Coinbase will issue fiat loans secured by BTC mix
Cryptocurrency exchange Coinbase announced a lending service in fiat secured by bitcoin. The service will be available to customers in 17 US states. At the initial stage, the maximum loan amount will be $ 20,000 per client, the total amount of funds issued will be limited to 30% of the value of the bitcoins on the balance sheet of the exchange. The deadline for the loan is 12 months with a fixed rate of 8% per annum. Coinbase considers this offer attractive against the background of current alternatives, sometimes exceeding 20% per annum. For example, interest rates on the BlockFi lending service vary depending on the client's risk profile and start at 4.5% per annum. Coinbase allows renegotiation of terms as market conditions change. Clients do not need to spend time filling out questionnaires or going through a credit check. They will be able to receive funds within two to three days. According to Coinbase representatives, this will be a good opportunity for many to cover the urgent need for liquidity without having to sell bitcoins. The service will initially be available to customers in Alaska, Arkansas, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Hampshire, New Jersey, North Carolina, Oregon, Texas, Virginia, Nebraska, Utah, Wisconsin and Wyoming. To do this, you must apply and be on the waiting list. A company representative announced plans to expand assets in the lending service, as well as obtain licenses in other states.
In Germany, securities will be transferred to the blockchain
German regulators intend to introduce blockchain to the securities market by replacing paper stocks and bonds with digital versions. The corresponding bill was presented by the German Federal Ministry of Finance and the Federal Ministry of Justice and Consumer Protection. The statement emphasizes that the adoption and implementation of tokenized securities is one of the key aspects of the government's blockchain strategy. Regulators expect the move from paper to digital will not only improve the liquidity of securities, but also provide better legal compliance. The bill clarifies the regulation of such instruments. The issuance and circulation of tokenized securities will be controlled by the German Federal Financial Supervision Authority (BaFin). The agency will also take over the management of decentralized accounting instruments. Germany has established a new set of rules for regulated financial institutions that may be allowed to sell and store cryptocurrency. Meanwhile, a banking lobbying group of more than 200 private and commercial financial institutions has called for a “programmable” digital euro and a global European payment platform. In turn, the German Federal Ministry of Finance has expressed concern about the growing use of confidential cryptocurrencies due to their BtcNews to criminal activity and difficulties in tracking them.
Layer1 Company Accused of Patent Infringement
Power management company Lancium has accused Layer1 of patent infringement over its electricity demand management model. Backed by Peter Thiel and other investors, Layer1 began mining Bitcoin operations in Texas this February. In May, the company announced that it will start making money by shutting down equipment during periods of peak network loads and redirecting capacity to other needs. To this end, Layer1 has entered into "demand response" contracts with the Texas Electricity Reliability Board (ERCOT), pledging to turn off equipment upon notice and release 100 MW of load to the grid. Due to air conditioners operating at full capacity during the summer months, Texas experiences periods of maximum electricity consumption. At this time, the wholesale prices for electricity in the ERCOT power system are multiplying. In the busiest week of 2019, they jumped from $ 120 to $ 9,000 per MWh. Layer1's annual profit from its willingness to suspend mining was estimated at $ 17 million. However, Lancium is now accusing Layer1 of misusing patented technology to modify power consumption and shut down data centers during peak periods. The company tried to notify Layer1 of a possible patent infringement back in May, according to a lawsuit filed with the District Court for the West District of Texas, but never received a response. Lancium seeks compensation for damages commensurate with the violation of the patented technology, and an indefinite injunction against its further use. It is worth noting that two years ago, PayPal co-founder Peter Thiel supported the crypto startup Layer1. After that, it became known that Peter Thiel's company would raise $ 350 million to create two funds. And in October last year, Layer1, thanks to a $ 50 million investment, was going to enter the mining market.
Vietnam will accelerate the country's digitalization with blockchain
The Ministry of Information and Communications of Vietnam has announced the launch of a project based on the akaChain blockchain, which should help accelerate the country's digital transformation. FPT Software is behind the development of the akaChain blockchain based on Hyperledger Fabric. The project was announced in 2018 as a protocol for launching many products and services for a wide variety of industries. In addition to akaChain, the Vietnamese authorities have chosen several more blockchain-based projects to accelerate digital transformation in both the public and private sectors. According to the Prime Minister of Vietnam, by 2030 the country should enter the top 50 for the development of information and telecommunication technologies, and the top 35 for global innovation. Deputy Minister of Information and Communication Nguyen Thang emphasized the importance of an urgent digital transformation for local businesses: “COVID-19 continues to gain traction and it is more important than ever to do business online. We believe that akaChain will help businesses accelerate their digital transformation by leveraging blockchain-based applications like eKYC (User Identity Solution), credit scoring, loyalty programs and more. "
Riot Blockchain will buy $ 18 million of ASICs from Bitmain
American mining company Riot Blockchain signed a contract with Bitmain to purchase 8,000 Antminer S19 Pro miners for $ 17.7 million. According to the press release, the "sizable order size" has resulted in lower cost of the devices compared to previous purchases. Riot noted that the deal is being funded from working capital. In the first half of the year, Riot mined 508 BTC. In July, the company received and installed 1,000 S19 Pro units under a previous contract, bringing its fleet of miners to 5,000. A batch of 1,040 S19 ASICs has arrived at Riot this month, with another (1,000 S19 Pro units) expected in November. Under the new agreement with Bitmain, equipment deliveries will begin in January 2021 in batches of 2,000 units per month. Riot Blockchain expects that with their completion in April, the company has a hash rate of 1.45 EH / s. It will be generated by approximately 15,040 ASIC miners. Earlier, a contract with Bitmain for the supply of 10,500 units of Antminer S-19 Pro was signed by another mining company from the United States - Marathon Patent Group.
For the first time in the Russian Federation issued a loan secured by cryptocurrency
For the first time in Russia, they issued a bank loan secured by cryptocurrency tokens. As the publication was told in Expobank, the loan was formalized as an individual bank loan agreement, and tokens of the Waves blockchain platform were used to secure it. An escrow mechanism was used in the structuring process. The loan recipient was businessman Mikhail Uspensky. He explained that he is not going to abandon Waves and sell his tokens, "however, they should not be dead weight in your pocket, but should work." According to Alexander Zhuravlev, Managing Partner of the EDB Law Firm, the main issue was the correct qualification of tokens. They at least fall under the definition of "other property", being full-fledged objects of civil rights, he said. “Waves tokens can be absolutely legally used in Russia. There are no restrictions on the circulation of non-payment tokens in our country, ”said the founder of LFCS Yuri Brisov. Tanzila Yandieva, the head of the legal department of Expobank, noted that the transaction is "precedent in nature for both the legal and the banking community."
Whether the US dollar falls or rallies, Bitcoin will explode higher
This Exchange News was brought to you by OKCoin, our preferred Exchange Partner. For the longest time, a common narrative in the Bitcoin market has been that if the U.S. dollar rallies, the price of BTC will fall — just as the price of gold normally trends higher on a weak dollar. Though even COVID-19 and the subsequent lockdowns have ravaged the world economies, forcing the dollar dramatically higher against foreign currencies, Bitcoin has surged higher — as has gold, now at an over-five-year high. A prominent Wall Street veteran expects this unorthodox trend of the dollar and Bitcoin rallying in tandem to continue. The dollar is poised to rally even further than it has, and that’s bullish for Bitcoin Since the start of the year, the U.S. Dollar Currency Index (DXY) — the U.S. dollar’s performance against a basket of foreign currencies — has rallied up 3.5 percent. While for cryptocurrency traders who are used to five percent+ swings a day, this may not sound like a lot. But, considering foreign exchange is a market of literally trillions, 3.5 percent is a massive move. Chart of the Dollar Index (DXY) since the start of the year from TradingView According to Raoul Pal — the former head of hedge fund sales at Goldman Sachs and the CEO of Real Vision — the dollar is poised to continue to surge higher as companies begin to default on dollar-denominated debt due to COVID-19: “BUT THE DOLLAR WILL CONTINUE TO RISE AS DEMAND FOR DOLLARS RISES. AND THAT IN TURN SLOWS GLOBAL GROWTH, MAKING THE DOLLAR SHORTAGE WORSE AND THE SOLVENCY CRISIS WORSE AS CASH FLOWS FALL GLOBALLY, WHICH MAKES DOLLAR IN EVEN SHORT SUPPLY.” To Americans or those who are holding U.S. dollar assets, this may sound like a good thing: a rallying dollar means traveling and buying foreign goods can be done on the cheap. But Pal believes that this could result in the fiat system “breaking,” which would force policymakers to flock for a “Non-US Dollar dominated currency system.” Bitcoin, he has claimed, is a candidate for such a system: “BITCOIN IS AN ENTIRE TRUSTED, VERIFIED, SECURE, FINANCIAL AND ACCOUNTING SYSTEM OF DIGITAL VALUE. […] IT IS NOTHING SHORT OF THE FUTURE OF OUR ENTIRE MEDIUM OF EXCHANGE SYSTEM, AND OF MONEY ITSELF AND THE PLATFORM ON WHICH IT OPERATES,” PAL WROTE IN A RECENT NEWSLETTER. Importantly, Pal added that there is a world in which he’s wrong and the dollar actually begins to trend lower, potentially due to the trillions of dollars being printed to stimulate the global economy. But even then Bitcoin will outperform, as it would likely assume its growing role as a safe-haven trade amid macroeconomic pressures.
Best Bitcoin Mixers in 2020
Bitcoin, no matter how anonymous its representations, leaves a trail to follow, a digital trail that shows who and where a particular Bitcoin transaction goes; and this is where the bitcoin mixer comes in. Bitcoin is anonymous, yes, but to what extent? Most bitcoin exchanges and other buying platforms now require you to provide ID before you can buy bitcoins. (With a few exceptions). In addition, every single bitcoin transaction is recorded on the blockchain, which is a Bitcoin ledger and is publicly available, so when you buy bitcoins and transfer them to other addresses / wallets, these transfers are completely visible and transparent. Hence, who buys bitcoins and where bitcoins are sent is no secret. This is where the Bitcoin laundry services we're talking about come in handy. What is a Bitcoin Mixer? As you might have guessed from the name, a Bitcoin mixer, or Bitcoin tumbler as it is commonly called, “mixes” your bitcoins with a pool of random coins, and then sends you a clean set of coins. This is why bitcoin mixers are also referred to as bitcoin laundry services, they help break the link between your initial purchase / acquisition and the final destination where the coins are sent. This is how they work: you buy bitcoins from source A, send bitcoins to a bitcoin mixer, the mixer adds your bitcoins to its own reserve, and sends you a fresh set of bitcoins from its own reserve that has no reference to your previous transactions. ... In addition, the fresh coins you receive are created by mixing many different pieces of other bitcoins from many different transactions, and therefore, not only a fresh set of coins cannot be associated with you, they cannot be associated with anyone or whatever. -or a transaction. ... Another use of the bitcoin mixing service is that you can send bitcoins from one address to multiple addresses at once with one click. How do we choose these bitcoin mixers? There are over a few hundred bitcoin laundry sites in the industry, so how do we pick and mark one as better than the other, and why do we trust our list? Well, we consider the following factors when evaluating these Bitcoin mixers:
You should know this about the Bitcoin price this week
Bitcoin's difficulty and hash rate are higher than ever as Tumbler prepare for the outcome of the US election. The American Elections Bitcoin kicks off the new week with a small price hike as the Tumbler move into the 2020 United States elections. Today we take a look at the most important factors that can influence the Bitcoin price this week. America takes center stage when it comes to stock Tumbler this week. The November 3 election sets the mood as it becomes clearer which group will rule the White House. Analysts have warned that a Democrat victory could hurt the dollar. The long-term outlook is already shaky. However, the re-election of Donald Trump would not be enough to keep the dollar out of danger, Goldman Sachs said last week. The uncertainty surrounding the elections could therefore well ensure that safe-haven assets such as gold and Bitcoin will start to make substantial profits this year. Is America going to print money again? The strength of the dollar also remains a concern for Bitcoin investors due to the inverse correlation between the Bitcoin price and the US dollar currency index (DXY). While this correlation has become less clear in recent weeks, a sudden weakening of the US dollar could potentially have a positive effect on Bitcoin. In addition to the elections, the new stimulus funds are also an important topic. There are rumors that a new agreement has been concluded. If true, trillions of dollars in liquidity will be added to the burgeoning US debt stack. This money will be given to US residents by, for example, an incentive check. This would also be positive for the Bitcoin price. Europe wants more intervention In Europe, it's all about the European Central Bank's response to the Corona virus. The president of the ECB, Christine Lagarde, told French newspaper Le Monde on Monday that enough financial instruments remain to support the eurozone if necessary. In addition, the ECB's $ 878 billion recovery fund should become a permanent feature. The bank's Coronavirus incentive program amounted to € 1.5 trillion in asset purchases. Lagarde said the following: “The possibilities in our toolbox are not exhausted. If more needs to be done, we will do more. When I took up my position I was told I had nothing left to do, that everything was done. But that was clearly not the case! “ The instability in the eurozone is exacerbated by Brexit. Brexit is increasingly heading for a 'no deal' departure from the United Kingdom. However, when Prime Minister Boris Johnson announced the likely outcome of the trial last week, Tumbler barely reacted to the news. Bitcoin fundamentals are reaching new records The Bitcoin price is moving in a tight zone and sees little volatility. Despite this, signs of strength continue to be seen on a technical level this month. The difficulty, which estimates the competition between miners and network security, is now at its highest level ever. At the same time, the hash rate on Monday also climbed to a new all-time highest average. At the time of publication, the estimated computing power for mining was 146 exahashes per second (EH / s).