Poland Purchased 100 Tons of Gold – Would Bitcoin Be A Better Purchase?

  • Poland now owns approximately $121.9 billion in gold.
  • The Bank of England previously refused to return gold to Venezuela, citing insurance-related concerns.

When it comes to making smart investments, there are many debates over what that actually means. Poland, for example, seems to be preserving their funds with an investment in gold, purchasing 100 tons of the precious metal from the Bank of England. In doing so, the country has become the 22nd biggest holder of gold in the world, but a recent article from BeInCrypto suggests that the investment may be better off in Bitcoin.

Adam Glapinski, the Central Bank Governor, recently told reporters with BNN Bloomberg that their new reserves show their “strength of the country.” The purchase comes around the same time that the idea of a downturn in the economy is being discussed, which has frequently been a point that the crypto community has used to support their own potential, versus the use of traditional assets.

Poland purchased 126 tons of gold in 2018, and the recent purchase puts the country at 228.6 tons in total. The total value is approximately $121.9 billion, considering they acquired the most gold in the Eastern European Union region.

In November last year, Venezuela pushed for the Bank of England to refund 14 tons of gold. However, as BeInCrypto points out,

“even if a country could repatriate its gold, what guarantee is there if the holding party refuses to return it?”

In the situation between Venezuela and the Bank of England, the latter stated that there were insurance-related matters that prevented the return, and the bank wanted to know what would be done with the gold, in the event it was returned.

As the economy and political landscape continue to change, cryptocurrency is becoming even more important as they become a safe asset for consumers. The movement made by Poland isn’t exactly keeping up with the progress of the economy, but there are other countries that has taken a less progressive path as well.

In Germany, a bank started implementing negative interest rates, specifically targeting consumers that make small deposits. A negative interest rate would charge customers for being the owner of a bank account, which most negatively impacts consumers that don’t have this kind of money to spare. Negative interest rates were originally introduced to the European Central Bank five years ago.

With the economic turmoil in Venezuela, there are many people who have been impacted, leaving consumers unable to even provide for the basic needs of their family. At this time, cryptocurrencies provide an opportunity for individuals to possess their own funds in a provable way. With the portability and practicality that cryptocurrency provides, it is clear that it is an easier asset to deal with.

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Author: Krystle M

Transaction Fee Mining Exchanges Are Decreasing, Says CryptoCompare

  • The community involved in the crypto industry don’t typically like transaction fee mining.
  • CryptoCompare was established to bring more transparency into the cryptocurrency market.

The cryptocurrency community isn’t exactly a fan of transaction fee mining, criticizing this process heavily for quite some time. CryptoCompare recently released a report,  Exchange Review October 2019, which showed that TFM is slowly declining. In fact, between September and October alone, it seems that the exchanges that implement this type of mining has dropped 3.8%. The report noted,

“Exchanges that charge typical taker fees represented 66% of total exchange volume in October, while those that implement trans-fee mining (TFM) represented 32%.”

In October, a total of $370.3 billion was traded by crypto-platforms that charge a fee to do so, which is 9.8% higher than what was recorded in September. The exchanges that use TFM traded less than half of that amount ($181.42 billion), though they only showed a decline of 3.8% from September to October. Based on the data shown in the report, the rest of the volume accounted for the exchanges that don’t charge much of a trading fee, totaling $6.69 billion.

BitForex was at the top of the list for TFM exchanges, recording $34.8 billion for October’s total volume alone, showing an increase of 37.35% since the month prior. The second in the list was CoinBene, recording a 19.65% increase from the month prior for a total volume of $32.96 billion. Previously, CryptoCompare stated,

“Zero-fee exchanges as well as transaction-fee mining exchanges present a problem when it comes to assessing whether trading volume as well as pricing are legitimate due to the well-known criticisms of exchanges engaged in these practices.”

Of all of the transaction fee mining exchanges, transaction fees are 100% rebated with the use of exchange tokens from the exchange that allow it. Realistically, this opportunity can encourage traders to participate in more activity on the exchange in the hope of getting more tokens. The blog added that this frequently has features or dividends, which put exchanges at risk for hosting wash trading.

The Exchange Benchmark at CryptoCompare was developed as a result of concern regarding crypto exchanges getting involved in wash trading and other schemes to pump up volume. By publicizing these reports, traders in the market can have the transparency desired for the smartest activity.

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Author: Krystle M

Bitcoin Mining Company Hut 8 Acquires 9 Datacenters From Bitfury For $7 Million

Hut 8 Mining Corp a Canadian crypto mining company has completed the set up of its mining farm at Drumheller after purchasing 9 data centers from Bitfury for $7 million.

Andrew Kiguel, Chief Executive Officer of Hut 8 believed the purchase would allow the Drumhekker facility to be fully functional and provide the full ownership of the firm to Hut 8. He said,

“This upgrade allows Hut 8 to take 100% ownership of the Drumheller facility, which will bring further cost savings. This upgrade was funded from Hut 8’s balance sheet, which remains strong after this transaction and prior debt repayments.”

The latest acquisition has increased the overall capacity of Hut 8 by 16 percent, where its operating capacity has risen to approximately 110 MW and 963 PH/s.

The Canadian mining facility has been operational since December 2017 when it was launched in partnership with the Bitfury group. As per its last quarter report submitted in September, the film has mined a total of 12,305 BItcoins. The firm was also the first blockchain company to get listed on the Toronto Stock Exchange.

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Author: Silvia A

Galaxy Digital Sees Significant Growth In First Three Quarters, Income Up 133% In 2019

Galaxy Digital is the digital currency bank involved with Mike Novogratz and as things stand now for the firm, there is good news. In the first 9 months of this year alone, the enterprise has made a head-spinning sum of $58.4 million as a net income. This corresponds to a massive 133% rise when compared with the same duration in 2018.

Their third-quarter financial analysis clearly showed a net loss of $68.2 million in the quarter. This was even in the face of an overall profit in the first three quarters of the same year. The loss was blamed on over-the-counter trading which one of the most significant aspects of their business. Over-the-counter trading brought in as much as $43.3 million in losses alone.

Not All Bad News

Well, it was also not all bad news for the enterprise. There was also some good news here and there. As for the trading division of the venture, there was a rise of almost 50% in the sum of onboarded counterparties in the third quarter when compared with Q2.

In addition to these, the asset management division of Galaxy Digital also had a sum of $336 million in assets that were being managed. This was the figure as at the end of September of this year. Out of this sum, $325 million was dedicated to the EOS fund. The fund has been instrumental in the investment in several areas in the third quarter. These include venture investments to brands like Predictive Pop, Loopland Group Holding, Immutable, Versiart and FinCo Services.

Through the 10th month of this year, the sum of investment that the venture has made was $156.5 million in all. A quick look at the figures shows that is actually a $22.9 million reduction when compared with the records of 2018. When a similar comparison is done for the total digital asset, it ended at $133.5 million which is a $63.7 million rise from what was obtained last year.

Brighter Times Ahead

Although overall, it can be said that this quarter has been a particularly challenging one for the cryptocurrency niche as a whole, Galaxy Digital seems to be on the right path. It is more than determined to record success at every level. The venture has three main business lines of operation and it is working on making the most effective use of its resources to ensure that they get the best results.

Michael Novogratz is the founder and chief executive officer of the brand and he has made 4this very clear. He believes that effective use and spread of resources will allow them not just gain ground but result in overall excellent performance. He explained that the second half of 2019 has been a very eventful one. It was also a period that gave the brand the opportunity to make the best of existing relationships and upgrade their position. The position being talked about here is the one they occupy in the blockchain technology industry.

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Author: Ali Raza

Crypto Rewarding Privacy Browser Brave Hits Milestone With 40 Million Downloads On Android

Brave, a crypto rewarding browser that tip users in BAT tokens for using the platform have seen significant downloads since its launch back in 2014. As per the latest data from AppBrain, a total of 40 million Android users have downloaded the brave browser.

A Twitter user who goes by the name Cameron Asa who is known to closely follow the progress of the Brave browser was among the first to reveal the latest downloads number. He also pointed out back in July that Brave has seen over 8 million downloads in just a little over two months.

Brave rewards its users for watching ads on its platform where the user receives 70% of the total revenue generated by that ad. The BAT utility token which is given as a reward has been listed on several exchanges and can be redeemed for availing several services online. This has made the browser quite popular in recent times.

Brave not only rewards its uses for surfing the web and watching dedicated ads but also provides optimum privacy to the users. The browser also supports numerous cryptocurrencies apart from the BAT token which has made the privacy-focused users migrate from the traditional ones towards the Brave.

Brave has been also expanding its verified publisher list which allows users to tip using BAT which by August this year has grown by 1200% since 2018.

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Author: Rebecca Asseh

United American Corp Fights Lawsuit Dismissal Against Crypto Mining Giant Bitmain

In a recent report, the United Corp claims the courts should not dismiss Bitmain from the U.S. antitrust suit, as Bitmain had asked. However, Bitmain is insisting that the court should wave off the case because the crypto company had missed a deadline to serve its claim against Bitmain.

After Bitmain’s request to the court, United Corp replied by denying the claims made by Bitmain. It claimed that Jihan Wu, Bitmain’s CEO, already knew about the suit against the company.

United Corp Disagrees With Bitmain

On the 12th of this month, Bitmain filed a motion against United Corp and asked the court to dismiss the lawsuit against them because United Corp missed the deadline by four days. According to Bitmain, they were not notified of the suit and should not be forced to honor a notification when they were not aware it.

Bitmain also said that its company does not have a strong link in the United States to be able to face a jury there. However, United Corp disagreed with Bitmain’s claim by pointing out that Jihan Wu, Bitman’s CEO, lives in San Francisco, presently.

Additionally, United Corp claimed to show that there are strong ties between The US and Bitmain. They believe there is enough proof to dismiss Bitmain’s claim stating otherwise.

United Corp Determined To Carry On With The Lawsuit

United Corp demonstrated its readiness to bring evidence to that effect by pointing out that Bitmain recently filed for an IPO in the US. Also, United Corp said Bitmain and its CEO share the same counsel with other related entities in the US.

The Crypto firm also has more evidence to prove Bitmain is wrong by sharing Bitmain’s entire historical business dealings in the United States.

Furthermore, the company said that Bitmain recently invested in a data center firm that’s based in Texas in a deal worth hundreds of millions of dollars. United Corps concluded that Bitmain’s claim of having no ties in the US does not have any basis.

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Author: Ali Raza

Overstock Shareholders Stake Their Claim To Lead Class Action Lawsuit Over tZERO Controversy

Overstock, an e-commerce giant that ventured into the decentralized space with its tZero platform is at the center of a class-action lawsuit filed against it on September 27 this year. The lawsuit accuses Overstock of security fraud and the firm is currently facing 5 cases against it. Several investors this week filed their motion to consolidate on these cases.

A total of 8 former and current shareholders have expressed their desire to lead the lawsuit which includes the likes of Cohen Milstein Sellers & Toll PLLC, Block & Leviton LLP, Bragar Eagel & Squire PC, Glancy Prongay & Murray LLP, and Kahn Swick & Foti LLC, Levi & Korsinsky LLP, Pomerantz LLP, Bernstein Liebhard LLP.

Benjamin Ha from Block & Leviton LLP claimed that Overstock purposely created a tZero platform to punish short-sellers who sold their Overstock shares. Overstock’s shares have been on a continuous decline along with its dominance in the home goods e-commerce market.

Investors claim tZero was created to artificially inflate the Overstock share price

The lawsuit claimed that Overstock’s dismal performance in its e-commerce market along with declining share prices forced the firm to create a tZero exchange to give it’s business some more time.

Ha claimed that the firm has been struggling to keep up with Wayfair.com and hasn’t recorded any profit in the past three years.

“According to the suit, in September, investors discovered that the company “had engineered the tZERO offering as revenge upon short-sellers and tried to create a short squeeze by offering a digital token dividend that would not be registered and could not be resold for at least six months.”

The tumbling of Overstock shares

The firm had put a tZero digital token dividend lock because of which short-sellers couldn’t hand off their stock even after selling their shares. tZero did rise as high as $27 at one point but soon the investment banks declared that they would not accept the tZero dividend and instead accept cash. The news tumbled the price of the crypto token and Overstock promised to register their stock to end the lockup.

The problems started to creep up right after that, The first company’s CEO Patrick Byrne resigned from his position and liquidated $90 million worth of his Overstock shares. Then the very next month in September when the firm presented its financial report, it was found that the firm misrepresented its financial prospects which tumbled their share prices by 50%.

Byrne stated that the main cause of his departure was not being able to get corporate insurance. He explained,

“The proximate cause for my departure was, in fact, the impossibility of our getting corporate insurance with me still at the helm. Just as we learned in Game of Thrones that behind the scenes the Iron Bank makes the big decisions, in Corporate America insurance companies get the last say.”

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Author: James W

Ethereum’s Istanbul Hard-Fork Set To Improve Scalability, Security, And Reduce Fees In 7 Days

Ethereum had quite a mixed year in terms of progress as the price of the ETH token failed to boom after the prolonged crypto winter, and even though it touched a yearly high of $350, it lost all it’s gains in the following months. ETH was trading at $153.40 with more than a 60% decline from its yearly high.

While its price movement on the trade market wasn’t lustrous, it did see quite a success in terms of adoption and market value of its decentralized finance ecosystem. However, despite the impressive performance of its DeFi ecosystem, the altcoin has failed to hold its ground on the price charts.

Ethereum network is currently in the middle of a major transition of mining protocol from Proof-of-work (PoW) to Proof-of-stake (PoS) often dubbed as Ethereum 2.0 next year. As for now, the Istanbul upgrade is due for next week which would introduce some major changes into the network in respect of security, interoperability and network costs.

The Istanbul had fork would introduce 6 Ethereum Improvement Proposals (EIPs) on the network, out of which 4 are solely dedicated to bringing the gas cost on the platform lower. The other two EIPs are dedicated to Interoperability with Zcash and improvement of security measures on the network.

The Istanbul hard-fork would have no impact on any ETH held by users on exchanges or in their personal wallets. Once the Serenity update comes in the next year and the network migrates to PoS mining consensus, only then users might have to migrate their tokens to the new network.

The list of impending upgrades could help the market value of ETH

ETH token’s market value is at a yearly low and currently moving in the same price range as it did at the start of the year. The success of De-Fi hasn’t really reflected on its price and the Ethereum community are hoping that the move to Ethereum 2.0 would also help it improve its market value.

Ethereum 2.0 is believed to resolve one of the biggest issues of scalability crippling the current network. The crypto market is heavily governed by the Bitcoin price movement and most of the altcoin loom under its shadow. But, the Ethereum community believes that Bitcoin and Ethereum serve different purposes where BTC is increasingly used as a store of value while ETH is more of the decentralized ecosystem providing all kinds of decentralized financial services promising to be better than the traditional ones.

Ethereum community has high hopes from next year given the impending move to Ethereum 2.0 which many believe could really help the altcoin gain some lost ground on the price charts.

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Author: Hank Klinger

Blockchain Could Save The Food Industry $31B By 2024 By Eliminating Supply Chain Related Fraud

A recent study done by Juniper Research on how blockchain and Internet of Things could transform global supply chains has shown that they can save the food industry up to $31 billion lost in fraud. Blockchain Tech has proven to be a good tracker in supply ecosystems as well as an efficient network for verification.

According to the study, combining blockchain technology with IoT trackers or sensors will not only streamline supply chains but also ease compliance processes. This will be a major boost in the fundamental value of food industries whose operations involve sourcing and distribution as well. More notably is a solution to ecosystem loopholes that make fraud rampant during the supply process.

Dr Morgane Kimmich, the author, further emphasized on Blockchain’s potential within the food industry;

“Blockchain and the IoT provide an immutable, shared platform for all actors in the supply chain to track and trace assets; saving time, resources and reducing fraud.”

The study also revealed that implementing these technologies could yield significant results for the food industry as early as 2021. In addition, the cost of regulatory compliance is projected to have dropped by 30% before 2024.

Blockchain Tech in the Hospitality Industry

The digital ledger tech is slowly gaining fame within big industries like Tourism, Accomodation bookings and Food & Beverages. Carrefour and Nestle are among the big boys in Hospitality whom have given a report on how their initiatives built on blockchain are doing so far.

IBM’s blockchain ‘Food Trust’ built on the Hyperledger Fabric is so far the leading tech adopted by a number of stakeholders in Hospitality. The product is one year old having been launched in Q4 of 2018; reports show that millions of food products have since been tracked on the IBM Food Trust network. Given the opportunities digital ledgers provide, this trend is expected to pick up as the fourth industrial revolution (4IR) gains momentum.

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Author: Lujan Odera

Governor Brian Kemp To Pick Bakkt CEO Loeffler For US Senate As Georgia’s Representative in 2020

The CEO of Bakkt, Kelly Loeffler, might soon be picked as the new Senator for Georgia after Johnny Isakson steps down at the end of this year due to health complications. A recent report by Atlanta Journal Constitution revealed that Governor Kemp is set to make the announcement in the course of next week; could this lead to a new dawn for digital currencies at Capitol Hill?

Loeffler is however not Trump’s favorite for this position; the President had been supporting Congressman Doug Collins as the replacement for Isakson. According to the AJC report, Governor Kemp’s decision to pick a woman is more popular given a number of women have left the GOP party in the recent years. If successful, the Bakkt CEO will be Georgia’s 2nd woman Senate representative.

Bakkt Volumes Hit $37 Million

The Bakkt digital asset exchange volumes increased by almost double in the past week to hit a high of $37.4 million. Loeffler’s appointment would be a fundamental boost to Bakkt and the whole crypto industry; current hurdles in crypto regulation would be better addressed with FinTech leaders included. Bakkt also launched its Bitcoin Futures trading back in September which hit its highest traded volume on 27th November.

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Author: Lujan Odera