Crypto Crap Is Not Compliant and is for Drug Dealers: Shark Tank Investor Kevin O’Leary

Crypto-is-Crap-and-is-for-Drug-Dealers-Kevin-O-Leary

As with pretty much anything else, it is not surprising that there are those who have problems with the fundamental nature of certain technology. Cryptocurrency and blockchain technology have been praised by many as a very important innovation to bring about commendable changes and improvements to the current practices in today’s traditional and financial markets.

Regardless of its many uses, a lot of people including high-ranking members of certain governments are not happy with the basic design of cryptocurrency and are afraid that it could bring about certain problems. Already on the darkweb, cryptocurrency is the most preferred payment method and because it is largely untraceable and irreversible, it has been a big problem for law enforcement agencies. Also a few months ago, a US congressman called on his colleagues to shutdown the use of cryptocurrency because it affects the country’s financial sovereignty. Now another person who has been a vocal soldier in the anti-crypto army is Kevin O’Leary, a Canadian TV personality and businessman.

Cryptocurrency Is Crap And Non-Compliant

Popularly known as Mr. Wonderful, O’leary expressed his disapproval for digital assets, saying the fact that the sector is largely unregulated and does not comply with most global financial statutes is a big problem for him.

O’leary said:

“If I want to be compliant and I don’t want to breach any regulators because I’m a participant in financial service globally – and that is where the majority of money is – … I have to be compliant. I have no interest in doing any of this crypto crap because it is not compliant and regulators in all countries do not agree.”

In his short rant, O’leary proposed a different currency that would be a digital asset backed by four of the most prominent currencies including the U.S. Dollar, the Euro, the Swiss Franc and the Japanese Yen. Hypothetically calling it the WonderCoin, O’leary said it would be fully regulated and used to pay taxes, handle debts, purchase equities and also easily be converted to any of the four fiat currencies. Anything apart from this would be untenable for him as he said:

“All of this non-compliant stuff, I don’t want to get involved with a drug dealer trading Bitcoins somewhere. I want nothing to do with that.”

Jeremy Allaire, the co-founder and CEO of Circle was on the other end of the conversation and tried to straighten things out for O’leary. Allaire explains that saying the cryptosphere is completely devoid of regulation would be untrue because entities who serve as middlemen between the traditional financial system and the cryptosphere are fully regulated by the government. He said:

“The crypto industry has been regulated in the U.S. since 2013. If you want to sit between the banking system and cryptocurrency, you have to be licensed as a financial institution.”

O’leary was however not satisfied with anything Allaire said and still called crypto a “rogue currency.”

This isn’t the first time Mr wonderful has publicly spoken against cryptocurrency. Back in May, O’leary said bitcoin is a useless currency because people who use it seem to only want a hedge due to the instability.

Halt The Libra!

The fight against crypto is still ongoing as on Tuesday, July 2, members of the U.S. House Committee on Financial Services wrote a letter to Facebook asking that “Facebook and its partners immediately agree to a moratorium on any movement forward on Libra – its proposed cryptocurrency and Calibra – its proposed digital wallet.”

The letter expresses its concerns to Facebook CEO, Mark Zuckerberg, COO Sheryl Sandberg and Libra/Calibra CEO, David Marcus.

“The letter says that the Libra and Calibra may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar.”

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Author: Tolu

CipherTrace Creates New Blockchain Solution For FATF’s Travel Rule Regulations

CipherTrace-Creates-New-Blockchain-Solution-For-FATFs-Travel-Rule-Regulations

A blockchain developer called CipherTrade is set to launch a new solution that was created in order to help crypto companies to meet all the requirements of the Financial Action Task Force (FATF). The FATF, a famous international organization that fights money laundering, has recently announced new rules for its members, so the solution comes in a good time.

CipherTrace is set to team up with Shyft, a startup focused on creating a platform that will be used to store and prove identities using the blockchain technology. The two companies are set to work together in order to enable other companies to be compliant with the new “Travel Rule” created by the FATF at the same time that the clients will keep their privacy.

In order to do it, the two companies are set to create a Know Your Customer (KYC) platform that will together with an Anti-Money Laundering (AML) system and will let the participant companies transfer proof of knowledge between each other without needing to identify the information personally.

The New FATF Travel Rule

This new project was created after the Financial Action Task Force decided to announce its new recommendations for crypto. The entity works in 37 countries, so the rules will affect a considerable part of the world.

According to the new rules, companies that can be considered “virtual asset service providers”, which includes exchanges, will have to inform the FATF about their clients whenever they move funds between companies.

At the moment, the members have 12 months to adhere to the new rules and they will be reviewed after June 2020.

The Solution Created By CipherTrace

The main problem faced by the exchanges at the moment is that they lack the structure to meet these requirements. For instance, most companies have to way to share their KYC with other companies or to alert them of any kind of suspicious activity.

Shyft and CipherTrace have already started to create a pilot program that can help them to develop a system of shared smart contracts that could be used for companies as a solution to this problem.

Their goal is to make both KYC and AML considerably more efficient and to maintain a high level of privacy at the same time that security and shareability are enhanced. The information would only be revealed to other companies in case the authorities asked, so all privacy would be maintained this way.

Dave Jevans, the CEO of CipherTrace, has affirmed that with cryptographically controlled mechanisms, a company could preserve the system’s anonymity while helping the authorities to continue its fight against tax evaders, terrorists and other criminals.

According to him, it is the goal of the company to create solutions that can be used to preserve privacy at the same time that they can do what the FATF is asking.

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Author: Gabriel Machado

Bitcoin Shows Resilience, As Bloomberg Predicts That It “Is (Probably) Here to Stay”

Bitcoin-Shows-Resilience-As-Bloomberg-Predicts-That-It-Is-Probably-Here-to-Stay
  • Bloomberg reported on three main reasons why they think that Bitcoin’s price is rising and why the crypto market is sticking around.
  • Presently, Bitcoin is above the $12,000 price level, at the time of writing.

Bitcoin is having a great month so far, and there are many people that believe that it is going for a full rally. For much of 2018, Bitcoin resided below $4,000, but this week has increased the price by nearly $10,000. The cryptocurrency still has a relatively volatile price, but there are many proponents of Bitcoin that believe it to be on the way to that $20,000 price level of late 2017.

Reported by Bloomberg, these price changes almost create a paradox – if the Bitcoin boom was nothing more than a bubble in the first place, how is it now gaining traction again. The only logical explanation is that cryptocurrencies are most likely securing their place in the economy now.

The recent Bloomberg article speculates that one of the reasons for the rising Bitcoin price could be rising is due to the trade war between the US and China. At this point, it looks like China does not intent to join the international economic order, creating a cold war. If China opts against liberalization and stays out of this order, then Bitcoin would serve as a helpful way to move funds outside of China. It is possible that the government could stop this practice from happening but choosing to outright liberalize would stop Bitcoin from being usable entirely.

Another development that Bloomberg credits is the way that the Democratic Party of the US continues to lean to the left, especially regarding a wealth tax. Fiscal deficits in the US have grown, and restoring the balance is a long-term goal. Presidential candidate Elizabeth Warren has campaigned for a 2% wealth tax.

Regardless of the public view of these opportunities, it is clear that cryptocurrency provides an avenue to store assets in unreachable accounts to keep them away from the tax authorities. Many nations could potentially look to a wealth tax to help them establish balance in their financial issues. Realistically, the growing price of Bitcoin is showing that it will be hard to find “fiscal solvency,” as Bloomberg wrote. However, it does not look like the wealthy plans to bid farewell to their assets yet.

The third reason that Bloomberg believes that Bitcoin is rising in price is due to the movement for Facebook to launch their Libra cryptocurrency. There are many roadblocks in the current laws that could impede the progress of this launch, but the idea that remittance and other fund transfers could come at such a low cost would be highly beneficial to consumers. The stakes get even higher if the costs could be dropped from 7% to around 1% or 2%.

Cryptocurrency is an ever-evolving landscape, and all of this progress shows that it is a market work looking at. Competitors may arise for the original cryptocurrency, but that competition just means that companies have enough faith that they can become successful too. As long as their competition, there’s a clear desire for the market to be kept alive.

At the time of writing, Bitcoin was priced at $12,284.96, jumping by 14% in the last 24 hours.

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Author: Krystle M

Ripple’s xCurrent-Based Money Tap Gains Seven New Banks as Equity Holders

Ripples-xCurrent-Based-Money-Tap-Has-Attracted-Investment-From-Seven-New-Banks

Ripple has recently made the news for announcing that it would invest $50 million USD on MoneyGram and SBI Holdings, a Japanese financial services company. Now, the company is on the spotlight again and, fortunately, it is because of good news once more.

The company has recently announced that seven new banks are onboard of its Money Tap initiative, which is powered by the company’s xCurrent technology, based on the XRP Ledger.

Money Tap, in case you are not familiar with this technology, is a payment app launched by Ripple in order to make payments more seamless and faster. With the app, users can transfer money almost instantaneously whenever they want to.

The app also allows for transactions with bank accounts, using QR codes to pay and cross-border transfers. At the moment, only two banks were fully compatible with the system: Suruga Bank and the Suminobu SBI Net Bank.

Now, the Fukushima Bank, Towa Bank, Toho Bank, Chubuko Bank, Shimane Bank and Ashiga Bank, as well as a yet unnamed bank, are all using the Money Tap system, too. The number of banks which have invested in the technology, counting the ones that do not use it, is at 20 now. These banks include Shimizu Bank, Shiga Bank, Hiroshima Bank, Fukui Bank, Shinsei Bank and others.

As you may have perceived, basically all these banks are based in Japan. The Money Tap is becoming pretty strong locally, so there is no doubt that Japan is the main target that Ripple has for this project.

The current goal at the moment is to allow other organizations to participate in this consortium as well, which may bring benefits to them and to their customers. No names were announced, but some financial institutions are already interested in being a part of the new project.

All of Today’s Ripple (XRP) Price Analysis, Chart Forecasts and Industry News

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Author: Gabriel Machado

Teenagers Apprehended in Bitcoin Drug Ring Over the Dark Web in Dublin, Ireland

Teenager-Apprehended-in-Bitcoin-Drug-Ring-Over-the-Dark-Web

While there are many advantages and benefits that cryptocurrency has brought the world there are a number of downsides and one of these is the use of cryptocurrency for the purposes of committing crime.

This has been an issue as law enforcement around the world has reported more incidents of scams, crypto being used for illegal activity and so on and while there is more knowledge about crypto and thus, more chances of such crimes being persecuted, the menace continues.

One of the most recent crypto crimes that have been uncovered is a drug smuggling ring whose kingpin had been taking advantage of teenagers as young as 14 to store large amounts of narcotics that had been purchased over the dark Web.

According to reports, the kingpin ran an enterprise that distributed various drugs in the West Dublin area which included cocaine, MDMA and ketamine.

Recently a 17-year-old boy was arrested over with over $682,000 work of ecstasy that was seized at Lucan postal center and he is believed to be a holder for a drug dealer that was paid off for the purpose. The teenager was later released without charge.

However, he is far from the only one involved in this operation as local authorities said that there are dozens of young people in various areas within Ireland that are holding drugs on behalf of these crime syndicate in a bid to reduce legal risk and take some of the repercussions of them.

Crypto, the Dark Web, and Drugs

This highlights yet another issue that is ongoing in the industry which is the cryptocurrencies are being used heavily for criminal purposes over the dark web. The dark web is a section of the internet that is not accessible via traditional browsers and needs specialized software to access.

The dark web offers a great deal of anonymity and has created a breeding ground for the sale of drugs, human trafficking, and other criminal activities. While the advent of cryptocurrency meant that payments were easier for legitimate users, it also created a new avenue by which criminals could make their payments without getting caught as in a case like this where the drugs were reportedly purchased with cryptocurrency.

However, there is an ongoing crackdown on the dark web as international police disrupted two of their most prolific drug markets in a series of raids around the globe and seized roughly $600,000 in cash as well as cryptocurrencies such as monero and bitcoin.

This goes to show that cryptocurrency has found a great deal of use on the dark web for this purpose as it was reported that the use of bitcoin over the dark web doubled in 2018 compared to 2017 and shows no signs of stopping him with all the raids taking place.

There is a debate about whether this will affect the overall reputation of cryptocurrencies or whether it is an inevitable side effect that cannot be removed from the overall equation.

For now, the drug ring in Dublin is being investigated by local authorities as well as narcotics squads who are being joined by Ireland’s national Bureau of criminal investigation, the Garda national drugs, and the organized crime Bureau.

Should these criminals be apprehended, it could shed more light on just how far-reaching their activities on the dark web are and what role cryptocurrency played in the activities.

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Author: Tokoni Uti

Minnesota House Bill Looks to Halt Any and All Crypto Donations For Political Campaigns

Minnesota House Bill Looks to Halt Any and All Crypto Donations For Political Campaigns
  • Crypto donations could be banned in Minnesota
  • There are political candidates that accept digital assets to fund their campaigns

There is a group of Democratic Minnesota House Representatives that do not want cryptocurrency donations for political campaigns. The Minnesota House Bill 2884 that was introduced by a group of democratic representatives wants to outlaw donations in cryptocurrencies.

Minnesota House Bill Wants To Ban Crypto Donations

As cryptocurrencies expanded all around the world, they have also been used to donate funds for political campaigns. The new Bill 2884 was introduced by Rep. Rick Hansen, Rep. Jamie Becker-finn, Rep. Raymond Dehn, and Rep. Peter Fischer and it wants to ban donations in digital currencies.

At the moment, there is no current information on whether stablecoins backed by fiat currencies would enter in this category. The Bill reads as follows:

“An individual, political committee, political fund, principal campaign committee, or party unit that knowingly solicits or accepts any digital unit of exchange is subject to a civil penalty imposed by the board of up to $3,000.”

One of the first candidates to accept Bitcoin was Andrew Hemingway, that accepted donations in the most popular cryptocurrency as early as 2014. Now, Andrew Yang is also accepting cryptocurrency donations for his presidential bid for the democratic party. Mr. Yang proposes economic policies such as a basic income.

Bitcoin is the most popular digital asset in the market and the most valuable. According to CoinMarketCap, the virtual currency is currently being traded around $11,380 and it has a market capitalization of $202 billion.

[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

The Simple Case for a $250,000 Bitcoin Price Before 2023

The Simple Case for a $250,000 Bitcoin Price Before 2023
  • Past bitcoin spikes have run about a year and reached 5x Metcalfe Value that puts BTC at $50,000
  • Analyst GravityWave, taking diminishing returns for each new cycle and increasing cycle length into account has BTC at $250k

After going through the brutal crypto winter in 2018, Bitcoin is enjoying a rally that has us seeing 186 percent returns in 2019 till date, out of which 168 percent was registered in the past 90 days.

Recently, we broke through the $10,000 level and now looking to making a new high in 2019. At the time of writing, the leading cryptocurrency by market capitalization of $189 billion, BTC/USD has been trading at $10,667 with 24 hours loss of 4.25 percent as it drops from the 2019 high established yesterday at $11,200.

Bitcoin seems to have started its fourth bull cycle given the fact we have risen more than 239 percent from the yearly low of $3,150 in 2018 that was the Bitcoin bottom.

We are also less than a year away from the Bitcoin reward halving event that is scheduled for May 2020.

A historically bullish event, this one will reduce the coin reward from 12.5 coins to 6.25 BTC. With only 3,224,550 BTC left to be mined as 17,775,450 are already minted and in circulation, from this event onwards the annual Bitcoin inflation rate will drop down to 1.80% from the current 3.77%.

These halvings that occur every 210,000 blocks that is every four years has the Bitcoin price going parabolic and this is exactly what will take Bitcoin price to $250,000 before 2023 says analyst GravityWave.

This further takes into account the diminishing returns by Bitcoin in each of its cycles. In 2011, we registered the return of 318,864% which came down in 2017 to 58,474%. Then in 2017, we surged only 11,960% and made an all-time high.

This time as well, we would see an increasing cycle length with a lower percentage return but a new peak for BTC.

The analyst further states, “I also did some back-of-the-envelope extrapolations for stock-to-flow price overshoot, which seems to support such a price maximum.”

Analyst planB who is known for his stock-to-flow approach, recently shared how Bitcoin production is going towards zero, “implying infinite value.” And after three more halvings in year 2020, 2024, and 2028, Bitcoin market value could go as high as $100 trillion.

For this cycle’s peak, 2020 is seen as the year that will have us to a new ATH. Crypto analyst that goes by Cane Island Crypto on twitter shared how the past bitcoin spikes have run a year, regardless of cause and reached the 5 times of Metcalfe value. This he says puts bitcoin price at $50,000.

The peak target may vary but the next year is going to be a crazy year for Bitcoin that has already embarked on this journey.

Bitcoin’s price is $10,825.14 BTC/USD exchange rate today. The real-time BTC market cap of $192.43 Billion currently ranks #1 with a chart dominance at 59.11%, daily trading volume of $7.85 Billion and live coin value change of BTC 1.23 in the last 24 hours.

Bitcoin Price Updates and Crypto Market News

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Author: AnTy

Bitcoin (BTC) Interest Remains Far From Its 2017 Highs According to Google Trends

Bitcoin Interest Remains Far From Its Highs According to Google Trends
  • Google Trends shows that interest for Bitcoin remains far from its peak in 2017
  • Bitcoin has surpassed $11,100 a few hours ago

According to data from Google Trends, interest in Bitcoin search term has doubled this year. However, it remains far from its all-time high registered in 2017 when the virtual currency surged to $20,000. This shows that although the interest for Bitcoin spiked, retail investors and their interest in Bitcoin remains far from its highs.

Interest in Bitcoin Remains Far From Its Highs

Bitcoin has been in a bull trend during the last few months. The virtual currency surged from $3,200 to over $11,100 a few hours ago and crypto enthusiasts remain very positive about the future of the digital currency.

According to Google Trends, on a scale from 1 to 100, Bitcoin’s popularity is close to 12, 88 percent down from the peak in 2017. This is despite the fact that Bitcoin more than doubled in price since it bottomed at around $3,200 in December 2018.

Back in 2017 when Bitcoin was reaching $20,000 mainstream media covered why the virtual currency was reaching such high prices. At that time, retail investors were the ones who helped the virtual currency have a price close to $20,000.

Last months, many believe that there are institutions that are going to be triggering the next bull run in the market rather than retail investors.

Grayscale’s Q1 report, reads as follows:

“Institutional investors comprised the highest percentage of total demand for Grayscale products in the first quarter (73%). This was also consistent with their share of inflows over the trailing twelve months (73%).”

According to the company, institutions may view the current drawdown as an attractive moment to enter the crypto market and add new funds to their current positions. Analysts consider that if institutions are getting involved in the market, that means that a long bull market could be just starting.

There are several analysts such as Thomas Lee, that consider that Bitcoin will surpass its previous all-time high just this year. He believes that the digital currency will be traded above $40,000 in the next six months.

Furthermore, Peter Brandt believes that the virtual currency is entering a new parabolic phase in which Bitcoin could eventually reach $100,000 in 2020.

At the time of writing this article, Bitcoin is being traded around $10,650 and it has a market capitalization of $189.39 billion.

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Author: Carl T

How Italian Banks To Use Blockchain Technology To Become More Efficient

Italian-Banks-To-Use-Blockchain-Technology-To-Become-More-Efficient

The Italian Banking Association (ABI) has recently announced that Italian banks will be turning to blockchain technology for reconciliations.

This new approach is a part of a program called Spunta Project. Banking research and innovation arm called ABI Lab handles the program. The program Spunta Project is a blockchain-based application. It has undergone multiple tests. It is on the pre-production stage.

ABI along with other technical partners such as a system integration company called NTT Data, Sia and R3 Corda platform support the Banking research and innovation arm ABI Lab. 18 banks participated, representing more than 75% of the Italian banking sector in terms of the number of employees.

This decision by ABI comes following their latest survey on the use of IT in Italy’s banking sector which reveals that investments in IT increased by 5.7% in 2018 continuing a trend that began in 2014. It also shows that 88.5% of the survey’s respondents have an IT budget either in line with or exceeding its 2018 budget.

Italy is trying to not miss out on the blockchain revolution cycle. Their Prime Minister Giuseppe Conte had earlier said:

“Emerging technologies such as artificial intelligence and blockchain are destined to radically change our lives, the society in which we live and the economic and productive fabric of the country. We have to decide which way to go.”

On December 27, Italy announced it had assembled 30 experts to understand the potential of blockchain technology.

[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.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Sritanshu Sinha

Australian Central Bank Doesn’t Expect Bitcoin To Hit Mass Adoption Due to Payment Fees

Australian-Central-Bank-Doesnt-Expect-Bitcoin-To-Hit-Mass-Adoption

The Reserve Bank of Australia has ruled that Bitcoin and other cryptocurrencies don’t threaten Aussie dollars or other forms of fiat payment. After a review on cryptos, they think it’s “difficult to envisage” an outbreak of Bitcoin users in the country.

They think that if they have the fundamentals of the Australian dollar in place, they have nothing to worry about, as stated:

“As long as the Australian dollar continues to provide a reliable, low-inflation store of value, and the payments industry continues to work on the efficiency, functionality, and resilience of the Australian payments system, it is difficult to envisage cryptocurrencies presenting a compelling proposition that would lead to their widespread use in Australia.”

The article details out that there have been a lot of interesting innovations in terms of cryptocurrencies in recent times but ultimately concludes that, despite the various innovations and developments in cryptocurrencies, none are currently functioning as money in the economy.

They Join Blockchain Not Bitcoin Group

The recent evolution of cryptos to overcome the shortcomings has been acknowledged by them. However, they think that no cryptocurrencies currently function as money in Australia, or as widely used payment methods. They think that these developments and improvements in the crypto ecosystem have not added sufficiently to the overall reliability, functionality, and credibility of cryptocurrencies to make them an attractive alternative to established payment systems for everyday payments for the population at large.

They say:

“DLT is likely to continue to evolve, including in ways that are unrelated to cryptocurrency. For example, there are several private-sector initiatives focused on ‘private permissioned’ DLT systems, for example, Corda and Quorum, which – while not suitable for a widely used cryptocurrency – are being explored for use in financial market infrastructure and wholesale payments. Accordingly, the Reserve Bank will continue to study the implications of cryptocurrencies and DLT for the financial system, and the economy more broadly.”

The Reserve Bank of Australia and the government still consider crypto as high-risk assets and continue to inform the public of the risks affiliated with them in addition to driving for proactive taxation and data collection policy.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

[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: Sritanshu Sinha