Lightspeed Venture Invests $2.8M in Crypto Market Maker ... Launches Full Turkish Lira Banking Integration as a Native Payment Gateway for Turkey (copied and pasted from bitcoin(dot)com scamsite so no link, sorry). Launches Full Turkish Lira Banking Integration as a Native Payment Gateway for Turkey has launched a full banking integration for Turkish Lira (TRY) to create a native payment gateway for users to deposit and withdraw Lira on its trading platform. With this development users in Turkey no longer have to incur high fees and conversion rates from third-party payment processors. Turkish traders have consistently been one of the most active countries on the company’s exchange since it launched last Summer.
Native Turkish Lira Gateway, the well-known provider of cryptocurrency products with over 40 million wallets created to date, has launched a full banking integration for Turkish Lira (TRY) to create a native payment gateway for users to deposit and withdraw Lira on the Exchange. Turkish users can now go from account creation to buying crypto without having to use a third-party payment processor. On the trading platform, Turkish people can now deposit, withdraw, and use TRY to buy bitcoin BTC, ETH and USDT and convert their crypto into the fiat currency of their choice.
“Turkey is one of the countries leading the charge to embrace cryptocurrencies, but its traders have only been met with high fees and poor service,” says Peter Smith, Co-founder and CEO of “ is dedicated to providing a fair, global market for Turkey’s crypto traders, and setting a new standard for the service they should not only expect, but demand from exchanges.”
Economic concerns regarding the stability of the local fiat pushed cryptocurrency adoption in Turkey to grow faster than in most countries. At the start of the year it was reported that Turkish authorities, alarmed by the rapid spread of cryptocurrencies in the country, are ramping up efforts to introduce greater oversight into the sector.
Local media revealed that regulators are under pressure to increase supervision because of the growing popularity of decentralized crypto assets among Turks. Turkey has an estimated 1 million investors, according to local reports, and a fifth of Turkish respondents in last year’s Global Consumer Survey by Statista said they used or owned crypto, as news(dot)Bitcoin(dot)com reported in June 2019. Exchange is one of the most trusted companies in the digital assets space, and has raised over $70 million in funding from investors such as Lightspeed Venture Partners and Google Ventures. It is also known for being friendly to the BCH community, integrating the cryptocurrency into its services. About a year ago, for example, the company launched a Bitcoin Cash block explorer that allows users to search for detailed information on specific BCH blocks, check whether a transaction has confirmed, view the balance of a wallet address, monitor market prices, and even watch real-time network transactions.
Recently it launched a retail exchange focused on high speed performance. Since launching in August, the trading platform has continued to adopt new features and assets. It now supports deposits and withdrawals in Pounds, US Dollars, Euros, and Turkish Lira, and is available in 190 countries. In the last two months, the venue has launched an API for algorithmic traders, listed the crypto project Algorand, and listed the gold-backed token DGLD, increasing its asset offering to 36 live trading pairs.
submitted by castorfromtheva to Bitcoin [link] [comments]

The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase,, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a laptop (secure non-specialized hardware).
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, may have millions of page views but I am more interested in EBITDA.
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "( could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [link] [comments]

Roger Jesus Bitcoin Ver: Ultimate Paradox centralized exchanges

Roger Jesus Bitcoin Ver: Ultimate Paradox centralized exchanges
In 2011 Roger heard about Bitcoin for the first time. The price was still under one U.S. Dollar per BTC, but he already knew that it was one of the most important inventions in the history of humankind. His company Memorydealers became the first established business in the world to start accepting Bitcoin for payments.
Roger then went on to become the first person in the world to start investing in Bitcoin startups. He nearly single handedly funded the entire first generation of Bitcoin and Blockchain businesses including,,,,, and many many more. Those businesses have gone on to raise hundreds of millions of additional funding, and serve tens of millions of customers around the world. Subsequent investors in the companies that Roger helped provide the seed funding for have been people such as Sir Richard Branson of Virgin, Google Ventures, Lightspeed Venture Partners, Founders Fund, and many more. Roger has devoted his full time attention to Bitcoin and blockchains ever since.
At Futurama Blockchain Innovators Summit in Ibiza, Roger Ver intends to talk about centralized exchanges, their role for the crypto industry and the inevitable changes the current situation. But Roger's knowledge of blockchain is unique and goes far beyond the operation of exchanges. Meeting with Roger Ver may change your view of the crypto industry. Don't miss the future!
#futuramaibiza #futuramablockchain #futuramasummit #ibiza #blockchain #blockchainsummit #blockchainconference
submitted by ICOandCryptoNews to FuturamaBlockchain [link] [comments]

Sign up for Voyager trading app and get $25 in BTC!

Voyager is a new trading app that intends to offer commission-free trading of least fifteen different cryptocurrencies, including bitcoin (BTC) and Ethereum (ETH). It hopes to differentiate its service by offering more access to different exchanges and thus better liquidity and pricing. Sounds like “smart order routing” when it comes to stocks. This means it will compete with the Robinhood app, which also offers free trades for both stocks and certain cryptocurrencies.
I’m not a Bitcoin expert. I’m checking into this company because it is offering $25 in free Bitcoin to anyone who signs up early, and another $25 for each person that you refer to sign up (up to 100 people). As far as I can tell, it seems like a legit start-up with real venture capital funding and real (rich) people backing it. You can build up referrals now and claim the early bonus, but the app is not live yet so you can’t actually open an account yet to claim the credit. Right now, they just want your name and e-mail.
*All BTC credit is issued in pending status and requires the opening of a valid Voyager account to be claimed. Stay tuned for news about when Voyager launches in your area. Voyager’s promotional and referral programs are currently only available to US residents.
Voyager’s co-founders include some notable figures in the industry. The CEO is Stephen Ehrlich, the former CEO and founder of Lightspeed Financial (which was formed by the spinoff of the professional trader arm of E*Trade). Oscar Salazar, Uber co-founder and former Chief Technical Officer. Philip Eytan, an early Uber investor. Here is a Fortune magazine profile.
Here is my $25 BTC referral link, thanks if you use it. After you sign-up and confirm your e-mail, check your e-mail again and you should be given your own referral link to share with friends.
submitted by Diggity_McG to Referral [link] [comments]

Crypto Morning Highlights

submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

Please read our Frequently Asked Questions (FAQ)

What is layer protocol?
The Layer Protocol is a borderless reputation and incentive system that unifies sharing economy companies across the world, creating a next-generation, decentralized global authority of user behavior reputation. Layer seeks to be the decentralized credit scoring agency of the future. Read more from Whitepaper.

When is the token generation event?
The TGE is scheduled for Q3-2018. We'll be releasing our detailed Q3 roadmap shortly. Please have patience.

What currency is the token value pegged to?
The token value is pegged to USD. Exact price in ETH is yet to be announced. 1 LRX = 0.0375 USD.

When will whitelisting be available?
No set date for whitelisting, however it will precede the Token Generation Event (TGE) which is scheduled for Q3 2018.

How many team members?
The team has 9 members.

Where is the Layer Protocol team from?
The team is based in Silicon Valley, United States. The Layer Foundation is based in Switzerland. For more information about team members please see our official website.

Who will use the platform?​
The platform will be used by companies in the sharing economy where there is a need for a reliable database of its users reputation.

When and which exchanges will the project list on?
The project is not listed anywhere, because token sale is not completed yet. We can't give out any details on exchange listings prior to simultaneous announcement from us and the exchange(s).

Where can we find the roadmap?
Here's our roadmap for the next 6 months:

Why rebrand from Pin Protocol? What changes were made?
We rebranded Pin Protocol to Layer Protocol because of a similar-name scam project named “Pincoin” . We didn’t want to be associated with that project in any form. New name was the only change. More info here.

What is Spin and how is it associated with Layer Protocol?
Spin has been one of the fastest-growing and most talked-about companies in Silicon Valley in 2018, and this is how most of the community knows about Layer. The co-founders of Spin started Layer, and have been pretty vocal about this when talking about Layer. Layer came about as it solves a crucial problem for Spin, and also because it has compelling potential independently as a decentralized reputation protocol for other platforms. The continuing rapid growth of Spin drives more adoption and distribution for Layer.

Who are your Partners?
Origin Protocol - Origin is a protocol for creating sharing economy marketplaces using the Ethereum blockchain and IPFS. More about the partnership here.
Insight Network - Layer Protocol is partnering with Insights Network to be its KYC solution, providing an efficient, streamlined process for identity verification. Effective immediately, users can complete KYC verification for Layer Protocol on the Insights Network. Link to medium post.
Quantstamp - Quantstamp will audit Layer Protocol's ICO and protocol smart contracts in the near future. Link to medium post about the partnership.
MedChain - Medchain is the leading blockchain Electornic Health Record platform. You can read about the partnership here.
No Rest Labs - No Rest Labs is the premium blockchain development firm, that has significantly contributed to top tier projects including Lendroid, WeTrust, Aimedis, and tagMonkey, and are the minds behind five open-source blockchain tools: MouseXplore, MouseKYC, MouseSDK, MouseWallet, and MouseUtility.
MouseBelt - The world’s first full-service blockchain accelerator. Read the medium post here.
Spin - Spin provides your community with dockless scooter-share to get you where you need to go—whether you’re commuting to work, going to class, running errands on the weekends or exploring your city. With Spin, you’re free to roam.

Layer Protocol Team

Core Team
Euwyn Poon - Co-Founder - Euwyn is entrepreneur, lawyer and software engineer who has been involved in the blockchain industry for 5 years. In 2014, he co-founded Delta, one of the first projects to offer interest-bearing Bitcoin accounts, which was backed by Y Combinator, Initialized Capital and Winklevoss Capital. He has spoken at CoinSummit London and Inside Bitcoins and has been featured on Bloomberg, Wall Street Journal, New York Times, Forbes, Vice, CNBC and Fox Business News.

Derrick Ko - Co-Founder - Derrick is a senior software engineer and product manager, and is also the Co-founder & CEO of Spin, an electric scooter sharing company serving over 50 markets in the US. Previous experience includes Lyft, Kicksend, Pivotal Labs and is a Y Combinator alumni.

Zaizhuang Cheng - CTO & Co-founder - Zaizhuang is a senior software engineer, previously lead engineering at Disqus and built a Singapore based startup Yum. He is also CTO at Spin.

Galen Danziger - External CTO - Galen has been a CTO of many successful startups in Silicon Valley, participated in 500 startups program with tagMonkey and is a CTO in No Rest Labs, an software development company providing development services in the blockchain space. Lead the development for Lendroid.

Patrick McLain - External DevOps - Patrick is the leader of Blockchain accelerator MouseBelt, and leads the operations at No Rest Labs, providing development team along with Galen to Layer Protocol. Previously also went through 500 startups program with tagMonkey alongside Galen.

Shayne Coplan - Founder & CEO of TokenUnion
Michael Ma - General Partner at Liquid 2 Ventures
Dmitry Grishin - Co-founder of Grishin Robotics, (DST)
Josh Fraser - Co-founder of Origin Protocol
Matthew Liu - Co-founder of Origin Protocol
Gee Chuang - Co-founder of Ink Protocol and Listia
Kenzi Wang - General Partner at AU21, a blockchain fund
David Chen - Former Partner at Lightspeed

Token metrics:
Token Total Supply: 1,000,000,000 LRX
The hard cap is $15M
There is no soft cap
Token Allocation: 40% token sale, 15% team and advisors (2 year vesting), 30% company reserve (growth of team, build core partner network, user acquisition and control economics), 15% community (onboard partners, nodes and community growth)
Usage of Funds: 40% User Acquisition, 20% BD and Partnerships, 10% Operations and Overheads, 30% Engineering

How do I stay up to-date on announcements and updates?
Please check our Telegram announcements channel for latest updates. You may also wish to stay up-to-date on other Layer Protocol progress/news through the official blog on Medium

Project links:
Telegram Group:
Telegram ANN:

submitted by Synotiv to LayerProtocol [link] [comments]

Everyday Blockchain News:Former Federal Reserve Governor Supports ‘FedCoin’ Project
Kevin Warsh, a former U.S. Federal Reserve governor, recently told The New York Times the Fed should give serious consideration to releasing a government-sponsored cryptocurrency — commonly called a “FedCoin.”
Warsh is among a group of investors in Basis, formerly Basecoin, a cryptocurrency designed with an algorithmic central bank that will keep the price stable.
Warsh, was a Fed governor from 2006 to 2011 and was a leading contender to become its chairman last year.
Had he returned to the Fed, Warsh said he would have assigned a team to explore a “FedCoin.” He does not see such a coin replacing cash, but he views it as a way to conduct monetary policy when the next crisis occurs. He noted that most central banks believe cryptocurrency assets are prone to fraud and investor losses.
A distinguished visiting fellow at the Hoover Institution at Stanford, Warsh said blockchain technology would be helpful for enabling the transfer of trillions of dollars between banks.
The Bank of England and the Monetary Authority of Singapore are already exploring such a concept.
Fed Chairman Jerome Powell said in his November confirmation hearing that blockchain could have “significant applications in the wholesale payments part of the economy.”

A Peculiar Role For Crypto?

Cryptocurrency would make an unusual role for a central bank controlled currency, the New York Times article observed.
Since central banks largely focus on maintaining the stability of money’s value, cryptocurrency would be ill-suited as an exchange medium, given is volatility.
Central banks also focus on enabling law enforcement to contain crimes that cryptocurrencies are used for, such as money laundering, fraud and tax evasion.
It would also be a twist if a technology supported by those who are motivated by distrust of central banks became a tool for those very banks.
The central banks considering blockchain technology do not share the more anarchist impulses of some cryptocurrency enthusiasts, the article noted. But Warsh argues that if people believe that digital currencies in some form are the future of money, the central banks should view them as more than a novelt.

Why He Supports The Concept
If the next generation of cryptocurrencies are more similar to money than to gold and would be a reliable unit of account versus being a speculative asset, Warsh said he would not want someone to take such a monopoly away from him.
If cryptocurrency enthusiasts are correct that the technology could provide a better way to conduct routine transactions, the central banks are the institutions with the most to lose.
Basis has already raised $133 million in a private placement. Backers besides Warsh include Bain Capital Ventures, GV, Stanley Druckenmiller, Lightspeed, Foundation Capital, Andreessen Horowitz, Wing VC, NFX, Valor Capital, Zhenfund, INBlockchain, Ceyuan Ventures, Sky9 Capital and others.
Basis’ goal is to marry the benefits of cryptocurrency with centrally controlled fiat currency. Central banks mitigate volatility via monetary policy. They expand and contract the money supply. Cryptocurrencies, by contrast, have a fixed supply, which fosters volatility that makes them an unreliable form of payment.
Basis brings the benefits of cryptocurrency without the volatility, said its chief executive, Nader Al-Naji. Basis would be distributed to those participating in the system, thereby decentralizing monetary expansion. Should it accomplish its goal, Basis will benefit the efficiency of developing nations’ economies, said Al-Naji.
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submitted by StephenCuuuurry to SCRYDDD [link] [comments]

An investment client asked about Bitcoin, here is my memo response

What are Bitcoin, How do Bitcoins Work and Why Should We Care? November 24, 2013
Below is an actual email I sent to one of my top clients, who is a global business leader, when we were discussing Bitcoin today.
— I’ve removed any confidential information and I think the content makes for a decent and informative article about how Bitcoins work.
[I realize some technical details -- such as Bitcoin mining-- are not fully explained - this was because I wrote this for a specific person based on the style that person prefers.]
Hi ____,
(Excuse the long note, it will answer the questions you asked and also fully equip you for cocktail /water cooler conversations which I GUARANTEE will come up!)
Bitcoin works by allowing direct transfer of money/ coins peer to peer anywhere in the world…the rational for the price increase is due to supply and demand and increasing signs of this being a real and viable thing.
It’s fascinating.
HOW A very complex computer program on a shared network creates (to be mined) the digital “coins”which are basically a series of numbers….each one is unique.
WHAT These digital coins can be easily transferred, converted to USD, EUR, CNY or used to purchase tens of thousands of goods online. (Every major hacker and academic has attempted to counterfeit, hack or find flaws and numerous papers have been written which say it won’t likely happen due to the way the code is written and open source and other details.)
This has created a completely decentralized global currency instantly transferable and untrackable.
The idea of digital currency came about in the 80s — five years ago Bitcoins started — at first very experimental with tech geeks buying pizzas etc and traded at around .22 then a dollar each.
RISE IN VALUE When Cyprus collapsed, Bitcoin had it’s first major surge as it was seen by some as a gold-like alternative but with easy transport across borders. It was also seen as a black market facilitator due to its decentralized nature with underground goods reaching hundreds of millions in sales.
WINKLEVOSS Shortly afterwards, the Winklevoss twins (VCs and Facebook lawsuit winners) bought about $90 million worth or 1% of Bitcoin. Winklevoss targets a $400B market cap for Bitcoin (from $7-9b today) (someone else appears to have bought $150 mm worth this week, it’s unknown who)
CHINA / BAIDU As the price reached $100 and $200, China became interested — it’s in the news there daily now.
The massive Chinese state internet company Baidu announced they will accept Bitcoin as a form of payment. It’s unlikely Baidu would do this without the tacit approval of the Chinese government (who also knows this is a slight toward the USD which is not overt)
US Senate hearings this month were surprisingly favorable and unlikely to lead to attempts at heavy-handed regulation. (Which is logistically nearly impossible given the de-centralized nature, you would have to shut down the internet to stop it entirely)
The China interest and US hearings brought Bitcoin past the $700-800 mark in very volatile trading. (Mkt cap of 7-9 billion USD)
ACCESS /DEMAND There is only one major exchange in the US – called MtGox — it is plagued by delays from tens of thousands of applications for new accounts….just processing wires takes a week or more and an AML check takes 30 days due to backlog.
The main broke exchange in China received an investment from Lightspeed Venture Partners and China is getting something like 60,000 inquiries a day.
WHY I think Bitcoin is transformative for a few reasons:
Almost a year ago I had a conversation about Bitcoin with —-deleted——- [a leading Venture Capitalist. Basically he's interested in the space, we are looking for ways to participate]
Since then, especially based on China, I’ve become more convinced.
We are talking about global access now….. when else have Chinese citizens and EU and US been able to buy the same investment on the same platform? We know the significance of Chinese savings and interest in non fiat currency….as well as the transformative power of decentralized collaborative networks….as well as the risks in conventional global fiat currency.
Clearly if we talk in terms of it replacing even a tiny fraction of real global currency it is a huge deal…..too much in the air for that, but I think access and interest alone can bring it to a value somewhere around AAPL or the $400B the Winkelvoss twins target….this is still a small drop compared to real currency numbers but would place Bitcoin at $30-40,000 per coin.
Risks are high, it is very volatile….one article shared at [major firm] says it will be back down to $250 by months end. It can return to thin air and head back down to a penny. I thought government regulation was the largest risk but the Senate has missed that boat…unless some major event creates a compelling national need, they are unlikely to try now…toothpaste is out of the tube. So now the biggest risk is whether this is real or not….this is why China and Virgin etc. are significant.
[deleted specific recommendations particular to this person etc.]
Let me know if you want me to look at ____ XYZ – we should participate.
That’s my two cents worth! (Or .00000023 Bitcoin worth)
Bruce Fenton President and Managing Director, Atlantic Financial Inc.
submitted by Arabiansands to Bitcoin [link] [comments]

How Come VCs are Missing the Blockchain Epoch?

But there are other possible reasons for the lack of Blockchain support by VCs. A major force behind VC objection to blockchain technology is called ICO, or Initial Coin Offering. ICOs are a blockchain, token-based fundraising alternative that is quickly becoming popular, making VCs and their traditional, slow, and sometimes heavily taxing process completely redundant. ICOs not only simplify the investment process, but also provide ways for startups to share equity and other benefits with their investors, their users, suppliers, and the entire community around them. In that light, ICOs are filling the financing gap that VCs and other investors are leaving behind.
So far, 2017 is the breakthrough year for ICOs as $1.73 billion has been raised by startups using token sales, and ICO fundraising is forecasted to reach $1.8 billion by October. Notable ICOs include those of Tezos ($208M), EOS.IO ($200M), Bancor ($153M), and Status ($95M), as well as about 60 token sales in total. Have the investors made a profit? It depends, but the total market cap for all Altcoins (Cryptocurrency excluding Bitcoin) has risen from $2.2B on January 1st to roughly $71B yesterday. This is an increase of over 3200%, so yes, some investors are definitely happy.
For unbiased ICO reviews go to For unbiased research reports on startup companies go to Zirra
But Blockchain technology extends way beyond ICOs and even digital coins. Leaving currency aside, blockchain turned out to be a viable system of value sharing with no need for a trusted third party, such as a bank, or any centralized system. Blockchain can be used as a trusted digital ledger for an infinite selection of applications: it can be used as the infrastructure of a digital wallet, a voting system, or a platform that authenticates identity, ownership or certification, or certifies the traces of a supply chain. Microsoft and Intel have developed their blockchain frameworks for enterprises and financial institutions such as Citigroup and Bank of America has been investing in blockchain startups.
Yet VCs are not buying. Is it moral bias? Fear from the impact of ICOs? Seeing something the others don’t or simply “staying behind the curve”? It’s difficult to tell. Fact is, VCs are not aligning behind blockchain, leaving a vacuum that quickly fills up while posting possibly the biggest gamble for the future of their own ventures.
How alienated are VCs from the blockchain industry? According to a recent study by CB Insights, traditional equity-based investment (non-ICO) in blockchain companies hit in the second quarter of 2017 their lowest point since 2013, to 16 financing rounds. However, these 16 rounds totaled in $232 million, which was actually as high as the entire VC investment in self driving cars in the entire first half of the year.
But VCs were just a small part of that picture. Almost half ($107 million) of the VC-based quarterly funding for blockchain companies went to the banking consortium R3, which was actually funded by the largest financial institutions such as Bank of America, Citigroup, Barclays, Credit Suisse, HSBC and tech giants such as Intel. Another $40 million went to the Bitcoin-based digital wallet Blockchain, from cryptocurrency-oriented investors such as Digital Currency Group, and mainstream VCs such as Lightspeed and Mosaic.
As the graph below shows, top VCs are hardly in the blockchain game, hesitant to invest in more than one or two companies per quarter altogether around blockchain technology. Only a portion invested in more than one company in the space in total. Notable VCs Lightspeed, Union Square, and Andreessen Horowitz each hold an average of five portfolio companies in the blockchain and bitcoin space.
So, who are the most dedicated investors in bitcoin and blockchain technology? The leaders are cryptocurrency-dedicated funds and hedge funds such as Digital Currency Group, Blockchain Capital, Pantera, Fenbushi Capital and Future Perfect. They are joined by a small group of innovative VCs ,managed by partners who are keen to cryptocurrencies such as Marc Andreessen (Andreessen Horowitz), Fred Wilson (Union Square), and Tim Draper (Draper Associates).
Blockchain is not waiting for VCs to enter the game. It is exploding. Here are 3 major signals for this:
1.ICOs are exploding: In the meantime, it seems like everyone but VCs have joined the blockchain party. The ICOs were the ones who took the bigger bulk of business press attention in the second quarter, raising about $750 million for 60 companies. However, VCs and other institutional investors were not among the investors, as long as ICOs are not regulated and are outside the charter of investment given to general partners by their limited partners.
2.Cryptocurrency, not just Bitcoin, is experiencing great momentum. The graph below tells the story. Bitcoin is barely the whole picture. Other blockchain-based cryptocurrencies such as Ethereum and Ripple are on the rise. This graph shows the total market capitalization for the top seven cryptocurrencies excluding Bitcoin:
Here, Ethereum and Ripple can be seen gaining more and more market share of the entire cryptocurrency market:
3.Enterprises are pouring in: Technology corporations and financial institutions didn’t wait for the VCs to come and adopted their solutions for blockchain-based decentralized networks. Among tech giants, leaders Microsoft and Intel have been pushing blockchain agendas for internal use among their customers, which are mainly big companies. Earlier this week, Intel and Microsoft joined forces to launch Coco, a blockchain framework for business that processes about 1,600 transactions per second, 1000X more than comparable blockchain frameworks, such as Ethereum consortium. The new platform uses Ethereum-based smart contracts and enables confidentiality and security over the network with the aid of other distributed ledger systems. With Coco, fashion retailers, for example, might form a blockchain consortium to verify authentic designer merchandise, and track delivery, payments, and stock inventory.
Earlier in 2015, Microsoft announced a cloud-based blockchain developer environment for Azure, its cloud platform. Since then, the company has partnered with numerous blockchain technologies such as HyperLedger Fabric, R3 Corda, Quorum, Chain Core, and BlockApps. Competitor Amazon made a similar move, partnering with blockchain investment firm Digital Currency Group to offer an experimentation environment for startups and developers and partnering with a few blockchain companies on its AWS cloud platform. Google too is in the game, although not directly, investing through its VC in Ripple, the third largest cryptocurrency after Bitcoin and Ethereum, and in Blockchain, a bitcoin wallet startup.
At least two large-scale blockchain projects are permissioned by global enterprises: Open-source project Hyperledger, established by the Linux Foundation, is partnered with Intel, J.P Morgan, SAP, Fujitsu, Accenture, Daimler, and R3. Many of these organizations are also a part of the Ethereum Alliance, with the addition of enterprises such as Microsoft, BBVA, Credit Suisse and more.
So, to sum up, why are VCs so afraid of blockchain? There are quite a few reasons for this:
Fear of the impact ICOs have on traditional VC business: VCs have sustained many threats, from family offices taking up innovation, crowdfunding, and private equity firms digging into investing in startups directly. But never has the danger been so clear and imminent as with ICOs. In the long term, ICOs as a funding vehicle for start-ups could rival the traditional VC model. Blockchain tokens issued by start-ups during an ICO are a more liquid asset than any stock in a private company held by VCs. In the current situation, venture capital funds are an illiquid asset class, and they have to wait 7-10 years to realize their results and measure the IRR. But blockchain tokens are immediate and can disclose a company’s momentum in real time. Naturally, VCs would feel suspicious regarding a real-time investment model that challenges them. Also, ICO might bring to the table another new kind of investor, making deals less exclusive than what they used to be, on a scale that crowdfunding hasn’t done yet. On the other hand, this will demand disclosure by startups of performance indicators in the public domain. In that way, GPs and LPs will have a clearer idea of the performance of their portfolio. Inability to separate blockchain as an infrastructure for businesses from Bitcoin and ICOs: Blockchain is a technology concept that can turn over industries. It is a secured and distributed electronic ledger, which allows all transactions – such as payments, loans, and contracts- to be tracked in real time. Bitcoin is a coin that can be used for digital transactions, and ICOs are a method for raising money using the offering of digital coin based tokens. Most VCs will not even go so far as understanding these nuances, not to mention acting rationally upon each of these sectors. Inconvenient Regulation: Last month the SEC declared blockchain tokens to be considered securities, rather than assets. This decision puts the U.S in an inferior position relative to countries such as Switzerland and Singapore that treat blockchain tokens as assets. In order to attract investors and make the ICO process easier, U.S blockchain companies might list in those countries, or else use regulation S and D exemptions with the SEC in order to raise funds. That limits American funding to a mere 99 accredited investors, but does not limit global investments. Few exits and high rate of failure: As an immature discipline, Bitcoin and blockchain companies not only have a poor history of exits, but also a high rate of failure. According to research focused on cryptocurrency investments listed on the Coindesk database, 14% of a total number of VC-backed blockchain and Bitcoin companies went bankrupt or were sold in a fire sale. 85% of them were focused on Bitcoin. The numerous M&As in the business mainly concentrated around Bitcoin exchanges, and do not seem to be related to VCs. Blockchain was unscalable and not business oriented until recently: Putting aside cryptocurrency mining, which consumes a lot of energy, blockchain frameworks are not efficient enough for business applications. Ethereum, for example, processes around 16 transactions per second. However, Microsoft has recently showcased a blockchain framework that processes 1,600 transactions per second. Inability to create a monopoly: Investor Peter Thiel once said that “entrepreneurs starting a company should aim for monopoly and avoid competition.” However, the idea behind blockchain, a decentralized and public network, is intolerant to monopolies. Investing in ICO is still dangerous: In the current situation, direct investment in ICOs entails perils for VCs besides regulation. This includes a complicated process of cashing out (of a digital coin), currency’s high volatility, the high cost of capital in due diligence, and a reduced defensibility in the case of a large investment, according to a paper by Lerer Hippeau investment firm. How Can VCs Get Involved with Blockchain?
It might be a little too late for VCs to join the blockchain revolution. The original early stage cherry-picking model of VCs calls for identifying a revolutionary technology before anyone else, rather than jumping on an already moving wagon.
In addition to traditional equity investment in blockchain-oriented companies, VCs can act prudently, starting with new and creative formations. For instance, they can raise blockchain dedicated funds or hedge funds, re-contracting their LPs regarding the new rules of the game, such as raising a part of the fund through ICO or investing in liquidated securities such as cryptocurrency tokens.
Another option is to invest in the economy created by an ICO, or in its token adoption, rather than buying tokens in the ICO itself. This can be done by providing money, real estate, computing power, guidance or support to developers that are building on top of the blockchain protocol.
We at provide unbiased ICO reviews through an objective analysis and rating system, allowing blockchain investors to better understand the ICO market
submitted by Unbiased-ICO-Reviews to BitcoinMarkets [link] [comments]

Price of bitcoin is 3.5x the price of silver, crash probably would have been avoided if we had a good exchange... sorry, how is it failing? (articles attached - VC's know better than you, silly.)

Bitcoin was at it's current price (90 USD currently) literally less than a month ago, which was up (correct me if I'm wrong, bit fuzzy on the dates) something like 900% of the beginning of the year.
If it wasn't for gox going down, who knows what it would be at right now? Yeah the bubble had to pop sometime, but this bubble wasn't even caused by the over-valuing of BTC (dotcom) or a surge in excess supply (real estate). It was literally caused by a lack of faith in the exchange sites that caused a panic sell that in turn cause an insane wide spread terrorizer effect (can someone say higher education?).
Anywho, I watched my investment go up to tens of thousands (in b4 the news!) then back down to a few thousand, but I'm still a blind believer in the potential of disruption that bitcoin really has. I'm holding [while trading]!
If not anything else - when in doubt, just know that Lightspeed Ventures, Andresseen Horowitz, FF Angel, and Kleiner Perkins probably know slightly more than you do.
Cheers, good luck to all. You haven't "lost your fortune" - bitcoin still exists, anything can happen.
submitted by acschen to Bitcoin [link] [comments]

After the Bell Panel Discussion: Cryptocurrencies - Opportunities, Challenges and Profitability in the Migration from Main Street to Golden Gate: Looking at the Long Game Wednesday, July 30, 2013 – Golden Gate University – San Francisco, CA

These panel discussions address the movement of trade of cryptocurrencies from individual hackers to traditional financial institutions. But how do you gain on these opportunities? Is it just a bubble, another speculative commodity or something more? What regulation will be instituted and how will that affect trading? If you're thinking of investing—where do you focus? On the currency or on the technologies surrounding it? From our panels of leaders in this burgeoning industry and geared towards those in hedge funds, portfolio management and asset management firms, banks and traders, hear the latest on the issues and how to best maximize the market.
Event Program:
3:45 Registration
4:00 pm Panel I: Regulation and Regulatory Impact • Latest initiatives by regulatory bodies • Anti-Money Laundering (AML)/ ABL ("Anti-Bitcoin Laundering") and know-your-customer rules • Storage issues/security/anti-hacking • Will it become a legitimate currency? Will it interface with banking systems? And how will it be taxed? Panelists include: Karsten Behrend, Chief Compliance Officer, Xapo & Executive Board Member, Association of Certified Anti-Money Laundering Specialists Jake Benson, CEO/Founder, Libra Services Inc Brian Stoeckert, Managing Director, Chief Strategy Officer, CoinComply
4:45 pm Panel II. Steps to Becoming a Cryptocurrency Trader • What is the potential of the crypto market? • Evaluating the volatility: How it differs from traditional arbitrage and understanding how to handle it • Is it another asset class? An ECN? A commodity like gold? • Trading on exchanges • Identifying current and future opportunities • Clearing and settlement issues; Counterparty risk Panelists include: Emmanuel Abiodun, President & CCO, PeerNova Michael Moro, Director, Trading Team, SecondMarket Matt Wreford, President & CCO, Vernier Partners
5:30 pm Panel III. Investment in Cryptocurrencies and bitcoin companies • What makes it a good or bad investment? • Investing in bitcoin companies: What makes them valuable? • What are the technologies available? Being developed? And how will they be advance the move from the retail to institutional trader? What about the block chain protocol? Panelists include: Emmanuel Abiodun, President & CCO, PeerNova David Chen, Venture Investor, Lightspeed Venture Partners Dan Held, Director of Product, Blockchain & Co-Founder, ZeroBlock Ethan Kurzweil, Partner, Bessemer Venture Partners
6:15 pm Networking Reception Following the conclusion of the Roundtable Panel Sessions join us for a Networking Reception to further discuss the most top of mind issues of those involved in the financial markets.
For further information about the event or if you are interested in speaking or sponsoring, please contact [email protected] To Register:
submitted by MankoffCompany to Bitcoin [link] [comments]

Silicon Valley Live with Tony Perkins. Meet president Marco Santori Lightspeed Venture Partners' John Vrionis on Datos IO Bitcoin VC panel - investment opportunities in the Bitcoin space - Trading Bitcoin - Exchanges Gone Wild Lightspeed's Liew on his new e-commerce venture and Facebook's crypto roll out

Andreessen Horowitz and Union Square Ventures back bitcoin wallet Coinbase and Lightspeed Ventures backs bitcoin exchange BTC China. In addition to Draper, Vaurum has backing from former AOL Chief ... So, how will be the coming year 2014 for bitcoin, here is a list of predictions from Lightspeed Ventures: 1. Startups will attract over USD 100 Mn funding: Both the existing and emerging Bitcoin exchange startups across local/global will attract venture capital. The available funds would thus help the startups to deal with issues such as ... According to Jeremy Liew, a partner at Lightspeed Venture Partners, the demand for Bitcoin and other cryptocurrencies will continue to grow in the coming days as the world continues to move towards instability, in terms of geopolitics, military interventions, etc. He was quoted by a leading financial news platform saying, Menlo Park-based venture capital firm, Lightspeed Ventures Partners, reportedly raised over one billion dollars for entering multiple sectors, including the nascent cryptocurrency and blockchain market.[BREAK] According to Reuters, on July 10, 2018, Lightspeed plans to allocate roughly $1.05 billion to various early-stage companies.[BREAK] Although Lightspeed was founded in 2000, it ... Ameritrade Bitcoin Bourse bitcoin derivatives exchange bitcoin exchange Bitcoin options CFTC regulated bitcoin exchange CFTC regulated exchange goldman sachs Google Ventures bitcoin Jim Newsome LedgerX LightSpeed Ventures bitcoin marketsmuse NYMEX Paul Chou Tom Lewis trading algorithms

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