Despite $319 to 10 cents flash crash, ethereum still has massive potential, says digital currency expert

  • Ethereum investors shouldn’t worry too much about the digital currency’s flash crash from $319 to just 10 cents in a matter of seconds, blockchain investor William Mougayar said Friday.
  • Like bitcoin, ethereum is a cryptocurrency built on blockchain technology.
  • “One could think of ethereum as a newer generation of blockchain,” said Mougayar, author of the book “The Business Blockchain.”
  • Since ethereum is a new kind of currency, Mougayar understands why the value is so unstable.
  • Because blockchain technology is a relatively new field, there’s room for many different currencies, he said, but added that bitcoin and ethereum won’t become obsolete.

Ethereum is built on newer blockchain technology and is optimized for software engineers, giving it a bright future.
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Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson

  • Blockchain, a bitcoin wallet start-up, has raised $40 million led by venture capital firm Lakestar, Google’s investment arm GV, and billionaire Richard Branson, the company said on Thursday.
  • Blockchain has created a bitcoin wallet which is essentially a piece of software to store the digital currency and carry out transactions with other users.
  • The money will be used to expand the team further and invest in more research and development, Blockchain CEO Peter Smith, told CNBC on Thursday.
  • Smith said that the recent rally in bitcoin has caused high demand for Blockchain’s wallet product, and the funding will help to meet that.
  • Blockchain has nearly 15 million sign-ups with “billions of dollars worth of monthly consumer wallet activity”, Smith said, adding this includes deposits and transactions.

Blockchain will use the money to expand into new territories.
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Civic Sells $33 Million in Digital Currency Tokens in Public Sale

  • Of the 1 billion tokens created by Civic, 33 percent were offered in the public sale, which is continuing until June 28.
  • Proceeds from the sale of the tokens will count as revenue for the company, Lingham said.
  • Civic held a pre-sale several days ago, Lingham said, to ensure that the company was able to place all 330 million tokens.
  • If this week’s token offering sells out, the pre-sale buyers would only get 66 percent of their initial allocation, Lingham said.
  • Lingham said Civic has more then 10,000 buyers, and as of late Wednesday, there were 28,678 people lining up to buy the token.

U.S. startup Civic has sold $33 million in digital currency tokens for its identity verification project in a public sale, the company’s co-founder and Chief Executive Vinny Lingham told Reuters.
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Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson

#bitcoin wallet start-up #blockchain raises $40 million from Google, billionaire Richard

  • Blockchain, a bitcoin wallet start-up, has raised $40 million led by venture capital firm Lakestar, Google’s investment arm GV, and billionaire Richard Branson, the company said on Thursday.
  • Blockchain has created a bitcoin wallet which is essentially a piece of software to store the digital currency and carry out transactions with other users.
  • The money will be used to expand the team further and invest in more research and development, Blockchain CEO Peter Smith, told CNBC on Thursday.
  • Smith said that the recent rally in bitcoin has caused high demand for Blockchain’s wallet product, and the funding will help to meet that.
  • Blockchain has nearly 15 million sign-ups with “billions of dollars worth of monthly consumer wallet activity”, Smith said, adding this includes deposits and transactions.

Blockchain will use the money to expand into new territories.
Continue reading “Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson”

Here’s How Traders Lost Millions in the First Ethereum Flash Crash

Traders lost millions in the first ethereum flash crash

  • Markets for ether, the cryptocurrency linked to the ethereum distributed computing platform, were rocked yesterday by a huge flash crash that saw prices fall from over $365 down to as low as 10 cents on one exchange before bouncing back shortly afterwards—an event that is mildly worrying for anyone concerned about cryptocurrency volatility, but has had devastating consequences for some professional traders who have seen their holdings wiped out.
  • The crash occurred at about 3:30pm ET Thursday, when a huge sale of ether was made on the GDAX exchange, an extension of the popular Coinbase exchange and cryptocurrency wallet geared towards professional traders.
  • According to the support documents on the site, GDAX offered margin traders up to 3x leverage for the USD/ETH trading pair, meaning that someone with only a $1,000 account balance could buy or sell up to $3,000 of ether.
  • But as a precautionary measure, margin trading accounts are set to automatically liquidate in order to make up the money borrowed (i.e. sell all ether as quickly as possible) if losses exceeded a certain amount, a process called “margin calling.”
  • With the crash happening so fast, traders were margin called almost instantly, and in some cases saw their entire holdings sold off at very low prices before they could react—selling, say, 100 ETH at $2 to cover just a few hundred dollars’ loss, right before the market bounced back to almost $300/ETH again.

The price of ether fell to as low as 10 cents on one exchange, and the wider cryptocurrency community still in shock.
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Civic Sells $33 Million in Digital Currency Tokens in Public Sale

  • Of the 1 billion tokens created by Civic, 33 percent were offered in the public sale, which is continuing until June 28.
  • Proceeds from the sale of the tokens will count as revenue for the company, Lingham said.
  • Civic held a pre-sale several days ago, Lingham said, to ensure that the company was able to place all 330 million tokens.
  • If this week’s token offering sells out, the pre-sale buyers would only get 66 percent of their initial allocation, Lingham said.
  • Lingham said Civic has more then 10,000 buyers, and as of late Wednesday, there were 28,678 people lining up to buy the token.

U.S. startup Civic has sold $33 million in digital currency tokens for its identity verification project in a public sale, the company’s co-founder and Chief Executive Vinny Lingham told Reuters.
Continue reading “Civic Sells $33 Million in Digital Currency Tokens in Public Sale”

Bitcoin Block Explorer

  • Like paper money and gold before it, bitcoin is a currency that allows parties to exchange value.
  • Unlike it predecessors, bitcoin is digital and decentralized.
  • For the first time in history, people can exchange value without intermediaries which translates to greater control of funds and lower fees.

Discover the world’s most popular Bitcoin wallet. View detailed information and charts on all Bitcoin transactions and blocks. Visit today.
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