Ripple SWELL 2019 Update: Economist Dr. Raghuram Rajan Talks Blockchain Financial Inclusion

Dr Raghuram Rajan, economist and financial analyst, took the stage at the Swell 2019 conference this month that was held in Singapore. During his talk, Rajan, explained the importance of blockchain technology in the financial sector and how it’s poised to revolutionize businesses around the world.

One specific note of Rajan’s talk was the application of blockchain tech in the existing financial system as well as the impact that globalization will have on world markets.

“We are due for stronger productivity,” began Rajan.

“Tech innovation doesn’t always translate to actual productivity growth. For corporations to really learn how to use emerging technology, they need to reinvent the system. Once this is managed, we will see the pace of growth increase—not the moderate growth we see today.”

The power of banking establishments were also highlighted as a potential problem by Rajan. He stated that these centralized institutions create “fear and fury” amongst the populace, while decentralized blockchain solutions can be used to help bridge this gap of fear.

“At an abstract level, what we see today is increased fear and fury at centralized banks. Across the world, there is a break down in globalization and a worry from businesses about adhering to rules, set by another country. The answer is more decentralized solutions, like blockchain technology—that people trust,”

said Dr. Rajan.

The topic of micropayments was brought up by Rajan as a possible area for disruption by blockchain and cryptocurrency technology.

“We’re going to see intermediaries negotiate for payments with information. If data belongs to the individual then it can be exchanged through micropayments and doesn’t become a source of monopoly. In this way, decentralization disperses trust and power, and ultimately breaks up monopolies.”

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Author: Matthew North

PayPal Officially Bows Out From Facebook’s Libra Crypto Coin Project

The Libra Association and the whole existence of Facebook’s Libra project took a pretty strong hit today. PayPal has just officially withdrawn from the Libra Association. We reported earlier today that PayPal was thinking about leaving due to regulatory backlash and it seems that it finally happened.

Now, a spokesperson from PayPal affirmed that the company made the decision to stop participating in the project and to focus on its own project instead of democratizing finances on its platform.

According to the official statement, PayPal is still “supportive” of the Libra’s aspirations and it still believes in the potential of Facebook, but the partnership is no longer a reality. The Libra Association confirmed that PayPal indeed left the team after the announcement.

When the Libra project was first announced, several companies were eager to be a part of the project. However, the regulatory backlash was almost instantaneous and regulators and policymakers from several countries affirmed that they would ban the asset. Others, such as the U. S., did not look so eager to ban it, but they were also unconvinced about the potential versus the risks.

Now, on October 14, the launch partners of the Libra Association are going to join to formally sign an agreement. It seems that PayPal backed down before this final moment.

Dante Disparte, from the Libra Association, affirmed that the goal of the technology is to create a modern and secure payment network with low friction that could enable millions of people to participate in the financial world.

At the moment, there are no reports of other companies that are about to drop out as well, but this may happen yet.

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Author: Krystle M

Institutional Investors are Manipulating the Price of Bitcoin: Arcane Research Report

In September, Bitcoin price took a hit of over 19%. It went from its highest point of $10,930 on Sept. 6 and dropping to almost $7,730 on Sept. 26.

On Sept. 27, the day CME BTC futures contracts settled, the price went under $8,000 for the first time since June.

The drop in BTC price might be caused by institutional investors, according to Arcane Research.

Bitcoin price falls on average 2% ahead of futures contracts on CME being settled. Arcane Research has looked closely at the numbers, and the systematic trend is striking; the price has dropped 15 out of 20 times.

CME’s Bitcoin futures contracts, that are an indicator of Wall Street’s institutional interest in cryptocurrency settles in dollars and not in BTC. The settlement meanwhile is determined by the BTC price in the underlying market.

This means, no BTC changes hands rather it’s just underlying market trading in dollars while allowing Wall Street traders to go long or short on BTC futures contracts.

On settlement date of the contracts, traders can sell off their BTC and potentially trigger a price drop in the spot market.

This allows traders with short positions to earn profit on futures contracts upon settlement as the value of their position rises.

A Clear & Striking Trend in BTC Price & CME BTC Futures Settlement

According to Arcane Research’s analyzation, the trend is “striking.”

On an average Bitcoin falls 2.27% towards each settlement each month in comparison to only 0.06% all on a random day.

The trend becomes even clearer on looking at the median, on any random day, the fall is of 0.04% while before settlement, price takes a drop of 1.99%.

Moreover, there is an even relationship between positive and negative days while just the day before the settlement, only 25% of the days were positive.

Interestingly and oddly, BTC price falls the most before settlement, this was particularly seen this spring.

The data supports the hypothesis that

“the bitcoin price is manipulated in advance of CME settlement.”

However, it doesn’t say anything about “deliberate manipulation.”

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Author: AnTy

Custom Jewelry Maker Ben Baller Regrets Selling His Bitcoins At $1,000 Per

Ben Baller recently took to Instagram and told his 1.4 Million and said that selling Bitcoin at $1,000 was one of the biggest regrets of his life.

Ben Yang, also well-known as Ben Baller is a musician, actor, and jeweler. He founded Icee Fresh Jewels, which creates extravagant diamond-encrusted jewelry. Baller has attracted many client celebrities, such as Kayne West, Drake, Nas, DJ Jazzy Jeff, Snoop Dogg, Black Eyed Peas, Orlando Brown, Mariah Carey, and Joel Madden. He created a diamond-encrusted belt buckle for Michael Jackson.

Other Celebrities And Bitcoin

The Winklevoss twins are believed to have bought 120,000 bitcoins, or 1 percent of all the coins in circulation. That was in 2012 when Bitcoin cost just $10 each. At Bitcoin’s peak, their holdings were worth $2.34 billion. They’re now worth just $720 million, a loss of $1.62 billion. Having put in $1.2 million for that result, it’s unlikely that they’ll be crying too hard over their lost fortune.

In a resurfaced tweet, Tony Hawk, a legendary skater whose name graces countless video game names, claimed to have been HODLing the crypto asset for years now. Responding to a chart that accentuated the parabolic nature of Bitcoin’s chart, which then resembled a skate ramp, Hawk quipped that he’s been riding BTC for six years.

Grammy award-winning music artist Akon has said that Bitcoin deniers who claim that the asset lacks intrinsic value. He is bullish on cryptocurrency, he revealed, because it’s the people, not the vested interests of national governments that wield control over their value.

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Author: Sritanshu Sinha

Bitcoin Could See Low $9k’s In The Next Couple of Days If Buyers Don’t Step In: Analyst

Last night, the Bitcoin price took a hit and went below $10,000 yet again.

Today, the BTC price went even lower to $9,855. With a loss of 1.85% loss in the past 24 hours, Bitcoin is trading at $10,054, as per Coincodex.

As Bitcoin price takes a dive, the bulls are struggling with the bears for dominance.

Bitcoin price has broken through the current support area on the daily and 20MA. According to trader and investor, Josh Rager, if buyers don’t step in the market in the next couple of days, Bitcoin will retest the previous support in the region $9,620 and $9,375, that held three times.

Once we drop in the low $9,000s, the next move would lead to $8,000, he added.

However, with Bitcoin hash rate hitting a new all-time high (ATH) at 100 EH and miners investing like crazy in new hardware, popular analyst planB says

“Price will follow.”

Bitcoin hash rate has been surging since December when the price hit its bottom. Just like with hash rate, mining difficulty is on the rise as well, hitting an ATH.

How will Bitcoin Price React to Bakkt Launch?

In the coming days, the much anticipated Bakkt is going to be launched and bring physically delivered daily and monthly bitcoin futures to the market, unlike the cash settled BTC futures on CME.

This will create price discover apart from any fiat market influence, said PlanB.

But how will it impact the BTC price?

As per PlanB’s poll on “How do you think bitcoin price will react?” the majority of the voters believe BTC price will rise but this percentage of people at 29% isn’t much higher than 23% that believe either price would drop or would see no change.

However, last week, Bakkt Warehouse started accepting deposits and withdrawals — that Andy White, COO at Bakkt compared with the launch of ATMs about 50 years ago — Bitcoin price took a drop of more than 6%, from $10,950 to about $10,220.

So, it is to be seen, if Bakkt launch will end up acting like “buy the rumor, sell the news.”

Macro Sneak Peak

US President Donald Trump yet again took to Twitter to suggest that the Federal Reserve should get the interest rates down to “zero or less.”

The US should always be paying the “lowest rate,” according to Mr. President which is “once in a lifetime opportunity” being missed because of the Fed and Chairman Jay Powell, aka “Boneheads.”

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Author: AnTy

Bankrupt Crypto Exchange QuadrigaCX Now Has At Least 4 Law Enforcement Agencies Investigating

You may remember QuadrigaCX, the Canadian exchange with a CEO Gerald Cotten who died and took all the time of the investors to the grave. In a recent development of this story, which happened at the beginning of 2019, at least four different law enforcement agencies are said to be investigating the case.

According to Ernst & Young (EY), one of the largest auditing companies in the world, the FBI, the Royal Canadian Mounted Police, an Australian agency and other unnamed agency are all involved in the case. A lot of money was lost during the case and it turned into an international issue.

At the moment, these agencies are continuing their investigations and George Kingman, an EY employee responsible for the case, affirms that many details of the case are still unavailable to the public because the law requires it.

Another development of the case is that the bankruptcy process of the company will be moved from the courts of Nova Scotia to Ontario. The reason for the change is because the people involved believe that this decrease the costs of moving the process ahead. Several creditors of the company are also in the new jurisdiction, so it will be easier for them to attend to the court hearings.

Unfortunately, most of these situations take a long time and it will still be months until some of the investors can recover their assets. As most of the money was simply lost, there are also the issues that there is no way to actually get the money back.

The next hearing of the case is set to be held on September 10.

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Author: Nirmala Velupillai

BTC Miners Make 4 Times More Daily than BCH and BSV Miners do Annually

Top 6 Most-Friendly Cryptocurrency Mining Countries In The World

Montreal-based technology company, Shakepay recently took to its social media platform in which a comparison in miners’ earnings was revealed.

In particular this involves those mining Bitcoin [BTC], Bitcoin Cash [BCH] and Bitcoin SV [BSV], but in the form of transaction fees.

The bar graph dubbed, “Bitcoin Tx Fees vs BCH/BSV Tx Fees,” shows that Bitcoin transactions amounted to $550K on July 31, 2019 compared to the combined amount of a little under $150K generated by Bitcoin Cash and Bitcoin SV in a full year.

That said, of the three crypto assets, it’s BSV miners that make the least in earnings. News outlet, Bitcoinist also reported on this matter, mentioning that on average, Bitcoin miners make roughly $200 in transaction fees per day. They’ve also referenced a Twitter user, AwyeeBitcoin @DeaterBob, who shared that,

“Bcash has collected $156 in fees over the last 24 HRS. LMFAO ROFL. Bcash is an unsustainable affinity scam.”

Bitcoin transaction fees supposedly remain one of the lowest, especially when compared to existing remittance services. According to the claims made, a Bitcoin whale moved nearly $468 million in transactions with as little as a $400 fee charged.

This not only shows yet another reason why traditional services need to either distanced from or improved, but also the fact that BCH and BSV are nowhere near the giant!

[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: Nirmala Velupillai

Bitcoin Needs to Be Involved in More Real-World Apps, According to Over One Fourth of UK Residents

Cryptocurrency-Needs-to-Be-Involved-in-More-Real-World-Applications-Says-27-of-UK-Residents
  • CEX.io took a survey to understand the needs and expectations of the public in the UK, in relation to cryptocurrency.
  • The survey revealed that more people would be involved in cryptocurrency with more real-world use cases and integration into familiar technology.

Cryptocurrency, even though it has been around for 10 years, still has many people around the world that know nothing of it.

The lack of information for the public is one of the major reasons that the industry still has not reached the level of notoriety hoped for, but that does not mean that the public is not interested. In fact, in recently published research by the CEX.io crypto exchange, it appears that 27% of the surveyed citizens in the United Kingdom are hoping for more “real-world applications” of digital currency.

In a report from BTCManager on June 27th, CEX.io offered the results of their survey, primarily centered around adoption, application, and expectations of digitals currencies in the region. The survey involved 1,013 respondents.

In the survey, 32% of the individuals said that it would be nice to have the tech integrated more easily into payments apps, mobile storage, and other types of “everyday technology.” Real-world use cases for cryptocurrency, like credit card payments and sending cross-border payments, are desired by about 27% of respondents.

The survey asked the participants why they personally own cryptocurrency. While 18% said that they just liked trading in general, curiosity and hoping for prices to surge were the reasons for 21% of respondents, each. In the survey, nearly half of the cryptocurrency owners had some amount of Bitcoin, which makes it the most dominant coin amongst participants.

Of the people who did not hold cryptocurrency at the time of this survey, 28% said that this would probably change if they understood it better. However, 12% said that they wanted to have an understanding of how to store it safely and securely before owning it, and another 11% said that they would purchase cryptocurrency if it could buy real-world goods. Making cryptocurrency easier to purchase was the leading reason for 7% of respondents.

Kaspersky Lab, a cybersecurity firm in Moscow, held a survey that was published on June 17th, stating that 19% of people around the world have purchased cryptocurrency before.

However, that means that 81% of the respondents have never purchased cryptocurrency. Overall, there were 10% of respondents who said that they “fully understand how cryptocurrencies work,” which means that there is a fraction of people who are involved with cryptocurrency but do not understand it.

The deVere Group, a financial consulting firm in Dubai, released a survey last month that showed that 68% of the individuals in the world with a high net worth already have invested in cryptocurrency, or plan to by 2022.

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Author: Krystle M