🤷 Opinions Alexander Goborov

Number of Coins and Tokens Listed on Exchange Platforms: HITBTC Has the Most

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Out of major exchanges, HITBTC has the most number of tradable crypto coins and tokens, close to 500
Number of Coins and Tokens Listed on Exchange Platforms: HITBTC Has the Most

Exchange platforms are a major part of the modern fintech sector, where buyers and sellers meet in virtual spaces to trade their crypto fortunes.

Today, based on the stats received from our partners Datalight, we bring you the following chart that outlines some of the major crypto exchange platforms and their corresponding numbers of tradable coin and token types:

Number of Crypto Coins and Tokens on Platforms

The Hong-Kong based HITBTC, founded in 2013, has the most types currently listed, 479. The US-based BITTREX (Seattle, Washington), also founded in 2013, follows with 246 types. The Singapore-based Huobi, established in the very same year, is next with 184 types. Then it’s Binance, founded in China last year, now based in Japan (due to the Chinese ban) with 158 types. Another well-known Hong-Kong based exchange, Bitfinex, founded in 2012, has 109 types listed. And finally, the US-based Coinbase Pro, established in 2012 and headquartered in San Francisco, California, is last with 8 crypto coins currently offered for trade on its exchange platform: clearly they prefer fewer strong players as opposed to many weaker ones.

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Bitcoin Strikes Back

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Given the prominence on the market, and given the fact that it is the universal trading currency on exchanges (i.e., Bitcoin is used to buy and sell other cryptos) it is not going to collapse because it is the backbone of the crypto market, the potential
Bitcoin Strikes Back
Contents

“Bitcoin is a bubble, Bitcoin is tulip mania, Bitcoin is worthless, Bitcoin is dead.” There is an overabundance of negative press towards Bitcoin in the media currently.

When prices fluctuate sharply, it’s easy to forget that: Bitcoin made a lot of people rich; Bitcoin broke down the door for Blockchain technology; Bitcoin started the cryptocurrency revolution; Bitcoin is more than a currency, it’s driving future Internet technologies.  

Bitcoin is Drives IT to next level

Bitcoin is not a housing market, nor is it a commodity, it’s a new technology and any new technology must pass through phases of understanding and acceptance.

There are many “oracles” who predict one thing or another: Bitcoin price is going to the moon or it’s going straight to the depths of Hell. No one can say for sure, where it is going or what it is doing because it is new and is unlike anything humans have seen before.

Now, is the time to learn, watch for patterns, understand behaviors; it is mainstream.

“In the final quarter of 2017, Bitcoin increased in value unlike anything ever seen before. It broke the 10,000-dollar psychological barrier and it rapidly increased to touch $20,000 before crashing down to below half of its value.”

Yes, Bitcoin is volatile. Over its nine-year existence, it has risen and fallen sharply. It is only now criticized heavily by the masses because they either missed out or lost in the recent crash—of course, they will curse it.

Remember, human memory is short, it easily forgets, and is shortsighted. Throughout January 2018, there has been a lot of talk of fear, uncertainty, and doubt (FUD) because Bitcoin came crashing down and brought the rest of the market with it.

That’s ok, it’s normal for markets to correct, investors want to take profits. The FUD talking only makes it worse for everyone else.

Normal profit-taking becomes negative

The stock market hit an all-time high of more than 26,000 points and after two years of magnificent growth, it slid two percent on Friday, Feb. 2nd. What happens next? Fear permeates the air, and there are whispers of the market starting to weaken.

Stop it! It’s normal. Investors take profits, not taking profits defeats the point of investing. Of course, with a massive run up people will divest and enjoy some of their gains. With lower prices on the market, investing becomes more attractive to others who join in and start the next rally upwards.

Short sellers and futures contracts collapse cryptocurrency markets

During the tulip bubble of the 1700s, the market downturn started when trading futures on tulips began; then all of a sudden the tulip market collapses and it's over.

The bears won, the futures contracts pushed the prices down and ate away at support levels.

The recent contracts offered on the CME and CBOE in December 2017, commenced the selloff of Bitcoin as traders set stop-limit orders at support levels to trigger a major selloff.

However, given the speculation, given the prominence on the market, and given the fact that it is the universal trading currency on exchanges (i.e. Bitcoin is used to buy and sell other cryptos) it is not going to collapse because it is the backbone of the crypto market, the potential for it to regain ground is tremendous.

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🤷 Opinions Cyril Gilson

NEM, Dash and Petro in Venezuela: Head of NEM Latam Explains

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“We can confirm that the Venezuelan government is intending to use the NEM Blockchain”:Pedro Gutierrez
NEM, Dash and Petro in Venezuela: Head of NEM Latam Explains
Contents

Is the Venezuelan government using the NEM platform for its oil-pegged Petro cryptocurrency? Head of NEM Latin America Pedro Gutierrez answers the question in a first-hand exclusive interview.

It’s been reported that the controversial Venezuelan cryptocurrency Petro was officially released as an asset on NEM’s Blockchain rather than on Ethereum’s Blockchain, with the total supply capped at 100 mln Petro.

Pedro Gutierrez answers and explains why the NEM platform, its competition with Ethereum and specifics of doing business in one of the most promising regions on Earth.

We asked Pedro Gutierrez about NEM’s involvement with the Venezuelan government and the platform’s perspectives in Latin America and globally. As the Latam leader of NEM.IO foundation, Gutierrez sees his major task in s publicizing Blockchain technology and NEM in industry, commerce, education institutions and government in Latin America and Spain.

Cyril Gilson: Is the NEM platform used for the oil-pegged Petro cryptocurrency?

Pedro Gutierrez: We can confirm that the Venezuelan government is intending to use the NEM Blockchain. We can’t comment on how it works as it’s not a project we’re actively involved with. The NEM technology is freely open to any individual or organization that wants to use it. The NEM Foundation abstains from political endorsements.

CG: Have the NEM developers been involved in developing the Petro?

PG: No, our developers are not involved with this project. NEM’s technology is easy to use and to build applications upon while having a near perfect record for being secure. A person reasonably skilled can work on the NEM platform within a day.

It does not take much to learn how to use NEM’s technology. So it is therefore easy to imagine why the Venezuelan government wants to implement using NEM technology.

NEM in Venezuela

CG:  How big is the NEM community in Venezuela?

PG: The NEM community in Venezuela is growing steadily. We have raised significant interest in the academic and business sector. NEM is the best technology to make this happen because our platform is plug n play for business- making it the easiest and safest Blockchain network for enterprises and developers.

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CG:  When the story of NEM started in Venezuela and what are the major achievements?

PG:  NEM started in 2014 and its tech is widely adopted by hundreds of companies all over the world because the platform is so easy to use. A huge portion of global industries such as the financial sector, insurance, healthcare, pharmaceuticals, supply chain management and the entertainment industry sectors need a cost-efficient way to manage and authenticate data in an immutable and secure way. There’s no question that these companies will play a vital role in incorporating Blockchain technology in the next few years.

Venezuela is an attractive region for NEM to expand into. NEM has hubs in Malaysia, Australia, Japan and New Zealand. All of the NEM hubs are key to expanding visibility and opportunities where the NEM team can engage with the public, do training on our platform, and support startups who are interested in Blockchain.

In May, we opened an embassy in Venezuela and this is critical to providing Venezuelans with quality resources and training for developers getting into blockchain. We are hopeful that adding Blockchain services to the list of Venezuela industries can help the economy and people. In addition to this, we hold meetups to help educate the Blockchain community on the benefits of building on NEM’s ecosystem.

CG:  Are other Latam governments considering something similar?

PG: NEM is an open-source platform so any government, individual or company can build on NEM. At this time, I’m not aware of other LATAM governments building on the NEM Blockchain.

CG: What advantages and disadvantages of the Petro do you see?

PG: I don’t have a comment on this. I’m working on other projects, though, that I’m happy to talk about. We have some projects that at the moment we can not announce since we have signed NDAs, but I can tell you that they are in the financial sector, in Mexico and Colombia. We are also working on projects of agricultural traceability, electricity for rural areas among others that we will announce very soon.

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Dash and NEM

CG: Is there a competition between Dash and NEM in Venezuela?

PG: Dash is one of the most innovative and interesting Bitcoin forks, but NEM does not compete with Dash since Dash is a transactional platform and NEM is a platform of Blockchain Services. So we are not in competition with Dash because the two platforms are designed for different purposes. We have a good relationship with the DASH team and are supporters of their community, in several countries of LATAM, we have participated in events together.

What’s next

CG:  What's next for NEM in LATAM?

PG:  Education and training are critical to helping ensure the future of Venezuela to remain competitive and thrive. NEM is supporting LATAM by building Blockchain hubs, offering training to developers at all levels, partnering with companies in all industries, and building a strong community to help keep the NEM ecosystem healthy.

One way that we do this is through the $70 mln NEM Community Fund. The NEM Community Fund promotes the development of the NEM ecosystem by having the NEM community vote on funding NEM startup companies.

It’s an alternative to doing an ICO and something that could be beneficial to many people in LATAM.

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Could Two Sheriffs Share Same Town? Analyst on Role of Bitcoin in Coming Financial Crash

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Can cryptocurrency replace the US dollar as a protected asset for the XXI century?
Could Two Sheriffs Share Same Town? Analyst on Role of Bitcoin in Coming Financial Crash
Contents

Prosphero Platform’s top analyst on Bitcoin’s role in the impending global monetary crisis.

At the beginning of the year, Bitcoin had a significant fall from its peak value, and its recovery has been slow causing panic every time the price falls below $6,000. According to Bloomberg, altcoins value took a harder hit: about 70 percent of alts lost more than 90 percent of their cost. Amidst strategic uncertainty, every participant of the crypto market is trying to predict what will happen next.

My analysis of the future of Bitcoin’s exchange rate stems from searching for the logic behind crypto's current situation. For the central system of global exchange which is the American economy, the crypto market is a subculture. However, the subculture is not isolated; instead, it relies on the logic of trends that emerge at the global level of macroeconomics.

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A macroeconomics look

The period of “paradise” in the financial markets ended around the beginning of 2018 when a program called quantitative tightening (QT) was launched to correct the balance of the Federal Reserve.

This large pump that drains liquidity led to a devaluation of all peripheral currencies, crypto included.

For several months now, the US has been sweeping the world clean of the dollar, regularly increasing the Fed’s stake, and refusing to refinance previous loans, all of which leads to a rise in the dollar’s value. All other fiat currencies have automatically devalued under the stress of large amounts of commercial debt held in the dollar. Due to the constant outflow of capital and a lack of adequate reserves, it is becoming more and more difficult for nations to pay back debts to their foreign partners.

As a result, the end of the first half of 2018 saw a rise in the US dollar compared to other currencies. Some of those fell short by a small percentage; others were crushed by a significant amount (Turkey’s, for example). It’s useless to compare crypto to some island full of economic-anarchists isolated from the world economy, and that the strong turbulent currents of the market are of no concern to them.

This week the US regulator withdrew another $10 bln from the system. The Federal Reserve’s balance is now $4.305 tln, which is almost $200 bln less than its peak value. In other words, the amount of available liquidity in the system is rapidly falling—there is a compression of credit. What is scarier is that starting July, the Fed will be withdrawing even more money to the amount of $40 bln per month. What this means is that every month the Fed will squeeze more money from the market than the European Central Bank puts into it (30 bln euros), thereby stopping any increase in liquidity, even for other comparative currencies. As a result, the amount of money freely in circulation is getting less and less, which leaves many banks practically suffocating, and the situation is growing worse.

How exactly does this affect the stock market? For the seventh session in a row, the Dow Jones has closed in the red. Recently, 30 US blue-chips have been performing poorly compared to the rest of the pack (S&P500, Nasdaq, Russell). The growth that we have seen in the US exchange is gradually dying out, and there are increasing signs that the bullish market started in March 2009 is coming to an end. In other words, a terrible turn of events is approaching.

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The final hour

When the first big financial institutions fall, the people will ditch the failing stock market in flocks. The fall of these institutions will result from the suffocating effect of rising interest under the Fed’s accelerated pump. Deutsche Bank is one example of a soon-to-fall institution comparable to Lehman Brothers. While the names of the victims may vary, the fact remains that the deflationary spiral of QT will lead to the collapse of several big players considered “too big to fail.”

And now, during this final hour, we arrive at a dramatic showdown—will Bitcoin take the initiative during this time of panic and become the protected asset for investors who are running from the burning stock market? Or is Bitcoin just as destined as other peripheral currencies, like the Turkish Lira or Brazilian Real, to be the first to burn in the fire of the global crisis?

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Cash deficit

This is the key question of this entire layout. The current situation is rather clear: for now, Bitcoin is operating like any other peripheral currency that is moderately weakened by the actions of the American vacuum.

There is no extra cash on the market (for the rise of crypto), and there won’t be any.

This is confirmed by other subtle indicators showing a growing deficit of collateral for debt in the global banking system. So which will blow up faster under such a contradictory economic policy, the stock market, or the rising US national debt?

The next question is, where will the multi-billion dollars of capital find escape in this era of digital postmodernism? The answers to both questions are not clear. That is why when we reach the transformation point of the marginal markets because the Fed’s vacuum, everything can suddenly change. It is this point of bifurcation that will become the moment of truth for Bitcoin, gold, and other currencies—and which of them will become a protected asset for the 21st century?

Crypto as a possible way out

Recently Ron Paul, a former US Congressman who ran for president in 1988, made a sensational statement. He suggested that the US should consider the possibility of replacing the dollar with a combination of two assets—gold and cryptocurrency.

A scenario where the asset is replaced with gold and cryptocurrency is entirely plausible. This alternative would eliminate the shortcomings of the current financial model, which is rapidly approaching a deadlock. Paul blames the government and large corporations for creating the catastrophic economic situation, and he sees Bitcoin’s independence as pivotal in preventing future crashes.

Steve Bannon, multimillionaire and former White House Chief Strategist has also spoken in favor of the launch of an entirely new cryptocurrency that would compete with the US dollar.

Similar ideas that propose replacing the compromised money with cryptocurrency are rampantly spreading; Steve Bannon and Ron Paul are not the first to suggest a complete alternative to the infamously printed US dollar.

The eccentric billionaire and Bitcoin enthusiast John McAfee recently announced the release of his private fiat currency that is backed by other cryptocurrencies. In a Twitter post, he describes the main idea of his project:  

What's odd is that tomorrow night I am going to make an announcement of the new "McAfee Coin", based on a radical new concept: Fiat currencies (collectible) backed by crypto- the reverse of what banks are attempting. Seriously.”

This idea is the same as the Paul’s, who is going to lobby for the release of a similar coin that would be not private, but a federally funded project.

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Growing problems with fiat

Bureaucratic obsession with total compliance and the mania of AML has swept the world, and it is the biggest problem that international trade faces. Curiously, UN data shows that global drug trafficking is at its highest historical point.

In other words, the modern methods of fighting money laundering and financial terrorism are not generating meaningful results, except that they are tremendously lowering the productive work of financial organizations. Transaction costs and problematic payments are becoming a growing avalanche.

Today a tremendous burden is shackling the growing global economy. I would not at all be surprised if the original cause of the looming crisis happens to be this excessive regulation and modern witch hunt. Iran has already officially announced that it will use bitcoin for its trading accounts upon the imposition of new sanctions, and some countries are already doing this unofficially albeit in a very limited amount. The process of distancing from the madness of the regulators is not yet clear, but it is in the making and gaining momentum!

To say anything of Bitcoin’s future in the long term, we must await the imminent monetary crisis that will engulf the market around 2019 and 2020. It is then and only after the fact that the fate of Bitcoin and other cryptos will be decided.

For now, in the short term, Bitcoin is fated to suffer constant pressure (an extended flat period at best), behaving like any other typical peripheral currency of a developing country.

This town ain’t big enough for the both of them: while the dollar rules the world, the volatile and unpredictable Bitcoin will not be considered a viable alternative to US dollar. It will remain a dubious refuge for the speculators, and the many that are marginalized in the global economy.

Moreover, only the end to the grand monetary gridlock that is sadly led by the US will show us which asset will become protected and have its price skyrocket by the hundreds or even thousands.

If I am correct in my prediction, then yes, it could very well be the case that one Bitcoin will be worth one mln dollars. However, it is important to note that those one mln dollars will not be worth the same by then as they are now.  

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🤷 Opinions Alexander Goborov

USA: Biannual History of Weekly LocalBitcoins Volume

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The latest figures show that the United States is currently trading at around 7 million USD per week on LocalBitcoins
USA: Biannual History of Weekly LocalBitcoins Volume

LocalBitcoins is a Bitcoin trading platform that was established back in 2012. It is headquartered in Helsinki, Finland, and remains one of the most popular virtual places among those who wish to trade Bitcoin on a peer-to-peer basis. We have recently brought you Struggling Economies in South America Forcing LocalBitcoins Boom which examined how Venezuela, Argentina, Colombia, Peru, and Chile heavily contributed to the increased trading volumes on the website. Now, it’s time to look at the United States.

As was previously shown, the United States is the global leader by the number of Bitcoin nodes, the number of people who own cryptocurrencies, as well as the number of crypto billionaires/millionaires. We thought it would be interesting to also see how the US is doing on LocalBitcoins, so here it is, the history of weekly LocalBitcoins volume, organized biannually (i.e. six month averages or two quarters combined):

image

2013: A modest start with around 100K USD per week, followed by a sharp climb in the second half of that year to over 1 million USD per week.

2014: Around 2 million USD per week in the first six months, close to 3.5 million USD per week in the second half of the year.

2015: A continued climb, around 4 million USD per week in the first half, followed by a further increase and the figure growing to almost 5.5 million USD per week in the second.

2016: Both biannual averages show weekly volumes between roughly 6.5 and 7 million USD.

2017: A reach for the figure of 8 million USD per week in the first two quarters and a further leap to 9.5 million USD per week in the second half of the year, during the last Bitcoin bubble.

2018: An expected drop to around 8.5 million USD per week in the first half (note: unlike Latin America, the US is not a struggling economy), followed by a further decrease to the current figure of around 7 million USD per week in the second half of this year.

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Alexander Goborov

From Mainstream to Blockchain: 10 Business Giants whose People Turned Crypto

In today’s list we present 10 major companies whose employees or investors have left for good to join the Blockchain world
From Mainstream to Blockchain: 10 Business Giants whose People Turned Crypto

Today, we bring you a list of companies, representatives of the mainstream business elite, whose employees or investors have left in order to join the crypto world (displayed in the alphabetical order):
10 Business GiantsLeo Chen of Amazon Web Services recently left the huge corporation to join Harmony, an open infrastructure decentralized platform.

Alok Kothari of Apple, another giant of the mainstream tech world, did the same and moved to Harmony to become its chief engineer.

William Healy of Deutsche Bank recently left one of the biggest banks in the world to join Pantera Capital, a crypto investment firm.

Kahina van Dyke of Facebook left Zuckerberg’s creation to become Ripple’s vice president for corporate development.

The billionaire Michael Novogratz worked at Goldman Sachs for many years before becoming a top level crypto investor of Bitcoin and Ethereum.

Charlie Lee left the giant Google to found one of the crypto pioneers, Litecoin, back in 2011.

Richard Kim worked for JP Morgan for five years before recently leaving the world of mainstream finance to join Galaxy Digital, a Blockchain-based digital investment company.

One more top executive, Emilie Choi, left LinkedIn not long ago to join the well-known crypto exchange platform Coinbase.

Another billionaire on the list, Timothy Draper, was an early investor in Microsoft’s Hotmail and Skype before switching to Bitcoin and multiplying his assets.

And finally, Ryan Lechner of Netflix recently left the online streaming media giant to join the Ethereum-backed Consensys Labs.

We hope you found this list interesting. Stay tuned for more.

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