October 2018 News Report

In Short

In the last month, current cryptocurrency trends have continued with the overall market dropping from 223.2B to 203.4B according to CoinMarketCap. Bitcoin has dropped from $6619 too roughly $6323. Cryptocurrency projects and companies have continued to boom however though with many new innovative ideas/projects still coming to light which makes the future of cryptocurrency bright.

 

Bitcoins White Paper is now 10 years old

October has celebrated the 10th anniversary of the original Bitcoin whitepaper. The original paper can be read here and was written by Satoshi Nakamoto who as we know is anonymous. Bitcoin has given a chance for people to compete with centralized financial services such as banks, and allow for a global digital currency. Although Bitcoin has changed since its first paper release in 2008, it has survived and boomed to a peak of roughly $19,000 USD. Bitcoin has come a long way and will continue to grow and work with innovative applications as the market has called for change.

 

Bank of America lanches a new blockchain patent

On October 30th Bank of America announced its plans to move its private key storage forward. The patent states the reasoning is such that “A need exists for a secure means for storing private cryptography keys. The desired storage means should reduce the risk of misappropriation of keys due to the keys being stored internally within a computing node that is frequently or, in some instances, continuously accessible via a public communication network, such as the Internet.” This is very important for blockchain technology as Bank of America, although a centralized company shows signs of real world use and application. Security has always been a concern in the blockchain/cryptocurrency market and so BoA could actually make some good advancements if they are able to complete what they aim to. Oodlebit which is launching in early 2019, is also taking the initiative of prioritizing security.

Coinbase Cuts Employees

According to Yahoo Finance Coinbase has recently cut an undisclosed amount of workers in the customer support, compliance, and fraud departments. Cryptocurrency exchanges should pride themselves on customer support which has been an issue with past exchanges like Poloniex. Fraud detection and compliance is also a big challenge for cryptocurrency exchanges as regulation has recently been a huge concern. So by cutting some important roles, Coinbase is going to face many challenges moving forward. At Oodlebit we want to put the customer first, and so we offer state of the art customer service that is dedicated to supporting any needs.

Possibly a new Hardware wallet

 

On October 23rd, Sony announced plans to create a new hardware wallet that could have many new use cases. The smart card technology would be able to communicate with Bitcoin and allow for safer transactions when dealing with it. This isn’t the first time Sony has worked in the blockchain sector, Sony has launched two different patents. (1 and 2 ) It is not guaranteed that Sony would launch a cryptocurrency product since it has not publicly announced, but if Sony does decide to launch the product it would greatly increase the utilization of cryptocurrency.

September 2018 News Reports

In short

September has been a very active month for cryptocurrencies, as prices have seemed to be soaring rapidly in both directions. Regulation seems to have been moving at a slightly slower pace which is typical, and some big fortune 500 companies have announced plans to develop blockchain experiments.

 

Austria and Ethereum

On September 25th Kleinezeitung announced that the Austrian government will be using the Ethereum blockchain to facilitate the opening of over $1,000,000,000 worth of purchasable government bonds. The Oesterreichische Kontrollbank or OeKB bank plans on opening this transaction. This news is very important because it shows the interest in blockchain technology as financial instruments being used by top global banks. In order to grow the advancement of cryptocurrency, institutions need to be adopting the technology and so this is certainly a good step in the right direction.

Wall street Journal Study

 

On September 28th the Wall street Journal conducted a study which found that over $88,000,000 of illegal funds have been exchanged through cryptocurrency exchanges. The Wall Street Journal conducted their study by looking at over two thousand “blacklisted” addresses and then following the links between the transactions. There are a number of different problems that could arise from this experiment though, one being the purchase of legal goods. If a hacker has stolen 1 BTC and then sends it to a vendor which in return sends the coin to an exchange after sending the product/service to the hacker. The money is not being funneled or hidden using an exchange, but rather being traded legally at that point. So the extent to which the coins are used is not clearly defined. Using exchanges to facilitate illegal transactions has been proven to be minimal, with regulatory laws such as the KYC/AML. At oodlebit we take the regulatory laws very seriously and you can check out our policies and procedures on our website.

 

 

Regulatory Clarity needed

CNBC reported that members of the United States Congress are asking for more clarity around cryptocurrency regulatory practices/rules. These regulatory clarifications are not simply aimed at Bitcoin, but all cryptocurrency as Congress has identified the practice of ICO’s and other forms of cryptocurrency coins/tokens. Different government entities classify bitcoin and other cryptocurrencies differently, like the IRS, CTF, CFTC and SEC all have different ideas. This puts businesses and customers wondering what will actually happen to cryptocurrencies from a regulatory state. It is good that some sort of regulatory urgency coming from Congress at trying to understand the exact classification of cryptocurrency since it is damaging everyone who is involved.

 

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Oodlebit does not participate in proprietary trading

 

Our Commitments

At Oodlebit we are a peoples exchange, and so we pride ourselves with being open and transparent. In order to comply with our values, we would like to make it clear that in no way shape or form do we proprietary trade. The foundation in which the exchange was created on, are still core and principal values that have continued and will be honored.

Read: Our commitments are important, read more about what we are prioritizing.

 

Investopedia defines proprietary trading as

when a firm or bank invests for its own direct market gain instead of earning commission dollars by trading on behalf of its clients. This type of trading occurs when a firm decides to profit from the market rather than from the thin-margin commissions it makes from processing trades.

Oodlebit is an exchange in which allows customers to find buyers on a liquidated platform. Oodlebit helps facilitate the trades between different cryptocurrency pairings and does not trade any money for the benefit of the company. So in short, Oodlebit will not be making any proprietary trades or trades against customers. Money avenues that are earned will be directly outlined and transparent, available for all customers to read. When trades are completed and executed they are done so after an order from a customer has been made.

 

 

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Cryptocurrency in Higher Education

Oodlebit is working day in and day out on the new software that will be released for trading in 2019, but we are also working on creating educational tools to help people transition into the cryptocurrency market. We know how important it is to engage users and train users to make the best decisions when trading cryptocurrency, and so we are dedicated to releasing top educational content around the basics of cryptocurrency and blockchain technology.

Higher Education Stats

 

New interest has emerged from top universities in which a recent study done by Qriously has shown that over 40% of the top 50 universities globally are offering at least one cryptocurrency course. Stanford University comes in at rank #1 for offering 10 different cryptocurrency courses and is still building new classes.

Different departments are holding cryptocurrency courses like finance and other subjects, which is different from the typical computer science. This means that people across different backgrounds are interested in blockchain and can see it shaping the world, which is why we want to get everyone involved. Blockchain shows a lot of promising avenues in innovation which has likely caused the stir with college/university students to request more classes.

The rise in cryptocurrency/blockchain courses is not only prevalent in a substantial amount of the top 50 schools, but it is also seen in some online classrooms and many other colleges/universities. Which is why the Qriously study showed that more than half of social science majors were interested in taking a cryptocurrency class, but are not taking one due to its select nature in schools. Every year blockchain and cryptocurrency will grow in schools, which will allow more people to get a first-hand sight at its amazing features, and help grow the open source technology that we can see in some projects today. Exploring the opportunities in the blockchain space will help more companies advance their databases and allow them to track products/services more effectively.

In the same Qriously study, over 15% of students with “experience” in cryptocurrency owned it, while only 9% of students had taken a class before. This means that students are likely buying cryptocurrency without the recommend knowledge of the technology which is going to hurt the short-term success of cryptocurrency. It is beneficial that we help and guide those who are interested in cryptocurrency and teach them the valuable skills before they purchase the coins/tokens. This will allow more people to be comfortable when making a purchase, and possibly help make more effective decisions.

 

Looking to the future

Blockchain systems are not going away, and regardless of a take on cryptocurrencies as a financial tool, this statement stays true. Big fortune 500 companies are starting to test blockchain systems and better understand the use cases of this technology. This new technology will build a brand new economy for jobs and so it is important to prep people for the future job market in blockchain technology.

 

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Cryptocurrency Markets are back up after some heavy weeks

Hodlers see some good days 

According to CoinmarketCap Bitcoin has been able to move past $6700 while Ethereum holds above $220. Ripple has seen some huge gains as it is up over 50% today. This is all good and well, but where is the cryptocurrency market actually headed?

*At Oodlebit we do not pressure or recommend investments in cryptocurrency, we simply offer an innovative tool to facilitate transactions/exchanges.

Tim Draper’s bold prediction

Dealstreetasia reports that Tim Draper (a cryptocurrency venture capitalist) believes the cryptocurrency market will reach $80 trillion within 15 years. Tim is quoted as saying

The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here (with bitcoin)”

 

Currently, the cryptocurrency market is evaluated at $224.8B which means that the market will need to 356X in 15 years to meet the expectations of Tim.

 

In a Bloomsburg Interview Vitalik Buterin (co-founder of Ethereum) stated

If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.

Vitalik Buterin then went on to clarify saying that in order to have growth we need some utility. Only a small fraction of the investors in cryptocurrency today are using ETH tokens on Dapps, but rather holding them as an investment.

A new governance in Ethereum?

ERC777 is a new model that could replace the standard ERC20 tokens on the Ethereum platform. This plan was created by Jordi Baylina, Jacques Dafflon, and Thomas Shababi. This new model would give tokens an easier transaction function but would allow smart contract coders a way to step into transaction disputes. This new system would allow a “hook” to block certain addresses, and allow owners to handle disputes. This proposed system isn’t new though, it was introduced back n November 2017, and is still being debated today by the community.  This is certainly a debate and topic that investors/cryptocurrency enthusiasts should not overlook.

 

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Investors want more cryptocurrency

Image result for cryptocurrency love

 

In today’s blog, we are going to take a look at a recent survey by Sharepost that may suggest that investors are more interested in cryptocurrency in 2018. Cryptocurrency has had a rough start in 2018, while most are down from their 2017 highs. However, the survey reported that

59 percent of investors and 72 percent of consumers plan to increase their holdings over the next 12 months.

This is really good news for the cryptocurrency economy as most of the users and transactions are coming from the investing section. It was no secret that the top three cryptocurrency coins/tokens that were most likely to succeed according to the survey were Bitcoin, Ethereum and Ripple. (Which are currently the top three cryptocurrencies right now in terms of market cap)

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Companies launching crypto related services/products/research

In order for cryptocurrency to be adopted real-world utility needs to exist. Right now hundreds of thousands of products/services can be purchased using some form of cryptocurrency, however, to compete on a competitive level cryptocurrency will need to be accepted by millions of different retailers. The Sharepost study suggested that

49 percent of consumers say employers are planning to roll out Blockchain in the near future.

Even during rough patches, light can be seen when companies are entering the blockchain space to try and innovative and release beneficial services/products.

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Tokenizing the Future

This data could possibly show a future in which many different companies roll out their own native cryptocurrency token and that the future could be a tokenized market.  Whether the tokens will represent some sort of equity within a particular company/business, function as a store of value, or even a medium of exchange this data has some promising notations. In a tokenized economy people will need to be able to interact with the tokens effortless in order to make the incentive models realistic. This means that exchanges will need to allow users to effortless exchange their tokens with many different trading pairs.

 

 

This sort of tokenized world is however many years away and will not be built overnight. More companies need to roll out research plans or even plans to develop blockchain related services/products. Many more years of research will be needed to give confidence to smaller companies and sole proprietorship (the largest groups of businesses in the US are sole proprietorship’s.) Companies like Wal-Mart, IBM, Oracle, and Goldman Sacs are considering or even exploring blockchain technology right now. These dominate companies have the resources to test out the industry, and once the projects are finally present other smaller companies will begin to follow suit.

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People using cryptocurrencies

Currently, around 40 million people around the world are using cryptocurrency and at the current rate within the next 7 years, this market could reach 1,000,000,000 people. This, however, cannot increase rapidly if exchanges and storing precautions are not taken. Most people who are early innovators have taken a look into cryptocurrencies, and these are the people that are willing to deal with the uncertainty in wallets and exchanges. The majority of the world will not be willing to enter the cryptocurrency market without an increase in security measures. This is why Oodlebit is dedicated to creating the most secure yet efficient trading platform. Together we can form the best cryptocurrency exchange and invite the next 40 million users to enjoy it with us.

 

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Cryptocurrency Events in August-September 2018

Eminem Mentions Bitcoin in his brand new album

On August 31, 2018, Forbes breaks the story that in Eminem’s new album he mentions Bitcoin. During the song Not Alike Royce Da 5’9 says

Remember everybody used to bite Nickel, now everybody doing bitcoin.

This might not seem super important since Eminem nor Royce Da 5’9 have particular notable cryptocurrency influence, however, it does show the change in society. Bitcoin still isn’t at mainstream adoption yet, but as the spike of December 2017 occurred people are now becoming more and more interested in cryptocurrency. Many different rappers have joined the cryptocurrency wagon, and many of these rappers are a plug into the younger generation which is something cryptocurrency is targeting.

CBOE plans on adding Ethereum Futures in 2018

The Chicago Board Options Exchange or CBOE is planning on launching Ethereum Futures as early as 2018 according to Business Insider. Gemini will be used to price the token in the future contracts which it already uses with its Bitcoin contracts. This opens up a brand new market for Ethereum and will allow some institutional investors to make bets on the market. Buying a futures contract does not mean the Ethereum Token will necessarily be bought however it does bring added value to Ethereum. The overall futures market with Bitcoin has shown to be successful and beneficial.

 

Commercial Bank of China shows interest in blockchain technology  

On September 1st, 2018 Bianews announced that the Commercial Bank of China will be taking a good look into blockchain technology. Cointelegraph states that the Commercial Bank of China has over 530,000,000 customers. China has been particularly grey in the realm of cryptocurrency as some regulations have hurt the innovations of cryptocurrency in the country, while some positive advancements like the Commercial Bank of China taking a look at blockchain have been made. Regardless of if blockchain technology is actually being used in the financial instruments within the bank, it is a good step in the right direction that the bank is familiarizing with its beneficial technology. If the bank does not use blockchain, it is at least an option for other banks or new projects to adapt its technology and create a competitive advantage.

 

IBM and Stellar payment network

IBM in a recent blog post has announced that “IBM Blockchain World Wire makes it possible for financial institutions to clear and settle cross-border payments in seconds.” The platform in which IBM is building on is the Stellar protocol, and so they plan on allowing users to actively connect to different Blockchain World Wire API’s to current fiat to digital currency. IBM’s current market cap is over $132,000,000,000 and so they have a potential to invest a lot of money into their blockchain technology endeavors. Any advancements that can be made are a positive step forward even in centralized companies like IBM. The beautiful space that we love is open for anyone to develop and release products, and so seeing IBM attempted to get their foot on the ground is something to keep an eye on. Many different benefits exist within blockchain technology that can help the financial transactional space like low fees, fast payment processing, increased efficiency and so much more. This makes it important for financial businesses to be interested in blockchain technology and build on it.

 

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In an ongoing effort to expand and grow our exchange, we are giving away 50 OODL coins with 60 days of free trading to the first 30,000 users. Visit https://www.oodlebit.com to learn more about our amazing offers.

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Introducing our Commitments

Our priority at Oodlebit is to create an open global market for crypto assets. We know that in order to do this, we are going to have to work with many different customer needs. This is why we have been busy creating advanced charting tools and the latest financial API’s to ensure you have the best experience.

 

Today, we will discuss Oodlebit’s commitment to community members all across the world.

 

Priority One: Create a fair and working environment to trade

 

Our Steps:

  • Launching a Fast trading platform with multiple liquid trading pairs such as Bitcoin, Litecoin, and EOS among others
  • Fair Trading Fees with OODL coin benefits
  • Hiring talented and motivated C# developers

Priority Two: Protecting customers with advanced security protocols, and good infrastructure practices.

Our Steps:

  • Offering multiple personal security measures such as Master Pins, and 2FA authentication
  • Monitoring suspicious activity using powerful software development applications, such as unusual trading patterns, unusual withdraws, and other malicious activities.
  • Saving automatic backups of our data, and saving it in multiple locations for safe keeping.

 

Priority Three: Communicating Clear and Precious Rules

Our Steps:

  • Publishing educational content surrounding our fee structures
  • Staying consistent on social media and updating the community with new integrations or problems
  • Recording all problems that occur with the trading application or uptime of any application
  • Publicly announcing rules regarding prohibited trading practices
  • Promote an active list of Company Policies and Procedures(Including Insider Trading Policies)

Get in Touch

In an ongoing effort to expand and grow our exchange, we are giving away 50 OODL coins with 60 days of free trading to the first 30,000 users. Visit https://www.oodlebit.com to learn more about our amazing offers.

Follow our progress and updates on Twitter, Facebook and Telegram.

 

Introducing OODL Coin

Oodlebit is a next-generation cryptocurrency exchange that will be releasing in 2019, launching in the United States to create brand new standards. While launching with unique advantages such as an increase in trading pairs, fair fees, powerful API’s, heightened security, charting tools and other trading implementations, Oodlebit has created a powerful token with real utility.

 

History of Utility Tokens

 

With the ICO boom, “utility” tokens have started exploding with brand new business models of raising funds, and a new entry for startups to enter the blockchain space. An increase in startups and projects certainly helps the innovation of cryptocurrency, however, the immense amount of purely crowdfunding tokens has brought the economy down. Many companies have launched on the blockchain without good development teams and have created tokens simply to use to crowdfund their business models and make themselves rich. Most of these projects have huge Team & Advisor funds that take away from the actual development of the project. So because of this, many projects have failed and burned through a lot of investor funds because the idea was not yet technologically feasible. These projects have jumped the gun and begun raising ICO funds before the project has even been developed, so these speculative utility tokens have caused a huge downtrend in the market as these projects have not been able to deliver the fantastic implementations they wrote about in a whitepaper.

 

Bringing Real Utility, Real Value

 

Oodlebit’s native token OODL will be a fully functioning token with real-world utility. These tokens will be used directly in the exchange via the voting, and trading process. 200,000,000 OODL tokens will ever be in circulation before buyback burning periods. 50% of the tokens created will be given out in affiliate programs and other reward campaigns. The other 50% of the tokens will be given to early investors and the founders.

 

Burning

10% of every net positive quarter will result in a buyback until 50,000,000 tokens are purchased. These tokens will be burned so that the total circulation of the token gets decreased over time. This will bring more value to the token as the demand for the token rises. These tokens have real utility in the fee reduction and voting privileges and so the demand for the token will be higher than traditional pairs.

 

Lock up Periods

Generally in ICO’s developers and founders are given tokens right after the ICO funding, which doesn’t leave many incentives to continue on the project. At Oodlebit the founders and investors are given a four-year lockup to incentivize the continued support of the exchange.

 

Voting

An important feature of OODL tokens are the voting rights that are given. Users are able to vote for the next coin to be added to the exchange platform. Traditional exchanges add whatever token is willing to pay the most for a listing fee, whereas Oodlebit believes in the users. This is one of many Oodlebit commitments to bring the power back into its users. A current poll is running and ends January 1st, 2019! The top 10 tokens will be added to the exchange so vote now.

 

OODL Fees

By utilizing the OODL token, users will see a fee reduction of 50%. This gives a financial incentive to traders to use the OODL token, and become a part of the Oodlebit community.

 

Get in Touch

In an ongoing effort to expand and grow our exchange we are giving away 50 OODL coins with 60 days of free trading to the first 30,000 users. Visit https://www.oodlebit.com to learn more about our amazing offers.

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Bitcoin ETF

What is an ETF? –

Cryptoren explains that an ETF or exchange-traded fund

 

 “Is a passive investing instrument that tracks underlying benchmark indexes (such as the NASDAQ-100 Index, S&P 500, Dow Jones, and others), commodities, bonds, or portfolios of assets and replicates their performances. ETFs can be traded like a common stock on exchanges, combining the diversified holdings of a fund with the low cost and tradability of a share.”

 

A Bitcoin ETF would allow investors to get into Bitcoin without actually buying the asset themselves. This means that investors don’t actually need to hold bitcoin, go through the purchasing process, or even safely store their private keys. An ETF would also allow investors to short shares if they believe that bitcoin will go down and so it gives more avenues for investors to make money. One of the biggest reasons institutional investors are not getting into Bitcoin is because of the security aspect of it. Institutional investors with millions of dollars, don’t want to get hacked and lose their irreversible bitcoin. So instead, having a platform for these investors that will allow them to invest without actually dealing with the coin is an incredible opportunity.

 

Market Effect –

 

Yesterday on August 7th, 2018, the SEC has delayed its decision on the Bitcoin ETF until September 30th which has the market shaking. The VanEck and SolidX Bitcoin Trust is set at $200,000 to market towards institutional investors and away from individual seasonal investors. As a result of the uncertainty that bitcoin will be accepted the market has taken a huge dive with Bitcoin dropping almost 9% and Ethereum dropping over 10%. The investing strategy of buying the rumor and selling the news has certainly been played.

 

How bad is this really? –

The ETF would help bring in a lot of money from institutional investors and would help the bitcoin community and cryptocurrency community in general. The ETF would potentially bring in more interest from people when bigger investors enter the market, and people see interest from “whales”.  As a Bitcoin community and as enthusiasts this delay in a decision by the SEC shouldn’t really be a huge downfall. The core values of Bitcoin is resistance and moving away from the regulatory traps in the fiat world. Delaying the Wall Street institutional investors from buying into Bitcoin and its core beliefs shouldn’t have to be rushed. These institutional investors will bring in a lot of money, however, will also be a part of something that they have tried to destroy. As an enthusiast or current investor, the ETF delay should not be a scary sight as the play on Bitcoin in the long term won’t have a negative effect. Short term Bitcoin has taken a big hit, but if the value and utility of Bitcoin remain the same, then this downfall will clear up in time. Keeping institutional investors out and building on the technology will not be harmful to the market in the long run, timing the institutional investor’s entry will be key.

 

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