-focused startup accelerator program, the Berkeley Blockchain Xcelerator. This program is meant to help aspiring entrepreneurs create high-value ventures in the blockchain space with industry guidance from Silicon Valley. Xdat Exchange Lists 18 Trading Pairs Xdat, a new Malta-based cryptocurrency trading exchange, has announced the listing of 18 trading pairs. These comprise ETH/BTC, BCH/BTC, EOS/BTC, ETC/BTC, XRP/BTC, DASH/BTC, LTC/BTC, BTC/ETH, BCH/ETH, EOS/ETH, ETC/ETH, XRP/ETH, DASH/ETH, LTC/ETH, BTC/TUSD, ETH/TUSD, BTC/EURO, and ETH/EURO. The company has further plans to add other pairs over time. The exchange is compliant with Maltese regulations for KYC and AML procedures and caters to both retail and institutional investors. Its fiat gateway allows users to deposit funds in 12 major currencies: USD, GBP, JPY, HKD, CHF, AUD, NOK, SEK, DKK, CZK, PLN, and HUF. This selection is meant to eliminate the need for involvement of a foreign bank for the supported options and allows users to work solely with Xdat’s bank. “Xdat is on a mission to address the key problems of existing exchanges … including lack of flow of new capital, lack of trust, no approach for mass adoption, and high fragmentation,” said CEO Prashanth Swaminathan. “Our aim is to bring crypto to all. To that end, we will be working closely with our community and using their support and feedback to make our interface more user-friendly and trading as streamlined as possible.” What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange appeared first on Bitcoin News.
Bitcoin News

Elon Musk Praises 'Brilliance' Of Bitcoin And Ethereum, But Clash With Tesla's Energy Stance

Main Street seems to be giving cryptocurrency a second look. Last week, Jamie Dimon and JPMorgan Chase & Co. (NYSE: JPM) announced an investment in JPM Coin, which will become the first digital token provided by a U.S. bank. This week, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk lent cryptocurrency additional validation. “Paper money is going away, and crypto is a far better way to transfer value than pieces ...Full story available on Benzinga.com
Benzinga

Elon Musk Calls Bitcoin "Brilliant" | Here's Why He's Optimistic

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