Crypto players plead presidential pardon case for Ross Ulbricht

Crypto players plead presidential pardon case for Ross Ulbricht

Many are calling for Donald Trump to grant clemency to the Silk Road founder before he leaves office on Jan. 20.

Image courtesy of CoinTelegraph

            DEC 06, 2020

With just 44 days before Joe Biden’s inauguration as President of the United States, players in the crypto space are imploring Donald Trump to use his pardoning power for Silk Road founder Ross Ulbricht.

In a recent tweet from Jason Williams, the Morgan Creek Digital Assets co-founder pleaded for Trump to “do the right thing” by pardoning Ulbricht as well as whistleblower Edward Snowden. Peter McCormack of the What Bitcoin Did podcast followed suit a few days later, adding WikiLeaks founder Julian Assange to the list of potential pardons.

The three — Snowden, Ulbricht, and Assange — are among many names being put forth by advisers, pundits, and conservative commentators as Trump serves out the rest of his presidency. Ulbricht, the founder of dark web marketplace Silk Road, is currently serving two life sentences without the possibility of parole after being found guilty of federal charges on money laundering, computer hacking, and conspiracy to traffic narcotics.

Snowden, a former National Security Agency contractor turned whistleblower, left the United States in 2013 and was granted asylum in Russia. The Department of Justice has charged him with violating the Espionage Act of 1917 and theft of government property. He has since stated he will apply for Russian citizenship.

Though an Australian national, Assange has faced charges from more than one national authority, including for allegations of sexual assault in Sweden. In 2019, the United States charged him with violating the Espionage Act of 1917 related to the release of documents provided by U.S. Army intelligence analyst Chelsea Manning on WikiLeaks. Assange is currently in a U.K. prison awaiting an extradition decision to be tried in the U.S.

According to a Supreme Court decision, the power of the U.S. President to pardon someone is “unlimited” — though this ruling is being questioned in the media amid rumors Trump is considering preemptively pardoning himself before leaving the White House on Jan. 20. Since taking office in 2017, he has pardoned, commuted, or rescinded the conviction of 45 individuals charged with federal offenses.

Because there is no limit to the number of federal pardons Trump can issue, deciding who receives one can simply be a matter of a response to a public outcry or personal preference. Trump said in August he was “going to start looking at” pardoning Snowden, while a lawyer for Assange has claimed a former Republican congressman offered the WikiLeaks founder a presidential pardon as well. While Snowden is a possible recipient of a pardon, he has also advocated for Assange to receive one instead of himself.

Without a definitive statement from the U.S. president and time running out, crypto players are seemingly hoping to put Assange, Snowden, Ulbricht, or some combination of three to the top of the list — or at least prominently on Twitter — to catch Trump’s attention.

Not all crypto users were so eager to see Ulbricht potentially go free, given the controversial nature of Silk Road as a facilitator for buying and selling drugs.

“I will never understand why so many Bitcoin maximalists are eager to pardon Ross Ulbricht,” said Jax Draper. “I believe he got an extreme sentence, and that he’s possible of changing, but he’s very far from ‘innocent.’”

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Original article posted on the site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe

How has the COVID-19 pandemic affected the crypto space? Experts answer

How has the COVID-19 pandemic affected the crypto space? Experts answer

Experts in blockchain technology and crypto take on the question: What impact has the COVID-19 outbreak had on the industry?

Image courtesy of CoinTelegraph

            NOV 22, 2020

Who could have imagined a year ago how different our lives would be in just 12 months? Without any doubt, last November will remain a significant point in humanity’s history — the time when it all started. Although “patient zero” has not yet been confirmed — if it ever will be at all — we now know that everything began in China back on Nov. 17, 2019, when the first patient reportedly presented symptoms of a novel coronavirus disease named COVID-19, according to the South China Morning Post with references to government data.

In January 2020, Wuhan city in central China suffered from the massively expanding COVID-19 epidemic, and “41 admitted hospital patients had been identified as having laboratory-confirmed” cases, according to a publication in The Lancet. Just two months later, in March, the World Health Organization declared COVID-19 a global pandemic. One by one, governments worldwide closed their national borders, suspended public events, and banned people’s gatherings. The conversation unearthed two terms, rarely used before, which have now been declared 2020 words of the year by British Collins Dictionary: “lockdown” and “social distancing.”

It’s hard to imagine which spheres of our lives have not been affected by these dramatic and tragic events, with the number of confirmed global cases exceeding 55 million.

(Click image for larger view)

Despite everything, the ongoing COVID-19 crisis has also had a positive impact on the world. European conservatism, which has long relied on the traditional financial system, was questioned as the pandemic forced Europeans to shift toward cashless payments and cryptocurrencies. Some say it even fastened the mainstream adoption of crypto and DLT-based business solutions globally by changing people’s understanding of money.

Related: What the COVID-19 pandemic means for blockchain and crypto

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Specifically, the COVID-19 outbreak has propelled Bitcoin’s (BTC) safe haven narrative as central banks print an estimated $15 trillion in stimulus in an attempt to ease the pandemic’s effects on global economies. Amid rising inflation rates, people are turning to Bitcoin as the next inflation hedge.

Related: Not like before: Digital currencies debut amid COVID-19

Meanwhile, in the name of public health, governments are initiating COVID-19 tracking programs, raising serious concerns about privacy violations and the tightening grip of centralization in the process. Not stopping there, governments have also taken another step in eroding civil autonomy via the development of central bank digital currencies, initiatives for which have been boosted globally due to the COVID-19 crisis. While experts see the solution to safeguarding privacy in decentralized technologies, the question about over-promised decentralization remains open.

Nonetheless, the coronavirus outbreak significantly changed everyone’s lives, creating the new normal we now live by. Yet, despite all the challenges we are facing economically, politically and socially since the start of the year, there is no doubt that the pandemic is propelling digital innovation and accelerating humanity 20 years forward in technological development.

It is too early to tell when it all ends, as COVID-19 is still gaining speed. Now, a year since Wuhan’s first case, Cointelegraph reached out to experts in blockchain technology and the crypto space for their opinions on how the coronavirus pandemic has impacted the industry.

What impact has the outbreak of the COVID-19 pandemic had on the crypto space?

Asheesh Birla, general manager of RippleNet:

“COVID-19 exacerbated the inequities for many people who are unbanked or underbanked and highlighted the gaps that we have in our financial infrastructure where those who have the least, pay the most — on average the cost to send $200 is $14. Despite the pandemic, people still need to send money to family and friends abroad. As a result, remittances have continued to surge in some of the largest corridors. The U.S. to Mexico corridor, for example, saw a considerable increase in remittances from the start of the pandemic, with Mexico receiving $4.02 billion from abroad in March 2020, a 36% increase from March 2019. Ripple can help lower the cost of remittance payments by using crypto and blockchain to make cross-border payments faster, cheaper, and more reliable. Bitso, one of Mexico’s leading exchanges, is transacting close to 10% of total remittance flows from the U.S. to Mexico through Ripple’s technology that uses XRP as a bridge currency. In tandem, there’s more interest in the space than ever before with major companies like PayPal and Square placing their bets on crypto, pushing it to the mainstream. Validation from these companies has contributed to more interest in the utility of cryptocurrencies, and their ability to better serve their businesses and customers."

Da Hongfei, founder of Neo, founder and CEO of OnChain:

“From my perspective, COVID-19 did not negatively impact the blockchain space — if anything, it drove increased demand for blockchain innovation and adoption. By revealing the weaknesses of our current paradigm, COVID-19 also highlighted the urgent need for blockchain technology. For example, COVID-19 demonstrated the failings of today’s centralized supply chain system, revealing its fragility and lack of agility. By leveraging blockchain, we can build a decentralized supply chain which can quickly ascertain and then distribute products based on a specific area’s needs. Similarly, blockchain technology could also be deployed to more efficiently track and trace infection cases while also protecting patients’ privacy. In fact, we’re already seeing this shift to blockchain in a time of uncertainty — increasingly more institutions and people are embracing Bitcoin as it is viewed as a stable, mainstream asset in these trying times. If anything, I believe that COVID-19 firmly proved the need for not only blockchain, but also a truly digital and smart economy. Moving forward, we must break from our current paradigm to embrace a truly digitized and globalized world which has the flexibility, agility, and efficiency to flourish and thrive.”

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Mike Belshe, CEO at BitGo:

“The economic upheaval due to our pandemic times are creating shifts in attitudes and greater interest in digital assets. COVID-19 has significantly accelerated the adoption and interest in crypto around the world. Important to note is that the determined effort of companies like ours to build a secure, compliant foundation is enabling the influx of new crypto investors, including large institutional firms such as investment banks and major custodians. Fortunately, we are able to meet the moment as a result of all the hard work we’ve put into building a new monetary system from scratch these past 10 years. Prior to COVID-19, most people weren’t paying as much attention to the economic factors that make Bitcoin relevant. Frankly, they didn’t need to. If you’re generating a return from the stock market, you stay with what you know, and you don’t have to worry about learning something new. But now that’s all changed with the pandemic — fiscal policy around the globe is causing governments to wildly print money, reducing its value and causing inflation. Investors now understand they have to get ahead of this. They are asking a lot more questions and are grasping the underpinning of Bitcoin’s thesis — that an asset’s scarcity matters. Digital assets are a hedge against inflation and a safe store of value. Investment leaders such as Paul Tudor Jones, Stanley Druckemiller and Bill Miller are demonstrating that Bitcoin is now an important part of any portfolio. This year has brought so much uncertainty but people are feeling empowered to educate themselves on what they need to do to get involved with crypto. All the building blocks are in place — compliance, custody, liquidity, portfolio management and wallet technology, as well as tax tools — giving investors the tools they need to invest in digital assets.”

Preston Byrne, Partner at Byrne & Storm, P.C.:

“The COVID-19 outbreak’s most tangible impact on crypto was validation of crypto’s core thesis that our societies are brittle and math, not men, is likely to form a sounder basis for future social organization. The reliance of practically every major economy on fiscal and monetary stimulus to stay afloat reinforced and widened public perception of the weakness of fiat money and institutions. ‘Crypto,’ so-called, is a diverse array of beliefs and areas of interest ranging from hard money, to censorship-resistance, to secure communications. These technologies are uniquely responsive to social and enterprise adaptation to stressors that have dominated headlines in the last year, whether we’re talking about ‘Money printers go brr,’ the ongoing exodus from big tech, or widespread social unrest in the cities.”

Tim Draper, venture capitalist and noted Bitcoin investor:

“A lot of people, stuck in their homes finally made the time to set up a Bitcoin wallet, but the real impact of Covid was that the lockdown was devastating for many families, and when the government printed $13 trillion to try to put a bandaid on it, it made it clear that you would rather be holding Bitcoin than these diluted and dilutable dollars. I expect ‘fiduciary duty’ to now include owning some Bitcoin as a hedge against government currency flooding and manipulation.”

These quotes have been edited and condensed.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Original article posted on the site, by Max Yakubowski.

Article re-posted on Markethive by Jeffrey Sloe

XRP Addresses Holding 10 to 1M Coins Hits New All-Time High

XRP Addresses Holding 10 to 1M Coins Hits New All-Time High

John P. Njui   •   ERP NEWS   •   NOVEMBER 15, 2020

Quick take:

  • XRP holders are once again accumulating the remittance coin
  • The number of addresses holding between 10 and 1 million XRP has hit a new all-time high
  • XRP is consolidating above $0.27 as investors prepare for the Flare Networks snapshot
  • 2021 could be an interesting year for XRP in the crypto markets

XRP investors are once again accumulating the digital asset. According to on-chain data from the team at Santiment, the number of addresses holding between 10 and 1 million XRP, has hit a new all-time high. The team shared their observation via the following tweet that also highlighted that XRP was one of the few digital assets exhibiting impressive gains in the crypto markets.

Increment of XRP Holders Could be Due to the Flare Networks Snapshot

One reason that could be behind the accumulation of XRP is the Flare Networks snapshot event on the 12th of December at 0:00 UTC. The snapshot will be used to determine which addresses will receive the Spark tokens airdrop that is yet to be announced.

The team at Flare Networks has thus advised XRP investors and traders to move their digital assets to a crypto exchange or wallet that supports the snapshot event. (A full list can be found on the Flare Networks website.)

XRP investors are also cautioned against sending their digital assets to random platforms or individuals who claim to be part of the event.

XRP Continues to Consolidate above $0.27

In an earlier analysis, it was noted that XRP had comfortably recaptured the $0.25 and $0.26 price areas as zones of support. XRP is currently consolidating at $0.27 in a move that could foreshadow an attempt to break the $0.30 price ceiling in the days to follow. On a macro level, XRP is exhibiting some bullishness on the weekly chart as shall be elaborated.

XRPUSD Weekly chart courtesy of (Click image for larger view)

To begin with, the XRP weekly chart is about to close off the week on a bullish Heikin Ashi Candle. The weekly trade volume also confirms the aforementioned increased buying of XRP. The weekly MACD is in the process of crossing in a bullish manner above the baseline. The weekly MFI and RSI are at 56 and 58 respectively. This means XRP is yet to be overbought on a macro level.

Therefore, XRP could be gearing up for a few bullish weeks that could very much point towards the scenario forecasted by Timothy Peterson of a bullish 2021 for the digital asset.

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Original article posted on the site, by John P. Njui.

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Justice Department seizes 1 billion in recently moved Silk Road crypto

Justice Department seizes $1 billion in recently moved Silk Road crypto

The move follows widespread crackdowns by the DoJ on crypto.

Image courtesy of CoinTelegraph

            NOV 05, 2020

In a filing on Thursday, the United States Department of Justice asked to seize $1 billion from an unnamed hacker.

Specifically, the DoJ is asking the court of the Northern District of California to lock down on "approximately 69,370.22491543 Bitcoin (BTC), Bitcoin Gold (BTG), Bitcoin SV (BSV), Bitcoin Cash (BCH), obtained from 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbh."

The court document did not identify the person behind the wallet, instead referring to them as "Individual X," but it does allege that they managed to hack Silk Road and steal the crypto, much to the chagrin of Ross Ulbricht. The hacker apparently already agreed to sign over the funds as of Monday, which is likely why those funds changed hands for the first time in five years this week.

The value of those funds today makes this the largest crypto seizure in history.

The DoJ has gotten much more active in crypto in the past month. At the beginning of October, the agency released its framework for crypto enforcement, which some have called a harbinger of a major crackdown.

Meanwhile, the DoJ has profited considerably by auctioning off confiscated crypto.

The DoJ had not responded to Cointelegraph's request for comment as of publication time.

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Original article posted on the site, by Johann Polecsak.

Article re-posted on Markethive by Jeffrey Sloe

Crypto fear index’ can now be used to peek into the future

Crypto ‘fear index’ can now be used to peek into the future

Option traders seem to be quite fearful in October.

Image courtesy of CoinTelegraph

            OCT 30, 2020

The Crypto Volatility Index, or CVX, is now live as a beta test and proof of concept. The index tracks the implied volatility of crypto options in a similar fashion to the volatility index used in stock markets.

The VIX is usually referred to as the “stock market fear index,” as it often spikes in anticipation of major downward moves.

The CVX operates under a very similar mechanism. It tracks the implied volatility of a basket of crypto options, primarily for Bitcoin (BTC) and Ether (ETH).

Options are a derivative product that gives buyers the option, but not the obligation, to purchase or sell an asset at a certain strike price and at a certain date in the future. To be able to do this, they pay sellers a premium, which generally depends on factors such as the time until expiry and the overall expectations of future volatility, called implied volatility.

Implied volatility refers to how much traders think a certain asset will move either higher or lower, and it differs from realized volatility, which is how much the asset actually moved. Due to this, it can be considered a leading indicator of large price movements, though options traders may not always be correct about their predictions.

The volatility index aggregates these predictions of the future across a variety of option premiums to provide a generalized overview of the market.

The CVX could also be traded, allowing investors to hedge their bets by betting on volatility to go higher or lower. The team said that it works in a very similar way to the VIX, using the Black-Scholes formula to calculate implied volatility from option premiums.

The CVX is a decentralized finance product that features its own governance token under the same name. The protocol will initially support volatility trading with ETH and Tether (USDT), while CVX tokenholders will be able to make some of the decisions about the future of the platform.

Nevertheless, the current beta version relies on centralized options platforms like Deribit. In the future, DeFi protocols for trading options are expected to be included as well.

The index currently includes data for just over a month, but it highlights moments of elevated fear such as the OKEx withdrawal issues, which triggered a CVX all-time high around Oct. 21.

Source: CVX Finance (VSource: CVX Finance (Click image for larger view)


Overall, the crypto market appears to be in a state of elevated fear as of late October, though it is difficult to judge the significance of these values without a longer track record.

As the index matures, it may become an important staple in a trader’s arsenal to see what the market is predicting for future price action.

Crypto derivatives platforms remain somewhat underdeveloped though, and implied volatility figures seen now may not always make sense when analyzed by veteran traders.

Definitive Guide to Swing Trading Stocks

Original article posted on the site, by Andrey Shevchenko.

Article re-posted on Markethive by Jeffrey Sloe

US Presidential candidate served for alleged securities fraud at rally in NYC

U.S. Presidential candidate served for alleged securities fraud at rally in NYC

This campaign rally probably did not turn out quite as the candidate had envisioned it.

Image courtesy of CoinTelegraph

            SEPT 14, 2020

Presidential candidate Brock Pierce was served for his connection to alleged securities fraud during his campaign rally in New York City earlier today.

Source: Twitter.

James Koutoulas, the lawyer leading this case, told Cointelegraph that Pierce was served legal documents in connection with a class action case against Block.One — a company that Pierce co-founded. Block.One was the company behind EOS' $4 billion initial coin offering. The project's ICO was the largest such offering to date.

Brock Pierce has co-founded a number of crypto projects including, Tether, and Blockchain Capital. The first two have been subject to ongoing legal actions for a number of years.

Pierce announced his long-shot candidacy for U.S. President in July, hot on the heels of Kanye West. His campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded.

This story is developing and will be updated.

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Original article posted on the site, by Michael Kapolkov.

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California Man Charged With Stealing Cryptos Through SIM Swapping

California Man Charged With Stealing Cryptos Through SIM Swapping

By RTTNews Staff Writer | Published: 6/11/2020 10:19 AM ET

A California man was charged in the Eastern District of Louisiana for his role in SIM-Swap scam that targeted at least 20 people, including a New Orleans physician, according to a statement by the U.S. Department of Justice (DoJ).

20-year-old Richard Yuan Li was indicted with one count Bill of Information with conspiracy to commit wire fraud. U. S. Attorney Peter Strasser reiterated that a Bill of Information is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.

Bill of Information details a SIM Swap scam as a cellular phone account takeover fraud that results in the routing of a victim's incoming calls and text messages to a different phone to obtain access to a victim's various personal accounts, including email accounts, bank accounts, and cryptocurrency accounts, as well as any other accounts that use two-factor authentication..

According to the charges, Li and his co-conspirators is charged of arranging for victims' telephone numbers to be swapped to SIM cards contained in cellular phones in their possession.

Later, LI and his co-conspirators gained access to victim's email accounts and cryptocurrency accounts with several crypto-exchanges as a result of the SIM Swap and stole a significant portion of the victim's cryptocurrency.

LI and his co-conspirators also contacted the victims and demanded victims to pay a ransom in exchange for releasing some or all of the personal information and cryptocurrency back to victims. In the case of the physician, they asked him to pay 100 Bitcoin to prevent the pictures stored in his Gmail account from being released and the contents from his various cryptocurrency accounts from being taken.

In total, LI is charged of participating in unauthorized SIM Swaps with his co-conspirators that targeted at least twenty victims between October 11, 2018 and December 6, 2018.

"SIM swapping" or "SIM hijacking" can be done with little more than a persuasive plea for assistance, a willing telecommunications carrier representative, and an electronic impersonation of the victim.

If convicted, Li faces a maximum sentence of five years in prison, a fine of up to $250,000, up to three years of supervised release after imprisonment, and a mandatory $100 special assessment per count.

According to a report on, the U.S. State of California is said to be the hub of unauthorized "SIM swaps." The report says kids aged particularly between 19 and 22 are found to be stealing millions of dollars in cryptocurrencies.

SIM swapping attacks primarily target individuals who are visibly active in the cryptocurrency space, such as people working at cryptocurrency-focused companies, speakers at public conferences on blockchain and cryptocurrency technologies, and those openly talk on their crypto investments on social media.

For comments and feedback contact:

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Article written by an RTT News Staff Writer, and posted on the RTT website.

Article reposted on Markethive by Jeffrey Sloe

Crypto-exchange Gemini Integrates With Samsung Blockchain Wallet

Crypto-exchange Gemini Integrates With Samsung Blockchain Wallet

By RTTNews Staff Writer | Published: 5/29/2020 10:26 AM ET

Gemini, a crypto-exchange and custodian owned by Internet entrepreneur twins Cameron and Tyler Winklevoss, has teamed up with Samsung Blockchain to integrate the Samsung Blockchain Wallet. Gemini claims to be the first U.S. crypto exchange and custodian to integrate the wallet.

The integration of the Samsung Blockchain Wallet will enable its users in the United States and Canada to connect to the Gemini mobile app to buy, sell, and trade crypto.

The Samsung Blockchain Wallet is a convenient and secure crypto-wallet that allows users to self custody their crypto directly on their Samsung Galaxy phone supporting the Samsung Blockchain.

By connecting their Samsung Blockchain Wallet to Gemini, users can buy and sell cryptos, view their Gemini account balances, and also transfer their crypto into cold storage with Gemini Custody for the highest level of security.

Samsung Blockchain Wallet users will also be able to take advantage of the recently provided insurance coverage of up to $200 million for digital assets held on behalf of clients in Gemini Custody. This coverage is provided by a "Captive Insurance Company" or self-insurance company, which was launched by Gemini in January.

The captive insurance company called Nakamoto, Ltd. is licensed by the Bermuda Monetary Authority (BMA) to insure Gemini Custody. It is also claimed as the world's first captive to insure crypto custody.

In October last year, Gemini had secured insurance coverage for digital assets held on behalf of its clients in their online hot wallet. The insurance coverage was provided by a global consortium of industry-leading insurers and arranged by professional services firm Aon, which provides risk, retirement and health solutions.

Apart from this Hot Wallet insurance coverage, U.S. dollar deposits held at Gemini are eligible for "pass through" deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC).

Gemini Custody is regulated by the New York State Department of Financial Services (NYDFS) and is SOC 2 Type 1 compliant.

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Bitcoin amp Crypto’s Dr Doom Had Warned About Riots back in March

Bitcoin & Crypto’s Dr. Doom Had Warned About Riots back in March

Professor Nouriel Roubini had foreseen the possibility of riots as a result of the economic downturn due to COVID19.

John P. Njui   •   BITCOIN (BTC) NEWS – CRYPTOCURRENCY   •   JUNE 1, 2020  

In brief:

  • In early March, Professor Nouriel Roubini had warned of the looming US and Global economic crisis due to the spread of the Coronavirus.
  • He had predicted that there would be a ripple effect of unemployment and a disruption in the global food supply chain that would lead to riots.
  • The unfortunate death of George Floyd and the resulting protests were further amplified by the anger brought about by lockdowns and unemployment.

On May 25th 2020, George Floyd passed away in Powderhorn, Minneapolis. His death was as a result of a police officer (and three more) kneeling on his neck and body as he lay face down and handcuffed on the street. Mr. Floyd’s arrest and subsequent death, has angered many across the United States and the World as it further demonstrates the underlying issues in America with respect to racism and injustices that continue to haunt the Western nation since its independence from Britain in 1776.

Bitcoin & Crypto’s Dr. Doom Had Warned About Riots in Early March

As several American cities continue to experience social unrest, Professor Nouriel Roubini, also known as Bitcoin’s Dr. Doom, had warned about riots from as far back as early March. His warnings had stemmed from his observation and analysis of the global economic impact brought about by the Coronavirus.

One of his tweets from March 28th in which he warns about pending riots can be found below.

The next wave of the negative supply shock: disruption in US and global food supply chains and risks of food riots. The Arab Spring started with food riots. "A food crisis looms as coronavirus forces farms to stay idle and countries hoard supplies"

Professor Roubini’s Analysis of the Current Riots Rocking the United States

Furthermore, and in the following two tweets, Professor Roubini has explained that the riots go beyond the anger brought about by the unnecessary death of George Floyd. According to him, the unemployment of over 40 million Americans and their simmering anger is another reason why America is burning.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the site, by John P. Njui.

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Cryptocom To Expand Visa Card Program To Canada To Expand Visa Card Program To Canada

By RTTNews Staff Writer | Published: 5/22/2020 10:42 AM ET

Payments startup is set to expand its MCO Visa Card program in Canada.

The program was launched in Singapore in October 2018, in the United States in July 2019, and in Europe in April 2020.

Hong Kong-based's MCO Visa card was one of the first on the market when it launched in Singapore, and is now the most widely available card in the world. The card is issued by Wirecard Card Solutions Ltd., pursuant to a license from Visa.

The app acts as a single hub. Customers will be able to manage their card usage, move funds between crypto and fiat, and freeze or unfreeze their card with a single tap.

Once the card is paired with the app, users can securely buy, sell, store, send, and track cryptocurrencies, allowing them to use fiat currency converted from cryptocurrency without currency exchange fees. It also allows them to earn crypto and get an instant loan.

All MCO Visa Card transactions are denominated in fiat currency. All cryptocurrency exchanges to fiat currency take place before users may load their MCO Visa Card for use on the Visa network.

The MCO Visa card is a metal card with no annual fees and the Chain enables users to pay and be paid in any crypto, anywhere, for free.

There are seven card types, differentiated by increasing limits for free ATM withdrawals and extend of crypto cash-backs on usage.

The features offered on various cards are no annual or monthly fees, 100 percent rebate on Spotify, Netflix and Amazon Prime, airport lounge access for select cards, no fee ATM withdrawals, tap-and-pay functionality, and competitive interbank rates.

Earlier this month, the company had announced a new $100 million insurance policy that brings's total crypto insurance to $360 million, providing an additional layer of protection for its over 2 million user base against physical damage or destruction, and third-party theft.

In the U.S., the card supports both crypto and fiat top-ups and is now compatible with Apple and Google Pay. The U.S. card launch was in partnership with the Metropolitan Commercial Bank.

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Article written by an RTT News Staff Writer, and posted on the RTT website.

Article reposted on Markethive by Jeffrey Sloe