Jeevan Thomas with AMBCrypto join us to talk about Crypto Community Building and how he brought his website from 0 to 1 million monthly visitors.
*Disclaimer. None of this information is financial advice.
By Jacob Pouncey | Saxo Bank Analyst | Crypto Current Contributor
The basis for this overview is primarily derived from the recent Bitwise presentation for the United States Securities and Exchange Commission in which the firm addressed several of the oft-cited concerns of the commission in regards to approval of a Bitcoin ETF. The reason includes but is not limited to fake volume, market manipulation, custody solutions, valuation, and market efficiency.
The Bitwise report suggests that the real market for Bitcoin is smaller, more efficient and more regulated than commonly presented, especially when excluding exchanges with noticeably inflated or fake volumes and wash trades. Bitwise asserts that upwards of 95% of the Bitcoin trading volume is fake or non-economic. Therefore, the argument goes that the actual bitcoin market is smaller, more efficient, and more regulated than perceived. The reported volume of the Bitcoin market averages about USD 6 billion daily, where BTC trades against fiat or fiat-pegged stable coins, however much of this is fake volumes or wash trading. Using three metrics for analysis which include trade size distribution, volume distribution, and spreads, Bitwise found just ten exchanges have ‘real’ volume out of a total of 81 exchanges with reported volumes above USD 1mn.
(Source: Bitwise – AVG daily volume March 4-8 2019)
This means out of a reported USD 6 bn in trade volume only 4.5%, or USD 273 mn, of it is real economic activity. Although BTC’s given market cap of USD 70 bn and has a volume of 273mn its daily turnover is still comparable to gold.
Furthermore, these exchanges trade at a very tight spread. Suggesting a uniform and highly connected market. Sustained arbitrage opportunities lasting greater than 100 seconds are extremely rare, and the average deviation in price is below 20 basis points for nine of the ten exchanges.
Most of the trading volume takes place in Malta and the US with each jurisdiction accounting for 40% and 30% respectively.
Another key takeaway from the Bitwise report is that the CME and CBOE futures volume is significant compared to the actual spot volume. In fact, the two firms rival combined are comparable to the largest spot exchange Binance, each with USD 91 mn and USD 110 mn respectively.
Nine of the top ten exchanges are registered as a Money Services Business in the US, and five of them are regulated under the New York Department of Financial Services’ BitLicense. Bitlicense requires more stringent compliance than MSB regulation. Additionally, many of the top exchanges are using sophisticated market surveillance tools and protocols.
There are several OTC trading desks and market makers for the cryptocurrency market. For instance, Jane Street and Flow traders have become active traders of the top 5 cryptocurrencies as they are authorized market participants and market makers for the AMUN ETP products and the XBT Provider’s ETPs. Last year alone Goldman Sachs-backed Circle processed over USD 24 bn worth of OTC trades across 10,000 trades. Each trading house has a different minimum order limit; however, trade sizes are typically larger than USD 100k. The largest US-based cryptocurrency exchange Coinbase also has an OTC desk.
Additionally, Susquehanna International Group, one of the world’s largest investment firms has been offering OTC services to its clients since 2016. These OTC desks often operated 24hours a day and are based all over the globe. Bitcoin Suisse and Xapo are both headquartered in Switzerland and manage proprietary trading arms as well as custodial solutions. OTC trading has been a popular way for HNWI and institutional investors to accumulate Bitcoin over the past year. This section highlighted just a few of the dozens of firms moving billions in notational volumes annually.
Bitcoin is a cryptographically secured digital asset that uses public key cryptography to track ownership. Public key cryptography involves two keys: A public key that is like a safety deposit box and a private key that is like the key to that safety deposit box. Whoever owns the private key, therefore has access and ownership rights to the contents of the public key. Keys are just digital strings of letter and numbers. Hence custody of a cryptocurrency like Bitcoin merely is about safeguarding the private keys associated with the public keys that hold the Bitcoin in question.
There are now several regulated, insured, third-party crypto custodians. Below is a list of US-based custodians; however, there are custodians in almost every major jurisdiction. For example, Crypto Facilities AG is the chosen custodian for the SIX stock exchange.
The list above is far from exhaustive, with Swiss Crypto Vault, Vontobel, Börse Stuttgart, IBM, JP Morgan, Goldman Sachs are all offering or looking to offer solutions to their clients.
The much anticipate Bakkt exchange will provide an avenue for traders to trade physically settled daily crypto futures. The question is when, not if, the SEC will approve a Bitcoin ETF. Firms looking to get involved in the cryptocurrency sector must decide which area to enter, while firms already operating in the space are expanding and aggregating the services offered by the market under one roof. The next era of Bitcoin involves the financialization of the space which will increase liquid, increase demand, and ultimately democratize access to this emerging technology.
I was on Colton’s podcast as well. You can find that interview here.
*Disclaimer. None of this information is financial advice.
By Jacob Pouncey | Saxo Bank Analyst | Crypto Current Contributor
This week the entire crypto market cap rose by 1%, bringing the market cap to just above USD 175 bn. Bitcoin rose by 5%, while Ethereum saw a negligible decline over the week. Recently the number of on-chain transactions reached a volume not seen since late 2017. The number of transactions bottomed in April 2018 and has been increasing steadily ever since.
Darryll DiPietro, the CEO of Coincierge Club, is on the show with us today to discuss how his platform is helping businesses accept and use cryptocurrency in everyday life.
Darryll DiPietro was born in Farmington Connecticut in 1982. His father was a professional fire fighter and his mother worked in the banking industry. In 2002, Darryll enrolled in Gibbs College in Norwalk Connecticut. While at Gibbs, he took an interest in the Academy of Arts College in San Francisco California. Darryll was accepted and moved out west in August of 2003.
One would think his major was juggling majors, but Darryll went from visual communication (graphic and web design) to automotive design for one semester to motion picture and & tv. It was here that he developed his skills in number management, budgeting and allocating assets.
After film school, Darryll moved to Southern California and was able to work from an unpaid production assistant to executive producer in 2 months, wrapping principle photography of his first film on August 22nd, 2005. This is the same day his first born son Steven was born. Darryll worked in the entertainment industry in LA for 3 years, from 2005 to 2008, on various productions with MTV, Universal, Warner Brothers and other smaller production companies.
In 2008, Darryll moved his family, now consisting of 2 boys (Steven 2 and Sammy 2 months) to Las Vegas to pursue a potential development of a film studio. That project collapsed, but Darryll was able to secure employment at the #1 nightclub in Las Vegas (at the time). Over the next 9 years, Darryll worked his way up the ladder, starting as a street promoter and wrapping his career as director of vip services for Golden Nugget Casino’s nightlife. He was blessed with 2 more beautiful children, Nathan and Angelina.
In 2016, gaming laws changed and Darryll used this opportunity to change industries. Darryll was able to secure a job as a tier 1 customer service agent with Google, eventually becoming the #1 agent in the campaign (Google Play Store). After only 7 weeks as an agent, he was promoted to operations team lead, over seeing 17 agents. In mid October, he was tasked with reducing agent after call work, a statistic they track heavily. Darryll took a case study of 30 agents and reduced their ACW to 3 seconds. It was 9 minutes prior to Darryll’s new parameters. Google let Darryll go in the spring of 2017, and he used his time on unemployment to redevelop his skills to code, built a bitcoin faucet and launched a php board with Chris Starr and Steven Taft. Darryll was featured in GQ magazine after he used his graphic design skills to launch a kickstarter called Cave Bro Rompers.
Darryll has created 4 different crypto currencies on 2 different platforms, is currently working on 5 different blockchain related projects under the Crypto-Cash Hub, Inc brand and is always looking for the next opportunity to apply blockchain technology to real world applications. He has spoken at events in Los Angeles, Las Vegas, Marta’s Vineyard, San Diego and New York City including NASDAQ and World Crypto Con. He is currently being represented by Rio Vista Universal of Beverly Hills, California.
*Disclaimer. None of this information is financial advice.
Malta AI & Blockchain Summit
22-25 May, Hilton, St. Julian’s – Malta
Malta AI & Blockchain Summit throwing massive show in May
The first edition of the Malta AI & Blockchain Summit in November 2018 turned out to be a monumental success – no less than 8500 people attended the event. This year, the same team is throwing a massive show in May.
The Malta AI & Blockchain Summit has announced a stellar show for 2019. The highly anticipated show is expected to follow the monumental success of the November summit in 2018, which brought W. Scott Stornetta, John McAfee, the Winklevoss Twins and Sophia the Robot to Malta’s shores and took the scene by storm even in times of a burdensome bear market.
“I came to talk about the early work that we did, laying the foundations pre-Bitcoin for the blockchain. It is a little frenzied and very crowded. I think they succeeded a little too well in attracting people here,” said W. Scott Stornetta, known as the ‘Founding Father of Blockchain’, commenting upon the show in November 2018.
The next show taking place on May 22nd-24th of 2019 is themed around Social Impact, and is aimed at reigniting the Satoshi Vision for blockchain technology to advance social impact across societies through a truly decentralised ecosystem for transactions. The event is cordially inaugurated with a Social Impact Awards ceremony on the eve of the summit.
The unexpected success of last year’s show has turned the organisers’ eye towards expansion. For the show in May 2019, they have chosen Hilton as the venue. This also enables the Malta AI & Blockchain Summit to host a first class expo floor suitable for a truly global crowd of exhibitors. Eman Pulis, the Founder of the Malta AI & Blockchain Summit is eager to up the game:
“I wish to thank everyone who attended Malta in November and for the overwhelming feedback we received. The Blockchain community accepted me and my team as part of the family. I look forward to contribute and help drive this technology forward by doing what I love the most – events! This year, we are raising the bar with a stellar line-up of speakers and we expect an even larger crowd to attend our show.”
The speaker line up for May is far from filled but already feature top names within the industry such as Roger Ver, Tim Draper, Ben Goertzel of SingularityNET along with Sophia the Robot, making her second visit to the island. The Maltese Prime Minister Joseph Muscat and Junior Minister for Financial Services, Digital Economy and Innovation, Silvio Schembri, will also speak at the event. With the quality recorded in 2018, attendees can put their expectations high for the second edition of the Malta AI & Blockchain Summit. This spring edition of the summit includes a lavish VIP dinner, networking drinks in the midst of the warm Mediterranean spring, an ICO Pitch and two conferences spanning over the 22nd-24th of May.
2018 was the year Malta cemented itself as The Blockchain Island with the launch of the Three Bills regulating blockchain and cryptocurrencies during the Malta AI & Blockchain Summit in November. In 2019, the Blockchain Island is moving beyond the hype. The Maltese Government will enact another world first: a Fourth Bill, giving a D.A.O. its own legal personality. In addition, a task force is also working around the clock on a set of incentives that will support businesses in Artificial Intelligence.
This is why the organisers of the Malta AI & Blockchain Summit has expanded their scope to invite stakeholders in AI, Big Data, IoT and Quantum Technology – to join the show and engage in riveting discussions about the world changing potential application of such technology. The Malta AI & Blockchain Summit is a landmark event that nobody in the field can afford to miss.
Find more info at www.maltablockchainsummit.com
We are delighted to invite you to the 15th Silicon Valley Open Doors Conference (SVOD2019) on May 15-16, 2019 at the Computer History Museum in Mountain View!
– SVOD highlights the main trends for 2019. Our speakers are visionaries, who made their fortunes on investing their lives in our future:
— Ira Ehrenpreis, the first investor in Tesla and SpaceX
— Greg Kidd, the first investor in Twitter, Square, and Ripple
— Navin Chaddha, the early investor in Lyft
– SVOD 2019 brings in top minds from the world’s top Stanford University on the topics of Longevity, Robotics, Privacy, AI and Music.
To RSVP, please use this 50% discount code off the $600 ticket: Cryptocurrent@SVOD19 here.
GENERAL ATTENDANCE ticket includes: Full access to the Conference keynotes, startup presentations, and the EXPO; breakfasts and lunches on both days, wine and cheese Reception in the evening on Day 2.
Looking forward to welcoming you soon!
The 15th SVOD or Silicon Valley Open Doors is a leading technology investment conference that focuses on Impact Through High-Tech Entrepreneurship!
This year, SVOD is presenting to you a set of topics and innovative companies that allows us to move towards the sustainable future with a great purpose and focus on and around the Human. Impact starts with a Human and ends with a Human.
In 2019, SVOD Conference opens its doors to 2K+ attendees, including over 800 startup founders from all over the world, over 300+ top venture capitalists, angel investors and investor judges, and over 900 professionals working in the technology area. A major part of the conference is a startup PITCH for the pre-selected and coached 40 seed and early stage (up to Series B) companies.
READ MORE: http://www.svod.org/about/
Nigeria’s premium Blockchain Conference of Value and Innovation, annually organized and curated by Blockchain Nigeria User Group, is on its 7th leg, returning to Lagos for the 3rd consecutive season, bigger, stronger and better.
Africa is home to 16.3% of humanity but home to less 1% of the world’s billion-dollar companies and only about 4% of global GDP. Africa cannot afford, nor does it have to miss the possibilities of the fourth Industrial Revolution (4RI) to better her lot.
At the upcoming #LagosBlockchain2019, attendees will discover how Blockchain, Artificial Intelligence (AI), IoT, Big Data and Virtual Financial Assets are altering and disrupting incumbents and creating new opportunities for forwarding thinking individuals.
We have planned supper interactive panel discussion segments around the technologies of the fourth industrial revolution (4IR) to provide every attendee with actionable insights that can be applied immediately to accelerate progress in any chosen career path.
Dr. Isa Ali Ibrahim Pantami PhD, Director-General/ CEO National Information Technology Development Agency (NITDA) is expected as guest of honor.
Mr. Andrew Nevin, Chief Economist at PWC will deliver a Keynote on “How Blockchain, AI Digital Virtual Financial Assets and other technologies of the 4IR could drive economic advancement across Africa”.
There will be panel session on “Blockchain, AI, Virtual Financial Assets and the Future of Work in Africa”, “Possibilities ofVirtual Financial Assets Taxation in Nigeria” – Akeem Ogunseni, Senior Manager Tax Services at EY.
Other subject matter experts and professionals expected at the conference include Boye Ademola, Partner Technology Advisory & Digital Transformation Lead at KPMG Advisory Services, Wole Oyeniran, Enterprise Platforms/ Systems Integration Leader, West Africa at Deloitte Consulting, Dr. Segun Aina, Chairman Fintech Associates/ President Fintech Association of Nigeria, Shamim Khan, Esq. Director, Lex Futurus (UK) Blockchain Regtech & Law Limited and Ian Friend, Cofounder/ COO Ferrum Network, NYC, among many others.
The conference will feature a melding of the AI and Blockchain/ Virtual Financial Assets communities in Nigeria and across the world, exploring the possibilities at the intersection of these technologies. The Conference will bring together business leaders, government and regulatory agencies, data practitioners, AI and Blockchain tech pioneers who are applying artificial intelligence to solve today’s problems and creating tomorrow’s opportunities, while leveraging available tools, to create entirely new values.
About 1000 participants are expected to be at the two day event.
We aim to bridge the knowledge gap by providing government functionaries, decision makers, professionals and practitioners with the resources they need to make key business-shaping decisions in a rapidly changing world.
For Sponsorships, Partnerships and Exhibition opportunities, please download the conference brochure at http://blockchainnigeria.group/2019%20brochure1.pdf
Past event photo gallery can be viewed or downloaded here: https://www.flickr.com/gp/157855943@N04/Q8E16v
Blockchain Nigeria User Group is a pioneer group of enthusiast, developers and industry practitioners championing the adoption of Blockchain technology through education across Nigeria and Sub-Saharan Africa. Since 2016, the group has held about six conferences in Lagos, Abuja and Port Harcourt, connected over 5000 attendees/ enthusiasts and spurred waves of startups in the ecosystem.
Registration page: https://www.eventbrite.com/e/blockchain-ai-digital-assets-conference-2019-tickets-56327784921
Group website: http://blockchainnigeria.group
Contact Email: email@example.com
Contact Telephone: +2348165430776
Sincerely, for the group organizers,
Chuta Chimezie, (Coordinator Blockchain Nigeria User Group)