Dave Portnoy’s Barstool Fund Accepts BTC, ETH & More in Donation for Small Businesses

Dave Portnoy’s Barstool Fund Accepts BTC, ETH & 10 Other Crypto’s in Donation to Support Small Businesses

The crypto community has donated more than $1 million to Dave Portnoy’s The Barstool Fund.

The Fund has raised a total of about $6.343 million from 59,830 supporters and has already helped 18 small businesses.

From the crypto community, trader Mason Riley donated the highest amount $250k and crypto exchange Gemini founders Tyler and Cameron Winkless donated $200k.

Crypto investment firm CMS Holdings made $102k in crypto donations and Jason A. Williams, author of “Bitcoin: Hard Money You Can’t F*ck With” contributed $100k. Anthony Pompliano, co-founder of Morgan Creek Digital donated 2 BTC which was worth $50k on Christmas day.

Anonymous traders @Cryptowhale and @Milkman2228 donated $50k and $25k respectively while David Gokhshtein, member of Forbes Finance Council, did $10k. An anonymous donor donated $55,000 in Zcash to the fund. Besides these whale donors, $216k also came from the crypto community.

The Fund currently supports 12 crypto assets in total: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC), Zcash (ZEC), Basic Attention Token (BAT), 0x (ZRX), STORJ, DAI, Gemini Dollar (GUSD), and AMP.

Just before last weekend, Dave Portnoy introduced The Barstool Fund to help small businesses in need of help due to the coronavirus pandemic.

This week, Portnoy took to Twitter to share that Winklevoss twins donated $200k to the fund unsolicited and called out Pomp and Williams to step up and make some donations as well.

In turn, Bitcoin proponent Pomp asked Portnoy to set up a Bitcoin wallet on the Funds page for the crypto community.

“@stoolpresidente is finally ready to atone for his sins and weak hands. We’re setting up a Bitcoin wallet through @TheGivingBlock to help raise money for small businesses via the Barstool Fund,” tweeted Pomp on Christmas Eve.

As per the Funds page, donating crypto directly to a 501-c3 non-profit offers better tax efficiency than cash as the IRS classifies cryptocurrency as property for tax purposes.

Read Original/a>
Author: AnTy

Gold Investor Forecasts Continued Bullish Rally for Bitcoin and Ether in 2021

While 2020 has already proven to be a stellar year for several large-cap cryptos, some analysts are already predicting what 2021 might look like.

Major gold bug Frank Holmes has given his prediction on Bitcoin and Ether. He believes both digital assets could do much better in the new year as they capitalize on 2020’s performance.

Increased Investor Interest and a DeFi Boom

Holmes is the chief executive of U.S. Global Advisors, a Texas-based asset management firm. Speaking with Kitco News, Holmes explained that he expects digital assets to notch improved performances in 2021 along with gold. He argued that the leading cryptocurrencies had seen growth in their underlying value drivers, leading to higher adoption and price gains.

Speaking on Bitcoin, Holmes explained that the asset is seeing greater adoption. He noted the increase in the number of new wallets, maintaining what seems to be a three-year trend. However, while many have pointed to an influx of institutional investment as to why Bitcoin is surging, the gold bug attributes the rally to the halving event.

As he pointed out, a comparable halving event in the gold market could see the asset rise to $10,000 an ounce. He added that the halving had affected the supply of the asset. Joined by the quick adoption by institutions (which have a penchant for absorbing Bitcoin in large numbers), Bitcoin’s demand has grown significantly, leading to a jump in value.

Moving to Ether, Holmes highlighted that the asset had enjoyed most of its 2020 rally from the decentralized finance (DeFi) boom. DeFi Pulse shows that the total value locked in DeFi projects is at an all-time high of $14 billion. Since much of DeFi activity is done on the Ethereum blockchain, the network is seeing new usage. That will undoubtedly increase Ether’s value in the future.

Holmes further predicted that continued growth in the DeFi market would help Ether going into 2021. The investor predicted a “two-standard deviation” to occur to the asset in the next few months on gold. Estimating the occurrence’s effects, he claimed that gold could hit $2,600 an ounce before 2021 draws to a close.

Not Drawing Comparisons

Holmes refrained from speaking on Bitcoin’s potential to displace gold as the global reserve currency that many believe could happen in the next decade.

A recent Bloomberg piece explained that several Wall Street stalwarts had begun debating Bitcoin’s potential to usurp gold as the global reserve currency. Bitcoin had gotten support from names like Paul Tudor Jones and Stanley Druckenmiller. Several large investment firms are even considering moving large chunks of their portfolios into BTC.

Bitcoin’s market cap is still a paltry $346 billion compared to gold’s $2.6 trillion. However, continued growth in the asset’s investor base should force a considerable change.

Read Original/a>
Author: Jimmy Aki

European Countries Support EU Stablecoin Regulation

European countries are in favor of regulating fiat-backed cryptos, stablecoins.

Spain, Italy, France, Germany, and the Netherlands backed the European Commission’s goal to regulate stablecoins.

Until the regulatory, legal, and oversight challenges have been addressed, the five countries said on Friday that stablecoins should not be allowed to operate in the EU.

According to European countries, the regulatory framework of the EU for these coins should address risks to monetary policy and protect customers while maintaining their monetary sovereignty.

All stablecoins should be pegged 1:1 with fiat currency and the reserved assets denominated in the euro or any other currency of EU member states deposited in an EU-approved institution, they said.

Much like the Bank of England Governor said last week, the draft joint statement from these countries seen by Reuters, also wants the entities operating these stablecoins to be registered in the EU.

Facebook’s Libra has pushed stablecoins on policymakers’ agenda. Given that its governance body Libra Association is based in Geneva, it can impact their plans to issue its stablecoin.

Read Original/a>
Author: AnTy

Cardano is A Significantly Better Crypto; Makes No Sense for BTC to Rule the Roost: ADA Founder

  • Hoping ADA to jump into top three cryptos with the launch of Shelley is setting yourself up for failure – said Charles Hoskinson
  • Bitcoin will maintain the store of value status & be a multi-billion dollar ecosystem, just like gold
  • Central banks’ stimulus for too long can force a banking crisis which will be the time for crypto to shine and “we’re building for that”

Proof-of-stake (PoS) blockchain Cardano (ADA) Founder Charles Hoskinson conducted his latest AMA last week where he shared the delay of its Shelley era has been due to several factors. As Hoskinson explained,

“Byron reboot and the Shelley Haskell testnet – once those two events happen then we are a hundred percent confident.”

Recently, there have been reports that the Shelley update has been postponed because of the coronavirus (Covid-19) which Hoskinson was quick to deny, calling it “fake news.”

The most significant release, Byron Reboot has been said to be “100% re-written code, security audited, built with formal methods and it’s 100% built in-house.” This critical milestone will enable the migration from the Rust programming to Haskell.

Hoskinson isn’t concerned about the delays or the time taken to release Shelley on the mainnet. But he did share that even such a big release won’t affect the price of ADA.

“We are in a market condition right now where if you launch Shelley it’s actually not going to significantly impact the price of ADA. So if you are hoping for Cardano to somehow become top three cryptocurrencies the minute Shelley comes out, I think you are setting yourself up for unrealistic expectations and failure.”

And if you wanna know why the cryptocurrency price is currently so low — $0.024, down 63% in the past month and 98% from its ATH — that’s because

“everything else is low and when everything else goes back up it goes back up. Real decoupling takes years.”

During his livestream, Hoskinson also talked about working on implementing commercial infrastructure, which can be expected in the coming months. According to Hoskinson, it is what Cardano needs “to be competitive against other cryptocurrencies.”

ADA “significantly better crypto” than Bitcoin

The CEO of IOHK, the company behind the cryptocurrency, also believes ADA will surpass Bitcoin, the world’s leading cryptocurrency.

This is because “we have more utility and we’re just a significantly better cryptocurrency.” According to him, Cardano is the first to offer the same security principles as of Bitcoin but with none of the downsides which “makes no sense for Bitcoin to rule the roost.”

Cardano, he said, is the first one to “come at it with the same overall technological goals of Bitcoin but do so in a way that vastly surpasses it,” in terms of extended UTXO, matched all of its security properties, and has smart contracts.

He further talked about how Bitcoin mining spends more power than the country of Switzerland while Cardano only spends 10 kilowatts. Hoskinson said,

“We have so much utility and we can complete the entire enhanced transactions so the asset the identity component; the metadata component, the contractual component as well as the regulatory component, given that we can do all those things and Bitcoin cannot, there’s just no reason to use Bitcoin as a medium of exchange or as a Dapp platform.”

The only good thing bitcoin can be, according to him, is a good store value and,

“I believe firmly it will maintain that status and it will still be a multi-billion dollar ecosystem. But it’s just like gold and it’s just one of many options. It has its place in purpose but it doesn’t do everything.”

Central bank stimulus to force a banking crisis

During his AMA, the co-founder of Ethereum also touched upon the central banks’ stimulus and how too much of it will lead to a crisis.

“We can’t have trillion-dollar quantitative easing and stimulus packages and zero percent or negative percent interest rates. You just can’t do that. If you do it too long, the system will start crunching and then those of if they’re too heavy will force a banking crisis.”

But that would mean, cryptos will be at the center stage and that’s what Cardano is preparing and building for, said Hoskinson.

“That’s going to be the time for crypto to shine, can’t tell you when it’s gonna happen but I tell you it will happen and when it does that’s our time and we’re building for that.”

The ongoing environment he said is a very risky time, where a bank run can take Bitcoin to $100k or collapse it to a thousand dollars.

Read Original/a>
Author: AnTy

Ripple’s Development Wing, Xpring, Is Financing A Project To Link XRP To Ethereum

  • As per the market caps, ETH and XRP can be said to be two of the biggest cryptos in the world and now plans are underway to link the two and make them interoperable.
  • Last weekend, a project to create a bridge linking Ethereum and Ripple was rolled out at ETH Denver and it will be bankrolled by Ripple’s development wing, Xpring.

In a blog post Ripple’s senior product chief, Warren Paul Anderson explained why the initiative was hatched. According to the post, it is clear that Ripple is aiming at capitalizing on the opportunities in the Decentralized Finance (DeFi) market on the Ethereum platform. Anderson explained:

“We think the XRP to ETH and ERC-20 tokens bridge is important since XRP is one of the most liquid cryptocurrencies in the world, but doesn’t have a compute layer to support complex smart contracts for the growing Decentralized Finance (DeFi) market on Ethereum.”

During last weekend’s meeting, developers present at ETH Denver were challenged to link the two cryptocurrencies, a task that will be carried on Interledger (ILP), Ripple’s platform used for linking blockchains. This project will go on to the development site Gitcoin up to the end of the coming week.

The development of bridges within the permissioned blockchain is not likely to suit all within the Ethereum community as the majority prioritize decentralization. Consequently, Ripple’s lightning-like transaction speeds can be imperative in providing scalability solution which Ethereum is currently yearning for.

Anderson also explained that the effort by Ethereum to attract more than 1 million developers can be boosted through the pooling of resources as well as effort and also working together as a team where necessary. Working together will make it easier for developers to build on blockchain technology while at the same time reaching the 1 million developers mark will be beneficial to all the players in the blockchain space.

Xpring has so far invested more than $500 million worth of XRP into the blockchain and fintech industry with the aim of enhancing adoption with interoperability.

Read Original/a>
Author: Joseph Kibe

YouTube Admits Mistake, Responding & Actively Taking Action ‘Reinstating Everyone, Too Bad”

  • After targeting cryptos specifically, YouTube is reinstating educational channels & paid promoters alike
  • Not an accident – Kim Dotcom, time to look for alternatives

Google’s video streaming service, YouTube has restored more channels of crypto-related content after several days of non-communication from the company.

Earlier this week, a wave of YouTubers that post cryptocurrencies content received notification that their videos have been in breach of the platform’s terms of service.

Since then, the company has apologized for the mistake admitting that there was an “error” on their side and videos will be reinstated and strikes resolved.

“This was an error on our side during the review process,” reads YouTube’s response that started today on Dec. 17 after several days of silence on the company’s part.

“We’ve seen a few similar reports, will pass yours along too and follow up as soon as we have an update,” was YouTube’s response to another victim of this “error”.

Just a “Wrong Call”

Some of the crypto-bloggers have been complaining that their videos haven’t restored even now. However, YouTube has now taken it to respond to people and checking the channels by policy and let them know if they’re seeing otherwise.

“There were multiple channels affected, but some of the reports are still being checked by Policy if they are affected by the issue or legitimately flagged for CG violations. We’ll share an update once we have more info,” has been the video giant’s response to those channels that are still not restored.

YouTube also said in a statement that it “made the wrong call.” “With the massive volume of videos on our site, sometimes we make the wrong call,” it said.

So, overall, the company is “actively working to fix this” error made during the review process. All the videos, the company says should be now reinstated and strikes resolved.

YouTube has also promised to provide more “transparency” regarding copyright takedown, the company said on its official blog.

Not Good

The issue might be resolved for now, but the crypto community isn’t exactly fine with the situation.

Jake Chervinsky, a general counsel at Compound Finance says after striking on Bitcoin-only videos “which implies the crackdown was not about touting or securities violations (unless false positives),” YouTube is now claiming “mistake” and “reinstating everyone, educational channels & paid promoters alike. Too bad.”

Chervinsky had guessed that this crypto crackdown by YouTube could be because of “potential violations of Securities Act § 17(b), the “anti-touting” provision, which requires promoters of securities to disclose any compensation they received for their promotion.”

Not an Accident

Bitcoin proponent Kim Dotcom, however, refuses to believe this has been “an accident.”

“YouTube & Google are in bed with the deep state. This attempt to silence the crypto community has failed. We are many and we made noise. Let this be a warning. Expect/prepare for more trouble,” said Kim Dotcom.

He went as far as saying,

This chaos has the community calling out for alternative options.

“These platforms are destroying a lot of value for people. Time to look at alternatives,” said Binance CEO Changpeng Zhao.

Read Original/a>
Author: AnTy

FTX Derivatives Exchange Rolls Out Futures On Index of 8 Popular Chinese Cryptos

Derivatives exchange FTX has announced the launching of an index of 8 common Chinese-based cryptos, CoinDesk reports.

The announcement was made by the company’s CEO Sam Bankman-Fried on Tuesday through a tweet. The Dragon Perpetual Futures Index (DRGN-PERP) will track some of the most popular coins comprising of BTM, IOST, NEO, NULS, ONT, QTUM, TRX, and VET and will be on the basis of their weighted average of their market prices.

The company is also exposing traders to the coins based on the index for perpetual futures contracts. According to the CEO traders will be offered a chance to leverage such contracts more than times.

The Antigua and Barbuda based exchange, is known for offering less familiar indices after they launched the Shitcoin Perpetual Futures Index a few months ago. The offering covers about 58 low market cap coins.

Amazingly, the timing of the launching of DRGN-PERP somes just days after the Chinese President Xi Jinping told his country to take advantage of the blockchain technology and use it in various sectors within the economy.

Xi’s comments led to a sudden surge in tech stocks and blockchain in China, resulting in the government authorities to caution investors against speculative behaviors.

Bankman-Fried also explained that the support of the blockchain industry had led to prices of various cryptos developed in the country to surge and enhancing massive user interest in Chinese based crypto projects.

In the past, Chinese officials have been cracking down on cryptocurrency based projects going to an extent of banning different exchanges from operating in the country. The crackdown has led to different crypto exchanges fleeing the country to more crypto-friendly nations and consequently reducing user interest in cryptos.

However, the Chinese government seems to have softened its harsh stand on cryptos after reports were released on central bank’s development of a digital currency.

Although its still early to predict whether Xi’s comments will have any major impact in the Chinese crypto industry, such bold moves like the DRGN-PERP, suggest there could be some positives to write home about.

Read Original/a>
Author: Joseph Kibe

German Federal Parliament: Bitcoin is Not Money, a Store of Value or Payment System

Cryptos like Bitcoin (BTC) are not really money, at least according to the German Federal Parliament. According to a recent announcement, digital assets such as cryptos cannot be considered money because they lack several features that would be expected of traditional forms of money.

The official statement was given by the government to the Free Democratic Party parliamentary group. According to government officials, proper money is expected to be used in three ways to be actually considered money: it has to be a store of value, a means for payment and a unit of account.

One of the main points in which cryptocurrencies fail is that they are simply not widely used when compared to fiat currency. They have very limited uses, you cannot simply go to the nearest shop and use Bitcoin to buy coffee, as there is a large possibility that the store will not accept it.

The authors of the statement also affirmed that the high volatility is another issue that gets in the way of using cryptocurrencies as a store of value. If the price goes up and down, the value is not being properly stored, in their opinion.

Stablecoins are appointed as an attempt to solve these issues, however, the government is not very keen on them. The report affirms that the government intends to ban stablecoins from Germany to ensure that they will not work as an alternative to the existing monetary system.

The document ended by talking about Facebook’s Libra project. According to it, at the moment it was still not possible to evaluate if the asset was compliant with the German law or not. This happens because the white paper for the project was not deemed appropriate as a source to really understand how the project will work.

Read Original/a>
Author: Gabriel Machado

State Owned Oil Giant, PDVSA, Requests Venezuelan Central Bank To Test Holding BTC & ETH For Payments

Venezuela has a stash of crypto’s and it does not seem afraid to use them. The only problem is that the country does not seem completely sure about how to use them, also.

As reported by Bloomberg, the central bank of Venezuela recently started tests in order to determine how to use it’s cryptos to boost their national reserves. With inflation that goes beyond 1,000,000% a year, the country is desperate to have some monetary relief.

According to four people with “direct knowledge” of the situation, one of the state-run oil companies in the country, Petroleos de Venezuela SA, wants to pay its suppliers using BTC. The country’s international reserves are running pretty low now and it would be useful to have cryptos as an option.

The main reason why the government is considering this is because of the U. S. sanctions against the country, which isolated Venezuela from global markets and affected its economy. The current political and economic crisis doesn’t help, either.

Venezuela’s President Nicolas Maduro attempted to create the Petro, a national cryptocurrency, some time ago, but the project utterly failed. Because of this, it would make a lot of sense for Venezuela to start using Bitcoin. Several people outside of the government already do.

Cryptocurrencies were created partly as a way to avoid sanctions, so it is not surprising at all that they would be used on a nationwide basis to avoid sanctions from other governments. Other countries such as North Korea and Iran could follow a similar route, too, as it is harder to track Bitcoin transactions.

The U. S. government could, on the other hand, blacklist wallet addresses, which is already done in some cases. This could get in the way of Venezuela’s plans.

Read Original/a>
Author: Gabriel Machado