Bitcoin News https://btcnewstoday.net Daily Bitcoin News Thu, 21 Jan 2021 15:46:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.6 Bitcoin Websites Asked to Remove White Paper After Craig Wright Claims Copyright Infringement https://btcnewstoday.net/bitcoin-websites-asked-to-remove-white-paper-after-craig-wright-claims-copyright-infringement/ Thu, 21 Jan 2021 16:00:43 +0000 https://btcnewstoday.net/?p=437489 During the last few days, the cryptocurrency community has been discussing the recent action taken by Craig Wright’s lawyers against web portals that host the original Bitcoin white paper. Recently letters were sent to a number of websites requesting the removal of the paper due to alleged copyright infringement. Bitcoin White Paper Copyright Allegations The […]]]>

During the last few days, the cryptocurrency community has been discussing the recent action taken by Craig Wright’s lawyers against web portals that host the original Bitcoin white paper. Recently letters were sent to a number of websites requesting the removal of the paper due to alleged copyright infringement.

Bitcoin White Paper Copyright Allegations

The digital currency space is dealing with controversy once again, as a number of web portals like bitcoin.org have been sent notices from Craig Wright’s legal team telling them to remove the Bitcoin white paper from their site. Wright has claimed for years now that he is Bitcoin’s inventor, Satoshi Nakamoto, but Wright has never proven this to the greater community.

Furthermore, Wright also claims to be the “rightful owner” of the bitcoin.org domain and alleges that a group of people took control of the site and altered information. The current owners of bitcoin.org deny Wright’s claims and stress Wright’s allegations are “without merit” and the site refuses to comply.

“Yesterday both bitcoin.org and bitcoincore.org received allegations of copyright infringement of the Bitcoin whitepaper by lawyers representing Craig Steven Wright,” the bitcoin.org statement about the incident details. “In this letter, they claim Craig owns the copyright to the paper, the Bitcoin name, and ownership of bitcoin.org. They also claim he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin, and the original owner of bitcoin.org. Bitcoin.org and Bitcoincore.org were both asked to take down the whitepaper. We believe these claims are without merit, and refuse to do so,” bitcoin.org’s operators further insisted.

The owner of the website bitcoin.org who goes by the pseudonym ‘Cobra’ has also been tweeting about the recent claims made by Wright’s lawyers. Moreover, Bitcoin Core’s lead maintainer Wladimir Van Der Laan said on Github that the white paper “doesn’t necessarily need to be hosted here,” in reference to the website bitcoincore.org, which also received a notice from lawyers. “Unless anyone can point to an explicit place where Satoshi licensed it under a free license, legally it is safer to remove it from the bitcoin-core.org site,” Van Der Laan wrote.

Cobra didn’t seem to appreciate Van Der Laan’s decision and tweeted about the legal letters. “You let one legal letter force you into modifying Bitcoin Core’s website and remove the whitepaper, at the request of CSW,” Cobra wrote in response to Van Der Laan’s tweet about the issue. “You gave precedent and lent legitimacy to his claims, and made it more likely for his attack on bitcoin.org to succeed. No sympathy,” Cobra’s scathing critique further noted.

The current bitcoin.org domain owner also tweeted about how people can donate to the web portal’s legal fund against the white paper copyright claims.

Cobra tweeted:

If you want to contribute to /bitcoin.org’s legal defence against CSW’s copyright claims over the whitepaper and alleged ownership of the domain. We have a donation address. We can’t let this continue.

Crypto Proponents Scoff at Wright’s Attempts Saying the Paper Is Open Source and Public Domain

The issues have become a hot topic on social media and crypto supporters have been discussing the alleged white paper copyright claims with great fervor. Many bitcoin proponents announced hosting the white paper on their websites. Bitcoin supporter Bruce Fenton told his 55,000 Twitter followers that the “Bitcoin white paper is open source and in the public domain.”

“The white paper was in the original repo that was licensed under MIT. CSW is clutching at straws here,” another person insisted. The Billfodl Twitter account exclaimed that it also refuses to take down the website’s hosted white paper as well.

“We also refuse to take down our white paper, just like Cobra Bitcoin,” Billfodl’s Twitter account said. “CSW and Calvin’s goons don’t scare us.” The bitcoin.org donation address for the organization’s legal defense has started to receive a number of BTC donations since Cobra tweeted about the copyright infringement situation.

U.S. Copyright Office ‘Does Not Investigate the Truth of Any Statement Made’

Moreover, there are other individuals who have claimed copyright ownership over the Bitcoin white paper in the past.

Wei Liu, a former executive at the bitcoin mining operation F2pool, registered a copyright for the Bitcoin white paper with ease, as he simply claimed to be the pseudonymous Satoshi Nakamoto and the author of the paper’s text. In fact, a statement from the U.S. copyright office, in regard to Wright’s copyright claim in 2019, said the government entity “does not investigate the truth of any statement made.”

What do you think about Craig Wright’s latest claims? Let us know what you think about this subject in the comments section below.

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World’s Largest Asset Manager Blackrock to Invest in Bitcoin Futures https://btcnewstoday.net/blackrock-bitcoin-futures/ Thu, 21 Jan 2021 12:15:28 +0000 https://btcnewstoday.net/?p=437479&preview=true&preview_id=437479 Blackrock, the world’s largest asset manager with $7.81 trillion under management, is getting into bitcoin. The firm has filed with the U.S. Securities and Exchange Commission (SEC) for two of its funds to invest in bitcoin futures. Blackrock Gets Into Bitcoin Blackrock filed two “statements of additional information” with the SEC on Wednesday. One was […]]]>

Blackrock, the world’s largest asset manager with $7.81 trillion under management, is getting into bitcoin. The firm has filed with the U.S. Securities and Exchange Commission (SEC) for two of its funds to invest in bitcoin futures.

Blackrock Gets Into Bitcoin

Blackrock filed two “statements of additional information” with the SEC on Wednesday. One was for Blackrock Funds V and the other was for Blackrock Global Allocation Fund Inc. Both filings state:

Certain funds may engage in futures contracts based on bitcoin.

The two filings further detail, “The only bitcoin futures in which the funds may invest are cash-settled bitcoin futures traded on commodity exchanges registered with the CFTC.”

The documents also warn that “Regulatory changes or actions may alter the nature of an investment in bitcoin futures or restrict the use of bitcoin or the operations of the bitcoin network or exchanges on which bitcoin trades in a manner that adversely affects the price of bitcoin futures, which could adversely impact a fund.”

In December, Blackrock CEO Larry Fink made some bullish statements about bitcoin. He said: “Can it [bitcoin] evolve into a global market? Possibly.” Furthermore, he noted that “Having a digital currency makes the need for the U.S. dollar to be less relevant.”

Blackrock joins several other asset management firms that are investing in bitcoin, including British fund manager Ruffer and Skybridge. In addition, Guggenheim is planning to invest in the near future, pending approval from the SEC.

What do you think about Blackrock investing in bitcoin futures? Let us know in the comments section below.

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Clothing the Naked Emperor – the Blockchain Potential Unleashed With Prasaga https://btcnewstoday.net/clothing-the-naked-emperor-the-blockchain-potential-unleashed-with-prasaga/ Thu, 21 Jan 2021 11:00:55 +0000 https://btcnewstoday.net/?p=437390&preview=true&preview_id=437390 Prasaga is a Foundation-based organization and the creator the DataGrid Blockchain, a new native chain and coin project, embracing developers, miners, and token holders. DGB will be language agnostic, allowing developers to have full code reuse on a global scale, which will greatly reduce development time and complexity. The Emperor’s New Clothes In the much-beloved […]]]>

Prasaga is a Foundation-based organization and the creator the DataGrid Blockchain, a new native chain and coin project, embracing developers, miners, and token holders. DGB will be language agnostic, allowing developers to have full code reuse on a global scale, which will greatly reduce development time and complexity.

The Emperor’s New Clothes

In the much-beloved folktale “The Emperor’s New Clothes”, the author Hans Christian Andersen portrays a ruler, hoodwinked by weavers who play on his vanity, by saying that the suit he wears is visible only to those who are clever and wise, and who can speak the coveted language of Solidity.

As the ruler addresses his subjects, fiercely proud of his garb, which of course is the finest in the land, he fails to realize that he, in fact, is actually wearing nothing at all. The ruler, turning from unabashed to humiliated, learns the powerful truth: you can’t let pride and fear of looking ridiculous keep you from speaking up when you know the truth.

One of blockchain’s primary contributions to the world has been the introduction of speculative tokens and now, with Decentralized Finance’s (DeFi’s) automated market making and liquidity pools it is also a wide variety of unregulated financial derivatives. It is the distributed ledger technology potential on an enterprise scale, however, which was the catalyst for the AWS, Microsoft, Oracle, SAP, and IBM adoption. Large-scale technology companies are deploying forward-thinking blockchain technologies, catering to a variety of applications, primarily on private chains. The truth of the matter is – when it comes to blockchain technology, everyone is still looking for the emperor’s clothes — applications which will reinvent the future.

On the other side of the spectrum are the permissionless chains, which do not scale to even a fraction of transaction capacity required to be equal to current payment solutions, let alone the scale required for the future of society. A wide-scale technology deployment is extremely hard to engineer, difficult to expand and maintain, and vulnerable to bad actors exploiting its weaknesses.

This naked truth makes selling the bright future promised by the decentralized immutable technology very difficult. This is where the DataGrid Blockchain (DGB) brings a vibrant new suit of clothing for the Emperor King.

The innovation that re-imagines the way distributed ledger technology should be architected for efficiency gains starts with putting a revolutionary layer 1 approach to the blockchain network by dressing it with a full eXtensible Blockchain Object Model (XBOM) Operating System. XBOM makes it easy to develop on the blockchain without having to write directly on the ledger by introducing a class management infrastructure. The operating system allows each individual grouping of code to be stored in accounts on the blockchain, unlike today’s Smart Contract platform’s implementation choices.

XBOM: Coding Simplified

Compare writing a Smart Contract to writing the entire Word processing application just to create a document. With XBOM the needed code resides on the blockchain allowing developers to simply call the code required to directly execute even the most complex transactions.

The DataGrid Blockchain (DGB) will be language agnostic, allowing developers to have full code reuse on a global scale, which will greatly reduce development time and complexity. The real fine attire is the invention of Smart Assets which are stored directly in the accounts on the DataGrid Blockchain. In turn, their state is stored within each smart asset instance, in the accounts rather than in Smart Contracts. Accounts and their state can now be moved across shards enabling full parallelization and allowing the speed of DGB to increase as more nodes are added which will allow the scaling of transactions to only be limited by the bandwidth capacity of the Internet.

This process establishes a fast scaling technology, allowing DGB to reach the limits of network bandwidth without being limited by each shard’s individual speed. DataGrid is also easy to use for both the developer and the customer as they do not need to ever use the underlying blockchain code. And, most importantly, it’s safe from reuse of object code and the mitigating security issues which may occur on public blockchains.

Identity Is King

The Emperor has new undergarments and base layers now. He is covered at least. Now what makes him presentable and attractive to the populous? Which elements are needed to attract even the most critical of fashionistas?

First, one must ensure that the fabric is protected from the elements and to this end, DataGrid has created a function that will allow anyone or any entity to have a Globally Unique ID. An account number, made up of a 512-bit unique alpha-numeric string. This string, however, is hard to remember, so there needs to be a way to easily attach the accessory. This means converting it to an account name that users can choose. Think of this as a personal website domain, but better! It protects all of the user’s assets, vital records, regulatory compliance approvals and the state of all actions from anyone interacting with an user’s account during its lifetime.

The voting concerns in the US and in other countries brought about the debate around (voter) identity and a much needed upgrade of voting systems.

The use cases for blockchain voting software are many and diverse. Its ability to engage and manage a constituency is crucial to the future of society,”

said Joe Liebkind at Investopedia

not just to produce a transparent outcome but to encourage all people to participate in their communities. Currently, the technology is still in its infancy, but it matures alongside the young voters it will one day help and looks to be a key part of our collective future.”

How can the Emperor achieve a truly democratic society, where the voting infrastructure enables anonymity, where the public participates in voting, with the assurances that one person has one vote, while the result is immutable and transparent? This is what the DateGrid Blockchain promises to achieve with the XBOM operating system.

The one account on DGB can hold IDs, National Driver License/IDs, passports, government social numbers. The individual identity documents are a subset of the global UniqueID. A voting certificate assigned to an individual will automatically provide the right to cast a vote in the local election.

When voting seasons start, users can request their class:vote object to be instantiated within the account. Once all credentials are identified, the voting rights certificate is added. If there are any missing elements in the certificates or other authorizations that are used as the personal identifier, the account automatically looks up the “Account Object Containment Tree” to find an instantiated object in the account with the appropriate authorization and continue with your right to participate in your nation’s vote.

Everyone who is eligible to vote based on their nation’s laws will now participate in the vote.

Anyone who do not have the proper credentials will never receive the vote certificate and will not participate in the process. The Emperor can rest assured that his populous is legal, secure and trustworthy. The one place blockchain cannot ensure valid vote is with the individual themselves. Although it can be guaranteed that it is the person voting via biometric checks, it cannot be guaranteed that they have not sold their vote or are being pressured by external actors. To circumvent this, a vote panic button in the interface enable users to contact the local police for assistance.

DGT Presale

The ERC-20 DGT private presale will begin on 22nd January 2021, whereby the native DGT currency will be available for purchase at an initial price of $.005. These tokens will unlock in 3 months (91 days) after the Liquidity Bootstrap Pool and will start the unlock period once the listing is done on a decentralized exchange. There will be a 20% bonus for purchases of over 150 ETH, and 10% bonus on purchases starting at 80 ETH. The Community Presale has a 1/4 ETH minimum and 5% bonus, beginning January 22nd. This amount will reduce by 1% per day until January 26th. The sale has a $6m soft cap and a $25m hardcap.

Solving real-world problems is why everyone got into blockchain. The DataGrid Blockchain will be able to create this new paradigm for developers and consumers. Prasaga has set up DGBLabs.io for its Estonia-based token offering and is conducting its Community Presale from January 22nd to the 25th. The team will then begin the Balancer Liquidity Bootstrap Pool on February 14th. So if you fall in love with this project you can enjoy a 96 hour LBP that is resistant to bots and whales and lets humans determine the true market price, before ERC-20 DGB launches onto the general DeFi pools.

The challenge of the future is being authentic and truthful about what the Emperor is actually wearing, and not letting the tailors hoodwink you. The real break-through happened for the Emperor when he admitted he had no clothes and the crowds could admit they had been pretending that the protocols could scale. Now you can examine the DataGrid Blockchain and honestly evaluate how it will create a new designer suit of clothes for everyone.

To join the next paradigm of blockchain, get whitelisted on the DGBLabs website today.


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Dubai Financial Watchdog to Release Consultation Papers for a Crypto Regulatory Framework https://btcnewstoday.net/dubai-financial-watchdog-to-release-consultation-papers-for-a-crypto-regulatory-framework/ Thu, 21 Jan 2021 09:30:37 +0000 https://btcnewstoday.net/?p=437370 The Dubai Financial Services Authority (DFSA) has unveiled its plans to create a regulatory framework for cryptocurrencies. The announcement was part of its 2021-2022 business agenda released this week. The Papers Will Be Released in the First Half of 2021 According to the watchdog, which regulates the Dubai International Financial Centre (DIFC), the upcoming crypto […]]]>

The Dubai Financial Services Authority (DFSA) has unveiled its plans to create a regulatory framework for cryptocurrencies. The announcement was part of its 2021-2022 business agenda released this week.

The Papers Will Be Released in the First Half of 2021

According to the watchdog, which regulates the Dubai International Financial Centre (DIFC), the upcoming crypto framework aims to expand on the existing rules. It includes the regulation of crypto issuers and trading platforms.

The document, signed by DFSA Chairman Saeb Eigner, reads:

We will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenized securities and crypto-currencies), having already implemented regulations supporting various innovative business models.

The financial watchdog explains that such crypto regulation’s expansion is part of the UAE’s National Innovation Strategy’s digital transformation.

Also, the regulator added that the regulatory approach is expected to facilitate innovation “while requiring strict adherence to the DFSA’s licensing, prudential and conduct requirements.”

Per The National, a local media outlet, the DFSA expects to publish two consultation papers with the purpose of gathering feedback. As a result, the watchdog will release both documents in the first half of 2021. The 2021-2022 business plan states:

The DFSA is committed to remain ‘open for business’ with respect to innovation in the financial services sector and we continue to explore how our regulatory regime can accommodate new and innovative business models.

DFSA’s Current Stance on Cryptocurrencies

In 2017, the DFSA referred to the crypto industry in the statement entitled “General Investor Statement on Cryptocurrencies.” At the time, the authority was vocal in its cautious stance on cryptos, considering elements such as initial coin offerings (ICOs) “high-risk investments.”

The watchdog wrote in its 2017 statement:

Accordingly, before engaging with any persons promoting such offerings in the DIFC, or making any financial contribution toward such offerings, the DFSA urges potential investors to exercise caution and undertake due diligence to understand the risks involved.

However, Dubai’s authorities have been issuing licenses through the Dubai Multi Commodities Centre (DMCC) to firms trading cryptocurrencies since 2017. The DMCC Free Zone is the largest and fastest-growing free economic zone in the UAE.

What do you think about the upcoming Dubai’s crypto regulation? Let us know in the comments section below.

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Former US Treasury Secretary Larry Summers Says Bitcoin ‘Is Here to Stay’ https://btcnewstoday.net/former-us-treasury-secretary-larry-summers-says-bitcoin-is-here-to-stay/ Thu, 21 Jan 2021 07:45:52 +0000 https://btcnewstoday.net/?p=437407 Former U.S. Treasury Secretary and economist Larry Summers says bitcoin is here to stay despite the concerns by some that it may be a bubble. The former secretary asserts that bitcoin’s price fluctuations are in fact a sign of its resilience. In his latest comments about bitcoin, Summers, who in 2016 became a senior adviser […]]]>

Former U.S. Treasury Secretary and economist Larry Summers says bitcoin is here to stay despite the concerns by some that it may be a bubble. The former secretary asserts that bitcoin’s price fluctuations are in fact a sign of its resilience.

In his latest comments about bitcoin, Summers, who in 2016 became a senior adviser to Digital Currency Group, reiterates his position about the crypto and its underlying technology. Before the new remarks, Summers previously predicted that the “financial industry will adopt the technology underpinning bitcoin.”

Still, in his latest comments, Summers touches on the crypto’s fixed supply and how this is a factor behind its current rise. The former Secretary says:

I think people are going to move towards it, and as people move towards it, given the finiteness of its supply, that’s going to be a factor working to raise prices.

Although Summers refuses to predict the crypto’s future price, he does hint that this will likely go up, and “institutions like it.”

Meanwhile, in addition to bitcoin’s fixed supply, the former Secretary is also quoted as suggesting that factors like interest earned on bonds might have an effect on the crypto asset’s value. According to Summers, if the amount earned on bonds goes down, “people put less of their money into bonds and more of their money into other assets.”

Do you agree that bitcoin’s fixed supply is one key factor that is attracting institutional investors? Tell us what you think in the comments section below.

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Ethereum Could Touch $10,500 After Crypto Rises to Record High: Fundstrat Global https://btcnewstoday.net/ethereum-could-touch-10500-after-crypto-rises-to-record-high-fundstrat-global/ Thu, 21 Jan 2021 05:45:11 +0000 https://btcnewstoday.net/?p=437415 Fundstrat Global Advisors strategist David Grider predicts that the price of ethereum could rally to $10,500 per unit after the cryptocurrency set a new all-time high on Tuesday. The estimate implies a near 700% upside on the current ether price hanging above the $1,300 range. According to Grider, ether (ETH) – the second largest digital […]]]>

Fundstrat Global Advisors strategist David Grider predicts that the price of ethereum could rally to $10,500 per unit after the cryptocurrency set a new all-time high on Tuesday. The estimate implies a near 700% upside on the current ether price hanging above the $1,300 range.

According to Grider, ether (ETH) – the second largest digital asset after bitcoin (BTC) – will continue to benefit from its relationship with decentralized finance (defi) applications, the majority of which are built on the Ethereum blockchain, and have seen massive growth in 2020.

He also premised his prediction on the recent upgrade to the Ethereum network, which is targeting to become a blockchain for an entire financial system. When fully completed, he said, the three-part upgrade would allow the blockchain to process the same number of transactions as those done by the likes of Mastercard Inc. and Visa Inc.

“Ether is the best risk/reward investment play in crypto,” Grider was quoted as saying, adding that “blockchain computing may be the future of the cloud.” Risks may include delays in the network upgrade or the crypto market becoming bearish, said the report.

Ethereum shot 12% to a record high of nearly $1,440 on Tuesday, amid increased buying pressure.

Meanwhile, Luis Cuende, cofounder of the decentralized autonomous organization (DAO) Aragon, commented: “When thinking about what the Web 3.0 vision provides, institutional investors will recognise that although sovereign digital currency (BTC) is central, the importance of a programmable economy (ETH) should not be underestimated.”

He added: “ETH fundamentals are as robust as ever. Ethereum has actually found early product-market fit, and the protocol is making revenue. ETH is definitely maturing as an asset.”

Cuende sees ether bouncing between $2,500 and $7,500. He also believes that Ethereum rivals Polkadot, Cosmos, and NEAR “are well-positioned to capture a meaningful market share” until ETH 2.0 is complete.

What do you think about the Fundstrat Global price prediction on ether? Let us know in the comments section below.

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Crypto Custodian Xapo Set to be a Digital Bank in Gibraltar https://btcnewstoday.net/reports-show-crypto-custodian-xapo-set-to-be-a-digital-bank-in-gibraltar/ Thu, 21 Jan 2021 03:45:58 +0000 https://btcnewstoday.net/?p=437372 According to a recent report, the cryptocurrency custodian Xapo is getting ready to become a “fully-fledged” bank in the British Overseas Territory of Gibraltar. The region located at the southern tip of the Iberian Peninsula has also been extending “regulatory guidelines for digital asset exchanges,” according to a partner at the international law firm Isolas […]]]>

According to a recent report, the cryptocurrency custodian Xapo is getting ready to become a “fully-fledged” bank in the British Overseas Territory of Gibraltar. The region located at the southern tip of the Iberian Peninsula has also been extending “regulatory guidelines for digital asset exchanges,” according to a partner at the international law firm Isolas LLP.

Just recently, the cryptocurrency custodian Xapo sent out a wave of emails that noted it would not serve U.S. customers going forward. “Due to a change in our global business strategy, Xapo, Inc. is leaving the U.S. market and will be closing all U.S. customer Xapo accounts. As a result, we’ll need you to transfer your funds to an external bitcoin address,” the company detailed.

This email followed the announcement Xapo made this past spring when it said that the company plans to become a digital bank in Gibraltar. “We will be relaunching as a digital bank late this year,” the company disclosed. On January 20, 2021, Gibraltar’s Finance Minister Albert Isola told Decrypt contributor Adriana Hamacher, that Xapo is establishing themselves as a “fully-fledged bank” in Gibraltar.

“Xapo have now established themselves in Gibraltar as a fully-fledged bank,” Gibraltar’s Finance Minister said, according to Hamacher’s recent report.

In addition to the statement made by Albert Isola, the partner at the international law firm Isolas LLP, Joey Garcia detailed on Tuesday how Gibraltar is extending regulatory guidelines for digital asset exchanges. Garcia is also a board member of IOV Labs (RSK) groups and the custodian Xapo.

“The framework aims to guide those who have the potential to form important foundational concepts for the work of other international organisations, such as the Financial Action Task Force, the European Commission and the International Organization of Securities Commissions (IOSCO),” the announcement further details. Garcia also stressed that Gibraltarians are forerunning pioneers when it comes to digital currency and blockchain innovation.

“Gibraltar has long been a leader when it comes to fostering innovation and in the development of virtual asset service providers’ regulatory standards and we are confident the 10th Core Principle will aid us even further in our mission to achieve this,” Garcia explained. “Particularly as the integrity of these markets is such a key focus internationally. We already have some of the largest groups in the world regulated in Gibraltar and this should continue to place those groups at the forefront of standard-setting in the industry,” the Isolas partner said.

The news about Xapo becoming a digital bank in Gibraltar follows the Gibraltar Financial Services Commission’s (GFSC) recently updated guidance notes for distributed ledger technology (DLT) providers. Additionally, news.Bitcoin.com’s financial columnist, Jeffrey Gogo reported on the Canadian firm 3iQ’s bitcoin fund getting listed on the Gibraltar Stock Exchange.

What do you think about Xapo becoming a digital bank in Gibraltar? Let us know what you think about this subject in the comments section below.

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Multibillion Dollar Fund Manager Ruffer Sees Long Trend of Institutional Bitcoin Adoption https://btcnewstoday.net/multibillion-dollar-fund-manager-ruffer-bitcoin-institutional-adoption/ Thu, 21 Jan 2021 01:45:00 +0000 https://btcnewstoday.net/?p=437169&preview=true&preview_id=437169 British investment management firm Ruffer has revealed that its bitcoin holdings now account for about 3% of its entire portfolio of approximately $29 billion. The firm believes that we are “at the foothills of a long trend of institutional adoption and financialization of bitcoin.” A Long Trend of Institutional Bitcoin Adoption Ruffer provided an update […]]]>

British investment management firm Ruffer has revealed that its bitcoin holdings now account for about 3% of its entire portfolio of approximately $29 billion. The firm believes that we are “at the foothills of a long trend of institutional adoption and financialization of bitcoin.”

A Long Trend of Institutional Bitcoin Adoption

Ruffer provided an update on the firm’s bitcoin investment this week in its Investment Manager’s Review for the period ending Dec. 31. The firm wrote:

We gained our bitcoin exposure via the Ruffer Multi Strategies Fund and two proxy equities in Microstrategy and Galaxy Digital. At the period end the combined exposure of these was just over 3%.

The firm noted that “In the short period since investing both stocks are up more than 100% and bitcoin is up 90%.”

On its website, Ruffer declared that its assets under management as of Dec. 31 was £21 billion (approximately $29 billion). A 3% allocation would mean the firm’s bitcoin holdings are now worth about £630 million ($861 million). Some media outlets reported that Ruffer’s bitcoin exposure now stands at 1 billion GBP ($1.4 billion). However, a Ruffer spokesperson confirmed to news.Bitcoin.com that the firm does not recognize that estimate.

Ruffer disclosed its bitcoin purchase of £550 million ($750 million) in November, which was initially 2.5% of the firm’s entire portfolio.

“Our rationale has been well-publicized but briefly, we have a history of using unconventional protections in our portfolio. This is another example, a small allocation to an idiosyncratic asset class which we think brings something significantly different to the portfolio,” Ruffer detailed, adding:

Due to zero interest rates the investment world is desperate for new safe-havens and uncorrelated assets. We think we are relatively early to this, at the foothills of a long trend of institutional adoption and financialisation of bitcoin.

While acknowledging the risks associated with bitcoin, Ruffer also sees growing signs of its increased adoption, which the firm believes will have a significant impact on the price of the cryptocurrency.

“Think of bitcoin’s bad reputation as a risk premium – as we move through the process of normalization, regulation, and institutionalization, the compression of this premium can have a dramatic effect on the price,” Ruffer noted. “If we are wrong, bitcoin will return to the shadows and we will lose money – this explains why we have kept the position size small but meaningful.”

Ruffer’s chairman, Jonathan Ruffer, said last week that the firm’s announcement regarding its bitcoin exposure “produced a smattering of responses.” He explained:

Our underlying reasoning is that bitcoin is becoming a challenger to gold’s standing as the one supra-currency, the thing to own when fiat currencies are kerplunked.

The chairman explained that his firm has “done much work on assessing the danger” of investing in bitcoin, “watching it for a longish time.” His firm came to a conclusion that “it is a unique beast as an emerging store of value, blending some of the benefits of technology and gold,” emphasizing, “Yes, it is a seemingly non-sensical asset – but one that makes absolute sense for how we see the world.”

What do you think about Ruffer’s bitcoin investment strategy? Let us know in the comments section below.

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YfDFI Finance: Much Anticipated Farming Platform Released https://btcnewstoday.net/yfdfi-finance-much-anticipated-farming-platform-released/ Thu, 21 Jan 2021 00:00:40 +0000 https://btcnewstoday.net/?p=437331&preview=true&preview_id=437331 PRESS RELEASE. As of today, YfDFI Finance is launching not one, not two, not three but four farming pools, locking up a huge chunk of its circulating supply. The team could not have achieved this without the continuous support from the community. Starting off 2021 the right way! “Our team has been working tirelessly throughout […]]]>

PRESS RELEASE. As of today, YfDFI Finance is launching not one, not two, not three but four farming pools, locking up a huge chunk of its circulating supply. The team could not have achieved this without the continuous support from the community.

Starting off 2021 the right way!

“Our team has been working tirelessly throughout the holidays to live up to the community’s expectations. Internally, our mantra the past couple of months has been: ‘Underpromise and overdeliver’. With overwhelming support from our community, we have reached every single milestone on our roadmap so far, mainly within the established time-frame, and sometimes even sooner” said Calliba, Project Coordinator. He continued:

“With the recent market surge we are excited to be in a position where we are more than ready to ride the incoming wave. We’ve waxed up our surf boards and are ready to ride. We’ve also had a ‘New Year Makeover’ – new name, new face, but the same beast within. More importantly, the core of our protocol (our smart contracts) have been audited by Hacken and all marked ‘Well Secured’.”

In order to continue the path YfDFI Finance has been following, and ensuring the safety of the platform, the team has decided to push the collaboration with Hacken one step further. Every single contract in the farming platform has been independently audited by Hacken to ensure the safety of liquidity providers’ funds. With security confirmed, the time to release Farming and reward the community has arrived.

Introducing the YfDFI Farming Platform

Yield farming has taken the DeFi industry by storm over the last few months. It began with all the food tokens that hit the market. Now the time has come to focus on the more serious and well thought-out options. YfDFI Finance watched the developments in the market closely, taken notes, and put all the knowledge into the development of its own farming platform.

One factor that YfDFI Finance could not ignore is that many wealthy individuals have been moving from one pool to another in order to farm with the highest yields. Projects increase after opening up their pools to be left for dead when the rewards dry up. YFD is building a robust system focused around the community that will protect the value of the token long-term. Simply luring in outside investors with the offer of high yields would not be in the best interests of the community, and therefore is of no interest to YFD either.

Investors have also seen that many tokens offer high yield farming but simultaneously increase the circulation supply substantially. This causes inflation, and thus slowly decreases the value of the token. On the other hand, locking up tokens for long periods without allowing withdrawal is something only beneficial to the project, and not so much to the token holder. Access to one’s funds is of paramount importance. Taking all of these factors into consideration, YFD has developed its own farming platform which is fair to all. As rewards are coming from an allocated pool of funds, this structure is entirely sustainable for the 18 month duration.

How does the YfDFI Farming Platform work?

Starting today, the 20th of January 2021, YFD is allowing anyone to farm using its Farming Platform. Anyone that wishes to participate has to follow the next steps;

  1. Head over to UniSwap and locate the YFD/ETH liquidity pool under “Pools”.
  2. Add as much liquidity as you like. This works in a 50/50 ratio between YFD and ETH.
  3. Head back to the YfDFI Farming Platform and choose the vault that you want to contribute to.
  4. Deposit your YFD/ETH UNI-V2 LP tokens.
  5. Sit back and watch the rewards roll in!

For more info you can check out the Medium article here: https://link.medium.com/NlTW4dHjcdb

And that is all there is to it! YFD has four farming vaults available, varying in size of reward supply and longevity. There is an expiry date for each pool and a locking period. Within the locking period, you will be unable to withdraw your tokens or any rewards. After that period you can unstake your tokens at any given moment. However, when you complete the entire period, your rewards will be much higher!

The details of each of the four vaults are as follows:

  • Vault 1: Locking period 3 days. Total monthly reward for vault = 30 tokens. Duration 12 months. Expiry 20/01/2022
  • Vault 2: Locking period 30 days. Total monthly reward for vault = 60 tokens. Duration 12 months. Expiry 20/01/2022
  • Vault 3: Locking period 60 days. Total month reward for vault = 80 tokens. Duration 12 months. Expiry 20/01/2022
  • Vault 4: Locking period 90 days. Total monthly reward for vault = 110 tokens. Duration 18 months. Expiry date 20/07/2022

Want to learn more?

For more information regarding the farming pools, please check out the links below:

YfDFI website: https://yfdfi.finance/

Farming platform: https://yfdfi.finance/farming-vault

Farming Audit Report: https://hacken.io/wp-content/uploads/2021/01/YFDFI_Vaults_Audit_Report140121.pdf

Farming documentation: https://docs.yfdfi.finance/pools/liquidity-farming-pool

About YfDFI Finance

YfDFI Finance aims to become the first DeFi Financial Center fully powered by the community. The YfDFI ecosystem is a community-centered project aiming to rebuild all classes of financial services provided in traditional finance but through DeFi protocols (farming, governance, insurance, credit, exchange, self-banking etc.). All solutions will be community-developed and all profits generated by the ecosystem will be automatically redistributed to all contributors (YFD token holders).

Press contact: Calliba, Project Coordinator

Email: community@yfdfi.finance

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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UK Investment Firm Aims to Block Ripple From Leveraging Liquid Assets, Jed McCaleb Dumps 28.6 Million XRP https://btcnewstoday.net/uk-investment-firm-aims-to-block-ripple-from-leveraging-liquid-assets-jed-mccaleb-dumps-28-6-million-xrp/ Wed, 20 Jan 2021 23:00:59 +0000 https://btcnewstoday.net/?p=437339 Court documents show that the company, Tetragon Financial Group, has filed a lawsuit against Ripple after the firm was charged by the U.S. Securities and Exchange Commission. The court filing indicates that Tetragon and Ripple allegedly made an agreement, and the SEC case deeming XRP as an unregistered security should allow them to get funds […]]]>

Court documents show that the company, Tetragon Financial Group, has filed a lawsuit against Ripple after the firm was charged by the U.S. Securities and Exchange Commission. The court filing indicates that Tetragon and Ripple allegedly made an agreement, and the SEC case deeming XRP as an unregistered security should allow them to get funds back. Moreover, weeks after the SEC charges, former Ripple executive Jed McCaleb sold 28.6 million XRP.

Billion-Dollar Asset Manager Sues Ripple Labs

A recent court filing submitted to Delaware’s Chancery Court shows that Tetragon Financial Group (LSE: TFG) is suing the California-based Ripple Labs Inc. over an alleged agreement breach. The UK-based investment firm has $2.35 billion assets under management (AUM) and the company seeks to “enforce its contractual right to require Ripple to redeem” stocks maintained by Tetragon.

Until payment is made, Tetragon wants Ripple blocked from leveraging liquid assets like cash. Following the initial court filing, reports indicate that Delaware’s Chancery Court Vice Chancellor Morgan T. Zurn issued a temporary restraining order against Ripple.

Litigation reports detail that Zurn issued the order after the filing in the first week of January that attempted to seek Tetragon’s alleged contractual right. On January 5, Ripple Labs Inc. issued a statement about the Tetragon Filing. In essence, Ripple claims the lawsuit has “no merit” because the SEC case has not been decided.

“In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go-forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity,” the company wrote. “Since there has been no such determination, this lawsuit has no merit,” it added.

Ripple further explained:

We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. The courts will provide this clarity and we are very confident in our position.

Jed McCaleb Allegedly Dumps 28.6 Million XRP Worth Over $8 Million USD

In addition to the recent court filing by Tetragon and Delaware’s Chancery Court’s most recent decision, former Ripple executive Jed McCaleb reportedly sold 28.6 million XRP this week.

UK Investment Firm Aims to Block Ripple From Leveraging Liquid Assets, Jed McCaleb Dumps 28.6 Million XRP

The analyst Leonidas Hadjiloizou who has consistently monitored McCaleb’s XRP sales told the public about the most recent million-dollar sale by the Ripple cofounder and the ‘Tacostand’ wallet.

“Jed’s Tacostand had paused XRP sales ever since the SEC lawsuit was announced,” Hadjiloizou said on Monday.

Hadjiloizou continued:

After 25 days of no sales, 28.6 million XRP was sold today.

Meanwhile, XRP’s value has dropped considerably since the initial SEC charges and the delistings that followed afterward. At the time of publication, XRP is trading for $0.28 per unit and has been struggling to stay in the top ten after being dislodged at the end of December.

More recently, polkadot (DOT) and cardano (ADA) have pushed XRP from its former position in terms of market capitalization. During the last seven days, XRP has lost -5.55% and -43% during the last month. Despite these declines, XRP’s 90-day stats (+12.2%) and annual percentage gains (+21.7%) against the USD are still in the green.

What do you think about the Tetragon lawsuit against Ripple and Jed McCaleb alleged 28.6 million XRP sale? Let us know what you think about this subject in the comments section below.

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