Category Archive : Bitcoin

Germany Barely Avoids Recession, Economy Remains Stagnated

Germany Barely Avoids Recession, Economy Remains Stagnated

The German economy, the largest and most influential in Europe, narrowly missed falling into recession last quarter. But with quarterly GDP growth averaging a little over 0% since the third quarter of last year, the Old Continent’s economic powerhouse is facing stagnation.

Also read: Germany’s Financial Crisis Invokes 5-Year Rent Freeze

Dodging Recession by a Hair

With a seasonally adjusted 0.1% gross domestic product (GDP) growth in Q3 over the previous quarter, the German economy has surprised analysts who expected it to shrink by 0.1%. The good news comes on top of a revised estimate for Q2, from 0.2 to 0.1% contraction.

In Europe, the generally accepted definition of a recession refers to two consecutive quarters of negative growth, measured on a quarter-on-quarter basis. About the same time last year, Germany barely escaped recession when its GDP fell by 0.2% in the third quarter but then stopped at exactly 0% in the fourth.

According to the country’s official statistics, increased spending by German consumers and the government has helped the economy stay afloat this time. Between July and September, both household and government expenditure rose, the Federal Statistical Office Destatis announced.

Germany Barely Avoids Recession, Economy Remains Stagnated

The agency also noted that exports have increased, despite continuing trade tensions, while imports pretty much remained at the levels from the previous quarter. At the same time, construction registered positive indicators. All this was just enough to compensate for the lower German industry figures.

Any positive developments in Germany inevitably affect the rest of Europe. The Eurozone, the area of the monetary union of 19 EU member states, grew by 0.2% in Q3, according to Eurostat. This growth equals the one in the second quarter of 2019 but is still weaker than the growth recorded during the first three months of the year, 0.4%.

Germany Barely Avoids Recession, Economy Remains Stagnated

China is a different story, however, one that overshadows the modest German recovery. The ongoing trade war with the U.S. is taking a toll on the People’s Republic and the Chinese economy continues to slow down. China’s fixed-asset investment growth was only 5.2% year-on-year in the first 10 months of 2019, the National Bureau of Statistics announced Thursday quoted by Xinhua. The indicator, which reflects capital spent on infrastructure, property, and machinery, is at a record low level.

Meanwhile, investment in the private sector increased 4.4% in October, or 0.3 percentage points less than during the first nine months, which suggests that Chinese companies are more reluctant to make new investments. Industrial production rose 4.7% year-on-year last month, compared to 5.8% in September. Yearly growth in retail sales was 7.2% in October, a 16-year low.

Stagnation Still an Issue

Germany’s narrow escape from recession is not a reason for too much optimism. With an annual growth of only 0.5% in Q3, the German economy is effectively stagnating. Since the third quarter of last year, GDP growth has been averaging around 0.1% quarter-on-quarter. And after maintaining the lowest unemployment rate in the past four decades for the better part of this year, at 3.1 – 3.2%, unemployment in October has been estimated to reach 5%.

Germany Barely Avoids Recession, Economy Remains Stagnated

According to Carsten Brzeski, chief economist at ING Germany, the country’s economy “can still be divided into two worlds: the depressive world and the happy-go-lucky one. In the depressive world, there are very few signs of an imminent bottoming or recovery of the manufacturing sector since the summer of 2018. The sector is facing and will continue to face cyclical challenges, as ongoing trade conflicts, Brexit uncertainty and slower Chinese growth, along with structural challenges, disrupt the automotive industry,” he predicted in an article published by the Dutch banking giant.

“In the happy-go-lucky world, private consumption remains solid on the back of low inflation, low interest rates and a still-strong labour market. The construction sector keeps on booming and the government is also inserting some fiscal stimulus,” Brzeski added, quoted by the Guardian. “The main question, however, is how long the happy-go-lucky world can resist the negative impact from the depressive world. The latest developments suggest that the protective shield has started to crumble,” the expert warned.

Do you think Germany will enter into recession in 2020? Share your expectations about the future of Europe’s largest economy in the comments section below.


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The post Germany Barely Avoids Recession, Economy Remains Stagnated appeared first on Bitcoin News.

POV Crypto – No Reservations with Zak Cole

The great Zak Cole returns to POV Crypto for his second interview. Per usual, Zak holds nothing back and provides us with unfiltered insights into both the Bitcoin and Ethereum world. We discuss the following.‚

  • Launching WhiteBlock Genesis‚
  • Changes to the Eth 2 shards and what that means‚
  • Why Zak works on Eth 2‚
  • Why Zak still believes in BTC and PoW
  • What we need to do to actually bring crypto to the world.‚

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Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners

Throughout the course of 2019, Iran’s government and the country’s energy officials have been creating new guidelines for bitcoin miners setting up data facilities in the oil-rich nation. On Wednesday, Mostafa Rajabi, a spokesperson for Iran’s Energy Ministry, described a new price model for mining operations and prices per kilowatt-hour (kWh) will fluctuate during certain months.

Also Read: Iranians Defy Warning and Share Pictures of Bitcoin Mining in Mosque

Iran’s Energy Ministry Plans to Pay Anyone Who Exposes Illegal Bitcoin Mining Operations

There’s been a lot of reports over the last year detailing how mining operations have migrated to Iran for cheap electricity. After the initial migration, the Iranian government and the country’s power supplier noticed a lot of energy was being used by crypto mining facilities. Following a government announcement about illegal miners, pictures were shared online that showed bitcoin miners housed inside a mosque.

Spokesperson for Tavanir (Iranian power grid) Mostafa Rajabi.

On November 13, Iran’s Energy Ministry spokesperson Mostafa Rajabi explained the country’s new guidelines for mining operations during an interview with IRIB News. Rajabi told the press that anyone who identifies illegal bitcoin operations to the government will be rewarded. Rajabi emphasized that people who expose these facilities will be paid 20% of the recovery damage stolen from the electrical grid.

Fluctuating Electrical Prices

Iran’s Energy Ministry will also prohibit mining digital assets after the peak hours of consumption surpass a threshold of 300 hours annually. During the interview, Rajabi also noted how much bitcoin miners would be charged using the average price for the export of electricity in Iran. During some points of the year, miners could be charged $0.08 per kWh (9,650 rials) and during the cold months of the year, miners would only be charged $0.04 per kWh. However, during the summer months when electricity is used the most in Iran, electrical prices could quadruple to $0.16 per kWh, Rajabi noted. Rajabi disclosed that the new mining rules were initiated when Iran’s summer electrical demand jumped by 7%.

A Bitcoin mining facility in the desert outside of Tehran.

Last June, Iranian law enforcement officials reportedly confiscated 1,000 bitcoin miners from two facilities. This was followed by a bill that was ratified two months later stating that cryptocurrency mining in Iran would be considered a legitimate business. During Rajabi’s interview, he told IRIB News that Iran will help operations that create their own power plants with government incentives. Mining operations that utilize renewable energy sources would be also rewarded, Rajabi stressed.

What do you think about the situation in Iran in regard to bitcoin miners? Let us know what you think about this subject in the comments section below.


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


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Chain Reaction Podcast – ETHEREUM’S DANNY RYAN: THE DEFINITIVE ETH 2.0 UPDATE

Host Tom Shaughnessy of Delphi Digital is joined by Ethereum’s Danny Ryan, as he answers the community’s most pressing questions on ETH 2.0, the technology, recent changes to the roadmap, and so much more. It was a pleasure to have Danny on for a look inside the Ethereum machine. Ethereum is at a pivotal juncture with ETH 2.0 on the horizon and new scaling technologies gaining momentum (optimistic rollups) et al.

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Disclosures:‚This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast.‚Tom owns tokens in ETH, BTC, XTZ, LEO, DCR and STX.

Instant Crypto Exchange Changelly Secures Access to SLP Tokens

Instant Crypto Exchange Changelly Secures Better Access to SLP Tokens

Instant cryptocurrency exchange Changelly will start to use digital asset rates from Bitcoin.com’s trading platform. This will ensure better prices for Changelly users and help increase the reach of all SLP tokens that are exclusively listed on Bitcoin.com Exchange.

Also Read: Universal Protocol Alliance to List Mega-Utility Token on Bitcoin.com Exchange

Changelly to Use Rates From Bitcoin.com Exchange

Bitcoin.com Exchange has announced a new strategic partnership with instant cryptocurrency platform Changelly. The integration of the services will allow Changelly users to gain access to the market rates provided by Bitcoin.com Exchange, wherein Changelly will act as a broker between the exchange and its own users. Changelly’s API will pick up rates from the Bitcoin.com Exchange platform and provide them in real-time directly to its users so they can buy crypto and instantaneously swap between different cryptocurrencies at the best rates available.

The integration with Changelly will also help increase the reach for all SLP tokens that are exclusively listed on Bitcoin.com Exchange. The Simple Ledger Protocol (SLP) is a system built on the Bitcoin Cash network for creating tokens in a permissionless manner. It has helped the development of an ecosystem for BCH that replicates the variety of ERC20 tokens on the Ethereum network. SLP tokens can easily be created, traded, and managed on the Bitcoin Cash blockchain within seconds, with minuscule costs for each transaction. Support for SLP tokens will also soon be added to the official Bitcoin.com Wallet.

Instant Crypto Exchange Changelly Secures Access to SLP Tokens

“I am pleased to announce our newest partnership with exchange.Bitcoin.com. The Bitcoin.com community is one I have always been a very big fan of, and now our customers will have much better access to bitcoin cash and SLP projects with the launch of their new exchange,” stated Changelly CEO Eric Benz. “Providing the community with the most efficient means to purchase and swap crypto is our goal and mission above all else, and with exchange.Bitcoin.com we are continuing to fulfill our mission by making our services easier for our user-base, and effectively more wide-reaching.”

Changelly has been operating as an instant cryptocurrency exchange service since 2015 and offers access to more than 150 cryptocurrencies on the market. Its website attracts over a million visitors monthly and the platform offers an official mobile app as well as an API which dozens of crypto businesses use to add the instant swap feature to their services. Bitcoin.com Exchange was launched on Sep. 2 as an easy-to-use trading platform that offers world-class security and a powerful trading engine.

New Token Listings on Bitcoin.com Exchange

Bitcoin.com Exchange is set to offer trading on Sideshift.ai’s native SAI token on Friday November 15 at 11:00AM CET. The Sideshift platform is powered by SAI that exists simultaneously as an ERC20, a token on the liquid platform as well as an SLP token. According to the listing announcement, the total token supply amounts to 210 million SAI and no further tokens will ever be minted. Currently, SAI is used to pay up to 50% of revenue back to affiliates. In the future, Sideshift is considering implementing further value-enhancing activities like a buyback and burn, paying stakeholders in SAI, and implementing merchant discounts.

Sideshift has created a system where users can switch between more than 20 different cryptocurrencies and anyone with an access code can start swapping immediately. It came to prominence back when Shapeshift introduced a mandatory membership program. The service is also fully integrated with the Bitcoin.com Wallet which today achieved a major milestone with over 5 million wallets created since the app launched just a little over two years ago.

Instant Crypto Exchange Changelly Secures Access to SLP Tokens

It was also recently announced that Bitcoin.com Exchange will provide an initial exchange listing to support an interoperable mega-utility token backed by the Universal Protocol Alliance, the Universal Protocol Token (UPT). The new UPT token is expected to be on listed Nov. 20, 2019, and will be available for trading by non-U.S. persons only.

What do you think about Changelly using rates from Bitcoin.com Exchange and the new listings on the platform? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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The post Instant Crypto Exchange Changelly Secures Access to SLP Tokens appeared first on Bitcoin News.

Wyoming’s New Crypto Banking Law Could Defang New York’s BitLicense

There may be a way for cryptocurrency businesses to get around New York’s notoriously hard-to-get BitLicense, and it runs through Wyoming.

US Authorities Arrest Alleged SIM Swappers After Crypto Thefts

The FBI has arrested two individuals on charges of stealing and attempting to steal $550,000 in cryptocurrency by SIM swapping 10 victims.

Northern Trust Testing Fractionlized Bonds on Blockchain

The U.S.-based custody bank is working with BondEvalue, a Singapore-based debt markets tech company, to offer fractions of tokenized bonds to retail and small professional investors.

Pornhub Suggests Crypto Payments After Paypal Censors Model Payouts

On November 14, the leading adult video sharing site on the internet, Pornhub, revealed that payment processor Paypal has blocked the company’s live performer payouts. In a blog post written on Thursday, Pornhub recommended alternative payments like writing a check or using the digital currency verge.

Also read: Walk Like Nakamoto: 7 Anonymous Personalities in the Crypto Space

Paypal Blocks Pornhub’s Live Performer Payouts — Crypto Advocates Suggest Accepting More Digital Currencies

The adult entertainment web portal Pornhub is having issues with the payment processor Paypal. Pornhub has revealed Paypal has blocked model payouts for live performers who leverage the site’s platform. The company announced the issues using Twitter and a blog post that describes what payment methods are offered for live models. “Our currently available payment methods are Paxum, check, verge cryptocurrency and direct deposit,” explains Pornhub’s post. The adult site also explains in the notice that in order to accept verge (XVG), models need to obtain an XVG accepting wallet. On Twitter Pornhub wrote:

Urgent: Paypal has stopped all Pornhub model payouts. If you had PayPal as your payout method please change to direct deposit/SEPA, or payment by check in your settings.

Pornhub Suggests Crypto Payments After Paypal Censors Model Payouts

After the Twitter announcement and blog post, the price of XVG saw a small rise in value but the cryptocurrency is down 2.5% today and 9.4% for the week. In response to Pornhub’s Twitter post, many crypto community members used the opportunity to ask the company to accept more digital currencies like BCH, BTC, and ETH. One BCH supporter wrote: “Bitcoin Cash is there to help you and your customers.” “All models should contact Brenna Sparks to help them accept crypto payments,” another person tweeted.

For years now many cryptocurrency advocates have proposed that the adult industry combines forces with the crypto industry. Last spring Pornhub started accepting XVG but also told the public it would also accept ZEC and TRX. Since adding verge to the payment support list, reports detailed last year that only 1% of purchases are made using XVG and the other alternatives (ZEC, TRX) are not yet supported.

Financial Incumbents Have Been Blocking the Adult Industry for Years — Censorship-Resistant Money Is Needed

Paypal and other major credit card companies have been blocking sex workers and applications that help them get paid for years now. In 2014, the porn star Teal Conrad was banned from Paypal immediately after a slew of other adult industry stars were also barred from using financial institutions like Chase. A few users on Twitter mentioned that Pornhub should have fought harder against SESTA/FOSTA, a U.S. Senate and House bill that became law on April 11, 2018. “Gee, if only Pornhub used their massive budget to lobby against SESTA/FOSTA and fight for credit card companies to stop putting pressure on apps to ban sex workers maybe this wouldn’t have happened,” a user replied to Pornhub’s Paypal blockade tweet on Thursday.

Digital currency advocates have been slowly penetrating the adult industry to a degree and a few porn stars have promoted crypto on various occasions as well. According to a market research report created by the adult film studio Vogov, around 470 adult video sites have exposure to digital currencies. In the overall scheme of the massively lucrative porn industry, that doesn’t even scratch the surface. As more pressure from financial incumbents rises against the adult industry, the friction may push other leading firms and performers toward censorship-resistant cryptocurrencies.

What do you think about Paypal blocking Pornhub’s live performer payouts? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Pixabay, Pornhub, and Twitter.


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The post Pornhub Suggests Crypto Payments After Paypal Censors Model Payouts appeared first on Bitcoin News.

Ledger’s Vault Scores $150 Million in Crypto Insurance From Lloyd’s Syndicate

Insurance broker Marsh has arranged a $150 million policy from Lloyd’s of London syndicate Arch for users of the Ledger Vault crypto custody platform.


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