Urvashi Verma

Goldman Sachs Launches Bitcoin Trading Desk

Landmark Goldman Sachs move sends a strong signal that Bitcoin is starting to gain mainstream acceptance
Goldman Sachs Launches Bitcoin Trading Desk

Goldman Sachs told the NY Times that it plans to launch a Bitcoin trading desk on Wednesday. The landmark move sends a strong signal that Bitcoin and other cryptocurrencies are starting to gain acceptance as mainstream asset classes.

The firm is planning to use its own funds to sponsor a variety of investment contracts tied to the Bitcoin price and eventually trade “physical Bitcoins” directly, according to the NY Times.

The bank has confirmed that it will begin offering clients a type of futures contract called a non-deliverable forward that will be linked to Bitcoin.

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The members of who created the trading desk say they remain skeptical of the currency.

Rana Yared, executive at Goldman Sach Investment Bank, told NY Times:

“I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world. For almost every person involved, there has been personal skepticism brought to the table.”

However, interest from hedge funds and institutional investors has led its board of directors to approve the move making it the first major US bank to use its own funds to trade cryptocurrencies or their derivatives.

Rana Yared added:

“It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,’” Yared said.

The bank said it hopes to receive regulatory approval from the Federal Reserve and state-level authorities to begin trading actual Bitcoins, which it refers to as “physical Bitcoins.”

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🕵️‍ ICO Watch Eric Eissler

Swiss Cheese is Full of Holes: Past-ICO Review

👁 ICO Watch
The Swiss are known to be masters of finance and all Delikatessen, but don’t be fooled, there are some struggling projects in the land of cheese and chocolate
Swiss Cheese is Full of Holes: Past-ICO Review
Contents

 

The cryptosphere is growing larger and larger and with its growth comes a swell of companies that offer to manage crypto assets and make you more money when you use their services. These companies are now a dime a dozen. While they may claim that they have a new and innovative way  to manage your funds, the details are obscure at best. For example, “Swissborg’s objective is to create a democratic, decentralized and professional ecosystem to manage your portfolio of crypto assets,” according to the white paper.

Swiss clocks are expensive, these tokens...not so much

While Swissborg’s ICO raised $50 mln between Dec. 7, 2017 and Jan. 10, 2018, its market cap is only at $5.9 mln, and the token price has lost 98.9 percent of its value starting at $0.91 per token and shooting straight down to $0.01 per token at the time of writing. It has not been very impressive. CoinMarketCap has it ranked at 496. Remember that not all that glitters is gold.

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Team

Cyrus Fazel- CEO & Founder

Fazel has a formal background in business and finance and has held senior and executive roles within various wealth management institutions before starting Swissborg in June 2015.

Anthony Lesoismier- CSE & Co-founder

Lesoismier has a background in fintech and finance. He has held various positions within this industry in several countries.

Micha Roon- Smart Contract Expert

On first glance, it seems he is part of the core team, however, when looking at the LinkedIn site, he is really just an advisor: “My role at Swissborg is to make sure the Blockchain is used securely and efficiently.” His main role is a senior Blockchain developer at Sweetbridge.

Tomas Hanak- IT Operations

Has more than 15 plus years experience in IT and IT operations management. He is leading the IT charge at Swissborg.

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One hand, too many cookie jars

There are many various projects that Swissborg is tackling. The major difference is in the scope.

A focused company is likely to have a product built more quickly than one that is looking at everything. Swissborg is too spread out and that might make them slow to develop a working platform.

The roadmap on the website has three major milestones, but no expected completion dates. There is a second link that takes visitors to a Trello page with a so-called timeline, but that just happens to be a mess of weeds.

Not really sure what they are trying to communicate on the Trello platform.

Another major roadblock Swissborg faces are that banks are highly regulated and it will be very difficult for Swissborg to operate internationally across multiple jurisdictions. There is nothing in the whitepaper to describe how they will solve this challenge.

Consider alternatives

Yodling, cheese or chocolate making these are all very focused endeavors. Swissborg is all over the place on how it intends to manage wealth and grow. It faces a highly regulated industry with not much direction. There is not much else to say, but “Good luck!”

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Thomas Hughes

BCH Ticker Still Active? Is It Still a Living Coin?

Bitcoin Cash came to an end on Nov. 15 when it split into Bitcoin Cash ABC and Bitcoin Cash SV
BCH Ticker Still Active? Is It Still a Living Coin?

Bitcoin Cash came to an end on Nov. 15 when it split into Bitcoin Cash ABC and Bitcoin Cash SV, yet CoinMarketCap still shows BCH as the fourth largest cryptocurrency by market cap. The reason for this is that some exchanges have declared Bitcoin Cash ABC the “winner” of the fork battle and are now listing it under the ticker BCH.

In a recent statement, Huobi (the third largest exchange by volume) announced: “Bitcoin Cash ABC to Be Re-Designated BCH and Trading Announcement of Bitcoin SV (BSV). Huobi Global has confirmed that the ABC version of Bitcoin Cash (BCH) will be retained for the designation of BCH.”

A similar decision has been made by other major exchanges such as Kraken, Bitstamp, and Coinbase, so we will probably keep seeing the BCH ticker on CoinMarketCap, but its price will be soon adjusted.

Charts at a Glance – BCHABC/USDT

charts at a glance

Early in its “lifetime” BCHABC established support at 230, which at the time was its lowest price against Tether. Now that low has been broken, the pair returned above the level almost immediately, confirmed support, and seems to be preparing for a bounce higher.

The dip below 230 took the Relative Strength Index below its 30 level, marking oversold conditions and thus increasing the chances of a bullish move that will have 250 as immediate target. This is not so much a technical level but rather a psychological one; the same is true for all full levels (numbers such as 250, 300, 350). However, keep in mind that the BCH market is very young, not fully developed and ranging from a few day’s perspective.

Support zone: 230

Resistance zone: 250 followed by 298 - 300

Most likely scenario: bounce higher, but choppy overall

Alternate scenario: new break of 230 and move into 200 area

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Crypto Gags Heewon Jang

Everyone Said It At Least Once????

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$1 mln in Bitcoin or 100 real dollars? Comment below????????????????????????
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Patrick Thompson

Fifth Lawsuit Filed Against BitConnect

BitConnect has been sued for the fifth time.
Fifth Lawsuit Filed Against BitConnect

Another class action lawsuit has been filed against BitConnect. This is the fifth lawsuit that has been filed against BitConnect in the United States and the third lawsuit that has been filed against BitConnect in the state of Florida.

The very first lawsuit to be filed against BitConnect came from six investors who have lost a total of $771,000 on BitConnect. The lawsuit was filed by Florida based law firm Silver Miller. The six plaintiffs claimed that BitConnect violated the Securities Act by issuing unregistered securities in the state of Florida. BitConnect was offering an exchange and a lending platform, where holders of the BitConnect coin (BCC) were promised returns of 120 percent per year...so you shouldn’t be surprised to hear that this is not the first time BitConnect has been accused of issuing unregistered securities.

Cease and desist

BitConnect received their first cease and desist letter from The Texas State Securities Board (TSSB) on Jan. 4, 2018. The letter from Texas states,

“BitConnect is soliciting investors for cryptocurrency-based programs that the company claims will deliver annualized returns of 100% or more, according to the order entered Jan. 4 by Securities Commissioner Travis J. Iles.”

The TSSB requested that BitConnect immediately stop their operation. This included cancelling what was their upcoming ICO of Jan. 10.  

About five days later, the North Carolina Securities Division sent BitConnect a cease and desist letter of their own. North Carolina’s letter states that BitConnect is not registered to sell securities in North Carolina and must immediately stop their operation.

A few days after receiving the cease and desist letters, BitConnect posted a few messages on Twitter that caused people to believe that BitConnect was exiting a scam. When investment returns sound too good to be true, they usually are.

The latest lawsuit

The newest lawsuit has been filed by Florida residents Andrew Kline, Dusty Showers and Lena Hunt and Rhode Island resident Charles Mabra. A few of the defendants listed are BitConnect director Glenn Arcaro and affiliate Ryan Maasen. The lawsuit claims that BitConnect sold unregistered securities in both of the states and committed fraud by promising astronomical returns to those who invested in BitConnect coin (BCC). The group is also arguing that BitConnect violated Florida’s and Rhode Island’s trade and securities laws.

The group is seeking a trial by jury which would result in damages being paid out by the defendants if the group is successful. Since the cease and desist letters and lawsuits, the BitConnect token has fallen from a high of $454.44 on Dec. 28, 2017 to $3.04 on Feb. 12, 2018.

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Crypto Gags Heewon Jang

Seems Like Bears Are Taking Over ???? ???? ????

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Which Side Do You Prefer ? ???? VS ????
Seems Like Bears Are Taking Over  ???? ???? ????

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