October 2017 - Page 6 of 6

BlackRock Exec: No Point in Bitcoin ETF

An executive for the world’s largest asset manager said this week that he doesn’t see the case for a bitcoin exchange-traded fund (ETF).

Speaking with Bloomberg on October 3, Mark Wiedman, who serves as Global Head of iShares and Index Investments for BlackRock, was asked about his views on the prospects of a cryptocurrency-tied ETF. A number of firms have attempted to launch such a product, but to date the SEC has been largely dismissive of the concept, issuing notable rejections in the public and, in other cases, prompting some bitcoin ETF backers to withdraw their efforts.

Wiedman said in the interview that he doesn’t see it happening, citing other ETF-related products that the firm would encourage clients to hold “in perpetuity.” In the case of bitcoin, Wiedman said that he “would not encourage a client to hold bitcoin in perpetuity.”

On the question of an ETF specifically, Wiedman went on to say:

“I don’t quite get the point of a bitcoin ETF in any case, because we’re talking about…trading products that are difficult to access. If bitcoin is ever successful – and again not my thing but – I wouldn’t recommend it. But if it were [successful], why would you need an ETF to access it?”

Wiedman isn’t the only BlackRock executive to comment on cryptocurrencies this week.

That same day, BlackRock CEO Larry Fink was quoted as saying that he is a “big believer” in the potential of cryptocurrencies. That said, he took aim at the speculation in the market and suggested that cryptocurrencies are being buoyed by money laundering.

Image via YouTube/Bloomberg

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

GAW Miners CEO Held Liable for $9.8 Million Judgment in SEC Case

A US federal judge has signed off on a final judgment against Homero Josh Garza, the CEO of the now-defunct cryptocurrency mining firm GAW Miners.

The judgment, entered on October 4, comes less than two years after the Securities and Exchange Commission (SEC) first filed suit against Garza, GAW Miners and ZenMiner, a related firm. Garza was accused and charged with violating securities laws through the offering of so-called “Hashlets,” or “virtual miners” which were sold to customers through an internal exchange.

Today’s judgment follows a guilty plea from Garza, given in July, in a related criminal case pursued by the U.S. Justice Department. Garza plead guilty to a single wire fraud charge and faces sentencing early next year.

In the SEC’s civil case, Garza has been held liable for $9,182,000, an amount that the court order said will be “deemed satisfied by the order of restitution that will be entered against him when he is sentenced in the related criminal case.” It comes after the agency won a default judgment against GAW Miners and ZenMiner for $11 million in disgorged profits and civil penalties.

GAW Miners, prior to its collapse, previously offered hosted mining services. It later moved into the cloud mining business, through which customers can purchase hash power generated by hardware owned by the miner. But in the case of GAW, the firm didn’t actually possess as much hash power as it sold – prompting a harsh rebuke from federal prosecutors in their original complaint from December 2015.

“Though cloaked in technological sophistication and jargon, defendants’ fraud was simple at its core – defendants sold what they did not own, and misrepresented the nature of what they were selling,” they wrote at the time.

Image via Shutterstock

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PR: Blockchain Pioneers In Trade Finance ModulTrade LaunchToken Pre-Sale To Open Global Trade For Small Enterprises

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

ModulTrade, one of the first blockchain projects in the trade finance sector, comes to market with a new digital trade concept, to allow small businesses from around the world to trade efficiently, securely, and with ease. A smart-contract based Eco-system, ModulTrade will provide micro, small and medium enterprises (MSME’s) with a comprehensive range of services, minimize traditional charges and support cross-border trade with emerging markets.

While mainstream institutions have rested, the London based company has identified the struggles and barriers MSME’s face with the current banking system, and have undertaken the first steps in laying down the foundations to utilize blockchain technology to build a robust Eco-system that is fit for purpose.

ModulTrade’s proposition leads the way in using blockchain technology, famously known for supporting the creation of digital currencies, to its full potential, and applies the ground-breaking lesson of the distributed ledger to trade, leaping over legacy systems and operations.

Within the ModulTrade Value Eco-system, millions of MSME’s will be connected to meet, commit and execute trades. Businesses will be matched with suppliers, with funds and reputation verified and clear trade ledgers, as goods are tracked to the point of delivery. As a result, building trust and transparency, all the while expanding their reach further than currently possible, widening MSME’s status from local to global.

A disruptor in the market, the innovative core of ModulTrade’s proposition will democratize global trade by connecting the heart of blockchain technology to real life trade transactions, diminishing the lengthy letters of credit process, which often results in the end of the trade cycle for many MSME’s. With decisions made automatically through its’ smart-contract technology, ModulTrade’s Value Eco-system will completely streamline the full trade process, saving time and money.

Combining the development of ModulTrade’s Value Eco-system with the launch of the new ModulTrade crypto token (MTRc) will provide the golden ticket to buy and exchange directly within the platform. Architected on Ethereum and complying with the widely-accepted ERC-20 token standard, users of ModulTrade will be able to exchange value in real-time. MTRc will also be compatible with all ether wallets and can be easily added to common crypto-exchanges for trading.

With an average of 20 years of experience in financial trade, the ModulTrade team have joined forces to revolutionise the industry, with a shared passion to re-invent the way MSME’s operate and trade. On the concept, Evgeny Kaplin, ModulTrade CEO, commented: “We are passionate about giving all businesses, no matter their size or location, the same opportunities to build, develop and grow their companies akin to big corporations.

Our proposition aims to increase accessibility and minimise costs, and with smart-contracts and blockchain, we can mimic traditional banking systems, but at a transaction fee of as little as 1%; compared to current charges at 4-15%. Through our token sale, we want to empower MSME’s and with the support of participants, we hope to make the ModulTrade concept a reality.”

ModulTrade rises above others by creating opportunities for not just users of the eco-system, but also added benefit to the ongoing development of the technology and provides a networking platform for service providers.

The launch of ModulTrade’s token sale provides a means to scale out the current beta pilot and go global with a message of transformation and opportunity for all businesses, whatever the size, wherever the location.

For more information, visit https://modultrade.io/. ModulTrade pre-sale started from 03 October 12:00pm CET. Main sale date will be announced.

Disclaimers
MTRc’s are tokens in ModulTrade’s blockchain-based platform and value eco-system.
They are not refundable, nor are they securities, or for speculation. There is no promise of future performance. There is no suggestion or promise that MTRc has or will hold a particular value. MTRc’s give no rights in the company and do not represent participation in the company. MTRc’s are sold as a functional utility. Any value received by company may be spent without conditions. MTRc’s are meant only for experts in cryptographic tokens and blockchain-based software systems.

ABOUT MODULTRADE’S TOKEN SALE
Token Symbol: MTRc
Pre-sale price: 1MTRc = 1ETH/700
Token sale price: will be not less than 1MTRc = 1ETH/700 and determined 2 weeks prior to main

Token Sale
There will be a limited supply of 100 million MTRc in total. 40% will be distributed during Pre-Sale and Token Sale
● up to 10,000,000 MTRc will be distributed during a Pre-Sale
● up to 30,000,000 MTRc will be distributed during a Token Sale
Unsold MTRc tokens offered for sale will be destroyed and no more distributed after the Token Sale ends.

Timeline
Pre-sale started on October 03, 2017
Token Sale starts in November, 2017
Soft cap 15’000ETH
Hard cap to be announced 2 weeks prior the Token Sale

Accepted currencies
ETH & BTC & Fiat currencies

Bonuses structure
Discount # of tokens to be sold
Pre-sale 40% 10,000,000
Token sale Phase 1 25% 6,000,000
Phase 2 15% 7,000,000
Phase 3 10% 8,000,000
Phase 4 0% 9,000,000
+5% discount for the amount from 100 ETH
+10% discount for the amount from 1’000 ETH

Distribution MTRc tokens will be distributed in the following way:
40% (Pre-sale-10%, Token sale 30%); Post Sale: Product development 20%; Ecosystem creation 22%; Team 15% (5% will be distributed within 6 months after the Token sale is finished, 5% will be released after the 1st year, 5%- after the 2nd year); Advisory 3%.

Token purchase During Pre-sale purchases can be executed
● in ETH & BTC through ModulTrade website https://modultrade.io (ONLY);
● in fiat currencies (min USD50k) via separate Token Pre-Sale Agreement.

ABOUT MODULTRADE’S GOVERNANCE
ModulTrade takes the safeguarding of all participants in the token sale seriously. Security is one of ModulTrade’s core principles, with the team taking several steps to provide the best possible governance of the token sale and protection of the platform technology. ModulTrade is working with professional and experienced financial consultants, applying best practice procedures to ensure a structured token sale. All steps have been taken to protect the participant, through implementing independent audits, validation of the ModulTrade proposition and a secure wallet controlled and protected by an independent qualified entity.

Understanding the risks of cyber hacks, ModulTrade is enforcing full cyber security across all ModulTrade online channels. An independent auditor has been recruited to ensure protection and participants funds are not jeopardised. In the event of a security breach, ModulTrade, with the help of cyber security experts and communications team, will inform participants of such and provide clear instructions.

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

BlackRock CEO Larry Fink Is a ‘Big Believer’ in Cryptocurrency

The CEO of the world’s largest asset manager sees “huge opportunities” for cryptocurrencies – but argues that work needs to be done before they become more widely accepted.

In a new interview with Bloomberg TV, BlackRock chief Larry Fink said that he’s a “big believer”, but that the current market today is primarily focused on speculation. His comments come months after the firm’s chief strategist said that, to him, the cryptocurrency market charts at the time looked “pretty scary.”

Fink said in the interview:

“Related to cryptocurrencies, I’m a big believer in the potential of what a cryptocurrency can do. You see huge opportunities, but what we’re talking about today, it’s much more of a speculative platform, people are speculating on it.”

Fink added that, thus far, his firm hasn’t seen much interest from clients beyond “some speculative stuff” – a notable comment given that firms like Goldman Sachs are reportedly eyeing new trading services around cryptocurrencies.

“We’re being asked that question but it’s more of a venture capital type of interchange, but we’re not hearing clients say ‘we want to use this as an asset class’,” he said.

And while cryptocurrencies’ speculative nature is an issue for him, Fink argued their most important problem is that they are being utilized to launder money.

“As I said, it’s much more of a speculative platform for Asia, and it’s heavily used for money laundering,” Fink told Bloomberg.

Image via Bloomberg/YouTube

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

AIA and AIG Join B3i as Blockchain Consortium Adds 23 Members

Major insurance groups AIG and AIA are among 23 new members of the B3i blockchain insurance consortium.

The new slate of entrants was unveiled earlier today, drawing in members from Asia, the Middle East and North America, among other regions. B3i initially launched in October of last year, backed by a group of notable European-based insurers that included Allianz, Aegon, Swiss Re and more.

All told, the group now counts more than three dozen insurers and reinsurers amongst its ranks.

The companies join just as B3i prepares to begin testing a jointly developed platform focused on catastrophic insurance contracts, a process scheduled to begin later this month.

Other projects being pursued by the consortium include a smart contract tool designed to streamline administrative work done by counter-parties to insurance contracts, as well as work that will see members “developing and prototyping further use cases during 2018 for market adoption.”

“In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent. We look forward to working with the new entrants who will take part in our market testing, and to learning from each other’s expertise and experience,” said Paul Meeusen, ‎head of finance and treasury services for Swiss Re and a co-founder of the consortium.

Image via Shutterstock

PR: EA Co-Founder Jeff Burton to Advise BitDegree on a Course to Revolutionize Education with Blockchain

BitDegree, the world’s first blockchain based online education platform designed by the founders of Hostinger and 000webhost, announced that Jeff Burton, a founding team member at Electronic Arts, is joining the company’s advisory team.

Burton will be joining BitDegree’s experienced team of entrepreneurs, software engineers and strategists who are behind the success of Hostinger and 000webhost; the world’s first, biggest, free cloud hosting platform designed for learning, testing and experimenting. Burton has previously worked together with one of BitDegree co-founders, Danielius Stasiulis, at University of California Berkeley’s Skydeck startup accelerator.

The online learning model conceptualized by BitDegree will grant access to the best online courses, which are curated by the world’s leading lecturers in their domain of expertise. It will have a clear and transparent achievement tracking and token-based reward system.

BitDegree will be based on smart-incentives, a smart contract on the Ethereum network that ensures the exchange of tokens between a sponsor (the Incentive Creator) and a student (the Incentive Receiver). The latter will commit to study a specific subject in order to receive tokens (the Incentive). This means that instead of paying for courses, students will actually get paid for taking them.

“There is a huge gap, between what we learn and what the employers need,” said Andrius Putna, CEO of BitDegree. “We pay tens of thousands of dollars for degrees that are becoming increasingly obsolete. The current education system has been designed for the needs of previous generations and is irreparably outdated. We want to change this status quo by building a future in which everybody can learn the right skills needed in the 21st century. The best part is that people will be paid for doing this.”

BitDegree will take learning to an exciting new level, because it will be based on an Octalysis framework for gamification. Therefore, education and learning will become as simple and as exhilarating as playing Minecraft.

The inclusion of smart-incentives, reward-based learning will allow BitDegree to solve the problem of the Massive Open Online Courses (MOOCs) industry’s low five percent completion rate.

“By using our platform, companies will be able to seek, sponsor and reward potential employees,” explained Putna. “It will give a solid edge over the competition, who are struggling to find the best talent.”

It is estimated that the global recruitment market is worth more than $200 billion USD, whilst $4,000 is the average amount of money spent by a U.S. company to fill an open position. BitDegree will provide global employer branding to millions of students by sponsoring their courses.

BitDegree is being built on solid foundation, thanks to its combined user base of 29 million Hostinger and 000webhost users. This will ensure a rapid scaling up, and attraction of users into the platform, who are students, third parties, and sponsors.

The BitDegree team has set up a roadmap, which has been projected into Q4 of 2018 when the platform aims to reach its full functionality. The BitDegree team is currently working on the MVP and is getting ready for the upcoming ICO event, which is scheduled to take place on Q4, 2017. An innovative learning model, a passion-driven team, and the successful ICO event will accelerate the potential of BitDegree’s platform and revolutionize education from its core.

Press Contact Email Address
[email protected]
Supporting Link
https://www.bitdegree.org

Free Talk Live’s Co-Host Discusses Bitcoin Radio Ads andAccepting Bitcoin Cash

Interview

This week news.Bitcoin.com chatted with Ian Freeman, co-host of the libertarian political talk show Free Talk Live (FTL). The call-in radio talk show is syndicated on over 160 radio stations and was the first radio show in the world to start accepting Bitcoin for ad payments. The broadcast has national radio ads promoting bitcoin to thousands of listeners every week, and FTL just announced accepting bitcoin cash (BCH) for advertising spots during the show.

Also read: U.S. Regulators and Blockchain Advocates to Discuss ICO Implications on October 12

The New Hampshire-based radio broadcast FTL started in 2002 and is a call-in radio talk show that discusses subjects like anarcho-capitalism, free markets, cryptocurrencies, and other political topics. Since 2011 the syndicated show has accepted bitcoin for advertising and FTL’s national radio spots have advertised bitcoin for over six years. Ian Freeman gives our readers insight to why they started accepting BTC back in 2011 and also reveals the broadcast is now accepting bitcoin cash and dash for advertising spots.

Free Talk Live: ‘We’ve Played Recorded Ads for Bitcoin and Talked About Bitcoin Live On-Air for Six Years’

Bitcoin.com (BC): Can you tell our readers about what the Free Talk Live (FTL) broadcast is about?

Ian Freeman (IF): Free Talk Live is a nationally syndicated talk radio program heard on over 160 radio stations in the United States, online via podcast and live streaming, and internationally via Free-to-Air satellite over Sub-Saharan Africa and North and Central America. The show is live seven-nights-per-week 7-10pm Eastern time, and we are an open phones panel discussion with a pro-liberty, pro-peace, and pro-cryptocurrency viewpoint.

BC: You were the first radio broadcast to accept BTC payments for ads. When did FTL start getting involved with bitcoin?

IF: We had reported on bitcoin back in 2011 when the Silk Road was around and one of our advertisers at the time asked us to accept bitcoin as payment for ad time.

We weren’t too sure about it at the time, but we wanted to make our advertiser happy, so we agreed to accept a small portion of his ad buy in bitcoin. Over time, that percentage expanded to 100%.

BC: Can you tell us how the bitcoin radio ads got started?

IF: My co-host and our head of sales, Mark Edge hammered out the details of what we wanted to promote and ads were then written and produced. We’ve played recorded ads for bitcoin as well as talked about bitcoin live on-air for over six years.

Bitcoin's First Radio Ads: An Interview With Free Talk Live's Co-Host Ian Freeman — **Ian Freeman, co-host of the radio broadcast Free Talk Live tells new.Bitcoin.com how they started running bitcoin advertisements and FTL now accepts bitcoin cash for ad time.**

BC: How many listeners hear these bitcoin commercials on the radio?

IF: It’s hard to really know. Our show is on everything from big radio stations to very small stations in various market sizes. We don’t pay Nielsen for ratings, so we can just guess (which is all they are doing anyway), and we think there may be around 250,000 unique listeners on the radio to Free Talk Live every week. We keep a detailed, accurate affiliates list.

BC: FTL recently decided to accept ad payments in bitcoin cash correct?

IF: Yes, we are now accepting bitcoin cash for advertising in addition to bitcoin core and dash.

I don’t know if bitcoin core is going to continue to stay on top forever and it’s hard to pick a winner with all the competition out there. If an advertiser wants to pay in Bitcoin Cash, we’ll certainly accept it.

The Soundcloud link below is one version of the new U.S. bitcoin advertisements aired by Free Talk Live.

Do you listen to Free Talk Live? What do you think about the show’s bitcoin advertisements? Let us know what you think in the comments below.

Images via Shutterstock, and FTL.

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Guns & Crypto: How Bitcoin Is Helping Keep Cody Wilson’s Anarchist Dream Alive

Cody Wilson is expecting a nice bump in sales from bitcoin’s rising price.

The controversial founder of Defense Distributed, a manufacturer of machines for 3D-printed firearms, told CoinDesk that despite its niche appeal, his company is flourishing. Founded in 2012, Defense Distributed has evolved into a multimillion-dollar operation that today generates 10 percent of its revenue from bitcoin.

But it’s not particularly surprising the cryptocurrency community would be supportive of the project. Wilson has been a part of the scene for some time, most notably helping Amir Taaki co-create DarkMarket, a peer-to-peer online marketplace designed to sidestep legal and regulatory restrictions through its use of bitcoin.

If past trends are any indication, this support should not only continue but grow – according to Wilson, the company is gearing up for its most lucrative quarter yet.

Last year, Defense Distributed generated $2.7 million in revenue, a 7 percent increase year-over-year, and to date Wilson says it’s sold about 4,000 machines. This year, however, Wilson expects that figure to escalate thanks to the increased willingness of bitcoin holders to spend as the value of their holdings increases.

He told CoinDesk:

“As bitcoin crested $2,000, we saw more purchases in bitcoin. Because, hell, one bitcoin gets you a gun machine now, and that’s a good trade.”

A self-described cryptoanarchist, Wilson’s work with both 3D-printed guns without serial numbers, and cryptocurrency itself, is part of his work to circumnavigate government controls – an idea that some members of the cryptocurrency community have proved particularly responsive to.

So, to provide his customers with a better tool to drive that process, Wilson has today revealed he’s upgrading his latest Ghost Gunner 2 gun printer.

Not only has the machine’s firmware been updated to make the printer more accurate, but a number of hardware upgrades – including a spindle capable of turning metal powder into incredibly detailed pistols – have been added to make the finished products look and act more like traditional handguns.

“This is basically the beginning of the automated manufacturing of untraceable handguns of a commercial grade, not of bizarre, 3D printed quality,” Wilson said.

Bitcoin boosts

Not only is Wilson seeing an uptick in sales from bitcoin’s continued appreciation, but other gun sellers are too. In an interview with CoinDesk, Michael Cargill, the owner of Central Texas Gun Works, said his gun sales typically increase when the bitcoin price goes up.

“Whenever bitcoin goes up, I get customers from all over the country who want to buy guns,” he said, adding:

“When we first started doing this back in 2013, bitcoin was about $200. Now, it’s peaked at $4,700, and a lot of people are cashing in.”

Cargill noted that his shop, which has Wilson’s Ghost Gunner 2 on sale, would have seen a drop in total sales this year if not for bitcoin. About 45 percent of his revenue comes from cryptocurrency, he said.

Such a percentage of sales from bitcoin is doubly notable, seeing how Cargill can’t do business with bitcoin merchant services firms like BitPay because of their policies against on-boarding guns-and-ammo businesses – a policy which BitPay said still exists, thought the initial press release detailing the policy has been removed.

BitPay and other merchant services providers have taken a conservative approach to high-risk merchants like Central Texas Gun Works, which means those businesses typically have to do a lot of the upfront acceptance work themselves.

Business backlash

And that hesitance to work with high-risk verticals is unlikely to change anytime soon.

Wilson has felt this himself, seeing strong opposition to his work in the gray area between building a machine that makes guns and actually making guns.

Back in May 2013, the files he used to print the guns were seized by the Department of Justice. Then, last year, Wilson suffered a setback when the U.S. 5th Circuit Court of Appeals refused to give him the First Amendment protections he sought for the files.

Yet, a niche community of developers has sprouted up offering their own open-source contributions to the 3D-printed gun industry, even in spite of the ongoing risk.

In spite of the obstacles, Wilson continues to push forward in disrupting the $51.3 billion gun sector, expecting to keep the Ghost Gunner 2’s price steady at $1,500 in an effort to attract more sales with the price of bitcoin currently around $4,300.

“We’re going to hype this like we always do,” said Wilson, concluding:

“I assume we’re going to have good sales in the fourth quarter here.”

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in BitPay.

Cody Wilson image via YouTube; printed guns images via Defense Distributed

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Interested in offering your expertise or insights to our reporting? Contact us at [email protected].