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One of the founder of venture capital firm Andreessen Horowitz.

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Bitcoin’s ‘Five-Year Bet’ Now Has an Official Winner Between Ben Horowitz and Felix Salmon

As some of our regular readers may remember, around five years back in 2014 — a time when Bitcoin was trading between $250 and $700— Ben Horowitz and Felix Salmon appeared on NPR’s Planet Money podcast to discuss the future of digital finance. During their appearance on the show, the aforementioned individuals made a live bet regarding the state of Bitcoin in 2019. For those who may not be aware, Horowitz is a long term crypto bull and partner at VC firm Andreessen Horowitz. He has been associated with the altcoin domain for more than half-a-decade— with his business venture even pumping in millions of dollars into various cryptocurrency companies. Horowitz had predicted that within a period of 5 years, Bitcoin would not only have entered the mainstream but would have also revolutionized the way in which e-commerce payments work. In a similar vein, back in 2014 Felix Salmon who is now heading media operations for Axios, said that due to the rising price of BTC (on a near day-to-day basis), the asset would unlikely be used as a medium of exchange for daily transactions by the masses (an aspect which Felix believed would lead to the eventual demise of the cryptocoin as well). More On The Matter Horowitz and Salmon both agreed to meet after five years and assess the state of the market during their 2014 appearance on NPR’s podcast. They also agreed on an official bet, the conditions for which are as follows: “If 10% of Americans or more said they’d bought something with Bitcoin in the past month, Ben would win. If the number was lower, Felix would win.” Before declaring the winner of the bet on episode #891, Planet Money published a poll on their website in an effort to gauge whether or not BTC (or any other major altcoin) had really been able to break into the financial mainstream. Not only that, even Ipsos recently conducted a poll that took into consideration the opinions of 900 Americans who were asked the simple question: “Have you purchased anything using Bitcoin as your payment within the past month?” In response, only a meager 3% of the respondents replied in the affirmative. As a result of losing the aforementioned bet, Ben now owes Felix a pair of size 11 socks (as well as some of his pride).
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Ben Horowitz: Trust and Programmable Money

💰Get on the Waiting List ★ http://yen.io From a much larger talk with Ben: https://techcrunch.com/video/even-harder-things-with-ben-horowitz-andreessen-horowitz-disrupt-sf-2018/ // GET THE APPS 💰 Social Exchange - http://yen.io 🚀 Market Cap - http://coinpuffs.com 💥 Stay Woke - http://cryptoyum.com 📚 Free Email Course - http://10daysofbitcoin.com // GET STARTED 🚀 Become a Cryptonaut - Support us on http://patreon.com/pub 💻 Join us at the PUB! - http://thebitcoin.pub 💰Get a Coinbase Wallet! - http://dctv.co/dctv-coinbase - Sign up! // WE DO SOCIAL 🔑 Decentralized Newsletter - https://dctv.co/dctv-news 📔 Twitter - https://dctv.co/dctv-twitter 💻 Google+ - https://dctv.co/dctv-googleplus ✏️ LinkedIn - https://dctv.co/dctv-linkedin 💻 Medium - https://dctv.co/dctv-medium Music by Charles Giovanniello, a Bitcoin Pub community member! Note: This is not financial advice as all investing is speculative. Have fun and good luck!
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Ben Horowitz Says Crypto Developer Activity is Highest Since Internet’s Rising Experience

Ben Horowitz Says Cryptos Experience the Highest Developer Activity Since Internet Cryptocurrencies are experiencing the highest developer activity since the internet says Ben Horowitz. The legendary investor is the co-founder of Andreessen Horowitz and has always been giving insights about the cryptocurrency market. During a conversation at TCDisrupt, Mr. Horowitz said that both blockchain technology and cryptocurrencies should be considered as a new computing platforms. He mentioned that every 20 years there are new developments that end up becoming new and revolutionary platforms. Ben Horowitz explains the rise of crypto #TCDisrupt pic.twitter.com/fTGndiKhcw — TechCrunch (@TechCrunch) September 10, 2018 Horowitz explained that cryptocurrencies work in a similar way than older platforms. It’s slow, it’s complex but it has one feature that it has never existed before: trust. For him, this is a very important thing because it is powerful, users do not have to trust third parties to participate in the network. Moreover he said that developers have a completely new world, since they can build new applications such as money. It is possible to program law, money, digital property. It is not necessary to trust a platform, another third party or a judge or lawyer. Then he talked about initial coin offerings (ICOs). He compared them with the dot-com bubble. About it he mentioned: “Somebody at the office said the other day: ‘Not all ICOs are bad but all bad companies have an ICO. I think that’s right.” Horowitz said that companies back in the 90s were adding ‘dotcom’ to their names, something that helped them skyrocket in the market. However, after it, they experienced a sell off and did not contribute to the overall genuine growth of the space. The same is happening nowadays with some companies in the cryptocurrency market. They are changing their names adding the word ‘blockchain’ to receive an influx of new investors. Nonetheless, in a very short period of time, they fall to previous price levels. Back in July, Aragon co-founder Luis Cuende, said that there is a new wave of developers that are entering into the space. About it he mentioned: “I don’t know any good Ethereum developer that isn’t a millionaire, and it’s only a matter of time before it will become a gold rush among developers to learn the technology.” The number of developers using Ethereum has increased exponentially in the las months. Additionally, several universities and colleges are working with its platform. At the moment, the cryptocurrency market is expanding. Companies are testing different solutions and new merchants are starting to accept virtual currencies as a means of payment. Both Bitcoin and Ethereum are going to see huge updates in the middle-term including the Lightning Network (LN), and Sharding and Plasma n Ethereum. This increased activity in the number of developers working in the space means that cryptocurrencies are useful and that we need to wait until they will become mainstream.
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Ben Horowitz of Andreessen Horowitz: Bitcoin as Store of Value is the Leader

Ben Horowitz represented Andreessen Horowitz, a top VC fund in TechCrunch Disrupt conference in San Francisco. He spoke about crypto fund of his company and their disruptive position. When asked about the venture in the crypto space, Horowitz responded that there was more developer activity in the cryptocurrency space and that it has been more than anything that “we’ve seen since the internet”. He called it a new computing platform, painting parallels between the evolution of computing from mainframes to PCs to smartphones. In his words: “The thing that’s deceptive about it is when the new platform at the time is generally worse, in most ways, than the old platform, but has some new capabilities. With crypto, it’s very similar in that it’s worse in most ways than the old computing platform. And that it’s slow. It’s really complex. It’s lacking a lot of features. But it has one feature that has never existed before. And that’s trust.” Horowitz embellished on the trust that can be displayed upon the true application of blockchain, asserting that it is “super powerful”. Furthermore, he repeated the fact that the trust came from “mathematical and game theoretic properties of the platform”. He called cryptocurrencies a “really transformational idea”, thus leading to a lot of ideas and projects being formed currently. When asked about whether he was interested in the identity and authentication based applications of blockchain or the currency aspect, Horowitz added: “I think that so there ’s kind of store value and that Bitcoin is obviously the great kind of leader in the store of value. And I think that that’s a relatively, it’s very valuable, but it’s probably less interesting from a technology standpoint that kind of the other side, which are, you know, kind of crypto networks, and things like Ethereum which is the world’s computer and so forth.” Horowitz also articulated explicitly about Bitcoin [BTC], affirming that there was no other use for it than “storing your money”. He went on to say: “There’s not that much you’re going to do with Bitcoin, but it’s not really a platform that developers turn to.”
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Bitcoin [BTC] is the “leader in store of value”, says Ben Horowitz

Ben Horowitz from Andreessen Horowitz, a top VC fund, recently appeared at TechCrunch Disrupt conference in San Francisco to speak about the cryptocurrency fund at his company. He also spoke about cryptocurrencies and their disruptive position, programmable money and trust. When asked about whether there was “real stuff out there” in the cryptocurrency space, Horowitz responded that there was more developer activity in the cryptocurrency space, and that it has been more than anything that “we’ve seen since the internet”. He called it a new computing platform, drawing parallels between the movement of computing from mainframes to PCs to smartphones. He stated: “The thing that’s deceptive about it is when the new platform at the time is generally worse, in most ways, than the old platform, but has some new capabilities. With crypto, it’s very similar in that it’s worse in most ways than the old computing platform. And that it’s slow. It’s really complex. It’s lacking a lot of features. But it has one feature that has never existed before. And that’s trust.” Horowitz elaborated on the trust that can be exhibited upon the correct application of blockchain, stating that it is “super powerful”. Moreover, he reiterated the fact that the trust came from “mathematical and game theoretic properties of the platform”. He went on to say: “That means that you don’t have to trust the government, or Twitter and Facebook, or the other people, even on the network. You just have to trust math. And that opens a very interesting world for developers because you can build new applications like money. Which nobody’s ever been able to program money before, but now you can.” He called cryptocurrencies a “really transformational idea”, thus leading to a lot of ideas and projects being formed currently. When asked about whether he was interested in the identity and authentication based applications of blockchain or the currency aspect, Horowitz stated: “I think that so there there’s kind of store value and that Bitcoin is obviously the the great kind of leader in store of value. And I think that that’s a relatively, it’s very valuable, but it’s probably less interesting from a technology standpoint than kind of the other side, which are, you know, kind of crypto networks, and things like Ethereum which is the world’s computer and so forth.” Horowitz also spoke specifically about Bitcoin [BTC], stating that there was no other use for it than “storing your money”. He went on to say: “There’s not that much you’re going to do with Bitcoin, but it’s not really a platform that developers turn to.” Horowitz argued that there was no trust and security enforced on the blockchain without miners, thus making a blockchain without cryptocurrency not viable. As the incentives for miners to secure the network is block rewards, there exists no incentive if cryptocurrencies do not exist on that blockchain. On the market, he stated: “It’s going to bubble up and down and people are going to be into it and not into it and so forth. But that’s how the internet went. That’s how these things go. You know, people get very excited when they get, you know, super scared.” The post Bitcoin [BTC] is the “leader in store of value”, says Ben Horowitz appeared first on AMBCrypto.
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Bakkt Official Launch Date, Ethereum Upgrade, Coinbase Bank & Is Everyone Ready?

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CME Futures CRUSHED Bitcoin... Will Bakkt do the Opposite?

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Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders

Yesterday’s big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens the door to the institutional investors and is a huge step forward for crypto industry legitimization in the US. Bakkt To Launch Next Month After months of procrastination, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE) has finally been given the green light. The news that the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, has granted regulatory approval broke late yesterday as reported by Bitcoinist. The concept of physically delivered bitcoin futures will require investors to either produce actual BTC or take delivery in them from their respective exchanges and platforms. Crypto trader at TexasWest Capital, Scott Melker, who also goes by the twitter handle ‘Wolf of All Streets’ stated the news was ‘arguably the most bullish event for institutional investors in the history of bitcoin’. The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing. — The Wolf Of All Streets (@scottmelker) August 16, 2019 Being backed by the New York Stock Exchange has granted bitcoin a level of legitimization never seen before. Investors will get the opportunity to trade in daily and monthly physical bitcoin futures contracts which is likely to lead to greater mainstream adoption. Bakkt is also planning to onboard a number of commercial retailers such as Starbucks which will provide an easier way for people to make purchases using bitcoin and other crypto assets. General Counsel for Compound Finance, Jake Chervinsky, was equally bullish on the Bakkt news stating that: “It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. Compliance lawyers rejoice!” The former litigator also noted that there is still a long way to go since there is still the SEC to contend with. When questioned on the possibility of big investors trying to short bitcoin he added; “Short sellers betting against a commodity probably don’t want to hold the underlying, so shorting via physically-delivered futures is more for entities that are net long (like miners) and want to hedge.” Fintech Business Analyst going by the twitter handle ‘Mr. Gordon’ was equally bullish on Bakkt; “This must be what it feels like to win the lottery!  The confirmation of the launch of #Bakkt changes EVERYTHING… Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make…” This must be what it feels like to win the lottery! The confirmation of the launch of #Bakkt changes EVERYTHING.. Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make….. Like which colour to get pic.twitter.com/Klo5GwOWY7 — Mr Gordon (@MrGordon_UK) August 16, 2019 Picking a Lambo color is probably a little presumptuous at the moment. Bitcoin price did not even react to the announcement as markets remain choppy this morning. BTC is still consolidating in the mid-$10k range after two dips into four-figure territory late in the week but the long term prospects have just brightened significantly. Will Bakkt send Bitcoin price to a new all-time high later this year? Add your thoughts below. Images via Bitcoinist Image Library, Twitter: @scottmelker, @MrGordon_UK The post Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders appeared first on Bitcoinist.com.
Bitcoinist

Bakkt launch bears good news for Bitcoin’s price and regulation

One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in […] The post Bakkt launch bears good news for Bitcoin’s price and regulation appeared first on AMBCrypto.
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Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC

The Commodities Futures Trading Commission (CFTC) has greenlighted the physically delivered Bitcoin futures product by Bakkt. Company CEO confirmed the news and said that the derivatives product would debut on September 23. Bakkt will be the first to debut physical BTC futures Kelly Loeffler, CEO of Bakkt recently announced that the startup had won approval from the US CFTC to start offering physically settled Bitcoin futures contracts. Bakkt is backed Intercontinental Exchange, and Loeffler is married to Jeff Sprecher, the CEO of ICE. With this approval, Bakkt will become the first company to launch the physical BTC futures. The products will debut on the market on September 23, and all contracts will be cleared by ICE Clear US, the same service that clears trades for NYSE. Loeffler gave a lengthy statement on the product suggest that Bakkt’s product received CFTC approval after a self-certification process. They have also started user acceptance testing. The Bitcoins backing the futures contracts will be under the custody of Bakkt Warehouse. Bakkt Trust Company, a qualified custodian, has also received approval from the New York State Department of Finance Services. She said, “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” Bakkt wins the race The ICE-backed startup is not the only company eyeing the lucrative physically-settled Bitcoin futures sector. Numerous other companies like LedgerX are planning to bring the same opportunity to the market. LedgerX could have become the first company to launch these products as it received approval for offering futures, options and swaps settled in Bitcoin by the CFTC. However, the regulator says that the company lacks adequate approvals for launching the physical futures product. Meanwhile, Bakkt has decided to offer two types of futures contracts- daily and monthly. The collection of variation margin and initial margin collateral will be done by ICE Clear US. Product testing began last month to ensure that there are no hiccups when it eventually launches for the buyers. The qualified custodian of Bakkt will help in addressing concerns of the regulator related to manipulation and theft. Note that the company acquired Digital Asset Custody Company (DACC) earlier this year to win the New York regulator’s approval to become a qualified custodian. The company has also decided to pay $35 million for hedging against risks. Loeffler says that doing so will help bring safety for market participants and bring more integrity to this sector. The post Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
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