Bitcoin News https://btcnewstoday.net Daily Bitcoin News Sun, 07 Mar 2021 12:06:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.6.2 Discount on Grayscale’s GBTC Plunges to New Record Low as Competition From Emerging Rivals Intensifies https://btcnewstoday.net/discount-on-grayscales-gbtc-plunges-to-new-record-low-as-competition-from-emerging-rivals-intensifies/ Sun, 07 Mar 2021 12:00:05 +0000 https://btcnewstoday.net/?p=446234 The premium on Grayscale Investment’s GBTC, which turned negative for the first time on February 23, is continuing its downward slide. As the latest Glassnode data shows, the GBTC was trading at a record low discount of -11.92% on March 4, 2021. According to the same data, this new low is a significant reversal from […]]]>

The premium on Grayscale Investment’s GBTC, which turned negative for the first time on February 23, is continuing its downward slide. As the latest Glassnode data shows, the GBTC was trading at a record low discount of -11.92% on March 4, 2021. According to the same data, this new low is a significant reversal from the December 21 premium of nearly 40%.

Discount on Grayscale's GBTC Plunges to New Record Low as Competition From Emerging Rivals Intensifies

The Competition

This growth in the discount on GBTC comes as Grayscale Investments gradually shifts focus to altcoins. As reported by news.Bitcoin.com, Grayscale added 174,000 litecoins or almost 80% of the newly minted LTC in February of 2021. Similarly, the investment company also added 243,000 ETH to its ethereum holdings during the same period.

However, it is the discount on the GBTC that has sparked debate about what it might mean for holders of the investment product. Some have pointed to the launch of Purpose Bitcoin ETF as the primary reason for widening discount on the GBTC. After its launch on February 18, the ETF had amassed 11,141.2363 bitcoins as of March 2. Meanwhile, also sharing the same sentiment are analysts at the financial services giant JP Morgan. In addition to naming the increasing competition, the analysts also believe “profit booking” to be the other reason why the premium on GBTC has disappeared.

In the meantime, as Josh Frank, the founder and CEO at Thetie.io explains to news.Bitcoin.com, this scenario will not hold forever.

“This discount is not going to last forever because investors will take advantage of the discount on bitcoin they can hold in their retirement accounts,” said the founder.

The Premium Has Always Existed

Meanwhile, according to Frank, who previously explained in a Twitter thread why the premium on GBTC existed, institutions were getting “into the GBTC to arb the difference between the borrowing rate and the premium.” And as the CEO notes, this “trade worked for a really long time as retail consistently paid a premium on GBTC so they could get exposure in their retirement accounts.”

However, since the GBTC does not allow investors to redeem shares for underlying bitcoin and “as more investors came into arbitrage the premium, the amount of bitcoin held in GBTC skyrocketed thus exceeding the demand for GBTC by retail.”

Meanwhile, the CEO suggests that Grayscale will have to make some changes particularly to its annual management fee of 2%. Frank said:

I think Grayscale is going to have to respond to this by allowing investors to redeem shares for underlying BTC or the management fee will have to drop.

Meanwhile, on Twitter, some crypto enthusiasts agreed with the narrative that increasing competition could be the primary reason why the premium on GBTC has turned negative.

Premium or Discount

Nevertheless, others still think the discount will not impact Grayscale’s ability to profit from offloading the BTC. For instance, one Twitter user who uses the name Sandwich Toaster, claims that after buying the BTC between $20,000 and $40,000, Grayscale can now “sell them (BTC) with the 11% discount and still make a profit.”

Discount on Grayscale's GBTC Plunges to New Record Low as Competition From Emerging Rivals Intensifies

Still, other users like Rama Rao are adamant that the GBTC should be trading at 20% to 30% premium on BTC but not everyone agrees. One user known as JPC thinks the opposite should hold. In his tweet, JPC said:

“GBTC could go to a 20-30% discount as more & more people learn about buying btc directly on exchanges.”

Do you agree that increased competition has led to the growing discount on GBTC? You can tell us what you think in the comments section below.

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Argentinean Startup Accelerator Launches Crypto Mining Farm in Mar Del Plata https://btcnewstoday.net/argentinean-startup-accelerator-launches-crypto-mining-farm-in-mar-del-plata/ Sun, 07 Mar 2021 05:30:49 +0000 https://btcnewstoday.net/?p=446090 The Technological District of Mar del Plata, Argentina, will host a massive crypto mining operation backed by a domestic startup accelerator. Lothal Mining is the company that will run the operations of the mining firm in the Argentinean city. Firm Will Mine Ethereum During the First Stage Per local newspaper La Capital, Grupo Neutrón invested […]]]>

The Technological District of Mar del Plata, Argentina, will host a massive crypto mining operation backed by a domestic startup accelerator. Lothal Mining is the company that will run the operations of the mining firm in the Argentinean city.

Firm Will Mine Ethereum During the First Stage

Per local newspaper La Capital, Grupo Neutrón invested almost 45 million pesos ($310,000), and there are plans to allocate additional funding of 200 million pesos ($2.21 million).

The infrastructure is ready, and in a first stance, the firm will mine ethereum (ETH). However, the company plans to expand to other cryptocurrencies.

The funding provided by the startup accelerator seeks to acquire hardware, refrigeration equipment, building the mining farm, hiring staff to perform electrical maintenance, among other activities.

Also, officials of the Ministry of Industry of the Nation were in the mining farm to check the project’s launching. Maximiliano Gonzáles Kunz, Grupo Neutrón’s CEO, pointed out that crypto mining is urgently needed in the context that fiat is “tending to lose ground progressively.”

He added:

With this equipment, for example, we can make our processing power available to companies that enter the world of cryptocurrencies and need to transact those operations.

Growing Interest in the Crypto Mining Project, Claims CEO

On the decision of picking Mar del Plata as a hub for the mining rig, Gonzáles Kunz praised its strategic location for the technological ecosystem of the city.

Moreover, he believes the synergy created among the startups within the area is the proper environment to set up a project like this one.

Still, the startup accelerator claimed that there is “a lot of interest” in the crypto mining project. On the energy supply costs, Grupo Neutrón’s CEO commented:

We will make investments in infrastructure to guarantee a stable and cheaper supply. (…) We have strategic alliances with Grupo Núcleo and Neutrón. This gives us access to hardware availability at the best market costs, capital investments for the project, and a technological ecosystem that allows us to achieve synergy with different projects in the sector.

What do you think about this new mining rig in Argentina? Let us know in the comments section below.

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Ripple’s Asia Pacific Business Flourishing Despite SEC Lawsuit, Says CEO https://btcnewstoday.net/ripples-asia-pacific-business-flourishing-despite-sec-lawsuit-says-ceo/ Sun, 07 Mar 2021 03:45:05 +0000 https://btcnewstoday.net/?p=446216 Ripple chief executive officer Brad Garlinghouse said Friday that the company’s business in the Asia-Pacific region has not suffered from the ongoing regulatory issues in the U.S. Ripple’s Business in Asia and Japan Sees Growth Ripple is facing a $1.3 billion lawsuit from the U.S. Securities and Exchange Commission (SEC). In December, the SEC charged […]]]>

Ripple chief executive officer Brad Garlinghouse said Friday that the company’s business in the Asia-Pacific region has not suffered from the ongoing regulatory issues in the U.S.

Ripple’s Business in Asia and Japan Sees Growth

Ripple is facing a $1.3 billion lawsuit from the U.S. Securities and Exchange Commission (SEC). In December, the SEC charged Ripple, creators of the eponymous XRP cryptocurrency, and its top executives with selling unregistered securities since 2013.

The blockchain payments firm denies the charges, but that has not stopped a number of U.S. crypto exchanges, including Coinbase, from delisting XRP, the world’s seventh most valuable digital asset by market capitalization.

Garlinghouse, who is accused of personally gaining up to $600 million from the unregistered sale of XRP in an ICO offering, told Reuters in a Mar. 5 interview that business in areas like Japan was flourishing.

It (the lawsuit) has hindered activity in the United States, but it has not really impacted what’s going on for us in Asia Pacific. We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets.

CEO Claims the Token ‘Still Traded on Over 200 Exchanges Around the World’

The Asia Pacific region is a major remittance corridor for Ripple and the firm has achieved remarkable results as a remittance solution provider in the region. In Japan, Ripple concluded a joint venture deal with Japanese conglomerate SBI Holdings to create SBI Ripple – a company that aims to facilitate payments underpinned by Ripple’s technology.

Garlinghouse revealed that his company has signed more than 15 new contracts with banks worldwide since the SEC brought its lawsuit, according to the Reuters report. He added that the lack of regulatory clarity in the U.S. is hindering innovation.

“We’re seeing the activity of XRP liquidity has grown outside the United States and continue to grow in Asia, certainly in Japan,” he said. On XRP delistings, the Ripple CEO stated that he was not aware of any exchange outside the U.S. that had stopped trading of the token.

XRP is traded on over 200 exchanges around the world. It’s really only three or four exchanges in the United States that have halted trading,” said Garlinghouse, who has previously spoken about relocating Ripple’s headquarters from the U.S. due to unfavorable regulation.

What do you think about Ripple’s overseas operations as revealed by the CEO? Let us know in the comments section below.

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Personal Finance Expert Suze Orman Says ‘I Love Bitcoin’ — Advises How to Buy BTC, Praises Paypal https://btcnewstoday.net/suze-orman-i-love-bitcoin-advises-how-to-buy-btc-paypal/ Sun, 07 Mar 2021 00:45:37 +0000 https://btcnewstoday.net/?p=446203&preview=true&preview_id=446203 American financial advisor Suze Orman says she loves bitcoin. She has provided some advice on how to invest in the cryptocurrency a month, noting that she prefers to buy bitcoin through Paypal’s crypto service because the payments giant has made it easy to do so. Suze Orman Loves Bitcoin Suze Orman said she loves bitcoin […]]]>

American financial advisor Suze Orman says she loves bitcoin. She has provided some advice on how to invest in the cryptocurrency a month, noting that she prefers to buy bitcoin through Paypal’s crypto service because the payments giant has made it easy to do so.

Suze Orman Loves Bitcoin

Suze Orman said she loves bitcoin in an interview with Yahoo Finance published Friday where she shared her bitcoin investing strategy and advised listeners how they should start investing in the cryptocurrency.

She founded the Suze Orman Financial Group in 1987 and her Suze Orman Show ran on CNBC from 2002 to 2015. She has written 10 consecutive New York Times bestsellers about personal finance and was named twice on Time Magazine’s list of the 100 most influential people. In addition, she won two Emmy Awards and eight Gracie Awards. In 2016, she was appointed as a personal finance educator for the United States Army and Army Reserve.

Orman was asked Friday, “what is your take on bitcoin?” Referencing one of her recent podcasts dedicated to cryptocurrency, she replied:

I love bitcoin. I like the universality of it.

She elaborated, “I like that it’s just there and the corporations that are investing in it.” However, the two-time Emmy-Award-winning television host added: “I do not like bitcoin as a currency. I don’t like it where you’re going to buy a Tesla or you are going to buy something with it. I like it as a possible replacement for gold, as an investment.” Recently, Elon Musk’s electric car company, Telsa, said that it will soon start accepting BTC as a means of payment for its products.

Orman further revealed: “I personally played bitcoin through Microstrategy. In June of last year, I bought Microstrategy at about $125 a share, right around there.” She explained that “There was something about the CEO,” Michael Saylor, who made her think, “this man is making sense to me.” Microstrategy has been buying bitcoin since August last year. As of March 5, the company is hodling about 91,064 bitcoins.

“I rode it [Microstrategy] all the way up and I sold. I think it was last week at right about $1,000 a share because I didn’t like, for the first time, bitcoin was going up but Microstrategy was going down,” Orman said.

Suze Orman’s Bitcoin Investing Advice, Buying Cryptocurrencies Through Paypal

Orman proceeded to give some advice regarding cryptocurrency investing. She cautioned about the risks associated with investing in bitcoin.

“What I tell my listeners and what I would tell everybody, bitcoin is seriously risky,” she began. “I would not be investing in bitcoin with money that I cannot afford to lose because the swings are not just going to be a point or two a day. They’re going to be $5,000 worth one day. It’s going to be up 7%, down 10%, it’s going to be all over the place.”

Nonetheless, she advised, “But I think that it’s something that wouldn’t hurt people if they had it to lose, $100 a month in it.” The personal finance guru further opined:

I personally would do it through Paypal because Paypal makes it so easy and it’s not that big of a hit given in terms of commission. It’s like 1.5%, 2% depending on how much you are investing every month.

She emphasized: “I happen to like bitcoin and I like the premise behind it a lot. And I really love how Cathie Wood loves bitcoin. I love that, a lot.” Wood is the founder and CEO of Ark Investment Management.

Many people on Twitter are surprised to hear Orman saying that she loves bitcoin. “Not gonna lie, I did not see this coming,” one user tweeted. “I’m going to file this under, “Headlines I did not expect to see in my lifetime,” another commented.

As for using Paypal to buy bitcoin, a number of bitcoiners have voiced some concerns about the payments giant’s crypto service. While some users have complained about the service, many bitcoin proponents warn that cryptocurrencies bought through Paypal cannot be transferred away from the platform, emphasizing “not your key, not your coins.”

“You currently are not able to send crypto assets to family or friends, use crypto assets to pay for goods or services, or withdraw crypto assets from your cryptocurrencies hub to an external cryptocurrency wallet,” the Paypal crypto service’s terms and conditions read. “If you want to withdraw the value from your cryptocurrencies hub you will need to sell your crypto assets and withdraw the cash proceeds from their sale.”

What do you think about Suze Orman’s advice about bitcoin? Let us know in the comments section below.

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Goldman Sachs Sees Huge Institutional Demand for Bitcoin — 76% of Clients Say BTC Price Could Reach $100K This Year https://btcnewstoday.net/goldman-sachs-huge-institutional-demand-bitcoin-btc-price-100k/ Sat, 06 Mar 2021 21:40:15 +0000 https://btcnewstoday.net/?p=446209&preview=true&preview_id=446209 Global investment bank Goldman Sachs is seeing huge institutional demand for bitcoin with no signs of abating. A survey of Goldman’s institutional clients shows that 61% expect to increase their cryptocurrency holdings. Meanwhile, 76% say the price of bitcoin could reach $100,000 this year. Goldman Sachs Sees No Signs of Institutional Demand for Bitcoin Abating […]]]>

Global investment bank Goldman Sachs is seeing huge institutional demand for bitcoin with no signs of abating. A survey of Goldman’s institutional clients shows that 61% expect to increase their cryptocurrency holdings. Meanwhile, 76% say the price of bitcoin could reach $100,000 this year.

Goldman Sachs Sees No Signs of Institutional Demand for Bitcoin Abating

In a podcast published Friday, Mathew McDermott, head of Digital Assets for Goldman Sachs’ Global Markets Division, discusses the cryptocurrency trading environment for institutional investors.

He explained that his team conducted a cryptocurrency survey across the firm’s institutional client base, from “hedge funds, to asset managers, to macro funds, to banks, to corporate treasurers, insurance, and pension funds.” He clarified that “all of our institutional client discussion is really focused around bitcoin.”

His team received responses from 280 institutional clients and published the results of the survey this week. “What’s been particularly interesting,” according to McDermott, was that “40% of the clients currently have exposure to cryptocurrencies,” which he explained could be in any form, from “physical through derivatives, through securities products, or other offerings in the market.” The executive revealed:

In terms of institutional demand, we have seen no signs of that abating … We see a huge amount of demand institutionally, [and] we’re also seeing that reflected in the private wealth management space as well.

He further described that “corporate treasurers, for example, they’re interested in two different aspects.” The first is whether they should be “investing in bitcoin on their balance sheet,” McDermott detailed, citing that “the key drivers from their perspective are negative rates … [and] just the general fears around asset devaluation.”

In addition, he said that they are also thinking “should we consider it as a payment mechanism? … particularly in the context of Tesla’s announcement.” Elon Musk’s electric car company, Telsa, said that it invested $1.5 billion in bitcoin in January and will soon be accepting the cryptocurrency as a means of payments for its products.

Out of the institutional clients that have crypto exposure, the survey shows that 41% own physical or spot crypto. McDermott emphasized:

61% of the clients expect their digital asset holdings to increase over the next year.

As for what’s stopping institutions from investing in cryptocurrencies, 34% of respondents believe that “regulation, internal investment, mandate permissions” are the greatest hurdles to start allocating to crypto assets. 24% believe that a lack of well-regulated, investable crypto assets is the greatest hurdle.

Goldman Sachs Sees Huge Institutional Demand for Bitcoin — 76% of Clients Say BTC Price Could Reach $100K This Year

Most Goldman’s Institutional Clients Expect Bitcoin Price Could Reach $100K This Year

As for the future outlook of cryptocurrencies, 54% of respondents predict the price of BTC will be between $40,000 and $100,000 in 12 months while 22% predict it will be more than $100,000. This price level is not far-fetched as several fund managers are predicting the same, including Skybridge Capital and Mike Novogratz.

“In terms of the price action, I think it’s very difficult to predict bitcoin. It’s not an easy pastime,” McDermott opined, elaborating:

The survey was quite insightful in the sense that 76% agreed that the price by the end of the year would be between $40,000 and $100,000 … But, 22% were predicting over $100,000.

“I was on a similar survey with a private roundtable recently and the results there echoed something quite similar where 33% were predicting over $80,000 by the end of the year,” the Goldman executive further shared.

The global investment bank recently restarted its bitcoin trading desk. McDermott confirmed that the desk will begin handling bitcoin futures and non-deliverable forwards for clients. Goldman’s global head of commodities research, Jeff Currie, recently said that the bitcoin market “is beginning to become more mature,” calling the cryptocurrency “a retail inflation hedge.”

What do you think about Goldman Sachs’ view on bitcoin? Let us know in the comments section below.

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A Crypto-Infused Professional Sports League: Billionaires Form a Blockchain Advisory Committee for the NBA https://btcnewstoday.net/crypto-infused-professional-sports-league-billionaires-blockchain-committee-nba/ Sat, 06 Mar 2021 18:30:38 +0000 https://btcnewstoday.net/?p=446190 A number of National Basketball Association (NBA) team owners have formed an NBA blockchain advisory committee for the American professional basketball league. The advisory committee is composed of well known billionaires and blockchain advocates who own the teams the Nets, Mavs, Wizards, Celtics, Kings, and Jazz. Billionaire NBA Team Owners Invoke a Blockchain Advisory Committee […]]]>

A number of National Basketball Association (NBA) team owners have formed an NBA blockchain advisory committee for the American professional basketball league. The advisory committee is composed of well known billionaires and blockchain advocates who own the teams the Nets, Mavs, Wizards, Celtics, Kings, and Jazz.

Billionaire NBA Team Owners Invoke a Blockchain Advisory Committee for the National Basketball Association

The American professional basketball league, the NBA, may incorporate blockchain and crypto solutions into the industry in the near future. Sportico.com contributors Scott Soshnick and Eben Novy-Williams discussed the new NBA blockchain committee with one of the members, Dallas Mavericks owner Mark Cuban.

Soshnick and Novy-Williams also mentioned the popular Flow blockchain application backed by Dapper Labs, which has been producing “NBA Top Shot” non-fungible token (NFT) assets. The Sportico authors say that NBA Top Shot sales have been very productive producing $300 million in sales on resale markets so far.

“It has very little to do with Top Shot,” Cuban told the publication via email. “It’s about blockchain applications, of which Flow is just one option.” The group’s members were verified by “multiple people familiar with the plans” the Sportico reporters note.

Ostensible members of the NBA blockchain committee include Mark Cuban, Joe Tsai, Ted Leonsis, Steve Pagliuca, Vivek Ranadive, and Ryan Sweeney. “The NBA declined to comment,” on the subject Soshnick and Novy-Williams highlighted.

Many of the NBA Blockchain Advisory Committee Members Are Longtime Crypto Supporters

Just recently, Cuban allowed the Dallas Mavericks basketball club to accept dogecoin (DOGE) via Bitpay. Vivek Ranadive the owner of the Sacramento Kings has been a cryptocurrency and blockchain supporter for a long time. The Sacramento Kings basketball club has accepted bitcoin (BTC) since 2014.

The co-owner of the Boston Celtics, Steve Pagliuca, is the co-chairman of Bain Capital, a venture capital unit, which has invested millions into blockchain projects over the years.

The solutions and innovations cryptocurrencies and blockchain could bring to the NBA’s table are unfathomable. Blockchain could be leveraged for ticketing solutions, raffles and giveaways, non-fungible token (NFT) sports collectibles, digitally signed memorabilia from a fan’s favorite basketball player, and retiring numbers and jerseys in an immutable fashion as well.

Not to mention that cryptocurrencies can be leveraged to pay for all of these types of items alongside all the merchandise, food and beverages, and anything else the NBA sells could be sold for crypto assets.

What do you think about the creation of the NBA blockchain advisory committee? Let us know what you think about this subject in the comments section below.

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Selling Social Media Posts for $1.5 Million? Blockchain-Certified Tweet Sales Spark NFT Controversy https://btcnewstoday.net/selling-social-media-posts-for-1-5-million-blockchain-certified-tweet-sales-spark-nft-controversy/ Sat, 06 Mar 2021 15:30:33 +0000 https://btcnewstoday.net/?p=446141 The cryptocurrency community is in a tizzy this weekend after the founder of Twitter, Jack Dorsey, tweeted about a new application that allows people to purchase tweets with ethereum. The application is called Valuables and it allows individuals to purchase a digital certificate of the tweet, which is signed and verified by the tweet’s creator. […]]]>

The cryptocurrency community is in a tizzy this weekend after the founder of Twitter, Jack Dorsey, tweeted about a new application that allows people to purchase tweets with ethereum. The application is called Valuables and it allows individuals to purchase a digital certificate of the tweet, which is signed and verified by the tweet’s creator.

Tokenized Tweets for Sale

Tokenization and non-fungible token (NFT) asset industry have swelled during the last six months and a great number of artists, celebrities, and social luminaries have jumped on the bandwagon.

There have been 5,368,992 NFT sales equating to $381 million in sales to-date since nonfungible.com started tallying up the market history. Now a project called Valuables or the Web3 compatible web portal v.cent.co is attempting to make tweets valuable by tokenizing them via the Matic blockchain. But there is a lot of controversy over whether or not tweets can be valued and stored in a meaningful way on a blockchain.

On March 5, 2021, Jack Dorsey the founder of Twitter and Square Inc., tweeted about the project with a tweet that he is selling.

At the time of publication, the founder of the Tron blockchain, Justin Sun, has bid $1 million dollars for a tweet Dorsey created back in 2006. The CEO at Bridge Oracle, Hakan Estavi, outbid Justin Sun and is now offering $1.5 million in ether for the tweet. The two have been going back and forth in a bidding war for the Dorsey tweet being sold on Valuables.

Selling Social Media Posts for $1.5 Million? Blockchain-Certified Tweet Sales Spark NFT Controversy
At the time of publication, the CEO at Bridge Oracle, Hakan Estavi has bid $1.5 million worth of ether toward Jack Dorsey’s tweet. He has outbid, the founder of Tron, Justin Sun’s last bid at $1 million for the tweet from 2006.

The tweet from 15 years ago is when Dorsey wrote “just setting up my twttr.” With the Valuables program, Dorsey certified his tweet from 2006 and people can offer to buy the digital certificate of the tweet with ethereum (ETH).

Concept Sparks Criticism Toward Tokenizing Tweets on a Blockchain

Of course, not everyone in the crypto space is impressed with the Valuables project and many people think the application’s real-world value is worthless. Meanwhile, many people said that Bitcoin maximalists were just jealous and the Valuables tokenization of tweets idea is innovative. “Welcome to Ethereum, Jack,” one Ethereum proponent tweeted in response to Jack’s sale. “Surely, you will fetch a good price for this tweet. However, the cope and salt from the maxis: priceless,” he added.

Despite the NFT and tokenization fans, a myriad of crypto proponents seemed disillusioned by the concept of selling tweets.

“What happens if you buy someone’s tweet and then they delete it?” software developer Jameson Lopp tweeted. Also, how can you audit the ecosystem to ensure that a tweet hasn’t been sold multiple times? Point being, I suspect your ownership claim is quite weak. This looks like a prestige system, not an ownership system,” Lopp added.

On March 5, the CEO of Kraken Jesse Powell wrote that the purchasing of tweets may open Twitter to a whole lot of security vulnerabilities. “This whole buying tweets thing is putting bounties on Twitter account takeovers,” Powell insisted. “Hope you all are using U2F security keys and not SMS for account 2FA/recovery.” A number of people agreed with the Kraken founder’s assessment on Friday afternoon.

Meanwhile, Dorsey’s 2006 status on the Valuables platform is not the first time that specific tweet has been tokenized. There’s already an existing application called Tokenized Tweets (@tokenizedtweets), which has been around since 2019.

Dorsey’s 15-year-old tweet was first tokenized using the Tokenized Tweets platform on June 17, 2020. The Valuables FAQ says that tweets can “only be minted once on Valuables, [but the] NFT though can be bought and sold an unlimited number of times.” It begs the question: Which Jack Dorsey March 21, 2006, tokenized tweet is more valuable? Some would say, however, Dorsey’s NFT mint is more valuable because he certified it using the Valuables application.

As far as the payment is concerned when a tweet is purchased using Valuables, 95% goes to the original tweet creator and 5% goes to keeping running Valuables. The project is run by an organization called Cent and for secondary sales, 87.5% goes to the seller, 10% goes to the creator, and 2.5% goes to company Cent.

What do you think about the tokenization of tweets and selling them for ethereum? Let us know what you think about this subject in the comments section below.

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JP Morgan Poll: 22% of Investors Say Their Institutions Likely to Trade or Invest in Cryptocurrencies https://btcnewstoday.net/jp-morgan-poll-22-of-investors-say-their-institutions-likely-to-trade-or-invest-in-cryptocurrencies/ Sat, 06 Mar 2021 09:30:13 +0000 https://btcnewstoday.net/?p=445925 A recent JP Morgan poll found that 22% of the respondents said their respective organizations were likely to trade or to invest in cryptocurrencies. This figure (22%) is double the percentage of respondents (11%) who said yes when asked if their respective organizations were already trading or were invested in cryptocurrencies. The Institutional Embrace of […]]]>

A recent JP Morgan poll found that 22% of the respondents said their respective organizations were likely to trade or to invest in cryptocurrencies. This figure (22%) is double the percentage of respondents (11%) who said yes when asked if their respective organizations were already trading or were invested in cryptocurrencies.

The Institutional Embrace of Cryptos

According to a report, the findings of this latest poll represent fresh evidence that backs the claim that more mainstream institutions are embracing crypto assets. Already, since the start of the year 2021, major corporations like Tesla have revealed their cryptocurrency holdings. Similarly, large hedge funds like Blackrock have signaled their intention to get exposure to crypto-assets like bitcoin (BTC).

Still, as the same report shows, an overwhelming majority (78%) of investors whose institutions are yet to embrace cryptos; said there were no plans to invest or to trade in cryptocurrencies. Additionally, nearly all the respondents (98%) “believe fraud in the crypto world is ‘somewhat’ or ‘very much prevalent.'”

Cryptos Are Here to Stay

Yet, despite this perception or reluctance to invest in cryptocurrencies, some 58% of the respondents still believe that this new asset class is “here to stay.” On the other hand, some 7% of the investors assert that cryptocurrencies “will become one of the most important assets.”

Since the start of Q4 of 2020, when Square Inc., announced its BTC holdings more listed companies have revealed the values of their cryptocurrency holdings. This fact is also supported by the latest data from bitcointreasuries.org, a website that tracks public and private companies that hold BTC. According to the site’s data, more than 1.36 million bitcoins, or 6.49% of the crypto asset’s circulating supply is currently in the hands of large companies and hedge funds.

Still, despite this apparent embrace of digital assets by mainstream organizations, some 21% of the polled investors still see cryptocurrencies as just a “temporary fad.” Additionally, about 14% of the respondents are in agreement with the characterization of crypto assets as “rat position squared.”

Do you agree with the view that crypto assets will become one of the most important assets? Tell us what you think in the comments section below.

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Indictment Order Issued Against Leaders of the Geek Group for Their Role Using BTC in an Illegal Money Transmission Business https://btcnewstoday.net/indictment-order-issued-against-leaders-of-the-geek-group-for-their-role-using-btc-in-an-illegal-money-transmission-business/ Sat, 06 Mar 2021 07:00:29 +0000 https://btcnewstoday.net/?p=446022 A U.S. District Court has indicted three individuals behind the now-defunct Geek Group for their role in running an illegal money transmission business that used bitcoin to move funds across states. According to the indictment documents, it was Christopher Allan Boden then president of the Geek Group, who “sold bitcoin to numerous customers, in exchange […]]]>

A U.S. District Court has indicted three individuals behind the now-defunct Geek Group for their role in running an illegal money transmission business that used bitcoin to move funds across states. According to the indictment documents, it was Christopher Allan Boden then president of the Geek Group, who “sold bitcoin to numerous customers, in exchange for U.S. currency, primarily cash.”

Violation of Money Transmission Laws

The indictment of Boden and his accomplices comes more than two years after federal law enforcement raided the Michigan-based not-for-profit organization. Immediately after the raid, the Geek Group, which had previously been involved in charity work, announced the shut down of the organization.

Meanwhile, as the indictment documents show, Boden would obtain the BTC from Daniel Reynold Dejager, who lived in Washington. As part of their conspiracy, Dejager would “periodically travel to Michigan to meet with Boden.”

According to their adopted practice, Boden alongside Leesa Beth Vogt and others, “would deposit cash received from their customers into a bank account to which Dejager had access.” Alternatively, a transfer of cash to Dejager would be made and Dejager would then “use that currency to purchase additional bitcoin.”

However, according to the U.S. indictment, this arrangement was not in compliance with the relevant laws. In the indictment, the prosecutors said:

During the period relevant to this indictment, none of Boden, Vogt, Dejager and The Geek Group, (also known as the National Science Institute) was registered as a money services business or money transmitter with the United States Department of the Treasury.

Furthermore, the indictment document reveals that the “total value of bitcoin sold by Boden and his co-conspirators was equivalent to more than $700,000 in U.S. currency.”

Bitcoin Mixing

Meanwhile, the prosecutors also allege that between 2017 and 2018, Boden and Dejager resorted to mixing the BTC “before selling it to customers to conceal its origin.” In addition, Boden and his accomplices are accused of extending their services to customers involved in illegal activities. The document states:

(Boden and his accomplices) knowingly conducted and attempted to conduct a financial transaction, namely, the sale of bitcoin for cash, affecting interstate or foreign commerce involving property represented by an undercover law enforcement officer to be proceeds of specified unlawful activity, namely, distribution of controlled substances in violation of Title 21, United States Code, Section 841.

In the meantime, the indictment documents state that upon their conviction, Boden and his accomplices “shall forfeit to the United States a money judgment in the amount of at least $700,000.” In addition to the 1.33 BTC, all crypto assets accessible from wallets associated with two Trezor devices, comprising at least 0.365 BTC, seized on or about December 21, 2018,” shall be forfeited to the U.S. government.

If any of these remedies fail, “the United States shall be entitled to forfeiture of substitute property” the indictment concludes.

What are your views on this indictment of Boden and his colleagues? Tell us your thoughts in the comments section below.

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Russian Court Orders Mining Firm Cryptouniverse to Face New Trial on Fraud https://btcnewstoday.net/russian-court-orders-mining-firm-cryptouniverse-to-face-new-trial-on-fraud/ Sat, 06 Mar 2021 04:15:39 +0000 https://btcnewstoday.net/?p=446058 A major Russian mining firm is facing legal troubles in St. Petersburg, as three individuals are accusing the company of fraud. Cryptouniverse will now face a trial after a city court issued a criminal case order during the week. A District Court Rejected to Launch a Criminal Case Against the Firm in 2020 According to […]]]>

A major Russian mining firm is facing legal troubles in St. Petersburg, as three individuals are accusing the company of fraud. Cryptouniverse will now face a trial after a city court issued a criminal case order during the week.

A District Court Rejected to Launch a Criminal Case Against the Firm in 2020

According to RBC, the St. Petersburg City Court accepted the appeal of three customers of Cryptouniverse — a bitcoin (BTC) and litecoin (LTC) miner founded in 2018 — and considered the case should go before a trial.

At first, the legal case against the firm made the headlines in August 2020. Businessman Alexei Burik launched the legal initiative, who claimed that Cryptouniverse allegedly embezzled his crypto mining equipment and his mined coins worth 25 million rubles ($340,000).

At the time, the Kuibyshevsky District Court rejected the police decision to launch a criminal case on fraud, with the trio now involved, after the mining company filed an appeal.

As the St. Petersburg City Court accepted the plea of the three people, the criminal case is targeting Mikhail Kvasnikov, general director of Cryptouniverse, who owns around 60% of the firm.

Experts quoted by RBC have said that most of the legal cases against crypto mining farms, like Cryptouniverse, are related to a sudden change in equipment usage’s terms and conditions. Such changes, however, don’t favor at all the customers, stated the experts.

Is the Lack of Regulation on the Russian Crypto Mining Hurting the Business?

But the problem is deeper than it seems to be. The trade union of crypto miners in Russia is blaming the expensive costs of installing crypto mining rigs in homes. Thus, people are forced indirectly to rely on mining data centers.

According to Maxim Nikolaev, coordinator of the trade union of crypto miners in Russia, the lack of regulation in the crypto mining industry is triggering in some way this kind of legal trouble with mining firms.

Moreover, such lack of a legal framework opens the door to affect the profits of the crypto mining companies’ customers, experts say.

What do you think about this legal case against Cryptouniverse? Let us know in the comments section below.

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