Binance Adds USDC Trading Pairs – Ripple (XRP) and stellar (XLM) to have USD Pairs
Binance announced Friday that it would be adding a few new USD Coin pairs and moving its two existing USDC pairs into the combined stablecoin market called USDⓈ. Both ripple (XRP) and stellar (XLM) will have USD Coin pairs, in addition to their existing stablecoin pairs. The move involves the cancelling of any trades that exist in the current two USDC markets: BTC/USDC and USDC/BNB at the time of the move, essentially wiping the slate and creating fresh markets for the stablecoin.
The pairs being created with USDC are: BNB, BTC, ETH, XRP, EOS, XLM, and USDT. All of these will now be accessed through the USDⓈ asset market tab. They will no longer be in the regular coin exchange of Binance. It has BTC and ether as its primary base trading tokens.
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Binance was clear on their warning about existing trades in tangential markets:
“Please note: The existing USDC/BNB and USDC/BTC trading pairs will be removed and delisted at 2018/12/16 03:00 AM (UTC). All existing orders in each order book will also be canceled at this time.”
The new markets were already showing in the advanced exchange...
Why are Ethereum and Bitcoin Cash plunging after $5 Billion market recovery?
Over the last 24 hours, the crypto market has added $5 billion to its valuation, demonstrating a slight recovery from $106 billion to $111 billion. Despite the recovery of the market, Ethereum (ETH) and Bitcoin Cash (BCH) continue to fall in value, both recording a three percent drop against the U.S. dollar.
On December 9, the Ethereum price fell by around three percent from $97 to $93, failing to sustain the short-term momentum it garnered from an unforeseen recovery it experienced on Saturday. Since its daily peak, Ethereum has declined by more than six percent against the U.S. dollar, from $100 to $93.
Bitcoin Cash has also demonstrated a weakness in its short-term price trend as it lost nearly half of its value within a two-week period. Since November 6, the Bitcoin Cash price declined from $200 to $100, by exactly 50 percent.
Why is Ethereum and Bitcoin Cash Dropping So Rapidly?
The gap between Ethereum and Ripple, which recently took over Ethereum as the second most valuable cryptocurrency in the global market, has increased to more than $3 billion within a three-week span.
Technical indicators demonstrate oversold conditions but the sheer intensity of the drop in the price of the two cryptocurrencies have created...
Coinbase looks to support 31 cryptocurrencies
Coinbase, the U.S Crypto Exchange, officially declared on Friday December 7 via a blog post, that they are delving into the addition of more, new and significant assets.
In a blog post, Coinbase revealed:
“We are continuing to explore the addition of new assets and will be working with local banks and regulators to add them in as many jurisdictions as possible.”
The exchange summed-up their main goal that was proclaimed in the month of September, to provide much support for...
Bitcoin Bounces But Bears Still in Control: $BTC Price Analysis
Bitcoin price just pulled off a nice 10% bounce with the next level of resistance at $3,700. Let’s take a look at what can happen next?
Bitcoin Price: Market Overview
Bitcoin price $3645.85 +0.59% dropped to a new yearly low at $3,210 and the overall market cap now rests at $110.6 Billion. Clearly, bears are still running the show for BTC and the SEC’s final postponement of a Bitcoin exchange-traded fund decision didn’t seem to help.
Crypto-fanatics will now need to wait until January 24th for the launch of Bakkt and February 26th for a final approval or denial of a Bitcoin ETF from the SEC. If the cryptocurrency markets’ trend reversal is dependent upon either of these events then we’ve got a long way to drop waiting on the unpredictable outcomes of each of these events.
4-HR Chart
Bitcoin $3645.85 +0.59% broke below the $3,550 and $3,400 supports and the cryptocurrency will likely mean that $3,700 will post a stiff resistance to overcome. However, at press time, BTC price has managed to break above the $3,600 mark and now looks poised to test $3,700.
The bounce from $3,210 to $3,615 was...
an academic argument for Bitcoin vs. Fiat
Editor’s Note: This piece constitutes the views and opinions of the writer and does not necessarily reflect the beliefs of CoinCentral.
Bitcoin vs. fiat is more than an academic argument. It’s a fierce battle between a manipulated monetary regime and one of honest weights and measures. It’s time for you to envision the benefits of a decentralized, non-manipulated monetary system.
Out of Thin Air
Fiat currency is any medium of exchange the government deems as legal tender. A $20 bill in your pocket buys $20 worth of goods and services. It’s only paper (muslin) with ink and a special electronic doodad embedded in it. Probably costs pennies to make. It’s backed by nothing of tangible value (gold, silver, land, etc). It’s money only because the US Treasury and Federal Reserve (Fed) say it is.
From Sound Money to Broken Promises
Before 1913, only the US Congress had currency creation authority. Every new dollar was backed by gold and silver in Fort Knox. This backing of USD with gold and silver ceased on August 15, 1971. That’s when President Nixon refused to honor France’s demand for physical gold in exchange for its USD reserves. The USD has been decoupled from the gold standard ever since. Worse, the national debt is now in a nonstop, parabolic ascent.
Dialing for Dollars
When the US Treasury needs money, they give the Federal Reserve (Fed, a privately owned, for-profit corporation) a ring. Say the Treasury needs $50 billion dollars. The Fed creates an electronic checkbook with a $50 billion account balance. In exchange for the cash, the Treasury gives the Fed $50 billion dollars of Treasury bonds. You can learn more about this financial alchemy in Robert Prechter’s book, Conquer the Crash.
Taxpayers on the Hook
You’re probably wondering who pays the interest on that $50 billion batch of bonds, right? Surprise! You’re the one who pays the interest, via your US federal tax bill.
Can’t be, you say?
You need to consider this quote taken from the Grace Commission Report of 1984:
“….100 percent of what is collected is absorbed solely by interest on the federal debt and by federal government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services [that] taxpayers expect from their government.”
Let’s say your Federal income tax bill is $9,000 for 2018. Most of your tax liability will pay the Fed interest on the bonds. Part of it will cover federal pension payments. None of your tax payment will pay for any government services.
Stocks Edge Higher Despite Trump Tariff Warning; Crypto Top 10 Shake Up
U.S. stocks pulled ahead on Tuesday, as investors shrugged off calls by President Trump for additional tariffs on Chinese goods. Cryptocurrencies faltered after a solid start to the week as bitcoin SV made its debut.
Stocks Finish Higher
Equities pulled ahead in the final hour of trading, with the S&P 500 Index registering gains of 0.3% to close at 2,682.20. Seven of 11 primary sectors contributed to the gains, led by the defensive consumer staples and utilities categories. Healthcare and the much smaller real estate sector also notched solid gains.
The Dow Jones Industrial Average advanced 108.49 points, or 0.4%, to 24,748.73. Verizon Communications Inc. (VZ) and Walgreens Boots Alliance (WBA) were the biggest contributors.
The technology-focused Nasdaq Composite Index finished flat at 7,082.70.
Trump Threatens Additional China Tariffs
U.S. President Donald Trump told The Wall Street Journal on Monday that he plans to move ahead with harsher tariffs on Chinese goods, lowering the prospect of an imminent trade deal later this week. China had requested that the president hold off on raising tariffs on $200 billion worth of U.S.-bound experts scheduled to come into effect Jan. 1. Trump not only said...
Philippines deports $33 million Bitcoin pyramid scheme mastermind
The Bureau of Immigration of the Philippines had ordered the deportation of a South Korean national who is wanted in South Korea over his involvement in a bitcoin pyramid scheme.
Identified as Go Yongsung, the South Korean was arrested in the city of Las Pinas. According to Jaime Morente, a Bureau of Immigration Commissioner, the arrest was conducted by the Fugitive Search Unit of the government agency. A warrant had already been issued by a district court in South Korea for his arrest prior to his capture, according to Manila Bulletin.
Per documents obtained from the authorities, Go and other accomplices defrauded South Koreans of over US$33 million by promising huge returns if they invested in bitcoin between December 2015 and June 2016. According to the authorities Go, who is 48, used a firm which was operating in Pasay City as a front in his fraudulent scheme.
Crackdown on Fugitives of Justice
After the arrest, Morente warned that the bureau would not relent in its efforts to ensure criminals faced justice regardless of which jurisdiction they committed their crimes...
Crypto and South Africa – a Conservatively Optimistic Approach
Blockchain and cryptocurrencies have proliferated the minds of millions across the world, as trading and crypto asset ownership continues to rise.
In the same breathe, many countries across the world have taken a tough stance against cryptocurrencies in particular. Some, like China, have outlawed their use, while others like Malta are at the forefront of cryptocurrency and blockchain development.
In an African context, this sector is slowly growing. At the southern end of the continent, South Africa sits in an interesting position. As one of the bigger economic hubs of Africa, it has the potential to lead the way in terms of blockchain development and cryptocurrency adoption.
With that being said, it's worth considering what the current climate is like in the country and what efforts are being made to drive innovation and acceptance of this burgeoning new industry.
The tax man
Cryptocurrency trading has become immensely popular over the past two years — as was demonstrated in the latter half of 2017, when Bitcoin and a number of altcoins cruised to all-time highs.
During this period, plucky investors flocked to the market in the hopes of cashing in on a spiralling bull run that made many early investors substantial sums of money.
Across the world, cryptocurrency exchanges were inundated with new users looking to open up accounts and get their hands on the increasingly valuable Bitcoin and the like.
Some people made massive profits while others were left watching their investments decline in value during the resulting correction. That didn’t change the fact that the tax man wanted his pound of flesh from those that had cashed in their profits.
This was the case in South Africa, where the South African Revenue Services (SARS) made it clear to registered taxpayers that they would be liable to pay tax on cryptocurrency gains.
How crypto is classified in South Africa
As the SARS pointed out, the word ‘currency’ is not defined in the Income Tax Act. It’s important for people to understand this because it means that cryptocurrencies themselves are not taxable.
“Cryptocurrencies are neither official South African tender nor widely used and accepted in South Africa as a medium of payment or exchange. As such, cryptocurrencies are not regarded by SARS as a currency for income tax purposes or Capital Gains Tax (CGT). Instead, cryptocurrencies are regarded by SARS as assets of an intangible nature.”
However, the value of a given amount of cryptocurrency can be valued in South African rands, and any income received or accrued from cryptocurrency trading can be taxed under the laws of gross income.
Simply put, South Africans that are actively trading cryptocurrency will be liable to pay tax on any income made.
Don’t stress, it's legal
In a South African context, the use of cryptocurrencies is legal. There are no laws governing the sector although the South African Reserve Bank (SARB) is monitoring the situation.
The Reserve Bank issued a white paper outlining its views on cryptocurrencies in 2014. The institution does not recognize any cryptocurrency as legal tender.
In South Africa, the Reserve Bank has the sole right to issue and manage money, in...
Coinbase Rolls Out System to Addressing Bitcoin Payments
With transaction fees "volatile and unpredictable," sending cryptocurrencies can sometimes be frustrating.
So says U.S.-based crypto exchange Coinbase in a new blog post that sets out the issues rising from shifting miner fees, and exactly what it has been doing to address the problem.
As most who have sent or received bitcoin will know, the primary problem is that the fee variations can mean significant changes in the amount of time it takes for transactions to be confirmed. Coinbase says this wastes company time in pointless support requests and provides users with a "frustrating experience."
The reason fees rise and fall so readily is that rather than clawing back transaction costs via a percentage – as card firms like Visa and Mastercard do – bitcoin and other cryptocurrencies pay miners a fee to confirm transactions. And that's based on a model not dissimilar to bidding at an auction.
At times when the bitcoin network is busiest, miners have a queue of transactions to process and these are prioritized by dealing with the transactions offering the highest fee first.
But the method can cause lengthy delays before transactions are confirmed and the funds have "arrived." It can also cause spiking fees...
Bitmain Acquires Bitcoin Cash Wallet
Open source browser-based cryptocurrency wallet Telescope has officially announced its acquisition by Bitmain Technologies Inc., the world’s largest crypto mining rig manufacturer, which also runs one of the world’s most extensive cryptocurrency mining pools. The move comes at an important time for Bitmain, which is increasing its involvement in the bitcoin cash space as it continues to reinvent itself as more than just an ASIC maker ahead of its planned mega-IPO in Hong Kong.
Telescope is a browser-embedded cryptocurrency wallet that currently allows users of Google Chrome and Mozilla Firefox to send and receive BCH through a browser extension. Set up earlier in 2018 by former IBM software engineer Aaron Angert, Telescope also offers support for BitPay and MoneyButton. While it is currently optimized for Chrome and Firefox, the plan is for the application to eventually offer full support for other leading browsers as the project grows.
Telescope transaction keys are saved in the application’s browser extension, and then transactions are signed by the user’s browser directly and sent to a BCH block explorer....