Coinbase Announces Launch of Coinbase Pro, Paradex Acquisition

Source From https://cointelegraph.com/news/coinbase-announces-launch-of-coinbase-pro-paradex-acquisition

Cryptocurrency exchange Coinbase has announced the newest version of its GDAX trading platform, Coinbase Pro.

Coinbase has announced Coinbase Pro, the new version of its trading platform GDAX, in a blog post Wednesday. The announcement comes on the same day as Coinbase’s acquisition of relay platform Paradex.

According to the Coinbase blog post, Coinbase Pro is an evolution of GDAX, which is specifically designed for individual crypto traders. Coinbase says that the new product was made specifically to suit the needs of individual traders, in addition to making the platform “easier and more intuitive.” Coinbase Pro will offer new features such as simplified deposit and withdrawal processes, in addition to letting customers take advantage of services like staking and protocol voting.

Coinbase will integrate the Paradex relay platform into Coinbase Pro which, according their blog post, will let customers trade “hundreds of tokens directly from their wallets.” This would markedly expand expand the types of cryptocurrencies to which customers will have access through Coinbase. The blog post states that the new service will be made available to customers outside the US before eventually being offered to American clients.

Paradex, which has 10 employees according to Reuters, is considered a decentralized exchange, because it does not hold custody of tokens on behalf of users, rather clients trade ERC20 tokens directly from their wallets. The financial details of the acquisition were not mentioned in the blog post.

GDAX and Coinbase Pro will operate in tandem until June 29, 2018, after which “all customers will be seamlessly rolled over” to the new platform.

In March, Coinbase announced the creation of both the Coinbase Index Fund and Coinbase Index. The Coinbase Index Fund is a “basket of digital assets” including all of GDAX’s four coins: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The fund requires a minimum investment of $10,000 with a 2 percent annual management fee. GDAX is currently the seventh largest exchange in terms of 24 hour trade volume, which was $365.95 mln at press time.

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Coinbase Takes Another Step Toward Trading ICO Tokens by Acquiring Paradex

Source From https://bitcoinmagazine.com/articles/coinbase-takes-another-step-toward-trading-ico-tokens-acquiring-paradex/

Coinbase Takes Another Step Toward Trading ICO Tokens by Acquiring Paradex

Cryptocurrency exchange Coinbase has taken another step toward trading ERC20 tokens by acquiring decentralized relayer Paradex. ERC20 is the Ethereum technical standard that the majority of initial coin offering (ICO) tokens are based on.

Paradex announced the news on its website today, May 23, 2018, adding that its site will be down temporarily while it works to make the integrations with Coinbase.   

Paradex bills itself as a decentralized exchange (DEX), meaning no third party is involved in holding the funds. Instead, users can use the platform to trade ERC20 tokens directly wallet to wallet. Paradex is built on top of the 0x (pronounced “zero x”) protocol.  

Right now, Coinbase trades four coins: bitcoin (BTC), bitcoin cash (BCH), ether (ETH) and litecoin (LTC). Adding ERC20 tokens could significantly boost the number of digital assets it carries. Due to the ICO boom that has taken place over the last few years, thousands of different ICO tokens are now available.  

But because U.S. regulators are in the midst of clarifying their stance on virtual currencies, many exchanges are holding back from listing ICO tokens. In March 2018, the U.S. Securities and Exchange Commission (SEC) issued a clear warning to virtual currency exchanges that some ICO tokens may qualify as noncompliant securities, and any exchange that lists security tokens needs to either register as a national securities exchange or operate under an exemption and set itself up as an alternative trading system (ATS).

To that end, in April 2018, Coinbase reportedly entered into talks with the SEC to take steps to become an ATS. In a possible lead-up to those plans, in late March 2018, Coinbase announced it was adding support for ERC20 into all its trading platforms.

In a blog post, Coinbase CEO Brian Armstrong stated that Coinbase is initially planning to offer Paradex to customers outside of the U.S. and eventually to its U.S. customers.

Coinbase offers two types of trading platforms: Coinbase for novice traders and GDAX for the more experienced traders. According to Reuters, Coinbase is revamping GDAX and rolling it over to a new service dubbed “Coinbase Pro” next month.  

This article originally appeared on Bitcoin Magazine.

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Bitcoin News Summary – May 21, 2018

Source From https://99bitcoins.com/bitcoin-news-summary-may-21-2018/

The post Bitcoin News Summary – May 21, 2018 appeared first on 99 Bitcoins.

Here’s what happened this week in Bitcoin in 99 seconds.   Here’s what happened this week in Bitcoin in 99 seconds. Consensus 2018 conference, held in New York, failed to trigger the anticipated Bitcoin price rally as it does each year. The turn out for the event was extremely overwhelming with almost 8500 people attending the conference. […]

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South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEM

Source From https://news.bitcoin.com/south-korean-crypto-exchange-korbit-xmr-zec-dash-rep-steem/

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEM

South Korean cryptocurrency exchange Korbit has announced that it will no longer support the trading of five cryptocurrencies: dash, monero, zcash, augur, and steem. This announcement came just days after hacked Japanese exchange Coincheck confirmed the delisting of privacy coins.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Farewell to Five Cryptocurrencies

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEMKorbit, one of South Korea’s largest cryptocurrency exchanges, announced this week that it will be delisting the cryptocurrencies currently offered through its Other Digital Assets service.

“We will bid farewell to the Other Digital Assets service through a gradual termination of the buy and sell functions for the following coins,” Korbit wrote, adding that the affected coins are dash (DASH), monero (XMR), zcash (ZEC), augur (REP), and steem (STEEM).

This service gives Korbit users access to the above five cryptocurrencies in addition to those regularly supported by the exchange: BTC, XRP, ETH, BCH, ETC, LTC, and BTG.

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEM

For the five affected cryptocurrencies, Korbit emphasized that the buy functionality will be terminated “After 15:00 on 05/28/2018” and the sell functionality “After 15:00 on 06/21/2018.” However, the exchange hinted at the possibility of re-listing some of them at a later date, elaborating:

We strive to facilitate secure trades of more cryptocurrencies, but we have yet to determine the date for resumption of trades of the affected coins. We thus advise you to protect your interests by either selling or withdrawing the said cryptocurrencies.

Reason for Termination

Korbit’s announcement does not give the reason why the five cryptocurrencies are being dropped other than stating, “We are fully committed to building the most secure place for you to trade cryptocurrencies.”

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEMFurthermore, there have been no reports of the South Korean regulators pressuring crypto exchanges to drop privacy coins, unlike the Japanese regulator.

Since Coincheck was hacked in January, the Japanese Financial Services Agency (FSA) has strengthened oversight of crypto exchanges including setting new criteria for their registration. One of them concerns the types of cryptocurrencies listed. “Those granting a high level of anonymity and easily used for money laundering will as a general rule be banned,” Nikkei reported.

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEMSubsequently, Coincheck announced just days before Korbit that it is dropping DASH, XMR, ZEC, and REP after it received a business improvement order from the agency. STEEM is not listed on Coincheck.

The reason Korbit is dropping STEEM may be related to a notice the exchange posted on May 8, stating:

Due to external issues, STEEM withdrawals are being suspended indefinitely.

What do you think of Korbit dropping these cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock, Nikkei, and Korbit.


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The post South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEM appeared first on Bitcoin News.

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Nobel Prize Economist Says That Crypto the Latest in a Pattern of Alternative Currencies

Source From https://cointelegraph.com/news/nobel-prize-economist-says-that-crypto-the-latest-in-a-pattern-of-alternative-currencies

Nobel Prize-winning economist Robert Shiller says that cryptocurrency is ‘nothing new,’ and is the contemporary iteration of an old idea.

In a May 21 article entitled “The Old Allure of New Money,” the 2013 Nobel laureate of Economics Robert Shiller calls crypto the newest iteration of alternative currency ideas.

Shiller outlines the various types of alternative currency that have existed throughout history, saying that, “New ideas for money seem to go with the territory of revolution, accompanied by a compelling, easily understood narrative.” Shiller first refers to Josiah Warner’s “labor notes” of the Cincinnati Time Store in 1827, that sold merchandise in units of hours of work.The currency did not last long, as the store closed in 1830.

The Yale economist also mentions Karl Marx and Friedrich Engels, who proposed that the communist condition under which private property was eliminated, would necessarily result in the “Communistic abolition of buying and selling.”

Getting closer to the modern day, Shiller references the Great Depression movement called “Technocracy,” which proposed to replace the then gold-backed US dollar with a measure of energy. Their book “The ABC of Technocracy” proposed the idea of founding an economy on the basis of energy.

Reaching the contemporary period, Shiller writes that crypto, like its predecessors, is coupled with “a deep yearning for some kind of revolution in society.” He also states that the public's general lack of understanding of how cryptocurrencies function creates an allure:

“Practically no one, outside of computer science departments, can explain how cryptocurrencies work, and that mystery creates an aura of exclusivity, gives the new money glamor, and fills devotees with revolutionary zeal.”

Shiller recognizes that the decentralized nature of cryptocurrencies is a primary draw for those who see governments as “the drivers of a long train of inequality and war.” He concludes, however, in saying that “None of this is new, and, as with past monetary innovations, a compelling story may not be enough.”

Robert Shiller, Eugene Fama, and Lars Peter Hansen were awarded the Nobel Prize in Economics in 2013 for “their empirical analysis of asset prices.” Shiller developed the Case-Shiller index with his colleague Karl Case, that is now used by Standard and Poor’s Financial Services.

In recent weeks, cryptocurrencies have been publicly criticized by giants in the tech and finance worlds such as Bill Gates and Warren Buffet. Berkshire Hathaway Vice Chairman Charlie Munger compared trading and dealing in crypto to “freshly harvested baby brains.”

In an expert take with Cointelegraph, international business lawyer Andrea Bianconi said that such pessimistic and hyperbolic criticism should be dismissed. Expecting Wall Street to understand and embrace crypto, would be like “asking a rugby player to dance the ballet's classic ‘pas des deux.’”

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How to Mine Litecoin – The Complete Beginner’s Guide to Litecoin Mining

Source From https://99bitcoins.com/how-to-mine-litecoin-the-complete-beginners-guide-to-litecoin-mining/

The post How to Mine Litecoin – The Complete Beginner’s Guide to Litecoin Mining appeared first on 99 Bitcoins.

To get started mining your L3+ Litecoin, or other Scrypt coins, watch this video! You can also use it to get paid with BTC, LTC, or just about any other altcoin! The Risks of ASIC Mining Some developers don’t like the idea of ASIC (Application Specific Integrated Circuit) manufacturers having a say in their coin […]

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