Tim Draper news

Timothy Cook Draper is an American venture capital investor. Draper purchased at a US Marshals Service auction seized bitcoins from the Silk Road marketplace website.

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Tim Draper-Backed Blockchain Unveils ‘Trust Scores for Everything’

By CCN: Internet of Things (IoT) is a major buzzword, almost as prominent in the tech world as “blockchain” itself. It can mean different things to different people. Primarily, the Internet of Things describes a world of connected devices which serve various purposes, everything from building widgets in a factory to monitoring your refrigerator. IoTeX focuses on the first part more than the latter – they’ve realized there is a need for an industrial IoT-friendly blockchain with privacy baked in. They launched their mainnet today. Blockchain Firm Builds ‘Internet of Trusted Things’ Larry Pang, head of growth, said in an The post Tim Draper-Backed Blockchain Unveils ‘Trust Scores for Everything’ appeared first on CCN
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Bitcoin [BTC] value has actually improved since JPM coin because of its decentralized nature, claims Tim Draper

Tim Draper, Venture Capitalist and Bitcoin Bull, recently claimed that Bitcoin [BTC] had the potential to majorly transform how the world operates and not just the financial ecosystem. In a recent episode of The Crypto Chick with Rachel Wolfson, Draper said that the importance of Bitcoin [BTC] as a medium of currency would not be diminished in the forthcoming period. He explained that Bitcoin [BTC] had transcended the concept of decentralization and enabled the mass to think in a decentralized manner rather than backing a “political currency which is tied to a bureaucracy.” During the interview, Tim Draper was asked to comment on the current market scenario of Bitcoin and where it was headed in terms of valuation. He explained that new technologies usually undergo a period of hype where people give attention to a new and intriguing trend. He stated, “The excitement will never be that hiked as it was the first time around but the value would grow sustainably over a long period.” He believed that the recent hike had occurred in discreet movements and the trade volume was still not significant enough. He also said that the use of open node and Lightning Network might have solved a lot of people’s problems in terms of scalability. Additionally, Tim Draper indicated that JP Morgan’s introduction of the JPM coin actually helped Bitcoin’s case in terms of popularity. He said that people were smart enough to understand the value of Bitcoin now and that it had more value than JPM coin which was centralized in nature. Tim Draper stood by his prediction he had made earlier that Bitcoin [BTC] would hit $250,000 valuation by the year 2022 or 2023. He mentioned, “There is no question in my mind that Bitcoin would have a 5 percent market share which is all it requires in order to hit $250,000. There is $90 trillion dollars worth currency in the world. The number would probably increase because of crypto and as people evolve and see the opportunity and security behind cryptocurrency, they would start bringing it into their lives.” The post Bitcoin [BTC] value has actually improved since JPM coin because of its decentralized nature, claims Tim Draper appeared first on AMBCrypto.
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Crypto Billionaire Tim Draper Sticks To His Bitcoin Target Price

An eminent investor in new technology and crypto billionaire, Tim Draper, continues to retain his price target on bitcoin. At the same time, he has revised the target period by a year. Significantly, his comments come in the wake of renewed interest in the most valuable digital coin. Target Price Draper bets that bitcoin will hit a price of $250,000 by around 2023. Previously, he predicted the target to reach in 2022. There is no change in his bullish stance on bitcoin since he believes that this is backed by how the virtual asset would be used in the upcoming period. He foresees people starting to spend the cryptocurrency once the token hits or crosses the top price. At the same time, he sees enough opportunity to cut down the cost of the transaction with the help of fresh technology. The crypto billionaire said, “I think eventually they’ll spend it when they feel like the value has come to a pretty good place. But, $250,000 per Bitcoin in 2022 is what I predicted. It might be 2023, but it’s in that range. And that’s only a 5% market share of all the currency in the world. So, I can see why people who are real believers are holding on.” Draper thinks that bitcoin has the potential to resolve several issues that plague the existing financial system. For instance, if he has to pay 15,000 people for getting credit at the end of Lucasfilm’s move, he will prefer to send it to bitcoin wallets relative to sending everyone a check with an envelope and a postage cost. He also compared the most valuable coin with the gold and believed bitcoin as the new gold. As far as he is concerned, gold has gone and if anyone is talking about the yellow metal and comparing it with bitcoin, then they are going backward. There is store value with the digital coin while gold has lost its transfer value. Not A Money Despite some crypto experts continue to remain bullish; PayPal CEO, Dan Schulman, is not ready to accept crypto as money. He thinks that there is no scope for any digital currencies to reach mass adoption. He also pointed out that there is not much demand coming from retailers to support his point of view. The PayPal CEO thinks that crypto is more of a reward mechanism and not a currency. At the same time, he said that the underlying blockchain technology is an interesting one. The post Crypto Billionaire Tim Draper Sticks To His Bitcoin Target Price appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
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Is Tim Draper a Fan of Facebook Coin?

Venture capitalist Tim Draper is meeting with Facebook to discuss the future of its new cryptocurrency. The Birth of Facebook Coin Draper is a huge advocate of both bitcoin and its crypto-cousins. He recently doubled down on his prediction for 2022, saying that one bitcoin could be worth approximately $250,000. He’s also gone so far as to say that cryptocurrency will one day replace all forms of fiat. In a recent interview, Draper explained his predictions in greater detail: My reasoning is that all these engineers have to create all the things they are doing to make it really easy for us to spend it and to use it and to move it and to build it into our contracts and all of that. As the founder of Draper Associates, the venture capitalist is meeting with the social media giant to see if his company is interested in potentially investing in its new digital coin. Right now, Facebook is seeking as much as $1 billion in venture capital funds to develop its latest coin project. The asset will allegedly permit users to engage in transactions through WhatsApp, Facebook’s official messaging application. In addition, Facebook Coin will purportedly be tied to the U.S. dollar, making it a stable currency like Tether or USD Coin and less vulnerable to price swings. Barclays analyst Ross Sandler believes the project could potentially add as much as $19 billion to Facebook’s annual revenue. He comments: Any attempt to build out revenue streams outside of advertising, especially those that don’t abuse user privacy, are likely to be well-received by Facebook’s shareholders. Draper fully believes bitcoin can gain five percent of “all the world’s currencies.” He earned over $89 million in 2014 by investing in the cryptocurrency, and recently criticized Jamie Dimon – CEO and chairman of JPMorgan Chase – for the company’s attempts to create JPM coin. In the past, Dimon has been very critical of cryptocurrencies, referring to bitcoin as a “fraud” that was “worse than tulip bulbs.” Lately, the company seems eager to cash in on what is obviously a growing (and potentially unavoidable) trend, and Draper doesn’t take too kindly to Dimon’s attempts. He called the banking giant’s actions “ridiculous” and said that a cryptocurrency tied to a bank will never “perform as well as bitcoin.” Bitcoin Leads the Crypto Revolution However, he does think the news is good for the cryptocurrency space in the long run, stating: Not many bitcoin knockoffs have worked particularly well, but they all add to the interest in bitcoin. In the case of Facebook Coin, the currency will not necessarily be a competitor to bitcoin as its properties (i.e. stable properties) are completely different. In addition, Facebook Coin is likely to be a centralized asset, controlled largely by the social media company. Bitcoin, on the other hand, is an independent currency. The post Is Tim Draper a Fan of Facebook Coin? appeared first on Live Bitcoin News.
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CONSOB suspends two projects, Kakao invests in Orbs, TokenSoft invests in a SEC-compliant broker-dealer, Weiss Ratings recommends to buy BTC, France wants to invest $569M in blockchain, crypto-focused VCs invest $30M in Good Money, Tim Draper invests $1.25M in OpenNode, Waves partners with TSA, ICON partners with LayerX, BitDeer teams up with BTC.com and AntPool

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DIGEST

Quotes, Week 17 ’18

Bill Harris, Kosala Hemachandra, Daniel Larimer and Tim Draper speaking on cryptocurrency and blockchain issues

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Biggest weekly losers: XRP, Litecoin [LTC], Stellar Lumens [XLM] fall by 10%; market tanks after Bitfinex-Tether fiasco

The market saw prices of most major cryptocurrencies soar earlier this week. However, the weekend has led to a new turn of events as coins are now being dragged into bearish territory. Among the top-10 coins, the five cryptocurrencies that saw the biggest fall were Stellar Lumens [XLM], EOS, Cardano [ADA], XRP, and Litecoin [LTC]. The fall in prices was a result of the Bitfinex-Tether fiasco. New York State’s Attorney General’s [NYAG] office revealed that iFinex, the company behind the crypto-exchange Bifinex, may be violating New York Law. This announcement was in relation to activities that “may have defrauded” local investors who trade in cryptocurrencies. Stellar Lumens [XLM] Source: Trading View Stellar Lumens [XLM] was valued at $0.1158 on April 20 and fell by 14.68% over the week. At press time, the coin was valued at $0.0990 with a market cap of $1.88 billion. The 24-hour trading volume was noted to be $276 million, as the coin fell by 4.50% over the past day and continued to dip by 0.43% within the past hour. EOS Source: Trading View EOS, at the beginning of the week was valued at $5.47, after which it fell by 13.97% over the past seven days. At press time, the coin was valued at $4.70, with a market cap of $4.43 billion. The 24-hour trading volume of the coin was $2.62 billion as it fell by 1.91% over the past day. The coin, at press time, was falling by 0.14% and failed to recover. Cardano [ADA] Source: Trading View Cardano [ADA] fell by 13.41% over the week, which resulted in its price falling from $0.0769 to $0.0690. The market cap of the coin was reported to be $1.78 billion and the 24-hour trading volume was $108 million. Over the past 24-hours, the coin fell by 4.47% and continued to fall by 1.35% within the past hour. XRP Source: Trading View At the beginning of the week, XRP was valued at $0.3325, after which it slipped by 11.88% and, at press time, was valued at $0.2929. The market cap of the coin was noted to be $12.30 billion and the trading volume of the coin was $1.36 billion. XRP fell by 2.49% over the past day and by 0.50% over the past hour. Litecoin [LTC]  Source: Trading View Litecoin [LTC] noted a fall of 10.79% over the past week, which reduced the price of LTC from $81.33 to $72.64. The market cap of the coin was $4.46 billion with a 24-hour trading volume of $3.15 billion. The price of the coin fell by 0.77% over the past 24-hours and by 0.94% within an hour. The post Biggest weekly losers: XRP, Litecoin [LTC], Stellar Lumens [XLM] fall by 10%; market tanks after Bitfinex-Tether fiasco appeared first on AMBCrypto.
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Bitfinex: $850M Lost Tether ‘False Assertion’

Following the New York Attorney General’s accusations of a $850M cover-up by Bitfinex, the company has issued its response. Binfinex refutes the claims as ‘riddled with false assertions’ and that the funds are not lost.  The Cover-Up Claims According to the NY Attorney General’s claim, Bitfinex lost $850 million of customer money. This had been sent to, and seized by payment processing firm, Crypto Capital Corp. The allegation goes on to say that Bitfinex used cash reserves from affiliated stablecoin, Tether, to cover the shortfall. The AG, Letitia James, claims this ‘loss of funds’ and movement of reserves was not disclosed by operator of both Bitfinex and Tether, iFinex. Therefore, it had “engaged in a cover-up to hide the apparent loss of $850 million of co-mingled client and corporate funds.” At press time, the price of USD Tether 00 has fallen bellow its $1 peg. Meanwhile, its stablecoin competitors such as USD-Coin 00  and TrueUSD 00 are now trading at a slight premium. This suggests that investors are likely swapping their tethers  to avoid any further surprises. Worth noting, Bitcoinist reported yesterday that the supply of tethers has reachd an all-time high. ‘Bitfinex and Tether are Financially Strong’ Bitfinex responded today by claiming that the AG’s filings: …were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. It claimed that these funds were not lost, but had “been, in fact, seized and safeguarded,” and it was actively working to get those funds released. It went on to chastise the AG for not doing more to aid and support its recovery efforts. Both Bitfinex and Tether are financially strong – full stop. And both Bitfinex and Tether are committed to fighting this gross overreach by the New York Attorney General’s office against companies that are good corporate citizens and strong supporters of law enforcement. Bitfinex and Tether will vigorously challenge this, and any and all other actions, by the New York Attorney General’s office. The Double Standards Caitlin Long pointed out on Twitter, that even if the allegations were true, the NY AG was guilty of double standards. From 2009-12, Merrill Lynch, according to the SEC: commingled customer funds, used them to cover its own obligations, & had it failed its customers would have been exposed to a “massive shortfall in the reserve account.” Which is essentially what the AG is accusing iFinex of. But whilst the SEC dealt with the Merrill Lynch case without causing panic and customer withdrawals, the move by the AG has sparked just that for iFinex. 7/ So…#NewYork did good investigative work here but needs to be called to task on why the double standard, and why the "gotcha" approach? Why not do the same to #WallSt firms when they play similar shell games??? — Caitlin Long (@CaitlinLong_) April 26, 2019 She also urged exchanges to clean up their acts regarding transparency and proof of solvency, to avoid such situations. The Problem? The Attorney General’s filing, asserts that the Tether funds were extended as a line of credit, over three years, with a 6.5% interest rate. An iFinex share charge, of 60,000,000 shares, secured the loan. Entrepreneur and commentator, Alistair Milne, Tweeted the situation rather succinctly, concluding that, as long as “Bitfinex trades profitably, no problem.” TL:DR the Tether/Bitfinex news:Bitfinex have borrowed ~700mil from TetherBitfinex pay a 'fair' interest rate on this loan60million shares in Bitfinex were pledged as collateralIf CryptoCapital release the USD, no problemIf Bitfinex trades profitably, no problem — Alistair Milne (@alistairmilne) April 25, 2019 Which brings us back to transparency and disclosure. If iFinex told customers and investors about this alleged ‘seizure’ and ‘loan’, then would they now have a problem? And is the AG’s ‘gotcha’ approach really warranted in any case? Is the NY Generaly Attorney acting in ‘bad faith’? Share your thoughts below! Images via Shutterstock The post Bitfinex: $850M Lost Tether ‘False Assertion’ appeared first on Bitcoinist.com.
Bitcoinist

New York Attorney General’s Office Accuses Bitfinex Of Covering $850 Million Losses Using Tether Funds

If you are our BitcoinExchangeGuide’s regular reader. You should already know about the shady connection between Bitfinex and Tether. This Thursday, a document by the New York Attorney General’s (NYAG) office revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. In the press release, the attorney general Letitia […]
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