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BV Prime

Video Application That Will Reward Users With Cryptocurrencies


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.

BV Prime

Goldman Sachs CEO Says Denying Cryptocurrencies is Arrogant


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.

BV Prime

State Government in Australia Invests in Tourism Crypto Startup


There has been yet another major move made by Australia in the world of blockchain. Queensland is the third most densely populated state and the second largest state in size on the continent/country. The state government of Queensland is looking forward to give a grant to a crypto based startup company that focuses on tourism. The officials from the state government believe that this move will massively help boost tourism in Queensland.
The announcement was made on Wednesday by the state government of Queensland on their official website. The announcement revealed that a grant of AUD$8.3 million will be given to 70 different companies in Queensland. The funds will be given to these companies so that they can make blockchain based innovations for the state.
The announcement particularly highlighted the startup business Travelbybit, which is in Queensland. That will be, for all intents and purposes, the headliner for this major move. It has been dubbed as the startup company that will attract more and more tourists to Central Queensland. People will be able to use cryptocurriences to make online sales of travel experiences.
Tourism is The Most Important Industry
This move by the government of Queensland is only logical. The country of Australia is planning to establish a technologically advanced government by 2025. Making major moves like this allows Queensland to align their goals with the country’s goal of moving forward.
Tourism is one of the most important industries of Queensland. TravelbyBit has come up with a very good way to make it easier for tourists to pay for their purchases. The number of businesses accepting payments through the services of this startup is increasing.
TravelbyBit is essentially a point-of-sale cryptocurrency payments application. More than three dozen local businesses, resorts, restaurants, and tour operators are using this in the Agnes Water area. This town is also being dubbed as the first digital currency town of Australia. The very welcome sign for the town has labels of different cryptocurrencies like NEM, Litecoin, Bitcoin, Bitcoin Cash, and Ethereum on it.
As of now, TravelbyBit is focusing on specific cities to introduce the system that it has. They’re making use of cryptocurrencies to make it easier for people coming into cities like Bundaberg to book their holidays. The government of Queensland is investing in the company to make it bigger. They want it to grow larger in scale and create more jobs in Queensland. It has that much potential.
The government of Queensland is going to give a grant of AUD$100,000 to this startup, which will allow the company to revamp. There will be an expansion to add more merchants to the list of over 150 already registered merchants across the country.
The startup is not just stopping there. It has been enabling several retailers at the airport in Brisbane. They are now accepting cryptocurrency payments from travelers arriving or departing from the terminals now. Brisbane airport is the third largest in the country. It is also one of the busiest.
The CEO of TravelbyBit has even announced plans to add Binance Coin. This will increase the number of cryptocurrencies being accepted by the PoS platform. The CEO, Caleb Yeoh, has stated that the funds being given to the crypto startup will be used for the purpose of development. They will grow their team further and start to accept more cryptocurrencies in the future.
The startup has big plans and all of these align with Australia’s move for a blockchain based future. The state government’s announcement is a result of major blockchain movements made by the Australian government.

BV Prime

Imports of Cryptocurrency Mining Equipment Suspended in Vietnam


According to the local news agency in Vietnam called Viet Nam News, July 19th saw the announcement by the Vietnamese central bank the State Bank of Vietnam that they will be placing a band on the imports of all cryptocurrency mining hardware effective immediately.

This is not a surprising move to a lot of people in the country as it comes in the light of the Ministry of Industry and Trade suggesting a temporary ban on imports of cryptocurrency mining hardware. Their proposal came because of the exceedingly overwhelming volume of hardware being brought into the country through Ho Chi Minh, Da Nang and Hanoi was almost 160,000 units from last year up until April of 2018.

Trinh Dinh Dung, the Deputy Prime Minister had asked the Ministry of Industry and Trade, the Ministry of Finance and the State Bank of Vietnam to get a statistical study done on the imports of cryptocurrency mining hardware based on the regulations they had in place at the time. The Deputy Prime Minister asked them to provide suggestions and guidance based on what they found.

The Viet Nam News reported that the suspension of imports of cryptocurrency mining hardware imposed by the country is aiming to improve the flow of currency within the country. The use of cryptocurrency mining equipment makes the process too complex. This ban is also part of the country’s efforts to make sure that the cryptocurrencies do not become an alternative means of transaction in the country to their traditional fiat currency. This is also actually why the use of cryptocurrencies for transactional activities was declared illegal in the country last year.

The Ministry of Finance in Vietnam also proposed a temporary ban on imports of cryptocurrency mining hardware back in June because of the fact that the cryptocurrencies being mined made it difficult for them to regulate the increasing flow of the digital assets. The proposal by the Ministry of Finance in Vietnam was based more on the protection of citizens from cryptocurrency scams. Considering the fact that there was a scam worth an alleged value of over $650 million taking place in April, it is not so surprising that regulatory bodies have sprung into action in Vietnam. The two ICOs involved in the cryptocurrency scam were both headed by an outfit based in Vietnam.

Vietnam is looking to poise itself better so that it can get the cryptocurrency revolution under control before it gets out of their hands.

BV Prime

Federal Reserve Chairman Says Cryptocurrencies Have No Intrinsic Value


The new chairman of the Federal Reserve in the United States has declared his stance on the world of cryptocurrencies and made it clear to the US House of Representatives where he stands. He is of the opinion that cryptocurrencies have no intrinsic value in and of themselves. They are not really used all that often as a means of transaction and they do not represent a great store of value. He feels that all they are good for is laundering money. The new chairman also shrugged off the idea completely that cryptocurrencies could actually pose a threat to the country’s financial stability because of where it stands right now.

Jerome Powell’s Testimony

Jerome Powell, who took office for the position of the chairman of the US Federal Reserve back in February of 2018 was asked some questions about cryptocurrencies in his testimony before the House Financial Services Committee on the 18th of July.

This committee oversees the issues related to the economy of the United States, the housing, insurance, banking system, monetary policies, exchanges, securities, international finance, international monetary organizations and all the efforts being made to fight terrorism all over the world.

Among the committee is the US Representative and the vice chairman of the committee, Patrick T. Mchenry. Mchenry asked Powell to give his views about the advent of cryptocurrencies to the US House Financial Services Committee. The response of the chairman saw him declare that there are no significant risks being posed to the unsophisticated investors that see the price of cryptocurrencies going up and assume that it is good for them. He says that it looks promising only on the surface and it holds no true value of its own. He elaborated on this by saying:

“Cryptocurrencies are great if you’re trying to hide money or if you’re trying to launder money…it doesn’t really have any intrinsic value so I think there’re investor or consumer protection issues as well.”

As far as whether or not cryptocurrencies are even currencies in his books, he claimed that cryptocurrencies cannot possibly be currencies.

“If you think about what currencies do, they’re supposed to be a means of payment and a store of value, basically. And cryptocurrencies…they’re not really used very much in payment. Typically people sell their cryptocurrencies and then pay in dollars. In terms of a store of value, you know, look at the volatility and…it’s just not there.”

That and the fact that the most recent BIS report among other things highlight the risks associated with cryptocurrencies and he feels that the responsible authorities for the regulation of cryptocurrencies should take the due action.

BV Prime

G20 Cryptocurrency Guidelines Highlighted Before Summit


The G20 Summit is an international forum that brings together all the leaders of major economies from all over the world to one platform in a bid for more prosperity moving forward. Cumulatively, the organization has the aim to make the kind of policies that will help the global economy.

March of 2018 saw the G20 leaders meet in Buenos Aires in a summit which saw discourse on topics like the growing importance of cryptocurrencies and other digital assets in the global economic system. The Financial Stability Board, which is the organization that coordinates and monitors all the regulatory proceedings in the world determined that cryptocurrencies at the time do not pose any threats to the stability of the global economic stability.

The thing is that there was not even a snippet of regulatory actions being discussed at the G20 in March. Instead of offering what regulatory measures they intended, the leaders made it known that meaningful regulatory guidelines will be there for July and with a few days to go, the Financial Stability Board has issued guidelines for the regulation and monitoring of cryptocurrencies.

Framework for Monitoring Cryptocurrencies

According to their report, they did say that cryptocurrencies currently do not pose a threat to the stability of the global economy right now. That being said, their rapid proliferation has to be kept in check, especially the ways in which the cryptocurrency world can make an impact on the long-standing economic structure of the world.

With their issuance of the framework, they want to track any and all financial stability concerns that may come up in a timely manner. Keeping that in mind, the FSB will be monitoring a lot of critical data including:

  • Volatility comparators
  • Confidence effects
  • Payments and settlements
  • Basic market statistics
  • Market capitalization
  • Institutional exposure

Other than that, the FSB also plans to monitor the incidents of fraud in the cryptocurrency market and what impacts it can have on the cryptocurrency world.

Of course, outlining the framework for their monitoring and regulatory oversight is one thing and actually being able to do it is another. It will be quite the challenge for them to take on. The FSB understands the fact that the actual monitoring is going to be much tougher:

“Given that the proposed monitoring metrics are mainly based on public data, it should be stressed that the quality of the underlying data can vary, and might not always be satisfactory.”

These recommendations by the FSB were sent to the participants of the G20 for their consideration. The summit which is soon to take place will be able to provide a more detailed understanding of how each of the participating nations respond to these guidelines and how they plant to implement them.

BV Prime

A $40 Million Theft Which Never Happened


2018 is a year that will forever be remembered as one with the most thefts in the world of cryptocurrencies. With a few months in the year still left to go, at least $1,000,000,000 of damage has been done in the form of thefts, with numerous cases of digital assets being stolen throughout the first half of the year. For anybody who has been keeping up with the news from the cryptocurrency world, this valuation of the amount of money stolen throughout 2018 seems to be a very conservative number. From the $530 million worth of NEM tokens being stolen from Coincheck, the huge cryptocurrency exchange based in Japan, to the $152,000 theft at Myetherwallet.com, there have been a plethora of cybercrime incidents involving cryptocurrency tokens.
The $40,000,000 That Was Never Stolen
2018 gets even more interesting when it comes to the alarming rise in cryptocurrency thefts. With news of cryptocurrencies being stolen left right and center, there was one particular incident of Bitcoin theft that has really caught the attention of the world.
32 year old Ted Price, resident of Hatfield County in Pennsylvania was arrested earlier this year for allegedly having stolen an insane $40 million worth of Bitcoin. The ‘who’ was pretty clear in the matter but questions related to the ‘when’ and ‘where’ were not a matter of concern for the prosecutors when they sentenced him for such a huge heist.
The interrogation which went for hours at length saw Price confess to having developed the kind of malware which diverted bits and pieces of Bitcoin being mined into his own account. It was also during the interrogation where he ‘confessed’ to having developed software that would hack digital assets for foreign governments. That should have been enough for the prosecutors to understand that he was not mentally sound, and had more to say. He apparently also said that he kept multiple fake passports and private planes on standby in case he needed to make a quick exit. The prosecutors believed every word. He was charged by the district court immediately for the $40 million theft and that’s something they would soon regret.
Ramblings of a Madman
Further investigation after the fact revealed that the 32 year old man lived in his parent’s basement, he had previously spent time in mental institutions and that he was on Oxycodone throughout the interrogation.
The mentally unstable man knew a bit about technical jargons, which he used to baffle the authorities. They believed every word that he said without thoroughly checking for the facts just because they couldn’t really comprehend the same level of technical understanding that he looked like he had.
Price was released after three months of time served. There was no money stolen. The only theft he actually did pull off was the theft of his girlfriend’s father’s credit card which he used to make a $150 purchase for his own dad. Nothing more.

Makena Kelly / The Verge

Sources: nonprofit financial platform Stellar in talks to buy Chain, a startup building blockchain tech for the finance industry, for $500M in Stellar’s Lumens


Stellar In Talks to Acquire Blockchain Startup Chain

The cryptocurrencies, Bitcoin, Litecoin, Ethereum, Dash, Ripple and Monero represented in Hong Kong.
The cryptocurrencies, Bitcoin, Litecoin, Ethereum, Dash, Ripple and Monero represented in Hong Kong.
S3studio—Getty Images


June 20, 2018

Stellar is in talks to acquire Chain, the San Francisco-based startup building blockchain technology for the financial industry, according to people familiar with the deal. Fortune understands the sale price to be $500 million in Stellar’s digital currency Lumens.

Chain previously raised more than $43 million in venture funding from investors including Khosla Ventures, RRE Ventures, Blockchain Capital, Pantera Capital, Nasdaq, Visa, Citi Ventures, Thrive Capital, BoxGroup, and Haystack.

Chain’s backers will receive payment in the form of Lumens, which they should be able to hold or sell immediately after the transaction, Fortune understands.

Lumens were created by Stellar, a company founded in 2014 by Ripple co-founder Jed McCaleb. Stellar Lumens (XLM) is the seventh most valuable cryptocurrency with a market cap of more than $4.3 billion. This week, the cryptocurrency was approved by New York financial regulators to trade on the itBit exchange.

With funding from payments company Stripe, Stellar’s blockchain technology is now used by companies from messaging startup Kik to IBM, which use Lumens to send payments between countries in the South Pacific region.

The pairing makes sense — Stellar has the money, and Chain has the engineering talent. One source familiar with the deal said it is likely in response to the heated battle for top developers between crypto companies.

It’s still unclear how Stellar will incorporate Chain into its ecosystem, whether Chain will continue building its existing products, and whether Chain CEO Adam Ludwin will stick around. Fortune has reached out to both companies for comment.