Gibraltar Distributed Ledger Tecnology Update 2019 – Plato’s Wise Men & Fools.


Gibraltar Distributed Ledger Tecnology Update 2019 – Plato’s Wise Men & Fools.

Written by; Philip Vasquez, co-founder of Digital Asset Management Limited (, a regulated broker/dealer and custodian of digital assets in Gibraltar, and an Associate at TSN Law ( Philip is also a board member of the Gibraltar Federation of Small Businesses.

As someone who has been involved in the distributed ledger technology (‘DLT’) industry for the past few years, I have found it hard to write up an article on the DLT sector for a while now.

The reason has something to do with the simple quote often attributed to Plato that ‘wise men speak because they have something to say; fools because they have to say something’. I have been reluctant to write anything longer than a tweet on the DLT sector recently because I have felt that I am neither the wise man nor the fool. I wouldn’t classify myself as an expert and I don’t think anyone would want to be a fool.

The reality is that projects and even jurisdictions have been propagating their progress and spinning positive activity over the past 18 months. Over that same period, Bitcoin has supposedly died 126 times according to various media articles and coverage announcing the eternal crash of cryptocurrencies and no use for the underlying technology.

The point I am making here is that there is so much media attention on this industry, that it is incredibly difficult to separate the noise from signal and the wise men from the fools.

In giving a truly transparent overview of Gibraltar’s growing involvement with DLT and cryptocurrencies over the past 18 months, I hope that I will be the better between the wise man and the fool.

Licensing and Regulation


Gibraltar created purpose built regulations in late 2017, effective January 1st 2018, for businesses who used DLT to transmit or store value for others. 18 months since these regulations came into force, Gibraltar now has approximately 10 licensed DLT businesses who are registered with the Gibraltar Financial Services Commission (‘GFSC’).

The licensed entities include large and recognised international exchanges such as Huobi, eToro X, CEX and Bitso as well as local players Gibraltar Blockchain Exchange (GBX) and Digital Asset Management Ltd (DAM).

There are a number of other entities going through the regulatory process with the GFSC so the count of the number of licensees is expected to grow before the close of 2019. There has also been entities scaling back operations in Gibraltar, with other jurisdictions experiencing similar set-up and scale downs.


The Gibraltar Government in 2018 began consultations on introducing regulations that govern Initial Coin Offerings (ICOs) in Gibraltar. Described at their most basic, ICOs are a fund raising method for projects using cryptocurrencies and DLT.

These regulations were considered by Gibraltar at the time as there were few jurisdictions internationally that were looking to regulate this form of fundraising model given its incredibly nascent existence. It is not known when these regulations may become law.

Financial Crime Prevention

Gibraltar was one of the first jurisdictions globally to introduce a legal obligation on those businesses and projects using cryptocurrencies and DLT (including ICOs) to carry out due diligence checks on customers and reporting of financial crime concerns to the authorities.

These changes to the Proceeds of Crime Act 2015 which became effective in March 2018 introduced proactive obligations on these businesses in Gibraltar to combat financial crime. Similar obligations are now being introduced throughout the European Union in the form of the Fifth Anti-Money Laundering Directive (AMLD5) but will not need to be implemented until the 10 January 2020.

Gibraltar has also recently undergone a Moneyval onsite visit, where DLT and virtual assets did not form part of the assessment as they are outside the scope of AMLD4. The Financial Action Task Force has also come up with recommendations in relation to global virtual asset providers in respect of financial crime prevention.

Crypto Funds

Activity on cryptocurrency funds in Gibraltar has been more discreet with a rumoured amount of approximately 5 to 10 funds with direct or indirect exposure to cryptocurrencies and other DLT equity investments.

These funds are understood to be a mix of both Experienced Investor Funds and Private Funds. As of around October 2018, any new collective investment schemes being set up in Gibraltar would likely be set up as an Experienced Investor Fund following the adoption of the Code of Conduct for Crypto Funds by industry body, the Gibraltar Funds and Investments Association.

This move effectively only allows qualified investors to participate in the fund, as opposed to Private Funds which ordinarily do not have a restriction on the ‘type’ of investor that can subscribe.

Community and Activity

Gibraltar’s DLT and cryptocurrency community has definitely consolidated along with the 2018 cryptocurrency bear markets. Retail involvement and interest is notably down but there still exists a persistent community in Gibraltar in respect of advisors and businesses actively involved in this sector.

As both a legal adviser on DLT matters for TSN Law and an advisor on the brokering, custody and bespoke management of digital assets themselves with Digital Asset Management Ltd (DAM) I regularly interact with various other professionals in Gibraltar’s community, bankers, regulators and entrepreneurs, and there continues to be a solid and knowledgeable community naturally growing.

Gibraltar’s community has the opportunity of using its knowledgeable professionals and network to assist most DLT projects with their ambitions, particularly through a collaborative approach.

Notably, the amount of ICOs that have launched from or involving Gibraltar has gone down considerably from peak activity of late 2017 and early 2018. This is in keeping with global trends and sentiment on ICOs more generally.

Some question whether ICOs will return as a prominent source of financing projects with cryptocurrencies or whether they will be replaced by one or both of Initial Exchange Offerings (IEOs) and Security Token Offerings (STOs).

Other News

Worth noting is how some projects in Gibraltar have gone into liquidation and how this has presented different opportunities for liquidators, lawyers and regulated digital asset custodians such as DAM.

The University of Gibraltar is offering courses in Blockchain & Smart contracts being delivered by the likes of individuals from Coinsilium and RSK. Also worth noting is that Xapo, one of the largest custodians of Bitcoin in the world (who recently sold its institutional business to Coinbase) and poised digital bank, has publicly placed an interest in taking over key units in Casemates Square.

The past 18 months has also seen a Bitcoin ATM come and gone in the World Trade Center, as well as the opportunity to pay for goods in Bitcoin with local retailer Supernatural (no longer available).

In my wise-fool’s summary, the past 18 months have been active for Gibraltar’s DLT and cryptocurrency sector. Seeing the stability of the sector now establish itself at an organic pace of growth is definitely what has been needed.

By and large, Britain’s departure from the EU will not affect Gibraltar DLT licensees ability to carry out their services in other countries as regulations around DLT and virtual currencies by and large do not exist at a European level as is presently the case with online gaming. Whilst this could change, there are opportunities at the moment for businesses to be regulated and operate internationally from Gibraltar.

An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers

As time goes by, I see myself facilitating increasing use cases for cryptocurrencies and the underlying technology. I do not believe that DLT is the panacea for so many economic, banking and societal ills that a majority of media content tries to portray.

Yes, the truth is that DLT is bringing real world solutions to financial problems already but at the moment it is mainly for fringe use cases -i.e. solving problems for a minority of people. Anyone professing it is solving much more than that right now is probably babbling.

Thai SEC Warns Public About New Crypto Scam Operating Overseas

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

HODL: 79% of Bitcoin Addresses Are in Profit, Will They Sell?

Bitcoin has undoubtedly had a stellar 2019 so far. Year to date, the cryptocurrency has gained some 200%, rallying from around $3,500 to $10,000.

While this market’s whales have undoubtedly benefited from this performance, data suggests that a good majority of BTC users are actually profitable.

Thousands of Bitcoin Users Are Profitable

According to Into The Block, a machine learning-enhanced blockchain analytics firm, 79% of all Bitcoin addresses with a positive balance are in profit.

Their data, which was cited by pro-crypto economist Alex Krüger, suggested that some 21.36 million BTC addresses are “in the money”. Into The Block’s data suggests that most of the addresses in the money, accumulated Bitcoin at $850 to $3,900.

The reason why so many Bitcoin holders are in profit is due to the fact that the cryptocurrency has only traded in a five-digit region for a small percentage of its lifetime.

In fact, for around 99% of the cryptocurrency’s life, it has traded under $10,000, where BTC is trading at today.

Why BTC Owners Are HODLing On

While it would make sense for this vast majority of Bitcoin investors to liquidate their positions to lock in gains, CoinMetrics data is suggesting that there are now more HODLers of the cryptocurrency than ever before.

On all time frames that CoinMetrics analyzed — 180 days (half year), one year, two years, and five years — the untouched supply of Bitcoin has been on the rise, growing since the bull run of 2017 and early-2018.

In fact, the number of BTC that hasn’t been touched for at least one year has grown to ten million — an all-time high. This means that over half of the Bitcoin currently mined and just under half of all of BTC’s fully-diluted supply have not been transferred in over 12 months.

The copious number of long-term-minded cryptocurrency investors is likely a byproduct of the growing number of theses and models that predict Bitcoin still has massive upside potential.

Altcoin Bagholders Suffering

While most Bitcoiners are in the money, Into The Block’s data shows that altcoin holders haven’t been doing too well. In fact, 74% of Ethereum addresses are at a loss, with many holding ETH bags from $260 to $315.

Cardano, ICX, Fetch, and ZCash are among the altcoins that have also seen a majority of their owners suffer massive losses. In fact, the firm’s data suggests that 95% of ZCash addresses — there may be some shielded transactions — are out of the money.

This implies that many altcoin holders held their cryptocurrencies from 2017’s mania until now, without selling.

Featured Image from Shutterstock

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Immortality, Cryogenics and UBI: How The Crypto Rich Influence Science

Immortality, Cryogenics and UBI: How The Crypto Rich Influence Science

The rise of cryptocurrency is changing the philanthropic world by causing the redistribution of wealth from old money to visionary innovators and early tech adopters. The new crypto rich invest their donations by supporting scientific research in groundbreaking fields that may one day enable humanity to cure aging, reverse death and completely change the relationship between work and income.

Also Read: How Does a Country Do an ICO? They Call It QE

The Cryptorati Want to Defeat Aging

Examining the record of donations made by the crypto rich reveals a pattern of support for goals that others may feel belong in the pages of science fiction novels. Having benefited greatly from recognizing the potential of peer to peer electronic cash earlier than the masses, it is no surprise that they have great optimism in the power of technology to radically change our lives for the better.

One of the main benefactors of this type of donation focus is the SENS Research Foundation located in Mountain View, California. The non-profit SENS (Strategies for Engineered Negligible Senescence) defines its goal as working to develop, promote, and ensure widespread access to therapies that cure and prevent the diseases and disabilities of aging. Unlike the traditional medical approach of only treating or managing old age problems as they kick in, this approach focuses on comprehensively repairing the damage that builds up in our bodies over time, thus mitigating the aging process as much as possible.

Immortality, Cryogenics and UBI: How The Crypto Rich Influence Science

In the early 2000s, Michael Novogratz donated to the research organization and the Pineapple Fund gave SENS $2 million in BTC last year. Moreover, Ethereum founder Vitalik Buterin also donated $2.4 million to SENS in 2018 and another $350,000 in January 2019. The regenerative medical therapy organization also raised another $4.1 million in cryptocurrencies last year in addition to the Pineapple Fund donation.

The chief science officer of SENS, British biogerontologist Aubrey de Grey, talked about the relationship between his venture and crypto proponents last year and detailed that many have donated to the research organization. “I’m not in this to do science for the sake of doing science,” de Grey explained. “I’m in it for the ultimate goal.” He further revealed that a few anonymous donors have given SENS $1 million each and other cryptocurrency personalities are also long-term donors of the foundation.

The Cryogenics Connection

Another main benefactor of donations made by crypto personalities is the Alcor Life Extension Foundation. This nonprofit based in Scottsdale, Arizona, advocates for, researches, and performs cryonics. This entails the freezing of the whole human corpse or just the brain in liquid nitrogen after legal death, with hopes of resurrecting the individual when the requisite technology is developed in the future.

According to reports, a number of crypto rich have anonymously donated to Alcor’s cryonics research. The top connection between the field and cryptocurrency is that Alcor might be preserving the body of a man some believe to be Satoshi Nakamoto himself. Hal Finney is the computer scientist who received the very first bitcoin transaction and helped get the network up and running during its first year. On Aug. 28, 2014, Finney’s body was taken to an Alcor facility soon after his death and underwent the cryogenic process. In May 2018 the foundation announced that cryptocurrency enthusiast Brad Armstrong gave it a $5 million research contribution, being held in the name of the “Hal Finney Cryonics Research Fund”.

Immortality, Cryogenics and UBI: How The Crypto Rich Influence Science

Another connection between cryptocurrency and cryogenics is that computer scientist Ralph Merkle, known for creating cryptographic hashing, the Merkle tree and other inventions, is also a researcher and advocate of cryonics. He reportedly knows a few crypto people who have donated to cryonics and also helped raise funds for Alcor.

Universal Basic Income and MDMA

A more economic research topic, but one that could have drastic implications for human society no less than curing aging or cheating death, is Universal Basic Income. UBI is one of the hottest economic debate topics of the last couple of years, talked about as a possible solution to technological unemployment, preventing humans from falling behind once robots take over all the jobs. The idea has even gained support from various politicians around the world recently such as U.S. democratic candidate Andrew Yang.

Basically the UBI plan is to provide everyone with a stipend so that they can live their lives without worrying about making enough money from work just to survive. This raises several questions as it goes against how many believe the world should function and it will also be an unprecedented experiment in the human condition. The Pineapple Fund made a $5 million donation to the organization Give Directly in 2017 to sponsor cash transfers to people living in extreme poverty in Kenya, Uganda, and Rwanda where it is possible to test the UBI concept before it’s implemented in more expensive regions of the world. The Pineapple Fund has also donated more than $1 million to aid in the research of using MDMA as a treatment for PTSD.

Crypto rich and well-known community personalities have of course donated to other causes than the above mentioned scientific research projects. To list a few examples, Justin Sun gave $3 million to the Binance Charity Foundation, $250,000 to the ALS association and over $4.5 to Glide which aims to alleviate poverty. John McAfee donated a 27-foot boat worth $1.1 million to the Belize Coast Guard. The CEO of Coinbase, Brian Armstrong, even signed the Giving Pledge, the drive started by Warren Buffett and Bill Gates for rich people to give away the majority of their wealth instead of leaving it to their heirs.

What do you think about the fields of scientific research the crypto rich donate to? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Markets, another original and free service from

Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

Brazilian Investor Buys 28 BTC With 30% Discount on Facebook


Brazilian Investor Buys 28 BTC With 30% Discount on Facebook


A Brazilian crypto consultant has reportedly completed a sale of 28 bitcoins at a 30% discount on Facebook, in a move made possible by alarm bells ringing regarding a local cryptocurrency investment platform.

According to Livecoins Márcio José Motta, the consultant, advertised he was selling 28 BTC – worth around $280,000 – on a Facebook group earlier this week, with the catch that the coins were on the Atlas Quantum investment platform.

The sale was made a 30% discount, as the platform itself is facing various challenges. For one, it’s widely believed to be a Ponzi scheme, as it claims to use a bot – an internet software application – that can examine prices across exchanges to take advantage of arbitrage opportunities, and reward traders for their investments.

Facebook bitcoin sales adsSource: Livecoins

The company has also been notified by Brazil’s Securities Commission (CVM), as users have been reporting withdrawals issues from its platform. This means the discount came from a user who likely tried – and failed – to withdraw his funds.

The BTC sale was reportedly completed in less than an hour, as the crypto consultant claims to have connected the seller to a group of investors who’re always looking for cheap BTC. Márcio added he concluded similar operations with other exchanges, telling the Brazilian news outlet:

The same thing happened with Negociecoins. In transactions related to that exchange alone I’ve moved over 40 BTC a day.

Meanwhiles Atlas Quantum, the platform that’s seeing users struggle to withdraw, has said it’ll reward them with a 25% premium once they are indeed able to get their funds out. The bonus, the company claims, is related to days in which it failed to pay out “arbitrage” revenues. The company further alleged it’s unaware of any discounted BTC sales going on between its users.

The cryptocurrency scene has been growing in Brazil. As covered last month the public transportation system of the city of Fortaleza, the capital of the state of Ceará, has started embracing cryptocurrency payments.

Internal Revenue Service Sends New Round of Letters to Crypto Holders

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Top-5 Crypto Performers: ETC, IOTA, ADA, TRX, XLM

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.




CMC | 事件经过




CMC收录的交易所没超过1000,新闻太具有误导性了,夸张有个度。 假设交易所有一万多家,每个公司从业者20人,那么交易所行业从业者就有20万。每家活人一万个,那么就有20亿用户,假设每个人都有十家交易所的账户,估算实际用户就有2亿。这还没算项目方,算上项目方,从业人数得百万了。所以数据也要符合基本原理,目前交易所绝对不超过上千家。 CMC收录的币种都只有2000多个,markets指的是交易对,居然被解读成交易所。。。




CMC | 实际情况