Tuesday, April 30, 2019

Tech Analyst’s Crazy $350 Apple Stock Prediction Is Dead Wrong

By CCN: Even prior to Apple delivering strong earnings that beat estimates, tech stock analyst Gene Munster said that Apple would rise 70% over the next two years. With today’s earnings announcement from Apple, it may initially appear that he’s right. Munster told CNBC: “There’s meaningful upside to the Apple story. I suspect that this year, Apple will be the best-performing FANG stock. I think this can be closer to $350.” '@LoupVentures Gene Munster says Apple is heading to $350. Here's why $AAPL pic.twitter.com/nrtrvmWOSe — CNBC's Fast Money (@CNBCFastMoney) April 30, 2019 Apple’s Stock Driven by Colossal Services Growth Tech

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from CCN http://bit.ly/2GMJoqS

ITIF Releases Guide to Regulating Blockchain for Policymakers

ITIF asks governments to put forth more effort in supporting legitimate blockchain innovation and adoption

The Information Technology & Innovation Foundation (ITIF) released recommendations for policymakers on how to regulate blockchain technology on April 30.

Founded in 2006, ITIF is an independent nonprofit institute that provides policymakers with information, analysis and recommendations for handling new technology. In its new guide, ITIF included an array of proposals for policymakers to better regulate blockchain based on principles like technology neutrality and public-sector adoption.

The guide predicts that blockchain will likely factor into major applications such as cryptocurrencies, shared data services, smart contracts, decentralized marketplaces, authenticity tracking, and digital identity applications.  It also adds that uninformed lawmaking threatens to hamstring development.

Data-use regulations in particular can affect blockchain deployment. For instance, some of the E.U.’s provisions, the guide explains, are inconsistent with the tamper-proof nature of blockchain transactions.

As blockchains are peer-to-peer networks without intermediaries, it is difficult to edit or retroactively change data. It is possible that some users could exploit the technology to store prohibited information, but the report stresses that “current versions of public blockchains are not optimal solutions to storing or sharing illicit or pirated content.”

Generally, ITIF encourages governments to make more effort to support legitimate blockchain innovation and adoption by developing relevant regulations that do not limit blockchain-based applications out-of-hand.

Reflexive measures run the risk of cutting off blockchain development outright.  Earlier this week it came to light that the Indian government is examining a bill that would ban cryptocurrency entirely.  



from Cointelegraph.com News http://bit.ly/2GUjgvC

Bank of England Gov: Bitcoin Doesn’t Satisfy the Principles of Currency

By CCN: Dave Ramsden, deputy governor for markets and banking at the Bank of England, said in an interview with CNBC that crypto assets like bitcoin are too volatile to be a store of value and they do not meet the principles of currency. Citing the research of the Financial Policy Committee (FPC), Ramsden stated that the high volatility and the relatively high costs of crypto transaction settlement make cryptocurrencies less practical as currency. Volatility Could be an Issue for Bitcoin and Crypto but Time Will Fix It For any new or emerging asset class, volatility could be an issue

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from CCN http://bit.ly/2UQiNOH

Coinbase Custody Now Supports Mainnet KIN Tokens

Coinbase Custody announced immediate support for mainnet KIN tokens.

Coinbase Custody announced immediate support for the mainnet iteration of the KIN token today, April 30, 2019.  

As Cointelegraph previously reported, KIN is a cryptocurrency created by Canadian organization Kik Interactive of Kik Messenger fame. The token was originally developed on the Ethereum and Stellar networks and now operates on its own blockchain (a fork of Stellar).

“KIN holders can now benefit from Coinbase Custody’s industry-leading offline storage platform and insurance coverage,” they say.

Coinbase Custody is a custodial service provided by San-Francisco-based platform  Coinbase. Coinbase Custody was first announced on Nov. 16, 2017 and launched on July 2, 2018. As we previously covered, its main goal has been to provide robust security of crypto assets, which according to Coinbase has been institutional investors’ “‘number one’ concern.”

In 2019, Coinbase Custody has continued to expand its capabilities. Coinbase Custody has become directly integrated with the Coinbase over-the-counter (OTC) trading desk, with the intention of speeding up the process of a user accessing offline funds. Coinbase Custody has also begun to move into staking, which Proof-of-Stake (PoS) cryptocurrency networks use to incentivize user activity.



from Cointelegraph.com News http://bit.ly/2GQ8g15

ConsenSys Spinoff Truffle Integrates With Goldmans Sachs-Supported Blockchain: Report

Truffle is integrating with AxCore as it seeks to expand into enterprise-grade solutions, according to a Forbes report.

Truffle is integrating with AxCore, a proprietary blockchain jointly created by Goldman Sachs and JPMorgan-supported Axoni, Forbes reported on April 29.

The ConsenSys spinoff, which makes tools that are widely used by Ethereum developers, has reportedly raised $3 million as it aims to expand into enterprise-grade solutions.

According to the Forbes report, Truffle plans to use the investment to complete a suite of blockchain development tools designed to appeal to enterprise clients.

An estimated 60% of Truffle’s current revenue comes from liaising with startups, larger corporations and governments that want to use its services.  The company’s executives believe the capital will enable it to explore “other revenue-generating opportunities.” Truffle’s founder and CEO, Tim Coulter, told Forbes:

“Enterprise adoption is finally happening because the maturity of our space is finally advancing to a level where enterprises can capitalize.”

Coulter added that the U.S.-based company plans to grow beyond the Ethereum ecosystem and “go where the large, important projects are.”

As reported by Cointelegraph last year, Axoni raised $32 million in a funding round led by Goldman Sachs amid plans to process transactions for the Depository Trust & Clearing Corporation’s Trade Information Warehouse by using distributed ledger technology. DTCC held an active test phase of the technology in November 2018.

Cointelegraph has contacted Truffle for comment but has yet to receive a response as of press time.



from Cointelegraph.com News http://bit.ly/2INY9Ny

Venezuela’s Maduro Is Running Out Of Time. So Is His Petro

By CCN: The petro token, one of the last financial schemes crafted by Venezuelan President Nicolás Maduro, will likely fall by the wayside like his regime if the uprising against him is successful. This is the corrupt, illegitimate Maduro Regime. pic.twitter.com/79sFbYrzOp — The White House (@WhiteHouse) April 30, 2019 In a move that caught many in the global community off guard, Venezuelan opposition leader Juan Guaidó called for the military to rise up and oust Maduro. As people flooded the streets in what was complete chaos, more questions arose as to what will happen to the petro. One thing is

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from CCN http://bit.ly/2ZEug7A

Amazon Web Services Launches Managed Blockchain Service

Amazon Web Services has made its Amazon Managed Blockchain generally available.

Amazon Web Services (AWS), the cloud computing platform subsidiary of retail giant Amazon, has made its Amazon Managed Blockchain (AMB) generally available, according to an announcement on April 30.

The product will purportedly allow customers to set up blockchain networks within their organizations, and uses the Ethereum and Hyperledger open source frameworks. Notably, Amazon states that AMB can scale to support thousands to millions of transactions.

Amazon states that the blockchain-as-a-service (BaaS) will allow businesses to develop their own networks more quickly and at a lower cost, as it eliminates the need to “to provision hardware, install software, create and manage certificates for access control, and configure network settings.” Rahul Pathak, General Manager, Amazon Managed Blockchain at AWS said:

“Amazon Managed Blockchain takes care of provisioning nodes, setting up the network, managing certificates and security, and scaling the network.”

According to AWS’ announcement, major firms that have implemented AMB include United States communications giant AT&T, the Nestlé global food and beverage company and Singapore Exchange Limited.

AWS initially announced AMB in November of last year along with the Amazon Quantum Ledger Database (QLDB). QLDB is a ledger database designed to provide transparent, immutable, and cryptographically verifiable log of transactions, which is overseen by a central authority.



from Cointelegraph.com News http://bit.ly/2XU5NcL

Bernie Sanders Shows His True Colors in ‘Avengers’-Fueled Disney Diss

By CCN: Democratic socialist Bernie Sanders is having a slight beef with the Disney entertainment company after ‘Avengers: Endgame’ earned approximately $1.2 billion in its opening weekend. In a recent message on Twitter, the 2020 presidential hopeful criticized the film and television conglomerate for paying its CEO Bob Iger a salary of $65.6 million, roughly “1,400 times as much as the average worker at Disney makes.” What would be truly heroic is if Disney used its profits from Avengers to pay all of its workers a middle class wage, instead of paying its CEO Bob Iger $65.6 million – over

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from CCN http://bit.ly/2V7VViy

Prediction: 20 Percent of Leading Global Grocers to Use Blockchain by 2025

According to Gartner, Inc., 20 percent of the top 10 global grocers will use blockchain technology by 2025.

20 percent of the top 10 global grocers will use blockchain by 2025, according to information released by research firm Gartner Inc on April 30.

Per Gartner, the main advantage of blockchain for grocers is that it provides a high degree of transparency.

For grocers, this means they can use blockchain as a way to convey reliable information to their customers and retailers. Gartner even claims that blockchain “appears as an ideal technology to foster transparency and visibility along the food supply chain.”

Gartner says that grocery sales are increasing globally, and that consumers now know more about a food’s source and freshness, as well as the provider’s efforts toward sustainability.

“Grocery retailers who provide visibility and can certify their products according to certain standards will win the trust and loyalty of consumers,” it says.

Gartner also points out that there is potential for internal usage by retailers, who may avail themselves of data collected on a blockchain platform to quickly determine the source of a recalled product.

Gartner’s Senior Director Analyst Joanne Joliet posits that grocers will “lead the way with the development of blockchain.”

A number of companies are already experimenting with blockchain to ensure the quality of their food products. Gartner cites Walmart, Unilever and Nestlé as among their ranks; the former is using blockchain for a “store-to-farm” tracking system, while the latter two are using the data to track food contamination.

As previously reported by Cointelegraph, Walmart, Unilever and Nestlé are all partners of IBM Food Trust, a blockchain-based food tracking network. IBM Food Trust has also partnered with Dole Food Co., Driscoll’s Inc., Golden State Foods, Kroger Co., McCormick and Co., McLane Co., Tyson Foods Inc. and Unilever NV.



from Cointelegraph.com News http://bit.ly/2V3Qcuh

New York District Attorney Charges Two for Shadow Banking Crypto Companies

The U.S. Attorney for the Southern District of New York has charged an Arizona man and Israeli woman for allegedly shadow banking cryptocurrency companies.

The Southern District of New York Attorney has charged an Arizona man and Israeli woman for allegedly shadow banking cryptocurrency companies, according to an official announcement published on April 30.

Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced the arrest of Reginald Fowler for allegedly operating an unlicensed money transferring business and bank fraud. His purported co-conspirator Ravid Yosef has also been charged with bank fraud and is still at large, according to the announcement.

In 2018, the accused allegedly worked for several associated companies that provided fiat currency banking services to cryptocurrency exchanges, where Fowler made numerous misleading statements to banks in a bid to open bank accounts further used to receive deposits from individuals purchasing digital currency. Fowler and Yosef purportedly falsified electronic wire payment instructions to cover up the true nature of their business.

Berman said that “their organization allegedly skirted the anti-money laundering safeguards required of licensed institutions that ensure the U.S. financial system is not used for criminal purposes, and did so through lies and deceit.”

Earlier in April, the Manhattan district attorney Cyrus R. Vance, Jr. indicted a group of individuals with allegedly operated stores on the dark web that sold and shipped “hundreds of thousands” of tablets of counterfeit drugs and laundered millions of dollars with bitcoin (BTC). The individuals reportedly withdrew more than $1 million.

Also in April, Cointelegraph reported that LocalBitcoins trader Jacob Burrell Campos, who sold bitcoin to more than 1,000 people in the U.S., will serve two years in federal jail. Burrell, a Mexican citizen, amassed more than $820,000 from bitcoin sales on the P2P platform between 2015 and 2018.



from Cointelegraph.com News http://bit.ly/2GWgF4s

Report: Former Barclays Exec Joins Fidelity Investments to Work on Digital Assets

Former executive of British investment bank Barclays, Chris Tyrer, has joined American financial services corporation Fidelity Investments.

A former executive of British investment bank Barclays, Chris Tyrer, has joined Fidelity Digital Assets, the crypto platform of American financial services corporation Fidelity Investments, Finance Magnates reported on April 30.

Tyrer began working on digital assets for Fidelity Investments after serving over 13 years at Barclays as Head of Digital Assets Project, Head of Commodities Trading, and Global Head of Crude Oil Trading, according to his LinkedIn profile.

Tyrer and commodity trader Matthieu Jobbe Duval reportedly attempted to establish a digital currency trading desk at the bank, but the project was reportedly put on hold as prices continued to fall at the end of 2018.

As reported earlier in April, Fidelity Digital Assets named former Head of Equity Electronic Sales for the Americas at Barclays Christine Sandler as Head of Sales and Marketing.

Fidelity Digital Assets went live in the beginning of March with a selected group of clients. The company’s head Tom Jessop said then that they were still working on various parts of the platform. He noted that while some users have been on the platform since January, others may wait until September, as it “really depends on the facts and circumstances of each client.”

In February, Fidelity Investments received and passed on the Lightning Torch — a community-driven experiment aimed at raising awareness about the protocol and testing its robustness — to the Harvard School Blockchain & Crypto Club. The trend first reportedly started when Twitter user and bitcoin (BTC) enthusiast Hodlonaut sent 10,000 satoshis (the smallest, indivisible denomination of a bitcoin) to another Lightning user, and the user added another 10,000 satoshis and passed it on.



from Cointelegraph.com News http://bit.ly/2PJjoRu

Tether Lawyer Shocker: Only 74% Backed by Cash, How Will Bitcoin React?

By CCN.com: According to an affidavit filed with the Supreme Court of the State of New York by Stuart Hoegner, the general counsel to Tether and major bitcoin exchange Bitfinex, only 74 percent of Tether’s holdings are backed by cash. “As of the date I am signing this affidavit, Tether has cash and cash equivalents (short term securities) on hand totaling approximately $2.1 billion, representing approximately 74 percent of the current outstanding tethers,” the affidavit read. The affidavit sparked debates within the cryptocurrency community. Some industry executives argued that Tether’s 74 percent holding could be considered relatively high

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Dow Would Go ‘Up Like a Rocket’ with Trump’s Desired Interest Rate Cut

By CCN: If you think the Dow Jones Industrial Average has had a good run, you haven’t seen anything yet. President Trump wants to see interest rates slashed by 1%, which has the potential to unleash further gains in an already historic bull market for stocks. On a day when progress surrounding U.S. and China trade talks has shown the most promise yet, he’s looking to the rival economy as a model. He compared the Fed’s recent history of “incessantly” raising rates despite “very low” inflation with China’s “great stimulus” coupled with their low interest rates. When do you ever

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Millennials Are the ‘Driving Force’ of Bitcoin Ownership: Survey

By CCN: Millennials bask in knowing they are far more ahead of the technology curve than older adults. This is why their demographic has been more willing to embrace bitcoin as a long-term investment. But what about the stock market? Their proclivity toward crypto has led many to abandon good old fashioned stock market investing. This may prevent them from reaping the long-term gains inherent in buying the Dow Jones Industrial Average, S&P 500, and Nasdaq. Millennials’ Love Affair with Bitcoin There are no bigger champions of bitcoin than people who are under the age of 35. Harris Poll conducted

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from CCN http://bit.ly/2GFE6NK

Mixed Cryptocurrency Transactions Up 300% as Crypto Users Pursue Anonymity

“CoinJoins,” where crypto transactions are mixed to deliver anonymity to senders, have risen by 300% in the past nine months, data shows.

Mixed cryptocurrency transactions now represent 4.09% of all bitcoin (BTC) payments, according to data published by Longhash on April 29.

So-called “CoinJoins” have risen by 300% in the space of nine months. By blending multiple transactions together before they are sent to the recipient, the technique is regarded as a way of obscuring the sender’s details.

The data was provided by Adam Fiscor, the CTO of the company that runs Wasabi Wallet, a product that aims to deliver greater levels of anonymity to bitcoin users. It shows that CoinJoin transactions have reached their highest level since 2013-14.

CoinJoins have become more popular as governments around the world begin to step up their monitoring of transactions on blockchain, with law enforcement agencies often using specialist companies such as Chainalysis to pursue hackers and criminals dealing in crypto.

Although privacy coins have been touted as an alternative to BTC, they are experiencing pushback in some countries. Officials in France have suggested they should be banned altogether, while China recently enforced new anti-anonymity regulations that are purportedly designed to contribute to the industry’s healthy development.



from Cointelegraph.com News http://bit.ly/2PF1hMq

Research: Crypto Mining Hardware Market to See 10% Compound Annual Growth by 2023

Digital currency mining hardware market is set to expand by 2023, according to a report from market research firm Reportlinker.

Digital currency mining hardware market is set to expand by 2023, according to a report from market research firm Reportlinker published on April 29.

Per the analysis, the rising number of product launches will facilitate the growth of cryptocurrency mining hardware, that will purportedly register a compound annual growth rate (CAGR) of more than 10% by 2023.

The report suggests that one of the major drivers of the cryptocurrency mining hardware market growth worldwide is the increasing demand for cryptocurrency-specific hardware, such as field-programmable gate array (FPGA) processors and application-specific integrated circuits (ASICs).

The high operational cost that results in low-profit margins reportedly remains one of the challenges to growth of the global digital currency mining hardware market, while the increasing number of crypto-related startups that cease their operations will also affect the growth of the market.

Low prices during the crypto bear market in 2018 affected crypto miners and hardware producers alike. In its Q3 2018 earnings report, computer hardware manufacturer Nvidia announced it was experiencing a “crypto hangover” as a result of inventory excess that was the result of decreased demand for its graphics processing units from crypto miners.

In February, cryptocurrency mining service Coinhive announced its closure, as the project had reportedly become economically inviable. Coinhive reportedly had to shut down its services amidst a 50 percent decline in hash rate following the last Monero hard fork. The firm said its would halt operations on March 8, 2019, while users’ dashboards will be accessible until April 30, 2019.



from Cointelegraph.com News http://bit.ly/2Vw9PdW

Two Charged With Running ‘Shadow Banking’ Service for Crypto Exchange

The U.S. government has sued two individuals in connection with a scheme to provide "shadow banking" services to unregulated crypto exchanges.

from CoinDesk http://bit.ly/2ZPVUij

Crypto Markets Recover With Bitcoin Breaking $5,300, Gold and Oil Prices Rise

All but one top 20 coins by market cap are in green, with litecoin seeing the biggest gains of around 7%.

Tuesday, April 30 — following another decline yesterday, crypto markets again reversed to gain momentum upwards, with all but one top 20 coins by market cap in the green.

Having skyrocketed more than 18% yesterday, IOTA (MIOTA) is the only coin among the top 20 that sees losses, down around 4.3%. In contrast, litecoin (LTC) is seeing the biggest gains over the past 24 hours, up 7.17% at press time.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) has broken back above $5,300 today, hitting an intraday high of $5,353. At press time, bitcoin is up 1.55% over the past 24 hours to trading at $5,321. Similarly to all the top 20 cryptos, Bitcoin is still down almost 5% over the past week.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

Ether (ETH), the second cryptocurrency by market cap, is up 2.3% to $159.21 at press time. Still, the top altcoin is seeing about a 8.36% drop over the past 7 days. Yesterday, tech entrepreneur and Tesla CEO Elon Musk entered a twitter conversation with ether co-founder Vitalik Buterin with a one-word tweet “Ethereum.”

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP), the third top cryptocurrency by market cap, is up 5.1% over the past 24 hours to $0.309 at press time, while the coin is still down 4.66% over the past 7 days. Recently, the world’s largest stock exchange, Nasdaq listed XRP Liquid Index (XRRLX) on its global data service.

Ripple 7-day price chart. Source: CoinMarketCap

Ripple 7-day price chart. Source: CoinMarketCap

Total market capitalization amounts to $173 billion, up from $169 billion at the beginning of the day.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

Recently, Fundstrat Global Advisors founder Tom Lee made another bull prediction, claiming that crypto prices will hit new all-time highs by 2020.

Earlier today, Cointelegraph reported that blockchain-focused precious metals firm Tradewind hired ex-JPMorgan Chase executive as its new CEO. Also today, American crypto exchange ErisX announced the public launch of its spot market.

After hitting all-time highs yesterday, the United States stock market dropped today as Google’s parent company Alphabet had a bad impact on communication service sector, CNBC reports. At press time, the Nasdaq (NASDAQ) Composite is down 0.9%, while the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up about 0.1%.

Oil prices rose amid Venezuela’s opposition leader urging the military to back him to topple Nicolas Maduro after Saudi Arabia claimed that their partnership to hold output could be expanded till the end of 2019. As such, West Texas Intermediate (WTI) crude oil and Brent crude are up 0.6% and 0.9%, respectively.

Gold prices also rose today as global economy concerns subsided after disappointing Chinese factory activity data. At press time, spot gold is up 0.3% to $1,283 per ounce, while U.S. gold futures gained 0.29% to $1,285.



from Cointelegraph.com News http://bit.ly/2GOFrBX

BitMart Labs Will Co-Host 2019 Block Plus Summit Series 2 during New York City Blockchain Week

On May 11, BitMart Labs, an international blockchain incubator launched by BitMart Exchange, will Co-host the 2019 Block Plus Summit Series 2 in New York during the New York City Blockchain Week when the Consensus will take place. Other co-hosts are Spark Digital Capital, a leading NY based blockchain investment company, Asian American Bar Association of New York (AABANY)  and BlockTalk, a community focused social media app. The conference’s panel discussion topics involve blockchain research, technology, state of blockchain, the landscape of Security Token Offering(STO) market, platform wars and privacy protection in blockchain, Investment insights in blockchain and secondary trading

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Crypto-Specialist Economist Reveals Trick for Governments to ‘Kill Bitcoin’

By CCN.com: Saifedean Ammous, author of the Bitcoin Standard, appeared on the most recent episode of Stephen Livera’s crypto-economics podcast. Ammous spoke on several subjects, including a hyperbitcoinized future. What Would It Take To Kill Bitcoin? Livera spoke to the fact that a full government ban on Bitcoin would make people aware of the fact that they have little control over the money in their bank accounts. Ammous responded, in part: People think that if government were to just pass a law that bans Bitcoin, then Bitcoin goes away and they get to laugh at us, and that’s the end

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from CCN http://bit.ly/2GTAGs0

Dexon, an Enterprise-Level DApp Blockchain Solution Capable of 12,000 TPS Launches Mainnet

Dexon was launched in 2018 by Popo Chen, co-founder of 17 Media and Wei-Ning Huang, a former Googler in Taiwan. It is a highly scalable DLT that launched their Testnet in November 2018, which has reached the processing speed of 12,000 Transactions per second. Their mainnet launch is a comprehensive blockchain solution ready for enterprises to host their distributed apps. Currently, scalability is one of the biggest challenges that most crypto projects face. Compare 12,000 transactions per second to Bitcoin’s 7 transactions per second, Ethereum’s 15 TPS. Even in the top ten crypto projects — by market capitalization — the maximum speed is claimed

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from CCN http://bit.ly/2ZLXIbL

BitPay Partners With Refundo to Enable Taxpayers to Receive Refunds in Bitcoin

Crypto payment services firm BitPay has partnered with tax-related financial products company Refundo to enable people to get a portion of their tax refund back in bitcoin.

Cryptocurrency payment services firm BitPay has partnered with tax-related financial products company Refundo to enable people to get a portion of their tax refund back in bitcoin (BTC). The development was announced in a press release shared with Cointelegraph on April 30.

Refundo’s new product dubbed CoinRT allows taxpayers to receive all or a portion of the federal and state tax refunds in BTC through BitPay’s Payouts, purportedly ensuring low transaction fees, speed, and serving the underbanked.

To start using the platform, taxpayers need to create an account, provide a bitcoin wallet address, and receive a unique routing and account number to input on their tax return. Customers then have to pass a Know Your Customer procedure, and once the Internal Revenue Service (IRS) or state deposit the refund, BitPay processes the payment and transfers it to the taxpayer’s crypto wallet.

Leading financial industry players have been steadily embracing the tax issue when dealing with cryptocurrencies. Last month, Big Four auditing and professional services firm Ernst & Young launched a tool for accounting and preparing taxes on cryptocurrency holdings. The product can reportedly get information about crypto transactions from “virtually all” major exchanges, consolidate data from various sources, and automatically produce reports, including cryptocurrency-related IRS tax returns.

In February, United States tax preparation software TurboTax Online partnered with CoinsTax, LLC to add cryptocurrency tax calculation to its services. The service will allow users to import trading data directly from major exchanges. Once calculated, capital gains and income reports can be downloaded or uploaded directly into Form 1040 Schedule D.

On April 11, 21 different U.S. federal representatives sent a bipartisan letter to the IRS requesting guidance on how to report virtual currency taxes. The action took place before the filing deadline for federal income tax returns on April 15, 2019. Specifically, the letter asked the IRS to specify acceptable methods for calculating the virtual currencies’ cost basis, cost basis assignment and lot relief, as well as tax treatment of crypto hard forks, citing bitcoin’s fork bitcoin cash (BCH) that took place in August 2017.



from Cointelegraph.com News http://bit.ly/2ZLTYqJ

Bitmain-Backed Japanese Crypto Exchange Liquid Readies US Launch

By CCN: Liquid, a Bitmain-backed Japanese cryptocurrency platform operated by Singaporean crypto exchange Quoine, plans to expand into the United States. Liquid hopes to on-board U.S. clients by January 2020. In an April 29 statement, Liquid said it partnered with a consortium of crypto and fintech investors called Virtual Currency Partners (VCP). The two entities then launched a joint venture called Liquid Financial USA, which will manage the U.S. expansion. Liquid Co-Founder and CEO Mike Kayamori says he’s making the move into the United States in response to “widespread expressions of interest” from Liquid’s corporate and institutional customers. Liquid USA,

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from CCN http://bit.ly/2GWeXA1

UK Watchdog Allows Three Blockchain Firms to Join Regulatory Sandbox

Three blockchain-focused firms are among the latest 29 companies accepted into the U.K. financial watchdog’s regulatory sandbox.

The United Kingdom’s Financial Conduct Authority (FCA) has allowed three blockchain-based businesses to join the latest cohort of its regulatory sandbox, the organization announced on April 29.

Diro Labs is one of the blockchain-driven companies accepted by the FCA for performing tests on a “short-term and small-scale basis.” According to the regulator, the startup uses a “central blockchain-based store of information” to verify identities and documents online from original sources.

Meanwhile, Fintech Delivery Panel Partners has been given permission to test a “decentralized digital identity platform using machine learning identity verification and blockchain-based key management.”

Finally, e-commerce payments and verified digital identity platform Nuggets intends to test the “storage of personal and payment data securely with blockchain, and the use of this data to access financial services products.”

The regulator said it received a record number of 99 applications to join the fifth cohort of its sandbox from firms operating both in the U.K. and overseas. It explained:

“Examples of propositions that have been accepted include digital identity solutions, platforms which tokenize issuance of financial instruments, and services aimed at facilitating greater access to financial services for vulnerable consumers.”

According to the FCA, regulatory sandboxes enable companies “to test innovative propositions in the market with real consumers.”

Such schemes have become popular with regulators around the world, with the Reserve Bank of India recently announcing it will also allow blockchain innovations to be tested in this way.



from Cointelegraph.com News http://bit.ly/2XWz7PL

Bytom (BTM) Airdrop is Coming to Bittrex International

29th April 2019, San Francisco, USA – Bittrex International announced a BTM Airdrop promotion with Bytom for eligible Bittrex International BTM holders. 80,000 Bytom (BTM) tokens will be distributed as a one-time airdrop to Bittrex International Bytom (BTM) holders. Eligible users must hold more than 100 BTM to receive the airdrop tokens. 80,000 BTMtokens will be distributed in proportion with the amount of BTM each user has in their Bittrex International account. Snapshot of Bittrex International account balance will occur on May 6, 2019 at 12:00 PM, PDT. Bytom public blockchain is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different

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from CCN http://bit.ly/2V5BYJv

‘Satoshi Nakamoto’ is Mining Over 40% of Bitcoin Cash, Sparking Fears of 51% Attack

By CCN.com: According to blockchain data and CCN/Hacked reporter Greg Thomson, an anonymous miner who embeds the words “Satoshi Nakamoto” into all of the blocks they mine currently controls more than 40% of Bitcoin Cash’s hashrate. Satoshi Nakamoto is killing it in Bitcoin Cash mining There are multiple running theories as to the intent behind amassing so much hashpower, beyond the pure profit motive of mining Bitcoin Cash. Mining Bitcoin Cash is generally a profitable endeavor, despite reduced transaction fees that are accrued on the more spacious chain. There is less competition, which means miners with significant investment earn more

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from CCN http://bit.ly/2Wda4aF

Stablecoins, Explained

Volatility in crypto prices have been regarded as a big hurdle for mainstream adoption. Stablecoins could be a way of eliminating such erratic fluctuations.

Can stablecoins achieve true decentralization?

Certain providers believe they have struck a compromise.

Some stablecoin advocates are concerned that pegging a cryptocurrency directly to the U.S. dollar means that it must inevitably have ties to the U.S. banking system. This means that they have to rely on a centralized infrastructure — something Satoshi Nakamoto wanted to avoid when he set out his vision more than a decade ago.

Equilibrium says it has managed to address this pitfall by ensuring that its stablecoin, EOSDT, is overcollateralized above 170 percent. This is achieved by ensuring that one unit of EOSDT is equal to $1. The company says its framework delivers “the world’s first decentralized collateral-backed stablecoin built on the EOS blockchain” and addresses concerns surrounding safety and scalability.

At present, only EOS can be used as collateral, but the platform hopes to evolve into a cross-chain solution and accept a basket of multiple cryptocurrencies as collateral in time.

With new stablecoins launching all the time, and trading volumes on the rise, this is a segment of the crypto industry that could grow further in the coming years. Undoubtedly, new use cases will emerge along the way — potentially offering a temptation to consumers who have been reluctant to use virtual currencies so far.

Learn more about Equilibrium

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Who else is issuing stablecoins?

Everyone — from banks to social networks — is getting in on the action.

Even though JPMorgan Chase’s CEO appeared to call bitcoin a “fraud,” the U.S. bank recently unveiled plans to launch a stablecoin to speed up settlement times when transactions are taking place internationally.

Although some crypto commentators regarded the financial giant’s step as a ringing endorsement of stablecoins’ potential, others — such as the CEO of Ripple — attacked the “JPM Coin” for a lack of interoperability, which means that other banks would be unlikely to embrace the technology. Anthony Pompliano, the founder of Morgan Creek Digital Capital, went one step further — using his podcast to warn that “we should do everything in our power to prevent” JPMorgan Chase from succeeding, as it would mean trusting a Wall Street bank “that was previously charged with a felony.”

Elsewhere, IBM has launched its blockchain-powered World Wire in collaboration with Stellar (issuer of XLM) — also with the goal of building a cross-border payments network. Here, international banks can create their own stablecoins backed by their local fiat currency — and institutions from Brazil, South Korea and the Philippines have reportedly registered their interest so far.

We couldn’t wrap up without mentioning Facebook, which has reportedly hired dozens of engineers to develop a fiat-pegged stablecoin that users could rely on for paying their friends and family around the world. This could help the social network send shockwaves through the remittance industry by enabling foreign workers to transfer money with lower fees. The “Facebook Coin” could be a blessing for the embattled company as it tries to shake off privacy scandals and find sources of revenue beyond advertising. According to CNBC, one analyst believes the stablecoin could deliver an additional $19 billion in revenue by 2021, if the plans are pulled off.

Are stablecoins without controversy?

No — and this in part is because of transparency issues that have emerged.

Tether is one of the best-known stablecoins that has attracted controversy for several reasons in recent years. A study by academics claimed that the coin was used to “manipulate cryptocurrency prices” during the boom of 2017, with researchers even claiming that half of bitcoin’s price in December of that year was attributable to the stablecoin.

There have also been questions raised about whether Tether has enough dollars in reserve to collateralize all of its stablecoins — however, an unofficial audit in June 2018 appeared to confirm that its reserves were in order. Alarm bells were also ringing for some crypto enthusiasts in March 2019, when Tether appeared to dilute claims that its stablecoin was fully backed by U.S. dollars.

Other stablecoin advocates — such as Jeremy Allaire of Circle, which launched USDC back in autumn 2018 — have called for an “open standard that many companies can implement.” He added that greater levels of self-governance would give peace of mind to users, help tokenize the global economy and result in a joined-up ecosystem for the crypto industry that would pose a more compelling alternative to fiat.

Other critics argue that the existence of stablecoins have the potential to undermine normal cryptocurrencies, which have been working hard to develop their own economy and accrue value for many years. And, although they are meant to act as a safe haven for crypto consumers, the fact that pegged stablecoins will offer little to no financial gain is likely to be regarded as a major downside by some.

Why have they become so popular?

Because they eliminate uncertainty for consumers — especially around conversions.

They offer the type of predictability that many countries struggle to achieve with their national currencies — hence why Venezuela, battling hyperinflation and political instability, decided to launch its own cryptocurrency.

Stablecoins give owners a safe place to store their assets whenever there are choppy waters in the crypto world. Consumers can quickly and easily convert from unpegged cryptocurrencies to stablecoins when they are worried about where the markets are heading next, eliminating the need to return to a fiat currency. These conversions can also be less expensive than when switching between crypto and fiat, as it takes the transaction fees of payment processing providers and banks out of the equation.

At the start of April, tether achieved an all-time high of daily transactions — and according to CoinMarketCap, the stablecoin is even nipping at the heels of bitcoin, with reported trading volumes of $9.4 billion compared to BTC’s $10.2 billion.

Part of the stablecoin’s burgeoning popularity may also be down to how crypto exchanges, the main point of access for many consumers, are starting to get in on the action — raising awareness. It was recently announced that OKEx, the sixth-largest exchange, was planning to launch its own stablecoin. And Binance, the world’s largest exchange, has been aggressively expanding the trading pairs it offers. In November, it rebranded its Tether (USDT) Market to the Stablecoin Market — and subsequently announced it would list a broader range of stablecoins. Explaining its rationale in a January blog post, Binance said: “In the last few months, the stablecoin space has evolved very quickly.”

So, how do they work?

As the name suggests, stablecoins are designed to have a consistent price or value over time.

There are three different ways of achieving this — delivering a happy medium between offering the stability of fiat currencies and the decentralized benefits that virtual currencies provide. Without stablecoins, taking out a loan while using crypto as collateral can be risky, as the assets used to secure your borrowing can be rendered worthless in a short space of time. Likewise, imagine what getting your salary in crypto would be like if prices were to tumble unexpectedly. In the real world, it would be like suddenly finding out that milk has ballooned in price from $1 to $3, meaning your money goes a lot less further.

The first type of stablecoin is collateralized by fiat. For every single stablecoin issued, $1 is kept safely by a central custodian such as a bank. This means that, in theory, you should be able to exchange between the two effortlessly without great expense. In other cases, commodities have been touted as a way of collateralizing crypto, with Venezuela’s government unveiling plans to launch the petro — a coin that’s value was to be tied to one barrel of oil. Alas, the petro’s launch was long delayed and, as Cointelegraph reported, it faced mixed success.

Next, you have stablecoins collateralized by crypto. “But wait!” I hear you cry. “Doesn’t this mean that price volatility is still possible?!” To an extent, yes — but some providers try to tackle this issue by “overcollateralization,” meaning $2 worth of crypto is deposited with a custodian for every $1 of a stablecoin. This can help to keep decentralization alive, with crypto reserves absorbing the impact of any fluctuations, but a downside is that huge amounts of capital can be required to get them off the ground.

Last, there are noncollateralized stablecoins, which do away with the idea of having reserves altogether. These types of assets see smart contracts take on a role not too dissimilar to a reserve bank. They monitor supply and demand — buying circulating coins when prices are too low and issuing new ones when prices are becoming too high. The ultimate goal is to keep prices in line with that of a pegged asset such as the U.S. dollar.

No matter what type of method is used, it is worth noting that stability is more of an aim than an inseparable feature.

What are stablecoins?

Stablecoins are a new type of cryptocurrency that have their value pegged to another asset.

These coins can be pegged to fiat currencies such as the United States dollar, other cryptocurrencies, precious metals or a combination of the three. Fiat seems to be the most popular option in the marketplace right now, meaning one unit of a stablecoin equals $1.

Stablecoins are designed to tackle the inherent volatility seen in cryptocurrency prices. They are normally collateralized, meaning that the total number of stablecoins in circulation is backed by assets held in reserve. Put simply, if there are 500,000 USD-pegged coins in circulation, there should be at least $500,000 sitting in a bank.

With bitcoin suffering abrupt crashes and sudden gains, advocates believe stablecoins help eliminate doubt about conversion rates — making cryptocurrencies more practical for buying goods and services.

Examples of the best-known stablecoins include tether (USDT), trueUSD (TUSD), gemini dollar (GUSD), and USD coin by Circle and Coinbase (USDC). Demand for such coins has been growing. In December, Cointelegraph reported claims that four major stablecoins had clocked up $5 billion in on-chain transactions within just three months — enjoying a 1,032% surge in November compared with two months earlier.



from Cointelegraph.com News http://bit.ly/2DHaMpx

Fractional Reserve Stablecoin Tether Only 74% Backed by Fiat Currency, Say Lawyers

The news follows removal of suggestions Tether had full fiat backing, while a fresh legal case rumbles on.

The company behind USD stablecoin Tether (USDT) only has enough cash to back three-quarters of its increasing supply, its lawyers confirmed in documents released on April 30.

As part of an ongoing legal process involving the New York Attorney General, Zoe Phillips of law firm Morgan Lewis said that at the time of writing, 74% of Tether’s reserves had USD and equivalent backing.

The figure falls short of previous promises given by Tether executives, specifically that every USDT token had full fiat backing, something a bank statement appeared to confirm in December last year.

“In fact, Tether’s reserves of cash and cash equivalents alone (without the line of credit) would cover approximately 74 percent of the outstanding amount of tether,” Phillips wrote.

The legal battle stems from claims that cryptocurrency exchange Bitfinex, which shares its CEO with Tether, used reserves to plug holes left from a problematic outsourcing agreement earlier in 2018.

The claims, which both Bitfinex and Tether are in the process of refuting, mark the latest in a series of issues both companies have faced regarding the transparency of their operations.

Bitfinex, for example, has previously faced accusations it was insolvent, which it publicly denied.

While Phillips does not see problems with Tether’s current reserve ratio, her language runs in sharp contrast to a project which previously marketed itself as the antithesis of fiat-based fractional reserve banking.

“This sort of ‘fractional’ reserving arrangement is similar to how commercial banks work. No bank holds in liquid cash more than a small percentage of depositors’ money,” she continued. Phillips added:

“The funds are invested. The markets clearly remain confident in tether, as it currently trades just shy of $1 dollar per U.S. Dollar tether — even after the Attorney General’s highly inflammatory and misleading public application. Any suggestion that tether holders face liquidity risk is unsupported speculation.”

According to an affidavit seen by cryptocurrency news outlet CoinDesk, Stuart Hoegner, general counsel for Tether and Bitfinex, corroborated the 74% backing figure.

As Cointelegraph reported, Bitfinex is rumored to be mulling a so-called initial exchange offering (IEO) to raise funds.



from Cointelegraph.com News http://bit.ly/2V7jzM4

11% of Americans Own Bitcoin, Major Awareness Increased Since 2017

American population has become more aware of bitcoin in terms of six key aspects, such as familiarity, conviction, and others.

11% of the American population owns the major cryptocurrency bitcoin (BTC), according to a new survey published by Spencer Bogart of venture capital firm Blockchain Capital on April 30.

Blockchain Capital partner Bogart today posted the results of a new survey conducted by Harris Poll in order to provide analytics data on bitcoin’s demographic trends.

Conducted between April 23, 2019 and April 25, 2019, the survey included answers of 2,052 American adults and represents an expanded version of the previous demographic survey released by the firm in October 2017.

According to the survey results, the American population gained more knowledge about bitcoin in terms of six key aspects: awareness, familiarity, perception, conviction, propensity to purchase and ownership. With that, the indicators have dramatically increased in many cases since October 2017 despite the bear market of 2018 and the bull market of 2017, the survey writes.

The results outlines that bitcoin is a “demographic mega-trend” led by the younger generation in the 18-34 year age range. According to the survey, awareness has become the only aspect where older demographics matched that of younger age groups. As such, the vast majority of American citizens have heard of bitcoin, regardless of age. The proportion of people who heard of bitcoin increased from 77% in October 2017 to 89% in April 2019.

Bitcoin awareness charts in fall 2017 and spring 2019: Source: Spencer Bogart’s Medium

Bitcoin awareness charts in fall 2017 and spring 2019: Source: Spencer Bogart’s Medium

In terms of the ownership aspect, 20% of American citizens aged 18–34 claimed to invest in bitcoin, while those aged 35–44 accounted for 11%. The 45-54 and 55-64 age ranges indicated an equal ownership amounting to 5%, with 2% of American retirees over 65 years claimed to hold the biggest cryptocurrency.

Bitcoin ownership charts in fall 2017 and spring 2019: Source: Spencer Bogart’s Medium

Bitcoin ownership charts in fall 2017 and spring 2019: Source: Spencer Bogart’s Medium

Earlier in April, another survey found that approximately 3% of American retirees own bitcoin.



from Cointelegraph.com News http://bit.ly/2PCg7TY

Microsoft Under Fire After Hackers Access Outlook Emails to Steal Bitcoin

By CCN: Hackers infiltrated Microsoft Outlook email users’ accounts in order to steal crypto, including bitcoin. The scope of the cyber-theft is still as-yet undetermined, but it appears to be more expansive than first thought. One victim is Dutch engineer Jevon Ritmeester, who says a hacker gained access to Microsoft customer support workers’ login credentials. The hacker used this information to pore through Ritmeester’s Outlook emails to reset passwords and withdraw bitcoin from his accounts on cryptocurrency exchanges. Ritmeester is furious at Microsoft’s casual reaction to this egregious negligence. Crypto theft was apparent motive for hacks So far, Ritmeester says

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from CCN http://bit.ly/2PG14sj

Expert Witness Testifies Against Craig Wright in Whopping $10 Billion Satoshi Nakamoto Lawsuit

By CCN.com: An expert witness has filed an affidavit in the Kleiman v. Wright case, which alleges that Craig Wright stole billions of dollars worth of bitcoins from Dave Kleiman either before or after he passed away. The Kleiman estate is seeking damages in the neighborhood of $10 billion. Wright is defending the case with tenacity and recently submitted a provably fake e-mail as evidence. One thing for sure: The e-mail was fake In response to this e-mail’s filing and Wright’s subsequent motion that it be stricken from evidence, an expert witness has filed an affidavit on behalf of the

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from CCN http://bit.ly/2XY0TeR

Tether Lawyer Confirms Stablecoin 74 Percent Backed by Cash and Equivalents

Tether's general counsel acknowledges that USDT is only 74% backed by cash and equivalents in a new affidavit.

from CoinDesk http://bit.ly/2DIK1B7

Amazing! Nasdaq to Add XRP Liquid Index, Crypto Bulls Rush In

By CCN: Nasdaq exchange is adding Brave New Coin’s XRP Liquid Index tomorrow, sending crypto traders into a bull frenzy. Within an hour of the announcement, XRP had surged by about 4%. The announcement comes within months of Nasdaq adding Brave New Coin’s (BNC’s) Bitcoin and Ethereum Liquidity Indexes – BLX and ELX. They are all part of the Nasdaq Global Index Data Service. The launch of crypto indices is clearly significant because it plays right into the mass adoption of cryptocurrencies. Institutional traders who may have been on the sidelines are being drawn into the space with the launch

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from CCN http://bit.ly/2XS4awc

Lyft Stock: ‘Totally a Success’? Company Has Its Head Stuck in Sand

By CCN: Lyft’s stock remains stuck in the doldrums, trading 22% below its IPO price of $72. Yet, the company appears to have its proverbial head stuck in the sand about its stock market debut flop. Lyft board member Maggie Wilderotter believes the Lyft IPO on the Nasdaq was “totally a success,” she told CNBC. She said the company has its “heads down,” but could it be possible that they’ve really got their heads stuck in the sand? What part of plunging shares does she not understand? According to Wilderotter: “I think it’s totally a success. I think we priced

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from CCN http://bit.ly/2XXd0Jg

Microsoft Outlook Hackers Stole Crypto Using Victims’ Emails: Report

Hackers who breached Microsoft Outlook have reportedly used the email service to steal cryptocurrency users' funds.

from CoinDesk http://bit.ly/2Vyjxwp

UK Central Bank Deputy Governor Dave Ramsden: Crypto Is Not a Store of Value

Dave Ramsden said that crypto assets are too volatile to be a store of value.

Dave Ramsden, deputy governor of the United Kingdom’s central bank, has said that crypto assets are too volatile to be a store of value. Ramsden made his comments in an interview with CNBC published on April 30.

Bank of England (BOE) deputy governor Ramsden noted that over a year ago, the U.K.’s Financial Policy Committee (FPC) had concluded that cryptocurrencies’ volatility meant that they could not be a store of value. Furthermore, the FPC also came to the conclusion that cryptos are not a practical medium of exchange because the cost of the transactions was too high.

Ramsden told CNBC that the FPC declared that cryptocurrencies do not meet the definition of a currency, noting that because of the small size of their market, they don’t pose a threat to financial stability. In the interview, he stated that the FPC’s conclusions still stand today.

This January, another BOE employee — Huw van Steenis, senior adviser to BOE Governor Mark Carney — said that cryptocurrencies fail basic financial tests.

In contrast, in response to a BOE Twitter survey about the preferred form of currency to receive a Christmas gift last December, 70% of respondents said they would prefer digital currency.

As Cointelegraph recently reported, Corporate Traveller, the largest travel management firm in the U.K., is now accepting bitcoin (BTC) for payments.

Also this month, Cointelegraph wrote that Afghanistan and Tunisia’s central banks are looking to issue a bitcoin bond.



from Cointelegraph.com News http://bit.ly/2URCzJA

4 Billion Crypto Adopters Will Outnumber Internet Users Within Years, Predicts Binance CEO

By CCN.com: Binance CEO Changpeng Zhao boldly claims that cryptocurrency will reach more users than the internet in a matter of years. His wildly bullish prediction suggests that over 4 billion people on the planet will use crypto in the near future. In a few years, there will be more users in #crypto than there are users for internet today. — CZ Binance (@cz_binance) April 30, 2019 Crypto: bigger than the internet Current estimates suggest that 58 percent of the global population have access to the internet. That’s a total of 4.4 billion people with China, India, and the United

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from CCN http://bit.ly/2Wh4tjI