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Crypto News Updates

Germany’s Second Largest Exchange Adds New Bitcoin Trading Product

Boerse Stuttgart, Germany’s second-largest stock exchange, has added a new inverse Bitcoin Exchange Traded Product (ETP). This will be the first crypto ETP, called 21Shares Short Bitcoin ETP, which allows traders to short Bitcoin.

World’s first Bitcoin short product, will the halving leave investors rekt?
Boerse Stuttgart has just introduced a brand new investment product for institutional and retail traders, which will allow them to short Bitcoin. This is a first for the Bitcoin investment industry and the first short product available in the world.
The 21Shares Short Bitcoin ETP will be backed by the underlying asset at 1:1. It is the first Bitcoin financial instrument wrapped as an ETP with an International Securities Identification Number (ISIN) and Wertpapierkennnummer (WKN).
The underlying BTC will be custodied by an independent custodian with segregated accounts. 21Shares is approved by the SFSA, the Swiss Financial Supervisory Authority.
This means investors in Germany and other European markets can now get short exposure on BTC when the prices start to dump.
21Shares was formerly known as Amun AG, and they offer a full suite of ETPs which will be migrating over to the 21Shares brand. This Bitcoin Short ETP will be fully regulated under Swiss law.
As the world’s first Bitcoin Short ETP, with the current bullish hype surrounding the halving, it will be interesting to see what the response towards this product will be from investors.
Euro markets are innovating crypto, US markets stall
With the release of the new 5AML EU anti-money laundering guidelines, crypto businesses can no longer be discriminated against by banks. They will need to be treated the same as any other business.
European investors have been crying out for crypto-friendly regulation, we have seen quite a few EU nations introduce crypto-friendly policies, tax structures, and extend the olive branch to crypto startups. Crypto Valley in Zug, Malta, and Portugal, come to mind.
In the US, overzealous regulation and uncertainty about tax policy and regulatory enforcement have put a chill on the crypto industry. Startups have decided it is easier to jurisdiction shop and start in a friendlier and more well-defined climate.
Domestically both investors and entrepreneurs have pressured the SEC and IRS to issue clearer guidelines that are easier to comply with. This has led to certain new developments like Hester Pierce’s proposed safe harbor law, which has met mixed feedback from the crypto industry. Some wonder if it is too little, too late.
US regulators need to take a page from their European counterparts and relax the strict rules to allow for innovation. New investment products like the 21Short ETP are the type of crypto exposure investors are looking for on both sides of the pond.
Do you think Boerse Stuttgart’s new short Bitcoin ETP is bullish for the leading cryptocurrency? Add your thoughts below!

Images via Shutterstock
Source: Bitcoinist News

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Crypto News Updates

Unity in Europe — DGen's Conclusion to Fueling Blockchain Innovation

Fragmented regulatory framework is the main obstacle for the flourishing blockchain industry in Europe

Source: CoinTelegraph

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Crypto News Updates

Pompliano Says He Wouldn’t Buy XRP

Pompliano Says He Wouldn't Buy XRP

Anthony Pompliano, host of the “Off the Chain” podcast and co-founder of Morgan Creek Capital, said he would not buy XRP when asked in an interview with CNN’s Julia Chatterley. Pomp set Bitcoin apart from other blockchain projects and said XRP has nothing driving value that he could point to.

Pomp Shows No Love For Ripple’s XRP

Final question: If you couldn’t buy #Bitcoin, what would you buy?Final, final question: How much of your net worth is in $BTC? @APompliano gives his answers here 👇🏻 pic.twitter.com/2w6jnhJbJb
— Julia Chatterley (@jchatterleyCNN) February 25, 2020

Anthony Pompliano, co-founder of Morgan Creek Digital Assets and host of Off the Chain, spoke to CNN’s Julia Chatterley today, and pulled no punches when the anchor asked if he’d ever consider buying XRP or TRX.
Pomp flatly said no, without hesitation, to both crypto-assets and set Bitcoin apart from all other blockchain projects. He stated that he simply didn’t believe that they held the same value proposition as Bitcoin.
No, because I ultimately don’t think that they have the same value that these other assets have. My belief is that stocks – what gives them value? – GDP, revenue, profits etc. Everything that makes those valuable, that doesn’t change. You’re just changing the technology form factor of which you will buy that asset.
He continued,
All of these other assets that are ‘utility tokens’, either they’re utility in terms that they give you access to something so they’re not really an investment, or its more I get utility or some [better] service in exchange
Pompliano went on to explain that XRP, the token, and Ripple, the software company, are two very different investments. For example, Ripple labs has assets like xRapid, xCurrent, and XRP, as well as profits, cash flow, investments in Bitso, Moneygram, and other metrics used to give valuation. XRP on the other hand has nothing creating or driving its value other than price speculation.
Ripple the software company is different than XRP, the token. I think that part of the problem is that retail investors had believed that by buying XRP they have exposure to financial performance of Ripple. That’s obviously not true… If Ripple is successful that does not necessarily mean that XRP ends up being successful.
He added,
I as an investor actually want to own equity in the software company because there’s profits, there’s assets, revenues etc. I don’t want to own an asset that may or may not be there in the future and doesn’t have underlying utility or value driver that I can point to and say I have confidence that that’s going to last
Pomp went on to say that besides Bitcoin, he feels that tokenized securities are the second most interesting kind of crypto investments and that he sees a large future for tokenization of traditional assets.
Pomp has almost half his net worth in Bitcoin
Pompliano finished the interview segment by answering Chatterly’s questions about an earlier statement where he admitted to having half his net worth in Bitcoin. Pomp admitted he did have roughly half his net worth in Bitcoin even though he hadn’t recently crunched the numbers.
He went on to say he had even purchased more BTC since his public admission. At the beginning of the interview with Chatterley, the CNN anchor asked Pomp about the environmental impact of Bitcoin’s PoW mining.
Pompliano made an excellent case for mining being used by energy companies to capture renewable energy and profit from energy that would normally go to waste. He also brought up the fact that 70% of the energy used to mine BTC is renewable.
Bitcoin can create a more efficient energy market for these companies. He also pointed out that Bitcoin is the most secure computer network on earth, and that security is a valid expenditure of energy resources. This security is a key driver in Bitcoin’s position as a store of value.
Becoming a store of value is necessary before other monetary qualities like becoming a medium of exchange or unit of account can occur.
What do you think of Pomp’s XRP commentary? Let us know in the comments!

Images via Ripple Coin News, Twitter @jchatterleyCNN
Source: Bitcoinist News

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Crypto News Updates

Ripple Partner Reports Loss In Q4 2019

Ripple XRP Moneygram

In a just-released earnings report, Ripple partner, MoneyGram, showed a USD $11.9 million loss for the fourth quarter of last year. This is the fifth consecutive quarter without a profit. Nevertheless, the company’s partnership with Ripple is set to open new sources of revenue.

REVENUE FROM RIPPLE PARTNERSHIP IS OBSCURED
Whereas there are many factors that are contributing to MoneyGram’s continued losses, the company has clearly been affected by the growing role of cryptocurrency in international remissions. Last year’s much-hyped partnership with Ripple indicated that the money transfer business had come to respect the power of blockchain assets, and intended to modernize its services.
Ripple XRP Moneygram
Interestingly, the Q4 report notes that after consulting with the U.S. Securities and Exchange Commission (SEC) the company will classify $8.9 million in revenue from its Ripple partnership as contra expense. This move, an accounting classification often taken to simplify tax returns, is almost certainly related to the unresolved question of whether or not XRP is a security. 
REMISSIONS MARKET CHANGING RAPIDLY
Analysts consider MoneyGram’s partnership with Ripple to be a smart move for the company. The cryptocurrency revolution has remissions squarely in its crosshairs. This step will enable MoneyGram to introduce new revenue streams as the traditional methods used to move fiat around the world begin to dry up.  
There are, nevertheless, greater challenges ahead. Notably, many other companies are now entering this sector. JP Morgan and IBM both have blockchain-based solutions in the works, and the Swift Network is aggressively exploring new options as well. Simply put, although Ripple and MoneyGram are in strong positions, they are about to experience substantial competition. 
Perhaps the greater long-term issue is the the borderless, decentralized architecture of blockchain assets. Mainstream crypto adoption could render traditional fiat currency, and thus MoneyGram, obsolete. There is no question that all players in this space have considered this possibility, which would represent a paradigm shift in the global economic structure.
A Q4 loss may be frustrating, yet MoneyGram can rest easy knowing that it is taking proactive steps to ensure a return to profitability. The company’s ability to adapt to greater changes ahead remains to be seen.
What do you make of Moneygram’s recent losses? Add your thoughts below!

Images via Shutterstock
Source: Bitcoinist News

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Crypto News Updates

The Libra Association Gets a New Member in Shopify

Libra

The Libra Association has signed up Canadian e-commerce platform Shopify as its newest member as the troubled crypto project looks to get back on track.

Libra has lost several founding members in recent months for a variety of reasons, the most prominent of which was the massive amount of scrutiny leveled at the project. The association was originally made up of 27 founding members; however, several early backers such as Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA) all jumped ship before the founding charter was signed, leaving just 21 members.

Vodafone was the most …

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Where You Can Spend Your Bitcoin in 2020

Where You Can Spend Your Bitcoin in 2020

Bitcoin catches a lot of flack because of its low transaction throughput and at times, higher fees and wild volatility. These can make it impractical to use for small purchases like coffee. However, let’s take a look at where you can actually use Bitcoin to buy stuff in the real world in 2020.

Even though Bitcoin may not be the most convenient cryptocurrency to use for smaller consumer purchases, due to its 10 minute confirmation times, varying transaction fees, and slower throughput, more places are accepting it as payment.
Things are changing though. Segwit has wrangled in fees to an extent, the lightning network is seeing more integration and development, and a possible soft fork to add schnorr signatures and taproot is in the works too. These advances are making Bitcoin more usable and less clunky.
Who Accepts Bitcoin in 2020?
Spendmenot.com has released a comprehensive report based on data from Paxful and Paybis. In the report they cover a wide variety of industries which have multiple options to spend your BTC.

Bling – (Jewelry, watches, luxury items) Stores like Ancora1919, Websites like Etsy, Domoshop, and Real Watches, offer you tons of options to show off your Bitcoin wealth.
Services – (payments, telecom, intermediaries) Places like AT&T, Dish, and Bitrefill can keep you connected, Purse can get you discounts on Amazon, Gyft can get you gift cards.
Food & Drink – Places like Crypto Coffee, Burger King, Dominoes, and Subway for the fast food fix, Wholesale roots for organic herbs and spices, Whiskey.De for your top-shelf spirits.
Banking Services – (Banking & Bill Payments) Yes, unbelievable, but not all banks hate BTC. Fidor, Goldman-Sachs, Royal Bank of Canada accept Bitcoiners. Startups like Bylls and Living Room of Satoshi allow you to pay bills in BTC.
Online stores – There is a huge variety of stores to spend BTC online. Overstock, Shopify, Cryptoshopper, Bitplaza, Bitshopping, etc. You can find almost any item.
Travel – Yes, nowadays you can even catch a flight with BTC. CheapAir, Bitcoin.Travel, Cryptocribs, Travelbybit, and a variety of others all let you plan your next trip with Bitcoin.
Automobiles – If you mined enough Bitcoin in 2009, you can buy a Lambo from Lamborghini of Newport Beach, or a new BMW, or even get that classic muscle car at Classic Creations.
Charitable Donations – There is a wide variety of Charities which accept BTC like Code to Inspire, WikiLeaks, United Way, Save the Children. Or, you can also donate to your favorite open source project, like Tor.
Movies & Cinema – Catch the latest film at theater chains like AMC, CineMulti, and Major Cineplex.
Online marketing, Software/Hardware, Hosting/VPN – There is a host of different options for all your tech related needs.
Online gambling – The online gambling industry has been one of the few industries with an actual need for pseudo-anonymity and censorship-resistant payments. Crypto use has exploded for this industry.

Where do you like to spend your Bitcoin? Let us know in the comments!

Images via Shutterstock, infographic by Spendmenot
Source: Bitcoinist News

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Crypto News Updates

Brazil Crypto Tax Regulations Cause Trading Platforms to Leave the Industry

It looks like Brazil’s hardcore tax laws are starting to hurt its crypto industry. Two digital exchanges in Brazil – Acesso and Latoex – have shut their doors permanently, claiming they cannot adhere to the country’s new tax laws which they cite as extremely strict and rigid.

Crypto Companies in Brazil Are Facing the Heat

Both trading platforms say they are facing heavy fines. In addition, the tax laws have caused a lot of people to exit the space altogether, and thus both companies are facing extremely low trading volumes – not enough to stay afloat.

Pedro Nunes – the CEO of Acesso – claimed in a statement:

After the Federal Revenue Service introduced these rules, we noticed a significant decrease in the trading volume. We also feel that the market has cooled off for smaller exchanges.

Crypto tax laws around the world are causing many companies and everyday traders to start feeling the burn. In America, for example, the tax laws have caused even more confusion amongst ventures that delve in both crypto and blockchain services. While a new draft of crypto tax regulations in the United States emerged last October, many claim these rules are still very confusing and have not clarified the trading space any further.

In Brazil, the new tax laws are also being cited as a major invasion of privacy. Implemented during the second half of last year, crypto holders are now required to report their identities and all transactions they’re part of to the nation’s tax agencies. This includes both large businesses and individual traders.

Furthermore, users must also report any crypto donations they give, along with withdrawals, deposits, barters and other transactions, leaving no room for individuals or enterprises to remain private. Anyone who fails to abide by these rules is subject to penalties and fines of up to $360.

This may not seem like much, but it’s not just the money that’s killing the crypto investing space in Brazil. Lawmakers now require that crypto traders invest some of their funds into new resources and enterprises.

This is very difficult for crypto startups, which often don’t possess the funds necessary for outside financial activities. Many times, they’re just struggling to keep themselves open for business, so the idea of putting money into other programs doesn’t make much sense to executives.

Too Many Fines

Latoex – which stands for Latin America Token Exchange – has also announced its decision to shut down. The company is selling all its assets to other companies and returning all investments to its clients. It was recently suspended by Brazil’s Securities and Exchange Commission and slapped with a $23,000 fine that the exchange is trying to get reversed.

Prior to this little stunt, Brazil was known as one of the top crypto havens in Latin America.

The post Brazil Crypto Tax Regulations Cause Trading Platforms to Leave the Industry appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Crypto Goes Plastic — Coinbase’s Visa-Approved Solution Suggests Growth

Now that Coinbase is a principal partner of Visa, it can issue its debit cards without paying the middlemen. Will fellow crypto companies follow suit?

Source: CoinTelegraph

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Crypto News Updates

The Mystery of Warren Buffett's Missing Crypto is Solved

Warren Buffet and Justin Sun appeared to have differing recollections of their lunch – but CNBC stepped in to save the day

Source: CoinTelegraph

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Crypto News Updates

Bitcoin History Part 24: Celebrating the First Halving in 2012

Bitcoin History Part 24: The First Halving in 2012As the third Bitcoin halvening approaches, a handful of OGs will wistfully recall the first such event, which occurred in November 2012. Back then, following the completion of block 210,000, the mining reward halved from 50 to 25 BTC. To commemorate the milestone, early adopters threw parties throughout the world, from Tel Aviv and Macau to Munich and Helsinki.

Also read: Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

A Community Comes Together

The first Bitcoin halving was a big deal, eagerly talked about for months in advance. Discussions and debates centered around the economic consequences of the halving, the future stability of the network and the effect on mining operations. Was Satoshi’s monetary policy of reducing block rewards by 50% every 210,000 blocks really the best way to keep inflation under control or would it signal the beginning of the end for Bitcoin?

Although bitcoin was only worth about $11 at the time of the first halving, community members appreciated the momentousness of the occasion and, in honor of the big day, hosted parties which, one can extrapolate, were attended by a mixture of those who were deeply invested in the community and hangers on who may have had little idea what the hell Bitcoin was. As for those who couldn’t meet up in person, they congregated in chatrooms to trade ideas and raise a metaphorical toast to Satoshi.

Bitcoin History Part 24: Celebrating the First Halving in 2012

Halving Parties Around the World

According to the original thread in the Meetups section of the Bitcointalk forum, unofficial parties were thrown in Las Vegas, Tel Aviv, New Hampshire, Vienna, Macau, Brazil, Munich, Berlin, Bratislava, Switzerland, London, Ukraine and Helsinki. Some were advertised on Facebook while others had their own dedicated thread on the forum, with those wishing to attend communicating with organizers and posting pics from the shindig.

As The Verge reported at the time, “Bitcoin miners, geeks who configure their own computers to mint the cultish digital currency, have been waiting for this moment for a long time — about four years, which is how long Bitcoins have been in circulation.”

Bitcoin History Part 24: Celebrating the First Halving in 2012
Bitcoiners in New Hampshire celebrate the November 2012 halving.

Interestingly, after the final post on November 29, 2012, the halvening thread was resurrected four years later to announce the second-ever halving party in Campinas, Brazil. The resurrection of the thread also led to announcements about parties in Israel and Australia. (Although commonly known as “the halvening” these days, in 2012 it was simply “the halving” until Dogecoin colloquialized the phrase two years later with its own block reward reduction.)

These “crypto parties,” which have echoes of the key signing parties popularized by the cypherpunks, presented an opportunity for bitcoin acolytes to meet in real life and discuss such topics as privacy, technology and Bitcoin’s architecture. Prior to the first block halving, there were few occasions for bitcoiners to interact in meatspace; in 2012, crypto conferences weren’t really a thing.

Bitcoin History Part 24: Celebrating the First Halving in 2012

What Will the Third Halving Bring?

Needless to say, bitcoiners will be hoping the price rises in the wake of the third halving, just as it did after the first, when BTC surged from $11 to $1,100 within 12 months, reaching parity with an ounce of gold and prompting renewed toasts to Bitcoin and its departed creator.

Of course, the crypto landscape has changed immensely since 2012: the 2020 block reward halving will encompass not only Bitcoin Core, but also Bitcoin Cash and Bitcoin SV, both of which emerged from hard forks of the original Bitcoin protocol. Eight years on from the first halving, who’s up for another party?

Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the world’s first cryptocurrency. Read part 23 here.


Images courtesy of Shutterstock.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post Bitcoin History Part 24: Celebrating the First Halving in 2012 appeared first on Bitcoin News.

Source: Bitcoin News