Tag : crypto

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Video Application That Will Reward Users With Cryptocurrencies

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There is a new token-based application that will incentivize users. It is planning to accelerate mainstream awareness and adoption throughout the cryptocurrency world.
Powering Crypto Economy Participation
A new social media app centered on video content has been released recently. Cheez has teamed up with Contentos, a blockchain project, in a bid to enable users to earn Ethereum and Bitcoin. All they have to do to earn cryptocurrency tokens is create, view, and share the content within the application.
Live.me is the mastermind behind Cheez—video-sharing app. The mobile developer has created the app which is known for the 17 second, user generated video content. There are plenty of live filters on the application—music, voice changers, and stickers.
While a lot of applications contain similar features, none of them provide the incentive that Cheez does. It allows the users to earn Bitcoin and Ethereum tokens by just doing what they already will be doing while using the application. Consumers can complete 15 different tasks daily. These tasks are anything from sharing videos to viewing and liking videos. The tasks also include uploading content to the application. For doing all of this, they will be given one of the two cryptocurrency tokens. That cryptocurrency will be the one they prefer.
The best part? There is also the “Wheel of Fortune” game. It is a daily game, based on chance, which will allow users to win additional cryptocurrency every day.
The new features on the application will not need users to go to an exchange or even bother to set up digital wallets. This means more and more users can adopt the blockchain technology integration without any problems.
The CEO and founder of Live.me, Yuki He, has said that partnering with Contentos will help the platform reward its users. They are already contributing to the Cheez community and it is only fair to give them an incentive for it. This will also introduce a lot of people to the world of blockchain technology and cryptocurrencies.
Beyond Ethereum and Bitcoin
The platform is not limiting the incentive in the form of Ethereum and Bitcoin. The users on Cheez will also have an option to choose COS tokens for their contribution to the community. The COS token is the native cryptocurrency token of the Contentos blockchain project. People can obtain these tokens for all the activities they perform as users of the platform.
They can also win these tokens while playing the “Wheel of Fortune” game on Cheez.
The platform is obviously going to encourage users to opt for the COS tokens. They will do that by allowing the COS token to be used to unlock additional features in the app. For instance, they can use the COS tokens to unlock the option of posting longer videos. They can even use them to gain more exposure to attract viewers. The aspect of direct messaging on the app can also be utilized through the token. This will create a revenue generation stream for the creators of the platform. The details on that part have not yet been released but it is something that is being worked on.
The founder and creator of Contentos, Mick Tsai, said that they are thrilled to partner with the Cheez. It allows them to introduce the cryptocurrency economy to an already thriving community of users. It is going to create a new ecosystem where creators and fans are all going to be rewarded for their role in garnering a growing community.
The goal that Contentos has is to help the creators of the platform and the fans to grow the connections on a global scale. Blockchain technology has a lot of potential, and it can be used to build stronger worldwide connections.
Contentos is partnering with Cheez to make things better for the average person. It will be an opportunity for the creators and fans to enjoy the real-world incentives of the disruptive new technology.

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Goldman Sachs CEO Says Denying Cryptocurrencies is Arrogant

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There is an increasing number of firms at Wall Street that are changing their minds about the nascent digital economic system. The sentimentality towards opportunities in the cryptocurrency world seems to be changing. The CEO of Goldman Sachs shared his opinion on the world of cryptocurrencies.
In an interview with the Economic Club of New York recently, Lloyd Blankfein talked about his take on the emerging economy.
It’s Possibly the Next Evolution for Money
Blankfein showed up at the Economic Club of New York to present his opinion and answer questions related to cryptocurrencies. He was asked about the potentiality of the new economy and its potential to possibly replace fiat currencies.
The CEO of Goldman Sachs kept an open mind when he was answering these questions. He said that there is potential for cryptocurrencies to replace fiat currencies in the future. That is what fiat currencies did with the currencies backed by valuable commodities.
He views the emergence of cryptocurrencies as the next step in the evolution of money. For instance, consider gold. You use that as money, and you know people only accept hard currency as monetary payment. You start to make gold coins. The value of the gold coin would be 5 bucks if it has gold worth 5 bucks. Then comes a point where you are given a piece of paper. The parchment promises to hold the same value as the 5-buck gold. You can always hand in the paper and get $5 worth of gold when you redeem it. Later on there comes a point where you are given a paper which says that it is worth $5 in gold, but you can never redeem it for that quantity of gold. Eventually things come to a point where you are given a piece of paper. They say that it is worth $5, but they won’t redeem it. They even say that they don’t even have the $5 even if you wanted to redeem it.
By talking about all of this, Lloyd Blankfein was talking about how money has morphed from something entirely different to what it is right now. The representation of value is a far cry from what it initially was.
The advent of cryptocurrencies is pretty much the same. There is a continuing morphing of the representation of value. Fiat currencies have value because the government and financial institutions say they do. It is not too farfetched to want a currency that has value based on consensus.
Blankfein went on to say that he himself doesn’t own any Bitcoin. Despite that, he feels that denying the possibility of the mass adoption of cryptocurrencies would be too arrogant.
Possible Crypto Expansion by Goldman Sachs
Goldman Sachs is considering expanding into the cryptocurrency world. They have recently made an announcement that they might offer custodian services for cryptocurrency funds.
If this move indeed does fall through, it will place the financial giant at a unique position. Goldman Sachs will become the first significant investment bank that will provide a backing for cryptocurrency funds. With a name like Goldman Sachs making such a move, other institutional investors might possibly flock into this industry as well.
Initially, Goldman Sachs announced its plans for Bitcoin futures trading desks to match the client demands. A month later, they revealed plans to extend beyond it. Goldman Sachs is looking to expand itself into this completely new asset class. This will mean that an increasing number of Wall Street firms will also have a positive outlook towards the world of cryptocurrencies.

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Self Regulation Only Way Forward for Blockchain Technology – Swiss Crypto Executive

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Self regulation is the only way forward for blockchain technology. This is the opinion of a director at the Switzerland based Crypto Valley Association. Cecilla Mueller Chen believes that it’s the best way to accelerate the technology while protecting the interests of all stakeholders.

The director at Zug was discussing this issue at the third general assembly of the Philippine Association of Digital Commerce and Decentralized Industry. The conference was taking place in Makati City where Chen spoke using her experience in the cryptocurrency world. She spoke of Crypto Valley’s collective experience. This is a cryptocurrency-centric group of companies which operate in Zug. The Swiss FINMA has declared Zug to be a self regulatory organization. FINMA is the financial market supervisory authority in Switzerland.

Chen believes that self regulation is the only way to go. The foremost reason for that is that it’s the fastest route. Instead of waiting around for government regulators to come up with a set of rules, the rules they will come up with will definitely conflict with the interests of the blockchain world. It would be fruitless and it can hinder the growth of blockchain technology.

While she believes self regulation is necessary, she also stressed that it is a big responsibility. The community will need to work together. They will have to make sure everybody is behaving in an appropriate manner. All the actors have to protect the interests of investors and consumers.

This is why FINMA has allowed Crypto Valley Association to create their own policies. This has allowed Zug to become a proper blockchain technology hub in the world. Other than blockchain technology, Zug is also a good place to garner hedge funds. The ease of doing business in Switzerland makes it the haven that it is.

Chen believes that if a community wants to make itself an SRO, it needs to draft a code of conduct. That should be the first order of business for them. They need to work on creating a lasting value by building a strong reputation.

She emphasized on the importance of the group’s reputation. None of the members of the community should be involved in criminal activities. That’s the only way the SRO will be a viable option.

The first general assembly of the PADCDI happened in May this year and it led to the creation of the SRO. One of the main objectives for it is to work with the Philippine government. That way, they can draft policies and rules which can encourage mass adoption of blockchain in the country.

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Cryptocurrency Education Now Part of London Police Coursework

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The city of London is updating the coursework for the police force in the city. Part of the coursework now will be an education on cryptocurrencies to help the police better understand digital assets.

There are growing concerns about terrorism being funded through cryptocurrencies – that and the fact that it can easily be used to launder a lot of money. This needs to be dealt with.

Coursework Added

The CityAM reported that the first of a kind educational program is being added to the coursework at the Economic Crime Academy. Concerns have been raised about a lack of knowledge in the sector. This move is a direct result of London trying to tackle this issue.

This coursework will help officers by giving them more knowledge about the digital assets. It will give them more tools to understand how cryptocurrencies are being used by criminals and to what end.

Once officers complete the course, they will know how to detect criminal uses of cryptocurrencies. That will also enable them to seize cryptocurrencies where necessary.

An initial program has already taken place earlier. Another one will take place in the August of 2018.

The officer who made the announcement said that it will be a first of a kind response. Before this, police officers had been raising concerns over a lack of training in this area.

The completion of the second program will see the coursework become available throughout the country.

Concerns About Money Laundering

London police is spearheading the UK’s National Lead Force for the Fraud division. They are also considered an authority with a good reputation internationally for enforcing law and order.

This new move shows their willingness to address global concerns about money laundering. The head of Europol, Rob Wainright has stated that 4% of global cryptocurrency transactions belong to criminals. Over $5.5 billion worth of cryptocurrencies are being utilized by criminals to launder money in the European Union alone. Having a better knowledge of the statistics will help clear any misconceptions for the London police. It will also help them make better decisions when it comes to cyber-crime involving the use of cryptocurrencies.

The January of 2018 saw the City of London Corporation make an announcement about developing a cyber court. This court in the UK jurisdiction will deal with several matters. Everything from the aspect of financial crimes, money laundering, cyber frauds to civil disputes will be in focus.

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Where Are the Celebrity Endorsed ICO Projects Now?

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Throughout last year we saw the cryptocurrency world reach soaring new heights and among the main drivers for that massive surge were the Initial Coin Offerings that were running rampant throughout the cryptocurrency community. Since there was such a saturation of Initial Coin Offerings throughout the cryptoverse, some of them took steps to stand out from the rest.
That is how the celebrity endorsed ICO projects came into being. The help of celebrities managed to give an added sense of credibility to many of the cryptocurrency ICO projects that took place throughout the year. Here is a look at some of the most prominent celebrity endorsed ICO projects and where they are right now.
The First Celebrity Endorsed ICO
The first Initial Coin Offering project which was endorsed by a celebrity and the first celebrity to get in on the cryptocurrency world was the Stox.com ICO project endorsed by Floyd Mayweather. The Stox.com ICO really took off when they managed to get Mayweather on board with his endorsement and the prediction market platform managed to raise $30 million US dollars in the ICO.
For all intents and purposes, the Stox.com ICO has become the only successful celebrity endorsed ICO project to date. Mayweather started calling himself Floyd “Crypto” Mayweather after his first investment took off. After that he invested in Hubii and Centra, two ICO projects that went belly up. Centra was charged with fraud by the SEC and Hubii didn’t even manage to raise the necessary funding it needed.
From That Point Onwards
Another one of the celebrity endorsed ICO projects was the LydianCoin. This was backed by the great granddaughter of the Hilton Hotels owner, Paris Hilton, who promoted the coin through her tweets, which have since been deleted.
It was only a couple of months after the ICO was announced that people found out that the CEO of the ICO project had been found guilty of committing domestic abuse. The SEC, at this point, also began to warn the would-be investors in the Initial Coin Offerings that there are significant risks involved with investing in ICOs. The fact that well known celebrities are endorsing them should not be considered as adding more credibility to the ICO project.
Lastly, there was another cryptocurrency ICO project which was a blatant rip off of Bitcoin known as “Bitcoiin” with two I’s. The actor Steven Seagal endorsed this project until the time came that he was given a cease and desist order from the court. That’s when he parted ways with the ICO project which was never really going to take off anyway.
There was also John McAfee who was charging $100k for every tweet he would post about the cryptocurrency world, that was until regulatory bodies warned him and urged him to discontinue.
Other than the Stox.com ICO project, none of the celebrity endorsed ICO projects have ever actually gone on to become successful. Most of them have been questionable projects and people have now been sufficiently warned about staying away from the questionable ICO projects.

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Crypto Services Platform Founder Pleads Guilty to Fraud Charges in US

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The world of cryptocurrencies has been wrought with trouble since the start including everything from the volatility in its value to ever-changing regulations. And with increasing popularity of the cryptocurrency industry, the aspect of fraud has become a constant nuisance for the community at large. Among the cryptocurrency scam was the creation of the now defunct cryptocurrency services platform called BitFunder and the cryptocurrency exchange WeExchange. In a recent turn of events, the founder of these two cryptocurrency related companies, Jon Montroll, has pleaded guilty to having committed fraud in a United States courtroom.
The investment platform and cryptocurrency exchange founder, Montroll has pleaded guilty to the federal charges he has been subjected to that he has stolen the funds entrusted to him by his customers and that he has lied to the regulatory authorities in the US about the theft of virtual currency.
The US Attorney for the Southern District of New York City stated that Montroll has pled guilty to one of the counts of security fraud and one count of obstruction of justice that he has been charged with. Montroll was arrested in February for his crimes, and each of the charges that he has pleaded guilty to carries a potential two decades of jail time.
For those who are not privy to the crimes that he has committed, BitFunder was a cryptocurrency investment platform created by Jon Montroll that allowed users to sell the virtual shares of businesses in exchange for the appropriate amount of Bitcoin units in return. This company started in 2012 and shut down only a year after it came into being. The allegation against him is that he used the platform in order to defraud the investors. He converted a portion of the cryptocurrency he was entrusted with using WeExchange for his own use without the knowledge of the users of his platform.
That and the fact that Montroll solicited investments in a security known as Ukyo.Loan where he made promises to the investors that they would be getting daily interest from him and that they could easily redeem the shares they had bought whenever they chose fit.
The same year saw hackers get away with 6,000 units of Bitcoin from WeExchange, which amount to $48 million right now. That left WeExchange unable to pay back the investors from Ukyo.Loan, the users of WeExchange itself and the BitFunder investors. He never bothered to report the breach and continued to solicit investments from customers.
Only after the investigation going on right now with the United States Securities and Exchanges Commission involved has he admitted to the theft having taken place and the funds having been stolen by hackers. He also accepted that he lied to the SEC about it previously.

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Stasis Manages to get First Institutional Client Onboard for Their EURS Stablecoin

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The CEO of a major player in the cryptocurrency world, Stasis, has recently announced that the cryptocurrency ecosystem has managed to get their first institutional client onboard with their EURS stablecoin. This is a huge move for the world of cryptocurrencies as the announcement was made by the CEO Gregory Klumov through his Twitter account.
While speaking to CCN, the CEO of Stasis said that their client is an operative in the field of money management. This makes the licensed money manager the first institutional investor to enter the Stasis ecosystem. The entry of institutional investors into the world of cryptocurrencies has been a long time coming and the EURS token is something which makes it the perfect entry point for them in the marketplace.
The Recent Slump in Cryptocurrencies
2017 was a pretty volatile year even by the standards of the highly volatile cryptocurrency landscape. It saw a lot of the major cryptocurrencies rise by hundreds of percent in their values in the second half of the year and then suddenly see their valuation drop by half towards the end of it. The start of this year has seen a still gradual decline in their prices and they have finally started to look like they are bottoming out.
There has been a lot of discussion about how the lack of institutional investors in the crypto sphere has led to all of the prices dropping so drastically but with this new development, the possibility of the cryptocurrency world moving forward are now better. The cryptocurrency world is growing gradually.
The launch of the EURS stablecoin on the Stasis ecosystem earlier in the month was done in an event where the Prime Minister of Malta, Joseph Muscat was also present. Considering the fact that the small island nation is well on its way to make itself the ‘blockchain island’ passed cryptocurrency and blockchain bills into law, this was a significant presence at the event.
The EURS token has the aim to address the increasing demand from a lot of European institutional investors who have been taking a lot of interest in cryptocurrencies. Their lack of participation before this point was their lack of trust in the liquidity of cryptocurrencies which the EURS stablecoin addresses. How? It is directly paired exactly against the Euro itself.
EURS also launched on the London based cryptocurrency exchange DSX on the 4th of July while other large cryptocurrency exchanges are expected to follow soon.

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Long Term Crypto Investors Shouldn’t Worry About These Things

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There is a number of ways people can invest and be a part of the cryptocurrency world. Day trading, swing trading and long term trading are the most common ways in which people invest in the alternative economic system but the extreme volatility of the cryptocurrency world really causes a lot of headache to people with a vested interest in this new landscape. When it comes to long term investors however, the chances of grievances are a lot less if they play their cards right. Here are the things that long term crypto investors don’t necessarily have to worry about.
Cryptocurrency Exchange Hacks
With the increasing adoption of cryptocurrencies, cybercrime has risen. Their new target: Cryptocurrency exchanges. This has been a big problem in the cryptoverse with the Coincheck early on in January being the biggest one yet.
Long term investors can be safe from becoming victims to cryptocurrency exchange hacks. Due to the fact that they’re holding on to their tokens and not trading them, they have no need to store their tokens at cryptocurrency exchanges.
Price Fluctuations
One of the biggest headaches that people who have a vested interest in cryptocurrencies is the volatility of the prices. Bitcoin saw a massive rise in its value in 2017 from being barely over $1000 to being almost $20,000 per unit of BTC. Since then, the price has drastically declined.
For long term investors, this isn’t necessarily a problem. Consider someone who bought Bitcoin when it was $300 per BTC unit. At the time of writing, the price is $6,640 per unit. That’s still a massive 2200 percent profit from when they initially bought their unit.
Fear, Uncertainty and Doubt
Since there’s no backing of an actual valuable commodity for cryptocurrencies, their pricing is solely based on the trust people have placed in them to provide a better economic system than the one we already have. With events like the Facebook and Google ban on cryptocurrency related advertisements, Bitcoin lost 13% of its value within seven days. Despite losses, cryptocurrencies manage to climb back up in value but the fluctuation problem in the immediate sense can give you a heart attack.
Long term investors don’t even have to consider fear, doubt and uncertainty a factor. It doesn’t affect them. They just have to wait it out and let things get back to normal.
Final Thoughts
The key is to really just have a lot of confidence when it comes to the value of cryptocurrencies in the longer run. This is something nascent but definitely looks like something that’s here to stay. The volatility will be there but that does not matter in the long term.