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Grayscale Digital Large Cap Fund (GDLCF) To Trade OTC

The Grayscale Digital Large Cap Fund (GDLCF) will begin trading soon according to a recent announcement and FINRA approval.

Essentially, this is the mixed-asset version of other offerings from Grayscale including GBTC, ETCG, and ETHE.

As of 9/30/2019, the trust is weighted toward BTC in the ratio shown below (although this is subject to change over time):

GDLCF

Bitcoin (BTC)
80.3%

Ethereum (ETH)
9.9%

XRP
5.8%

Bitcoin Cash (BCH)
2.2%

Litecoin (LTC)
1.8%

For more information, and some warnings about potential premiums (which all Grayscale products have suffered from), see our page on GDLCF),

The post Grayscale Digital Large Cap Fund (GDLCF) To Trade OTC appeared first on CryptoCurrency Facts.

Pipe Down Jamie Dimon – Bitcoin Can't be a Fraud

Jamie Dimon, the CEO of the repeatedly convicted fraudulent banking and financial services organisation, JP Morgan, came out this week to publicly call Bitcoin a fraud, stating that:

The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air.

But it is working, people are using it, and they are buying things with it. It is because it is working that China has banned it. You can see the interview on Bloomberg: Jamie Dimon Slams Bitcoin as a ‘Fraud.’

He also patronised his daughter who has invested in Bitcoin, by saying:

It went up, and she thinks she’s a genius now.

Well, maybe she is more than a genius than you Jamie.

Let's break down why Bitcoin can't be a fraud. The Collins Dictionary defines fraud as "the crime of gaining money or financial benefits by a trick or by lying." So where is the trick and who is lying? Who is this criminal mastermind ripping us all off? Satoshi? Really? If it isn't him/her/them, then who is? Or is this a free market with a currency protected from all the scams of government-controlled fiat.

Everyone trading Bitcoin knows what it is and knows its inherent risks; they also know that they are investing in a new global currency, free from control, inflation, and theft.

By definition, Bitcoin can't be a fraud. It is a free, decentralised economy where the people have spoken and voted with their fiat.

We do have some better examples of fraud available which sit within the Collins definition:

  • JPMorgan Agrees To Pay $264 Million Fine For 'Sons And Daughters' Hiring Program In China
    Where at the request of Chinese government officials entered into a hiring programme "dubbed internally as a "Sons & Daughters Program," enabled JPMorgan to win business that generated $100 million in revenues for the bank." Certainly sounds like criminal activity and fraud.
  • JPMorgan Hit Hardest as EU Fines Euribor Trio $521 Million
    Where alongside HSBC Holdings Plc and Credit Agricole SA. "The trio colluded to rig the Euribor rate and exchanged sensitive information to suit their trading positions in correlated derivatives markets, in breach of EU antitrust rules." Sure sounds like fraud again.
  • JPMorgan Chase pays fine for discriminating against minority borrowers
    Where they were "Accused of charging at least 53,000 African-American and Hispanic borrowers higher rates and fees on home mortgage loans between 2006 and at least 2009." Yep, sounds like fraud again.
  • JPMorgan Chase Fines Exceed $2 Billion
    Where they were fined "for violations of the Bank Secrecy Act tied to failure to report suspicious activity related to Bernie Madoff's decades-long, multi-billion dollar Ponzi scheme." Wow, massive fine for what looks like more fraud.
  • JP Morgan in record $13bn settlement with US authorities
    And let's not forget the record fine they faced for "misleading investors during the housing crisis." Where "The bank acknowledged it made "serious misrepresentations to the public," but said it did not violate US laws." Well, that is a massive fraud which nearly collapsed the global economy. The fine accepted was to end a criminal investigation.

Need anymore? Try reading Blair Erickson's excellent post on Medium: How is a corrupt criminal like Jamie Dimon, not in prison for fraud? Blair points out that:

"Since 2010, the year Bitcoin first began to circulate, under the leadership of Jamie Dimon JP Morgan Chase has been charged with 48 different violations of banking and securities fraud. $28,675,456,874.00 is the total they’ve paid out just in the past 7 years in slap-on-the-wrist fines by politicians who’s coffers they’ve filled with money."

Blair also points out that:

"in 2013 JP Morgan Chase was denied a patent for a Bitcoin clone over 175 times."

So the CEO of one of the most fined organisations in the world, who has repeatedly tried to patent technologies similar to Bitcoin, is calling Bitcoin a fraud.

Hmmmm...

greasepot.jpg

The Dollar Vigilante covered this in his article about Jamie Dimon explaining that actually, the Dollar is more of a fraud because:

  • No max cap. In other words, it can be inflated to infinity… As opposed to bitcoin which has a hard limit of 21 million bitcoins that will ever be created.

  • Pre-mined. One of the death knells of a cryptocurrency is that it is pre-mined. In general, this means that the creators of the currency create the currency and give it to themselves before allowing others to purchase it. This is the height of fraud in the cryptocurrency space but this how all US dollars are created. They are pre-mined by the Federal Reserve before they are allowed to “trickle down” to the rest of us poor slaves.

  • No transparency. Unlike bitcoin, the US dollar has very little transparency as to where it came from and which potentially criminal organization, like the US federal government, IRS or any of the other three letter agencies it has flowed through.

  • Not backed by cryptography. While bitcoin and all cryptocurrencies have proof of ownership through very secure cryptography the owner of “dollars” can be anyone who is friends with the Federal Reserve.

  • Not open source. Unlike bitcoin, which anyone in the world can review their code, the dollar is not open source and therefore all manner of fraud can be perpetrated in the system.

  • You don't control your private keys. With Bitcoin and other cryptocurrencies, you hold complete control of your currency by holding your private keys. With dollars, any criminal government agency or the central bank can take control of your dollars at any time.

  • Not voluntary. While using and owning bitcoin is completely voluntary, usage and acceptance of US dollars are backed by violence. If you do not accept dollars you can and will be kidnapped and thrown in a cage. Should you try to escape you most likely will be killed.

If you haven't signed up for the Dollar Vigilante's daily email, I suggest you do.

Jamie Dimon is scared, as are the banks, as are the governments, as is China. They are afraid of a monetary system which they can't control, manipulate and steal. The louder they become, the stronger Bitcoin becomes.

Erik Vorhees from Shapeshift, summed it up perfectly, "Jamie Dimon has every interest in the world in disparaging Bitcoin and working with his friends in government to regulate and suffocate it."

People in glass houses shouldn't throw stones Jamie!

Facebook’s regulation dodge: Let us, or China will

Facebook is leaning on fears of China exporting its authoritarian social values to counter arguments that it should be broken up or slowed down. Its top executives have each claimed that if the U.S. limits its size, blocks its acquisitions or bans its cryptocurrency, Chinese company’s absent these restrictions will win abroad, bringing more power and data to their government. CEO Mark Zuckerberg, COO Sheryl Sandberg and VP of communications Nick Clegg have all expressed this position.

The latest incarnation of this talking point came in today’s and yesterday’s congressional hearings over Libra, the Facebook-spearheaded digital currency it hopes to launch in the first half of 2020. Facebook’s head of its blockchain subsidiary Calibra, David Marcus, wrote in his prepared remarks to the House Financial Services Committee today that (emphasis added):

I believe that if America does not lead innovation in the digital currency and payments area, others will. If we fail to act, we could soon see a digital currency controlled by others whose values are dramatically different.

WASHINGTON, DC – JULY 16: Head of Facebook’s Calibra David Marcus testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee July 16, 2019 on Capitol Hill in Washington, DC. The committee held the hearing on “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations.” (Photo by Alex Wong/Getty Images)

Marcus also told the Senate Banking Subcommittee yesterday that “I believe if we stay put we’re going to be in a situation in 10, 15 years where half the world is on a blockchain technology that is out of reach of our national-security apparatus.”.

This argument is designed to counter House-drafted “Keep Big Tech Out of Finance” legislation that Reuters reports would declare that companies like Facebook that earn over $25 billion in annual revenue “may not establish, maintain, or operate a digital asset . . .  that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function.”

The message Facebook is trying to deliver is that cryptocurrencies are inevitable. Blocking Libra would just open the door to even less scrupulous actors controlling the technology. Facebook’s position here isn’t limited to cryptocurrencies, though.

The concept crystallized exactly a year ago when Zuckerberg said in an interview with Recode’s Kara Swisher, “I think you have this question from a policy perspective, which is, do we want American companies to be exporting across the world?” (emphasis added):

We grew up here, I think we share a lot of values that I think people hold very dear here, and I think it’s generally very good that we’re doing this, both for security reasons and from a values perspective. Because I think that the alternative, frankly, is going to be the Chinese companies. If we adopt a stance which is that, ‘Okay, we’re gonna, as a country, decide that we wanna clip the wings of these companies and make it so that it’s harder for them to operate in different places, where they have to be smaller,’ then there are plenty of other companies out that are willing and able to take the place of the work that we’re doing.

When asked if he specifically meant Chinese companies, Zuckerberg doubled down, saying (emphasis added):

Yeah. And they do not share the values that we have. I think you can bet that if the government hears word that it’s election interference or terrorism, I don’t think Chinese companies are going to wanna cooperate as much and try to aid the national interest there.

WASHINGTON, DC – APRIL 10: Facebook co-founder, Chairman and CEO Mark Zuckerberg testifies before a combined Senate Judiciary and Commerce committee hearing in the Hart Senate Office Building on Capitol Hill April 10, 2018 in Washington, DC. Zuckerberg, 33, was called to testify after it was reported that 87 million Facebook users had their personal information harvested by Cambridge Analytica, a British political consulting firm linked to the Trump campaign. (Photo by Chip Somodevilla/Getty Images)

This April, Zuckerberg went deeper when he described how Facebook would refuse to comply with data localization laws in countries with poor track records on human rights. The CEO explained the risk of data being stored in other countries, which is precisely what might happen if regulators hamper Facebook and innovation happens elsewhere. Zuckerberg told philosopher Yuval Harari that (emphasis added):

When I look towards the future, one of the things that I just get very worried about is the values that I just laid out [for the internet and data] are not values that all countries share. And when you get into some of the more authoritarian countries and their data policies, they’re very different from the kind of regulatory frameworks that across Europe and across a lot of other places, people are talking about or put into place . . . And the most likely alternative to each country adopting something that encodes the freedoms and rights of something like GDPR, in my mind, is the authoritarian model, which is currently being spread, which says every company needs to store everyone’s data locally in data centers and then, if I’m a government, I can send my military there and get access to whatever data I want and take that for surveillance or military.

I just think that that’s a really bad future. And that’s not the direction, as someone who’s building one of these internet services, or just as a citizen of the world, I want to see the world going. If a government can get access to your data, then it can identify who you are and go lock you up and hurt you and your family and cause real physical harm in ways that are just really deep.

facebook logo down glitch

Facebook’s newly hired head of communications, Nick Clegg, told reporters back in January that (emphasis added):

These are of course legitimate questions, but we don’t hear so much about China, which combines astonishing ingenuity with the ability to process data on a vast scale without the legal and regulatory constraints on privacy and data protection that we require on both sides of the Atlantic . . .  [and this data could be] put to more sinister surveillance ends, as we’ve seen with the Chinese government’s controversial social credit system.

In response to Facebook co-founder Chris Hughes’ call that Facebook should be broken up, Clegg wrote in May that “Facebook shouldn’t be broken up — but it does need to be held to account. Anyone worried about the challenges we face in an online world should look at getting the rules of the internet right, not dismantling successful American companies.”

He hammered home the alternative the next month during a speech in Berlin (emphasis added):

If we in Europe and America don’t turn off the white noise and begin to work together, we will sleepwalk into a new era where the internet is no longer a universal space but a series of silos where different countries set their own rules and authoritarian regimes soak up their citizens’ data while restricting their freedom . . . If the West doesn’t engage with this question quickly and emphatically, it may be that it isn’t ours to answer. The common rules created in our hemisphere can become the example the rest of the world follows.

COO Sheryl Sandberg made the point most directly in an interview with CNBC in May (emphasis added):

You could break us up, you could break other tech companies up, but you actually don’t address the underlying issues people are concerned about . . . While people are concerned with the size and power of tech companies, there’s also a concern in the United States about the size and power of Chinese tech companies and the … realization that those companies are not going to be broken up.

WASHINGTON, DC – SEPTEMBER 5: Facebook chief operating officer Sheryl Sandberg testifies during a Senate Intelligence Committee hearing concerning foreign influence operations’ use of social media platforms, on Capitol Hill, September 5, 2018 in Washington, DC. Twitter CEO Jack Dorsey and Facebook chief operating officer Sheryl Sandberg faced questions about how foreign operatives use their platforms in attempts to influence and manipulate public opinion. (Photo by Drew Angerer/Getty Images)

Scared tactics

Indeed, China does not share the United States’ values on individual freedoms and privacy. And yes, breaking up Facebook could weaken its products like WhatsApp, providing more opportunities for apps like Chinese tech giant Tencent’s WeChat to proliferate.

But letting Facebook off the hook won’t solve the problems China’s influence poses to an open and just internet. Framing the issue as “strong regulation lets China win” creates a false dichotomy. There are more constructive approaches if Zuckerberg seriously wants to work with the government on exporting freedom via the web. And the distrust Facebook has accrued through the mistakes it’s made in the absence of proper regulation arguably do plenty to hurt the perception of how American ideals are spread through its tech companies.

Breaking up Facebook may not be the answer, especially if it’s done in retaliation for its wrong-doings instead of as a coherent way to prevent more in the future. To that end, a better approach might be stopping future acquisitions of large or rapidly growing social networks, forcing it to offer true data portability so existing users have the freedom to switch to competitors, applying proper oversight of its privacy policies and requiring a slow rollout of Libra with testing in each phase to ensure it doesn’t screw consumers, enable terrorists or jeopardize the world economy.

Resorting to scare tactics shows that it’s Facebook that’s scared. Years of growth over safety strategy might finally catch up with it. The $5 billion FTC fine is a slap on the wrist for a company that profits more than that per quarter, but a break-up would do real damage. Instead of fear-mongering, Facebook would be better served by working with regulators in good faith while focusing more on preempting abuse. Perhaps it’s politically savvy to invoke the threat of China to stoke the worries of government officials, and it might even be effective. That doesn’t make it right.

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Binance Announce Special Rewards to its Bug Bounty Program For Security

The world’s topmost exchange as per Market Capitalization, Binance has announced a special bonus on its Bug Bounty Program. The exchange has collaborated with Bugcrowd for this new and rewarding bug bounty program. The program will help Binance to enhance exchange security and leverage crowdsourced security. 

Although the program has been in existence for more than a year, today Binance has added better bonus features. This move of the exchange is to attract more testers and inturn more reporting of bugs. 

This special bonus on Binance’s bug bounty program will commence from Nov 22 until Dec 22, 2019. Top-performing researchers will get an additional 5000 USD during this period and other benefits. In addition, there are very interesting and exciting offers for valid reports. Get going and earn those rewards. Your valuable input will enhance Binance security. 

BugCrowd: 

Trusted by more of the Fortune 500 than any other crowdsourced security platform, Bugcrowd is the highly skilled group of ethical hackers. This helps organizations to track and manage security disclosers. Binance is seeking help from BugCrowd since April 2018. Bugcrowd so far has identified and removed 80 security threats from the Binance system.

Recently, Binance is adding new features to expand the customer base. A day prior, Binance acquired India’s topmost exchange Wazirx, which enabled 1 billion Indians to access Binance exchange.

The post Binance Announce Special Rewards to its Bug Bounty Program For Security appeared first on Cryptocurrency information | Cryptocurrency News | Bitcoin News and Crypto Guide.

New Ukrainian Law Says ‘Virtual Assets’ Can Be Used for Payments

The Verkhovna Rada, Ukraine’s legislature, has approved amendments that introduce legal terms and definitions pertaining to the crypto space. The new legislation, which aims to transpose the FATF standards into national law, also identifies who is to take responsibility for the oversight of cryptocurrencies in the country.

Also read: Crypto Startups to Get up to $75,000 From the Government of Ukraine

Using Crypto for Payments and Investments

The draft law on the prevention of the legalization of proceeds from crime and the financing of terrorism and weapons of mass destruction proliferation was supported by a significant majority in the Rada. The bill was amended to incorporate “virtual assets” which have been described as property and as a digital expression of value that can be traded or transferred and used for payment or investment purposes.

Ukraine, Kiev, law, draft, draft law, bill, AML, EU, crypto, cryptocurrency, cryptocurrencies, virtual assets, digital assets, crypto assets, payments, investments, Verkhovna Rada, parliament, FATF, standards, legislation, legislature, lawmakers, deputies

Ukraine’s anti-money laundering (AML) legislation introduces the standards for virtual assets adopted this year by the Financial Action Task Force (FATF). The members of the inter-governmental organization recently agreed to monitor and assess the implementation of the crypto requirements in different countries, as news.Bitcoin.com reported in October.

The law also introduces the term “provider of services related to the transfer, exchange and storage of virtual assets,” the crypto information outlet Forklog reveals in an article. An interesting detail is that not only corporate entities but private individuals as well will be allowed to offer such services under the new regulations.

All crypto operations will be subject to different levels of financial monitoring depending on the amount and destination of each transaction. The Ministry of Digital Transformation, which has been quite active this year, will be tasked to regulate the circulation of virtual assets in Ukraine. It will also conduct oversight to verify compliance with AML regulations in the crypto sphere.

Kiev to Increase Oversight as Part of EU Commitments

The amendments dealing with cryptocurrencies have been prepared by lawmakers from the multi-partisan parliamentary group ‘Blockchain4Ukraine’ with the help of the EU-funded expert and analytical center Better Regulation Delivery Office (BRDO) and members of the industry. They were voted on second reading this past Friday after the first reading took place on Nov. 1. The adoption of the law is part of Ukraine’s commitments under its association agreement with the EU, Ukrinform noted in a report, and will open the way for a tranche of €500 million in financial assistance.

Ukraine, Kiev, law, draft, draft law, bill, AML, EU, crypto, cryptocurrency, cryptocurrencies, virtual assets, digital assets, crypto assets, payments, investments, Verkhovna Rada, parliament, FATF, standards, legislation, legislature, lawmakers, deputies

Laws in Ukraine are typically passed on three consecutive readings. During the first one, deputies in the Rada accept the draft in principle. Then they have two weeks to propose amendments before the second reading takes place. The law is finally approved on a third reading. However, bills are often adopted during the second reading and sometimes even after the first. The status of the FATF-inspired bill on the Rada’s website is currently “adopted” and “being prepared for signing.” New laws in Ukraine are signed by the president.

During the last voting on Dec. 6, a strong majority of over 240 deputies supported the law that also incorporates provisions from EU’s Fourth and Fifth Anti-Money Laundering Directives. One of the amendments introduced during the discussions in the Ukrainian parliament reduces the initially proposed penalties for breaches of the AML legislation. Another one obliges Ukraine’s financial regulators to align their substatutory acts with the new legislation within three months of its entering into force.

The current administration in Kiev, which took power after the election of Volodymyr Zelensky as president and the general election this summer — in which his Servant of the People party won a majority of seats — has been quite positive towards the country’s crypto community. A fund established recently by the Ukrainian government will distribute $18 million in grants among startups from innovative sectors of the economy including the blockchain industry.

Do you think Ukraine has the potential to become Europe’s next regulated crypto-friendly jurisdiction? Share your expectations in the comments section below.


Images courtesy of Shutterstock.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Meet SoundCloud rival Audius, free & anti-takedowns

“It was SoundCloud’s opportunity to lose and now it’s ours,” says Audius CEO Roneil Rumburg. Plenty of musicians and fans are sick of SoundCloud’s expensive hosting costs, haphazard content takedowns and lagging user experience as the site’s status withers. Audius wants to be the opposite, and offer a new home for artists where they’ll eventually earn 90% of revenue earned and the startup itself can’t remove songs.

Today Audius launches its music streaming and free hosting service backed by DJs like deadmau5 and Zed’s Dead, plus $5.5 million in A-list venture capital. Music makers can upload their songs at no cost, and users can browse, follow and get listening recommendations. The catalog is small to start, with just a few hundred artists, but Audius has big plans for how to lure artists choosing between other SoundCloud alternatives, from Mixcloud to YouTube.

The secret sauce is that Audius isn’t just a web and mobile site, it’s an open-source protocol built on the blockchain, not that users need to be versed in cryptocurrency or do anything special to sign up. Audius doesn’t actually host the music, but decentralizes it across independently operated nodes, which it believes will protect it from lawsuits and record label pressure. It’s distributing its own crypto tokens to incentivize artists that join early, as well as the node operators, with the insinuation that these might rise in value if the service grows popular.

Audius is completely free for listening at high-quality 320kbps. For now, artists can’t make money, though many still can’t on SoundCloud. But in early 2020, the startup plans to let artists opt into requiring users to occasionally listen to ads or pay a few dollars per month for an Audius subscription. Ninety percent of revenue will go to the artists and 10% to the node operators, and there are also plans to cut in playlist curators. Audius itself hopes the value of its tokens will rise so it can sell from its stockpile to generate revenue.

Audius Featured Artists 1

“Audius’ dedication to empowering artists through supporting direct relationships with fans, censorship resistance, and fair pay is so important in a time when artists are being mistreated regularly,” writes dance music superstar deadmau5, aka Joel Zimmerman, who’s on the startup’s advisory board. Other artists like Zeds Dead, Mr. Carmack and Rezz have pledged to put some exclusive music on Audius, ranging from finished tracks to rough drafts. They were attracted by the promise of bigger and faster payouts, plus a transparent copyright takedowns process.

The biggest challenge for Audius will be playing catch-up recruiting artists and listeners over a decade after SoundCloud launched and when Spotify already has 108 million paying subscribers from its 232 million users. For now there’s not much special about the user experience, where you can listen to a feed of what you follow or library of saved songs, or check out trending artists and playlists. At least sign up is easier than most blockchain apps, requiring merely an email address or Twitter sign-in, though crypto kids can use MetaMask. The lack of native mobile apps won’t help, though.

Audius Screenshot

All the artists-first philosophy won’t matter if it never gains traction. But if Audius does grow, it has a savvy approach to preventing unnecessary content takedowns. Rumburg claims an estimated 80% of takedowns on apps like SoundCloud and YouTube are not actually infringing copyright, leading to great content disappearing. “Audius doesn’t have the ability to deplatform you or censor you,” says Audius co-founder Forrest Browning.

Audius Founders

Audius co-founders (from left): Forrest Browning, Roneil Rumburg

First, because it doesn’t host the songs itself, it will just pass copyright-holder complaints on to the uploaders themselves. Owners can be reassigned the revenue being earned by a song rather than have it taken down. And instead of pulling down a whole DJ set, the rights-holder of a five-minute song in an hour-long mix would get 1/12 of the proceeds. Browning tells me, “A lot of artists are completely fine with their content being remixed or mashed up.”

If disputes aren’t resolved, rights-holders can approach the operators of nodes hosting the music and file a local equivalent of a DMCA takedown request, though the music might still live on other nodes beyond the law. In that case, rights-holders file a complaint to the Audius arbitration committee made up of users. That group can vote on whether a track legally should be removed or its revenue reattributed, and both plaintiffs and committee members must put up a small financial stake they’ll lose if their claim is frivolous or they make erroneous decisions.

We’ll see if this hands-off approach to censorship actually flies with the law. If so, it could give artists confidence in joining Audius that they lack elsewhere. Many are frustrated after constantly having to rebuild their audience on different platforms, from Myspace to iTunes to Spotify to SoundCloud, especially if their tracks are disappearing. One benefit of being open-sourced and decentralized… “Let’s say our company closes up shop in 5 years? Audius and the content will live on forever, as long as folks continue to operate the nodes,” Rumburg explains.

To make sure it stays in business as it stretches its venture funding from General Catalyst and Lightspeed, Audius has plans for additional tools that could make it and artists money. From being able to crowdfund future albums to selling merchandise or VIP experiences, Audius could become a gateway to spending on independent music. It could have to compete with itself, though, since Audius’ on-demand streaming site is just one client built on its open-source protocol. The founders say they hope other people will build Pandora-style radio clients, music discovery apps and more listening options through its APIs.

Audius Song

Rumburg and Browning met the summer after high school at a camp of Stanford admits. Throughout college, the recent graduates got deeper into dance music subgenres by devouring everything on SoundCloud. But watching their favorite artists get music kicked off that app while their DJ friends struggled to break through the algorithms, Rumburg says they wondered “how can we remove the platform from this equation?”

Music businesses aiming to free art from “the man” so often end up becoming him. But by decentralizing control and funneling money directly to creators, Audius may code its way into music culture.

Audius takedowns

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New Ukrainian Law Says ‘Virtual Assets’ Can Be Used for Payments

The Verkhovna Rada, Ukraine’s legislature, has approved amendments that introduce legal terms and definitions pertaining to the crypto space. The new legislation, which aims to transpose the FATF standards into national law, also identifies who is to take responsibility for the oversight of cryptocurrencies in the country.

Also read: Crypto Startups to Get up to $75,000 From the Government of Ukraine

Using Crypto for Payments and Investments

The draft law on the prevention of the legalization of proceeds from crime and the financing of terrorism and weapons of mass destruction proliferation was supported by a significant majority in the Rada. The bill was amended to incorporate “virtual assets” which have been described as property and as a digital expression of value that can be traded or transferred and used for payment or investment purposes.

Ukraine, Kiev, law, draft, draft law, bill, AML, EU, crypto, cryptocurrency, cryptocurrencies, virtual assets, digital assets, crypto assets, payments, investments, Verkhovna Rada, parliament, FATF, standards, legislation, legislature, lawmakers, deputies

Ukraine’s anti-money laundering (AML) legislation introduces the standards for virtual assets adopted this year by the Financial Action Task Force (FATF). The members of the inter-governmental organization recently agreed to monitor and assess the implementation of the crypto requirements in different countries, as news.Bitcoin.com reported in October.

The law also introduces the term “provider of services related to the transfer, exchange and storage of virtual assets,” the crypto information outlet Forklog reveals in an article. An interesting detail is that not only corporate entities but private individuals as well will be allowed to offer such services under the new regulations.

All crypto operations will be subject to different levels of financial monitoring depending on the amount and destination of each transaction. The Ministry of Digital Transformation, which has been quite active this year, will be tasked to regulate the circulation of virtual assets in Ukraine. It will also conduct oversight to verify compliance with AML regulations in the crypto sphere.

Kiev to Increase Oversight as Part of EU Commitments

The amendments dealing with cryptocurrencies have been prepared by lawmakers from the multi-partisan parliamentary group ‘Blockchain4Ukraine’ with the help of the EU-funded expert and analytical center Better Regulation Delivery Office (BRDO) and members of the industry. They were voted on second reading this past Friday after the first reading took place on Nov. 1. The adoption of the law is part of Ukraine’s commitments under its association agreement with the EU, Ukrinform noted in a report, and will open the way for a tranche of €500 million in financial assistance.

Ukraine, Kiev, law, draft, draft law, bill, AML, EU, crypto, cryptocurrency, cryptocurrencies, virtual assets, digital assets, crypto assets, payments, investments, Verkhovna Rada, parliament, FATF, standards, legislation, legislature, lawmakers, deputies

Laws in Ukraine are typically passed on three consecutive readings. During the first one, deputies in the Rada accept the draft in principle. Then they have two weeks to propose amendments before the second reading takes place. The law is finally approved on a third reading. However, bills are often adopted during the second reading and sometimes even after the first. The status of the FATF-inspired bill on the Rada’s website is currently “adopted” and “being prepared for signing.” New laws in Ukraine are signed by the president.

During the last voting on Dec. 6, a strong majority of over 240 deputies supported the law that also incorporates provisions from EU’s Fourth and Fifth Anti-Money Laundering Directives. One of the amendments introduced during the discussions in the Ukrainian parliament reduces the initially proposed penalties for breaches of the AML legislation. Another one obliges Ukraine’s financial regulators to align their substatutory acts with the new legislation within three months of its entering into force.

The current administration in Kiev, which took power after the election of Volodymyr Zelensky as president and the general election this summer — in which his Servant of the People party won a majority of seats — has been quite positive towards the country’s crypto community. A fund established recently by the Ukrainian government will distribute $18 million in grants among startups from innovative sectors of the economy including the blockchain industry.

Do you think Ukraine has the potential to become Europe’s next regulated crypto-friendly jurisdiction? Share your expectations in the comments section below.


Images courtesy of Shutterstock.


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Director Asia-Pacific at aeternity blockchain

Founded in 2016, æternity is an open-source, blockchain-based distributed computing platform that builds on decentralized cryptographic P2P technology. Designed to deliver unmatched productivity, transparent governance, and global scalability. Æternity Establishment is seeking a Director for our Business Development in the Asia-Pacific region. We are looking for a person speaking Mandarin who enjoys developing new prospects, whilst establishing and broadening relations and blockchain projects with existing customers. Ultimately you will build a sustainable pipeline, supporting æternity's position in the Asian-Pacific region. This position relies on broad experience (IT, Sales and Marketing) and judgment to plan and accomplish defined goals. Your tasks include: - Understand æternitys technology - Analyse the market and find business use cases, strategies and opportunities for æternity technology in the Asia-Pacific region - Expand our local business-relations network - Acquire new prospects - Maintain good relations with our existing partners, coordinate and expand existing projects and business relations - Coordinate and/or support projects our asian-pacific partners - Attend and represent æternity on conferences and meetings. (Oversea travel required) - Become the go-to person in the Mandarin-speaking æternity community Attend and represent æternity on conferences and meetings. (Oversea travel required) - Organize/Support æternity events in Asia-Pacific - Support various communicational matters in Mandarin language when needed (telegram, wechat, translation of content, etc.- mainly done by our communications team) - Ultimately establish a Hub in the Asian-Pacific region This fits your personality: - Enjoys meeting new people and grasping their business needs and requirements - Eager to learn about innovative approaches, projects and technologies - Works in a well-structured manner with the rest of the Business Development team - Can work in a distributed manner - Thinks ahead and manages new tasks efficiently - Creative mind that comes up with new ideas - Is organized and able to keep track of multiple topics to manage - Able to adapt to various business-cultures - Highly professional communication skills to match and align various stake- holder interests Your background and skills: - Multiple years experience (+5) in business development, project management or a related field. - Sound knowledge of blockchain technology and/or willingness to learn quickly. - Experience in starting and following through projects. - Languages: English and Mandarin (required), German (a plus), other Asian - languages (as a plus). The position of the Director Asian-Pacific is open to be adapted according to your skill-set and performance in the future. Availability: Now Capacity: 100% Location: remote + frequent presence in Liechtenstein. Travel to various countries in Asian Region Salary: Negotiable

How to Swap Coins & Tokens on ZIL, GTO, EXCL, KIN, PHX Blockchain

Lately coins and tokens started swapping blockchains, for example, moving out of Ethereum to Binance Chain or own chain. Here is a guide to swap coins and profit of Zilliqua, Gifto, ExclusiveCoin, Red Pulse Phoenix and KIN made by KIK.

What is a Swap of Blockchain ?
Pretty much an act of exchanging one thing for another just like in real life. But on blockchain sometimes numbers change (ie swap is 1:10 or 10:1 of coins) and technology changes below. … Continue Reading

The post How to Swap Coins & Tokens on ZIL, GTO, EXCL, KIN, PHX Blockchain appeared first on Financial Underground Kingdom - Cryptocurrency Blog.

All BTC2019 Blogs & Announcements Have Moved

If you've been following along on our C4 blog for all of the #BTC2019 announcements, you can now read all official blog content on Blockchain Training Conference's Medium publication, and on the official BTC website here. We will still keep up our previous posts on the event for you here, but make sure to check out the resources above for new announcements & all you need to know about our upcoming #BTC2019 event in Denver, Colorado August 28-30!

Ripple (XRP) Guide and Latest News

Set up in 2012 with an initial release in May 2018, Ripple and their native token, XRP, have made a huge impact on the industry since its conception. Currently based in the US and headed by CEO, Brad Garlinghouse, many view Ripple (XRP) as one of the token primed for mainstream adoption around the world.

Ripple was created in response to the many global payment problems which people face around the world. The company looks to alleviate the issues of speed and cost by producing a blockchain solution for both.

Ripple has numerous features that have been created and maintained by the brain behind the company Ripple Labs. Each feature has various usage points with different institutions and individuals using them accordingly.

The main parts are, their native token XRP, xRapid, xCurrent and xVia. We will explain each below.

XRP

Their token, XRP, is made namely for enterprises. It provides an on-demand choice for sourcing liquidity in cross-border payments. Banks can use XRP to source liquidity in real-time on-demand without any need to fund Nostro accounts in advance. Others use it for its speed and reducing the cost of foreign exchanges. 

The faith behest in the token from the engineers and consumers alike may be down to its real-world usability. Ripple has the fastest settlement speed of any cryptocurrency, clocking in at around four seconds, making it, in turn, a fantastic coin for financial institutions. Not only that, but its open-source technology is also a unique point which makes it more favorable. XRP is also very reliable, closing every ledger made with its XRP ledger.

xRapid

For most payments internationally, Ripple uses their native token XRP to provide liquidity and transfer the funds without having to hold the funds in a bank in the country you wish to move the money too. So if you are sending money from the US to say America, you wouldn’t need to have an account with a bank in the US or have your money held by a bank and then transferred to the bank of the receiver. This also cuts out currency exchange providers too.

xCurrent

xCurrent is a messaging application made for financial institutions to help facilitate cross border payments. It allows for easier liaising between the various banks involved in a transfer overseas. The technology uses Interledger which was created by Ripple but is now managed by the World Wide Web Consortium. This only works for liquid funds like the Dollar and Euro.

xVia

xVia is a feature that enables xRapid and xCurrent to work more efficiently. This is done through API integration, which connects financial institutions, tracks payments and creates invoices.

Latest Ripple News

  • The collaboration between SBI Holdings and Ripple for their RippleNet feature has made some new partnerships. The company will be working with SBI Remit and Vietnam’s TPBank to allow remittance transfers between Japan and Vietnam. The deal will start in November.
  • Ripple made headlines with its partnership with Moneygram. The deal came about in July 2019 and the two have made a good start to the XRapid feature on Moneygram that allows settlements 24/7 and Western Union is also interested. Over 100 banks are also utilizing their xCurrent service too.
  • Ripple partnered with Japanese bank SBI for their MoneyTap app. The app allows easier transfer of funds through telephone numbers and QR codes, and is afster than the competition through using the xCurrent system. PayPay, a payment app in Japan that has 10 million users and other banks in Japan like Fukushima Bank Ltd. are using the MoneyTap app.
  • Ripple has recently sent a stern warning to US regulators claiming that if there isn’t some more clarity on the situation then this may cause a brain drain with many cryptocurrency projects looking to leave. To illustrate their concern and commitment to change in their US home, Ripple opened a dedicated office in Washington DC for regulatory matters.

Ripple (XRP) Price Prediction

The token is aiming to be stable and is not your pump and dump coin. XRP is showing a clear pattern of a resistance level of 0.2255 or 0.2355, which it hit 3 times previous. It could remain here or if they close and see a big enough rise, it could go higher.

And that rise is looking more likely as recent reports have suggested a break out from XRP and showed a continuation of a steadily rising token.

  • Updated
  • 29/11/2019: Updated to show the Latest Ripple price prediction
  • 20/11/2019: Updated to show the Ripple NET partnerhip with Vietnamese bank.

The post Ripple (XRP) Guide and Latest News appeared first on Asia Crypto Today.

Russian policemen illegally seize mining farm and mine cryptocurrency

In Russian, three policemen accused of illegally seizing mining equipment worth more than half a million dollars. They used the seized equipment for cryptocurrency mining on their own.

All BTC2019 Blogs & Announcements Have Moved

If you've been following along on our C4 blog for all of the #BTC2019 announcements, you can now read all official blog content on Blockchain Training Conference's Medium publication, and on the official BTC website here. We will still keep up our previous posts on the event for you here, but make sure to check out the resources above for new announcements & all you need to know about our upcoming #BTC2019 event in Denver, Colorado August 28-30!