Tag Archives: Cryptocurrency

deVere CEO: “I sold half my Bitcoin holdings over Christmas”

As Bitcoin hits nearly $32,000, Nigel Green, the CEO of one of the world’s largest financial advisory and fintech organizations has revealed that he has sold half of his Bitcoin holdings.
 
The revelation from the deVere Group chief executive Nigel Green – one of the first high-profile cryptocurrency advocates – comes as the Bitcoin price hit another all-time high.
 
The world’s largest cryptocurrency by market capitalisation jumped to more than $34,000. The value of all Bitcoin in circulation is now around $492 billion.
 
Mr Green stated: “I have sold half my holdings of Bitcoin as it hit an all-time high.  Why? Because it should now be treated as any other investment –that’s to say, where possible, it’s better to sell high and re-buy in the dips.
 
“The steady gains in the price of Bitcoin has made the digital currency the top-performing asset of 2020, up over 200%. As such, I felt the time was right for profit-taking.”
 
He continues: “There should be no misunderstanding about my decision to sell.  It is not due to a lack of belief in Bitcoin, or the concept of digital currencies – it’s profit-taking now to buy more later.
 
“Indeed, more than ever, I believe that the future of money is cryptocurrencies.”
 
As Bitcoin surged past $20,000 for the first time ever last week the CEO noted that as some of the world’s biggest institutions – amongst them multinational payment companies and Wall Street giants – “pile ever more into crypto, bringing with them their enormous expertise and capital, this in turn, swells consumer interest.”
 
He went on to note that with governments continuing to support economies and increase spending due to the pandemic, investors are increasingly going to look to Bitcoin as a hedge against the “legitimate inflation concern.” 
 
Previously Mr Green observed that inherent traits of cryptocurrencies are ever-more attractive. “These characteristics include that they’re borderless, making them perfectly suited to a globalised world of commerce, trade, and people; that they are digital, making them an ideal match to the increasing digitalization of our world; and that demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.”
 
In addition, a global poll carried out by deVere Group found that nearly three-quarters of high-net-worth individuals will be invested in cryptocurrencies before the end of 2022.
 
The deVere CEO concludes: “Like me, many traders will sell record high prices as an opportunity to sell, so we can expect some pullback on prices in the near-term.
 
“But the longer-term price trajectory for Bitcoin is, I believe, undoubtedly upwards.”

Source: deVere

SEC Obtains Emergency Asset Freeze Charges Crypto Fund Manager with Fraud

The Securities and Exchange Commission (SEC) today announced that it filed an emergency action and obtained an order imposing an asset freeze and other emergency relief against Virgil Capital LLC and its affiliated companies in connection with an alleged securities fraud relating to Virgil Capital’s flagship cryptocurrency trading fund, Virgil Sigma Fund LP. The Commission’s action alleges that the fraud was directed by Stefan Qin, an Australian citizen and part-time resident of New York, who owns and controls Virgil Capital and its affiliated companies.

According to the SEC’s complaint, Qin and his entities have been defrauding investors in the Sigma Fund since at least 2018 by making material misrepresentations about the fund’s strategy, assets, and financial condition.  The complaint alleges that the defendants misled investors to believe their money was being used solely for cryptocurrency trading based on a proprietary algorithm, while Qin and the entities used investment proceeds for personal purposes or for other undisclosed high-risk investments. Since at least July 2020, Qin and Virgil Capital have told investors who requested redemptions from the Sigma Fund that their interests would be transferred instead to another fund under the ultimate control of Qin but with separate management and operations, the VQR Multistrategy Fund LP. The complaint alleges that no funds were transferred and the redemption requests remain outstanding. The SEC’s complaint further alleges that Qin is actively attempting to misappropriate assets from the VQR Fund and to raise new investments in the Sigma Fund.

“This emergency action is an important step to protect investor assets and prevent further harm,” said Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit. “Qin allegedly made false promises to lure investors and then continued his deception to conceal his misuse of investor funds.”

The SEC‘s complaint, filed in the Southern District of New York on Dec. 22, 2020, charges Qin, Virgil Technologies LLC, Montgomery Technologies LLC, Virgil Quantitative Research LLC, Virgil Capital LLC, and VQR Partners LLC with violations of the antifraud provisions of the federal securities laws, and seeks permanent injunctions, including conduct-based injunctions, disgorgement with prejudgment interest, and civil penalties.

The SEC’s ongoing investigation is being conducted by Fitzann Reid of the San Francisco Regional Office and Amanda Straub of the Enforcement Division’s Cyber Unit. The litigation will be led by Susan LaMarca, Ms. Straub, and Ms. Reid, and the case is being supervised by Steven Buchholz and Ms. Littman of the Cyber Unit.

Blockchain, Stablecoins and Gold

Blockchain Technology in the last years aims, among others, to create a new and safe payments system for global transactions that will be fast, secure, cheap, transparent, and decentralized. For that, it’s going to use cryptocurrencies.

The value of most cryptocurrencies, like Litecoin and Bitcoin, fluctuates daily, and while the digital currencies aim to facilitate safer transactions, their values depends increasingly on speculation.

The first wave of crypto assets has failed to provide a reliable and attractive medium of exchangeand/or store of value. Crypto coins suffer from high volatility, limits to scalability, complicated user interfaces and issues in accounting, governance and regulation. Crypto assets have served more as a speculative asset class for traders-speculators and those engaged in illegal activities rather than as a means to facilitate global transactions and payments. Today, new stablecoins have many of the features of more traditional cryptocurrencies but aim to stabilise the price of the crypto coin by linking its value to that of an underlying asset or a commodity.

Stablecoins are increasingly gaining traction as their values are pegged to other assets such as the USD, gold, oil or silver. Stablecoins aim to mimic the same functionality of fiat currencies. A stablecoin is a crypto currency that is pegged to and/or backed by an underlying asset.

Stablecoins enjoy the benefits of a cryptocurrency (security, transparency, privacy, etc.) without the extreme volatility that comes with most of them.

In the last months there has been a “stablecoin invasion.” Numerous stablecoins have been released or are in development all over the world.

Most of the stablecoins are pegged at a 1:1 ratio with fiat currencies, such as the USD or the Euro, which can be traded on forex. Other stablecoins can be backed to other kinds of assets, such as commodities like gold, or even by other cryptocurrencies like bitcoin.

Commodity-backed stablecoins are backed by other kinds of assets, among others gold, silver or other precious metals. Gold is the most common commodity to be collateralized.  Investors and users of precious metals-backed stablecoins essentially hold a tangible asset that has real tangible value. Precious metals have the potential to appreciate in value over time, which gives increased incentive for investors to hold and use these stablecoins.

Blockchain technology now has established itself as a secure accounting method, and with BTC becoming well known to global investors, a new era of gold-backed cryptocurrency is emerging, even countries are looking to issue their own gold-based cryptocurrency.

A coin is issued that represents a certain quantity of gold (e.g. 1 gram of gold equals 1 coin)so that at a minimum the price of the stablecoin will always equal the current gold price. The gold is stored in a safe location by a trusted custodian, and can be traded on exchanges with other cryptocurrencies.

An example of stablecoins backed by precious metals are KAU (Gold Currency) and KAG (Silver Currency) which are the primary currencies of Kinesis. On Kinesis Gold Stablecoins you can find a presentation of Kinesis, a list of articles and other materials about this project, which is evolving into a whole monetary system.

When evaluating gold-backed stablecoins look atthe legal framework concerning ownership and storage of the gold: it is important to make sure that you own the physical gold.

There are also stablecoins backed by other cryptocurrencies. This allows the stablecoins to be much more decentralized than their fiat-backed counterparts, since everything is conducted on the blockchain.

Finally, there are also non-collateralized stablecoins that are not backed by anything, which might seem contradictory given what stablecoins are. These types of coins use an algorithm to control the stablecoin supply.

Paying with Bitcoin: What You Need to Know

Cryptocurrency, especially Bitcoin, continues to rise in popularity despite its value’s volatility recently; and if you are looking to use bitcoin to pay for things, you have to take due diligence in knowing how to do it, where you can spend, buy cryptocurrencies, or earn bitcoins, the best trading platform, and what the risks and advantages are.

How do you pay with bitcoin?

First, you need a bitcoin wallet. There are free bitcoin wallets available for smartphones and all major operating systems. Just like with a physical wallet, you must always secure it – this means being careful with online services, putting backup and encryption, and putting just small amounts in it for everyday use.

A very common use for bitcoin is for online purchases. Today, there are hundreds of retailers and online shops – even local businesses – that accept bitcoins. Bitcoin can be used to purchase gift cards, videogames, household items; you can also use it in tipping and donating to charity. There are different ways to pay using your bitcoin. You can pay using your wallet or app, via QR code, or pay directly to a bitcoin address. Making a blockchain payment is fast and convenient – and you do not need to key in sensitive information when making a payment.

What are the advantages?

  • Anonymity. Your purchases are discrete with bitcoin, which means they are never associated with your personal identity. In fact, the bitcoin address generated is different for every purchase you make.
  • Low Transaction Fees. Since there is still no government involvement in bitcoin transactions at this point, the costs of transacting are very low.
  • Mobile. Since paying with bitcoin can be done using an app on your mobile phone, you can pay for our purchases anywhere you are as long as you have internet access.
  • No interruptions. Since the bitcoin system is purely peer-to-peer, it is void of involvement of banks, financial institutions, and the government.
  • No Sales Taxes. One major advantage of paying with bitcoin is that no sales taxes are added in your purchases since there are no third parties identify or track them.




What are the risks?

One thing that you need to understand is that bitcoin, no matter how popular it has become at this point, is still experimental. Getting into bitcoin now can mean that you have to deal with the growing pains as it still at the stage in which it is still improving and such improvements may bring about new challenges.

Bitcoin price very volatile. You should look at bitcoin as a high risk asset and you must not keep your savings with bitcoin at this point.

You must adopt good practices in protecting your privacy as bitcoin is not entirely anonymous. Your identity behind the bitcoin address you’re using may be anonymous, but transactions and balances in your address can be seen by anyone.

Bitcoin payments cannot be reversed, so only transact with people you trust and business that have already established their reputation. Beware of scams, fake ICOS, and fraudulent activities.

Moreover, bitcoin purchases are not taxed at the moment since there is no way for third parties to identify, track, or intercept transactions that use bitcoins.

Contact us at Hogan Injury for expert legal advice.

None of the content on Hoganinjury.com is legal advice nor is it a replacement for advice from a certified lawyer. Please consult a legal professional for further information.

FinSafe Welcomes the New Kind of Traders

Although the cryptocurrency topic seems to have firmly entrenched in headlines all across the world, the process of working in this market (especially for professional traders from traditional markets) remains somewhat of an experiment and a niche challenge for a few brave ones. However, one team claimed that they have found a way of moving the market closer towards new rules of the game, while also making cryptocurrency trading more attractive for traders with a traditional stock market background. This team is FinSafe – a professional crypto-trading platform which combines best practices and tools from both the traditional and crypto markets.

According to Victor Murga, CEO of FinSafe, to date the crypto-market has successfully survived the time of 100Xs, hopes for quick profits and continuous growth. With full certainty, we can say that we have passed the phase of the Gold Rush and are entering that part of the story where having ordinary luck is no longer enough. If you are a pro trader, you need to work and work hard.

However, while the market itself has already undergone changes, working conditions change very slowly. An average trader is working as if they live in 2016-17: scattered crypto-exchanges, the lack of convenient tools, and the dependence on the movement of the largest whales. On the other hand, traditional markets with established rules and approaches strive and prosper because traders have all the necessary tools for comfortable work. These people have real capital, but entering crypto-markets is simply uncomfortable and inconvenient for them.

FinSafe is here to change the current situation.

Unique Trading Proposition

Victor Murga, CEO of FinSafe

Due to several exclusive features, FinSafe proposes a solution radically different from other crypto projects. Firstly, no other solution on crypto market combines trading charts, indicators, cross exchange consolidated order book, smart order routing, market screener, real-time industry newsfeed, multi-screen (monitor) fully customizable layouts, fast order execution, and post-trading analytics. It’s our team’s main goal for the launch. According to the team’s statements, FinSafe is creating a truly unified tool that is equally convenient for both traders within crypto market and professionals from Wall Street. Traders will be working in an environment where the system provides relevant news, analytics, and key data, reducing the need to scour the internet for additional sources of information. Put simply, they will have just one piece of software that will replace everything they have ever used before.

Secondly, FinSafe will help crypto become more solid and credible currency in traditional traders’ eyes. How? Because of its stand-alone software. By connecting directly to the main exchanges like Binance, Bitfinex, Coinbase Pro, Huobi, HitBTC, Poloniex, Kraken, and Bitstamp, and integrating their APIs into FinSafe software, traders would be able to buy and sell their assets without the hassle of logging anywhere else but FinSafe platform. Besides, all operations can be visually monitored, helping traders to react if whales make a run on the market or other significant events that can affect trading profitability occur.



At the moment, FinSafe is focused on working in two areas. First is the development of a whole range of products, which are parts of the platform. For some of them, the company already has fully working MVPs. Others are in the conceptual phase.

The second direction is an SEC license. Once FinSafe has secured it, they will be ready for takeoff. Other licenses for the EU market can be acquired with less difficulty. Workaround will be created for the Asian region and the rest of the world as well.

eToro FX broker announced has just added IOTA for trading

Now available for trading on eToro, the IOTA coin is another interesting addition to the platform’s ever-growing selection of crypto. With multiple uses as an Internet of Things (IoT) platform and quite a bit of attention from the blockchain and cryptocurrency communities, IOTA presents an alluring trading and investing opportunity to some.

What is IOTA?

IOTA is a platform designed for enabling fast communication and transactions for IoT platforms. As more household items, cars and other products become connected devices, the need for a reliant protocol to mediate between them is on the rise. For example, in the near future, a smart fridge could “sense” that you are running low on orange juice and autonomously order more from your grocery store. This scenario requires a platform that could both relay the messages between the machines and take care of the financial aspect of the transaction.

And that is what IOTA is trying to do. Its Tangle technology enables multiple devices to communicate on a vast network that actually becomes stronger as it grows. Unlike traditional blockchain platforms, IOTA does not have miners, or specific nodes that verify transactions, but rather, each device that processes a new transaction is first required to verify a previous one and register it in a public ledger. The network’s overall processing power actually grows as more devices join it, while in most other blockchains, more network members could lead to latency and growing transaction processing times.

The creators of IOTA set out to make a network that has no transaction fees and is extremely scalable. Its unique architecture is designed to do just that, using the process described above. Moreover, since to buy a single IOTA token would cost fractions of a cent, it is quite easy to process even the smallest of payments (microtransactions) – another important feature for an IoT platform.

IOTA vs Bitcoin: Main differences

IOTA is quite different than other cryptos. To highlight these differences, here are a few key factors that separate it from the world’s first cryptocurrency, Bitcoin:

  1. Scalability: Bitcoin relies on a blockchain network, which requires miners to process transactions. These miners compete amongst themselves to be the first to make the calculations necessary to approve the transaction and the winner earns a small fee in return. With its Tangle architecture, IOTA eliminated the need for miners by making each device responsible for processing its own transaction and the one requested by the device before it. This minimises transaction times and accelerates the network’s speed as it grows.
  2. Microtransactions: Each Bitcoin is worth quite a bit, with its value reaching thousands of dollars. Therefore, it is counterproductive to use it for transactions which require a small amount of money, as the transaction fees could outweigh the price of the services or goods exchanged. In contrast, a single IOTA is valued at fractions of a cent, so it is easy to use it to make small transactions (such as the orange juice example used earlier). In fact, those wondering how to buy IOTA will find that the IOTA coin price is so insignificant, that exchanges trade it in units of millions (MIOTA).
  3. Quantum computing resistance: While there are still no functional quantum computers in existence, the scientific community is mostly in agreement that they will eventually be introduced, with computing power that is massively greater than that of current computers. While, to this day, no blockchain network has ever been hacked, it is presumed that a quantum computer used by malicious entities could theoretically do so. However, IOTA founders claim that they designed their network in such a way that is much more resilient to such an attack.

What drives IOTA’s price?

Being both a cryptocurrency and an IoT platform, the IOTA chart is subject to various factors that can move it in any direction. For example, if the entire crypto market is on an upward trend, it could lift the IOTA price as well – and vice versa. In contrast, if the market is on a downtrend due to a negative perception of blockchain platforms, that could potentially be beneficial for IOTA, since it is not a blockchain platform per se.




On the IoT front, developments relating to the industry, its adoption by a popular sector, or events relating specifically to IOTA, such as a partnership with a high-profile company, could also influence its price. In addition, IOTA’s infrastructure is entirely original, not relying on any previous blockchain/cryptocurrency code. While this could be perceived as an advantage, there have been times when criticism of the platform impacted IOTA’s price.

Trading IOTA on eToro

Since being launched in 2015, the IOTA cryptocurrency has gathered a following and established itself as one of a handful of cryptos whose market caps are in the billions. Making its way into the top 10 ranking, IOTA is popular among many traders and investors. Now, IOTA is also part of eToro’s cryptocurrency selection, and traders and investors of the eToro community can add it to their portfolios.

Project Oblio: Mobile Populism is giving away cryptocurrency to anyone with a brain

By every measure there has never been a more exciting time to be alive than right now. In 2018 our world faces real challenges, but also immense opportunity. Our world is globalizing, and digitising. At the heart of this is emerging technologies like blockchain, and the promise it offers.

Within neuroscience, medical professionals aspire to make a very compelling contribution.

Though our world has indeed become more culturally and economically borderless than anytime before in history, when it comes to building ties those closest to us have long been overlooked. Governance remains impersonal and inefficient. It’s ‘analog’ existence undermining efforts of so many Americans ready to advance in good faith, and work in good will to find common ground.

These efforts are frustrated because voting is centralised. Flowing up to Washington, instead of flowing through America. That’s why Project Oblio: Mobile Populism is so inspiring. It doesn’t seek just electoral college reform, but total voting reform. To put power back in the hands of everyday Americans. To see voting via blockchain become a true one-person-one-vote system.

Equality that a democracy aspires to, equality as it should be – and equality as it finally will be.

Mobile Populism Giveaway

THE SECRET SATOSHI DOESN’T WANT YOU TO KNOW

We live in an era where the wealth gap is steadily increasing. Cryptocurrency represents humanity’s best chance of closing it. It is astounding to consider that a cryptocurrency with a fair and balanced distribution scheme has not yet been conceptualized, given the deleterious effects of the wealth gap on our lives.

Project Oblio: Mobile Populism has been under construction since 2015 and is best explained and understood by reference to the EOS cryptocurrency.  The main difference between Oblio and EOS is that here, votes for block-producers are based on a potentially-anonymous and fluid biometric trust level.

EOS rate-limits transactions at the smart contract level, whereas Oblio limits them at the user-level. EOS votes based on wealth, Oblio requires a minimum biometric trust level for voters to take action. With Oblio, block producers can be voted in and out based on their personality, not on the quantity of tokens in their possession.

Cryptocurrency exchanges which rely primarily on automation with their wallets are the ones which pay the most in user fees. Nevertheless, these fees are unlikely to amount to exceed those of competing blockchains; automated transactions comprise ~99% of transactions anyway. With humans engaging in such a miniscule amount of transactions themselves, distinguishing between a person sending money to a friend, and a segment of artificial intelligent being put to work for a business, has become a challenge. Fortunately, we believe we can overcome that challenge.

The real secret Satoshi doesn’t want you to know? The slight catering towards CPUs (“one-CPU-one-vote”) is what causes blockchain fees, and prevents true adoption.  The same goes for any consensus algorithm relying on token-based wealth.

You’ll soon use the OBL (the abbreviation designation for the ‘Oblio’ coin) that you collect here to send payments to your friends and family at no additional cost. In fact, with Oblio, any smart contract which you want to access is well within the realm of being a feeless transaction.

We’d like to remind you, Project Oblio is a research experiment!

We’re a small, but passionate team of neuroscientists from Columbia University, Duke University, University of Pittsburgh, Universidade Católica Portuguesa, and Rutgers University. We’re proud to share with you a product called ‘vybuds‘; a pair of affordable and high-quality bluetooth music headphones. We’re designing them to (almost-definitely) receive and process commands from facial movements, and potentially boost focus and memory. Our first prototype is sufficiently inexpensive for people to afford and will eventually generate wealth for Project Oblio in the form of biometric brainwave and/or muscle signals. Read more about our liveness-detection algorithm applicable for voice data, brainwave data, and selfie video data.

Unfortunately, the tech underlying vybuds is inadequateAs such, following the conclusion of our airdrop, we’ll be launching a proof-of-address crypto-kickstarter to facilitate the shipment of our prototype vybuds. We’re also planning to make a 3D-printable version of vybuds open-source; most importantly, we are presently in the process of developing a new, peer-reviewed, open-source, multi-channel EEG/tACS/music-headphone ASIC. This chip will be used to enhance the self-funding of proposals, methods, data, publications, and replications of  decentralized neuroscience.

AIRDROP PROCEEDINGS

When science gets too entangled with money, bad things can happen. So, we’re collecting information about each of our users to make sure everyone gets only one allocation, and nobody can corrupt our results. We’re also taking almost none of the initial supply, compared to other blockchain projects.

Project Oblio is GIVING AWAY the vast majority of its initial supply of currency. Visit www.projectoblio.com/airdrop to learn more!

Contact Detail: s@projectoblio.com

What is An Initial Coin Offering (ICO’s)

An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin.

Initial Coin Offering means that someone offers investors some units of a new cryptocurrency or crypto-token in exchange against cryptocurrencies like Bitcoin or Ethereum. Since 2013 ICOs are often used to fund the development of new cryptocurrencies. The pre-created token can be easily sold and traded on all cryptocurrency exchanges if there is demand for them.

Many view ICO projects as unregulated securities that allow founders to raise an unjustified amount of capital, while others argue it is an innovation in the traditional venture-funding model.

Several projects used a crowdsale model to try and fund their development work in 2013. Ripple pre-mined 1 billion XRP tokens and sold them to willing investors in exchange for fiat currencies or bitcoin. Ethereum raised a little over $18 million in early 2014 — the largest ICO ever completed at that time.

Bitcoin technical analysis

Bitcoin is in a clear bullish path and soon will challenge the all time high area at 4921. It looks like the Catalonian leader speech add more confidence to the buyers, and sent the cryptocurrency to new daily highs. Bitcoin is trading above the 50 day moving average and after today’s run gives a clear signal that is ready to break the all time high.