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P2P Bitcoin And Dash Transactions Soar In Venezuela

Venezuela’s inflation rate topped 130,000% in 2018 as peer-to-peer Bitcoin and Dash transactions reached new all-time highs month after month.  Bitcoin Thrives in Broken Economies For the past few years, the Venezuelan economy has been rocked by political and economic instability that has led to shortages of food and medicine, nationwide blackouts, riots and unstoppable hyperinflation that rivals that of the Zimbabwe dollar in the 1990s.  In fact, Venezuela had the highest inflation rate of 2018 and at its peak, it was 130,060%. Surprisingly, in May 2019 Venezuela’s central bank publicly published economic data for the first time since 2015 and the data shows that Venezuela’s inflation rate in 2016 was 274%, 863% in 2017 and 130,060% in 2018.  Hyperinflation in Venezuela is so bad that most citizens have to spend all their money immediately because if they hold off for a few days the currency will continue to lose value against the rising price of basic daily staples.  The majority of Venezuelans do not trust the bolivar, and in the past those who were unable to spend their income on the spot sought to purchase gold or the US dollar as a hedge against inflation. Both options come with risks as organized crime and price gouges are always prepared to take advantage of those holding physical currency.  Crypto Finds a Real World Use Case in Latin America Fortunately, cryptocurrencies are easier to ‘hold’ and have become a safer option embraced by a growing number of Venezuelans. Both Dash and Bitcoin have become popular mediums of exchange and store of value currencies.  A recent study from the Ledger Journal investigated the role Bitcoin played in countries experiencing economic uncertainty and contributing analyst Jackie Johnson found that:  In countries where residents are under pressure from economic mismanagement, Bitcoin trading becomes critical. Two factors drive Bitcoin trading: one, there is pressure to purchase Bitcoin using local currency before it loses even more value; and two, there is a need to redeem for the local currency either past purchases or purchases made outside the country by friends/family, enabling residents to cope with rising prices. This results in an increase in Bitcoin trading in the local currency. Johnson’s findings are supported by data from LocalBitcoins which shows explosive growth in the number of peer-to-peer Bitcoin transactions and all throughout 2018 and 2019 Venezuela and Argentina have continuously notched new all-time highs for peer-to-peer Bitcoin transactions.  Despite the growth in Bitcoin transactions Venezuelan economist Danial Arraez says that mass adoption is still a distant target. Arraez said:  In the country there is still not enough adoption of bitcoin, because with few exceptions, cryptocurrencies, including bitcoin and altcoins, are, in most cases, a proxy currency (substitute) to facilitate fiat exchange, with the USD-VES pair being the most traded, but without being able to set aside the VES-CLP (bolivars in Chilean pesos), VES-COP (in Colombian pesos), VES-ARS (in Argentine pesos), VES-BRL (in Brazilian real) and VES-PEN (in Peruvian sol) pairs. Interestingly, a Rhythm, a popular crypto analyst recently tweeted that if a person held $1 million worth of Venezuelan bolivars since 2013, this amount would now be worth less than $0.37.  Bitcoin might not have reached the level of mass adoption in Latin America, but if the situation doesn’t change it appears that will only be a matter of time before it does.  Do you think Bitcoin mass adoption will first occur in Latin America or a different region? Share your thoughts in the comments below!  Images from Bitcoinist Image Library, Twitter: @RhythmTrader, Shutterstock   The post P2P Bitcoin And Dash Transactions Soar In Venezuela appeared first on Bitcoinist.com.
Bitcoinist

Power Ledger Successfully Demos P2P Energy Trading In Japan

Power Ledger has successfully trialed a blockchain-based peer-to-peer energy trading platform, in partnership with Japanese utility company KEPCO. The five-month trial was conducted in Osaka, one of the largest cities in Japan. Power Ledger managed the energy trading needs of the local grid, balancing between local producers of solar power and the consumers. The test proved that Power Ledger’s technology is capable of autonomously handling energy trades in complex and ever-changing networks, with settlements with cryptocurrency. The system can be deployed not only in detached houses but also condominiums and micro-grids.  The trial comes at an appropriate moment, as the upcoming slash of Feed In Tariff (FIT) benefits threatens to shock the Japanese solar power market. FIT is a subsidy program launched by the Japanese government in 2012, forcing energy companies to buy solar power at higher-than-market rates, currently set at ¥40/kWh ($38 cents).  The program resulted in a ¥10 trillion ($92.8B) burden passed down to the Japanese public since the tariff’s introduction. The government will now transition to a competitive pricing model for installations above 50-100 kW, many of which could be outpriced by the sudden revenue decrease. Power Ledger can step in this gap, allowing solar owners to retain their faster payback options and lessen the impact of the Japanese government’s policy change. The company claims that when applying the Power Ledger platform on a large scale, Japan’s energy users could save more than ¥2 trillion ($18.5B), based on 2019 data. The claim found some validation from KEPCO general manager Fumiaki Ishida, who noted: “Although there are still many challenges like amendments of relevant laws for commercialization, Power Ledger’s product presents significant opportunities for prosumers to sell their excessive energy at more advantageous prices and for consumers to buy it at more affordable prices.”  Power Ledger is an Australian energy technology company developing and implementing distributed energy markets. It uses blockchain technology to enable energy trading, renewable asset financing and more efficient carbon and renewable energy credit markets. Active since 2016, the company is currently operating in Australia, Thailand, Austria and the United States.   The post Power Ledger Successfully Demos P2P Energy Trading In Japan appeared first on Crypto Briefing.
CryptoBriefing

Power Ledger and KEPCO Bring P2P Energy Trading to Osaka, Japan

Osaka, JAPAN – August 2019: Power Ledger in partnership with Japanese utility, KEPCO, trialed a blockchain-enabled demonstration of P2P transaction for post-FIT surplus power in Osaka, proving the accuracy and consumer acceptance of Power Ledger’s leading-edge technology in Japan in addition to Australia. The trial proved P2P surplus power transaction to be completed autonomously and automatically including settlements with cryptocurrency regardless of fluctuations of PV generation and customer demands. It can be deployed not only in detached houses but condominiums and microgrids. KEPCO representative general manager Fumiaki Ishida said, “Although there are still many challenges like amendments of relevant laws for commercialization, Power Ledger’s product presents significant opportunities for prosumers to sell their excessive energy at more advantageous prices and for consumers to buy it at more affordable prices.” Power Ledger managing director David Martin said the successful outcome was built on Power Ledger’s previous work in Australia, Thailand and the United States. “The success of the KEPCO trial is an extension of successful projects Power Ledger has deployed in other markets leveraging the ongoing development of our technology as well as the experience of working with major energy players like KEPCO,” Mr Martin said. “Power Ledger looks forward to building on this success and continuing to work to support KEPCO’s innovative plans to maintain its leadership position in the energy transition,” he said. Power Ledger will continue the development of digital energy products designed to engage consumers to increase the penetration of distributed renewable generation capacity in Japan, while providing consumers greater choice over how their energy is produced and from where their energy is sourced.  About Power Ledger: Power Ledger is an Australian energy technology company at the leading edge of the development and integration of distributed energy markets.  Power Ledger uses blockchain technology to enable energy trading, renewable asset financing and more efficient carbon and renewable energy credit markets. Power Ledger was formed in May 2016 and is currently active in Australia, Thailand, the United States and India. About KEPCO: Founded in 1951, Kansai Electric Power Co. is a leading Japanese utility engaging in the provision of power supply, business and lifestyle solutions in its operational area of Kansai, Japan including the Kobe-Osaka-Kyoto megalopolis.   The post Power Ledger and KEPCO Bring P2P Energy Trading to Osaka, Japan appeared first on Live Bitcoin News.
Live Bitcoin News

Instant P2P Crypto Lending Service Dharma Lever, Halts Loans And Deposits On The Platform

Dharma Lever launched back in 2017, during the crypto boom giving its users a platform to get loans and credit against their crypto holdings – primarily Bitcoin. However, the services offered by the crypto firm are set to halt this month following an official announcement on the company’s official Twitter account. The lending services became […]
Bitcoin Exchange Guide

New Ethereum based P2P trade app from AirSwap launches in public beta

CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceAirSwap, the decentralized, peer-to-peer token trading network, has announced the launch for the new public beta of AirSwap Trader at trader.airswap.io. The Airswap team has been working to perfect the AirSwap Trader product since 2017, and it is now well on its way. Users of the AirSwap network can share and settle over-the-counter (OTC) trades […]https://www.cryptoninjas.net/2019/08/07/new-ethereum-based-p2p-trade-app-from-airswap-launches-in-public-beta/
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Ways of Raising Capital for Startup

There are many ways of raising capital for your startup. You must consider all options and choose the one that best suits your particular venture. Here we provide an overview of seven common ways of funding to help you weigh the pros and cons of each source and make an informed decision.

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Bitcoin could be dumped in the billions from history’s third largest Ponzi

The third largest Ponzi scam in history, Plus Token Wallet, allegedly scammed investors out of $3 billion in cryptocurrency. Over $2.1 billion of this is in Bitcoin. As the perpetrators make their exit these coins could flood the market and tank cryptocurrency prices. Background on Plus Token Plus Token Wallet was a mobile application promoted across China, South Korea, and Southeast Asia that promised outlandish 6 to 18 percent monthly returns. These returns, the project claims, were made via cryptocurrency arbitrage, trading, and mining—similar to claims made by coins like BitConnect. People were encouraged to recruit people under them in a multi-level marketing (MLM) structure employed by businesses such as Amway, Avon, and Mary Kay. The main difference with Amway, however, is that Plus Token didn’t really sell products or services. Their revenues were made exclusively from the $500 minimum investment from participating in the app and additional ‘investments’ made in Bitcoin, Ethereum, EOS, and other coins exchanged for supposedly interest-generating PlusTokens. More precisely, the app made money by paying old investors with money from new investors—the hallmark of a Ponzi. Found in a food court in Kuching, Malaysia By structuring the project as a MLM the scam was able to grow rapidly through Asia, reportedly taking in $3 billion. The big bust Beginning in June, Plus Token affiliates began to experience withdrawal delays. Soon, withdrawals stopped altogether. Chen Jingbo, the most public of the Plus Token leadership, wrote the following message on July 1 on Facebook: “Plustoken is affected by hacker attack. In order to ensure the safety of users’ assets, we will upgrade and protect the overall system, and suspend the coin charging business until July 5th. Everything is ok, but it will only get better and better.” June 27, Chinese media reported that Plus Token officially collapsed followed by a June 29 report detailing the arrest of six Chinese nationals on the island Vanuatu for perpetrating an “internet scam.” Alleged pictures of the scammers Chinese publication 36KR later confirmed these were six of the leaders connected to Plus Token, reporting investor losses of ¥20 billion ($2.8 billion) from the scam citing sources “close to Chinese police.” The six may face decades in jail. Billions in Bitcoin and Ethereum could flood the market It wasn’t until August that the enormity of the scam became clear. Dovey Wan, a founding partner at Primitive Ventures and an expert on the Chinese crypto scene, uncovered wallet addresses related to the scam exceeding 200,000 BTC ($2.15 billion) and 800,000 ETH ($158 million), along with an unknown amount of EOS. Investor losses of approximately $3 billion would make PlusToken one of the largest Ponzi schemes ever. For reference, the two largest Ponzi scams in history, perpetrated by Bernie Madoff and Robert Stanford, caused estimated investor losses of $20 billion and $7.2 billion. There is a strong case that Plus Token would be the third largest Ponzi scam ever perpetrated if the losses from the scam are confirmed. Wan also cited unconfirmed reports that this crypto is making its way onto exchanges, like Binance, in batches of approximately $1 million. Sell offs of these coins started in early July, according to a security audit from Peckshield. Something to remember is that even though high-level leaders may have been arrested, it is not improbable the scam has many other second-level leaders, especially at this scale, that can continue to launder these coins. Meanwhile, a report from Bloomberg disputes that tokens are being dumped on the market, citing research from TokenAnalyst. Allegedly, only a few addresses associated with PlusToken have had material balances of Bitcoin moved. Analysis of potential market impact If all 200,000 BTC were to flood the market the impact on its price would be significant. Based on an unadjusted current supply of 17.9 million BTC, the coins would reintroduce 1.1 percent of circulating to the market. With a realized market capitalization of $99.5, which measures market cap by pricing coins at when they were last moved on-chain, it represents a 2.1 percent expansion to supply. Based on 7-day HODL waves, which measures the last time coins were moved on-chain (only 4.2 percent of all coins moved within the last 7 days) shows a current circulating 7-day supply of 752,000 BTC. This means a 200,000 BTC liquidation would result in a 26.6 percent expansion of 7-day supply. OpenMarketCap, which aggregates data from “trusted exchanges,” which are less likely to have significantly skewed figures from wash trading, reports 24-hour real trading volume of $1.5 billion. The amount of Bitcoin that could be dumped on the market is 1.4 times this. The precise impact on the market price of BTC is unknowable. Few market participants broadcast all of their bids and asks because doing so would make it easy to trade against them. Nevertheless, given the sheer scale of the scam, a continued liquidation of Plus Token crypto assets would have a profound and material impact on the market. The post Bitcoin could be dumped in the billions from history’s third largest Ponzi appeared first on CryptoSlate.
Cryptoslate

Tether issues response to NYS court ruling

Tether Limited, the firm behind the stablecoin by the same name, has issued a response to Monday's ruling by New York Supreme Court Justice Joel M. Cohen. "We appreciate Justice Cohen’s consideration of our motion in late July and his order released yesterday," the statement says. "While we are disappointed in the decision on our motion to dismiss, we will continue to vigorously defend against any action by the New York Attorney General’s office. We look forward to the opportunity to pursue these issues further in the appellate court," Tether concluded. Cohen ruled Bitfinex and Tether's dealings do fall under the purview of the NYAG, allowing the office to continue its investigation and compelling the companies to release any documents the office requests. The NYAG investigation began last April, looking into the alleged co-mingling of funds between the two sister companies to cover an $850 million loss. Tether refuted any claims of lack of clarity in its dealings with Bitfinex and other business decisions. "Any assertion that we have misled our customers about Tether (USDt), its backing, or about the negotiated transaction between Bitfinex and Tether is false," the statement read. "We remain committed, as ever, to protecting our customers, our business, and our community against the Attorney General’s meritless claims."
The Block Crypto

Bitfinex Feels The Heat, But LEO Is Burning As Planned

iFinex, the company behind Bitfinex, is under more pressure after the New York State Supreme Court judged that the exchange was in the New York Attorney-General’s (NYAG) Office’s jurisdiction. But that isn’t getting in the way of business: yesterday, Bitfinex completed its burn of nearly 40,000 LEO tokens (US$53,600), as part of a continuous process that will eventually redeem the entire supply. Bitfinex launched UNUS SED LEO (LEO) on May 20 this year, apparently to cover a cash shortfall of $850 million which were allegedly seized by Portuguese, American, and Polish authorities from Crypto Capital Corp. Each of the billion LEO tokens will eventually be bought back and burned under Bitfinex’s UNUS SED LEO Transparency Initiative.  Here’s how the process works. The Leo, The Screaming Buy, and Unfinexed Business LEO tokens, launched for a price of $1 each, have performed fairly well in an underwhelming market. Now hovering around $1.34 per Coinmarketcap, they are hardly a screaming buy. But a 34 percent gain in a few months is nothing to be sneezed at. UNUS SED LEO is Latin, presumably meaning “I swear all Tether tokens are fully back by….” To date, almost five million LEO tokens have been burned in on-chain burning events. From appearances at least, Bitfinex’s owners plan to operate LEO with greater transparency than they have shown with tether. Burn transactions can be viewed on an EOS block explorer.  It’s All About Tokenomics Crypto Briefing recently explored LEO tokens. There are a number of positive features that make them potentially savvy trades. Firstly, the token burn is conducted directly on the market. Binance, by comparison, burns BNB from directly inside their treasury.  In 2018, iFinex made a net profit of over $400 million, according to its LEO whitepaper. That figure is roughly the same as estimates for Binance’s revenues for the same period. (It must be said that this figure is extrapolated backward from the giant’s token burn amounts.)   Via Leo.bitfinex.com   Bitfinex burns tokens every three hours, according to the countdown timer on its website. However, verifying that these tokens represent the correct proportion of exchange revenues is a different story. Bitfinex says it intends to burn 100 percent of the supply of LEO. By comparison Binance only plans to burn half of all BNB. Bitfinex spends 27 percent of its quarterly revenue burning LEO tokens compared to Binance’s BNB burn of 20 percent of quarterly profit. Margins come into play in the mathematics here, but in theory, LEO coins will be burned at a more aggressive pace than Binance’s native tokens. Bitfinex Turns on the Charm Exchange tokens have more obvious and immediate utility than most altcoins, many of which are struggling to demonstrate a use-case. To Bitfinex’s credit, they may have accepted that LEO’s success will require them to engage in a charm offensive to reverse years of mistrust. Per the company: “We have decided upon a continuous burning mechanism – verifiable and in real-time – to keep the process as fair as possible for our users. As our revenues flow in continuously, we felt that the fairest approach to token buybacks would be one built around continuous and constant redemptions. We are doing this to remove the possibility of uncertainty from LEO holders, subsequently allowing our community to track iFinex revenues, as well as LEO token burn quantities, in an open manner.”Bitfinex LEO so far is on track to achieve its purpose for Bitfinex (in terms of cash flow) and for its customers (in terms of the burn schedule). What appeared an extremely risky proposition in May – buying exchange tokens in an IEO from the dark horse of crypto exchanges – has turned out to be a handy bet. However, Bitfinex’s reputation for opacity suggests it is not without risks..  To believe in the profitability of LEO is to trust Bitfinex, at least in the short term, not to re-release burned tokens and not to go out of business. Given its history of, and propensity for, opacity, all Bitfinex assertions need to be taken Cum Grano Salis.   The post Bitfinex Feels The Heat, But LEO Is Burning As Planned appeared first on Crypto Briefing.
CryptoBriefing

‘Bitcoin’ Twitter Handle Mocks Justin Sun as it Sheds Altcoins

The twitter account – @bitcoin, is one of the most iconic user for any crypto investor. One must not confuse with him the creator of Bitcoin or even the core developing team. Nevertheless, the sheer name has a lot of gravitas to influence the markets. The account has about 1 million followers. The account administrator has now actually stopped following majority of altcoin projects and its creators. In an announcement of the move, the account holder attacked Justin Sun, the creator of Tron cryptocurrency. He ironically mocked Sun for creating unnecessary hype around Tron developments. A ginormous announcement! pic.twitter.com/lGkFqY6ccd — Bitcoin (@Bitcoin) August 20, 2019 Earlier, popular Bitcoin maximalists denounced the account for its support to Bitcoin Cash [BCH]. On many instances the account holder declared that ‘BCH is BTC’. WhalePanda, popular crypto-trader and market analyst, noted yesterday, Looks like @bitcoin deleted all the $BCH propaganda. Interesting. Moreover, it did not stop there; while the move was praised by the majority, crypto-twitter requested for further cleansing of the account. The account administrator was asked to un-follow accounts that were not relevant to Bitcoin. The target, however, was largely Roger Ver, the lead proponent of BCH. Roger Ver was recently denounced by crypto-twitter for his misogynist comments on Jack Dorsey and Lightning Labs lead Elizabeth Stark. The mockery for the comment hasn’t ended to this day, Charlie Lee, the creator of Litecoin [LTC] tweeted, I have no proof of this, but I think the owner of @bitcoin must have had a romantic relationship with Roger Ver and recently broke up with Roger. That’s the only thing that can explain why @bitcoin stopped supporting BCH. It was all taken in good spirit by everyone, even retweeted by @bitcoin. Apart from Sun, there are a number of other followers that have been reduced as well, Roger Ver and his site Bitcoin.com, is one of them. Currently, it is following only 14 people and most of them can be classified under Bitcoin maximalists. Do you appreciate the move made by @Bitcoin or it should become more accommodating again? Please share your views with us.  The post ‘Bitcoin’ Twitter Handle Mocks Justin Sun as it Sheds Altcoins appeared first on Coingape.
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