Block.One Injects $150M Into Voice Social Media Platform to Fund Independent Operations

EOS blockchain protocol publisher that ran a $4 Billion ICO, Block.one, is injecting $150 million to enhance independent operations of its Voice social media platform that was introduced in June 2019.

According to a press statement released on Thursday, the money will be used to kick off Voice’s independent operations away from its parent company, Block.one. Voice has already started the process of independent operations as it hired Salah Zelatimo as the CEO in January who previously worked as the global digital head in Forbes. Following Zelatimo’s hiring, a public beta was launched last month.

According to the press release, Selah will lead the initiative to establish Voice as a separate enterprise and the $150 million will be used in the expansion of operations and building up of the firm’s workforce. Block.One had already spent roughly $150M last year getting the platform ready to go live. This doesn’t include the $30M they spent buying Voice.com.

Voice debuted in summer last year and at that time, it was hyped as the social media platform which gets rid of bots. During the launching time, it was touted as the social media network where real people rather than bots will post as well as share content in order to be rewarded with tokens.

The app aims at enhancing authenticity in the social media space which has been elusive in the recent past. Users will have to produce their identity details for verification. After verification, users will then be awarded Voice tokens every day which they then use to push certain posts. Users can also win extra tokens when they create original content on the platform.

Zalatimo stated that Voice is set to be a true content marketplace and the user will be in total control of the content which will be promoted. Members will also not be afraid of being wrong as the community can hold each other accountable. Zalatimo said:

“By designing a platform where every user has gone through Know Your Customer (KYC) verification and real identities are attached to the original content being shared, we are empowering users to hold each other accountable.”

Through the use of tokens, Voice aims at enhancing transparency in the content promotion process.

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Author: Joseph Kibe

What’s the Deal Behind Coinbase Making This Sudden & Drastic Move?

A few months back, Coinbase hiked its fees for its lowest volume tier by 150% and now again in a sudden and drastic step, Coinbase has increased its trading fees for the lowest volume traders by a whopping 233% while subsidizing 60% lower fees for the highest volume traders.

Looks like, Coinbase doesn’t care if you are trading only up to $10,000.

You better be a big trader!

While the cryptocurrency market is raising the fees dramatically, the discount brokers in traditional markets are moving towards zero trading fees, noted economist and trader Alex Kruger.

“The “rent-seeking middleman” business model that so many in crypto despise will come full circle to exchanges that are doing just that – collecting your rent for facilitating trade,”

said analyst Joe McCann.

While sharing a thread on this topic, McCann says just like with traditional markets, the fees will go down to zero in crypto space. But while it took 20 years for online brokers to do that, given the fact that crypto is a fast-growing market in comparison to traditional markets,

“this is going to happen sooner than 20 years.”

But why the spike?

In 2017, the year of the bull market, Coinbase booked revenue of $1 billion while in 2018, the year of a bear market, the exchange only brought $520 million in revenue which was less than the projected 60%.

Coinbase’s bread and butter business, McCann says has always been

“transaction fees from trading crypto on its exchange.”

And the business model in crypto currently is tightly coupled with bull or bear markets. So, in order to smooth the revenue and forecasting going forward, Coinbase needs to create

“ancillary businesses that generate revenue more consistently and predictably.”

Coinbase Custody is that business that has exploded assets under custody (AUC) to more than $7 billion as of August 15, 2019, in only 13 months, observes McCann.

The second option is to “rapidly accelerate” the listings of new assets to increase the trading volume. As we are seeing, the exchange has added 26, and counting, new assets.

Another option is increasing the fees when trading drops.

After hitting $13,900 in late June, the trading volume has plunged, as such Coinbase is raising fees to offset the low trading volume.

Now, McCann says three scenarios are likely to follow, the first one exchanges like Binance and OKEx drop fees to $0 to buy the flow. Other options include an extremely well-funded tier-1 VC-backed startup launch their exchange in direct competition to Coinbase with no trading fees or Coinbase itself do this.

The last option, however, he said is

“highly unlikely.”

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Author: AnTy

Is Bitcoin (BTC) Currently Undervalued? Institutions, Halving, Payments, Custody and More in 2019

Is Bitcoin (BTC) Currently Undervalued? Institutions, Halving, Payments, Custody and More in 2019
  • Bitcoin is currently trading above $8,800 with a market cap of just above $150 billion
  • By stock to flow model, after 2024 Bitcoin halving, total market value will reach $30 trillion

Currently, BTC/USD is trading at $8,825, having surged more than 180 percent from the yearly low of $3,150 during the brutal winter of 2018. However, we are still down 57 percent from its all-time high of $20,000.

According to the Stock-to-Flow model analyzed by analyst planB for Bitcoin, the first scarce digital object like silver and gold that can be even sent over the radio, internet, and satellite, falls above $100 billion. Currently, Bitcoin market capitalization holds at $153 billion.

Scarcity is basically a situation in which something is not easy to get and in case of Bitcoin, it is the ‘unforgeable costliness’ as stated by Nick Szabo,

“Precious metals and collectibles have an unforgettable scarcity due to the costliness of their creation. This once provided money the value of which was largely independent of any trusted third party. [..][but] you can’t pay online with metal. Thus, it would be very nice if there were a protocol whereby unforgettably costly bits could be created online with minimal dependence on trusted third parties, and then securely stored, transferred, and assayed with similar minimal trust. Bit gold,” explained Szabo.

When it comes to gold and bitcoin, they are different from consumable commodities because they have a high stock-to-flow ratio that makes it the commodity with the lowest price elasticity.

“The existing stockpiles of Bitcoin in 2017 were around 25 times larger than the new coins produced in 2017. This is still less than half of the ratio for gold, but around the year 2022, Bitcoin’s stock-to-flow ratio will overtake that of gold,” stated Saifedean Ammous.

Bitcoin’s current SF is 25 that puts it in the category of silver and gold which will jump and get doubled to 50, very close to gold’s SF 62 after the 2020 Bitcoin reward halving.

According to the latest update by planB, per Stock-flow line and S2F growth path, after 2024 halving, Bitcoin’s total market value will surge to $30 trillion.

Recently, the analyst has also shared how Bitcoin production is going towards zero. Practically, after three more halvings, the last one in 2028, Bitcoin market value could be as high as $100 trillion, resulting in hyperbitcoinization.

As for where all this money will come from? In his detailed analysis from late March, planB shared that silver, gold, countries with negative rate such as Japan, Europe, “US soon” and countries with predatory governments like China, Turkey, Iran, and Venezuela along with billionaires and millionaires hedging against QE and institutional investors discovery best performing assets of the last 10 years will bring in these trillion dollars into Bitcoin.

Bitcoin’s price is $8,839.42 BTC/USD exchange rate today. The real-time BTC market cap of $157 Billion currently ranks #1 with a chart dominance at 56.64%, daily trading volume of $5.16 Billion and live coin value change of BTC 1.95 in the last 24 hours.

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Author: AnTy

Block.one EOS Social Network ‘Voice’ Endures Costs of $150 Million, Required Over a Year to Complete

Block.one EOS Social Network 'Voice' Endures Costs of $150 Million, Required Over a Year to Complete
  • Block.one spent $150 million in developing the recently released Voice social media network
  • They have also been working one year on it
    Block.one has recently announced a new social network called Voice.

Only Real Users, Not Bots Can Open Accounts on Voice

Mr. Blumer explained that they spent a year working on this social media platform that is called Voice. The product was announced, however, on June 1, 2019. At the moment, there is an available beta for users to sign in and test the network.

Block.one is also the company behind the EOS blockchain and project. As he explained, only real individuals are going to be using the platform rather than bots. In order to do so, users will have to provide information about themselves, including IDs.

Blumer explained that they need to understand with who they are operating and they are taking all the necessary measures for his to happen.

Meanwhile, Dan Larimer, the CTO of Block.one, explained that the coin has the fairest distribution model in the world. The platform is going to be working in a different way than others and it will have a different set of content sharing rules.

Larimer said about the coin:

“The Voice token is not created by buying it or burning electricity. It can only be created by being a real person, producing real content, liked by real people. When you participate, you earn.”

Not The First Blockchain-based Social Media Network

Larimer has also worked in the past on Steemit as the CTO. This is also a blockchain-based social media network that rewards publishers for their posts.

There are also other social media networks working with blockchain technology and virtual currencies. Kik Interactive Inc., for example, decided to launch a digital currency to reward users on its platform. However, the U.S. Securities and Exchange Commission said that the company did not create any real use case for the virtual currency called KIN.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T