A reason for the recent up-and-down behavior of bitcoin may have been uncovered. It’s being reported that several whales moved millions of dollars of bitcoin between three unknown wallet addresses.
Bitcoin Whales Are Up to Something
The total in question comes to about 77,000 bitcoins. That’s just shy of $800 million, or about 0.43 percent of the bitcoins in circulation. Later in the day, Ripple whales moved more than 484 million units of XRP – Ripple’s official cryptocurrency – into separate wallets. In all, the total XRP moved around was more than $130 million.
Whales are individuals that hold mass amounts of a specific cryptocurrency. It is widely speculated that these figures hold most of what’s already been mined, in this case bitcoin and XRP. If they move funds around, we’re likely to see heavy movement – usually dips – in the crypto space. As of late, bitcoin has been jumping between $10,000 and $10,300. While this movement correlates with the actions of the whales in question, it’s odd to see that the drops have been so light in comparison to what they’ve been in the past.
One would think that if whales are moving mass amounts of money throughout different wallets and accounts, the dips in price would be even larger. This leads to even more questions, one being, “What if this is just the beginning?” Also, “What if we’re likely to see even bigger dips in the bitcoin price over the next few days?”
The good news is that at press time, this all remains pure speculation. However, many are ringing in on social media and across other platforms with their theories and predictions regarding what the whales (or other “culprits”) have up their sleeves. One hypothesis is that the transactions have something to do with the Chinese Ponzi scheme Plus Token. Those behind the scheme are believed to have stolen in excess of $3 billion from global crypto users. Could the scammers possibly be cashing out their “earnings?”
Another theory is that this is just a few exchanges moving things around, whereas if whales are indeed “at fault,” this could be a sign that the market is about to explode and move up significantly.
The two largest bitcoin transactions to occur involved over 33,000 BTC and 36,000 BTC respectively. In addition, they each took place within a half hour of each other.
Whale Alert, a platform that reports on large crypto transactions, took to Twitter to release the following message:
A Pattern Is Forming
It is likely that the devs (developers) moved or unlocked the locked supply of the coin (total supply 100,000,000).
These transactions allegedly follow another large one that took place earlier in the week. Approximately $774 million VERI (more than 97 million units) were moved from one wallet to another, though Whale Alert claims that VERI is a “low-volume coin.”
The post Are Whales Behing Bitcoin’s Latest Dips? appeared first on Live Bitcoin News.
Who would have ever thought that working out and bitcoin could ever go together? Well, thanks to a new Manhattan-based gym called Grit Bxng, that’s exactly what’s happening.
Grit Bxng – The Latest in Bitcoin-Based Exercise
Grit Bxng is a 5,000 square foot facility that cost more than $4 million to build. It’s currently backed by several celebrities including the rapper Pit Bull and venture capitalist Tim Draper, who recently announced that bitcoin would reach a stellar price of roughly $250,000 per unit by early 2023.
Tim Draper’s presence in the gym is to be expected considering the gym is among the only ones in the United States to accept bitcoin payments. Granted you’re looking for a special one-on-one session with a trainer, need to purchase meal supplements or workout gear, or you’re just looking to make monthly payments on your membership, customers have the option of paying with BTC to get the job done.
This is proof that bitcoin is becoming far more mainstream. Previously, companies such as Overstock.com and rural coffee houses throughout the globe were among the few select retail outlets to accept digital currency for goods and services, but now a major gym has joined the ranks. A few other perks are that if you’re a trainer at Grit Bxng, you can make up to $1,000 per hour. Customers can also enjoy a special alcoholic beverage at the gym’s bar following their workout.
This creates something of a conundrum in that exercising is meant to get your body in shape, whereas alcohol does the opposite. Doesn’t it defeat the purpose of working out to go and enjoy a cocktail or mojito after your session is over? You’ve burned all those calories and worked to get yourself in tip-top shape, only to ruin it with a beverage that’s likely filled to the brim with sugar and other toxins that could potentially make the previous hour of your life completely worthless.
Nevertheless, some people might look at this and consider it a nice addition to what would otherwise be a standard exercise facility. Its creator, Bill Zanker – who also created the Learning Annex – says that it was his idea to create a gymnasium that offered “happy hour” services to its customers. Something like a gym facility combined with a chic club. He explains:
No one likes to work out. Now, working out is fun.
Finding the Best of the Best
He also says that people from all over the world – from London to Tel Aviv in Israel – flew out to interview for jobs as trainers with the facility. About two of these trainers make $1,000 an hour, while the rest make – on average – about $450 an hour. He comments:
We had trainers fly in to try out. We really have the best trainers in the world.
The post New York Gym Grit Bxng Accepts BTC Payments appeared first on Live Bitcoin News.
As of late, bitcoin – the granddaddy of all crypto – is once again experiencing small bursts of bearish behavior. At press time, the currency has fallen roughly $200 since yesterday afternoon, and is now trading for less than $10,150.
Bitcoin Isn’t Done Impressing Us
And yet, there are many analysts out there that seem to believe the bulls aren’t quite done yet. Some suggest that an entirely new bull run is about to enter the crypto market, and bitcoin is going to surge beyond our wildest dreams.
So, why do they think this? What’s making them believe that bitcoin is not done surging, and what evidence do they have that serves their hypotheses?
While we may not be able to see it, Hans Hauge – a senior qualitative researcher for the crypto investment firm Ikigai – says that bitcoin is behaving in a way similar with this time of year during 2017, just months before it exploded to roughly $20,000 per unit. In a series of Twitter posts, Hauge explains:
Our current level of reserve risk is equivalent to where we were in the early part of 2017. That was right before things got crazy and six to nine months before the bubble burst. Bitcoin was around $1,000 to $2,000 at the time. Bitcoin bubble tops are clearly identified with a dark red cluster of adjusted binary bitcoin days destroyed. Until that happens, we’re not at the top. Public opinion is key here because that red cluster is caused by the assumption of the crowd and is self-fulfilling.
Hauge went on to say that crypto-based fear and greed indexes are considerably low, thus paving the way for further spikes. Bitcoin is based on speculation, and so long as its audience believes in it, it has a chance of doing well. He explains:
[The Bitcoin] Crypto Fear and Greed [Index] is printing all-time lows. That’s the exact thing you should be looking for if you’re buying the dip for the long-term.
Many Analysts Are in Agreement
It’s unknown where bitcoin will go in the immediate future, though for the most part, this bullish sentiment seems to be striking analysts from every corner of the space. Venture capitalist Tim Draper, for example, has long proposed that bitcoin will spike to more than $250,000 by the year 2022, though he’s recently pushed his prediction back a few months.
In addition, men like Tom Lee of Fundstrat fame are still predicting massive moves for bitcoin by the end of the year. Considering we’re about to enter September and there are only four months left before 2020 shows its face, it’s hard to fully believe that bitcoin could maneuver itself into such high territory (i.e. $40,000 per coin) in so short a period, though that’s precisely what it did in 2017 – spiking from $5,000 in September to just under $20,000 by Christmas.
The post Analyst Says Bitcoin Is About to Seriously Impress Us appeared first on Live Bitcoin News.
A nuclear power plant has been targeted by bitcoin hackers in the city of Yuzhnoukrainsk in south Ukraine near the country’s capital of Kiev.
How a Nuclear Power Plant and Crypto Came Together
The case marks the first time a plant like this has been compromised in the name of cryptocurrency. Usually, hackers are known for targeting either cryptocurrency exchanges, trading platforms, individual wallets and even government agencies. This time, however, nuclear power is the victim in question.
During a raid on the plant, two bitcoin mining rigs were seized from an administrative wing, as well as network and fiber-optic cables. The situation is particularly dangerous in that the mining could have potentially triggered something to go wrong in the plant’s operations, which could have led to serious problems including a meltdown.
That very same day, a National Guard of Ukraine found additional mining equipment within the plant including several hard drives and GPU video cards. They also found routers and two solid-state drives. All these items and more were discovered within the barracks of the guards that were tasked with watching over the plant. Thus, it’s believed that those employed to work within the plant may be responsible for the hack.
While nobody was hurt due to the event, it appears classified information regarding the plant’s protection system may have fallen into the wrong hands. At press time, it’s unclear if the information was delivered purposely or who may have access to it. It’s also unclear if the data was, in fact, compromised, or if perhaps just the potential to release the information was there.
Nevertheless, several people are likely to be charged in connection with the incident, and authorities are unclear if the National Guard was at the center of it all.
Phil Neray, vice president of industrial cybersecurity at CyberX, believes that the materials and devices uncovered during the raid were likely there for many months. He believes that a “trust but verify” security model is necessary for businesses like these considering the amount of private and confidential information they house. He states:
Even with the strictest policies and regulations in the world, it’s all theoretical if you aren’t continuously monitoring for unusual or unauthorized activity.
You’ve Got to Take Productive Measures
While past cyberattacks don’t compare with what’s stated above, the situation is clear: security surrounding cryptocurrency and blockchain operations is not what it could be. While this didn’t necessarily pertain to crypto specifically, it did involve mining rigs and the process of accessing or extracting new coins. Clearly, the security at the power plant was not strong enough and individuals in charge either had no idea that this was going on or were potentially in on it themselves.
Operations like this should require necessary background checks and several additional steps to ensure those in charge of security will do their jobs well.
The post Ukrainian Nuclear Plant Housed Illicit Crypto Mining Operation appeared first on Live Bitcoin News.
It’s happened again, folks. A hacker by the name of Grant West has taken control of several units of bitcoin that aren’t his and is now facing extensive prison time.
West Has Been Ordered to Pay Funds Back
This scenario is a little different, however. One of the big issues that many crypto holders have with the security of the space is that it’s lacking. Many times, when funds are stolen or go missing, they are often never recovered. The case at hand has the hacker being told by a judge to compensate all his victims and pay back what he has taken or else he can look forward to an additional four years in prison.
The 27-year-old hacker was previously described as a “one-man cybercrime wave.” After he was arrested in 2017, he was sentenced to serve time in jail for his misdeeds. A judge is now ordering him to pay back roughly 900,000 pounds in BTC. That’s over $1 million in USD.
The interesting fact about this case is that those 900,000 pounds are more than what was originally taken. The reason the judge is ordering more is because bitcoin, at press time, is higher than where it stood in September of two years ago, and the court seeks to ensure all victims are compensated appropriately.
Police authorities had been in possession of roughly 82 BTC units since West was imprisoned. It is estimated that each bitcoin will be worth around 8,500 pounds each at the time of dispersal. Prosecuting counsel Kevin Barry explains:
Inevitably, in any case like this, there will have to be a further hearing after this. As the court recognizes today, as do the parties, there is likely to be fluctuation which will require in due course for the order to be amended upwards or downwards.
While authorities possessed the stolen bitcoins long after West’s arrest, they are not legally able to provide the bitcoins to anyone unless the defendant agrees. In this case, the answer was obvious: repay your victims or face an additional four years in prison, though the option remained open for West not to part with the bitcoins.
A Criminal Career Comes to an End
DCI Kirsty Goldsmith, who heads the Met’s cybercrime unit, explained in a statement:
The MPS is committed to ensuring that individuals who are committing criminality on the dark web are identified, prosecuted and their criminal assets are seized… I am very proud of my team for bringing this offender to justice and ensuring we have secured this order.
West’s criminal career began in 2015. He would ultimately spend over two years committing cyberattacks on several companies around the world including Sainsbury’s, Uber and the British Cardiovascular Society. He was sentenced to nearly 11 years in prison for his actions in May of 2018.
The post Judge Orders Hacker Grant West to Pay Back Bitcoins appeared first on Live Bitcoin News.
As crypto enthusiasts, we really can’t afford a recession. That’s what venture capitalist Spencer Bogart is telling everyone. He’s saying that any severe financial crisis would ultimately cause bitcoin to plunge back into a period of extreme darkness that would make 2018 look subtle.
Bogart: A Recession Would Be Very Bad for Bitcoin
While he’s certain that bitcoin will be a “safe haven” in the future, he’s not entirely sure its technology is strong enough yet for it to withstand a series of economic hits similar with what the country experienced in 2008. He’s confident that should a recession strike the United States, bitcoin and crypto would suffer exponentially.
In a recent interview, he comments:
When you think about really severe crises taking place, a liquidity crunch, another global financial crisis, I think that bitcoin will struggle to do very well from a price perspective.
11 years ago, when the economy in America really began taking a serious downturn – people were losing their homes and their jobs and their 401Ks, businesses were closing their doors permanently, etc. – bitcoin didn’t yet exist. It was still in its early development stages and wasn’t quite ready for speculation or investors.
Now, things are very different. Bitcoin is playing with the big boys, and along with stocks and bonds, is vulnerable to the same market trends. When the Great Recession occurred, one of the first things to occur was that stocks fell dramatically, and it is likely bitcoin would experience the same drop.
At press time, there appears to be great concern in the air that the U.S.-China trade war is about to take the global economy places it’s never been. The U.S. recently announced that it would enforce further tariffs on another $300 billion-worth of merchandise from China, while the eastern country has vowed to retaliate and is now placing billions of dollars of tariffs on U.S. imports.
It seems like both sides are trying to play each other, and bitcoin’s likely to get caught in the middle if they can’t come to an agreement. In addition, President Trump is now pressuring the Fed to cut interest rates for the first time in several years.
It Probably Won’t Happen Right Away…
Bogart goes on to say he doesn’t believe an economic collapse will occur in the immediate future. Discussing bitcoin further, he states:
As it grows up, we see bitcoin kind of evolving as it goes. So, I think right now it is kind of in this intermediate state where you really must think what the risks are and how severe they are. So, I think that when you have looming risks of monetary devaluation, things like this, bitcoin certainly looks very attractive, and I think that was a larger driver of the recent run-up in price.
At the time of writing, bitcoin is trading for just shy of $10,400.
The post Spencer Bogart: Bitcoin Can’t Afford a Recession appeared first on Live Bitcoin News.
Bitcoin cash price is trading above the main $290 support area against the US Dollar.
The price is currently testing a major resistance area near the $312 level.
There is a crucial bearish trend line forming with resistance near $313 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair is likely to surge higher if its breaks the $313 and $315 resistance levels.
Bitcoin cash price is eyeing a major upside break above $315 against the US Dollar. If BCH fails to climb above $315, it could resume its decline below $300.
Bitcoin Cash Price Analysis
In the past few days, bitcoin cash price mostly traded in a broad range below the $325 resistance against the US Dollar. The BCH/USD pair declined below the $300 support level and the 55 simple moving average (4-hours). However, the $288-$290 support area acted as a strong buy zone. The bears struggled to gain momentum below $290 and the price recovered recently.
A swing low was formed near $288 and the price climbed above $295. Moreover, there was a break above the $300 and $305 resistance levels. The price surpassed the 50% Fib retracement level of the recent decline from the $329 high to $288 low. However, the price seems to be facing a strong resistance near the $313 and $315 levels. Additionally, there is a crucial bearish trend line forming with resistance near $313 on the 4-hours chart of the BCH/USD pair.
The 61.8% Fib retracement level of the recent decline from the $329 high to $288 low is also acting as a resistance. Finally, the 55 simple moving average (4-hours) is near the trend line and $313. Therefore, an upside break above $313 and $315 might start a strong surge towards the $325 resistance level. If there are more upsides above $325, the next stop for the bulls may be $345.
Conversely, if the price fails to climb above $313 and $315, it could retreat towards $300. The main support is near the $288-290 zone, below which the price will most likely start a significant downward move. The next stop for the bears might be near the $270 level.
Looking at the chart, bitcoin cash price is clearly preparing for the next break either above $315 or towards $290. The current price action suggests high chances of an upside break above $315 and $320 in the near term.
4 hours MACD – The MACD for BCH/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently just above the 50 level.
Key Support Levels – $300 and $290.
Key Resistance Levels – $315 and $325.
The post Bitcoin Cash Analysis: BCH Eyeing Crucial Upside Break appeared first on Live Bitcoin News.
Want to make extra money but sick of the monotony of regular
work? I feel ya.
Luckily there are plenty of ways to make extra money that
are actually fun. Whether you’re an aspiring chef, music lover, or just
want to get paid for things you’re already doing, we’ve found an idea for you.
Here are ten super fun ways to make extra money.
Host a Dinner Party
If you’re a great cook who likes to entertain, here’s an
idea you’ll love.
A company called EatWith will allow you to register as a host and throw dinner parties for people visiting your area. EatWith handles collecting payments and covers insurance. You, as a host, will be in charge of preparing dinner and hosting your guests.
You’ll first have an “audition” and if you pass that you can
get setup as a regular host with EatWith.
Write a Blog
Are you the person friends or co-workers come to looking for
advice? If so, you may be a good candidate to start a blog.
If you like to write, research, and connect online, blogging can be a super-fun money-making opportunity. The downside is that growing a blog to a place where it makes money can be a bit tough. You can learn more about blogging for profit here.
Become a Mystery Shopper
If you’re looking to snag some free stuff, plus earn a
little extra money, mystery shopping may be for you.
As a mystery shopper you can get paid to make phone calls, perform in-store shops, eat at new restaurants, and more. Normally the best mystery shopping opportunities are in the bigger cities. We have a list of 7 highly rated mystery shopping companies here.
Get Rewarded for Watching TV
Are you a big TV watcher? If so, you may as well get paid
You can download an app called Viggle that will reward you for watching TV. Here’s how it works:
Turn on the app while you’re watching TV. Viggle will
recognize the show you’re watching. Earn 1 point per minute, plus any
applicable bonuses. You can then redeem your points for prizes.
Earn Extra Cash for Sharing Your Opinion
Sign up for Surveys with Vindale Research!
No list of fun ways to make extra money would be complete without surveys. But here’s the catch, some people LOVE taking surveys and some people hate it. You’ll have to decide for yourself whether this is for you.
If you are interested in taking surveys for money, here are some legit places that will pay you:
Get Paid for Testing Websites
Have you ever visited a website and wished you could tell
the owner what changes to make to improve it? If so, here is your chance to
earn money doing just that!
There are several companies that hire us everyday-people to
test their client’s website for usability. This usually includes performing specific
tasks and recording your opinions as you’re doing so.
While these tests aren’t a consistent form of income, they do generally pay pretty well. You can expect to earn $15 or so for a 20-minute test. Here are the best user testing companies to sign up with.
Earn Up to $20/hr. as a Brand Ambassador
Do you know what a brand ambassador is? I didn’t until
Chonce wrote this
epic article about being one!
In a gist, brand ambassadors inform consumers about
products, pass out samples, or host giveaways. And you can earn around $20 per
hour doing so.
Here are a couple places you can sign up with:
Big Orange Productions
Across the Nation
Get Rewarded for Scanning Your Groceries
Do you remember getting five, crisp one-dollar bills in the
mail that came with a survey wanting to know about your TV watching habits?
That company was Nielsen. And TV surveys aren’t the only thing Nielsen will pay
Nielsen also has a company called National Consumer Panel (NCP) that will give you rewards for scanning your groceries.
Here’s how it works:
After you’re done grocery shopping, you’ll scan all of your
items into NCP’s scanner. (This will either be an app on your phone or a
handheld scanner provided by them.) You’ll then be given rewards each time you
do this. You can cash in your rewards for a number of prizes.
Help Name a Business or Product
I’ve always thought that naming products would be such a
cool job. I mean, somebody has to come up with the names, right?
Well now there’s a site called Squadhelp that allows you to submit your naming ideas. Here’s how it works:
Businesses will hold naming contests -> you submit your
ideas -> if your idea is chosen you get paid.
Are you a music lover?
SlicethePie is a company that will reward you for reviewing music. When you sign up, you’ll enter your music preferences. You’ll then be given music to listen to and review. You must listen to at least the first 90 seconds and then describe what you thought of the song and enter a few numerical ratings.
You’re paid $0.03 – $0.15 per review. This obviously isn’t a
way to make a ton of money but is a fun little way to earn some extra cash on
Have Fun While You’re Making Money
Most of these ideas probably won’t make you rich. But that’s
okay because you are still having fun while you’re earning money.
If you’ve been looking for the right way to earn a little
extra spending cash, I hope you liked one of the ideas on this list.
Do you know of any other fun money-making ideas?
The post 10 Ways to Make Extra Money that are Actually Fun appeared first on Single Moms Income.
For traders who regularly use multiple exchanges, keeping track of open positions and market fluctuations can be a daunting task, requiring a high level of diligence to monitor all of their positions.
But what if there was a single platform where users could track their portfolios and make trades on multiple exchanges, without having to switch tabs?
Blokt caught up with Max Kalmykov, CEO at Bitsgap, who are building exactly that, to find out how their platform will unify crypto trading.
What is Bitsgap?
Bitsgap is a trading terminal which gives access to multiple crypto exchanges within one unified interface. Users can trade, monitor, and evaluate their portfolio from one single platform, secured via an API connection.
The Bitsgap team has extensive experience in both trading and blockchain technology; and Bitsgap has developed one of the most secure and unified platforms, providing maximum protection for users, and the best trading experience.
Remarking on their ability to deliver the best experience for Bitsgap users, Kalmykov shares:
“We are confident about delivering a highly efficient service to our users, and we will continuously update our system based on user’s experience and requirements of the ever-expanding pool of crypto traders around the world.”
Why was Bitsgap Founded?
Although every exchange provides a unique experience to traders, Bitsgap felt it was more beneficial to aggregate the best features within one platform.
“Bitsgap combines the best exchange features together in one platform. Users don’t need to decide which exchange has the best utilities. Instead, they can set their preferences and connect all their accounts to Bitsgap.”
Additionally, Bitsgap offers a unique suite of features, including semi-automatic arbitrage, portfolio tracking, market anomaly detector, and trading windows. As a result, traders can tailor their trading strategy using Bitsgap’s platform to an extent which wouldn’t have previously been possible.
Bitsgap’s Trading Tools
Bitsgap has created multiple complex trading tools, including a portfolio service which provides live data of orders, for tracking multiple open positions on numerous exchanges; a profit and loss tracker across traders entire positions; and capabilities to follow entire portfolio performance through simplified graphs. Additionally, traders can track the performance of their assets over customizable time periods.
Bitsgap supports over 10,000 trading pairs on more than 25 cryptocurrency exchanges, including Binance, Bitfinex, Kraken, and Coinbase Pro. There’s no limit to the number of trading pairs accessible on Bitsgap, enabling full exchange coverage.
One of Bitsgap’s most attractive features is unparalleled access to arbitrage opportunities, the process of exploiting price differences between exchanges to make a profit.
“Our platform and AI is capable of identifying and analyzing more than 20,000 arbitrage opportunities in just a couple of milliseconds within supported exchanges.”
The primary challenge of profiting from arbitrage in cryptocurrency trading is the time taken to transfer funds from exchange ‘A’ to exchange ‘B,’ during which time the arbitrage opportunity may disappear.
Instead, Bitsgap executes both sell and buy orders simultaneously on each exchange without the need for transfer. Traders just need to ensure they have crypto and fiat on the respective exchanges, and then simply execute the orders via Bitsgap with one click.
The Bitsgap platform is for both beginner and advanced traders, with a number of subscription plans tailored for all trading abilities. Each subscription package offers different services and monthly trading limits.
The Bitsgap standard plan provides most features, except for arbitrage, which is only available for advanced and pro plan users. For high volume traders who need unlimited trading or unified API’s, then the Bitsgap pro plan is the best option.
Discussing the cross-section of users Bitsgap serve, Kalmykov says:
“Our goal was to create an intuitive and optimized interface for effective trading decisions. Every user will find the necessary features needed for daily trading and exploring more detailed trading data, which can’t be found elsewhere.”
As a trading platform, Bitsgap provides strong security guarantees for traders, with all actions on the Bitsgap platform performed using traders API keys.
“Bitsgap always put security first. Our users can be sure that their funds and orders are secure, with no unauthorized access to their Bitsgap account. We achieve this through both user account protection and encryption, and strong security protocols for our own infrastructure.”
User account access is protected via a secure login, with unknown devices required to authorize via email. Likewise, failed login attempts result in account and API temporary lockouts, and users can opt to use 2FA to access their account.
API key settings are defined by users, and Bitsgap only requires access to users trade history, balance view, and trading capabilities. Additionally, API keys are never stored or displayed by Bitsgap in an unencrypted format. Bitsgap uses encrypted delivery which securely delivers user’s API to the Bitsgap server.
Future Platform Development
The Bitsgap team is continuously upgrading the platform, and among other improvements, it has recently increased the platform speed by a huge 250%.
Discussing the remainder of 2019, Kalmykov says:
“We have grand plans for 2019. Users can expect the release of a new interface, arbitrage page rework, a mobile version, improved signals, order automation, new portfolio, and new tools for algo trading.”
Blokt thanks Max Kalmykov and the Bitsgap team for sharing their expertise with us.
Bitsgap, the Multi-Exchange Cryptocurrency Trading Platform was originally found on Cryptocurrency News | Tech, Privacy, Bitcoin & Blockchain | Blokt.
Patrick Byrne, the CEO and primary board member of Overstock.com, has resigned from his position with the company.
Who Will Replace Byrne?
Many enthusiasts will likely remember that Overstock.com, a massive online retailer, was one of the first selling platforms to accept bitcoin as a means of payment from its customers. Byrne, himself, has been a major bitcoin advocate over the years.
In a letter to shareholders, Byrne explained that while he is sad to leave the company he has worked with and respected for so long, he believes this is the right move for the “country.” Byrne says that his involvement in an FBI investigation regarding Russian interference in the 2016 presidential election is what led to his decision.
The letter reads:
In July, I came forward to a small set of journalists regarding my involvement in certain government matters. Doing so was not my first choice, but I was reminded of the damage done to our nation for three years and felt my duty as a citizen precluded me from staying silent any longer, so I came forward in as carefully and well-managed fashion as I could. The news that I shared is bubbling (however haphazardly) into the public. Though patriotic Americans are writing me in support, my presence may affect and complicate all manner of business relationships, from insurability to strategic discussions regarding our retail business. Thus, while I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member, effective Thursday August 22.
It appears Byrne had been in a relationship with a Russian agent named Maria Butina since 2015. He’s confident that the company will remain strong without him, and that blockchain will ultimately carve out a future in which financial freedom is available to every citizen. He states:
I think the blockchain revolution will reshape key social institutions. We have designed and breathed life into perhaps the most significant blockchain keiretsu in the world, a network of blockchain firms seeking to revolutionize identity, land governance (=rule of law=potential=capital), central banking, capital markets, supply chains and voting. In three of those fields (land governance, central banking and capital markets), the word ‘trillions’ comes up when calculating the disruptive opportunity of blockchain.
In closing, Byrne tells the company’s shareholders what an honor it has been to serve them. He comments that it was initially his Rabbi that convinced him to come forward, and that after seeing his country “tear itself apart” over the past three years, he felt he could not remain uninvolved.
The End of an Era…
He finishes his letter with:
I wish all shareholders a smooth and level road, and don’t forget to shop Overstock.com.
The post FBI Investigation Prompts Patrick Byrne to Exit Overstock appeared first on Live Bitcoin News.