Mexican Billionaire Invests 10% of Net Worth in Bitcoin

The country’s second-richest man is also urging people to read books about Bitcoin.

Bitcoin

Mexico’s second-richest man Ricardo Salinas Pliego is the latest billionaire to jump on the Bitcoin promise. In a tweet today, he revealed holding 10% of his net worth in the asset and urged followers to purchase a Bitcoin-focused book.

Pliego is the founder of Grupo Salinas, a 2001-founded company with interests in consumer electronics, sports, and television networks. He is worth $11.7 billion as per a Forbes report from earlier this year (however, Pliego said he is worth $13.8 billion in a separate tweet today).

 

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That pegs his Bitcoin holdings at approximately $1 billion. But Pliego’s not asking people to blindly jump in the asset class without basic education about what it does and how is it better than the current financial regime.

“Today I recommend THE BITCOIN STANDARD, this book is the best and most important to understand #Bitcoin. Bitcoin protects the citizen from government expropriation,” he said in a tweet.

The sentiment is similar to the one increasingly voiced by prominent investors and technology companies around the world—that of holding Bitcoin as a hedge against the incessant money printing (to artificially save the economy) and rising inflation in the coming years.

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Ethereum-based Origin Dollar Hacked for Estimated $7 Million

The hack of Origin, which comes on the heels of several crypto flash loan attacks, may further undermine confidence in decentralized finance.

Origin Protocol co-founder Matthew Liu on Monday night confirmed an attack on the Origin Dollar (OUSD) vault.

"The team is all-hands on deck attempting to figure out what vulnerability was exploited and how the hacker was able to access users’ deposits," he wrote.

Though the exact exploit—some form of flash attack—isn't yet known, the Origin team estimated $7 million—a combination of ETH and DAI stablecoin—had been taken.

Liu indicated he wasn't yet certain whether the funds—over $1 million of which he said came from Origin employees and founder—could be recovered.

To quell rumors, Liu said, "This is not a rug pull or internal scam. Despite this setback, it is very much in our intention to make OUSD a safe, secure, and successful product that builds on the broader Origin mission of peer-to-peer commerce."

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Origin is a blockchain-based e-commerce platform. It introduced the OUSD stablecoin at the end of September; it's backed not by fiat but by other stablecoins, including DAI.

As a result of the hack, the stablecoin—meant to be equivalent to $1.00—dropped to $0.54.

The attack may further undermine confidence in the security of decentralized finance protocols, many of them built on Ethereum. In the last month, Harvest Finance, Akropolis, and Value DeFi have all been attacked via flash loan vulnerabilities that have led to over $40 million in losses.

Bitcoin-Loving Senator-Elect Praises Crypto as a “Store of Value”

The Republican Senator-elect has praised the currency again—calling it an “important player in stores of value.”

In brief

• Republican Senator-elect for Wyoming, Cynthia Lummis, first bought Bitcoin in 2013.
• In a Friday interview she said she hoped to bring the currency into the “national conversation.”
• She also said that President Trump should not concede defeat.

Republican Senator-elect for Wyoming and Bitcoin’s friendliest politician, Cynthia Lummis, this week spoke on US national television to preach the wonders of the biggest cryptocurrency. 

During a Friday interview with Good Morning America, Lummis, who first bought Bitcoin back in 2013, said the asset was going to be “an important player in stores of value for a long time to come.” 

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“I do hope to bring Bitcoin into the national conversation,” she said. “I’m a former State treasurer and I invested our State’s permanent funds, so I was always looking for a good store of value and Bitcoin fits that bill.”

 

“21 million Bitcoin will be mined and that’s it—it is a finite supply,” she added.

Lummis, a close ally of President Trump, first bought Bitcoin back in 2013 when it was worth just over $300. She said she got her hands on the currency thanks to her son-in-law, who is the Chief Product Officer of crypto financial services firm, Unchained Capital. 

“I bought my first bitcoin in 2013 because I believe in the economic power of scarcity and the potential for bitcoin to address some of the manipulations in our financial system,” she told the Wyoming Blockchain Stampede in September. 

Her remarks on Good Morning America were lapped-up by the crypto-community on Twitter. Tyler Winklevoss retweeted the clip and wrote: “Watch US Senator Cynthia Lummis extol the virtues of Bitcoin as a store of value.” 

 

While Brekkie Von Bitcoin, the creative director for savings app Swan Bitcoin, said: “Move over terrorists, drug dealers and money launderers…there’s a new narrative in town.”

 

When asked about President Trump’s refusal to accept defeat and electoral fraud, Lummis told viewers that a recount was necessary—and that President Trump should not concede. 

“The integrity of this election needs to be verified,” she said. Trump's argument depends on claims of electoral fraud. These are widely dismissed.

Grayscale Buys $240m in Bitcoin In Largest Capital Raise Week Ever

Grayscale, which runs the Grayscale Bitcoin Trust (GBTC), bought this week another 15,114 Bitcoin ($241 million). GBTC holds 481,711 Bitcoin, representing 62% of all Bitcoins in the ownership of publicly-traded companies.

 

In brief

• Grayscale this week bought another 15,114 Bitcoin ($241 million), bringing the total number of Bitcoin the company owns to 506,000, or $8.1 billion. The company now manages a total of $10 billion worth of cryptocurrency.
• Grayscale Bitcoin Trust (GBTC), which was created in 2013, is the company’s biggest trust. The total value of assets managed by Grayscale Bitcoin Trust (GBTC) now exceeds $8.2 billion.
• GBTC holds 481,711 Bitcoin, which corresponds to 62% of the 814,359 Bitcoins in the ownership of publicly-traded companies.

Grayscale, a digital assets management company, this week bought another 15,114 Bitcoin ($241 million), bringing the total number of Bitcoin the company owns to 506,000, or $8.1 billion. The company now manages a total of $10 billion worth of cryptocurrency.

Grayscale is among the biggest purchasers of Bitcoin. Its total investments comprise 2.29% of Bitcoin’s entire market cap.

Michael Sonnehnshein, Managing Director of Grayscale, declared this week the largest capital raise week “EVER,” after the firm raised $262 million. He said that on Thursday the company “raked in over $115 million in Bitcoin alone.” 

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The company runs various trusts, pools of private investors’ money that Grayscale uses to buy up cryptocurrencies. Shares in the trust trade publicly; their prices roughly track the price of the cryptocurrencies. Its Bitcoin trust is the largest. 

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The fees of the trusts are high, and shares generally reflect an over-priced purchase of Bitcoin, but they make sense for people who want to trade crypto on the stock market—for some, it’s the only way to get exposure to cryptocurrencies from tax-efficient accounts. 

Grayscale Bitcoin Trust (GBTC), which was created in 2013, is the company’s biggest trust. Total value of assets managed by Grayscale Bitcoin Trust (GBTC) now exceeds $8.2 billion.

 

The Grayscale Bitcoin Trust holds 481,711 Bitcoin, which corresponds to 62% of the 814,359 Bitcoins in the ownership of publicly-traded companies, according to data from Bitcointreasuries.org.

The price of Bitcoin is $15,911, as of this writing. It has decreased by 1.54% in the past 24 hours. 

Korean Police Seize Crypto Exchange Coinbit Over Allegations of $84 Million in Wash Trades

Police in South Korea on Wednesday raided and seized the offices of Coinbit, the country’s third largest crypto exchange, over allegations it faked 99% of its trading volume.

According to a report from Seoul News, local police took control of Coinbit’s headquarters in Gangnam as well as other sites elsewhere.

Police accuse the exchange’s owner Choi Mo and other managers of “wash trading”. For about a year until May 2020, the process earned Coinbit 100 billion won ($84 million) in profit fraudulently, it said.

A wash trade is a form of market manipulation in which an investor simultaneously sells and buys the same financial asset to create misleading, artificial activity in the marketplace. It is illegal in most jurisdictions.

In the case of Coinbit, the exchange was functionally split into two operational accounts containing all user funds, say police. Fraud within the first account involved major cryptocurrencies bitcoin (BTC), ethereum (ETH), ripple (XRP), and tether (USDT), which Coinbit staff moved internally between “ghost accounts”.

The other account exclusively traded dubious altcoins and initial exchange offerings. The firm prevented transactions with outside exchanges so that the owner and management were able to control the supply of coins. Choi and his team manipulated this structure by trading large quantities of the listed crypto and then dumping them on unsuspecting retail traders.

According to the newspaper report, authorities are also questioning the possibility of additional malpractice and embezzlement. The paper said it examined Coinbit’s books before alerting the police. It held off its report at the police’s request, but its investigations found discrepancies in the deposits and withdrawals of 99% of the trading volumes.

An accounting firm refused to work with Coinbit after reviewing its accounts, the paper said. In April, South Korea’s Financial Supervisory Service also refused to sign-off the exchange’s financial statements, which had not been externally audited.

Coinbit had 252,000 visitors in the last three months and is only surpassed by Bithumb and Upbit in South Korea. Police investigations are ongoing. As South Korea drafts crypto laws, there is concern that more such seizures could follow.

What do you think about the Coinbit seizure? Let us know in the comments section below?

SERIAL INNOVATORS HOLD ALL THE ACES
THE DIFFERENT DIMENSIONS OF INNOVATION EXPLAINED

Did you know a typical S&P 500 company in the 1960s, was estimated to be in business for more than 60 years? But nowadays the average lifespan is only 18 years? In order to survive in today’s rapidly changing world of technology, it’s imperative that companies stay relevant, so it’s become increasingly more important for businesses to be innovative. Innovation is an ongoing priority and the creation of innovation systems to perpetually foster creativity and agility is a purposed and proactive process, however, when done right the benefits for everyone involved can be tremendous. 

Where does this innovation come from? Doblin owned by Deloitte is a company with a focus on innovation, found that after examining over 2,000 business innovations throughout history, most breakthroughs aren’t always new products, startups, or rare discoveries. They observed that innovation can be categorized within a range of 10 distinct dimensions (as shown in the infographic) and applying a combination of these 10 types of innovation has resulted in well-known, long term businesses staying ahead of their competition.

 

What Does Innovation Look Like In Practice

Companies that have been around for years have leveraged each of these 10 types of innovation in the past as well as integrating new technologies to consistently create breakthroughs of new products and services. 

Image adapted from Visual Capitalist

 

Innovation Dimensions 1-4. “CONFIGURATION”

The first four types of innovation (according to Doblin) center around the configuration of the company, and all the work that happens “behind the scenes”. Tesla’s Elon Musk said back in 2016 that “the machine behind the machine” is more important than the product. The point here is that companies with strong innovation draw on the strength of their underlying innovation systems that integrate strategy, ecosystems, development, performance management, and more, making it into one seamless and mutually supportive whole. 

Have you heard the parable about the blind people and the elephant? Each person can feel and describe a part of the animal, but none of them can get a sense of the whole, because elephants are big and so are innovation systems. They are complicated and multifaceted involving people and teams from multiple functions. Innovation systems can’t be a one-hit-wonder. They need to be designed and consistently reworked to deliver the desired level of organic profitable growth. 

An effective innovation system takes time and experience to build, also practice as well as learning from successes and failures is essential. A company needs to reassess and revalidate all the elements of its innovation system which is the “machine that makes the machine”, to ensure that it is delivering maximum value. How a company along with its products and services are organized have a crucial downstream effect and enables innovations in other categories.  

Image adapted from Visual Capitalist

Two of the most interesting examples in the infographic are Google and Markethive. Both companies made internal innovations that empowered both their people and users resulting in further advancements downstream. 

In the case of Markethive, an inbound marketing company since 1996, embraced Blockchain technology 4 years ago addressing privacy issues for the user, cryptocurrency payment solutions, along with incorporating systems and all tools under the Markethive umbrella, required for the complete inbound marketing experience. Being the first Market Network of its caliber there is very little competition that provides users with an opportunity to earn an income within the platform along with their own private endeavors and cottage businesses. 

 

Innovation Dimensions 5-6. “OFFERING” 

People or users are likely to put an emphasis on a company’s offering above all other innovation categories. The way a product performs is important and more important are the improvements to product performance which can be a difficult type of innovation to uphold. A company with a deeply ingrained culture towards innovation with a focus on continual advancements will have a distinct advantage over the competition. 

This is where all dimensions of innovation come into play. Doblin recommends that all companies need to focus on combining multiple areas of innovation together. It creates a much more stable economic moat. 

_{Image adapted from Visual Capitalist}

According to Boston Consulting Group (BCG), Apple is on top of the leaderboard with a reputation for innovation, however, its company’s strategy is underappreciated. Intrinsically, Apple has put a great deal of thought into its ecosystem of products, ensuring they work together flawlessly creating additional utility. It also makes it harder for consumers to switch away from Apple. 

Markethive is also one-stop-shop creating ease of utility for newbie marketers and savvy entrepreneurs. It offers collaboration within the Markethive ecosystem as well as access to various platforms externally that serve a similar purpose. Historically, a leader in the field of inbound marketing, with its proprietary tools, has bundled individual products and services together along with integrating newer technologies to create a robust, scalable system, bringing more value to the user. No need to go anywhere else, it all comes to you. 

 

Innovation Dimensions 7-10. “EXPERIENCE”

The experience innovations are the ones where the users or consumers are most involved. It puts the company in the limelight as innovations in experience all get trialed by the users. It stands to reason that intense care is needed when rolling out these ideas.    

Service innovations enhance the utility, performance, and value of an offering, making the product or service easier to use. Customer engagement innovations are about understanding the aspirations of consumers and users and using those insights to develop meaningful connections between them and the company. 

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Image from Visual Capitalist

Brand innovations help to ensure that customers and users recognize, remember, and prefer your offerings to those of competitors or substitutes. Great ones infuse a “promise” that attracts users and conveys a distinct identity. Channel innovations encompass all the ways that you connect your company’s offerings with your customers and users.

 

A Collaborative Platform And Ecosystem; A Serial Innovator

More than ever collaboration has become an important part of innovation. Digital technologies enable collaboration platforms that create an ecosystem by bringing a group of organizations to build a new capability, product, or service offering. Ecosystems are dynamic environments and contain lots of varied entities with multiple sources of influence and can offer users a powerful way to build new revenue streams. 

Ecosystems trade in multiple currencies, not all of which are financial, because they exist to create value through collaboration. When an ecosystem wins, the participants and users win as well, always evolving, acquiring new members, and realizing new missions as and when they come to light. 

Markethive has done that by utilizing the Blockchain and cryptocurrency collaborating with high profile coin exchanges, along with upcoming joint ventures to streamline and provide a lucrative platform for all involved. Markethive’s platform is currently live in public Beta with the first of many unique initiatives being the Banner Impressions Exchange. A franchise for Markethive Entrepreneurs and a uniquely innovative, free-market way for all advertisers to gain exposure across many domains with substantial traffic.  

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Entrepreneurial Collaboration Within The Markethive Ecosystem 

Collaboration is an integral part of the Markethive culture when it comes to user engagement. The first Market Network with a collaborative social media interface offers all the marketing tools, digital media, live training, and tutorials allowing entrepreneurs, marketers, commercial artists, and the novice to aspire and succeed in a fluid, collaborative and nurturing environment. 

Markethive saw a need and what is lacking in the existing stand-alone social and marketing platforms and created a blockchain-driven ecosystem with its own consumer coin. A decentralized platform in which all users’ data is protected which means;

• compromising users’ data becomes impossible. 
• A meritocratic system negates being banned or suspended
• Blogcasting and messaging cannot be tracked across the web

By storing your data, information, activities, and publications across a network of computers, known as data centers, the task of compromising your data becomes literally impossible.

Markethive’s infrastructure also facilitates;

• A free marketplace where all artists and entrepreneurs can showcase and distribute their products, monetize, and get paid without the fear of reducing or losing their revenue or Markethive account. 
• Protects the users’ against losses as transactions are done within the Markethive Platform.
• A complete turnkey financial system within Markethive which enhances economic velocity.
• A free market media and content publishers with a reach well beyond existing social and market networks. 

All users have the opportunity to increase their brand awareness and financial status within the Markethive Ecosystem while building and monetizing their own private businesses. Coupled with its data centers and plans to deploy a multitude of mining hives distributed globally that will create massive surplus electricity built on a total 100% green energy that supports the core distributed decentralized data-based systems using dWave or quantum computers which utilizes the advanced theoretical technology of multiple parallel universes. 

That core of decentralized dWave database systems has a matrix/network of the blockchain around it. Monitoring, securing, and facilitating the massive database system. As it’s built on a higher generation blockchain that makes it possible to handle large social groups.

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Conclusion

This is all very Web 3.0 and we are just at the beginning of a monolithic venture of innovation. Markethive’s culture is one of innovation, based on the power of Organic Intelligence (OI); other social and media cultures’ are one of subordination and intrusive Artificial Intelligence (AI). 

The online world where a large portion of the global population now exists is perpetually and rapidly advancing. People’s attitudes are changing with a rebellious nuance as they wake up to the dictatorial and harvesting for profit and control of Web 2.0. Markethive with its divine ethos is on a powerful mission to change this narrative and with its finger on the pulse of innovation will surely make it happen. 

The rise of the entrepreneur and the fall of destructive forces in our social platforms are here now.

The Markethive team is working around the clock on the wallet, KYC protocols, and exchange listings. We have some extremely exciting systems in the making so come to the weekly meetings on Sundays. The link to the meeting room can be found on the Markethive Calendar. 

 

 

References: Visual Capitalist – DOBLIN

 

 

Deb Williams
A Crypto/Blockchain enthusiast and a strong advocate for technology, progress, and freedom of speech. I embrace "change" with a passion and my purpose in life is to help people understand, accept, and move forward with enthusiasm to achieve their goals. 

Analysts Predict US Presidential Election Outcome Could Collapse Dollar, Boost Bitcoin and Gold

Analysts have predicted a bearish outlook for the U.S. dollar as the country’s 2020 presidential election approaches. One analyst says gold will correct with Donald Trump’s victory followed by the collapse of the U.S. dollar. Bitcoin, on the other hand, stands to gain from the election.

Effect of 2020 US Presidential Election on Gold, Dollar, and Bitcoin

Analyst and consultant Dan Popescu has shared his view on how the outcome of the U.S. presidential election could affect several markets. He discussed the outlook of the gold market and the U.S. dollar before and after the U.S. presidential election on the “IG Trading the Markets” podcast, which he shared on Sunday. Popescu specializes in gold, silver, and forex. IG is a leading online forex trading provider.

“Right now the markets expect [Joe] Biden to win, and that’s also one of the things that I’m quite sure has been bullish for the price of gold and the collapse of the dollar index, and that will continue,” Popescu described. Citing current polls showing Biden as the more likely candidate to win the 2020 presidential election, the analyst said the dollar will weaken and gold will climb even higher leading up to the election.

Popescu also discussed what will happen to the gold market and the U.S. dollar if Donald Trump wins the November election. “The American stock market is very very bullish and likes Donald Trump because he cut taxes for the super rich, he cut taxes mostly for the stock market, which has been very bullish for the stock market,” he opined. On the night of the election, if Trump wins, then the dollar will rise along with the stock market and gold will retrace, he explained. However, he added that it will be temporary “Because the monetary crisis will explode even more with Donald Trump.” Popescu tweeted that in the short-term:

Gold will correct with Trump victory followed by collapse of US dollar and explosion of gold to $5,000 faster with Trump than with Biden but up irrespective of Trump or Biden. Both are bearish US dollar.

Other analysts also see the dollar’s weakness. “The shrinking of its interest rate advantage makes the USD less appealing and pushes investors to consider deposits in other currencies,” JPMorgan Asset Management’s Patrik Schowitz was quoted by CNBC as saying. “These cyclical factors won’t turn around in a hurry and the US dollar likely has room to fall further.”

Blackrock strategists also see the dollar’s weakness persisting in the near term. They noted, “The prospect of the dollar retaining its perceived safe-haven status is another concern.” Last month, Goldman Sachs warned that the U.S. dollar risked losing its world reserve currency status.

 

Devere CEO Nigel Green believes that the U.S. election will boost the price of bitcoin. “Bitcoin is already one of the best-performing assets of the year, up around 70% year-to-date,” he said. “We can expect the world’s largest cryptocurrency to be further fuelled for the rest of 2020 by the U.S. presidential election and the weakness of the U.S. dollar, which will serve as high-octane price drivers.” Citing the growing level of political uncertainty coupled with the coronavirus pandemic, the CEO stated:

As uncertainty heightens, investors will pile into safe-haven assets, in particular those not tied to any specific country, such as bitcoin and gold.

How do you think the U.S. election will affect bitcoin, gold, and the dollar? Let us know in the comments section below.