Fidelity Acquires 10% Stake in Bitcoin Mining Firm Hut 8

Fidelity Acquires 10% Stake in Bitcoin Mining Firm Hut 8

The giant fund manager Fidelity International holds roughly 10.6% stake in the bitcoin mining company Hut 8. For six years now, Fidelity, the firm that currently manages $300 billion on behalf of its customers, has been mining the cryptocurrency bitcoin.

In May 2017, news.Bitcoin.com reported on Fidelity integrating with Coinbase, mining bitcoin, and even accepting the digital asset at the firm’s cafeteria at its headquarters. Fidelity has been mining bitcoin since 2014, and over the years the firm has increased its stake in this growing industry.

On June 10, a newly filed alternative monthly reporting (AMR) disclosure with the Ontario Securities Commission (OSC) shows that Fidelity owns around 10.6% stake in the mining firm Hut 8.

Just recently Hut 8 Mining Corp., raised $8.3 million by selling shares to investors and it intends to add 275 PH/s of mining capacity to existing operations. The regulatory filing with the OSC shows that Fidelity International holds a great number of Hut 8 shares.

“Fidelity holds 8,396,138 Common Shares and 2,054,956 common share purchase warrants, as a result of which Fidelity is deemed to hold 10,451,094 Common Shares representing approximately 10.58% of the outstanding shares of that class,” the Hut 8 AMR reads.

A look at the share composition indicates that Fidelity keeps a number of common shares and also has the ability to gather more shares in the future.

Of course, Fidelity discloses that “funds and accounts managed by Fidelity that hold the securities referenced herein may, from time-to-time, lend some or all of such securities pursuant to securities lending arrangements for such periods of time.”

“The Common Shares and warrants of Hut 8 Mining Corp. were acquired in the ordinary course of business, for investment purposes only and not with the purpose of exercising control or direction over Hut 8 Mining Corp,” the ARM notes.

The ARM was invoked after Hut 8 raised the $8.3 million by selling shares to investors during the underwritten public offering. In order to add 275 PH/s of mining capacity, Hut 8 detailed that it plans to purchase Whatsminer series mining rigs (M30S, M31S, M31S+) from the Chinese manufacturer Microbt.

Hut 8 initiated its mining operations in 2017 and in the spring of 2018, it was listed on the Toronto Stock Exchange. Bitcoin proponents on social media and digital currency-focused forums seemed pleased with Fidelity increasing stake in Hut 8 mining. One person tweeted that with the Bitcoin mining difficulty at a record high, “Fidelity bets big on Bitcoin mining.”

During the early morning trading sessions, the HUTMF stock charts on Trading View had shown the price was hovering at $0.82 apiece, but since the Fidelity announcement, it has risen to $0.8758.

What do you think about Fidelity betting big on bitcoin mining? Let us know what you think about this subject in the comments section below.

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Chainlink Token Price Surges, Briefly Breaks Into the Top Ten by Market Cap

Chainlink Token Price Surges, Briefly Breaks Into the Top Ten by Market Cap

The price of Link, the native token of the Chainlink network, soared in 48 hours gaining some 40% in that period. This rally saw the token briefly breaking into the crypto market capitalization top ten.

At the time of writing, the token LINK had a market capitalization of nearly $2.6 billion easily beating EOS whose capitalization stood at $2.4 billion.

The token, which had its listing in September 2017, started trading at just under $0.20. It currently trades at just above $7.3 and this represents a more than 4700% return on investment (ROI) to date for hodlers that bought the token at listing.

At the time of writing, the token’s 24-hour value traded topped $1.5 billion, the fifth-highest for the period, according to data from markets.Bitcoin.com.

Whales are reportedly showing an increasing appetite for a token that exhibits the right “fundamentals”. Whale alerts on Monday show movement of substantial quantities of the token between wallets and different exchanges.

Chainlink has seen major tech companies joining the network in what is seen as an endorsement.

However, critics like Messari’s Ryan Selkis have poured scorn on Chainlink’s fundamentals claiming they are misunderstood.

A report by U.Today quotes him saying the following:

Chainlink is proof that no one knows what they’re talking about and crypto ‘fundamentals’ is basically macro sentiment, alchemy, and animal spirits.

A decentralized oracle network, Chainlink aims to connect smart contracts with data from the real world. Since blockchains cannot access data outside their network, oracles are needed to function as data feeds in smart contracts.

Chainlink’s oracles are connected to the Ethereum network and they provide external data like for example temperature or weather. The external data triggers smart contract executions upon the fulfillment of predefined conditions.

The Chainlink network uses a reputation system, node providers that have a large amount of Link can be rewarded with larger contracts. Those failing to deliver accurate information will see a deduction of tokens.

What do you think about the Link token’s ongoing rally? Tell us what you think in the comments section below.

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Abra Crypto App Charged by SEC for Transactions Affecting Thousands of US Stock and ETF Purchases

Abra Crypto App Charged by SEC for Transactions Affecting Thousands of US Stock and ETF Purchases

Abra cryptocurrency app has been charged by two U.S. regulators: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The company has agreed to cease-and-desist orders as well as fines. The SEC says Abra’s employees “effected thousands of stock and ETF purchases in the U.S. to hedge the contracts.”

Abra Crypto App Sanctioned in the US

The SEC and CFTC independently announced on Monday that they have sanctioned California-based crypto app Abra and its related firm, Plutus Technologies Philippines Corp. d/b/a Abra International of the Philippines.

The SEC described in its order that it has charged Abra and the Philippine company “for unregistered security-based swap transactions.” The two companies were allegedly “offering and selling security-based swaps to retail investors without registration” and they failed “to transact those swaps on a registered national exchange,” the order details.

The securities regulator explained, “Abra developed and owns an app that enabled users to bet on price movements of … stocks and exchange-traded fund (ETF) shares trading in the U.S.,” elaborating:

Abra told users they could choose securities whose performance they wanted to mirror, and the value of their contract would go up or down the same amount as the price of the underlying security.

According to the SEC, these contracts were security-based swaps subject to U.S. securities laws. They are offered to retail investors, but “Abra took no steps to determine whether users who downloaded the app were ‘eligible contract participants’ as defined by the securities laws,” the SEC alleged. While Abra has moved certain operations abroad, the SEC says that Abra’s employees in California “designed and marketed the swap contracts, and screened and approved users who would be allowed to buy the contracts.” The securities regulator added:

The order further finds that Abra’s U.S.-based employees effected thousands of stock and ETF purchases in the U.S. to hedge the contracts.

“Without admitting or denying the findings in the order, Abra and Plutus agreed to a cease-and-desist order and to pay a combined penalty of $150,000,” the SEC order describes.

Meanwhile, the CFTC has separately sanctioned the two companies “for entering into illegal off-exchange swaps in digital assets and foreign currency with U.S. and overseas customers and registration violations.” The CFTC order also requires them to “pay a $150,000 civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act (CEA).” Effectively, Abra will pay $300,000 in civil penalties in total.

Abra CEO Bill Barhydt tweeted Monday that “Abra’s business is doing very well with our loyal US users leading the way. We have users in 100 countries with people making $ millions in deposits via bank, stablecoin, bitcoin, credit card, and over 50 other cryptocurrencies.” However, he would not comment on the SEC order.

What do you think about the SEC and CFTC charging Abra? Let us know in the comments section below.

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Bitcoin Difficulty Touches All-Time High, 120 Exahash of Hashpower Remains Strong

Bitcoin Difficulty Touches All-Time High, 120 Exahash of Hashpower Remains Strong

The network difficulty for the Bitcoin network spiked over 9.8% on Monday bringing the difficulty to its highest point ever. The record high of 17.35 trillion makes it much harder for bitcoin miners to profit. However, the overall Bitcoin network hashrate has remained consistently above the 120 exahash per second (EH/s) zone.

On July 13, 2020, the Bitcoin (BTC) network saw it’s largest difficulty metric ever, as it touched the 17.35 trillion mark on Monday. Basically, difficulty is the value used to measure how difficult it is to find a hash below a target defined by the Bitcoin network.

The network has a global block difficulty and validated blocks must have a hash below the given target. Essentially the lower the difficulty, the easier it is to find blocks on the BTC network, and the higher the difficulty means acquiring bitcoins via mining is much harder. The difficulty changes every two weeks depending on hashrate speed or approximately every 2016 blocks.

The Bitcoin (BTC) network sees the highest difficulty jump ever.

The 17.35 trillion is the highest the difficulty has ever been, which means it is the most difficult time ever to mine bitcoins right now. Moreover, it was only just recently on May 11, 2020, when the block reward was cut in half, and miners saw 50% revenue losses overnight.

Now the upwards spike in difficulty over 9.8% wasn’t as large as the 14.95% jump on June 16, 2020. However, at that time the difficulty was only 15.78 trillion. The second-largest difficulty height happened three days before the grueling March 12 market crisis, otherwise known as ‘Black Thursday.’

The Bitcoin (BTC) network hashrate continues to climb higher.

Despite the jump in difficulty to 17.35 trillion, the overall BTC global hashrate has remained high above the 120 EH/s range. There are 16 unique mining pools hashing away at the BTC network and the top mining pool is F2pool.

This is followed by operations such as Poolin, Btc.com, Antpool, and Huobi respectively. F2pool’s hashpower is roughly 16% of the network while Poolin has a touch over 15%. The latter three pools have around 10% or more of the entire BTC global hashrate.

The hashrate increase has bitcoiners discussing the mining difficulty situation via social media and crypto forums. Many are conversing about the overall security of the BTC network and whether or not the hashrate will drop or rise from here.

If the overall BTC hashrate continues to climb higher, then the difficulty will rise again in two weeks’ time. If there is a substantial exodus of miners shutting down machines temporarily, then the difficulty will drop after the next 2016 blocks are consumed.

What do you think about the Bitcoin network’s difficulty jumping to its highest metric ever? Let us know what you think about this subject in the comments section below.

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Deposition of Craig Wright’s Wife Shows Little Understanding of Bitcoin Private Keys

Deposition of Craig Wright’s Wife Shows Little Understanding of Bitcoin Private Keys

According to a court filing on June 30, the Kleiman v. Wright case has postponed the jury trial until October 13 in the Miami Division courthouse. Meanwhile, a deposition stemming from Craig Wright’s wife, Ramona Watts, shows that she has little understanding of how Bitcoin works after being married to the self-proclaimed ‘cryptocurrency inventor’ for years.

The Deposition of Craig Wright’s Wife — Ramona Watts

Just recently, news.Bitcoin.com reported on the Gavin Andresen deposition in the infamous Kleiman v. Wright billion-dollar lawsuit. Ira Kleiman, the brother of the now-deceased Dave Kleiman, is suing Craig Wright for allegedly manipulating Dave’s ostensible bitcoin holdings worth $5.1 billion, at the time of the original filing on February 14, 2018.

“In April 2013, mere months prior to Bitcoin’s entry into the mainstream, Dave died after a long battle with MRSA,” the Kleiman estate’s accusations read. “At the time of his death, no one in his family was aware of the extent of his involvement in creating Bitcoin. Nor were they aware that he had accumulated, with Craig, an incredible sum of bitcoins. Recognizing that Dave’s family and friends weren’t aware of this, Craig perpetrated a scheme against Dave’s estate to seize Dave’s bitcoins and his rights to certain intellectual property associated with the Bitcoin technology.”

The original court order adds:

As part of this plan, Craig forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him. Craig backdated these contracts and forged Dave’s signature on them.

Deposition of Craig Wright's Wife Shows Little Understanding of Bitcoin Private Keys

On March 19, 2020, another deposition was recorded with Craig Wright’s wife, Ramona Watts. However, her deposition was sealed all the way up until June 27, 2020, and it is now available for public viewing. The interview with Watts shows that she didn’t really seem to understand the nature and technicalities tied to Bitcoin, specifically private keys, even though her husband claims to be Satoshi Nakamoto. Additionally, Watts reveals that she recently became a director for two companies as of January 2020; Wright International and Tulip Trading.

Deposition of Craig Wright's Wife Shows Little Understanding of Bitcoin Private Keys

Watts also discussed the alleged “Tulip Trust,” which ostensibly holds a large number of bitcoins. Wright’s wife explains that she was aware of the so-called bitcoin stash and in 2012. Meanwhile the family “didn’t have a lot of money” and Craig was “working day and night and it was financially very difficult.”

At the time, Watts had “no idea really what Bitcoin was all about,” the transcript reads. However, Wright explained to her that the money was set aside for specific ventures in the future. “This is my life’s work, we’re going to have to make sure there are certain rules to this trust so that the bitcoin can only be spent for certain things,” Wright allegedly said to his wife eight years ago, according to the written testimony from Watts.

Deposition of Craig Wright's Wife Shows Little Understanding of Bitcoin Private Keys

‘If You Don’t Have the Private Keys to the Bitcoin, It Doesn’t Mean That You Don’t Own That Bitcoin’

While speaking with Andrew Brenner, an attorney for Ira Kleiman, Watts had an interesting technical view of how bitcoins can be spent. When Brenner asked Watts about not being able to spend the coins because they don’t have the “full private keys,” she said that she thinks there are other ways of spending the bitcoins.

“I do believe that there are other ways that you can access the bitcoin, providing that they are according to— they fulfill the trust purpose by legal means, but I don’t know how,” Watts responded. “I liken it to if you have lost your car key and you cannot actually drive to a certain place, but if you call roadside assistance and say, “This is my car,” you have to show them some proof that it is your car. Obviously, you cannot just go into a parking lot and say, ‘That great sporty Mercedes is my car.” If you show them some proof it was your car, they might be able to either cut you another key or get you in, open the door for you.”

When Brenner pressed Watts for more answers he said other than “believing there is a way to do it,” she didn’t know how to spend the bitcoin in the trust. And Watts responded by saying:

Currently, we cannot because we don’t have the full private keys to the trust. But it does not actually mean that the trust— it is very hard to explain. So you don’t have the private keys to the bitcoin but it doesn’t mean that you don’t own that bitcoin. I am not sure you understand that— We don’t have the private keys necessary to actually spend the bitcoin in that particular way. But I believe that there are other ways. I’m not sure if it is spending or they are assignments, I believe legally there might be other ways to do it, but I don’t know how.

Kleiman v. Wright Jury Trial Set for October 13

Watts also discusses Dave Klieman in great detail and some ostensible encrypted files that hold electronic files that allegedly hold “Craig’s notes.” “There were formulas and algorithms on how you calculate private keys,” Watts said. Craig’s wife also spoke about Denis Bosire Mayaka and Uyen Nguyen, who seemed to have played many important roles in regards to the alleged “Tulip Trust.” Watts also said that the Wright family had a tough year in 2014, when their “computers [were] hacked, personal computers at home, and the computers in the office.”

Similar to Andresen’s deposition, the testimony from Watts gives some more perspective into the mysterious life of Craig Wright, the man who claims to be Satoshi Nakamoto. The lawsuit seems like it will be going to trial and Covid-19 is holding up the court processes. As of July 30, 2020, Judge Beth Bloom signed an order that notes a jury trial reset for October 13, 2020, but there’s a calendar reset call scheduled for one week prior.

What do you think about the testimony from Watts and the jury trial being set for mid-October? Let us know what you think about this case in the comments section below.

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Covid-19 Forces Indians to Embrace Digital Payments but Country Still Lacks Crypto Regulation

Covid-19 Forces Indians to Embrace Digital Payments but Country Still Lacks Crypto Regulation

The global pandemic Covid-19 is forcing Indians to resort to digital payment platforms when settling bills as well as paying for groceries.

Before the Covid-19 outbreak, Indian citizens largely ignored a 2016 government decree that attempted to achieve the same, reports The Economic Times of India.

The news site reports that the value of transactions on the Unified Payments Interface, a platform created by India’s largest banks in 2016, reached an all-time high in June.

As the country’s infection rate and deaths associated with Covid-19 grew, Indians began switching to digital payment options “as people feared to handle banknotes” amid the pandemic.

Electronic fund transfers from banks, which had dropped in April as economic activity slowed, have seen a rebound. The Indian news site refers to a recent survey by Capgemini Research Institute observed a growing appetite for digital payments.

According to this survey:

Three-quarters of Indian consumers reported greater use of digital payments since the virus outbreak, and 78% expect to continue increasing their use in the next six months — the highest figures among 11 nations surveyed.

Increasing digital payment volumes are a fulfillment of Prime Minister Narendra Modi’s vision of increased use of digital financial technologies.

In November 2016, India suddenly invalidated most of the country’s high-value currency notes. The twin objective of the demonetization was to curb corruption as well as to “help encourage a move toward digital commerce.”

The move was briefly successful as people struggled to get banknotes but soon Indians had reverted to cash as once the number of notes in circulation rose.

Indians prefer cash for various reasons, including to avoid paying higher taxes after a national sales tax was implemented in mid-2017 and higher charges from retailers.

Smaller stores that do not enjoy high volume sales often charge customers extra, to make up for what they must pay the service partners for electronic transactions.

Meanwhile, the Modi government, which is aiming for a billion digital transactions per day, still does not have an official stance on virtual or digital currencies issued technology companies.

In the past, The Reserve Bank of India (RBI) issued adverse notices against the use of cryptocurrencies, and in 2018, it banned financial institutions from working with cryptocurrency-related businesses.

However, the country’s Supreme Court has since overturned that decree.

Still, Indian media reports in June suggest an announcement that clarifies India’s stance on cryptocurrencies is imminent. Some crypto-related businesses are hopeful the government will not ban cryptocurrencies.

Do you think Indian digital payments will continue to grow once the Covid-19 has dissipated? Tell us what you think in the comments section below.

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Crypto Exchange Cashaa Loses 336 Bitcoin Worth $3 Million to Hackers

Crypto Exchange Cashaa Loses 336 Bitcoin Worth $3 Million to Hackers

Cryptocurrency exchange Cashaa says it has lost 336 bitcoin (worth around $3.1 million) to hackers.

The London-based platform has now ceased all crypto-related transactions, including withdrawals and deposits, as investigations into the breach get underway.

In a tweet on July 11, Cashaa claimed that the hacker attacked one of its Blockchain.com wallets, which is used to store bitcoin (BTC) and make transfers from the exchange.

The attacker is believed to have implanted malware into one of the exchange’s computers. And as an employee accessed the machine the afternoon of July 10 to make two distinct transfers, the hacker pounced, making off with 336 BTC, valued at more than $3.1 million at current market prices. All this happened in a matter of minutes, between 1:23 pm and 1:26 pm.

“We are still investigating the damage caused by the incident and suspend all the withdrawals for 24 hours,” Cashaa chief executive officer Kumar Gaurav was quoted as saying by industry media.

“We have called the board meeting to decide whether the company will bear all the losses,” he added.

The funds were allegedly sent to the bitcoin address: 14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek, said the exchange. There’s some evidence that suggests coin mixture software is being used to transfer the money and limit traceability

Cashaa suspects the hacker is from east Delhi, India, and has subsequently made a report with the Delhi police cyber crime department.

The company, which also provides financial services to crypto businesses, stated that it had reported the hacker address to “all crypto exchanges” as part of efforts to prevent the alleged thief from using the money.

“All top exchanges and our partners have joined together to give out a strong message to hackers that cashing out hacked #bitcoin is not going to be easy. Thanks to @NischalShetty @CoinDCX @bitbns @binance @WazirXIndia for the quick action,” Cashaa said in the tweet.

Kumar Gaurav, the Cashaa CEO, appeared to blame exchanges that allow trade of stolen funds.

“Everyone working in the crypto industry has to work very hard to bring the same level of security which currently an average person has when dealing with a bank account,” he charged, without mentioning any specific platform.

“As of today, hackers are very confident to hack crypto addresses and move it through exchanges that are facilitating such laundering through their systems. Exchanges like these must be shut down and owners of these exchanges should be charged with money laundering facilitation crime,” Gaurav moaned.

What do you think of the Cashaa hack? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Japanese Listed Company Globalway Plans to Build Sharing Economy Protocol and Launch IEO

Japanese Listed Company Globalway Plans to Build Sharing Economy Protocol and Launch IEO

TimeCoinProtocol is a new project developed by TimeTicket leveraging blockchain technology to create a decentralized sharing economy platform. The solution is powered by the TimeCoin token (TMCN), an EOS-based native token used both for payments in decentralized apps built upon the protocol and for the allocation of rewards for platform supporters. TimeTicket’s parent company is Japanese tech group Globalway Inc, which has over 50 million users and is listed on the Tokyo Stock Exchange.

Starting Point – TimeTicket, a Service With 250,000 Users

TimeCoinProtocol will allow for users of sharing economy apps to migrate from service to service while keeping all their private data and hard earned reputations. This also makes it attractive for dApp developers to adopt, as it allows them to offer their services to a much larger pool of users attracted by the whole ecosystem of dApps than they can each get by themselves alone.The protocol is already being adopted for real services by the development team. The first two dApps of the many expected to use TMCN are TimeTicket and eSportStars.

TimeTicket is a Japanese sharing economy marketplace with more than 250,000 registered users. The current marketplace functions as an intermediary between people who want to provide services by selling their own time and people who want to purchase these services from them. TimeTicket will use the TimeCoinProtocol to offer a new decentralized marketplace with direct peer-to-peer interactions and no intermediaries. The company raised more than $3 million USD from investors and its revenue has increased more than 20 fold over the last 3 years.

New eSports Service

eSportStars is a new service that will let esports players, streamers and fans easily find people to play with, buy and sell competition tickets and win TMCN tokens. Available in Japanese, English and Chinese, eSportStars will tap into the rapidly growing global esports market with the help of professional esports teams. Official groups already signed up to the service include: Japan’s first female professional esports team JapanKillerAngel which specializes in such games as PUBG and Valorant, GameWith which specializes in Fortnite and Super Smash Bros, and Japan’s most renowned Tekken players, TeamYAMASA.

The developers of TimeCoinProtocol are planning on launching an Initial Exchange Offering (IEO) event for the TMCN token on BitForex. The schedule for the IEO will be announced soon by the exchange. Initial TMCN token supply is set at 100 millions.

The TimeCoinProtocol team also plans to announce an activity where supporters such as community members can receive tokens based on their contributions to the project. The activity will be announced on the project’s Telegram channel so make sure to follow it for updates.

To learn more about TimeCoinProtocol and follow the upcoming TMCN token sales go to www.timecoinprotocol.com and sign up for updates via email, Telegram or Twitter.


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Altseason Imminent: ‘Most Altcoins Should Gain on Bitcoin Soon,’ Says Veteran Analyst

Altseason Imminent: ‘Most Altcoins Should Gain on Bitcoin Soon,’ Says Veteran Analyst

During the last 30 and 90-day intervals, a number of altcoins have done much better than bitcoin, as far as price percentage increases are concerned. Last Thursday, the popular analyst Peter Brandt told his 360,000 followers that the price of ethereum saw a “significant breakout” against bitcoin. Moreover, a number of cryptocurrency proponents have been feverishly discussing a possible “altcoin season” coming in the near future.

Veteran Analyst Peter Brandt Eyes an Ethereum Breakout

Three days ago, the veteran trader and crypto analyst Peter Brandt explained that a recent ETH/BTC event could trigger some bullish ETH prices. “Significant breakout in ETH-BTC with target of .03276 BTC. Most alts should gain on Bitcoin in [the] near future,” Brandt tweeted to his followers.

When someone asked Brandt about the crypto asset XRP, Brandt responded “higher.” Moreover, the bitcoin pundit Tuur Demeester also said he was “long” toward ether prices when he tweeted:

ETH/BTC technicals are looking bullish so I’m long. (I still think ETH has extremely problematic fundamentals).

Altseason Imminent: 'Most Altcoins Should Gain on Bitcoin Soon,' Says Veteran Analyst
ETH/BTC chart via Peter Brandt on Twitter.

Of course, the subject of ETH spiking in price has sparked a number of discussions concerning “altcoin season,” a description of a period in time when crypto-assets other than BTC perform better than the top digital currency. Still, out of 5,700 coins mentioned on market cap aggregators, BTC has a dominance rating of around 62.5%.

However, over the last 30 and 90 days, a number of other coins have outperformed BTC by a longshot. During the last 90 days, BTC is up over 35% but ETH has gained 52%.

Another Analyst Stresses: ‘The Altcoin Party Will End Very Soon’

Cardano (ADA) has seen a whopping 271% increase during the last three months and coins like ren, fantom, kyber network, raiden network, and more are also up over 200%.

Other notable forerunners during the last three months include CRO, VET, LEND, and ZRX. However, despite the massive increases in value for a number of coins other than BTC, some digital asset traders don’t envision an ongoing “altcoin party.”

Just recently, the crypto analyst “Crypto Amsterdam” told his 15,000 Twitter followers that he thinks the “the Altcoin party will end very soon.” The analyst described a number of reasons as to why he believes the party will end.

“Dominance weekly support, BTC ranges for 70+ days, BTC volatility at lows only seen 4 times since 2017, and these lows were followed up by 50-250% BTC moves. Q3 has been bearish historically,” the trader said on Friday.

Do you expect an altcoin season or do you think the altcoin party will end soon? Let us know what you think about this subject in the comments section below.

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Youtube Helps Scammers Steal $130,000 in Bitcoin From Investors Daily: Report

Youtube Helps Scammers Steal $130,000 in Bitcoin From Investors Daily: Report

Scammers raked-in $24 million in bitcoin during the first six months of 2020, according to a new report from crypto monitoring service Whale Alert.

Cyber-thieves are finding it very easy to fool people of their bitcoin (BTC} because their schemes have become believably professional and aggressive, it said in a report published July 10.

For example, one particularly successful scam made over $130,000 in a day “with nothing more than a one page website, a bitcoin address and a decent amount of Youtube advertising.”

Another pocketed more than $1.5 million over six months by promoting a fake digital assets exchange with an “amateurish website riddled with spelling errors.”

Whale Alert says it collected and analyzed “hundreds of thousands” of data from reports, websites and bitcoin addresses using their new blockchain crime reporting, tracking and analysis tool, Scam Alert.

The outfit, famous for tracking large-scale bitcoin transactions, concluded that “crypto crime pays. A lot.” And that’s largely because the business is risk-free, meaning perpetrators have an extremely low chance of getting caught.

According to the report, scammers made off with $38 million worth of BTC in the last four years, excluding Ponzi schemes. By the end of 2020, Whale Alert estimates that scammers will make $50 million in annual revenue – a 2,000% increase since 2017.

There are dozens of different types of scams such as sextortions, fake exchanges, fake initial coin offerings, bitcoin recovery and video scams. But the most prominent type of scam at the moment is the giveaway, said Whale Alert.

The giveaway scam uses the identities of celebrities like Elon Musk or a well known exchange to lure people into sending their bitcoin, with help from Youtube advertising. Such schemes can net between a few thousand and $300,000 “depending on the skill and effort put in by the scammers.”

Whale Alert said the improved methodology suggests that “entire professional teams” may be behind some of the most successful of the scams.

“One thing is very clear: whatever is being done right now to stop these criminals is not enough and if we don’t act as a community, the reputation of blockchain might not be able to recover in the long run,” it warned.

What do you think about the rising number of bitcoin scams? Let us know in the comments section below.

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