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Self-proclaimed bitcoin inventor Craig Wright plans to challenge the recent ruling against him in the $10 billion lawsuit filed by the estate of Dave Kleiman. In court papers filed Aug. 30, Wright asked district judge Beth Bloom for a 14-day deadline extension to challenge magistrate judge Bruce Reinhart’s prior ruling. Craig Wright granted deadline extension […]
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Melbourne-based four-person development team House House was out to ruffle some feathers when it announced yesterday the release date for possibly the best-titled game ever – Untitled Goose Game. Yes, you read that right – Untitled Goose Game. It’s finally time to honk. Untitled Goose Game is coming to Nintendo Switch, Mac & PC on […]
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Exxon Mobil has not been able to escape the wrath of the global economic slowdown and the U.S./China trade war. The company, whose stock has been among the S&P 500 index’s top 10 components for decades, was muscled out of position in the S&P 500 index’s top 10 stocks, a status it has held for […]
The post How Trump’s Tweet Could Salvage this S&P 500 Stock appeared first on CCN Markets
Microsoft has finally refunded more than 100 purchases made by a 12-year-old gamer from the UK. The child, who had been diagnosed with ADHD and exhibits symptoms of inattention and impulsivity, spent over $1,300 on Xbox Live without his parents’ knowledge. Microsoft cancels Xbox Live purchases made by child with ADHD The preteen gamer’s parents […]
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Carvana Corporation is all about making the experience of buying a used car fun. Buyers browse through the tech company’s selections online. Once approved for financing, users visit one of Carvana’s locations to pick up their vehicle. Before they can take their ride home, buyers have to insert an oversized coin into a slot and […]
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There has been a barrage of media coverage in recent weeks over the identity of Satoshi Nakamoto, the mysterious inventor of bitcoin. The coverage hit a fever pitch this week due to a court ruling in the $10 billion lawsuit filed against Craig Wright. Industry: Wright is not Satoshi Nakamoto The Australian crypto entrepreneur has […]
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Dave Kleiman’s estate might have a difficult time reclaiming its alleged half of Craig Wright’s $10 billion Bitcoin fortune – and not just because critics say it likely doesn’t even exist. Wright, who lives in the UK, suggested that he won’t make it easy for the US courts to enforce an order to pay up, […]
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A leak surfaced on Reddit purporting to show details of the upcoming demo for this year’s iteration of EA’s perennial soccer sim, FIFA 20, in the form of a promo shot featuring Real Madrid midfielder Eden Hazard. A closer look at the leaked image reveals much about we can expect to learn about the yet-to-be-announced […]
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Many devious scammers will go to extreme lengths to steal your hard-earned crypto funds. However, one Canadian fraudster devised a lucrative Bitcoin scam that’s decidedly more low-tech. It involves a single piece of paper – and a Bitcoin ATM. Most Low-Tech Bitcoin Scam Ever? If you see a poster hung next to a cryptocurrency ATM, […]
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Popular streamer Ninja unloaded on Fortnite cheaters who he says are ruining the battle royale juggernaut’s competitive landscape. The streamer, real name Tyler Blevins, also demanded that Fortnite developer Epic Games “mitigate” the issue of cheating in the game. Fortnite Teaming Scandal Clouds Cash Cup Tourney Here’s the backstory: Professional Fortnite player and Faze Clan […]
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Bitcoin’s reported $172 billion market cap may be a point of pride for cryptocurrency enthusiasts everywhere, but how accurate is it as a measure of Bitcoin’s worth? Not much. In fact, new data from CoinMetrics suggests the true Bitcoin price amounts to far less than we’re led to believe. Bitcoin: ‘Market Cap’ Diverges Wildly From […]
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Tesla CEO Elon Musk joined Jack Ma, the richest man in China, to debate the pros and cons of the use of AI at the World AI Conference, in Shanghai. Musk is pro AI, which has been a staple of the Tesla vehicles despite ever-growing problems. It’s been a while since things looked good for […]
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Payday could finally be coming for some college athletes. California Senator Nancy Skinner just tweeted that her SB 206 bill won unanimous approval from the Assembly Appropriations Committee. Yes! My bill, #SB206 — which will give California college athletes the rights to monetize their name, image, and likeness — just won unanimous approval from the […]
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Forget all the recession talk, Wall Street tycoon Ray Dalio is afraid an economic depression could be in the cards. The Bridgewater Associates co-chief investment officer warns that conditions in the financial markets are beginning to look a lot like the 1930s when the U.S. economy was mired in the Great Depression. As fate would […]
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In a shocking display of Twitter’s vulnerability, CEO Jack Dorsey had his account hacked. The offending tweets were clearly intended to be as offensive as possible and beg the question if Dorsey can’t keep his account secure, can anyone? As the dust settles, however, this hack appears far more meaningful. So the guy that created […]
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Tesla stock was buoyed by news that its electric cars would be exempt from a 10% Chinese tax on auto sales. The move comes just days after CEO Elon Musk visited China. The Chinese Ministry of Industry and Information Technology announced the news on its website. The exemption applies to all 16 Tesla models sold […]
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The best jobs in the NFL are the ones where you earn a paycheck without risking catastrophic brain damage: general manager, kicker, maybe even waterboy. But none compares to the latest job listing from PicksWise: NFL food tester. The sports betting site is paying lucky fans $500 to go to NFL stadiums and do what […]
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While much of the press coverage dedicated to Epic Games focuses on the ethical merits of tempting developers with lucrative deals and community backlash to exclusivity, the company is knee-deep in a cleverly orchestrated campaign for the hearts and minds of gamers – free games. Approximately each Thursday, a pop-up appears on the Epic Games […]
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The Blockchain market projected to reach $20 billion by 2024; the breakthrough technology has opened the floodgates for various industries to capitalize on. Working-class people now have higher salaries and more investment opportunities to look forward to, thanks to Blockchain. Blockchain Salaries 61% Higher than Median Salary in the US The demand for professionals with […]
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Many tech firms have been at the center of controversy as of late due to privacy issues. Last year, Facebook CEO Mark Zuckerberg was summoned by the U.S. Congress on privacy concerns. This year, we learned that tech giant Apple has been using contractors to listen to Siri voice recordings. The best that the company […]
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The Dow Jones surged as much as 152 points on Friday, only to careen lower following a US dollar spike and a major sell-off in crude oil. Dow Jones Reverses as Oil Prices & Sentiment Plummet As of 12:30 pm ET, the Dow Jones Industrial Average had gained 37.88 points or 0.14%. The DJIA last […]
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Google’s Project Zero team revealed 14 iPhone security flaws hackers have secretly exploited for two years, questioning whether Apple’s device is really so “unhackable” as has long been claimed. Thousands of iPhone owners at risk? According to the series of blog posts published by Google’s zero-day security analyst team, the attackers indiscriminately used watering hole […]
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China is not launching a central bank-backed crypto in November. That’s what Chinese state media outlet the Global Times said, in refuting a Forbes report. Central bank calls report ‘inaccurate speculation’ On Twitter, the Global Times shot down a widely-circulated Forbes story. In a terse denial, the Times claims that China’s central bank dismissed the […]
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Upon hearing the news of the Fortnite X Borderlands 3 crossover, the more cantankerous segment of the Borderlands 3 community was quick to dust off their digital pitchforks and lament the ”corruption” of their beloved franchise. Whiny Borderlands 3 Fans Aren’t Happy The usual game haunts are awash with thread after thread spewing vitriol at […]
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Fundstrat co-founder Tom Lee claims this week’s bitcoin price nosedived because the crypto-sphere is distracted by the Burning Man festival. Moreover, Lee predicts the Federal Reserve will cut interest rates 75 basis points by the spring of 2020. Lee, a bitcoin perma-bull, made the remarks to Fox Business News. During a segment with UBS Managing Director […]
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The Dow strung together its third straight triple-digit advance on Friday, seeking to end the week with a bang after President Trump teased a new tax cut that supporters say would grow the economy, extending the longest expansion in US history. Dow Strings Together Third Straight Rally Wall Street’s three most closely watched indices rose […]
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Bitcoin SV (BSV) is delivering better returns than rival assets this Friday even after its founder Craig Wright’s embarrassing loss in a recent courtroom battle. As of 11:00 GMT, the BSV-to-dollar exchange rate was trading more than 4 percent higher on a 24-hour adjusted timeframe, according to data fetched by CoinMarketCap.com. In comparison, benchmark cryptocurrency […]
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Markets.Bitcoin.com has just launched a Featured Tokens page, allowing coin creators with unique tokens to apply for a listing through a simple review process. Each token listed on Bitcoin.com’s upcoming exchange, launching Sep. 2, will also be listed at markets.Bitcoin.com, providing great exposure and detailed data for projects making a splash in the BCH community and elsewhere.
Also Read: PR: Australian Bitcoin Cash Conference Brings Cryptocurrency Leaders to Townsville
Featured Tokens is a new section of markets.Bitcoin.com, displaying BCH-friendly tokens with unique selling points and offerings, vibrant communities, and a vision for a future of greater economic freedom.
Bitcoin Cash-based coins ACD, Spice (SPICE), and Honest Coin (USDH) have already been listed, and users of the markets page can get up-to-date info on each coin’s rank, price, market cap, 24-hr volume, and top markets. Coin metadata such as algorithm, proof type, supply, and max supply are also listed. An easy-to-use interactive candlestick chart provides a user-friendly interface for token price data exploration.
Alliance Cargo Direct token (ACD) seeks to deliver “Cross-border e-commerce to the next generation.” Tokyo-based ACD Inc. is funded by ANA Holdings, a subsidiary of All Nippon Airways, the largest airline in Japan in terms of passengers and revenue. In a 2018 joint press release announcing a strategic partnership with Bitcoin.com, ACD CEO Yasuhiro Sonoda stated that “After extensive research into different cryptocurrencies on the market, ACD chose to implement Bitcoin Cash as a new payment method. This will benefit our customers by offering fast, cheap and reliable worldwide transactions for both online and offline payments.” In May, the company announced its Coin Buy Back Project to provide greater liquidity to the market, add value to ACD, and return value from profits to the community.
The ACD token is a link between the Bitcoin Cash community and one of the biggest players in the global travel industry. ACD is listed on the Digifinex and Coinsuper exchanges.
The successful Spice (SPICE) token, created as a homage to Coinspice, is creating quite a buzz in the BCH space and beyond, thanks in part to a lively community of enthusiasts who love the Coinspice style of “a feisty pirate ship, dedicated to covering just spicy crypto things.” Not officially affiliated with Coinspice proper, the token has taken on a life of its own. According to coinspice.io:
“Those who contribute to the project understand cryptocurrency’s main focus: currency, cash, separating governments and money, with the hope of liberating a lot of people in the process. SPICE token is simply a fun way to experiment with the tech along that journey.”
The Spice community lives up to the description, keeping things spicy with SPICE tipbots on Telegram and Twitter, an RSS feed, and a faucet. The BCH-native Simple Ledger Protocol (SLP) token is supported by the Badger, Electron Cash, Monarch and Crescent wallets.
Honest Coin (USDH) is a U.S. dollar-backed stable coin created on the Bitcoin Cash blockchain. The Honest Pay smartphone app and the Honest Financial App seek to provide users with both security and freedom in exchange, offering diverse payment options as well as investment opportunities. According to the website:
HonestCoin (USDH) is a fully regulated, 1:1 U.S. Dollar-backed stablecoin that can be bought, sold, invested in or spent as freely as you wish.
According to honestcoin.io, merchant applications are also coming soon. Honest Coin, a partner with Bitcoin.com’s Badger Wallet, invites users to “Buy, sell, invest, trade, earn and pay with our proprietary multi-functional tools and channels.”
Featured Tokens at markets.Bitcoin.com are those with a significant market cap, unique concept, and strong vision and community, working together in synergistic support with Bitcoin.com and Bitcoin Cash. SLPs built on the BCH network are the building blocks of a brand new coin ecosystem, providing liquidity, flexibility, and fun to the already robust BCH protocol. While BCH-based coins are largely the focus, and a big bonus in the application process, being built on-chain is not necessarily a prerequisite for qualification. To apply for a listing, simply head over to the Featured Tokens page, scroll down to the “Apply here” link, and complete the short application.
Users are directed to answer a series of simple questions about their token’s specs, and then submit the application for review. With exchange.Bitcoin.com launching in just a few days, on September 2, there’s no better time to get active and engaged, and discover the unique options that Featured Tokens on markets.Bitcoin.com has to offer.
What are your thoughts on the new Featured Tokens page? Would you like to be featured there? Let us know in the comments section below.
Images courtesy of Shutterstock.
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The privacy-focused instant messaging app Telegram – that is launching its blockchain in October – is reportedly used by terrorist groups to raise funds in crypto for their cause, a recent study shows. Supporting terrorists by donating car bombs for $20,000 in crypto According to the Washington-based nonprofit firm Middle East Media Research Institute (MEMRI), […]
The post Terrorists Raise Crypto Funds via Privacy App Telegram, Report Claims appeared first on CCN Markets
Video game adaptations of Hollywood movies have a sketchy track record as haphazardly-assembled money-makers offering the bare minimum in terms of game play and art-style. Going by a new game play trailer released yesterday, developer Outright Games’ is seemingly following in that unflattering tradition with upcoming Jumanji: The Video Game. Fortnite In The Jungle With […]
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Anti-agorism Congressional Representative Maxine Waters still has misgivings about Facebook’s proposed Libra digital currency, even after meeting with Swiss government officials to discuss the tech last week. The sustained reservations echo the message of July’s open letter from the House of Representatives to Facebook, calling for a halt on Libra’s ongoing development. While many view regulation and careful legislative feet-dragging a troublesome necessity for crypto mainstreaming, agorists, anarchists, and other free marketeers see a critical problem: the tech is already here, and how we use it in non-violence is nobody else’s damn business.
Also Read: Mega Drug Pushers Johnson & Johnson Get Away While Peaceful Silk Road Is Destroyed
Agorism is, quite simply, the free exchange of goods and services by individual, free market actors. News.bitcoin.com has previously reported on the philosophy, and this primer about Agorism and crypto is a good place to start for the agora-curious. Suffice to say that at its most basic form, agorism is the philosophy and practice of engaging in free market activity outside of the control or regulations of a state. Living one’s life in such a way, to such an extent as possible, that violent governments are ignored, counteracted, and rendered increasingly irrelevant. The word “agora” itself is a Greek term, meaning “open markets.” The hugely influential agorist activist, philosopher and author Samuel Edward Konkin III once said agorist counter-economics is:
The study or practice of all peaceful human action which is forbidden by the State.
One of the most misunderstood aspects of agorism, voluntaryism, and anarchism is the fact that chaotic violence and a lack of order are not what is being sought. Agorists want the same things any other sane person wants: better education, better healthcare, better opportunities, and more peace. What is being sought is logical order and voluntary interaction, governed not by sociopathic, economically inept politicians and religious beliefs like the “divine right to rule,” but by logic, science, and the natural reality of individual self-ownership. That is to say, each individual owns his or her own life and body, and by extension, the property legitimately acquired or created by that body and mind.
The regulation of cryptocurrencies by the state exists ostensibly to fight crime and terror. What is seen playing out in reality, however, is that the groups that are by far the largest financiers of terror and violence globally — governments — have labeled themselves “regulators,” and now stifle a technological revolution set to help free billions of people. Waters states, in her August, 25 official assessment of the meeting with Swiss officials:
While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency. I look forward to continuing our Congressional delegation, examining these issues, money laundering, and other matters within the Committee’s jurisdiction.
It is interesting that the state Waters represents, the United States Federal Government, is the world’s leading money launderer, by most rational estimations. After all, what is the unlimited, systematic creation of debt for the benefit of an elite class, represented by pieces of paper and zeroes and ones in computers, but a gigantic scheme to launder financial power? Bitcoin presents a threat because these irresponsible economic practices are simply not possible within the protocol itself.
The United States Federal Government spends over $1.25 trillion on war, annually. There is an infestation of child porn users in the Pentagon and at NASA. The IRS pays people to spy on hardworking Americans, organizing letter threat campaigns to scare even law-abiding citizens into paying money they don’t owe. And these are the regulators “concerned” with crime?
Financial inclusion is a big buzz-phrase these days, especially with influential, mainstream-friendly projects like Libra. It sounds nice. Include the previously disconnected, unbanked, and impoverished in the exciting new “crypto revolution” where blockchain saves us all, ends world hunger, and wipes our asses for us on the way out. There’s just one problem: there’s no need for centralized regulators – only individual human action.
“Hey there, impoverished guy! Wanna get out of debt!? Just head on over to Facebook or Coinbase and create an account. Of course, you’ll have to wait a few weeks to a month for your passport photo to be …. what’s that? You don’t have a passport? Well, I’m sure that’s okay, just present some proof of resi … how’s that? You’re homeless? Oh. Well, not to worry. If you figure out how to pass the KYC/AML requirements, pretty soon you’ll be able to do business online, and send and receive crypto! Bye!”
A cheap smartphone and an internet connection. This is all that is currently needed to make and receive crypto through free trade. Private, P2P platforms like Local.bitcoin.com help make this possible. Introduce a little government, however, and everything becomes cumbersome, violent, and vexingly inconvenient and inhuman. Agorism says if it’s non-violent, trade it freely.
Speaking of poor people, the IRS is understaffed and overworked. Currently flailing to finagle whatever paltry satoshi dust they can out of America’s pockets, over 46,000 of the agency’s employees were forced to work for free during the last government shutdown. Some of them got discouraged and decided not to go back to work at all. The agency has turned to fear-mongering letter campaigns and automation, sending out a series of AI-generated notices relating to supposed non-payment of crypto taxes. They’ve also sent out over 400,000 notices since February, 2018 about failure to report income which could result in the loss of one’s passport. Financial inclusion never sounded less inclusive.
“Free people don’t ask for permission.” The commonly repeated agorist bromide deserves fresh attention. In most people’s daily lives, it would be absurd to ask someone else for permission to do things like drive into town, go out for a pizza, or help a friend fix his car. Without payment to a small group of people calling themselves government, though, each of these activities can turn deadly.
When state agents force someone to halt and find they don’t have that special piece of plastic for driving, they can be kidnapped. Those who try to provide a service — say starting a pizza shop — are also not immune. Without the proper building permits and food service licenses (also costing a pretty penny, of course) an entrepreneur will be shut down, fined, and thrown in a cage if they don’t pay. Potentially killed, if they physically resist the kidnapping. Those who try to help a friend with auto repair might also be criminals, thanks to the protection of the state. In Sacramento County, CA and elsewhere, this is already the reality.
When someone’s neighbor smokes cannabis in their home, they are not violating the body or property of anyone. Going a few miles over the speed limit is not violent, either. Nor is selling tacos outside of a sporting event to willing customers. Nor is collecting rainwater. Neither is drinking raw milk. Generating one’s own electricity and not selling a surplus back to a political jurisdiction called a city is not a violent crime. Nor is refusing to pay taxes.
Critics of the agorist approach rightly are concerned that there must be some means by which to establish order in any given society. Anarchists, agorists, and voluntaryists agree. The prescribed methods are different. Where the Maxine Waters, Steven Mnuchins, and Donald Trumps of the world demand submission to their violence-based class system, agorists maintain we are all equal under the biological, metaphysical, immutable reality of individual self-ownership.
Decentralized rules can be set up for any group of property owners anywhere, based on these principles. As such, asking self-styled gods called politicians for permission becomes a laughable prospect, if the risk of disobedience were not so real. Yet, for some, freedom is well worth it, open letters and legislative scribbles from psychopaths be damned.
What is your opinion of the agorist philosophy? Let us know in the comments section below.
Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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 information in this Op-ed article.
Images courtesy of Shutterstock, Fair Use.
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Bitcoin may not be for the birds afterall. An interactive bird-feeder which is being live-streamed via YouTube allows users to feed birds with cryptocurrency donations. Despite Bitcoin being the largest, most well-known cryptocurrency in the world, it seems that animal lovers are more fond of the altcoins Nano (NANO) and Litecoin (LTC). A check of […]
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A new crypto venture is on the horizon, boasting a $1 billion treasury and a mentor that Forbes in 2013 listed as “one of the 40 highest-earning hedge fund managers.” The unnamed platform is a part of Elwood Asset Management, a London-based firm which handles the personal cryptocurrency assets of Alan Howard, the head of […]
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Capcom just revealed an upcoming mysterious project, one that’s not mysterious at all. Something called Project Resistance, with the ‘RE’ letters in bright red can only mean one thing. A new Resident Evil title is coming. Is it Resident Evil 8? A new side title? So far we only know two things for sure. We […]
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Beijing, China – On August 29, the world’s leading computing power sharing platform BitDeer.com announced that it has reached over 2 Million Unique Visitors for the month of August. This shatters the previous record of 1 million unique visitors by more than double. Celine Lu, CEO of BitDeer.com and influential blockchain thought leader has said, […]
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The battle lines have been drawn and the troops assembled. On the one side stands the combined might of the banking cartels, centuries of deeply entrenched financial infrastructure supporting them. And on the other side stands a handful of crypto companies armed with little more than a passionate plea: “Ditch the legacy system and come join us. Where we’re going, you won’t need banks.” It’s an enticing call – but is anyone heeding it?
Also read: Crypto Salaries Gain Regulatory Recognition Around the World
Every couple of months, a new trend comes along that captures column inches and crypto Twitter chatter, before everyone moves on to the next new thing. Last month it was defi, before that IEOs, and before that exchange tokens. Right now, the hot topic is crypto lending, and it comes bearing an intriguing question: are crypto lending platforms a solution to a common problem, or a solution in search of a problem to wrap itself around?
Before we attempt to answer that, some basic facts: getting a bank loan for personal or business use is extremely hard, verging on the impossible these days. Unless you have property you can collateralize against, you’ll struggle to get a loan, and even if you do, the interest will likely be exorbitant. Gone are the days when you could walk into your bank, have a sit down with the manager and thrash out the terms of a loan with which to start your own business. Attempt that today, casually dropping into the conversation that you were planning your own crypto startup, and not only would you be refused credit, but you’d be liable to have your account closed.
Such is the suspicion with which the legacy financial system views crypto. They’ll be proven wrong eventually, around the same time as the last of their venerable banking houses are being converted into nightclubs and apartments.
Bartlomiej Wasilewski is the founder of Marshal Lion Group, a tokenized lending market that provides non-bank loans for businesses and individuals. He told news.Bitcoin.com: “The digitization of finance is inevitable, not just within the crypto sector, but also more broadly, as shown by the rise of microloan platforms that enable individuals to lend capital to businesses, while retaining oversight over how it is deployed, and the ability to witness the benefits of their investment in action and be remunerated for their services.” He added:
Within the crypto space, lending is about more than simply attempting to mirror the products to be found in the traditional financial system. A lot of crypto businesses struggle to obtain banking facilities, and for these entities, having access to alternative sources of capital, be it as a bridging loan or to support long-term growth, is vital.
Wasilewski’s vision is slowly materializing, but the wounded banking system is not yet in its death throes. It will likely take a decade or more before digital currencies render it obsolete. In the meantime, those who have been refused credit by financial institutions are being urged to turn to crypto lending. But are crypto lending protocols and platforms enterprise-ready? And if so, what do they have to offer entities that have been turned away by the banking system?
Crypto lending has been a slow-burning trend this year, before exploding into life this week in a flurry of announcements. In July, for example, Bitcoin.com partnered with lending platform Cred to offer up to 10% interest on BCH and BTC holdings. The lending platform enables borrowers to obtain $25,000 or more in fiat currency, in exchange for collateralized crypto assets. Then, on Monday August 26, news.Bitcoin.com published an article on the changing crypto exchange landscape, which ventured that more exchanges are likely to introduce lending services in the near future. That future proved to be closer than imagined, for the very same day, Binance revealed its new lending platform.
The focus of its release was on the benefits to lenders, who will earn annualized interest of up to 15% on their BNB, USDT, and ETC. On Wednesday, the first round subscription was filled in less than 20 seconds by lenders eager to lock up their crypto assets. This feat says something about the level of interest in crypto lending, but it probably says more about the strength of the Binance brand. It may also say something about the diminishing ways for people to earn interest on their fiat holdings: thanks to negative yields, you are now likely to be penalized for purchasing 30-year government bonds.
Following up on the launch of Binance Lending, news.Bitcoin.com spoke to crypto-fiat exchange service Wirex, whose co-founder Dmitry Lazarichev commented:
Having identified some interest from our customer base, Wirex has been exploring the options for crypto lending with existing regulatory frameworks. Consumer lending products are usually heavily regulated, hence we’re focused on finding the best structure for it.
Lazarichev’s carefully worded comment hints at the growth areas being explored within the lending space by crypto projects. A fortnight ago, Coinbase expressed similar intent, writing: “In addition to custody, we’re excited to explore new ways to monetize and leverage crypto assets such as staking, borrowing against crypto portfolios and lending crypto to trusted counterparties.”
To complete an intense week for crypto lending, Ethereum-based P2P platform Dharma revealed today that it will be sunsetting its existing business in favor of creating a new platform that will be integrated with Compound. With $103 million locked into its protocol, Compound is dominating the decentralized lending game.
New @Dharma_HQ is genius. Nocoiners are scared of crypto, nobody is scared to earn interest.
1) Connect bank & deposit money (like in @RobinhoodApp or @Wealthsimple)
2) Earn 10%+ APRNo crypto jargon, no scary DAI, no lockup – withdraw cash to bank acc whenever you want.
— Khallil (@kmx411) August 29, 2019
The proliferation of crypto lending products is to be welcomed, but there is something missing from all this breathless news about locking up crypto assets and filling subscription quotas in record time: what about the borrower who doesn’t have any crypto assets? Doesn’t that place them in the same situation as the man who walks into the bank with nothing but the shirt on his back and a business idea? The short answer is yes. If you don’t have crypto to collateralize, Binance Lending won’t give you the time of day.
The more nuanced answer is that there are tools currently being developed that will enable crypto lending products to meet the needs of a broad range of borrowers, including those who possess intangible collateral – like reputation. From the social credit scoring of Bloom to the emergence of lending platforms that allow unconventional assets (like skins and NFT collectibles) to be collateralized, crypto lending is evolving. Some of these products are being built upon existing lending protocols such as Compound, or upon Bitcoin itself using layer two smart contracting solutions such as RSK and Echo. There are also microloan platforms in the works that will give businesses that lack a credit rating access to capital.
Essentially, the crypto lending space looks set to mirror Bitcoin’s trajectory:
Right now, the legacy financial system, for all its flaws, is unavoidable for the majority of businesses and individuals. Quality and diversity of crypto products including lending services have improved, however, it will become possible to exist wholly in crypto. No more banks, no more bank managers, and no more credit agencies to appease. Crypto might not be the answer to all the world’s problems, but it’s a sight better than what’s currently on the table. Give it time, and it’ll leave the fading financial system in the dust.
What are your thoughts on crypto lending – do you think it’s a valuable use case for crypto assets? Let us know in the comments section below.
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Bitcoin’s recent drop below $10,000 split an already fractured cryptocurrency community into two distinct camps. On one side are the optimists who believe Bitcoin’s drop to $9,400 is merely a blip on the way to the moon – and an excellent opportunity to buy more coins. On the other side are those who believe the […]
The post 3 Simple Reasons NOT to Buy the Bitcoin Dip appeared first on CCN Markets
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By CCN Markets: The bitcoin price crumbled overnight, breaching the psychological barrier of $10k and dropping as low as $9,334 on Coinbase. The fall marked a nine percent collapse in a matter of hours, wiping out a total of $14 billion in BTC market capitalization. The collapse is primarily a technical move coupled with low […]
The post Bitcoin Price Targets 3-Week Losing Streak in $14 Billion Overnight Wipeout appeared first on CCN Markets
By CCN Markets: Popular streamer Tyler ‘Ninja’ Blevins has finally given up on Fortnite, or at least, temporarily. Yesterday, as a match of Fortnite came to an abrupt end due to a mech causing its now all-too-familiar flavor of game-breaking havoc, Ninja finally reached the end of his tether and opted to load up Minecraft […]
The post Ninja Rage Quits Fortnite Over Mech Troubles, Jumps To Minecraft appeared first on CCN Markets
Market makers have a reputation that is entirely disproportionate to what they do. Despite what half of crypto Twitter would have you believe, MMs, as they are colloquially known, are a neutral force when used correctly. But should tokenized projects be routinely deploying these tools on crypto exchanges, and what are the long-term ramifications of manufacturing buy and sell orders?
Also read: ERC20 Tether Transactions Flip Their Omni Equivalent
Liquidity is all relative. While bitcoin’s liquidity trumps the rest of the crypto market combined, the depth of the order book still varies greatly from exchange to exchange. A 5 BTC sell order can be absorbed without blinking on Binance, but attempt the same on Trade Satoshi (24-hour volume: $15K) and you’ll be rekt by slippage. Ensuring sufficient liquidity across multiple exchanges where their token is listed is a tough ask for crypto projects, who are increasingly being expected to solve this problem unilaterally.
To address this challenge, many projects have now turned to market makers. Omisego, for instance, joined the ranks of market made projects when it partnered with Algoz earlier this month. The liquidity provider, which has previously supplied market making on behalf of Cardano for its ADA token, promises its clients the following outcomes:
The latter provision ought to arrive naturally as a consequence of the former objectives: traders are naturally drawn to markets with deeper liquidity, which allow for arbitrage opportunities, and for exiting profitable positions through limit orders executed at close to spot price.
More liquidity equals greater awareness, which leads to greater adoption. At least that’s the theory. The jury’s still out on whether market makers incentivize genuine usage of crypto assets for the role outlined in their respective whitepapers many moons ago. Hypothetically, though, that ought to be the case, with the increased liquidity making the token attractive to a broader spectrum of buyers.
Imagine a business wants to acquire a load of OMG tokens to deploy on the P2P financial network. Despite having an average daily trading volume of $30 million, the majority of the 185 exchanges where OMG is listed couldn’t fulfill an order of greater than a few thousand dollars’ worth at a time. Anything greater, and the entire order book would move by 10% or more. Market makers can’t generally inject liquidity into highly illiquid markets, but they can top up the top 20 or so exchanges with which they’re integrated, providing a convenient way for users to enter and exit positions with the minimum of movement.
Crypto projects look for market making services at every stage of their lifecycle, but are particularly keen upon receiving their first exchange listing, when there can be pressure to meet strict liquidity requirements. In an ideal world, there would be no need for market makers: people would buy and sell tokens as required to other people, creating a highly efficient market with enough counterparties to absorb all of the orders and ensure a tight spread. In practice, markets are never that efficient, hence the need for market makers to keep things moving efficiently.
Liquidity provision can take a number of forms. Aside from conventional market making, some companies will provide order book replication, in which the order books from multiple exchanges are aggregated to deepen liquidity and tighten spreads. This can be used to direct liquidity towards a particular exchange, or to ensure that liquidity is uniform across multiple exchanges. The key difference, compared to market making, is that there are no additional bids being placed: all that’s happening is the existing liquidity is being utilized to its full potential. Other services include spot execution and optimal trade execution, in which the market making provider will endeavor to shift a significant amount of crypto assets while minimizing market disruption.
If you’ve ever gone to place a bid on an exchange and another user has placed a miniscule order a few cents higher, odds are you were beaten by a bot. What’s more, there’s a good chance that bot was placed there by the project whose very token you were trying to buy. That said, traders are also known to deploy bots to play the difference between the bids and asks in liquid markets such as BTC. It’s a highly competitive game, and thus the profit margins are slight, but with enough volume, capturing the difference between bids and asks can start to add up. Market makers do the same job, the only difference being they’ve no obligation to profit: break even is good enough.
The “invisible hand,” coined by Adam Smith in 1759, describes the unobservable market force that shapes the supply and demand of goods in a free market. Imagine those goods as digital assets and the market as the exchanges that dominate the cryptosphere, and you’ve got a pretty good description of market makers. Despite being virtually imperceptible, they exist on the orderbook of every major exchange, absorbing the differential between maker and taker through fulfilling orders on both sides.
When a market maker is working well, the average trader should scarcely be aware of it. Only the flurry of small bids and asks should give a clue as to its existence. Despite what Telegram trading groups may lead you to believe, market makers won’t pump your bags or send your IEO tokens to the moon – but they will provide liquidity, allowing you to enter and exit positions with minimal slippage. In the early days of bitcoin, the notion of market makers to artificially match demand would have seemed absurd. Today, like so many other crypto exchange services, market makers are woven into its tapestry.
What are your thoughts on market makers? Let us know in the comments section below.
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