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sportsbetting721 · 11 months

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Finest Sports Activities Betting Sites In Singapore 2023 Get Sgd800 Bonus

The OnexTwo online sportsbook of their capability has created a properly designed cell app to satisfy the yearning demands of bettors who want to place bets via their cell gadgets. Worthy to mention is that the OnexTwo on-line sportsbook additionally has a properly crafted cell model that may be a cloned model of the online version, however created particularly for cellular devices of iOS and Android gizmos. Stake is a popular option for betting crypto on sports activities and casino games for lots of causes, together with their neat consumer interface, and the number of sports/games they offer. While they don't provide a welcome bonus, they are probably the greatest crypto gambling websites around when it comes to VIP perks, cashback, and bonuses. All forms of gambling are unlawful in Thailand, except for the government-sponsored Thai lottery and betting on horse racing at chosen racetracks. This does not mean that unlawful gambling does not take place in Qatar.

In fact, Qataris are fond of placing bets online with offshore sportsbooks, regardless of the country’s efforts to block on-line sportsbooks that accept bets from its residents. Despite this, individual players are low priority instances within the eyes of authorities, and it is unlikely that a Qatari player could be caught and penalized for betting on-line. No bookie will offer you the best odds throughout all sports and leagues, but some bookmakers have glorious proposals on a specific sport. For example, one sportsbook may have unbelievable betting odds on horse racing, however its football odds could be worse than another bookie’s. So if you’re questioning whether or not on-line mobile betting in Singapore is available, the answer is a convincing sure.

The guidelines and variety of the available markets are dynamic and continues to develop. Besides the quite a few groups and leagues and community ranges, there is a nationwide sports betting Singapore volleyball staff for each men and women. The staff has performed in opposition to different regional teams at a aggressive stage.

Find one of the best odds, range of sports and bookies for Dutch punters right here. In our humble opinion, crypto is the currency of the current and future, with a variety of advantages when used on crash playing websites. Although you might have a wonderful selection of crash gambling websites, some are much better than others.

accounts, the history behind an article. Submitting this type under will send a message to your e-mail with a hyperlink to alter your password. Client was trying to have a easy, trendy and distinctive design of a web site that allows costumers to search and guide amenities. The design ought to help each Arabic and English, and styled for light/cold colors. A unique and engaging landing web page design for an outside attire firm. Redesigning the expertise and visuals for a product that encourage physical activity via wearable gadgets.

In truth, it is rare for standard crash websites to care a great deal about promotions. Other VIP program perks may embrace particular items and access to distinctive games. The factors system, where gamers get redeemable factors (usually 1 level per $1 spent), is among the many best-known VIP bonuses. Although Bitcoin crash websites can’t match the above, they can create a VIP package that pulls and retains big spenders. Assuming you wish to win money more often, we suggest finding out the return-to-player (RTP) proportion of every recreation you play.

Regular users of crash gambling websites know that there's an array of various bonuses on offer. However, if you are sitting here considering that you’d win each single considered one of them because you invested more cash, you are mistaken. With sports betting, not solely must you make an knowledgeable wager, but you also wants to guarantee that you're putting practical bets and not randomized ones.

We will only show web sites accepting clients out of your nation. In each sport, there are chances that we’d have a favourite team and player. While it is completely nice in personal life to have favorites, you can’t let that affect your selections in relation to the wager. There are possibilities that your favourite participant or team might be taking part in very unhealthy since the previous couple of matches.

Online sports betting is the one exception to the rule – offered you gamble with a sportsbook licensed to commerce in South Africa. As lately as September 2020, the National Gambling Board of South Africa issued a statement making it “emphatically clear” that no online playing exercise is authorized within the nation except online sports betting. There are additionally no full-service online sportsbooks in Japan, as they aren’t formally legalized. Despite this, there are quite a few offshore operators who're pleased to simply accept bets from Japanese bettors.

Betting from cellular devices has become extremely popular over the last decade, and it’s a type of trade normal for all sportsbooks to offer it to their prospects. Excluding land-based bookies, no single online sportsbook doesn’t offer its clients an option to guess from their telephones – either from a cell betting app or through a mobile website. For instance, you probably can bet on Singaporean sports groups and leagues and worldwide competitions across varied sports activities, including football, cricket, winter sports, and more.

The deposit and withdrawal options might differ from bookie to bookie, and it is important to use a bookmaker that works with the native SGD foreign money to minimise further fees and foreign money conversion expenses. Singaporean bookmakers settle for credit and debit playing cards issued by Visa, and MasterCard but the government typically decline a few of them. Several banks are prohibited from making transfers to foreign-based gambling websites. If this occurs, gamblers can use alternate options like PayPal, which is widely supported by offshore bookies. Searching for the best sports betting app, we now have evaluated different factors corresponding to ease of use, similarly with the net site model, and theme used. We also examine if there are regular updates, and if it supports Android phones, iOS, and tablets.

CryptoManiaks reviewers get in contact with the site’s customer support team, noting how quickly an agent responds and whether they were helpful. Our team investigates the overall commonplace of customer service on each website we evaluation. Consequently, you should pay particular consideration to the status of crash websites with crypto.

No racism, sexism or any sort of -ism that's degrading to a different person. Use the 'Report' link on every comment to tell us of abusive posts. We'd love to hear eyewitness

The list of sportsbooks for Spanish bettors to choose from is big and, in addition to native operators, lots of the greatest worldwide sportsbook are licensed to supply on-line betting right here too. Before the Remote Gambling Act there was no statement in Singapore’s regulation which specifically said that it was unlawful for residents to wager on sports activities occasions at offshore on-line sportsbooks. This means many Singaporeans have accounts with offshore online sportsbooks corresponding to Bet365, William Hill, and Ladbrokes. Although illegal to use, it’s not unusual for worldwide sportsbooks to simply accept new customers from Singapore.

Each one has a preferred niche, however before that, you should be aware of how they work, what’s concerned in inserting a wager, and how one can win with every sort. After that, you’ll be ready to put a wager in any of the betting sites in Singapore. Currently, almost all betting websites offer attractive bonuses to draw new gamers and maintain the existing ones. Betting presents vary from free spins, cash bonus, and referral bonus among others. While they usually look attractive to gamers, it is essential to perceive the phrases and situations imposed on them. Rugby Union isn't main sports in Singapore, but there are numerous upcoming groups to examine out for such as Singapore Wanderers Rugby Club.

Their opponents, the Tampa Bay Buccaneers, could additionally be priced at +145, and you’ll have to guess $100 to win $145 – a complete return of $245. Gambling in China is in opposition to the law beneath Chinese regulation and has been officially outlawed for the explanation that Chinese Communist Party (CCP) took energy in 1949. If you want a tremendous sports activities web site that stands out from the competition, work with a professional designer. Find and rent a designer to make your vision come to life, or host a design contest and get concepts from designers around the world. Sport Draft is a fantasy sports website, primarily focusing on soccer (soccer). The Mobile adaptation is one that my Client is very delighted with and to find a way to persistently deliver high quality work that guarantees satisfaction is actually a Great feeling and a reward all by itself.

The Singaporepools on-line sportsbook has a really sui generis built and an amazing cell sports online betting utility. Also, this sportsbook has a well designed cell version that has a keen resemblance with the online version and can be used to do whatever the net and cell app can do. The K9win on-line sportsbook was born in 2015, to meet the calls for of the online sports betting populace in the Asian online sports betting market. Maxim88 Casino is a widely known Asian online gaming web site that launched in 2006.

Designed a simple brand and additional parts the developer can use throughout the online app. We use cookie recordsdata to boost your consumer expertise and to improve our service. The registration course of takes about 5 minutes when doing the verification online. If you are coping with gambling problems in Singapore, there are a quantity of world firms and organizations that may provide support and assistance. For the prosperity of the playing industry in Singapore, the Ministry of Home Affairs (MHA) is working to introduce a brand new company that can consolidate all the present smaller bodies into one umbrella. The new regulation is anticipated to effectively address evolving playing merchandise and enterprise fashions in Singapore.

Once you've read and understood the section, you will understand the wagering requirements, how the bonus can be used to win and withdraw, or the required minimum deposit to get a bonus. The best bonuses in Singapore are supplied by bookmakers, as a reward for signing up or being loyal to them. Since bookies are sometimes targeting new players, you can make use of the bookmakers’ free bets to make large wins. The free quantity of credit given as a bonus is usually used solemnly for betting. Other than football, basketball, cricket, rugby, badminton, or volleyball, there are other sporting leagues in virtually every prime Singaporean betting website to wager on. You can choose baseball or softball, hockey, swimming, squash, golf, and biking.

Sports betting is a very popular type of facet revenue that many lively higher and gamblers take pleasure in. However, if you're new to sportsbook betting Singapore, likelihood is that you’d be confused about what to do and what to not. It is a very common response; however, this is where you want to observe along with the tips that we have lined up for you on this article. Despite that, there are very strict playing legal guidelines enforced inside the country. Although there are a quantity of choose ways to bet in the UAE via loopholes, on the entire the country operates with strict anti-gambling legislation.

If you're new to sports betting and don’t have plenty of data about the same, we hope this article offers you all the insights that you need. Keep in thoughts that sports betting is a mixture of good selections and luck. So, if you aren’t making knowledgeable decisions, they'll ultimately catch up to you if you put in huge money. The Professional and Amateur Sports Protection Act (PASPA) was overturned in 2018 and since then, a number of states have taken benefit of this and legalized sports betting. The HKJC holds a government-granted monopoly on horse racing wagers, lotteries, and football betting, while its unique standing actually makes them the biggest taxpayer to the federal government.

After you've decided on a preferred bookmaker in Singapore, you must create an account. Singapore is known for land-based playing and follows the same rule for on-line playing. However, before joining an online betting web site in Singapore, you need to understand the pre-requisite for opening an account which incorporates the minimum age, resident tackle, and local quantity amongst others.

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coin-river-blog · 5 years

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In this edition of The Daily we cover a number of developments related to different cryptocurrency exchanges. A report shows that Quadriga has “lost” another half a million dollars, Bithumb is expanding its reach to the UAE, and Coinbase has launched a controversial new cloud backup service. Additionally, Chainalysis has raised further funding to help it spy on more blockchain transactions.

Also Read: Two US Public Pension Funds Back New $40 Million Crypto VC

EY Issues Quadrigacx Report

Quadrigacx, formerly Canada’s largest cryptocurrency exchange by trading volume, appears to keep digging itself into a hole. Ernst & Young Inc. (EY), which was appointed as the monitor in the case of the company’s bankruptcy, has issued its first report to the Supreme Court of Nova Scotia. The document exposes that last Wednesday, just a day after EY was appointed as the monitor, the exchange team for some reason sent out considerable funds to a wallet it now claims not to control.

The report reads: “On February 6, 2019, Quadriga inadvertently transferred 103 bitcoins valued at approximately $468,675 to Quadriga cold wallets which the Company is currently unable to access. The Monitor is working with Management to retrieve this cryptocurrency from the various cold wallets, if possible.”

EY has made arrangements to transfer the remaining cryptocurrency holdings into a cold wallet which will be retained by the monitor pending further order of the court. It has also secured various electronic devices reportedly used by the reportedly deceased former CEO of the operation, including two active laptops, two older laptops, two active cell phones, two “dead” cell phones and three encrypted USB keys.

Bithumb to Launch UAE Exchange

According to reports from South Korea, Bithumb has signed a memorandum of understanding (MOU) with Abu Dhabi-based Nvelop to establish a joint authorized fiat-to-cryptocurrency exchange in the United Arab Emirates (UAE). Having established a foothold in the region with this partnership, the South Korean group is reportedly planning to further expand its operations in the countries of the Gulf Cooperation Council (GCC), which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

Bithumb has been on an international expansion push recently. Only this weekend news.Bitcoin.com reported that the group has launched a new over-the-counter (OTC) trading platform for institutional clients which will be offered under the Ortus brand owned by its Hong Kong-based subsidiary. It is also reportedly working with U.S.-based Series One to build a security token exchange and talking with Russian companies about possible partnerships.

Coinbase Wallet Offers Cloud Backup

On Feb. 12, Coinbase Wallet notified its clients that they can now back up an encrypted version of their wallet private keys to cloud storage on Google Drive or iCloud. This new feature is meant to help prevent users from losing their funds if their mobile devices are stolen or if they forget their private keys. The company explained that the backup is optional as users must opt in to activate it, encrypted with AES-256-GCM encryption and accessible only by the Coinbase Wallet mobile app. Coinbase also intends to add support for other cloud services in the future beyond Google and Apple’s.

The move was not well received by some members of the crypto community, who fear it sacrifices user security in the name of convenience. Jesse Powell, CEO of competing exchange Kraken, tweeted in response: “I am not a fan of training users on bad security. Cloud storage, while convenient, is constantly compromised, especially with all the SIM porting. 99% chance the people who would unwittingly use this do not have passwords strong enough to withstand professional cracking.”

Chainalysis Secures $30M in Funding

Blockchain surveillance company Chainalysis has announced it’s raised a $30 million Series B led by Accel, with participation from existing investors. The company plans to use the new funding to grow its global footprint and invest more in new cryptocurrencies and multi-currency support. Chainalysis also officially opened an office in London that will act as a regional hub and plans to double its headcount in the city to better work with the major financial institutions based there, as well as nearby European governments.

Accel stated that it choose to make an investment in Chainalysis because it is a company that “uniquely leverages deep analytics and machine learning to help law enforcement agencies track illicit crypto transactions and financial institutions comply with anti-money laundering rules—important pillars towards the inevitable maturation of the cryptocurrency space.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

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cryptswahili · 5 years

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In the Daily: Quadrigacx Losses, Bithumb UAE, Coinbase Cloud Backup, Chainalysis Funding

Also Read: Two US Public Pension Funds Back New $40 Million Crypto VC

EY Issues Quadrigacx Report

Bithumb to Launch UAE Exchange

Coinbase Wallet Offers Cloud Backup

Chainalysis Secures $30M in Funding

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

The post In the Daily: Quadrigacx Losses, Bithumb UAE, Coinbase Cloud Backup, Chainalysis Funding appeared first on Bitcoin News.

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cryptnus-blog · 6 years

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Weekly Report: Bitcoin ETF, Blackrock Interest and Coinbase Listings

New Post has been published on https://cryptnus.com/2018/07/weekly-report-bitcoin-etf-blackrock-interest-and-coinbase-listings/

Weekly Report: Bitcoin ETF, Blackrock Interest and Coinbase Listings

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Tune in for Weekly Market Updates from NKB Group. The NKB Group is a full-service investment banking platform focused on blockchain technology.

The Bitcoin dominance increased from 42.7% to 45.6%, moving up due to Bitcoin’s increased trading activity and 19% price appreciation over the course of a week. The best performers among the top-40 crypto assets were Bitcoin Diamond (+117%), Stellar (+33%), and Cardano (+21%). It was a good week as further names were added into Coinbase’s list to be potentially accepted for trading. Positive regulatory news, the upcoming Bitcoin ETF announcment and Blackrocks crypto working group have contributed to the bullish sentiment.

Cryptocurrency Regulatory Updates

Ukrainian authorities support regulatory concept for cryptocurrencies

The Financial Stability Council of Ukraine has supported a crypto regulation concept, according to a social media post. The regulation concept involves recognizing cryptocurrencies and tokens as financial instruments, licencing of transaction participants, defining information disclousure conditions and more. The concept was suggested in May 2018. There were several versions of crypto-concepts, according to our sources in the Ukrainian crypto sector, however which one will be accepted as a final document is still unclear.

RBI to Supreme Court message is to regulate Bitcoin

The Reserve Bank of India (RBI) told the Supreme Court that it is necessary to regulate bitcoin and other cryptocurrencies in India, according to The Financial Express. It may encourage illegal transactions and impact international flow of funds, according to an RBI official. The interdisciplinary committee under the secretary of economic affairs in the finance ministry was set up last year to examine virtual currencies, and has to provide its report on regulatory framework for cryptocurrencies. The RBI will need three weeks to respond to multiple petitions on the regulations. The Supreme Court postponed the final hearing on the RBI’s ban on crypto trading until 11th September 2018.

EU Parliament study says CB digital currencies will reshape the competition in crypto market

A study by the EU Parliament on competition in the area of FinTech said that the creation of cryptocurrencies promoted by banks, including central banks, will reshape the current competition in the cryptocurrency market, broadening the number of competitiors. The EU Fifth Anti-Money Laundering Directive came into force on 9th July. It set a new legal framework for the EU regulator to deal with digital currencies, in order to protect against money laundering and terrorist financing, setting stricter transparency requirements.

Cryptocurrency Market Updates

Stellar received Sharia compliance certificate for payments and asset tokenization

Stellar reported that it obtained a Sharia compliance certification for the Stellar technology and network to provide payments and asset tokenization. The Shariyah Review Bureau (SRB), an international Sharia advisory agency licenced by the Central Bank of Bahrain, “has reviewed the properties and applications of Stellar and has promulgated guidance and guidelines that enable Sharia compliance applications of Stellar technology in Islamic financial institutions”, according to the Stellar blog. The Sharia compliance certification extends to applications and usages of lumens (XLM). The certification may help Stellar to win attention in countries where financial services require them to comply with Islamic financial principles, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Indonesia and Malaysia. The Stellar Development Foundation representatives plan to meet leading financial institutions to present Stellar and how to best utilize Stellar in their Sharia-compliant financial services and products.

Grayscale reports 56% of investments were coming from institutional investors in 1H18

Grayscale Investments, one of the first investment vehicles bringing crypto investments infrastructure to the market, reported total investments into its products reached $248.4m as of end 1H18. The average weekly investments were $9.55m, including $6.05m into Bitcoin Investment Trust. Bitcoin investment products represent 63% of total assets raised. Other investment trusts are focused on Ethereum, Zcash, Ethereum Classic, Digital Large Caps, Bitcoin Cash, and XRP. The investor base of Grayscale Trusts includes 56% institutional investors, 20% accredited individuals, 16% retirement accounts, 8% family offices. The average investment was $848k for institutional investors, $553k for family offices, $335k for retirement accounts, and $289k for individuals. 64% of all new investments came from the US, 26% from offshore investors(Cayman-domiciled entities), and 10% from investors in other regions of the world.

BlackRock may potentially enter Bitcoin products market

BlackRock, the largest global ETF provider and one of the largest asset managers with over $6.3trln under management, announced the creation of a working group to assess potental involvement in Bitcoin, according to Financial News. BlackRock, previously negative about cryptocurrencies, may consider offering Bitcoin futures and other products to clients, subject to an investigation of the market.

Asian asset manager to launch crypto-custody solution

The Asian asset manager Fusang Investment Office, who focus on family offices, plan to launch a cryptocustody service Fusang Vault in Hong Kong. The service is expected to launch in 4Q18. The independently provided service can hold assets on behalf of the clients, and audit these assets periodically.

Bitcoin Diamond listed on HitBTC

Bitcoin Diamond surged over 100% during the last week after the news about listing on HitBTC. Bitcoin Diamond (BCD) is a fork of Bitcoin with implemented lightning and minimal transaction fees, and a ten times larger coin supply compared to bitcoin. The Bitcoin Diamond Foundation introduced plans to launch the BCD International Marketplace that will allow users to order and purchase products from popular online marketplaces such as Amazon, eBay, Etsy and AliExpress on a single platform powered by Bitcoin Diamond. The token started trading in March 2018. BCD developers tested the stability and reliability of the network and their testnet by creating payment channels and nodes. BCD is rebuilding the ZapWalletTxes, adding more functions and improving its features.

Schnorr Signatures the bext big change in Bitcoin

Peiter Wuille, one of the most influential Bitcoin developers, unveiled a draft which outlines technological structure promising to address the biggest problems affecting Bitcoin today – scalability and privacy. Simply put, Schnorr signatures are essentially an aggregation of the signature data required for a Bitcoin transaction and it’s predicted to help increase the capacity of the Bitcoin network by at least 25% as this approach will create more space in the block. Although updates and changes are being made on a daily basis, the Schnorr signatures are the biggest change in Bitcoin blockchain since SegWit as this impacts on the most important rules in Bitcoin.

Ethereum off-chain payment channel Raiden launches second Testnet

According to an announcement, Raiden sees its second testnet as an opportunity to fix some minor issues and remaining bugs before the mainnet release. The Raiden Network is a state channel off-chain scaling solution, enabling near-instant, low-fee and scalable payments on top of the Ethereum blockchain. Founder of Ethereum, Vitalik Buterin sees state channels as “an important technology that has the potential to greatly improve the scalability and privacy of many categories of blockchain applications.”

IBM partners with Columbia University to launch Blockchain Research Center

Tech giant IBM has partnered with New York-based Columbia University to develop a blockchain research center with the aim of accelerating innovation and data transparency in the Blockchain ecosystem. “With Columbia, we are able to bring together leading thinkers on applying blockchain and data best practices based on extensive research and business experience and together prepare a new generation of technologists and business leaders,” as director of IBM Research, Arvind Krishna commented. IBM is building very strong roots across the blockchain sector, last week the company, in collaboration with giant banks like HSBC, Deutsche Bank and Rabobank, conducted a series of blockchain-powered bank transfers, and also announced their backing of a Stronghold USD, which is a direct competitor to several stable coins.

Neufund, Binance and Malta Stock Exchange partners for Stock Exchange

Berlin-based Equity Token Offering (ETO) platform Neufund has announced its partnership with the Malta Stock Exchange (MSE) and leading cryptocurrency exchange Binance in launching a new fully regulated and decentralized stock exchange for trading and listing tokenized securities as well as crypto assets. Zoe Adamowicz, CEO and co-founder of Neufund, commented that “It is the first time in history that security tokens can be offered and traded in a legally binding way.” Malta has recently passed the DLT/Blockchain bills which help innovative companies from the sector to grow more easily.

TSMC sees Crypto Mining Cool off in Q3

Taiwan Semiconductor Manufacturing Comapny (TSMC), a chip manufacturing giant, has reported quarterly results with a total revenue of $7.85 billion. In a statement, TSMC CFO, Lora Ho said, “Our second-quarter business was mainly impacted by the mobile product seasonality, while continuing strong demand from cryptocurrency mining and more favorable currency exchange rate moderated with mobile softness.“ She did however add a brief projection for Q3 where she sees demand for chips from crypto miners softening in the third quarter due to weaker prices of crypto. “Moving into the third quarter of 2018, we anticipate our business will benefit from new product launches while cryptocurrency mining demand will decrease from the second quarter.”

Study Rings Alarm Bells on some the Biggest ICOs

An excellent paper from Penn Law School professors Cohney, Hoffman, Sklaroff and Wishnick on detailed analysis of the inner workings of Initial Coin Offerings, has analyzed White Papers and additional documentation of the 50 biggest ICOs of 2017. The team then analyzed how the projects’ software code reflects what is promised. The study reveals some interesting facts, which are summarized in a tweet or there is a 100 page report – Coin-Operated Capitalism.

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foursproutwealth-blog · 6 years

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Oil Producers Turning To Crypto To Solve Sanctions Problems

New Post has been published on http://foursprout.com/wealth/oil-producers-turning-to-crypto-to-solve-sanctions-problems/

Oil Producers Turning To Crypto To Solve Sanctions Problems

Authored by Tom Luongo,

Last week, Venezuela announced it would develop a national cryptocurrency backed by its oil reserves, the Petro. Now there is a report that Russia is considering the same thing. Iran will likely follow suit.

As of right now this is just a rumor, but it makes some sense. So, let’s treat this rumor as fact for the sake of argument and see where it leads us.

The U.S. continues to sanction and threaten all of these countries for daring to challenge the global status quo. There is no denying this. And so much of what we see in the geopolitical headlines are knock-on effects of this challenge.

The Geopolitical “Why”

From the Middle East to North Korea, the Dutch changing their laws to block Nordstream 2 to the Saudis breaking off relations with Qatar, everything you read about in the news is a move on the geopolitical “Go” board.

Because at the heart of this is the petrodollar. Contrary to what many believe, the petrodollar is not the source of the U.S. dollar’s power around the world, but rather the U.S.’s main fulcrum by which to keep competition out of the markets.

It is a secondary effect of the dollar’s dominance in global finance today. But it is not the main driver. Financial market are simply too big relative to the size any one commodity market for it to be the fulcrum on which everything hinges.

It was that way in the past. But it is not now. That said, however, getting out from underneath the petrodollar gives a country independence to begin building financial architecture that can be levered up over time to threaten the institutional control it helped create.

U.S. foreign policy defends the petrodollar along with other systems in place – the IMF, the World Bank, SWIFT, LIBOR and the central banks themselves – to maintain its control.

The main oil producers, however, can escape this control simply by selling their oil in currencies other than the U.S. dollar. That’s not enough to dethrone the dollar, but, like I just said, it is where the process has to start.

Therefore, any and all means must be employed to defend the dollar empire by keeping everyone inside that system.

So, it looks like the petrodollar is all-important, but only in the long-run. In the short run, monetary policy, diplomacy and political stability are far more powerful actors on the system.

Russia’s Crypto-Upside

However, the oil-backed cryptocurrency by Venezuela is very important. And it’s why attaching a rumor to Russia makes sense. Who do you think put this idea in President Maduro’s head, anyway? Martians? No, it was Putin.

Because it deepens Russia’s tools to combat U.S. hybrid war tactics, which include financial sanctions. They’ve already announced their plans for a crypto-ruble, as well as supporting cryptocurrency research, massive Bitcoin mining operations, and the possibility of a BRICS-Coin as well.

And, most importantly, legal frameworks under which all of this will operate. In short, these things create certainty in the minds of companies doing business in Russia that the government will act in predictable ways.

Those ways may still not be profitable enough to lay off other risks and attract capital, but predictability first and fine-tuning second.

Adding in a cryptocurrency backed by their oil reserves which can trade on the open market then only makes sense. It allows smaller oil and gas companies to avoid the worst of U.S. banking sanctions. It will help create secondary markets for corporate debt and equity issuance, fast-international clearing without need of centralized systems like SWIFT, etc.

This can facilitate a shift in the oil supply chain economy away from banks sanctioned by the U.S. and spur development in that space across not only Russia, but the entire region served by the Eurasian Economic Union.

Especially if this potential “Neft-coin”(Neft is Russian for ‘oil’) is convertible into crypto-Rubles and, by extension, Rubles themselves. There will be no barrier for Russian businesses to use the “Neft-coin” to get around sanctions since it the crypto-Ruble was predictable tax consequences.

Moreover, since the crypto-Ruble will only be taxed at 13%, the capital gains tax rate in Russia, this, in effect, could be a back-door way for companies to lower their corporate tax rate to 13% from the current 20% Russian corporate tax rate. I am just spitballing here. But, if I were Vladimir Putin I would consider this, highly to compete with the U.S. pushing their corporate tax rate down from 35%.

The Other Side of the Coin

Those are the benefits, but what are the potential drawbacks?

The problem with backing any currency with physical reserves is the fluctuations in value of those reserves. It’s not like oil is a low-beta commodity or anything. But, like everything else in the commodity space, price movements are supposed to be smoothed out by the futures markets helping to coordinate price with time.

But the bigger problem is the estimation of those reserves the coin’s value is based on. First, how do you accurately quantify them? Can holders of Petro or Neft-coin trust the Russian or Venezuelan governments to provide accurate assessments of their reserves?

Second, there is the ability of the country to pull it out of the ground and sell it into the market at anything close to a fair price. This isn’t a concern for Russia, the world’s 2nd largest supplier of oil and very stable government but Venezuela is the opposite. And, its “Petro” would probably trade at quite a discount early on to the dollar price of oil.

It will open up all kinds of arbitrage opportunities.

Moreover, the blockchain that backs this “Neft-coin” is subject to hacking by hostile actors… I wonder who those will be?

A cryptocurrency is only as secure as its blockchain is. And, the size of the mempool backing that blockchain is the elephant in the room and it has to be big, deep and incorruptible.

Don’t think for a second that various U.S. ‘intelligence’ agencies are not developing ways to attack anything crypto-based that either of these countries put in place. And, as well, don’t think that the Russians, masters themselves of cryptography, aren’t thinking of ways to combat this at a fundamental level.

Bitcoin Solves Other Problems

Now, there are schemes emerging in the blockchain space that can mitigate this possibility very simply. And it all depends on the architecture of this “Neft-coin” or Venezuela’s “Petro.” Tying either of these coins to a massive proof-of-work based blockchain like Ethereum or Bitcoin would be the right way to do this.

Like I said at the outset, this is purely speculation on my part, but it’s important to ask these questions now to see what shakes out.

I wouldn’t be surprised to see this “Neft-coin” if it’s happening, is employing some form of double-proofing that ties back into the plans for Russian Miner Coin, and the employment of not only the best new Bitcoin mining ASICs but the incredibly cheap Russian electrical grid.

I wrote about this when it was first announced back in August, seeing it as a way to get around sanctions and create a potential crypto-reserve system for the Russian economy.

Not only does Bitcoin get potentially elevated to the level of reserve asset to reside right next to Russia’s enormous pile of gold that represents nearly 20% of M2 in Rubles at insanely depressed prices, but it also furthers the argument for Russia to be a destination for capital as the sovereign debt crisis unfolds.

Capital is flowing into cryptos at an astounding pace. Governments are completely behind the curve in their adoption of this technology. Russia under Putin is moving quickly to remedy this and now fully groks how it can help him acheive his goals for Russia’s financial independence from the U.S.

Lastly, if this proves successful, Russia’s new Bitfury chips that will power this system could see wide demand in the global mining market.

And now you know why Russia is interested in taking over 10% of the Bitcoin mining hashing power. In cryptocurrency mining, he who controls the hashing power controls the network, in essence. Russia wants in on this for the strategic purpose of leveraging it for a number of reasons.

Both a crypto-Ruble and this potential “Neft-coin” can be tied to the Bitcoin blockchain by proxy and insulate it from any number of attack types. For an example of how they could structure this read about Komodo’s delayed-Proof-of-Work system.

The drive to attract global capital away from the existing and (in my opinion) failing monetary and political system is what is driving the creation of these new types of digital assets. Contrary to the opinion of many America Firsters, the U.S. is not capable of militarily taking on the world. It does most of its fighting through the financial markets and political backrooms.

Moves like this and assets like Bitcoin itself happen because of that very natural human desire to be free from external control which enriches the few at the expense of the many. Even if Russia isn’t working on a “Neft-coin” because of its relationship with China and its developing a crypto-Ruble, it’s obvious that there is a coordinated effort via the blockchain to secure Russia’s future free from U.S. control.

#Wealth

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foursprout-blog · 6 years

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Oil Producers Turning To Crypto To Solve Sanctions Problems

New Post has been published on http://foursprout.com/wealth/oil-producers-turning-to-crypto-to-solve-sanctions-problems/

Oil Producers Turning To Crypto To Solve Sanctions Problems

Authored by Tom Luongo,

As of right now this is just a rumor, but it makes some sense. So, let’s treat this rumor as fact for the sake of argument and see where it leads us.

The Geopolitical “Why”

U.S. foreign policy defends the petrodollar along with other systems in place – the IMF, the World Bank, SWIFT, LIBOR and the central banks themselves – to maintain its control.

Therefore, any and all means must be employed to defend the dollar empire by keeping everyone inside that system.

So, it looks like the petrodollar is all-important, but only in the long-run. In the short run, monetary policy, diplomacy and political stability are far more powerful actors on the system.

Russia’s Crypto-Upside

Those ways may still not be profitable enough to lay off other risks and attract capital, but predictability first and fine-tuning second.

The Other Side of the Coin

Those are the benefits, but what are the potential drawbacks?

It will open up all kinds of arbitrage opportunities.

Moreover, the blockchain that backs this “Neft-coin” is subject to hacking by hostile actors… I wonder who those will be?

A cryptocurrency is only as secure as its blockchain is. And, the size of the mempool backing that blockchain is the elephant in the room and it has to be big, deep and incorruptible.

Bitcoin Solves Other Problems

Like I said at the outset, this is purely speculation on my part, but it’s important to ask these questions now to see what shakes out.

I wrote about this when it was first announced back in August, seeing it as a way to get around sanctions and create a potential crypto-reserve system for the Russian economy.

Lastly, if this proves successful, Russia’s new Bitfury chips that will power this system could see wide demand in the global mining market.

#Wealth

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emileparfaitsimb · 1 year

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Understanding Cryptography: How to Get Started and What It Is

Cryptocurrency is frequently described as “digital money.” This description might also be true, however it fails to seize what makes cryptocurrency special and so attractive to many investors.

What is cryptocurrency? At its core, cryptocurrency is a machine of value. When buyers purchase a cryptocurrency, they are making a bet that the cost of that asset will expand in the future, simply as inventory market buyers purchase securities when they agree with the agency will develop and share fees will increase. Stock valuations boil down to discounted estimations of a company’s future cash flows. There is no similar valuation metric for cryptocurrencies due to the fact there is no underlying company; the price of a cryptocurrency is tied solely to investor appetite. Cryptocurrency valuations boil down to one of two factors: the probability of different traders shopping for the asset or the utility of the cryptocurrency’s blockchain.

How does cryptocurrency work? Cryptocurrency runs on blockchain technology, however what precisely is a blockchain? The time period has grow to be so commonplace, its that means and magnitude are regularly blurred. A blockchain is absolutely a digital ledger of transactions. This ledger (or database) is dispensed throughout a community of laptop systems. No single device controls the ledger. Instead, a decentralized community of computer systems maintains a blockchain going for walks and authenticates its transactions. Proponents of blockchain technological know-how say that it can enhance transparency, enlarge have faith and bolster protection of statistics being shared throughout a network. Detractors say that blockchain can be cumbersome, inefficient, expensive, and can use too a whole lot energy. Rational crypto traders purchase a digital asset if they accept as true with in the energy and utility of its underlying blockchain. All cryptocurrencies run on blockchain, which potential crypto traders are having a bet (whether they comprehend it or not) on the resiliency and beauty of that blockchain.

Cryptocurrency transactions are recorded in perpetuity on the underlying blockchain. Groups of transactions are brought to the ‘chain’ in the structure of ‘blocks,’ which validate the authenticity of the transactions and maintain the community up and running. All batches of transactions are recorded on the shared ledger, which is public. Anyone can go and seem to be at the transactions being made on the foremost blockchains, such as Bitcoin (BTC) and Ethereum (ETH). But why do humans commit computing electricity to validating blockchain transactions? The reply is, they are remunerated with the underlying cryptocurrency. This incentive-driven machine is known as a proof-of-work (PoW) mechanism. The computer systems ‘working’ to ‘prove’ the authenticity of blockchain transactions are acknowledged as miners. In return for their energy, miners acquire freshly minted crypto assets. Investors in cryptocurrencies don’t keep their belongings in normal financial institution accounts. Instead, they have digital addresses. These addresses come with non-public and public keys -- lengthy strings of numbers and letters -- that allow cryptocurrency customers to ship and get hold of funds. Private keys enable cryptocurrency to be unlocked and sent. Public keys are publicly accessible and allow the holder to get hold of cryptocurrency from any sender. It is honest to say that Bitcoin has modified the paradigm -- there has been nothing pretty like it before, and it has unleashed an absolutely new technology, a new platform for investing, and a new way of questioning about money. Cryptocurrency started out as a grassroots motion with an anti-establishment ethos, however today, companies and economic institutions are embracing cryptocurrencies for their plausible to disrupt clunky legacy structures and diversify funding portfolios. As improvements proceed to reshape the cryptocurrency sector, which include interesting new initiatives like decentralized finance (“DeFi”), the that means of cryptocurrency will proceed to evolve.

Source:- https://emileparfaitsimb.blogspot.com/2023/02/understanding-cryptography-how-to-get.html

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cryptnus-blog · 6 years

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Few Real Opportunities to Pay with Cryptocurrencies at the World Cup

New Post has been published on https://cryptnus.com/2018/07/few-real-opportunities-to-pay-with-cryptocurrencies-at-the-world-cup/

Few Real Opportunities to Pay with Cryptocurrencies at the World Cup

The guest contributor investigated the possibilities to use Bitcoin during the football in Russia

The FIFA World Cup currently being held in Russia highlights the world’s best footballers and also gives the possibility to get to know more about life in the host country. Hundreds of thousands of fans from all over the world have come to the championship host cities. While there, they will purchase souvenirs, eat in restaurants, and enjoy the nightlife in clubs. Is this World Cup the global event where cryptocurrencies gain traction as a payment mechanism despite the fact that they are not regulated by Russian legislation in any concrete way? We decided to check how things really stand with paying for services using cryptocurrencies, and went to the shops that have announced in one way or another that they work with digital currencies.

A restaurant called Valenok, which specializes in Russian cuisine, was one of the first places in Moscow to begin accepting cryptocurrencies as payment. A client paid for his dinner there using bitcoin as early as last year, an event which was covered extensively by the local media.

Our conversation with Viktoria, a restaurant employee, started as follows: “Hello, I would like to reserve a table for me and my friends from Serbia, but there is one nuance: they would like to pay using bitcoin.” She initially brightened up at the unexpected request and nodded her assent, but suddenly she paused to think and asked us to wait for a minute. “I know for a fact that we have accepted bitcoins several times in the past, but I have to ask whether we can do so right now,” she said and went to confer with the manager. Viktoria returned after about 30 seconds, apologized, and said ruefully: “We are not taking cryptocurrencies right now, but you can pay with a card or with cash. We may start accepting digital currencies again at some point in the future, but I have no idea when that might be.”

Oh well, we were off to a rocky start, but there was no need to get discouraged!

The next place we decided to visit was LavkaLavka, a farmers’ cooperative that advertises the possibility to pay for products using bitcoins on its official website.

“Unfortunately, we are temporarily not accepting bitcoins,” the store manager immediately doubled our disappointment, but added: “On the Internet you can pay for any product using our native cryptocurrency BioCoin. It can be purchased on an exchange or received as a bonus on each purchase depending on the amount of the bill.”

Not losing heart, we headed to one of the Pivoteka 465 chain of craft beer and cider bars and stores.

“Sure, you can pay here in bitcoins. We will generate a QR code for you at the cash register, and you can debit the required amount from your electronic wallet using your smartphone,” the waiter explained.

That is just what we did, and it worked brilliantly: the most popular drink among football fans in Moscow can be purchased using cryptocurrency!

By the way, we also tried to reserve a room in an SPBInn hotel in Saint Petersburg using bitcoin, and we were successful. All we needed to do was to send the required amount in cryptocurrency to the hotel’s electronic wallet address and call the manager to confirm that the money had been received. Very convenient!

It must be said, however, that all of these scenarios are more the exception than the rule. Most places, even in downtown Moscow, do not accept digital currencies, to say nothing of the other smaller host cities, where cryptocurrencies are only on the radar of individual enthusiasts. Besides, even the fans we questioned for now prefer to pay in more traditional ways, either by card or in cash: on game days there are long lines at the exchange offices in downtown Moscow.

“It is encouraging that some shops are trying to work with cryptocurrencies in theory. It means that we are not just spinning our wheels, some progress is being made and people are ready to pick up on new market trends and form offers, even when the demand for them is still low,” comments Daria Generalova, co-founder of ICOBox, the world’s largest supplier of SaaS solutions for preparing for and holding ICOs. “Of course, it is still early to talk about this World Cup flying the flag of cryptocurrencies, but I do not rule out the possibility that the situation in Russia and Europe may change over the next two years. Digital currencies will be regulated, and market participants will begin to understand the rules for working with them.”

So, the final score in our attempts to pay using Bitcoin in Russia ended up as a respectable 2:2 tie – two food places refusing to serve us with our Bitcoins while a bar and hotel accepted. Let’s hope for a stronger result at the next World Cup in Qatar in 2022.

John Iadeluca is a New York-based crypto-enthusiast, trader, and blockchain developer. You can follow him on Twitter via: @johniadeluca

Featured Image from Shutterstock

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