IOTA Partners With luxury Fashion Brand to Use DLT for Supply Chain 7740

IOTA, the German blockchain foundation, is launching a DLT solution to enable a more sustainable and ethically-sourced fashion industry alongside global manufacturing company Avery Dennison, they shared with The Block. The platform will be trialled by luxury label ALYX to allow its customers full insights into the supply chain. Customers will be able to track the journey of the purchased item, from creation to the point of sale, with an app which reads items’ QR codes. IOTA’s DLT will record the garment’s origins, production date, and raw materials, allowing users to authenticate the product and check its sustainability credentials.

“Brands and consumers can know that the information they are being shown about the garment’s creation process is 100% accurate and can be trusted implicitly. This is a watershed moment for improving brand transparency and trust,” said Debbie Shakespeare, senior director of sustainability and compliance at Avery Dennison. Shakespeare added that by adding a blockchain layer, consumers would have “uncompromisable data.” While the companies have run a series of internal pilots, the partnership is one of the first public proofs-of-concept of the platform

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Despite Crypto Comeback, Prominent Investor Doesn’t Expect Ethereum 2.0 Until 2021 8793

Over the past weeks, crypto has returned to the limelight. Bitcoin, Ethereum (ETH), amongst other digital assets have absolutely surged. While no specific fundamental factors have been pinned to the recent rally, it is widely believed that certain bits of news, like Fidelity’s institutional platform and Ethereum starting a Proof of Stake (PoS) integration, has boosted the price.

But one notable commentator claims that one key development, Ethereum’s transition to PoS (Serenity) may not occur as soon as optimists expect.

Per CoinTelegraph, during a panel headlined “The Smart Contract War Is Coming”, Ryan Selkis of data analytics startup Messari drew attention to the shortcomings of PoS. He claimed that the consensus mechanism, which gets rid of energy-chomping miners for entitled full nodes that can process Ethereum blocks, is “not proven to work.” Selkis, who is the CEO of the aforementioned firm, adds that Ethereum’s current Proof of Work (PoW) system may be “even good enough” for long-term scaling.

And thus, he added he doesn’t expect for “Proof-of-Stake and ethereum 2.0 to happen before the end of 2021 at the earliest.”

This news comes after Justin Drake of the Ethereum Foundation remarked last week that code specifications for phase zero are “on track” to see finalization by June 30th.  Once finalization occurs, developers can begin building code around said specifications, as they ensure that everyone is on the same page. For those unaware, phase zero, also dubbed “Beacon Chain,” will allow for validators, rather than miners, stake Ether and vote on improvement proposals.

Funnily enough, however, Selkis seems to be entirely bullish on Ethereum and its prospects in the short to medium-term. In a recent tweet, the long-time industry insider remarked that with all the things expected to happen during New York City’s Blockchain Week, “you’d have to be insane to short”. He then asserted that the bear market is “over”, and explained that the next “epic bull run”, for Bitcoin and Ethereum, is on the verge of arriving.

Ethereum (And Bitcoin Too) Still Looks Appealing

Despite all this, Ethereum has remained tantalizing, with the project seeing an array of other bullish developments.

For instance, in late-April, rumors revealed that Samsung, one of the world’s largest technology shops, has intentions to build an Ethereum-based blockchain that will host its own token. It isn’t clear what use this asset would hold, but the source suggests that blockchain could be brought to Samsung Pay, the tech giant’s fintech application.

In a similar string of news, JP Morgan and Microsoft unveiled a partnership that will see Quorum, the former’s Ethereum-based chain, be implemented into the tech company’s Azure Blockchain Service, thus allowing for the wider adoption of blockchain.

And most recently, a “senior official” that has knowledge of the U.S. Commodity Futures Trading Commission (CFTC) claims that the regulator is entirely amicable towards Ethereum. He/she explained that “we can get comfortable with an Ether derivative being under our jurisdiction,” confirming the hearsay that the CFTC’s cousin, the Securities and Exchange Commission (SEC), sees ETH as a non-security. This means that if an exchange like the CME or CFTC requests to launch Ethereum futures, the agency is likely to approve such a proposal.

Bitcoin is Better! Aussie Bank Note Typo Highlights Inferiority of Fiat 9754

The Reserve Bank of Australia has spent most of the day wiping proverbial egg off its face today as it emerged that the latest run of A$50 notes it has printed has a rather embarrassing typo on them. Such a blunder serves to highlight the inferiority of fiat money over Bitcoin beautifully.

The institution says that there is nothing it can do about the A$2.3 billion worth of misspelled notes. The ultimately irony is that these notes will probably end up being more valuable than A$50 in the long run – unless of course the bank decides to double down on its error and misspell all fifties from now on!

Printing Money is a Serious “Responsibilty”!

As mentioned, the Reserve Bank of Australia made quite the blunder with its latest round of currency printing. It recently ordered around 46 million new A$50 notes to be created. Rather amusingly, it has emerged today that the financial institution made a typo in the text used on the note.

Whoever’s responsibility it was to spell the word responsibility correctly was clearly not up to task. Instead of the preferred spelling, they instead opted for:

“Responsibilty.”

According to a BBC article, the notes were first released late last year. They depict the first female member of the Australian parliament, Edith Cowan. The typo appears in a quotation of her first ever speech in government. It should read:

“It is a great responsibility to be the only woman here, and I want to emphasise the necessity which exists for other women being here.”

What’s This Got to do With Bitcoin?

The irony with misprinted currency is that it usually ends up way more valuable than the correctly printed versions. This teaches an important lesson about the concept of value.

Fiat currency is printed paper. It has no intrinsic value. If you were stranded on a desert island and I offered you a briefcase full of $100 bills or a $50 life raft, which are you going to take?

The point is, value is subjective and the perceived value of different things can change over time.

Although the Reserve Bank of Australia intended their latest $50 notes to be worth the same as every other $50 note they have printed, by accidentally making them rarer than those that will follow, they have made them potentially more valuable. Since they’re still treated as legal tender, no one is going to exchange one of these typo notes for less than $50 but some people might want them enough to pay more than $50 for them. Relative scarcity has given them a higher potential value to some people. If there was just one note with a type, the increased scarcity would create even more potential value.

Amusingly, the bank could rectify this by including the typo in all their future $50 notes in this design. If they followed this counterproductive sounding plan, there would be no additional scarcity since none of the notes would be special.

Compare this to Bitcoin. There are just 21 million Bitcoin that will ever be and a decent percentage of these are lost. They can’t be made any less rare by a centralised institution and this is their main value proposition. Providing growing numbers of people need a non-correlated, permissionless, and non-state backed asset class to serve as a check on reckless government policy, the purchasing power of Bitcoin will only increase. Market forces decide how much a Bitcoin is worth, rather than some potentially corrupt, grossly dated institution such as a central bank.

Bitcoin Rally Sustains While Investors in Other Crypto Assets Continue To Suffer 9253

Last night, Bitcoin broke back above $6,000 across the crypto market, and to many, it’s a signal that the bottom is “in” and the bear market is now a lingering memory.

While the leading cryptocurrency by market cap has nearly doubled since its 2018 low, the rest of the crypto market continues to bleed out, with most altcoins setting new lows in their ratios relative to BTC. With Bitcoin at an inflection point, and much of the market in disbelief, analysts are torn as to whether altcoins like Ethereum and Ripple will continue to plummet, or are an attractive buy at this level.

In a recent Twitter poll, it was revealed that the average large majority of crypto investors are diversified across two to nine coins, which may or may not include Bitcoin. Only 16 percent of crypto investors responding to the poll claimed to be holding only Bitcoin, suggesting that only a small subset of crypto investors have experienced relief during the current Bitcoin rally.

While Bitcoin has nearly doubled in value since its 2018 low, altcoins have continued to suffer relative to their price in BTC. Much of the altcoin market is paired with BTC on exchanges, causing Bitcoin to have a powerful impact on the price of these other crypto assets.

Big Picture#Bitcoin surged to a new 2019 High while ALTs continued their bleeding

New 2019 low for $BTC paired frontline ALTs$XRP $ADA $XLM $TRX $XMR $DASH $IOTA $ETC $NEO $ZEC $ZRX $ICX $ZIL$BTC dominance at almost 18 month high now

Prior to Bitcoin breaking through $4,200 at the start of the April rally, altcoin growth had been closely correlated with the first ever cryptocurrency. Many were calling for an “alt season” – a period where altcoins experience extreme growth relative to BTC.

However, following that break of resistance, altcoins have been decimated through an inverse relationship with Bitcoin. The relationship between BTC and altcoins is fickle, with alts sometimes pumping when Bitcoin grows, and other times dumping violently while Bitcoin climbs.

The promise of alt season now has become a running joke across the crypto industry. However, such a decoupling may be a healthy sign for the crypto market, as YouTube personality Tone Vays and crypto entrepreneur Vinny Lingham say it is needed for a full blown Bitcoin bull run to begin once again.

Will Altcoins Set New Lows Or Rebound if Bitcoin Can Hold $6K?

As many altcoins, such as Ethereum, Ripple, and Stellar reach new lows in their BTC ratios, analysts are torn if these price levels present a strong buying opportunity, or are due to set even more extreme lows.

Bitcoin dominance is now at an 18-month high, and a rebound across the altcoin market is expected if Bitcoin can hold at levels around $6,000. Should Bitcoin fall further, it could cause most altcoins to fall off a cliff and see their ratios relative to BTC plummet further.

If altcoins do rebound, they have a lot of catching up to do if crypto investors that aren’t Bitcoin maximalists are ever to get some relief.

Is Ripple the Liquid alternative of Tether or USDC? 8821

  • Ripple (XRP) prices slide 1.7 percent
  • The rollout of xCurrent 4.0 is an opportunity for banks to upgrade and even adopt xRapid

That the World Bank and the IMF have Ripple Inc in their reports is bullish. At the core, Ripple Inc is introducing speed, efficiency and cost savings in the fund remittance sector searching for alternatives. Even so, the unregulated nature of XRP is slowing down adoption as prices range within a 4 cents zone.

Ripple (XRP) Price AnalysisFundamentals

For the extended consolidation, Ripple (XRP) is said to be a “sleeping” giant. However, it’s not a deep snore but a snooze, a power nap. We can glean all this from significant developments in the last few weeks.

First, there is xCurrent 4.0 that is available for the more than 200 banks and financial institutions. Although David Schwartz brought to light technical reasons that could slow down adoption—and upgrade to xCurrent 4.0 automatically activating xRapid, there are other positive developments. Ripple Inc, despite “stable” prices, is partnering with banks and working closely with regulators.

It is a necessary groundwork for laying infrastructure that the cryptocurrency industry would find useful in days ahead. Towards their grand goal, institutional grade investors are investing in XRP as the Q1 2019 XRP report reveals. With mention from the IMF, the EU via INATBA, the World Bank and the startup’s links with the White House, it is easy to see Ripple Inc’s fundamental trajectory. Even so, traders must be patient.

Currently, XRP resembles a stable coin, but if FIs migrate to xCurrent 4.0, then it would be only about time before there is an explosion above 40 cents.

Candlestick Arrangements

Meanwhile, Ripple (XRP) is down 1.7 percent in the last week, trading along 30 cents and pretty much stable like it has in the previous 24 hours. Therefore, in light with today’s development, our XRP/USD trade plan is valid. However, the longer this consolidation is, the stronger the breakout would be.

Even so, despite the likelihood that XRP could sink, printing towards the dredges, the fact that there is no movement despite Bitcoin (BTC) gains supportive of bulls.

That lag is bullish, and unless otherwise there is a drop below 30 cents, then any break above 34 cents could spur demand with targets at 40 cents and 60 cents.

Technical Indicators

With prices consolidating within a 10 cents trade range, participants are yearning for volatility that would lift prices above 40 cents in a breakout trade. Accompanying that break—or drop, should be high volumes exceeding averages of 11 million or preferable 36 million, the mean value of Apr-24-25 draw-down.

Chart courtesy of Trading View

Bitfinex Posts Record High Net Bitcoin Withdrawals in April 2019 8122

Trust in cryptocurrency exchange BitFinex is on a record decline, a new research highlights.

London-based blockchain investigation firm, Token Analyst, revealed that BitFinex witnessed its most massive net bitcoin outflow in April 2019 at 314,897 BTC. The second most significant withdrawal was 182,425 BTC in January 2018, which coincided with a bitcoin price drop from $17,178 to $9,601. But unlike the last time, the latest Bitcoin withdrawal rate at BitFinex didn’t exactly cause a price crash, indicating that traders were merely moving BTCs from one wallet to another instead of selling them for other assets.

Largest net outflow months in USD:

1) Jan 2018: $2.3B
2) Dec 2017: $2.2B
3) Apr 2019: $1.6B

Tether FUD

Bitcoin withdrawals’ rate at BitFinex started climbing soon after the New York Attorney General sued the exchange and its partner company Tether. The attorney alleged that the duo misled their investors by not disclosing $850 million that BitFinex raised to back Tether’s stablecoin USDT. The misbalance in the line of credit meant that USDT tokens were no longer fully backed by the US dollar on a 1:1 basis.

BitFinex told the NYAG office that a payment processing company Crypto Capital was in control of those $850 million. The response further mentioned that authorities in the US, Poland, and Portugal had seized those assets. However, both BitFinex and Tether added that they did not believe Crypto Capital’s representation that the funds had been appropriated.

BitFinex had already announced a plan to tackle the situation: an initial exchange offering to raise $1 billion. The exchange released a whitepaper earlier this month, stating that it was planning to sell 1 billion LEO tokens for 1 USDT each to cover its $850 billion losses. Taking cues from Binance, BitFinex said it would spend at least 27 percent of its monthly profits to buy back LEO tokens until only 100 million tokens survive. In case the missing $850 billion becomes accessible, BitFinex would buy back the entire LEO supply within 18 months.

Traders Losing Interest, Anyway

Bitcoin Outflow on BitFinex Reaching All-Time High | Source: BitInfoCharts.

Traders have decided to move their bitcoin funds from BitFinex despite the exchange’s tactical response, as clarified in the chart above. The platform’s USD balance is declining, which could be due to investors exiting/moving their USDT positions to other exchanges. On the whole, BitFinex has seen net outflows of $820m since the NYAG lawsuit. There is a mere $450 million worth of funds that are left in BitFinex cold wallets, per data provided by BitInfoCharts.

Bitcoin’s recent price action is a testimony to traders’ declining interest in USDT. As NewsBTC reported earlier, the cryptocurrency could be up partially because of a capital influx from USDT markets. At the same time, if BitFinex manages to raise $1 billion, investors would likely liquidate their Bitcoin holdings to come back to the USDT market. Sources tell that big whales, including venture capitalist firms, would hold at least 60 percent of the upcoming LEO token sale.

Experience Online Skin & Cryptocurrency Gambling Like Never Before with Gamdom 7557

Gambling with skins and cryptocurrency has been around for a few years, with a range of websites to pick from. But not all websites offer a wholesome service as they promise.

Gamdom.com is a licensed online casino which strives to provide a fun, yet safe & secure online betting experience for users, hence the site is provably fair. A separate server is used to verify the fairness of each game, and users can also test the fairness of the game by entering the SHA256 hash.

Features

First-class Games

Gamdom has a variety of exciting games in which players can gamble using their VGO skins, CS:GO skins, and Dota 2 skins. When depositing skins into your account, they are automatically converted into Gamdom coins, the platform’s own digital currency which you will use in your gambling activities.

With four available games: Tradeup, Roulette, Crash, and HiLo, users can deposit using their Bitcoin or skins for accepted games, such as CS:GO, and attempt to increase their balance by playing. The platform has immaculate graphics that give the games a good visual appeal and make the gambling experience purely fun. Moreover, users of the platform are assured that the games are legitimate, thanks to the websites’ provably fair system.

Free Coins

Gamdom provides users with free coins through daily rewards, giveaways, and Rainbot. Users can get free coins from any of those three by following different approaches as explained below.

Rainbot

What sets Gamdom apart from other skin gambling sites is its unique Rainbot feature. The site’s owners and wealthier users deposit coins in a pot and the bot then distributes the funds to the active chat users every 2-28 minutes.

Users can claim this bonus by clicking on the blue cloud that pops up in the chat. Also, if you add “Gamdom.com” to your name, you can earn 50% more on your bonus. Keep in mind that the popup only stays on the screen for about a minute or so; be sure to click it as soon as you see it.

Daily Rewards

A user of Gamdom can benefit from daily rewards by ensuring that his account is verified. You can verify your account by using your phone (SMS verification), and you can always click on the settings tab on the website to check the status. Once your account is verified, you will be able to access the daily reward & free Rainbot coins.

The user level determines the daily rewards offered on the Gamdom site. If your experience is minimal, you can still increase it by using the Name Promotion and, thereby, position yourself higher by gaining XP points, increasing your account level, and receiving more coins from the daily reward and the Rainbot.

Giveaways

Gamdom provides users who follow the platform on VK, Twitter, or Instagram with numerous contests and giveaways by completing simple instructions, such as following Gamdom on their social media and sharing the post. Furthermore, users can claim a maximum of 2% of their total bet coins and receive a maximum of 2% of their total deposits for every free coin claim.

Extra Winnings with Bonus Jackpot Rounds

Crash Jackpot

Gamdom’s progressive Jackpot offers crash players the chance to win a very attractive bonus. The winner gets 75% of the Jackpot and the remaining 25% is divided between all the other users in that round according to their profit.

Roulette Jackpot

The roulette jackpot works on a similar basis as the Crash jackpot. Each round, the site adds 1% of the total bets to the jackpot. When the jackpot is released (which can happen at any time), 70% of the jackpot goes to the winner and 20% will be split between those that have bet on the winning colour. The remaining 10% is evenly distributed to those that have bet on the remaining colours. Players have the chance of winning the jackpot each time they participate in a roulette round.

HiLo Jackpot

When the HiLo jackpot is won, 52% of the jackpot is given to the winner, 30% will be divided among those that have bet on the winning card/cards and 18% will be split between players that have bet on the losing colors.

Gamdom also puts in 0.1% of the total bets each round to the jackpot. Players have a chance of winning the jackpot each time they place a bet on HiLo based on how much they have earned.

Provably Fair Policy 

Gamdom.com is a verified site, which means that all games played on the platform are provably fair. A separate server is used to verify the fairness of each game, and users can also test the fairness of the game by entering the SHA256 hash.

The platform generates, for each game, a chain of 10 million SHA256 hashes. After a game ends, its hash is published so it can be compared with the previous game in order to determine if any modifications took place. The results of all future games are always predetermined based on the mathematical cryptographic distribution of the SHA256 function. In order to prevent anyone from choosing an alternate SHA256 chain, the chain is also publicly displayed on the website. This also proves that Gamdom is not able to manipulate the results in any form.

Stress-free Withdrawal

The procedure of withdrawing your bitcoins, items, or skins from Gamdom is very easy and stress-free. Once you deposit 1,000 coins and wager with 100% of the deposited amount, you are ready to withdraw. Simply use the “Marketplace” and chose the number of skins or Bitcoin you want to withdraw. Items and skins are delivered almost immediately unless there are any errors on the users’ side.

Bitcoin withdrawals are also quick and have low fees, but can sometimes take longer than usual because of unexpected blockchain delays which are out of the websites’ control. Thanks to a wide range of skins and items available on the Marketplace, users are rarely left without anything to withdraw for the amount of coins.

Available Support

Users can access three types of support on the platform: normal support, technical, and marketing support, meaning that there is experienced staff working in each department. Therefore, as a user, you would never be left unattended with your problem. The platform also offers a FAQ section to help address some of the pertinent questions that most users confront in attempting to use the platform.

To improve the website’s user experience, Gamdom is constantly looking for new and talented developers. If you are an interested developer, you can find out more by accessing the following link – https://gamdom.com/home

Gamdom is a CS:GO gambling platform that provides users with an avenue of multiplying Bitcoins, CS:GO, VGO & Dota 2, as well as vIRL items. It strives to offer gamers the best gambling experience with a safe, trustable casino environment.