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Crypto Weekly: Libra Association Signs Charter, KuCoin Announces Monthly Bitcoin Futures and More

Key Highlights  Libra Association Signs Charter, Announces Board of Directors Stablecoins Pose More Issues Than Benefits – G7 Task Force Report Miami International Airport Welcomes Its First Bitcoin ATM Kucoin Announces Launch of Monthly Bitcoin Futures Contracts On Its Derivative Exchange KuMEX The Marshall Islands To Build Own Digital Currency  Media Lab Acquires Kik, Sees Long Term in Kik’s Native Token  Libra’s To Have 21 Founding Members  Facebook, in its meet at Geneva, has announced its 21 founding members. The association further announced its board of directors. After the exit of top payments companies, Facebook has finally announced its team of founding members. Some of the members include Uber, Lyft, and Spotify. The team met in Geneva to sign the Libra Association charter which will govern Libra. Also, the board of directors will consist of David Marcus, Facebook’s leader for the project, and representatives from Andreessen Horowitz, PayU, Kiva Micro funds, and Xapo Holdings.   G7 Report  Lists Down Demerits of Stablecoins The G7 task force has finally released its report. The latter highlights the shortcomings in the prevailing cross- border payment systems. However, the force is still wary if stablecoins will be able to resolve the same owing to their operational challenges. The report alleges that the adoption of global stablecoins is uncertain and the same will challenge the financial stability and the international monetary system. Also, regardless of their size, they will pose risks to anti-money laundering efforts across states and will hinder tax compliance and consumer data protection. Furthermore, the task force alleges that the G7 nations will not allow any launch of a stablecoin without first ensuring the challenges and risks. The report first despised the cryptocurrencies and said that they have failed to provide an attractive means of payment or store of value. While the task force did consider stablecoins as a means of payment or store of value, the former considers that the cons outweigh the pros. Per the report, that the launch of the same will be a threat to the global financial stability and monetary system. Now Do Bitcoin Transactions At Miami International Airport  Miami International Airport (MIA) this week welcomed its first Bitcoin Automated Teller Machine (ATM). The announcement was made by Bitstop, which is a Miami-based bitcoin technology software company. The installation of a bitcoin ATM at the Miami International Airport will aid in easier exchange of cash into bitcoin for travelers. The airport has the Bitcoin ATM installed at the central hall G next to Gate 16. As per statistics on Coin ATM Radar, the United States presently houses more than 3700 bitcoin ATMs of the total 5,756 located in 75 countries across 5 continents. KuCoin Announces Bitcoin Monthly Futures Contracts The futures platform, KuMEX of popular cryptocurrency exchange, Kucoin has announced its intention to begin operating bitcoin monthly contracts in a few weeks’ time. According to an update that has gone up on their official twitter account, the futures platform revealed that their founder, Michael Gan, speaking at the blockchain life 2019 event in Moscow, unveiled the information that KuMEX will be launching monthly bitcoin contracts soon. The news comes following an official announcement by Kucoin that the exchange has revised its exchange center. The revision, according to the announcement made major changes to the platform along basic lines like markets, platform display, and trading functionalities like orders and order books. Marshall Island To Roll Out Its Own Digital Currency  The Marshall Islands in an effort to move away from traditional payment channels and gain autonomy is reportedly working on its own digital currency. The latest to join the initiative is Wales. The latter has a belief that having its own digital currency will be of great help and will be of huge benefit to local businesses. Moreover, the digital currency could provide it with a more separated identity, especially in view of the impending Brexit. Media Lab Acquires Kik, Will Continue Working on Kin Token  MediaLab, a Santa Monica-based holding company, has finalized an agreement with Kik Interactive to acquire the Kik messaging platform. Furthermore, the former stated that it sees long- term potential in the token project and will continue work on Kin with Kik founder and CEO Ted Livingston. MediaLabs also highlighted its plans to eradicate spambots and unwanted messages. This, in turn, will make the app faster and more reliable and reduce the number of bugs. The post Crypto Weekly: Libra Association Signs Charter, KuCoin Announces Monthly Bitcoin Futures and More appeared first on Coingape.
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Kumex: KuCoin to Launch Bitcoin Derivatives and Futures Trading Platform

The founder of KuCoin exchange Michael Gun announced the upcoming debut of the Bitcoin contract on Kumex in the 2019 blockchain forum, Moscow. Later an official announcement was released via the KuMex twitter account. Kumex is an excellent and advanced derivative platform, with many innovations and improvements to create a fair trading environment and a […]
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KuCoin’s derivatives platform launching bitcoin monthly futures in ‘few weeks’

Cryptocurrency exchange KuCoin’s derivatives platform, KuMEX, is going to launch bitcoin monthly futures contracts in a “few weeks.” Michael Gan, founder and CEO of KuCoin, announced the news at the Blockchain Life 2019 Forum in Moscow, Russia, according to a press release shared with The Block on Wednesday. IDG Capital-backed KuCoin launched KuMEX in July, and already offers a bitcoin perpetual contract (XBTUSDM), which is quoted in U.S. dollars and offers up to 20 times leverage. Gan said at the forum that the low penetration rate of derivatives in the cryptocurrency space is because major exchanges such as OKEx and Huobi often set certain investment thresholds. For instance, the two exchanges’ minimal BTC contract value is $100. However, to increase retail participation, the limit has to be reduced and that’s why KuMEX’s XBTUSDM contract value is $1, he said. KuMEX platform currently supports English, simplified Chinese and Russian languages. Gan further said that the platform will support more languages, such as Vietnamese and Turkish, later this year.
The Block Crypto

Kucoin Announces Monthly Bitcoin Futures Contracts On Its Derivative Exchange KuMEX

The futures platform, KuMEX of popular cryptocurrency exchange, Kucoin has announced its intention to begin operating bitcoin monthly contracts in a few weeks’ time. KuMEX To Offer Monthly Bitcoin Futures Contracts According to an update that has gone up on their official twitter account, the futures platform revealed that their founder, Michael Gan, speaking at the blockchain life 2019 event in Moscow, unveiled the information that KuMEX will be launching monthly bitcoin contracts soon. #KuMEX Bitcoin Monthly Contracts are drawing near!👏 Today at the #Blockchain Life 2019 Forum in #Moscow, our founder Michael @gan_chun disclosed that KuCoin’s Futures Platform KuMEX will be launching Bitcoin Monthly Contracts in a few weeks.#KuCoin #BUIDL pic.twitter.com/VOa0gNxnGY — KuMEX (@KuMEX_Official) October 16, 2019 Although much of the necessary information related to the highly anticipated monthly bitcoin contracts like the specific date of the launching is not public yet, we expect the platform to update its community as progress is made in the development of the same. The news comes following an official announcement by Kucoin that the exchange has revised its exchange center. The revision, according to the announcement made major changes to the platform along basic lines like markets, platform display, and trading functionalities like orders and order books. Bitcoin contracts have become the goose that lays the golden eggs among futures exchanges. Top crypto exchanges like Binance and other platforms like Bakkt recently introduced Bitcoin contracts to their customers. As this is expected to grow in the future, many smaller exchanges are venturing into the same endeavors to gain considerable market share. KuMEX Initiates Trading Competition KuMEX, which is the futures subsidiary of top crypto exchange, Kucoin has been in operation for a couple of months now. Since it was launched recently, KuMEX opened the Bitcoin Perpetual Contract (XBTUSDM) and offered up to 20x leverage. As a form of celebrating the kick-off, KuMEX initiated a trading competition in which 10,000 KCS were being offered as rewards for customers according to their return rate ranking. The platform currently supports three types of order: limit order, market order and stop order. The post Kucoin Announces Monthly Bitcoin Futures Contracts On Its Derivative Exchange KuMEX appeared first on Coingape.
CoinGape

KuCoin and SlowMist Zone launch bug bounty program

Blockchain security company SlowMist announced on October 12 on Twitter that cryptocurrency exchange KuCoin joined their SlowMist Zone and launched a security vulnerability and threat intelligence bounty program. According to the announcement, the reward for finding serious vulnerabilities can be as high as $10,000. Once a bug has been reported, it can take up to 3 days for […] The post KuCoin and SlowMist Zone launch bug bounty program appeared first on AMBCrypto.
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BitMEX forecasts new crisis, new indexes on Nasdaq, positive adoption news from South Korea, new rules from Localbitcoins, scam app on Google Play, new options for KuCoiners and Coinbase users, ideas as for the potential of credit markets, JP Morgan and the Moshe Hogeg case

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DIGEST

Trustology gets $8M, Coinbase launches OTC, BTC scams Singapore investors, UNICEF invests in six blockchain startups, Klaytn partners with Watcha and Atlas, Raise partners with African Legal Network, NEM plans to work with GUBI, Blockchain Association and eToro become partners, Tokeny partners with Security Token Network, Maker Ledger launches partnership with Neufund, KuCoin partners with Shrimpy, BitMart announces partnership with CertiK, SBI Holdings partners with R3, TokenIQ teams with DealBox

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CFTC Chairman: commodity can become security and vice versa

Commodity Futures Trading Commission (CFTC) chairman Heath Tarbet confirmed that a security can turn into a commodity and vice versa.  Tarbet made this remark on Monday at DC Fintech Week, when asked about a comment he made earlier this month that ether is not a commodity. At the conference, Tarbet emphasized that the Securities and Exchange Commission (SEC) is the entity that determines when something is a security, while the definition of commodities, which fall under the CFTC's jurisdiction, is broader.   Meanwhile, the SEC has dealt out a string of crackdowns on initial coin offerings (ICOs) of tokens that it deems as securities.   Earlier this month, the regulator filed an emergency action against Telegram and TON Issuer for failing to register the sale of their Gram tokens, which the SEC regarded as securities. This filing follows a settlement between the SEC and Block.one, the firm behind the EOS blockchain, for conducting an unregistered ICO. 
The Block Crypto

Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility

The Bitcoin mining giant Bitmain has just announced that it will work with a Canadian startup to help create a facility with potentially 300MW of power in Texas. DMG Blockchain Solutions Inc. will be providing the Chinese firm with project management services. The news comes less than a week after a different startup announced its intentions to also bring Bitcoin mining to Texas. Layer 1 aims to create an all-in-house mining facility and has received funding of $50 million to help it achieve this. Another Massive Mining Operation for Texas According to a press release, Bitmain has partnered with a Canadian startup to help it create a massive mining facility in Texas. The Chinese hardware manufacturer will be working with DMG Blockchain Solutions Inc. – a self-described “diversified blockchain and technology company.” DMG states that it was chosen following an extensive selection process. Bitmain initially started construction of a 25MW mining farm on a 33,000 acre site in Rockdale, Texas, last year. The firm has now announced that it will be at least doubling its size with the help of DMG. The site will be powered with electricity sourced from the Electric Reliability Council of Texas (ERCOT). The CEO of DMG, Dan Reitzik, stated the following of the deal between the two companies: “Being chosen by the world’s leading bitcoin mining company is a great testament to the capabilities of DMG’s mining team. Over the past several months, Bitmain visited many large facilities throughout North America including DMG’s flagship facility in British Columbia, Canada.” The release says that there is currently 50MW of power available for the planned Texas site. There is also the potential to increase this to 300MW. This would make it one of the largest Bitcoin mining facilities on the planet. DMG says that it will be handling management of the new facility but will not be adding to the funding of the project. Sheldon Bennett, COO of DMG, commented on the firm’s suitability for its new management position: “Having led large projects in Alberta and recently completing DMG’s 60MW facility, this 300MW facility is an exciting opportunity for DMG to truly demonstrate economies of scale. While the task of managing what we believe will be the world’s largest bitcoin data centre is daunting, we are confident that together with Bitmain, we will complete on time and on budget.” Don’t Bitcoin Miners Like the Cold? The news follows the recent announcement by another Bitcoin-focused startup. Layer 1, launched in 2018, originally positioned itself as an “activist fund for cryptocurrencies.” However, last week the firm announced that it had just completed a $50 million funding round. Amongst those backing the venture is US entrepreneur Peter Thiel. Layer 1’s plan is to perform almost all tasks relevant to the operation of a Bitcoin mining facility itself. This not only means manufacturing the chips but also creating a power substation and developing advanced cooling methods to deal with the intense Texas heat. Typically, Bitcoin miners have preferred cooler climates for their operations. This allows them to save money on systems systems needed to cool hundreds if not thousands of powerful computer systems working day and night in the same space. Bitmain’s Rockdale Lead Project Manager, Clinton Brown, explained why firms were starting to turn to Texas for Bitcoin mining: “We are excited to launch this facility, which is significant to Bitmain’s global expansion plans. The stable and efficient energy resources in Texas are fundamental to the inevitable scale of growth for the cryptocurrency mining industry.”   Related Reading: Russian Scientists Fined for Mining Bitcoin on Hijacked Supercomputer Featured Image from Shutterstock. Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility was last modified: October 21st, 2019 by Rick D.The post Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility appeared first on NewsBTC.
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Bitmain’s Jihan Wu Talks Mining and Industry Growth With Bitcoin.com’s CEO

At the World Digital Mining Summit in Frankfurt, Germany, Bitcoin.com’s CEO Stefan Rust sat down with Jihan Wu, cofounder of Bitmain Technologies and Matrixport. The two discussed how cryptocurrencies being used for payments is spreading and how Bitmain is doing after the bear market last year. Also read: SEC Wants Second Look at Bitwise Bitcoin ETF Proposal A Virtual Economy at Work Approaching Critical Mass The World Digital Mining Summit (WDMS) is a two-day mining conference that hosts an assembly of industry leaders, mining rig manufacturers, cryptocurrency pool operators, and other individuals passionate about crypto. During the event, Bitcoin.com’s CEO, Stefan Rust, had the privilege of sitting down with Bitmain cofounder Jihan Wu and discussed a wide variety of subjects. At first, Wu explained how he got into Bitcoin and that while working for an investment firm, he happened to read something about Bitcoin and found it “really interesting at that time.” After looking into it for two days straight he decided that bitcoin was a good idea. Wu was actually the first person to translate Satoshi’s Bitcoin white paper into Chinese for residents living in the region. “I was the first one to translate the [white paper]. At that time in the Chinese media said Bitcoin was either a scam or it does not work,” Wu explained to Rust. “I happened to understand economics and some high-level principles of computer science so I knew [Bitcoin] works in both economic ways and in computer science ways. So I translated the white paper and tried to get more positive feedback from Chinese social media.” While recalling his old QT wallet, Wu emphasized that it’s been an amazing journey. “I still remember back then no one knew about bitcoin and right now there are 20 million or 40 million users around the world and almost everyone now more or less have heard about bitcoin — I believe there are actual users getting involved in the cryptocurrency economy and those [individuals] are really starting to use cryptocurrencies for payments. A way to store their cash account — I believe this kind of user base will increase more and more.” Wu continued: This is a virtual economy at work and it’s quite difficult in the beginning but I think we are almost near critical mass. The Bitmain cofounder remarked that he believes the 40 million crypto users globally had initially stemmed from investor types, but nowadays he sees more ordinary people joining the economy and “especially young people.” “[Individuals] are really pushing cryptocurrency into the local payment network and people start to use it,” Wu said. Rust also brought up spending bitcoin cash (BCH) in Slovenia where there are hundreds of merchants that accept digital assets for products and services. “Lots of people still today believe [Bitcoin] is undoable or it’s out of their imagination how cryptocurrency can be really adopted by real life use cases,” Wu replied. “I think it’s a miracle, I think it’s amazing and lots of miracles are happening nowadays.” Bitmain Continues to Produce Next Generation Mining Rigs and Chips After discussing cryptocurrency adoption, Wu also explained how Bitmain was doing this year. “After the bottom of the bearish trend last year we’ve seen a very fast recovery in the money industry and we can see the hashrate growing very fast. Bitmain’s sales volume increased a lot and we released a new generation of mining rigs and mining chips.” Wu detailed that the company also released new artificial intelligence (AI) chips. He further explained that Bitmain’s mining pools mined different cryptocurrencies and remain top-ranking mining pools. Wu stressed: It’s a good year for Bitmain. Additionally, Rust and Wu talked about regulations in China and how roughly 60% of the world’s hashpower is located in the country. The two executives discussed the possibility of China banning bitcoin mining and how the Chinese government is dealing with oversight. The Bitmain cofounder and Bitcoin.com CEO conversed about a slew of other subjects like the ecological impact of bitcoin mining, the reward halving, and a lot more insights from someone who’s seen the cryptocurrency mining industry grow immensely, first hand. If you want to check out our exclusive interview with Bitmain’s Jihan Wu, check out the video below. What do you think about Jihan Wu’s perspective of the mining industry and cryptocurrency ecosystem? Let us know what you think about the interview in the comments section below. Image credits: Bitcoin.com. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Bitmain’s Jihan Wu Talks Mining and Industry Growth With Bitcoin.com’s CEO appeared first on Bitcoin News.
Bitcoin News

BANK OF AMERICA: Companies are crushing earnings season so far — but the firms missing forecasts are being punished more than usual (BAC)

Third-quarter earnings season is a couple weeks underway, and Bank of America Merrill Lynch analysts found that companies that missed sales and profit expectations are getting hit more than usual in next-day trading. The companies that fell short of expectations for revenue and earnings underperformed the S&P 500 by 3.9 percentage points, the analysts found, compared to the 2.4 percentage point historical average. The worse-than-usual performance by such companies suggests investors may not be confident enough in long-term outlooks to forgive third-quarter performance, Bank of America said. Visit the Business Insider homepage for more stories. Third-quarter earnings season is underway, and the performance of 75 S&P 500 companies to already report brings fresh insight into investors' economic outlook. Of the companies to report, 43% have beaten analyst expectations for both revenue and earnings, according to Bank of America Merrill Lynch analysts. The figure lands slightly above the second-quarter average of 41% and the year-ago average of 40%. Yet the companies that missed analyst estimates in both categories were clobbered more than usual in public trading, underperforming the S&P 500 by 3.9 percentage points in next-day trading, the analysts found. Historically, companies underperform the index by 2.4 percentage points when they miss sales and earnings estimates. Read more: Goldman Sachs says these 5 trades can help investors make a killing during a crucial earnings season The companies beating both estimates outperformed the index by 1.6 percentage points, falling in line with the historical average. The worse-than-usual punishment could reflect a lack of long-term confidence among traders, with third-quarter misses signaling a prolonged downturn. The analysts also found mentions of words like "better" or "stronger" against "weaker" or "worse" hitting the lowest gap since 2009, which could be a result of continued trade tensions and souring global economic outlook. Earnings of the 75 companies to report were 2% above consensus estimates, with healthcare and consumer discretionary companies delivering strong beats. Banks performed in line with estimates despite macroeconomic indicators warning otherwise and recent Fed rate cuts squeezing profit margins. The current trends are subject to change, especially with 36% of S&P firms slated to report their third-quarter earnings in the week starting Monday. Mega-cap stocks like Microsoft and Amazon will announce their latest figures, and more than half of communication services and energy companies will report as well. Now read more markets coverage from Markets Insider and Business Insider: Wall Street is sounding the alarm as a key source of stock-market buying evaporates The Fed's $60 billion monthly cash injections aren't enough to solve recent money-market stresses, JPMorgan says Billionaire Howard Marks gives his best advice for navigating an anomalous market where 30% of the world's debt has a negative yieldJoin the conversation about this story » NOW WATCH: A 45-year-long study discovered trends in successful hyper-intelligent children
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