Digital assets

BTC Bullion: Three Interpretations of Bitcoin as “Digital Gold”

07/11/2019 by Idelto Editor

Bitcoin is often described as “digital gold.” While this is an oversimplification, it can be a helpful way of understanding some of bitcoin’s most critical properties — the things that “give bitcoin value.”

One of bitcoin’s preeminent use cases is in its role as a store of value, a status that gold has long embodied. Though the price is volatile, many Bitcoiners who believe in its long-term value to an increasingly decentralized society see it as a long-term investment, and citizens of countries whose economies are distressed regularly turn to bitcoin as a safe haven asset.

Bitcoin also derives much of its perceived value from the fact that its supply is strictly capped, in a similar way to natural and finite resources like gold. Then there is bitcoin mining which — while just a metaphorical term for adding transactions to the Bitcoin blockchain in exchange for a bitcoin reward — can serve as another parallel between bitcoin and precious metal.

Even though bitcoin is far from just a digital version of gold, these connections persist in the minds of new adopters and hardcore Bitcoiners alike. It has spurred a variety of initiatives, offerings and services from digital asset managers — each of which is its own interpretation of the analogy that bitcoin is digital gold.

The Drop Gold Campaign: Bitcoin as the Digital Replacement for Gold

In May 2019, digital currency investing firm Grayscale Investments launched an ad initiative known as the “Drop Gold” campaign.

As the name implies, the campaign is meant to encourage potential investors to withdraw or divest their gold investments in favor of investing in cryptocurrency or cryptocurrency-based products, such as the Grayscale Bitcoin Trust.

“The point of #DropGold is to ignite a conversation with investors through highlighting Bitcoin’s benefits, as compared to an investment in gold,” Michael Sonnenshein, managing director of Grayscale, explained to Bitcoin Magazine. “Gold is a traditional investment in a physical world but today’s world is digital and demands a digital investment.”

As much as the “digital gold” narrative might favorably imply that bitcoin has some of the more attractive qualities of the physical asset, Grayscale dismisses the comparison as actually selling bitcoin too short.

“We agree that bitcoin and gold share a lot of the same properties; Bitcoin and gold are both scarce assets, they are both decentralized assets,” Sonnenshein said. “But bitcoin posses a superior composition of ‘good money’ qualities made for a digital global economy. For example, the fact that you can send bitcoin electronically or that you can access your holdings from anywhere in the world are just a few of the traits that make bitcoin the superior store of value.”

In its online material, Drop Gold points to the fact that bitcoin ownership is verifiable via a blockchain and easier to transfer and more fungible than gold. Essentially, the fact that bitcoin puts the “digital” in “digital gold” is what makes it the superior asset. So, as far as bitcoin being digital gold goes, Grayscale might argue that this is true only in the sense that bitcoin is an evolved, digital asset that will do a better job of playing a role than gold once did.

DGLD: Tokenized Gold, Secured by Bitcoin

But there will always be those who argue that the physical can never be completely replaced by the digital. While firms like Grayscale see the future in abandoning legacy investments in favor of cryptocurrencies, there may be more room to combine the two.

The DGLD token acts as that more direct combination, embodying the digital gold quite literally.

DGLD is the result of a partnership between digital asset management firm CoinShares, multifaceted cryptocurrency service provider Blockchain and worldwide gold dealer MKS SA. It is a network with a namesake token that represents allocated physical gold stored in a Swiss vault — each DGLD token represents one-tenth of a troy ounce of physical gold.

The DGLD network was built on the Ocean Bitcoin sidechain, a network developed by the blockchain firm CommerceBlock using the same codebase as Blockstream’s federated Bitcoin sidechain, Liquid. But, instead of maintaining a federation of intermediaries between it and the Bitcoin blockchain, Ocean’s sidechain automatically attests the latest block hash into the Bitcoin network at regular intervals.

“The latest DGLD block hash is committed into a specific chain of Bitcoin transactions (the so-called ‘staychain’) which is extended every hour,” Danny Masters, the chairman of CoinShares, explained. “Each transaction in this staychain has only a single output, and so everybody can verify that the DGLD blockchain has only a single history, and a single version of ownership, with the same guarantees that Bitcoin has only a single, global history.”

In this way, the DGLD network would seem to have combined the physical scarcity and tangibility of gold with the immutability and transparency of Bitcoin — creating a blockchain asset that may be as close to a literal interpretation of digital gold as possible.

In Masters’ view, by combining certain aspects of gold and bitcoin into a unique asset, DGLD offers investors a more convenient way of investing in the former.

“Many people do not own physical gold, and instead own gold through a series of intermediaries, often in an ETF or similar format, primarily because of convenience,” Masters said. “With DGLD, you get a convenient physical gold investment that isn’t entangled in the same system of intermediaries it is meant to hedge; and because it’s gold, the investment is not tied to the monetary policy whims of a central bank or fiat currency.”

DGLD was just introduced in October 2019, so it would be hard to confirm, but it may be that many of those who invoke bitcoin as digital gold are interested in a token that can draw that comparison more closely.

Vaultoro: When Bitcoin and Gold Work Together

Of course, some may point out that only bitcoin is bitcoin — no other tokenized asset, on a Bitcoin sidechain or otherwise, has exactly the same immutability and transparency as the one and only original cryptocurrency.

For those Bitcoiners, Vaultoro may be the closest thing to merging the benefits of both bitcoin and physical gold.

Vaultoro is an online cryptocurrency exchange whose order book is backed by physical gold in a Swiss vault, allowing users to trade bitcoin for gold and vice versa, rather than for fiat currency. This may more directly close the loop for bitcoin as “digital gold,” making the cryptocurrency quickly and conveniently exchangeable for actual gold.

The service was inspired by one of Bitcoin history’s most infamous events, a reminder that, for now, bitcoin has to be tied to a more traditional asset. And if that is going to be the case, the Vaultoro thinking goes, then that asset should be gold.

“After the world’s first bitcoin exchange, Mt. Gox, collapsed, liquidators started to eat through all of the creditor’s fiat holdings because fiat cannot be allocated. Instead, it becomes part of the exchange’s balance sheet,” explained Joshua Scigala, CEO and co-founder of Vaultoro. “Gold, on the other hand, does not need to sit in a bank, it can be allocated to the client as their legal property, and not to the exchange’s books … Gold is the perfect bank-independent counter asset to bitcoin.”

Scigala sees the inherent advantages of both digital assets and gold but doesn’t necessarily want to merge them. Instead, he’s seeking to provide investors with seamless access to both independently, thus preserving those advantages.

“I think that both assets work perfectly together,” he explained. “Just because people have Netflix and nice big TVs at home doesn’t mean people stop going to the cinema. Gold is a great way to hedge the crypto price risk without going back to the systemically broken and risky fiat system. Rare numbers and rare metals are the perfect partnership.”

Thus, Vaultoro seems to interpret the potential of digital gold for those who value bitcoin, value gold and want both of these assets to maintain the things that make them unique but in closer concert with each other.

Digital Gold: Value Is in the Eye of the Beholder

There we have three distinct interpretations of the “bitcoin as digital gold” simile.

Grayscale rejects the idea that we still need gold when bitcoin is available: Bitcoin as digital gold in the sense that bitcoin has replaced gold for the digital era.

Meanwhile, DGLD has created a token directly representing gold using the Bitcoin network: Bitcoin as digital gold in the sense that the technology behind Bitcoin can be used to create a digital version of physical gold.

And Vaultoro links the two assets by allowing investors to exchange between them: Bitcoin as digital gold in the sense that both are hedges against the fiat monetary system and have complementary roles to play.

The interpretation you subscribe to will likely align with your own values and how much room you see for bitcoin and gold to coexist. But what is clear throughout these differences is that gold and bitcoin will be inextricably linked for years to come.

The post BTC Bullion: Three Interpretations of Bitcoin as “Digital Gold” appeared first on Bitcoin Magazine.

With Expansion in Singapore, Sygnum Focuses on Institutional Investors

06/11/2019 by Idelto Editor

Sygnum, a digital asset manager that offers custody, brokerage, lombard credit and tokenization services to institutional and qualified private investors, describes itself as the “world’s first digital asset bank.”

On October 31, 2019, the group announced it had obtained a capital markets services license from the Monetary Authority of Singapore (MAS). This came after it obtained a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August 2019.

With licensure from two of the world’s most innovative financial centers, Sygnum may be in a better position to onboard institutional investors into the bitcoin and cryptocurrency markets. Its approval process in Singapore in particular may also portend the growth of the cryptocurrency industry in a welcoming environment.

New Regulatory Approval, New Institutional Investors

Though the regulatory approvals are relatively recent, Sygnum already had roots in Singapore and Switzerland. It’s backed by Singtel Innov8, the venture capital arm of Singaporean telecoms company Singtel Group. The digital asset bank also has a team of advisors made up of experienced Swiss bankers, including ex-Swiss National Bank president Philipp Hildebrand and former UBS CEO Peter Wuffli.

Mathias Imbach, co-founder and CEO of Sygnum, told Bitcoin Magazine that he was impressed by the professionalism and openness of the Singaporean regulators throughout its license application process. He also highlighted Sygnum’s emphasis on adhering to AML requirements, something that undoubtedly made the process easier.

“Anti-money laundering safeguards are always a pressing concern for regulators, and a challenge that is faced by every financial institution today,” Imbach said. “This translates even more so to digital assets. We have developed proprietary frameworks and tools around this topic, which are specifically designed for the digital asset economy and are key in helping us stay ahead of the regulatory requirements.”

Following this approval, Sygnum will be launching a multi-manager fund, which will allocate investments across several managers that “tap into the global digital asset opportunity using different and uncorrelated investment strategies,” according to the company announcement.

The firm sees this as an opportunity to fill a need that’s still apparent in the space — investment options that give institutions the benefits of digital assets while mitigating the risks that still make many of them wary from participating.

“This approach provides exposure to the potential returns of the emerging digital asset economy while diversifying the investment risk,” Imbach said. “Together with a rigorous manager and operational due diligence process, this fund is a responsible and prudent way for accredited and institutional investors to get exposure to digital assets.”

Progressive Policies Pay Off for Singapore

Singapore has long been attractive for bitcoin and bitcoin-based businesses. Aside from being a general fintech hotspot on the Asian continent, the country has embraced emerging technologies of all kinds.

Particularly laudable are the government’s efforts to provide a structured, regulated environment where cryptocurrency and blockchain firms can work. On October 16, 2019, Loo Siew Yee, an assistant managing director at MAS, gave a speech at the International Compliance Association Annual APAC Conference.

The speech, which was titled “Combating Financial Crime through New Technologies Built on Strong Fundamentals,” highlighted Singapore’s potential as an environment that fuels the cryptocurrency sector and the authority’s commitment to fight crime as more cryptocurrency-based businesses set up shop there.

“Given Singapore’s position as a major financial and fintech centre, it is natural that DPT [digital payment token] firms would wish to set up here,” Yee said. “In preparation for new DPT licensees next year, MAS has started to enhance our supervisory and surveillance capabilities to facilitate the proactive detection of unlicensed DPT activities, and to use ‘real-time’ data gathering to enhance our assessment.”

Predecating this stance in August 2019, the Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS), a trade association, released a code of practice for cryptocurrency companies, noting best practices for AML and countering the financing of terrorism.

“In essence, the code of practice helps banks and industry players to sieve out the ‘bad,’ so that quality licensed blockchain and crypto-asset businesses can grow here in a bigger way and make a stronger imprint on the global stage,” Anson Zeall, the chairman of ACCESS, explained in a press release at the time.

The post With Expansion in Singapore, Sygnum Focuses on Institutional Investors appeared first on Bitcoin Magazine.

Maker’s Stability Fee Drops to 5.5% After Multi-Collateral Dai Announcement

03/11/2019 by Idelto Editor

According to the CEO of the Maker Foundation, Rune Christensen, Multi-Collateral Dai (MCD) will launch on November 18. On October 28, Maker’s stability fee was reduced by a ‘whale’ with roughly 94% of the voting power.

Also Read: French Ministry of Education Publishes Bitcoin Resource Guide for Educators

Maker’s Multi-Collateral Dai Will Launch November 18

Decentralized finance project Makerdao is responsible for creating the cryptocurrency-backed stablecoin called dai. Initially, the project used ETH as a form of collateral in order to issue dai but the project revealed that in the future a variety of other digital assets could be used. Announced at the Devcon 5 conference in Osaka, MCD will bring new features like the dai savings rate (DSR) and a collateralized debt position (CDP) will be known as a “vault.” Collateral types first evaluated include coins like augur (REP), digixdao (DGD), golem (GNT), omisego (OMG), ether (ETH), and 0x (ZRX). This means that there will be two types of coins produced by the community: single collateral dai (what dai is today) will be called ‘sai,’ while MCD created coins will be called dai.

In March, news.Bitcoin.com took an in-depth look at the Ethereum-based Makerdao and dai stablecoin. The report explained that a CDP now known as a vault required 150% of the loan amount in dai that’s paid for with ETH. Moreover, there’s a stability fee (interest rate) that accrues during the life of dai loans. Since the project’s launch, the coin has maintained a fairly stable existence despite a few hiccups along the way. In mid-April, the Makerdao community voted multiple times to raise the stability fee because dai tokens were struggling to hold the $1 peg. The issues upset dai borrowers when the stability fee skyrocketed from 0.5% to 19.5%. The interest rate increases had also made dai’s price jump above the $1 peg and many exchanges saw dai sold for more than $1.05 per coin.

Natural Centralization?

On October 28, Daniel Onggunhao, a software engineer at Binance, revealed that the dai stability fee was reduced to 5.5%. “A single whale (with 97% of voting power) made the decision — Went from 2,489 votes a few hours ago, to 44,539 votes,” Onggunhao tweeted. “I say this normatively, as neither good nor bad. In a perfect world, it’d be great if we had a distributed voter pool for a move this big.” Onggunhao added:

The pragmatic reality is that as an early stage, hard-to-understand technology, decision making tends to naturally centralize.

A number of cryptocurrency community members discussed the whale vote after Onggunhao’s tweet. Binance founder Changpeng Zhao (CZ) was quick to quip: “Welcome to ‘decentralization,’ where anything is possible, and not under anyone’s control, even some re-centralization.” Not everyone thought the ‘re-centralization’ concept was a good idea for Makerdao’s claimed ‘decentralized’ governance system. “Stake-based systems [Proof-of-Stake (PoS)] centralise much faster than alternatives because there’s no maintenance cost, and in the early stages, bulk stake acquisition is always going to be easier than buying hardware in any real quantity,” Monero’s Riccardo Spagni replied during the conversation.

One person disagreed with Onggunhao’s initial tweet and said that he didn’t think there was a “single ‘whale’ with 97% voting power.” “There could be a voter that represents 97% of this particular vote — This is still an issue, but it’s about governance not control.” Onggunhao agreed and further stressed:

That’s true, I apologize for dashing off the tweet. I also made an error in the amount (94.7% instead of 97%).

Collateralized Multi-Coin Options and a Fee Reduction Will Likely Add More Growth to the Makerdao System

The Makerdao project has been a favorite among the cryptocurrency community because the stablecoin dais are backed by digital currency and a decentralized autonomous organization. The stablecoin is not without its critics, and the Maker protocol is still a very young network. However, with added coins stemming from the MCD launch and Maker’s stability fee reduction, it’s likely the dai ecosystem will grow much larger. At present, roughly 2.2% of all the ETH in existence is locked into the Maker system.

What do you think about the Makerdao project’s latest MCD announcement and the recent vote to drop the stability fee? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Makerdao, Dai, Medium, Daniel Onggunhao, and Pixabay.

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The post Maker’s Stability Fee Drops to 5.5% After Multi-Collateral Dai Announcement appeared first on Bitcoin News.

Trusted Friends Can Become Crypto Custodians With the Vault12 Platform

02/11/2019 by Idelto Editor

A firm called Vault12 launched its new passkey security solution for cryptocurrency assets. Vault12 is an application that allows people to enlist their trusted friends and family members to help safeguard their assets. According to the project’s creators, the new application leverages the cryptographic algorithm Shamir’s Secret Sharing which allows keys to be split in a distributed fashion.

Also Read: French Ministry of Education Publishes Bitcoin Resource Guide for Educators

Distributing Digital Asset Seeds Using Vault12 and Shamir’s Secret Sharing

Vault12 believes there’s a dire need to safeguard crypto assets as the onset of blockchain-powered innovation continues to grow exponentially. Since the birth of Bitcoin and a slew of other digital currencies, various applications and devices like hardware wallets have been created to protect cryptos. Vault12’s new product allows individuals to take advantage of trusted family members and friends who are willing to help them secure digital currencies. Moreover, guardians are rewarded with ethereum (ETH) to protect the assets as well, giving the trusted network of friends incentive to be a safe keeper. The project officially launched at the San Francisco Blockchain Week and the company is backed by investors like Naval Ravikant, True Ventures, Data Collective, and Winklevoss Capital.

The Vault12 white paper explains when it comes to precious digital assets, there is an “unprecedented threat level” looming for people in need of a strong security solution. “To protect these assets, we need a new cryptographic security platform – one that does not leave security centralized in a single place, with a single person, on a single device or in a single organization,” the research paper details. In order to bolster the security of digital currencies even more, the firm created a decentralized storage system for digital assets via a hierarchical Shamir’s Secret Sharing (SSS) system. The SSS infrastructure is a well known algorithm in cryptography designed by the cryptographer and mathematician Adi Shamir. Essentially the secret (passkey) is shared in the distributed Vault12 system between 3-5 trusted contacts giving each participant its own unique part.

Vault12 Hopes to Fill the Gap Between the Digital Currency Economy and Unresolved Security Challenges

Vault12 allows any owner to set up a vault with friends and family. Custodians can always be recruited from the owner’s personal network at any time. But high-net-worth individuals who need added security can opt for a professional custodian service (PCS). However, the registration for this service requires far more effort and additional safeguards like verifying the owners’ identity with a government-issued ID. “One of the unresolved challenges for the mass adoption of cryptocurrency and the blockchain economy is the continued challenge and burden associated with securing crypto assets,” said Max Skibinksy, cofounder and CEO of Vault12. Skibinksy further added:

Previously, to keep our digital money safe, we had to keep our extremely valuable cryptographic backups on pieces of paper and store them in traditional banks. It was ironic. We built Vault12 to be an innovative, convenient solution that replaced this cumbersome process.

Vault12 Setup

Setting up the Vault12 application is a fairly simple process, but you need to decide on 3-5 trusted individuals to help secure your assets. That part of the process may take longer, but setting up the vault after this decision is made doesn’t take too long. The app works for Android and iOS devices and when opened, it immediately asks you if you want to set up a vault and then asks permission to access your phone’s contacts. The company claims the information is not held on the company’s server and you can skip this part and manually add each contact individually as well. After deciding on sharing your contacts with the application, the platform asks you for your name so you can be identified by your guardians helping you protect your vault.

The platform then requires you to choose the number of guardians between 3-5 contacts and the more custodians you use, the more secure the vault will be. Once you save the security level (number of guardians), you cannot change it unless you start a whole new vault. If you opted to manually add contacts, you can send them an invitation or scan their device if they already have Vault12 installed. To add digital assets to the vault you simply upload a picture of the seed phrase or use a file containing the seed. The application will inform you of how many people are guarding the seed held within the Vault12 system.

Overall the Vault12 method is an interesting, novel method of safekeeping digital assets but people may have a hard time with a few requirements such as sharing their name, phone number, and contacts. People also may not trust the upload part where the user is required to upload a file or an image that contains a seed phrase protecting digital assets. However, the project’s key elements are open source and Vault12 users can take a look at the ZAX relay network infrastructure and the distribution of how the shards work. “In the future, other elements of the platform will be released as open-source libraries,” Vault12’s website notes.

What do you think about the Vault12 digital currency storage system? Would you use an application like this or are there concepts about the security approach that you don’t like? Let us know what you think about this subject in the comments section below.

Disclaimer: Walkthrough editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. This editorial is not a recommendation or endorsement by Bitcoin.com or the author of any products, applications, software, services, or companies mentioned in this article.

Image credits: Shutterstock, Vault12, and Pixabay.

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Mining Giant Bitmain Confidentially Files for U.S.-Based IPO

30/10/2019 by Idelto Editor

According to reports, bitcoin mining manufacturer Bitmain Technologies confidentially filed for a U.S.-based initial public offering (IPO) with the Securities and Exchange Commission. The news follows the alleged removal of cofounder and executive director Micree Zhan and the recent announcement of a facility in Texas with the capacity to house 300MW of hashpower.

Also read: Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq

Bitmain Secretly Files for U.S. Initial Public Offering

The U.S. Securities and Exchange Commission (SEC) currently has two mining manufacturers to approve for IPO status in the country. According to Tencent News, the IPO is sponsored by the financial giant Deutsche Bank and it was filed at roughly the same time Canaan Creative filed for its IPO earlier this week. Canaan the makers of Avalon mining rigs and chips filed for a $400 million IPO on Nasdaq but the Bitmain valuation is currently unknown. Tencent’s (sycaijing.com) translated editorial details that Bitmain has hired China-based executive Zheng Hua who once worked with Nasdaq, so there’s a chance the company’s filing is similar to Canaan’s filing as far as listing status.

The news follows Bitmain’s recent push in Rockdale, Texas where the firm is building a bitcoin mine with up to 300 megawatts (MW) of hashpower. So far the facility houses 25MW and another 25MW will come online soon according to Bitmain. Last year, the company also filed an IPO prospectus in Hong Kong in order to be listed on the Hong Kong Stock Exchange (HKSE). However, in March 2019 the Chinese mining giant let the application lapse and did not file another IPO prospectus in the country. Canaan also filed an IPO in Hong Kong and let the application slide as well. Confidential or ‘secret’ IPO filings are not uncommon in the U.S. as the SEC approved such filings in June 2017.

Additionally, Bitmain has released and shipped a wide variety of next-generation bitcoin core (BTC) and bitcoin cash (BCH) miners this year. Despite the FUD last year, the company has managed to produce at least 10 new machines including a special edition S9 Antminer. According to Asicminervalue.com, while filtering SHA256 miners specifically, the company’s S17 series rigs are the top two bitcoin miners today just above Innosilicon’s T3. The S17 series Antminers produce a whopping 50+ terahash per second (TH/s) and the firm’s machines coming in December will generate 70+TH/s according to specifications. Machines have been delivered even though there have been rumors of a 7nm shortage at the semiconductor foundries since the last two Samsung and iPhone launches.

Cofounder Ousted

The IPO filing news also developed after the recent headlines that said Micree Ketuan Zhan, the cofounder of Bitmain, was ousted. Leaked reports disclosed that Bitmain cofounder Jihan Wu disagreed with Zhan in regard to the artificial intelligence (AI) chip production which is allegedly floundering. Wu has reportedly taken over the head leadership position at the company and Zhan’s dismissal was “effective immediately” and includes “all roles” at the firm.

“Bitmain’s co-founder, chairman, legal representative, and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately,” a circulating email disclosed. “Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.” Since the Bitmain management shake-up, the price of bitcoin cash (BCH) rose by double digits on October 29.

What do you think about Bitmain confidentially filing for a U.S.-based initial public offering (IPO) with the Securities and Exchange Commission? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Image credits: Shutterstock, Bitmain, Fair Use, Wiki Commons, and Pixabay.

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