Bitmain reportedly cuts off funding to Bitcoin Core developers

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Bitcoin moves $500K around the globe every second, says Samson Mow

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Dusk Network Takes ‘Around 10%’ Stake in Dutch Stock Exchange

Security token platform Dusk Network has become a shareholder of a Dutch stock exchange for small- and medium-size enterprises (SMEs).

Announced Tuesday, Dusk Network’s share acquisition in Nederlandsche Participatie Exchange (NPEX) follows a partnership period where both companies developed pilot projects to further financial product innovation. A representative of Dusk told CoinDesk the stake was “around 10%.”

As reported previously, Dusk has plans to tokenize shares for thousands of SMEs in the Netherlands and the Benelux region.

NPEX said in the announcement that it brought Dusk into the fold to help digitize and grow its platform. “We want to accelerate our growth and contribute more to the sector,” said NPEX CEO Mark van der Plas. “Especially during the pandemic, we see a lot of demand for better access to finance and investing … technology plays a vital role in this.”

Dusk also sees the share acquisition as a “strategic move,” one where joining forces with NPEX will help “innovate the financial sector.”

“As partner and shareholder, we have developed pilot projects to digitize NPEX’s services and infrastructure,” said Jelle Pol, managing director at Dusk. “Our prior experience enables us to quickly add value to the platform in the EU, using our technology.”

According to the companies, the tokenization of digital shares will allow for transactions and trades to be conducted on the exchange in smaller quantities. Dividend payments and expensive processes resulting from shareholder meetings can also be automated.

The initiative also aims to reduce the cost of alternative methods of financing, which in turn could attract larger investments.

The Dutch exchange operates a multilateral trading facility license as a self-regulated financial trading venue under the stringent European legislative framework known as MiFID II.

Mike Novogratz: ‘If Bitcoin Was Easy to Buy the Price Would Have Been a Lot Higher’

On Tuesday (December 1), billionaire investor Mike Novogratz shared his latest thoughts on Bitcoin and cryptocurrency in general. His comments came during an interview with Andrew Ross Sorkin on CNBC’s “Squawk Box“.

Former hedge fund manager Novogratz is the Founder and CEO of Galaxy Digital, “a diversified financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sector.”

Sorkin started by asking Novogrtaz if he agreed that money was being moved out of traditional assets like gold and into digital plays like Bitcoin and how meaningful this is.

Novogratz replied:

“It’s meaningful, but it’s not the real story. The real story is adoption of Bitcoin, adoption of crypto across a vast variety of accounts… it’s just a litany of institutional investors that are changing their mind or are realizing that now’s the time. There is enough liquidity for Bitcoin be part of it.”

Sorkin then pointed out to Novogratz that not all institutional investors are buying actual Bitcoin and that in fact it seems that they might mostly be buying it indirectly via shares of the Grayscale Bitcoin Trust (GBTC). (GBTC is available via traditional brokerages rather than crypto exchanges.)

Novogratz said:

“Yeah, listen, if Bitcoin was easy to buy, the price would have been a lot higher, and so Grayscale Trust was a very interesting way for people to get ETF-like exposure. It’s not an ETF, but it’s like an ETF… and so that’s the easier route.

“You’re seeing more and more now institutional pathways, but we have a fund. There are plenty of other funds that are geared towards institutions, and we’re seeing activity in those funds start to pick up as well…

“The big hedge funds are going to end up buying Bitcoin themselves, and they’re going to custody it… And so, you’re seeing the evolution of this industry, and it is speeding up in an accelerated fashion.”

Last month, during an interview with Alex Saunders in episode E734 of the “Nugget’s News” crypto podcast, Novogratz talked about how he first got into crypto, and how much he paid for one bitcoin back then:

“I got a call from a friend of mine. He asked me about Bitcoin, and I had never heard of it. He had moved out to the west coast — everyone was talking about Bitcoin — and so, I did 15 minutes of research, and was like ‘ah cool tech technology, libertarians like it’…

“This was in 2012. We’re in the European financial crisis. The Chinese were buying … so my first buys of Bitcoin were at about $95, and they were very speculative. I bought it because I thought it would go up.

“And as I started looking at it, digging in, I thought this could be cool. So, I called a friend of mine — Dan Moorhead from Pantera [Capital] — whom I had invested with when he ran a macro fund a few years earlier. I helped seed his macro fund…

“I said ‘Morehead, take a look at this; I don’t have enough time.’ And after two weeks, he called me back, and said ‘Dude, this is going to change the world’… So we decided — Pete Briger, my other partner, myself, and Dan — that we would buy a bunch of Bitcoin and to Dan’s credit he bought a lot. We were a lot richer than Dan at the time, and so he bought a lot of Bitcoin — about thirty thousand bitcoin — for himself, and so we’re like ‘I’ll have $30,001’ because we couldn’t let him have more than we had; so we roughly all about the same.”

Russian central bank opposes ruble-pegged stablecoins

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Bitcoin Rebounds as UK Authorizes Pfizer-BioNTech’s Vaccine

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT, inflation, vaccine

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Bitcoin Rebounds as UK Authorizes Pfizer-BioNTech’s Vaccine


Bitcoin inched back into positive territory on Wednesday just as Pfizer and BioNTech’s coronavirus vaccine won UK authorization.

The country’s Medicines and Healthcare Products Regulatory Agency announced the approval Wednesday morning. Meanwhile, Pfizer and BioNTech stated that they would start delivering doses of the two-shot vaccine to the UK in the coming days, marking the first key milestone in curbing the virus that has infected tens of millions and killed more than 1.5 million people around the world.

Upside

The Bitcoin market’s first reaction to the vaccine approval was positive.

The benchmark cryptocurrency rose by up to 2.99 percent, hitting an intraday high of $19,340 ahead of the London opening session. Its gains followed a depressive Tuesday, wherein the price plunged by about $1,000 ahead of the close, pointing to profit-taking behavior among daytraders at recent record highs.

Technically, the rebound prepared Bitcoin to retest its record high established a day before. A cryptocurrency trader commented that he is willing to extend his long targets towards $19,964, noting that the “[bullish] setup has officially triggered.” Fundamentally, it appeared like a signal to another record high adjustment.

Bitcoin Immune

Bitcoin so far remained immune to news of successful vaccine trials as more mainstream investors endorsed its bullish bias or allocated a portion of their portfolios to it.

For instance, the Pfizer-BioNtech vaccine came out with 90 percent efficacy around November 11. It prompted a sell-off in the gold market but failed to impact fellow safe-haven Bitcoin. That somewhat proved that the cryptocurrency is on its way to decouple from traditional markets.

Meanwhile, the Bitcoin price also rose because many economists embraced the idea that a prospective vaccine would increase inflation.

They noted that protection from COVID-would boost economic recovery in the US, allowing people to spend more than they save. That would raise the price index for personal consumption expenditures, the Federal Reserve’s benchmark measure of inflation. The US central bank expects to reach the 2 percent annual inflation target using the same metric.

Bitcoin bulls treat the cryptocurrency as an anti-inflation asset, given its limited supply cap of 21 million tokens. On the other hand, the US dollar has no such supply limitations. In an inflationary environment, the greenback tends to fall lower. It even fell on Wednesday after the UK’s vaccine approval.

Therefore, bulls believe that large firms sitting atop bearish dollar reserves would eventually reshuffle a portion of it for Bitcoin. As a result, the BTC/USD exchange rate will increase.

Insofar, Bitcoin looks stronger against the prospect of economic recovery led by the vaccine.

Ideaology’s IEO Ushers the Launch of Blockchain Platform for Innovators

Ideaology’s IEO Ushers the Launch of Blockchain Platform for Innovators

DUBAI, UAE – Ideaology is proud to announce its IDEA token pre-sale on December 1, 2020. The pre-sale event is an initial exchange offering (IEO) on P2PB2B exchange. Users will have a chance to purchase IDEA tokens with a 22% discount before the IDEA token public sale.

Ideaology aims to be the “Biggest Blockchain Ecosystem in 2021 and beyond”. Along with the pre-sale launch, Ideaology’s Active IDEA platform will have its beta launch on December 1, 2020 as well. The very existence of Ideaology is a testament to how the model it’s promoting works. With its upcoming IEO and subsequent launch on crypto exchanges, Ideaology’s Active IDEA aims to become the first blockchain-powered platform to pave the way for users to collaborate on promising blockchain projects while investing in these ventures as well.

“Freelancers don’t necessarily work on online freelance platforms, and clients or companies don’t necessarily look for talents on those websites. Many of them are running their independent business from their websites or agencies, and looking for clients via advertisements, email marketing, leads generation, and other techniques. This is why we need to ask the question: why would a freelancer choose a website like Upwork, Fiverr, or Freelancer to sell his services when they can be part of a platform where they can offer their expertise and services on a platform specifically created for their exposure and convenience?” ,said Khaled Alkalbani, Founder and CEO at Ideaology.

Whether you are an investor looking for the right project to pour your resources on, a business developer that needs funding to start his empire, or a digital nomad looking for a platform where you can provide meaningful services and earn, Active IDEA strives to be the go-to platform for all online professionals.

Within the Active IDEA platform, members can collaborate as they invest and find projects that they have passion for. Members of the Ideaology community will be enabled to launch a startup through crowdfunding, but at the same time, will also have the opportunity to work with startups.The Ideaology team calls this whole process “collabvesting” – where Active IDEA users can invest in startups while also giving startups and freelancers to collaborate on projects.

“We believe that our IEO launch with P2PB2B enables Ideaology supporters and P2PB2B users to have a smooth and convenient experience in participating in our pre-sale for the IDEA token. We trust that P2PB2B will also offer a great IDEA token pre-sale experience for everyone interested to purchase IDEA tokens at an early stage.”, said Amar Kovacevic, Co-Founder and CTO at Ideaology.

By establishing a platform where online professionals can start collabvesting, and jumpstarting it with a pre-sale of their IDEA token, Ideaology just became one of the most promising blockchain companies in 2021 and beyond.

Click here to join the IDEA token pre-sale event.

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Survey Says 65% of PayPal Users Primed for Bitcoin Adoption in Retail Shopping


Survey Says 65% of PayPal Users Primed for Bitcoin Adoption in Retail Shopping


US PayPal users are gearing up to use Bitcoin as a funding source for online shopping which is the exact purpose for which the payments giants adopted cryptos in the first place. PayPal’s 2020 cryptocurrency foray is seen as one of the triggers for the current bullish streak that has seen the total market capitalization top $560 billion.

20% of PayPal Users Already Traded Bitcoin

According to the data reported by Mizuho Securities from its survey, about 65% of active PayPal users are ready to utilize Bitcoin for online payments across the platform’s 28 million merchants. The news ties in with the company’s stated goal for its recent cryptocurrency foray which is to promote the adoption of virtual currencies as funding sources for facilitating retail payments.

Apart from the retail adoption readiness, the Mizuho survey also reported that over a fifth of the PayPal users have already bought cryptocurrencies using the platform’s service. Putting PayPal’s user base at 346 million active customers brings this figure to about 69 million people.

As previously reported by BTCManager, PayPal officially announced its crypto adoption plans back in October. The news ended months of speculation regarding the plans by the US payments giant to board the cryptocurrency express.

Apart from enabling its customers to purchase cryptos, PayPal is also reportedly looking o acquire cryptocurrency businesses with crypto custody service provider BitGo reported among the list of firms on the company’s radar. Back in November, PayPal also revealed plans to develop a digital wallet service in 2021 amid rising virtual currency demand on its platform.

The cryptocurrency market has been on a high since the PayPal adoption news. Reports suggest that the massive appetite for Bitcoin (BTC) among PayPal and Square users is driving BTC scarcity. “Coin” prices have seen a boost with Bitcoin reaching a new all-time high (ATH) and stopping short of crossing the $20,000 psychological barrier.

However, PayPal’s crypto foray hasn’t drawn universal acclaim from stakeholders in the industry with some critics urging users to be wary of trusting another centralized service. Also, reports surfaced of a user incurring a permanent ban and having his account locked for high-frequency day trading.

In PayPal’s defense, with the current zero-fee structure, high-frequency crypto day trading on its platform will rack up a huge amount of transaction costs for the company. PayPal has said its goal is to be a crypto purse and not a cryptocurrency exchange.


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Historian Niall Ferguson Says Bitcoin Is Winning the Covid-19 Monetary Revolution

Historian Niall Ferguson Says Bitcoin Is Winning the Covid-19 Monetary Revolution

Historian and senior fellow with the Hoover Institution at Stanford University, Niall Ferguson says bitcoin is winning the Covid-19 monetary revolution. Hailing the virtual currency as a great place for the rich to store their wealth, Ferguson also notes that the bitcoin’s resilience has forced critics as well as institutional investors to alter their views about the leading crypto.

Cash Use Declining

Ferguson names bitcoin basher Nouriel Roubini alongside one financial journalist as some of the critics that are now having second thoughts about bitcoin. In an opinion piece, Ferguson explains that before Covid-19 struck, a financial revolution was already underway with cash being the main casualty.

To support his belief that a financial revolution is underway, the historian says in “some parts of the world — not only China but also Sweden — nearly all payments are now electronic.” In the U.S., debit card transactions have exceeded cash transactions since 2017. While in Latin America and parts of Africa, cash is giving way to cards and mobile money.

However, Ferguson says Covid-19 has, just like what other pandemics have done in the past, accelerated the current monetary revolution. Highlighting the narrative that bitcoin is now a better hedge against inflation, Ferguson compares the digital asset with the U.S. dollar and gold.

In the comparison, Ferguson says the “dollar spot index is down 4% since Jan 1. Gold, by contrast, is up 15% in dollar terms. But the dollar price of a bitcoin has risen 139% year-to-date.”

Next, the historian explains the factors behind bitcoin’s performance as follows:

What might have taken 10 years has been achieved in 10 months. People who had never before risked an online transaction were forced to try, for the simple reason that banks were closed. Second, and as a result, the pandemic significantly increased our exposure to financial surveillance as well as financial fraud. Both these trends have been good for bitcoin.

The Digital Gold Narrative

Ferguson, who has previously argued that bitcoin will never go to zero following its plunge in late 2017 and 2018, doubles down on this argument in an updated version of his book. In the book, he states “that bitcoin had established itself as a new store of value and investment asset — a type of ‘digital gold’ that provides investors with guaranteed scarcity and high mobility, as well as low correlation with other asset classes.”

Historian Niall Ferguson Says Bitcoin Is Winning the Covid-19 Monetary Revolution

Meanwhile, the historian also addresses the embrace of bitcoin by high-net-worth individuals as well as institutional investors. The embrace has sustained a bull run which has seen bitcoin breaching previous highs. In the past, Ferguson argued that “if millionaires collectively decided to hold just 1% of their wealth as bitcoin,” the price would reach $75,000.

Ferguson acknowledges that bitcoin has three obvious defects and these include transaction costs which “are not trivial,” low transaction throughput, and its “slow” use as a means of payment. Nevertheless, these disadvantages are outweighed by two unique features of bitcoin: scarcity and sovereignty.

Do you agree with Ferguson’s remarks that bitcoin is winning the monetary revolution? Tell us what you think in the comments section.

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Bitcoin

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COVID-19

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debit card transactions

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Digital Asset

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digital gold

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financial revolution

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Financial Surveillance

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guaranteed scarcity

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inflation

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Mobile money

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Nouriel Roubini

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store of value

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US Dollar

Image Credits: Shutterstock, Pixabay, Wiki Commons, Bloomberg