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Facebook’s Libra Has Failed in Current Form, Says Swiss President

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Facebook’s Libra Has Failed in Current Form, Says Swiss President

The basket of assets backing Facebook’s Libra stablecoin needs to change in order for the project to be accepted by regulators, according to Switzerland’s President.

“Central banks will not accept the basket of currencies underpinning it”

Reuters reported on Dec. 27 that Swiss finance minister and outgoing president Ueli Maurer said that Libra won’t be approved because central banks won’t accept the basket of currencies behind it. 

He concluded:

“The project, in this form, has thus failed.”

Libra’s conflict with regulators

Earlier this month, Libra’s whitepaper was updated to remove dividends payable to those investors, aside from eliminating a potential conflict of interest. The change is thought to be introduced to avoid the asset being classified as a security. 

The announcement came after some United States lawmakers sponsored a bill defining stablecoins as securities. Libra, on the other hand, insists that its stablecoin is a commodity.

Meanwhile, the United States is not the only country pushing back against the proposed Libra project. In November, a draft document to be discussed by the European Union’s finance ministers stated that impeding Libra’s development is an option on the table. 

Also last month, Libra announced that despite the regulatory concern over the project, the development has gone forward with 30 projects and 51,000 transactions having already been logged on the test network over the two previous months.

Published at Sat, 28 Dec 2019 09:28:00 +0000

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Shield Finance Completes a $780K Round to Create a DeFi Insurance Aggregator

[PRESS RELEASE – Chiang Mai, Thailand, 11th May 2021] Shield Finance, a multi-chain DeFi insurance aggregator that will deploy across the Polkadot, Ethereum, Binance Smart Chain, and Solana blockchains announced today the completion of their private fundraising rounds, having successfully reached the hard cap amount of $780 000. Private Investors. Shield Finance’s potential combined with […]

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[PRESS RELEASE – Chiang Mai, Thailand, 11th May 2021]

Shield Finance, a multi-chain DeFi insurance aggregator that will deploy across the Polkadot, Ethereum, Binance Smart Chain, and Solana blockchains announced today the completion of their private fundraising rounds, having successfully reached the hard cap amount of $780 000. Private Investors.

Shield Finance’s potential combined with its seasoned team attracted immense support from industry innovators including Master Ventures / PAID Network, DAO Maker, Zokyo, NGC Ventures, Spark Digital Capital, GD10.Ventures, Titan Ventures, and others.

The decentralized finance movement has been growing exponentially over the past year growing from $700 million by December 2019 to $65 billion as of April 2021. DeFi gives users full control over their money and financial future but this freedom comes with some drawbacks. As thousands of retail investors enter the attractive DeFi marketplace there are a variety of risks they have to take into consideration including market crashes, price volatility, and security issues. Until only recently, the DeFi has lacked any insurance options to give users peace of mind when investing in these new financial products. This is about to change.

Shield Finance is a DeFi insurance aggregator that aims to protect token investments from hacks, rug pulls, market crashes, and other DeFi-related risks. It does this through a proprietary aggregation engine that provides custom insurance packages for investor needs. Shield Finance could be referred to as the Skyscanner for DeFi insurance; users can see and select offers from multiple insurance providers without leaving the token platform.

“Insurance plays an important role in DeFi as a way to de-risk your investments. With a number of insurance players in the market, a multi-chain insurance aggregator will naturally attract users as a go-to place to buy insurance. This fundraise will be instrumental in driving the growth and development of Shield Finance.” Denis Gorbachev, CEO of Shield Finance

Shield Finance aims to dominate the cryptocurrency insurance market by partnering with DeFi exchanges, wallets, and farms. Shield Finance’s goal in doing so is twofold: to ensure DeFi insurance purchasing is easy and simple to purchase and to offer the cheapest DeFi insurance packages on the market.

As the Shield Finance platform launches more exciting features will be released including a web app and increased partnerships & integrations with insurance providers and DeFi platforms including exchanges, wallets, and farms.

Shield Finance expects development of the platform to be complete (timeframe?) after its public IDO launch on industry driving PAID Network’s crowdfunding platform, Ignition Launchpad. Operating as a decentralized swapping protocol, Ignition allows blockchain-based token projects to offer their private and public auctions to participants, leveraging both PAID Network and Polkadot technology. Capitalizing on PAID Network’s community strength and the popularity of the Ignition Launchpad platform the success of Shield Finance’s public IDO is all but certain.

Shield Finance IDO is set to take place May 19th, 2021 on PAID Network’s Ignition Launchpad at 11:00 AM UTC Ignition – IDO Launchpad on PAID Network

About Shield Finance

Shield Finance is a Multi-Chain DeFi Insurance Aggregator that allows users to buy protection against major market crashes due to black swan events (hacks, exploits, rug pulls, sell-offs). Incubated by Master Ventures (MV Fuel), Shield utilizes a proprietary aggregation engine to provide custom insurance packages for investor needs. The $SHLD token enables governance and provides staking rewards at 30% stable APY – however, the most important feature of the $SHLD token is the “buy & burn” program. Every quarter, it redirects 50% of fees generated by users to buy the $SHLD token on the open market & burn it, which results in the permanent reduction of supply.

Connect to Shield Finance:
Website: shieldfinance.io
Telegram: @ShieldFinanceHQ
Twitter: @ShieldFinance

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Source: https://cryptopotato.com/shield-finance-completes-a-780k-round-to-create-a-defi-insurance-aggregator/

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Mining Bitcoin: How to Mine Bitcoin

Introduction to Bitcoin Mining Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was … Continued

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Introduction to Bitcoin Mining

Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was launched in 2009. Today, in 2019, there are at least a million bitcoin miners around the world. A single bitcoin (or “1 BTC”) is worth almost $10,000, give or take a few hundred dollars, and there are around 1,800 new bitcoins mined every day, meaning there’s a whopping $18,000,000 being ‘created’ every day.

Not bad for ten years. No wonder everyone wants to learn how to mine bitcoin.

A Brief History on Money

Cryptocurrency is math that can be used as money.

Money is, fundamentally, an accounting of debt; you owe someone for a good or service, and giving them money erases that debt. Banks are giant ledgers, accounting for every transaction – when you paid for your coffee, this “ledger” sees that you lost $2 and the coffee shop gained $2.

Paper dollar bills do not record this specific transaction – who lost and who gained those $2 – but they act as evidence of a transaction having taken place at some point. In fiat currency, a state is the ultimate arbiter or holder of all the debts – and the one that mints, or makes, the currency in the first place. They account for how much currency they put out, and approximately how much is present now; the only road bump being that they do not know every transaction in between.

In cryptocurrency, no one person or entity controls a central ledger, because this “ledger” is effectively on every computer connected to the network of that currency; everyone has it. Since each unit of the cryptocurrency is composed of math, as opposed to physical substances like paper or gold, this math effectively records every transaction

So Where Does it Come From?

Fiat currencies are “made” (or rather, minted) by states, and accounted for by banks, but these currencies are often directly or indirectly made from precious metals that are mined from the Earth – which is why so many people flooded California in the mid-19th century. Minting is a middle step between the mining and the currency.

Cryptocurrency cuts out that middle step; bitcoin is “minted” and made from BTC mining.

If bitcoin is commercialized math, then mining is the process of solving all its equations. A common, yet accurate, joke explanation is, “imagine if you could solve puzzles, then use those solved puzzles as money”. Bitcoin is that, but on a much larger and astronomically more complex scale; bitcoin mining is both the process of solving puzzles, and the process of verifying other solves puzzles.

That said, these “puzzles” (called “blocks” in BTC mining) are operating on a very complicated scale. BTC mining is basically the process of racing to correctly the correct number out of 115,792,090,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 possible options – and doing so hundreds, thousands, maybe even millions of times a day. This takes some pretty hefty computing power.

How to Mine Bitcoin

Despite a lot of chatter about bitcoin mining software, it is really a matter of hardware; software is just the most accessible way to access this hardware.

“Winning” or solving – and receiving payout for – is a combination of computational power and a bit of luck. If you accomplish this, you can get about 12.5 bitcoins, though starting in 2020, that will become 6.25. The number of bitcoins you receive for solving a block cuts in half every 210,000 blocks – which is roughly every four years, since the blocks get more and more complicated over time. This will keep going until 21 million bitcoins have been mined, a cap built into the system. There are currently only 3.17 million bitcoin left to be mined.

How to Mine Bitcoin in the Hard(ware) Way

There are two types of “miners” you can buy: application-specific integrated circuit (ASIC) or graphics processing unit (GPU). These are not only very expensive to buy, but they also take up a lot of electricity and require a powerful network connection. This is why mining calculators exist – these are various apps and sites into which you can input details on your miner, your power cost, and your network cost, to figure out how much profit (if any, even) you will turn.

It is usually pretty low, and these days, mining with your own hardware is only really advised for people who already happen to have lots of hardware and great network on hand, and would not need to go out of their way to get those.

That just leaves…

How to Mine Bitcoin With Bitcoin Mining Software

At 12.5 BTC per block, when bitcoins are worth $10,000 each, that’s $1,250,000 on the line every time you are competing with other miners to “guess the right number” first. This takes far more computer power than most people can afford on their own.

As such, the most common way to get in on BTC mining is to join a collective of miners and “rent” the mining tools – known predominantly as cloud mining.

The biggest advantage is that there is a much lower barrier to entry when you cloud mine bitcoins. The biggest disadvantage is that instead of getting the reward all to yourself, you are splitting those bitcoins with other people, and typically a lot of them. Winning a million dollars doesn’t mean as much when you’re splitting it with a million people.

Step 1: Choose Your Wallet

Before you start working for a job, you want to know how you will be getting your pay. By the same token, before you start mining for bitcoins, you should know where you will keep your bitcoins once you earn them.

Online wallets are typically the most convenient, and easiest to use. They are also typically the most efficient for actually using your bitcoins to purchase goods and services, and you will have your bitcoins even if you lose all your devices. That said, this does put you in a similar position with a bank. If the host is experiencing heavy traffic or DDOS attacks, you may not be able to access your funds, and if they are hacked, you can lose your bitcoins entirely.

Hardware wallets are the opposite extreme. As physical objects, are completely offline, and thus cannot be hacked or otherwise remotely attacked. As long as you have your hardware wallet and a device to access it with, you will be able to access your funds. But what you gain in remote security is lost in personal security; if you lose your device or it’s physically stolen from you, you lose your bitcoins.
The middle-ground between these is “software wallets” or “desktop wallets” (though these can also be mobile apps). These are on your local device, so even if exchanges go down or are attacked, you still have your bitcoins, and the only way you can lose them to remote exploitation is if you, the specific individual, are targeted and hacked, which is very unlikely. But, it can still be used to conduct transactions and otherwise go online as necessary. That said, this is also vulnerable to loss if you lose your physical device (i.e. if someone steals your computer).

Step 2: Find Your Cloud

Mining companies are the computing clouds or collectives of miners. While joining such a company might be couched in terms of renting the hardware, another way to look at it might be that you are investing.

The amount you invest, or the rate at which you rent, is known as a “mining package”, which you pick once you join a mining company. You can also invest ahead of time in new technology that will be coming out at a later date. That said, investing in something that doesn’t exist yet is always a heavy risk.

There are many sites in which you can find comparisons between companies, including user ratings and reviews. Be careful with the
reviews – while they can be insightful, many are also full of people attempting to get new ‘recruits’ specifically with referral codes, which will net the refer-er a small bonus or profit.

Step 3: Pick Your Pool

A “pool” is basically the team of miners that you choose to join up with, and contribute your invest or computing power. If you are just starting out mining bitcoins, you should start by joining an “older” (or rather, more established and vouched-for) pool, and perhaps one with lower fees. The payout or profit from these will usually be on the low side, but they are also less risky.

As you get the hang of bitcoin mining and learn how pools work, you can start venturing out to other pools that aren’t as established and carry higher risks, but also higher rewards.

Buy Bitcoin, Ethereum, XRP, and other cryptocurrencies on Coinsquare, the world’s home for cryptocurrency.


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Source: Coinsquare: Mining Bitcoin: How to Mine Bitcoin

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Source: https://cryptocanucks.com/mining-bitcoin-how-to-mine-bitcoin/

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Bitcoin Cash price prediction: BCH to retest $1,500 resistance

TL;DR Breakdown Bitcoin Cash price is expected to rise above $1,400 to challenge $1500 The closest support level lies at the $1300 mark BCH faces resistance at the $1450 level. Bitcoin Cash price has finally broken above the $1000 mark, and strong bullish momentum has carried the price to go past the $1350 mark. Bitcoin […]

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TL;DR Breakdown

  • Bitcoin Cash price is expected to rise above $1,400 to challenge $1500
  • The closest support level lies at the $1300 mark
  • BCH faces resistance at the $1450 level.

Bitcoin Cash price has finally broken above the $1000 mark, and strong bullish momentum has carried the price to go past the $1350 mark. Bitcoin Cash records an over 42 percent price hike across the last seven days showing strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement.

The broader cryptocurrency market observes a bearish sentiment across the 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Major players that had a loss include Ripple’s XRP and Dogecoin that record a 10.06 and a 1.32 percent decrease, respectively. Meanwhile, Bitcoin and Ethereum record a 5.21 and a 4.62 percent decrease.

Technical indicators for BCH/USDT

Bitcoin Cash price prediction: BCH to retest $1,500 resistance 1
Technical indicators for BCH/USDT by Tradingview

Across the technical indicators, the MACD exhibited a bearish reversal yesterday and has seen strong bearish momentum since. As the price action stagnated and the size of the red histogram increased, the MACD saw a significant drop and at press time is just below the 15.00 mark. Currently, while both EMAs move downwards, the 12-EMA is separating from the 26-EMA showing an increasing bearish momentum at the time of writing.

The RSI is currently trading in the neutral zone a little above the 48.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past five days. At press time, the RSI has had a small spike towards the oversold region, suggesting an increasing bearish presence at the current price level and giving a clear indication to sell.

The Bollinger bands at press time are wide, and as the last candlestick is red, the bands will converge in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Bitcoin cash price to decrease in the short term. Moreover, as the price is consolidating below the band’s mean line rather than the upper limit, the bands will be leaning downwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a weak buy signal with 9 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only eight indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 15 of the 26 indicators suggesting a bullish movement against only one indicator suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Bitcoin Cash price?

Bitcoin Cash price prediction: BCH to retest $1,500 resistance 2
4-hour price chart by Tradingview

Bitcoin Cash price is recovering to the $1,400 mark showing strong bullish dominance on the price action. Bitcoin Cash price can be expected to rise to the $1,500 mark as suggested by the technical analyses and the bullish market sentiment.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/bitcoin-cash-price-prediction-2021-05-11/

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Ethereum price prediction: Ethereum spikes below $3,700, another retest later?

TL;DR Breakdown ETH finds support around $3,700-$3,800. Further upside resisted around $4,100. Next significant support at $3,600. Today’s Ethereum price prediction is bearish as the market rejected further upside after peaking above the $4,000 once again earlier today. Therefore, we expect another push lower over the next 24 hours, with the next support located at […]

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TL;DR Breakdown

  • ETH finds support around $3,700-$3,800.
  • Further upside resisted around $4,100.
  • Next significant support at $3,600.

Today’s Ethereum price prediction is bearish as the market rejected further upside after peaking above the $4,000 once again earlier today. Therefore, we expect another push lower over the next 24 hours, with the next support located at the $3,600 mark.

Ethereum price prediction: Ethereum spikes below $3,700, another retest later? 1
Cryptocurrency heat map. Source: Coin360

The overall market is in the red today as rejections for further upside were seen across the board over the last hours. The market leader, Bitcoin, trades with a loss of 4 percent, while Ethereum at 3.5 percent. Ripple, Litecoin, and Chainlink are among the worst performers with losses of around 8-9 percent.

ETH/USD opened at $3,949 after closing with a clear indecision yesterday and setting a new all-time high at $4,200. Over the past hours, Ethereum price tried to move higher again, with the $4,000 level acting as a resistance. Therefore, we expect ETH/USD to move lower over the next 24 hours. 

Ethereum price movement in the last 24 hours

ETH/USD price moved in a range of $3,684 – $4,197, indicating severe volatility. The 24-hour trading volume stands at $63 billion, while the total market cap stands at $455 billion, leading to the market dominance of 18.97 percent.

ETH/USD 4-hour chart – ETH sets a lower high after almost reaching the $4,100 mark.

On the 4-hour chart, we can see ETH/USD posting a bearish pin bar candle, indicating that another move lower is expected over the next 24 hours.

Ethereum price prediction: Ethereum spikes below $3,700, another retest later?
ETH/USD 4-hour chart. Source: TradingView 

Ethereum price action trades with a bullish structure overall. After establishing a strong support base of around $2,100 over the second half of April, Ethereum set a slightly higher high around $2,600.

 After another sharp retracement to the $2,100 support, the further downside was rejected, indicating that the market still wants to move higher. From there, a rally of around 100 percent was made until a new all-time high was set at the $4,200 mark.

Yesterday, Ethereum price action rejected further upside, with a strong move lower late in the afternoon. After the market price moved below the $4,000 mark, bears build up heavy selling momentum until further downside was rejected around $3,650. Bulls quickly absorbed any further selling pressure and pushed ETH/USD back to the $4,000 mark.

Earlier today, ETH/USD moved higher and almost reached $4,100. However, this time, the further upside was rejected, resulting in a bearish pin bar posted on the 4-hour chart. Currently, Ethereum trades below the $4,000 mark as it most likely prepares for another push lower over the next 24 hours. 

Once further downside is seen, we can expect the $3,600 mark to act as a support as it served as a strong resistance earlier this week.

Ethereum Price Prediction: Conclusion 

Ethereum price prediction is bearish as the market failed to move higher over the past hours and saw a heavy rejection above the $4,000 mark. This should lead Ethereum towards another move lower, with the support target located around the $3,600 mark.

While waiting for further Ethereum price action development, read our investing in cryptocurrencies guide. To learn more about the market leader, see our articles on how to use Bitcoin and how to buy Bitcoin using a credit card.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/ethereum-price-prediction-2021-05-11/

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