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<h1 style=“clear:both” id=“content-section-0″>The Buzz on The Basics Of Bitcoin And Cryptocurrency—and How To Invest ...</h1>

For the a lot of part, however, they require a bit more knowledge to set up. An excellent way to set up your wallets is to have 3 things: an exchange account to buy and sell, a hot wallet to hold small to medium quantities https://veldtgold.com/bullion-cryptocurrency-information/ of crypto you want to trade or sell, and a cold hardware wallet to keep larger holdings for long-term durations. While exchanges like Coinbase or Binance stay a few of the most popular ways of buying Bitcoin, it is not the only method. Below are some extra processes Bitcoin owners utilize. Bitcoin ATMs act like in-person Bitcoin exchanges.

Bitcoin ATMs have actually become progressively popular recently; Coin ATM Radar can assist to find the closest devices. Unlike decentralized exchanges, which compare purchasers and sellers anonymously and facilitate all elements of the transaction, there are some peer-to-peer (P2P) exchange services that offer a more direct connection between users. Local Bitcoins is an example of such an exchange. After creating an account, users can publish demands to buy or sell Bitcoin, including info about payment techniques and price. Users then check out listings of buy and offer deals, picking those trade partners with whom they wish to transact.

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While P2P exchanges do not offer the same anonymity as decentralized exchanges, they permit users the opportunity to search for the very best deal. A lot of these exchanges also offer score systems so that users have a method to evaluate possible trade partners before negotiating.

Corporations are starting to buy digital properties like Bitcoin to strengthen their treasuries, but the volatility in costs could put a dent in their balance sheet. A brand-new report from Deloitte analyzes the pattern of business assigning their funds toward buying virtual currency and other digital properties. The organization intelligence software company Micro, Technique, for example, divulged in December that it acquired over $1 billion in Bitcoin in 2020. This month, automobile maker Tesla revealed it purchased $1. 5 billion in Bitcoin and will accept it as a payment. Tesla CEO Elon Musk has also tweeted about his investments in the digital currency Dogecoin.

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The Deloitte paper uses guidance to companies on investing in digital currencies for their treasuries, consisting of the accounting and reporting considerations, tax implications, dangers and internal controls. The most typically accepted accounting treatment for cryptocurrencies in the U.S. requires writedowns of losses, which can be common offered the volatility of lots of digital currencies, however the rules don't allow "writeups" of gains. That might possibly misguide financiers when they're examining financial statements, so companies may need a stronger non-GAAP financial disclosure system to keep investors notified about digital properties that are acquiring in worth." For a lot of business in the U.S., U.S. GAAP accounting guidelines really need you to represent those financial investments like an intangible asset," stated Amy Park, an audit partner in Deloitte's national office for accounting and reporting services who concentrates on combination, monetary instruments and digital assets, who co-wrote the report.

That might be a little counterproductive, but in the accounting rules, you have to take a look at the specific definitions. When you take a look at the meaning of a money http://edition.cnn.com/search/?text=bitcoin equivalent, or stock, or financial instruments per se, the accounting definitions don't truly line up with what Bitcoin is. It really falls into this intangible model." Business usually need to account for an intangible property initially at cost, which is most likely the reasonable value of what they've paid for it on the first day. "You need to evaluate that possession for possible impairment, but not like other monetary instruments," said Park. "You don't get to really mark-to-market, or account for the appreciation in value related to that property." Unlike a standard business stock financial investment, business need to deal with cryptocurrency differently.

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" The accounting for that monetary possession or financial instrument is mark-to-market, so if the worth increases or the rate increases, I can mark it up on my balance sheet. As the price decreases, I can mark it down on my balance sheet. However with the intangible property, you're not in that design, so as the cost goes up, you don't get to acknowledge any of that appreciation on your books. As the rate decreases, if it's impaired, you do have to show that on your books, so you in some cases end up with the down changes, however no possible upward adjustments, which can be challenging because I believe some companies are viewing this as extremely similar to a financial investment or a financial property but the accounting doesn't enable that." That suggests business might not be getting what they imagined when they made the choice to buy cryptocurrency in the hopes of growing their possessions.

Business will likewise require to be familiar with the tax guidelines. In general they do not need to pay taxes on the holdings, only when they offer the cryptocurrency. "It's just when you transform it back to fiat [currency] that you have a taxable occasion, but the tax guidelines are complicated in such a way that does not track the accounting guidelines," said Tim Davis, a principal in the risk and monetary advisory practice of Deloitte & Touche. "This is kind of a lesson to find out for companies. It's actually crucial to comprehend the tax responsibilities due to the fact that they can alter depending upon your intent.

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Smart Bitcoin Strategies To Accumulate Gold Bullion

Also, probably because it is practically impossible to shut down the crypto-world for as long as the internet exists. Regulators can only focus on areas where they may be able to exercise some control, which seems to be where cryptocurrencies meet fiat currencies (i.e. the cryptocurrency exchanges).

While cryptocurrencies seem to come under more scrutiny as time progresses, such events do benefit some countries like Hong Kong. Since the Chinese ICO ban, many founders of cryptocurrency projects have been driven from the mainland to the city.

Aurelian Menant, CEO of Gatecoin, said that the company received “a high number of inquiries from blockchain project founders based in the mainland” and that there has been an observable surge in the number of Chinese clients registering on the platform.

Looking slightly further, companies like Nvidia have expressed positivity from the event. They claim that this ICO ban will only fuel their GPU sales, as the ban will likely increase the demand for cryptocurrency-related GPUs. With the ban, the only way to obtain cryptocurrencies mined with GPUs is to mine them with computing power.

As such, individuals looking to obtain cryptocurrencies in China now have to obtain more computing power, as opposed to making straight purchases via exchanges. In essence, Nvidia’s sentiments is that this isn’t a downhill spiral for cryptocurrencies; in fact, other industries will receive a boost as well. In light of all the commotion and debate surrounding cryptocurrencies, the integration of the technology into the global economies seem to be materialising hastily.

Successful miners receive coins too in appreciation of their time and resources utilized.

Once used, the transaction information is broadcasted to a blockchain in the network under a public-key, preventing each coin from being spent twice from the same user. The blockchain can be thought of as the cashier’s register.

Coins are secured behind a password-protected digital wallet representing the user. Supply of coins in the digital currency world is pre-decided, free of manipulation, by any individual, organizations, government entities and financial institutions.

The cryptocurrency system is known for its speed, as transaction activities over the digital wallets can materialize funds in a matter of minutes, compared to the traditional banking system. It is also largely irreversible by design, further bolstering the idea of anonymity and eliminating any further chances of tracing the money back to its original owner.

Unfortunately, the salient features – speed, security, and anonymity – have also made crypto-coins the mode of transaction for numerous illegal trades. Just like the money market in the real world, currency rates fluctuate in the digital coin ecosystem.

In fact, it’s up about 1,200% over the past year, causing a lot of people to think it’s in a bubble. The total value of bitcoins in circulation is now over $150 billion.

If bitcoin was a company, it would be in the top 50 largest in the United States. I personally believe that the only reason bitcoin is so much more valuable than any other cryptocurrency is because it was the one that first broke through to the mainstream. That’s still important, though. It, at the very least, gives other coin developers something to improve on.

The good thing is that even if you think you’ve missed the boat with bitcoin, there are plenty of other cryptocurrencies out there. Of course, some are scams, but others have real potential. One of the ones that I believe has real, practical use is called Dash. First, Dash is ahead of the game in terms of convenience. Right now, bitcoin transactions take about 10 minutes to an hour on average.

Whether you are an avid investor or just a beginner, trading in cryptocurrencies will sound an irresistible investment opportunity for you. However, before you get started, it is important to consider whether you will speculate on the prices of digital assets or buy them. So, if you are interested in cryptocurrency trading, take a look at five key advantages of trading CFDs on cryptocurrencies.

The cryptocurrency market is highly volatile, especially due to the bulk amount of short-term speculative interests. Prices of cryptos can fall or rise significantly within a short span of time. And this volatility makes cryptocurrency trading more exciting. Rapid changes in prices intraday can pave for lucrative investment opportunities to go short or long. However, frequent market fluctuations come with increased risks as well.

Therefore, you should consult an expert trading partner such as SUISSE BANK to make a wide trading decision at the right time.

I spoke to cryptocurrency expert and long term investor Duke Randal who thinks the asset is overvalued, “I would compare this to many supply and demand bubbles over history such as Dutch Tulip Mania and the dot com bubble of the late 90s. Prices are purely speculation based, and when you look at Bitcoin’s functionality as an actual currency it is almost embarrassing.”

For those who don’t know, the dot com bubble was a period between 1997-2001 where many internet companies were founded and given outrageously optimistic valuations based purely on speculation that later plummeted 80-90% as the bubble began to collapse in the early 2000s. Some companies such as eBay and Amazon, recovered and now sit far above those valuations but for others it was the end of the line.

Bitcoin was originally created in order to take power away from our financial systems and put people in control of their own money, cutting out the middle man and enabling peer to peer transactions. However, it is now one of the slowest cryptocurrencies on the market, its transaction speed is four times slower than the fifth biggest cryptocurrency and its nearest competitor for payment solutions Litecoin.

Bitcoin is hot! It rose to $5480.68 per coin recently! People are scrambling to get hold of it. But, can you actually pay for things with this digital cash? Dell now accepts Bitcoin. They have a partnership with Coinbase, one of the most trusted exchanges.

Microsoft – Add money to your account with Bitcoin to buy apps, games, and videos. TigerDirect – California-based retailer that offers electronics, computers, and computer components that caters to business and corporate customers. Virgin Galactic – The Richard Branson-led aviation company started accepting Bitcoin for customers who are interested in flying to space and paying for it using Bitcoin. Reddit – Reddit allows users to purchase Reddit Gold using Bitcoins. Zynga – A popular mobile gaming company loves Bitcoin.

Memory Dealers – Carries a large range of networking hardware equipment and computer memory. The Sacrament Kings NBA franchise takes Bitcoin for food, clothing, and beer. Namecheap – This service offers inexpensive domain registration. Intuit – an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals.

A Class Limousine – Luxury service will pick you up. Bitcoin is just an infant. More and more businesses will realize the value of this magic currency soon. Many wealthy investors are buying it up like crazy. Maybe they know something the general public needs to know!

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[lievbios]

007 || James Bond

Name: James Bond

Age: 37

Relationship: married (verse depending)

Sexuality:

Job: Spy

Faceclaims: Sean Connery, David Niven, George Lazenby, Roger Moore, Timothy Dalton, Pierce Brosnan, Daniel Craig, Idris Elba

In the novels, James Bond is the son of a Scottish father, Andrew Bond of Glencoe, and a Swiss mother, Monique Delacroix, from the Canton de Vaud. He acquired a first-class command of the French and German languages during his early education, which he received entirely abroad. Both parents were tragically killed during a climbing accident in the French Alps when he was eleven.

After the death of his parents, Bond goes to live with his aunt, Miss Charmain Bond, where he completes his early education. Later, he briefly attends Eton College at “12 or thereabouts”, but is removed after two halves because of girl trouble with a maid. After being sent down from Eton, Bond was sent to Fettes College in Scotland, his father’s school.

Bond conducted his year of Sea Service with high recommendations from his Chief Petty Officers and Warrant Officers. He applied for and was uniformly recommended for work in Naval Intelligence. Bond served as an intelligence officer on HMS Exeter both before and during Operation Granby, and later was able to transfer to submarine service, touring on the HMS Turbulent. His natural abilities, mental quickness and confidence impressed his commanding officers. Within the year of being assigned to HMS Turbulent, it became apparent that Bond was not being sufficiently challenged with his duties, so Bond volunteered for the Special Boat Service. Bond excelled at SC3 and Underwater and Aquatic Warfare training. He constantly equaled or bested his superior officers and instructors in all areas after nominal experience.

Shortly before his next assignment, M, Bond’s superior in MI6, gave him the choice of either selecting a new weapon on a mission to investigate the recent disappearance of British Secret Service operative John Strangways or to return to standard intelligence duties. He was then given a choice of using a Walther PPK or a Smith & Wesson .38 Special 5-round hammerless revolver. Bond reluctantly decided to take the weapons on the mission and the Walther proved valuable in Jamaica, where Strangways had gone missing.

Bond later returned to London but, six months after he had left the city, he was sent on a mission to Istanbul in an attempt to obtain a lektor decoder device from a stunning Russian cipher clerk named Tatiana Romanova, who had supposedly fallen in love with a photograph of him. Yet Tatiana had unknowingly been set up by the No. 3 of the criminal organization SPECTRE, Rosa Klebb who sought to avenge the murder of their operative, Dr. Julius No. Bond was aided by Kerim Bey, who helped the British agent bring both the device and Romanova from Istanbul to Venice.

In Miami, Bond was instructed to observe bullion dealer Auric Goldfinger, who was staying at the same hotel. However, Bond became romantically involved with Goldfinger’s girlfriend, Jill Masterson, who later died of skin suffocation as a result of being entirely covered in gold. Bond returned to London, where he was ordered to investigate Goldfinger’s involvement in the possibly illegal transportation of gold, but he was warned that, if he treated the assignment as a personal vendetta, he would be replaced on the mission by 008.

In France, James Bond fought and killed SPECTRE operative Colonel Jacques Bouvar, avenging the murder of two of Bond’s former colleagues. After encountering several SPECTRE agents at a health spa in the south of England, Bond investigates the hijacking of an Avro Vulcan loaded with two atomic bombs, which had been taken by SPECTRE. The organisation demands a ransom against Britain and the United States for the return of the bombs. Bond follows a lead to the Bahamas, where he meets up with his CIA counterpart and friend Felix Leiter.

Bond trains with Tanaka in ninjitsu who changes his appearance to be Japanese as cover and weds him to Kissy Suzuki. Bond and Kissy find Blofeld’s lair in a Volcano. Tanaka’s ninja troops attack the island, while Bond manages to distract Blofeld and create a diversion which allows him to open the hatch, letting in the ninjas. During the battle, Mr. Osato is killed by Blofeld, who activates the base’s self-destruct system and escapes. Bond, Kissy, Tanaka, and the surviving ninjas escape through the cave tunnel before it explodes, and are rescued by submarine.

Looking to avenge his wife, Tracy, Bond raced around the globe looking for Blofeld until he found him during a plastic surgery operation. After a fight, Bond apparently killed the SPECTRE head by melting him in hot mud.

James Bond is sent to investigate the murder of three British MI6 agents, Dawes, Hamilton and Baines (who in fact shared the same bootmaker with Bond), all of whom have been killed within 24 hours. He discovers the victims were all separately investigating the operations of Dr. Kananga, the dictator of a small Caribbean island, San Monique. He also establishes that Kananga also acts as “Mr. Big”, a ruthless and cunning gangster in the United States.

After receiving a golden bullet with James Bond’s code “007” etched into its surface M relieves Bond of a mission locating a British scientist, Gibson, who has invented the “Solex agitator”, a device to harness solar power, thereby solving the global energy crisis. The bullet signifies Bond is a target of hired assassin Francisco Scaramanga and Bond sets out unofficially to find him. From a spent golden bullet, Bond tracks Scaramanga to Macau, where he sees Scaramanga’s mistress, Andrea Anders, collecting golden bullets at a casino. Bond follows her to Hong Kong, where he witnesses Scaramanga murder Gibson, the theft of the Solex agitator and kidnapping of Mary Goodnight.

Bond is tasked with investigating the disappearance of British and Soviet ballistic missile submarines and the subsequent offer to sell a submarine tracking system. Bond works alongside Major Anya Amasova of the KGB. The pair track the plans across Egypt and identify the person responsible for the thefts as shipping tycoon, scientist and anarchist Karl Stromberg.

Bond travels to Brazil looking for Drax’s research facility, where he is captured. He and Goodhead escape and pose as pilots on one of six space shuttles being sent by Drax to a hidden orbital space station. There Bond finds out that Drax plans to destroy all human life by launching fifty globes containing the toxin into the Earth’s atmosphere. Bond and Goodhead disable the radar jammer hiding the station from Earth and the U.S. sends a platoon of Marines in a military space shuttle. During the battle, Bond kills Drax and his station is destroyed.

After a British spy boat sinks, a marine archaeologist, Sir Timothy Havelock, is tasked to retrieve its Automatic Targeting Attack Communicator (ATAC) communication system before the Russians do. After Havelock is murdered by Hector Gonzales, a Cuban hit-man, Bond is ordered to find out who hired Gonzales. While investigating, Bond is captured, but Gonzales is subsequently killed by Havelock’s vengeful daughter, Melina and she and Bond escape. Bond identifies one of those present with Gonzales as Emile Leopold Locque and so follows a lead to Italy and meets his contact, Luigi Ferrara, and a well-connected Greek businessman and intelligence informant, Aris Kristatos. Kristatos tells Bond that Locque is employed by Milos Columbo, Kristatos’ former partner in the Greek resistance during World War II.

Bond infiltrates the circus, and finds that Orlov replaced the Soviet treasures with a nuclear warhead, primed to explode at a U.S. Air Force base in West Germany. The explosion would trigger Europe into seeking disarmament, in the belief that the bomb was an American one that was detonated by accident, leaving the West’s borders open to Soviet invasion. Orlov is revealed as a traitor and is shot by Soviet troops under General Gogol. Bond deactivates the warhead and then he returns to India, leading an assault on Kamal’s palace. He chases after Kamal who has kidnapped Octopussy in his plane, where he saves Octopussy and causes Kamal to crash.

Bond investigates into the operations of millionaire industrialist Max Zorin, who is trying to monopolize the world market in microchips. He establishes that Zorin was previously trained and financed by the KGB, but has now gone rogue. Zorin unveils to a group of investors his plan to destroy Silicon Valley which will give him a monopoly in the manufacturing of microchips.

Bond investigates into the sinking of a British warship in Chinese waters, the theft of one of the ship’s cruise missiles—and the shooting down of a Chinese fighter plane. He uncovers a link to media mogul Elliot Carver which suggests that Carver had purchased a GPS encoder on the black market, finding it in his headquarters in Hamburg.

Bond visits Valentin Zukovsky and is informed that Elektra’s head of security, Davidov, is in league with Renard: Bond kills Davidov and follows the trail to a Russian ICBM base in Kazakhstan. Posing as a Russian nuclear scientist, Bond meets American nuclear physicist Christmas Jones. The two witness Renard stealing the GPS locator card and a half quantity of weapons-grade plutonium from a bomb and set off an explosion, from which Bond and Jones escape. Elektra kidnaps M after she thinks Bond had been killed and Bond establishes that Elektra intends to create a nuclear explosion in a submarine in Istanbul in order to increase the value of her own oil pipeline. Bond frees M, kills Elektra and then disarms the bomb on the submarine and kills Renard.

Bond investigates North Korean Colonel Tan-Sun Moon, who is illegally trading African conflict diamonds for weaponry. Moon is apparently killed and Bond is captured and tortured for 14 months, after which he is exchanged for Zao, Moon’s assistant. Despite being suspended on his return, he decides to complete his mission and tracks down Zao to a gene therapy clinic, where patients can have their appearances altered through DNA restructuring. Zao escapes, but the trail leads to British billionaire Gustav Graves.

After shooting Mr. White in the leg, Bond has captured Mr. White and manages to evade pursuit by his various minions in a chaotic car chase in his Aston Martin DBS V12 painted in black. After interrogating him with M at a closed off location, Bond and M are both betrayed by a disguised minion (Mitchell) who, after a toss and tumble, is later dispatched and killed by James. Mr. White takes this time to vanish and is never seen or heard from again (except for being briefly spotted at the opera among other Quantum members.)

Bond and M return to London and search Mitchell’s flat, discovering through tagged banknotes that Mitchell had a contact in Haiti. Bond tracks the contact, Edmund Slate, and learns that Slate is a hitman sent to kill Camille Montes at the behest of her lover, environmentalist Dominic Greene. While observing her subsequent meeting with Greene, Bond learns that Greene is helping an exiled Bolivian General Medrano—who murdered Camille’s family—to overthrow his government and become the new president in exchange for a seemingly barren piece of desert.

VERSES

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[artist-tyrant]

What do you think of L. Frank Baum's work? Do you think he was successful in creating an American myth?

In regards to his Oz series, I think there are a few potential issues with certain interpretations of it. For instance, it is not made clear whether or not Emerald City is a good or bad place. In the first book its marvelous nature is described but not in the second book. On one hand it is arguably ruled by Ozma (who is a benevolent queen) on the other hand it is ruled by the Wizard of Oz (who built his reign on hot air). 

The Wizard himself isn’t entirely good or bad either, as he is quite manipulative and scoundrel-like yet also quite helpful and inventive. On one hand he wants to control Oz for himself, on the other he is also prepared to protect Dorthy and work under the Good Witch Glinda. In many ways he seems to be a representation of capitalists in general, both industrial and financial. One might think of Schumpeter‘s point regarding capitalists as a non-political class in this regard. 

The Oz series is actually a decent critique of democracy as well, though it is not critical enough and does not go far enough. If Dorthy is a representation of the average masses in all their naivety, then it might be fair to assume the different rulers are like different types of politicians who cryptically and transparently try to guide the masses through various causes which cover their intentions. 

With the eventual rule of the Good Witch Glinda, democracy seems to be redeemed through demagogic despotism instead of being entirely repudiated in favor of a more imperial model of politics, this redemption of democracy isn’t necessarily as conductive as a repudiation of it would be as a myth or symbol for the purpose of statecraft. 

Assuming Emerald City is a representation of central banking with fiat money, considering it is ruled by the Wizard of Oz and Ozma, and considering the Wizard himself has both good and bad traits, I think the series seems to convey idea that central banking with fiat money can be either good or bad, which is quite true, money creation can either result in wealth or debt depending on how it is regulated. 

It is interesting how the yellow brick road is a representation of the gold standard, yet it leads to Emerald City, a representation of paper money. I find this ironic because, in both the U.K. and the U.S. (even when these countries were on the “gold standard”), it was represented by bank notes. 

A government relying on bullion can’t afford to actually reduce its reserves given that they determine the value it has to invest in the production and distribution of goods and services (and even the further creation of gold). To let its reserves of actual metal circulate would mean to potentially loose the very basis for wealth creation. 

Adding silver as a determinant of the value a nation has to work with (as is represented by Dorthy’s silver shoes heading down the golden brick road towards Emerald city) was a great way to expand its means of further production and wealth. 

Furthermore, as William Grampp argued in a paper from 1952, the mercantilists themselves weren’t even obsessed with bullion and saw the value of paper notes for increasing productivity and trade. I’ve heard many others make this point about mercantilism and bullionism as well.

I wonder if the Good Witch “Glinda” is a representation of the “Gilded” Age what with her blonde hair and what with her being the strongest sorceress and ruler of them all. She also gives Dorthy the silver shoes and ultimately ends up subordinating the Wizard and getting rid of the Wicked Witch of the West.

 Interesting she should conquer the West and be from the South as well, as Baum was supportive of the extermination of natives, claiming: “The Whites, by law of conquest, by justice of civilization, are masters of the American continent, and the best safety of the frontier settlements will be secured by the total annihilation of the few remaining Indians. Why not annihilation?” 

The winged monkeys seem to have represented the natives in the Oz series, leading one to assume that the Wizard (the capitalist) having conquered them was a good thing. 

The populism of the gilded age a la Mckinley and Ted Roosevelt was ultimately worth glorifying. It was successful not only because it expanded the money supply America had to work with, but because it encouraged protectionism: the expansion and development of the domestic economy. 

America was in desperate need of this kind of Rightist, Hamiltonian populism to combat the Democratic, Jacksonian populism that got rid of the Second National Bank and ultimately gave private interests the opportunity to consolidate their power in the independent organ of the state which was beholden to them known as the Fed. 

The Oz series does a good job representing the putting to ease of the American masses (Dorthy), the industrial worker (the tin woodsman), the farmer (the scarecrow), and the soldier (the lion). It also does a good job satirizing yet glorifying them. Again though, this myth does not go far enough. 

Allow me to share with you a note I wrote which could serve as a guideline for what a truly powerful American myth would require: 

1. The crony politics, monopolistic capitalists, and master morality of the  the U.S.A (and its founding fathers) indicates that its manifest destiny is to evolve into a powerful military industrial complex through a strong federal republic, and a corporate monopolist, protectionist state.

2. Three ideas need to be emphasized within American politics: the idea of an aristocratic republic over a democratic republic, the idea of federal rights over states’ rights (within a single party state), and the idea of a militia with mandatory conscription.

3. Corporate monopolies are the natural, healthy result of the will to power in the “free-market”. Protectionism is a natural and healthy response. Libertarians and communists would respond by trying to tear down what is great instead of using it for a national empire.

[click2watch]

Metaco Offering Crypto Custody Insurance via Giant Broker Aon

Aon, the world’s second-largest insurance broker by revenues, has lined up a panel of insurers to provide cryptocurrency coverage for clients of Metaco, a digital asset custody technology firm.

Announced Tuesday, this group of mostly European insurers (none of whom were named) will offer a crime insurance product to institutions using Metaco’s SILO solution for so-called hot and cold (online and offline) wallets.

According to Aon, the policies cover losses on everything from natural disasters destroying the private keys kept offline in cold storage to third-party hacks of hot wallets connected to the internet. It did not disclose the dollar amount of coverage available.

This is Aon’s latest partnership with a crypto custody player, following tie-ups with San Francisco-based Anchorage and Vo1t, which employs former staffers of the U.K. Ministry of Defence.

Insurance is scarce for crypto held at custodians or exchanges, particularly with hot wallets. However, the insurance industry has gradually responded to demand starting with cover for cold storage, which is similar to storing bullion or cash in a vault.

That demand is indirectly driven by banks and other financial institutions interested in holding digital assets, said Jacqueline Quintal, financial institutions practice leader at Aon Risk Solutions.

“Anyone who is speaking with institutions on the custody side or even from a trading perspective often finds themselves in the middle of a vendor management process that those firms put everybody through, and with that comes insurance requirements,” she said.

Big-name backing

Based in Lausanne, Switzerland, Metaco is part-owned by the telecom provider Swisscom; the national postal service, Swisspost; and banking technology vendor Avaloq. It focuses on providing custody tools to crypto-curious institutions. The Swiss subsidiary of Russian state-owned Gazprombank is a client. 

SILO, the firm’s hardware security module-based (HSM) platform, involves components from Estonia-based security mavens Guardtime.

Metaco is one of the firms that make up the Custodigit partnership underpinning German securities exchange Deutsche Börse’s digital asset pilot in Switzerland. 

Down the line, Metaco expects to work with pure crypto exchanges, said CEO Adrien Treccani, who co-founded the company in 2015 with Nicholas Dorier, a Bitcoin Core contributor.

But making insurance readily available to clients is an important step now.

“We wanted to provide a framework under which any of the custodians relying on SILO would be almost able to get an insurance cover out of the box, at least to have all of the green lights for the technology components of the insured,” Treccani said.

Aon image via Shutterstock

This news post is collected from CoinDesk

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[cryptswahili]

Finance Guru Ronnie Moas Digs for $10 Billion in Cryptocurrency Gold

Ronnie Moas is known as a finance guru with a 15-year track record of picking stocks. Later in his career, he ventured into cryptocurrency, claiming himself to be “synonymous with Bitcoin.” That success, however, has taken a turn towards conflict.

Background on Ronnie Moas

Ronnie Moas is the founder of Standpoint Research. The Florida-based company conducts market analysis on securities, bonds, cryptocurrencies, and other assets, and is a one-man operation dependent on Moas, according to a Bitcoin Podcast interview.

According to Moas (via Standpoint Research subscriber emails):

“I am one of the most highly regarded and highest ranking analysts in the financial services industry. I have a top 20 ranking for my performance versus more than 4,700 professionals… and my company was ranked # 5 on Wall Street in 2017.”

He is also a Twitter, TV, and radio influencer, having been featured on dozens of interviews and with a following of over forty-thousand on Twitter. He has a prolific record, having published and distributed over 900 research reports, and issued more than 600 stock recommendations since July of 2003, according to Bloomberg.

Moas goes so far as to claim that his ‘expertise’ extends into the cryptocurrency markets, saying that his name “has become synonymous with Bitcoin,” predicting that it “will hit $28,000 by the end of 2018”

According to Bloomberg’s Executive Profile, Moas began his career on Wall Street as an analyst at Herzog Heine Geduld. Moas was responsible for making sector, industry, and stock recommendations. And, according to the biography, “he demonstrated remarkable accuracy with his market forecasts and stock recommendations.” He left the firm to found Standpoint Research, Inc. in 2004.

Based on statements from Moas and estimates from other sources, Standpoint Research has between 2,500 and 3,000 subscribers. This earns Moas a tidy $1.5 million to $4 million in revenue a year.

Standpoint Sells Stock Picks

Standpoint Research makes money through its subscription service. Subscribers get access to research, stock picks, and information curated by Ronnie Moas. The company uses its proprietary “artificial intelligence overlay applied to a 155-variable computer model” for generating its predictions.

For $599 to $1,119 per year, subscribers get access to Standpoint’s exclusive research. The company asserts that it helps subscribers pick investments “…so that you do not have to do that research on your own.”

Doing Deals with Dignity (DIG)

In July of 2017, Arbitrade, a company which is developing a cryptocurrency exchange and trading software, contacted Moas to conduct an analysis of their company for “internal use,” according to court documents. The report was meant for accredited investors and institutions interested in Arbitrade, said executives from the company.

Arbitrade is the parent company of Cryptobontix, a company which issued a cryptocurrency called Dignity Token, which is important later in the article.

Moas was paid $60,000 and 2 million DIG tokens, for a total in $100,000 in compensation for his report. He provided the company with a 122-page report on September of 2017, with 34 pages of that pertaining directly to DIG, based on statements from Moas and the court case.

Background on Dignity Token (DIG)

Dignity is a cryptocurrency which claims that each of its tokens is backed by $1.00 in gold. Cryptobontix, the company spearheading the project, had previously stated in its retracted white paper that it plans to pay for the gold using profits from mining farms.

The company was later acquired or merged with Arbitrade at an unspecified date. Arbitrade is a company which is “leveraging proven financial technology” that “combines a financial matching engine… and smart contracts to enable market participants and institutions to buy and sell regulated security tokens.”

The cryptocurrency Dignity was largely traded on Livecoin, a small cryptocurrency exchange that claims to be based in London.

Arbitrade also features an impressive management board, with all officers listing over 30 years experience at companies such as PepsiCo, Citibank, Uniqlo, Toys ‘R’ Us, and Taco Bell.

CryptoSlate reached out to over 10 of the members listed on Arbitrade’s website over the last five days to confirm their involvement with Arbitrade. Only one, Steve Braverman, responded with the following comment:

“I will speak with our attorney and get back to you.”

Braverman did not provide any further comments.

Digging for Billions in Gold

The first iteration of the Cryptobontix white paper claims that the profits from cryptocurrency would pay to purchase the billions needed in its gold reserves.

Miraculously, the company was able to pay for these gold reserves out of pocket. The company claims to have purchased over 395,000 kg of gold, worth roughly $16 billion at current prices.

The amount of gold is equal to roughly one-eleventh the amount of gold held in Fort Knox, a United States army fortress which once held a large portion of the country’s gold bullion when the country still used the gold standard. Today, it still holds an outlandish amount of gold.

And, in the ultimate display of legitimacy, Arbitrade purchased Nelson Mandela’s solid gold hands for an additional $10 million. Despite the strong messaging, some members of the community have warned that Arbitrade is a scam.

Ronnie Moas Catches the Gold Rush

On Sep. 18th, 2017, a small group of Standpoint’s paid subscribers were given the recommendation to purchase DIG, along with his report on UNY (the former ticker for DIG). Court filings and testimonies from several of his subscribers confirm this.

A few months later, on Feb. 8th, 2018, Moas allegedly sent a blast out to his entire subscriber base with the recommendation to buy DIG. In an interview on the Bitcoin Podcast, he describes it as an “impulsive reaction” and stated that a huge move in the coin’s price motivated him to share the report:

“The reason I released the paper, the catalyst… was seeing it move eleven hundred percent in one day, and I felt that it was an insider buy and I decided within a few minutes to jump on it.”

After February, Moas would publicly describe Dignity Tokens (DIG) as his “best idea in 20 years,” both on Twitter, and in his email letters:

Maybe my best idea in 20 years already up 300% in four weeks. I think it is getting ready to #rockandroll I see another 500% upside in the next 30-60 days … stay away from the snakes https://t.co/JlWsPzNzDp … #ACDC #blockchain $btc #crypto #cryptocurrency #bitcoin #Ethereum

— Ronnie Moas (@RonnieMoas) March 5, 2018

Florida Gold Frenzy

In June of 2018, Moas allegedly notified his subscribers that he visited an Arbitrade location and was “blown away” by the premises and operations of the facility. He also assured buyers that “every day that goes by, my confidence level in [Arbitrade’s] operation increases, and the amount of risk I see decreases,” according to redacted tweets in the court filings.

Ronnie Moas then continued to boast the merits of the Dignity Token, assuring buyers that the coin is completely and totally legitimate:

And saying that that it couldn’t be a scam, because scams are too expensive to pull off at this scale:

Moas continued to purchase DIG throughout 2018, stating in his interview that he had purchased 440,000 DIG as late as Nov. 27th, worth roughly $8,000 at the time. Over hundreds of Tweets and emails, Moas would routinely set price targets of $0.40 by the end of 2018. Meanwhile, the value of DIG eroded from $0.28 in May to less than $0.01 over the year—an over 95 percent decrease.

Flip the Script

From Dec. 16th until two weeks ago, Moas still “thought that this [Arbitrade] was legitimate.” From mid-November, Moas completely reversed his opinion about DIG, calling the cryptocurrency and the project a scam. He then proceeded to call the founders of Arbitrade fraudsters and crooks and berated them on a near-daily basis over social media.

Eventually, Moas’ accusations allegedly reached a fever pitch, posting the addresses, phone numbers, license plates, and other identifying information for the executives behind Arbitrade. He went so far as to encourage his subscribers to physically threaten the executives over email, according to the court documents.

Unfortunately, CryptoSlate is unable to list the tweets in total because they were deleted from Ronnie Moas’ account on Jan. 8th. That said, some of the accusations are listed, in hard copy, in the court filings.

The threats and accusations publicly listed by Moas culminate in a formal legal complaint from Arbitrade’s executives for libel, cyberstalking, and tortious interference, among other charges. Additionally, the documents list hundreds of incriminating emails, tweets, and correspondence with Moas, with the three executives attesting to the legitimacy of the content under penalty of perjury.

According to the filing, Moas tweeted 394 threatening tweets towards Arbitrade, 34 of which included personal information or directly tagged them on Twitter. The company issued a cease and desist, but that only caused Moas to double down.

Moas becomes despondent, with some of the messages emphasizing this:

“I have a very hot temper and I am very impulsive… emotional and sensitive and I will if I believe in something I will fight until the death for it… if a man does not have a cause worth fighting for his life is not worth living… and I will fight to the death for my subscribers and the reputation that you have destroyed in the last few months with your bullshit.”

And, at his lowest, he even talks about contemplating suicide:

“In fact, the thought of ending my own life crossed my mind several times already today, but that would be a victory for you. I just took anti-anxiety medicine for the third time this weekend you filthy scumbags. God sees everything, and you will get what is coming to you.”

Is Ronnie Moas the Victim?

Based on testimony from Moas’ paid subscribers and evidence from the court proceedings, the finance professional allegedly never disclosed his payments from Arbitrade or his personal holdings and investment in Dignity Token.

Thomas McLoughlin, the CEO of Blockstake and former banking analyst, reaffirms this in correspondence with CryptoSlate:

“In neither Ronnie’s buy recommendation to his paying subscribers in November of 2017, nor his subsequent follow-ups was this compensation mentioned. In fact, this conflict of interest was only disclosed after the company publicly brought forth these facts.”

Not only that, many of Moas’ subscribers allegedly warned him of the red flags surrounding Arbitrade, including McLoughlin:

“After being asked by a third-party to run diligence on Dignity, a number of red flags surfaced… checkered past of numerous key executives, unsustainable business model… deadlines continually missed or ignored, and most importantly any lack of concrete evidence to Arbitrade’s gold or mining operation. In addition, Dignity token was and is traded only on a small exchange called Livecoin and had severe technical disruptions throughout the course of the year.”

In response to McLoughlin’s concerns, Moas had this to say:

“You are making a complete fool of yourself. I will not waste my time on this garbage message. My subscribers know EXACTLY [sic] what is going on.”

When asked about the warning signs around Dignity on the Bitcoin Podcast, Moas said the following:

“I haven’t done background checks on anyone in 20 years. I don’t have time to do that. My subscribers expect a name from me every week.”

His defense: they were “charming people,” and he had no idea that any of this was happening. For the remainder of the interview, Ronnie Moas asserts he was the victim, that he was duped, and that he was, and still is, innocent.

Even though Moas wrote a 122-page report on the company, and was supposedly paid $100,000 to investigate the merits of Arbitrade—apparently he “doesn’t have the time” to do background checks, according to commentary in the Bitcoin Podcast interview.

Finally, when asked if his involvement could be construed as a “pump and dump” on the Bitcoin Podcast, he had the following eloquent statement:

“Now go fuck yourself,” and left the interview.

Subscribers Outraged

As Ronnie Moas turned sour towards Arbitrade, his subscribers turned furious. Many were angry that they were shilled DIG. There are dozens of people who have called him a fraud because of his behavior. Some of these people lost tens of thousands following his recommendation.

$DIG is not a scam.

Ronnie Moas is a liar and a fraud.@ArbitradeX who owns $DIG, just filed an injunction and lawsuit today because of it.

Do some homework. Happy to provide all 10 pages. pic.twitter.com/UpTRQTjJcd

— Brandon William (@azbill_brandon) January 3, 2019

Despite Moas’ allegations, there are still many who assert that Arbitrade is legitimate on Twitter.

Michael Kelly, who claims to be one of Moas’ paid subscribers, made the following testimony to CryptoSlate:

“He is quite honestly the most unprofessional and odious man I’ve ever had the displeasure to come across, a pathological liar who refuses to admit his wrongdoing, instead blaming Arbitrade for all this after his extortion attempts fell flat. I never acted on a single one of his tips, that’s the level of his service. I guess I should be thankful for that.”

Legal Battle Intensifies

The civil case (search Moas, Ronnie), James Goldberg et. al. vs Ronnie Moas has intensified over the last few days. After repeated accusations of “criminal intent,” the courts have granted several emergency motions to determine potential criminality:

According to new documents filed on Jan. 8th, James Goldberg et. al. alleges that Ronnie Moas has repeatedly violated the court’s orders, and that Goldberg was in “fear of physical harm for himself and his family,” and filed a formal complaint listing Moas’ violations over Twitter and email after furnishing Moas a cease and desist complaint.

Meanwhile, one of Moas’ subscribers claims that he sent out the following email today:

Summary

Ronnie Moas claims to be a “highly regarded and highest ranking analysts in the financial services industry, someone whose name is ‘synonymous with Bitcoin.’”

Moas received a large sum of money to write a report on a company. He then allegedly leaked this report to his subscribers—without providing disclosure of his conflict of interest or his stake in Dignity Token.

Then, Moas proceeded to promote the project for over a year. Suddenly, he changed the narrative and called the project an outright scam. His subscribers and those who follow him on social media have lost tens of thousands of dollars as a result of his recommendations.

In Moas’ words, he’s the victim. When asked why concerns over DIG did not surface during the 122-page report he wrote for Arbitrade, his explanation was that “he doesn’t do background checks.”

Moas then allegedly proceeded to threaten and harass Arbitrade’s executives to the point where they fear physical harm to themselves and their families. Moas then told his subscribers that the reason for his absence is because of medical complications.

“Standpoint Research service will NOT be compromised in any way,” Moas allegedly said in his email to subscribers today. CryptoSlate will continue to follow the story and release updates as the civil lawsuit unfolds and as more information becomes available on Arbitrade.

The post Finance Guru Ronnie Moas Digs for $10 Billion in Cryptocurrency Gold appeared first on CryptoSlate.

[Telegram Channel | Original Article ] [Telegram Channel | Original Article ] [Telegram Channel | Original Article ]

[jamieclawhorn]

Have £2,000 to spend? 3 FTSE 250 dividend stocks I’d buy today and never sell

In turbulent times like these, it’s always a good idea to have some exposure to gold. In fact, if the size and suddenness of October’s stock market corrections have taught us anything, it is that it’s a wise investor who is prepared for such eventualities all of the time.

Holders of Polymetal International (LSE:POLY) would have been toasting the waves of risk-aversion that battered financial markets in recent weeks, its share price leaping to levels not seen since February on the back of a resurgent bullion price.

And there’s plenty of reason to expect gold to remain well bought as Brexit talks reach their end game, as the second Cold War ramps up, as the war of words over international trade goes on, and as fears of overheated equity markets grow.

With earnings at Polymetal expected to keep flying through the medium term at least, City brokers are predicting bulky dividends of 44 US cents per share and 52 cents for 2018 and 2019 respectively, figures that yield a chunky 4.7% and 5.6%.

European invader

The significant growth potential for value shopping brands makes B&M European Value Retail (LSE: BME) another great dividend share to buy today.

The FTSE 250 retailer doesn’t boast the same sort of monster yields as Polymetal, its own readings clocking in at 2.1% for this year and 2.4% for next year. But the rate at which the firm is growing its dividends, assisted by some fairly stunning double-digit earnings advances, still makes it a brilliant income share, I feel.

The full-year payout leapt almost 25% in the year to March 2018, for example, to 7.2p per share. And City boffins are predicting that it will swell to 8.5p this year and to 9.8p next year.

I’ve previously tipped B&M to thrive as it expands rapidly across the UK and Germany. And news last week that it was continuing its European invasion with the takeover of French cut-price retailer Babou boosted my enthusiasm. Its trading model is terrific and should be as popular with Gallic shoppers as those in its other territories.

A hot dip buy

I feel Hill & Smith (LSE: HILS) is another great dividend growth to pile into today despite the release of disappointing financials more recently.

In August, investors took fright after the crash barrier builder advised that short-term delays to some UK road projects, allied with the impact of bad weather, caused profits to fall short of expectations in the first fiscal half.

Still, thanks to its robust order book, Hill & Smith advised that it expects a good second half of 2018. And looking further down the line, the profits outlook looks good too, as infrastructure investment in Britain as well as the US is only heading one way, and that is northwards.

So I fully expect dividends, which have relentlessly risen for about a decade-and-a-half, to continue rising. The City agrees and last year’s 30p per share reward is anticipated to rise to 31.8p in 2018 and again to 33.1p next year, figures that yield a beefy 3.3% and 3.4% respectively.

Want To Boost Your Savings?

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The report is entirely free and available for download today, so if you’re interested in exiting the rat race and achieving financial independence, click here to download the report. What have you got to lose?

More reading

These 2 FTSE 100 dividend stocks yield 9%, but is this mighty income sustainable?

Why the Budget has dealt a fresh tax hammer blow to buy-to-let investors

Is the GSK share price heading for 2,000p again?

Have £2,000 to invest? These 2 FTSE 100 6% dividend bargains could help you put it to work

Why I’d buy this FTSE 100 dividend growth stock and never sell

Royston Wild has no position in any of the shares mentioned. The Motley Fool UK owns shares of B&M European Value. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

[martinfzimmerman]

Gold & Silver Investors’ 8 Commandments for Avoiding Rip Offs

For every promising investment opportunity, you come across, there are multiple opportunities for bad-faith brokers and hucksters to try to rip you off.

It could be undisclosed commissions and fees in an annuity, unwanted accounts opened up by a banker seeking additional fees, trades sabotaged by market manipulators, or any number of other schemes.

Rip-off artists, unfortunately, operate within the precious metals space as well.

Most recently, a scammer posing as a government agent in order to gain people’s trust was convicted of selling counterfeit gold bars and phony Morgan silver dollars. He took one investor for $11,000, according to reports.

You can avoid this type of scam as well as other common cheats when buying or selling precious by heeding the following guidelines.

Avoid “Too Good to Be True” Deals

If a price on a bullion product sounds too good to be true – or comes with exorbitant incentives or exaggerated claims – you should be suspicious.

Gold and silver bullion products do not legitimately sell below spot prices. Individuals holding precious metals can visit a dealer and sell items immediately, for full value. Given that everyone has this option, it is highly likely anyone offering items well below actual value is trying to stick it to you.

Legitimate dealers cannot afford to offer items way below cost either. Dealers must charge small premiums above spot prices to reflect product minting costs and the costs of doing business. (One notable exception: 90% silver U.S. coins minted prior to 1965 (aka “junk” silver) which exhibit significant wear occasionally become available at melt value or even slightly lower.)

Choose a Reputable Dealer and Use Extreme Care Buying from Unknown Parties Online

Find a reputable dealer who offers prompt, reliable service, and fair prices. Customers who buy based solely on slick advertisements or low quoted prices risk getting left holding the bag when that dealer fails to deliver.

Every so often a dealer will come along that tries to undercut the industry with super-low prices. Only a few years back a “low price leader” called Tulving & Company went bust. A similar blow up occurred at the Northwest Territorial Mint in 2016.

In both cases, warning signs included delivery delays and rising customer complaints. A slew of customers ultimately lost tens millions of dollars when their orders went undelivered.

Bottom line – receiving actual delivery of your metals is way more important than getting the lowest price!

Take a few minutes to investigate a dealer’s online reputation before ordering. You should also expect the dealer to provide a firm estimate as to when the order will ship when the order is placed.

Avoid eBay, Craigslist, and Other Online Bulletin Boards

You may be tempted to peruse sources such as eBay, Craigslist, or flea markets to try to find hidden bargains. But all too often, the only ”hot deals” being offered are from sellers with questionable or poor reputations.

Auction sites, including eBay, charge significant fees to the seller. That means reputable dealers must charge very high prices within that platform – passing along the fees eBay charges them. Better prices are usually available by going directly to dealers outside of eBay.

It is always better to know you are dealing with an established business with a reputation for fair dealing, rather than random individuals who can disappear in the night.

With underground sources, you can spend hours researching, bidding, emailing, phoning, driving, and waiting… only to still be left worrying that the product you bought might be counterfeit, stolen, or otherwise not as described.

Avoid Rare Coins and Other Hard-To-Sell Products Price Way Above Their Melt Value

Numismatics – coins that carry hefty premiums as collectibles – are a huge profit opportunity for dealers and scammers alike.

Gold and silver bullion products do not legitimately sell below spot prices.

Only serious collectors and experts are qualified to make wise investment decisions in so-called rare coins, so scammers love to peddle them.

If you are a bullion investor, you are more concerned with the number of ounces you hold than the supposed rarity or aesthetic value of coins.

Sometimes the dealer is the scammer – making false claims about a coin’s history, for example, or engaging in “bait and switch” tactics and outright lies to steer unwitting customers into high-premium coins.

There are prominent numismatic dealers that had paid for celebrity endorsements and TV commercials now face litigation over their dishonest sales tactics.

The numismatic market also attracts forgers. There’s little incentive to tamper with bullion coins that sell close to melt value when the value of a numismatic coin can be hugely inflated by altering its grade or appearance slightly.

Know Exactly What Something Is Worth to Sell… Before You Buy

Doing a bit of upfront due diligence to determine how – and for how much – you can sell the precious metals you are considering buying can help you steer clear of big mistakes.

It’s not unusual to find a seller of so-called “rare” coins would only pay you 60% of your purchase price if you were to sell it back to them the next day. Most coins being represented as “rare” are not particularly scarce or desirable. They do not bring much premium above the value of their metal content when it is time to sell.

Bottom line – avoid precious metals that are not actively traded. If the difference between the price you will pay to buy and the price you would receive to sell is more than 5-10%, you are likely paying too much.

Never Sell Coins, Rounds or Bars at More Than a 5% Discount to Melt Value

When the time comes to sell your bullion, the “cash for gold” sign displayed at your local strip mall represents a fast and convenient way to get paid a fraction of what your bullion is worth.

Whether it’s a jewelry store, a pawn shop, or a scrap gold middleman, you almost certainly won’t be offered anything near fair value. If you negotiate aggressively, you might get closer. But you’ll almost always get a better upfront offer from a large national bullion dealer.

Some coin dealers will offer more than others, of course. A small local shop that doesn’t carry much inventory may only be able to serve as a middleman for your bullion (and lower the buy price accordingly). Or they may not be able to make an offer at all. A large national dealer will be generally able to accept bullion in larger quantities and varieties – and with narrower buy/sell spreads.

Treat Your Bullion Purchases Confidentially and Store Your Metals Securely

A precious metals stash will be at higher risk of theft if you don’t secure it. One of the very best ways to secure your gold and silver is to keep your mouth shut. Loose lips really do sink ships.

A good home safe that is hidden from view and embedded in or bolted into concrete will go even further to minimize the chances of a burglary.

It can also be a good idea to keep a separate, larger stash in a professionally secured storage facility. A bank safe-deposit box is not suitable for this purpose. Nor are pooled bullion programs offered by brokerage firms.

A few years ago, MF Global lost clients’ gold when it co-mingled their assets with those of the firm…and the firm’s bad derivatives bets caused it to go bankrupt.

Insist on fully segregated storage for maximum security. Money Metals Depository offers this service, as do a few other dedicated bullion storage facilities.

Know When Your Bullion Order is Expected to Ship and Monitor the Dealer’s Follow Through

A dealer who is repetitively slow to ship orders is, at best, a poor operator.

At worst, late shipments are a signal that the dealer is in serious financial trouble. They are selling inventory they don’t have and can’t pay for without waiting for funds to come in from future buyers.

Very occasionally there can be legitimate reasons for a delayed shipment.

For example, there have been a few short periods in recent years when mints and refiners were not able to keep up with the huge demand for coins, rounds, and bars, and extended lead times for delivery were not uncommon. But reputable dealers will explain any expected shipping delay upfront, so the client knows what to expect.

With the current glut of inventory in the market, however, there is no excuse for delivery delays at the present time. So, if you do not receive prompt delivery, you are most definitely taking more risk by placing another order with that particular dealer.

While performing your due diligence on a dealer, it is wise to look for regular customer complaints about late deliveries. The Better Business Bureau website is one good place to search for what people have to say.

Stefan Gleason is President of Money Metals Exchange, the national precious metals company named 2015 “Dealer of the Year” in the United States by an independent global ratings group. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist. Gleason has frequently appeared on national television networks such as CNN, FoxNews, and CNBC, and his writings have appeared in hundreds of publications such as the Wall Street Journal, Detroit News, Washington Times, and National Review.

from Gold Silver Worlds http://goldsilverworlds.com/gold-silver-insights/gold-silver-investors-8-commandments-for-avoiding-rip-offs/

[theconservativebrief]

Avoid scams and cheats when buying or selling precious metals by heeding the following guidelines…

Stefan Gleason

(Stefan Gleason, Money Metals News Service) For every promising investment opportunity you come across, there are multiple opportunities for bad-faith brokers and hucksters to try to rip you off.

It could be undisclosed commissions and fees in an annuity, unwanted accounts opened up by a banker seeking additional fees, trades sabotaged by market manipulators, or any number of other schemes.

Rip-off artists, unfortunately, operate within the precious metals space as well.

Most recently, a scammer posing as a government agent in order to gain people’s trust was convicted of selling counterfeit gold bars and phony Morgan silver dollars. He took one investor for $11,000, according to reports.

You can avoid this type of scam as well as other common cheats when buying or selling precious by heeding the following guidelines.

1. Avoid “Too Good to Be True” Deals

If a price on a bullion product sounds too good to be true – or comes with exorbitant incentives or exaggerated claims – you should be suspicious.

Gold and silver bullion products do not legitimately sell below spot prices. Individuals holding precious metals can visit a dealer and sell items immediately, for full value. Given that everyone has this option, it is highly likely anyone offering items well below actual value is trying to stick it to you.

Legitimate dealers cannot afford to offer items way below cost either. Dealers must charge small premiums above spot prices to reflect product minting costs and the costs of doing business. (One notable exception: 90% silver U.S. coins minted prior to 1965 (aka “junk” silver) which exhibit significant wear occasionally become available at melt value or even slightly lower.)

2. Choose a Reputable Dealer and Use Extreme Care Buying from Unknown Parties Online

Find a reputable dealer who offers prompt, reliable service, and fair prices. Customers who buy based solely on slick advertisements or low quoted prices risk getting left holding the bag when that dealer fails to deliver.

Every so often a dealer will come along that tries to undercut the industry with super-low prices. Only a few years back a “low price leader” called Tulving & Company went bust. A similar blow up occurred at the Northwest Territorial Mint in 2016.

In both cases, warning signs included delivery delays and rising customer complaints. A slew of customers ultimately lost tens millions of dollars when their orders went undelivered.

Bottom line – receiving actual delivery of your metals is way more important than getting the lowest price!

Take a few minutes to investigate a dealer’s online reputation before ordering. You should also expect the dealer to provide a firm estimate as to when the order will ship when the order is placed.

Customer reviews for Money Metals Exchange are overwhelmingly positive for a reason. Regardless of whether you’re a new customer with a small budget or an experienced stacker, you can buy with confidence from Money Metals.

3. Avoid eBay, Craigslist, and Other Online Bulletin Boards

You may be tempted to peruse sources such as eBay, Craigslist, or flea markets to try to find hidden bargains. But all to often, the only ”hot deals” being offered are from sellers with questionable or poor reputations.

Auction sites, including eBay, charge significant fees to the seller. That means reputable dealers must charge very high prices within that platform – passing along the fees eBay charges them. Better prices are usually available by going directly to dealers outside of eBay.

It is always better to know you are dealing with an established business with a reputation for fair dealing, rather than random individuals who can disappear in the night.

With underground sources, you can spend hours researching, bidding, emailing, phoning, driving, and waiting… only to still be left worrying that the product you bought might be counterfeit, stolen, or otherwise not as described.

4. Avoid Rare Coins and Other Hard-To-Sell Products Price Way Above Their Melt Value

Numismatics – coins that carry hefty premiums as collectibles – are a huge profit opportunity for dealers and scammers alike. Gold and silver bullion products do not legitimately sell below spot prices.

Only serious collectors and experts are qualified to make wise investment decisions in so-called rare coins, so scammers love to peddle them.

If you are a bullion investor, you are more concerned with the number of ounces you hold than the supposed rarity or aesthetic value of coins.

Sometimes the dealer is the scammer – making false claims about a coin’s history, for example, or engaging in “bait and switch” tactics and outright lies to steer unwitting customers into high-premium coins.

There are prominent numismatic dealers that had paid for celebrity endorsements and TV commercials now face litigation over their dishonest sales tactics.

The numismatic market also attracts forgers. There’s little incentive to tamper with bullion coins that sell close to melt value when the value of a numismatic coin can be hugely inflated by altering its grade or appearance slightly.

5. Know Exactly What Something Is Worth to Sell… Before You Buy

Doing a bit of upfront due diligence to determine how – and for how much – you can sell the precious metals you are considering buying can help you steer clear of big mistakes.

It’s not unusual to find a seller of so-called “rare” coins would only pay you 60% of your purchase price if you were to sell it back to them the next day. Most coins being represented as “rare” are not particularly scarce or desirable. They do not bring much premium above the value of their metal content when it is time to sell.

Bottom line – avoid precious metals that are not actively traded. If the difference between the price you will pay to buy and the price you would receive to sell is more than 5-10%, you are likely paying too much.

6. Never Sell Coins, Rounds or Bars at More Than a 5% Discount to Melt Value

When the time comes to sell your bullion, the “cash for gold” sign displayed at your local strip mall represents a fast and convenient way to get paid a fraction of what your bullion is worth.

Whether it’s a jewelry store, a pawn shop, or a scrap gold middleman, you almost certainly won’t be offered anything near fair value. If you negotiate aggressively, you might get closer. But you’ll almost always get a better upfront offer from a large national bullion dealer like Money Metals Exchange (which happens to have the best “sell to us” prices in America).

Some coin dealers will offer more than others, of course. A small local shop that doesn’t carry much inventory may only be able to serve as a middleman for your bullion (and lower the buy price accordingly). Or they may not be able to make an offer at all. A large national dealer will be generally able to accept bullion in larger quantities and varieties – and with narrower buy/sell spreads.

7. Treat Your Bullion Purchases Confidentially and Store Your Metals Securely

A precious metals stash will be at higher risk of theft if you don’t secure it. One of the very best ways to secure your gold and silver is to keep your mouth shut. Loose lips really do sink ships.

A good home safe that is hidden from view and embedded in or bolted into concrete will go even further to minimize the chances of a burglary.

It can also be a good idea to keep a separate, larger stash in a professionally secured storage facility. A bank safe-deposit box is not suitable for this purpose. Nor are pooled bullion programs offered by brokerage firms.

A few years ago, MF Global lost clients’ gold when it co-mingled their assets with those of the firm…and the firm’s bad derivatives bets caused it to go bankrupt.

Insist on fully segregated storage for maximum security. Money Metals Depository offers this service, as do a few other dedicated bullion storage facilities (albeit at higher storage fees than MMD).

8. Know When Your Bullion Order is Expected to Ship and Monitor the Dealer’s Follow Through

A dealer who is repetitively slow to ship orders is, at best, a poor operator.

At worst, late shipments are a signal that the dealer is in serious financial trouble. They are selling inventory they don’t have and can’t pay for without waiting for funds to come in from future buyers.

Very occasionally there can be legitimate reasons for a delayed shipment.

For example, there have been a few short periods in recent years when mints and refiners were not able to keep up with the huge demand for coins, rounds, and bars, and extended lead times for delivery were not uncommon. But reputable dealers will explain any expected shipping delay upfront, so the client knows what to expect.

With the current glut of inventory in the market, however, there is no excuse for delivery delays at the present time. So if you do not receive prompt delivery, you are most definitily taking more risk by placing another order with that particular dealer.

While performing your due diligence on a dealer, it is wise to look for regular customer complaints about late deliveries. The Better Business Bureau website is one good place to search for what people have to say.

Original Source ->

Gold & Silver Investors’ 8 Principles for Avoiding Rip Offs

via The Conservative Brief

[coursbitcoinworld-blog]

Cours Bitcoin- Intro

For those unfamiliar with Bitcoin, there are better ways to begin understanding it than this article; I'd recommend Wikipedia for starters. This article is intended for those who already think they know what Bitcoin is, but haven't yet traded in it. I was there - I thought I comprehended it, too, but having since dipped my toe in the pond, I've discovered an unexpectedly enlightening experience. There are so many nuances involved in the trading of Bitcoin as to make it tremendously educational. It forced me to consider a lot of the built-in features which go unscrutinized and even unrecognized in traditional currencies. In so doing, it made me assign my own values to those features, and allowed me to decide the most preferable ways of satisfying my various needs - choices which are normally taken from us.

There are aspects of Bitcoin which make it similar to fiat currency, but it is not cash. There are aspects similar to gold, but it is not bullion. There are aspects similar to securities, but it is not exactly a security. The question of "What is it?" is actually much more complicated than it appears. It exists solely as an entry in a distributed digital ledger; "having" Bitcoins really means having authority to transfer Bitcoins. No, in fact, that's not even technically correct. It means having a degree of authority measured in Bitcoins to transfer that very same authority. Try to wrap your brain around that. Going forward, I'll resort to referring to Bitcoins as the thing of value which is transferred, but understand that my doing so is solely shorthand to make this essay readable. Having Bitcoins is the authority to transfer authority.

Thus, upon deciding to acquire my first Bitcoin, the first step was to determine how to attain authority to transfer Bitcoins. One could theoretically print out the cryptographic code of a Bitcoin and hand the paper to someone else as a means of transferring the Bitcoin represented by the code, but how would that recipient know that the printout hadn't been duplicated and already spent? For that matter, how would the recipient know that the printout even represented some value in Bitcoin rather than merely a string of random characters? Transferring printouts of Bitcoin on paper may work (albeit inefficiently) between people who implicitly trust each other, such as for gifts between relatives, but the genius of Bitcoin is the distributed but authoritative nature of its ledger, and for that to work, transactions have to be exposed to its network.

If a Bitcoin printout is transferred around amongst a group of people without being exposed to the network, none of them would know whether it was valid or counterfeit. It would be like passing around a bank draft made payable to "Bearer;" it might have already been paid, or it might never have been good in the first place. No one would know until they tried to present it for payment at the maker's bank. As long as someone else is willing to accept a potentially-hot potato for goods or services, perhaps it doesn't matter, but people tend to be wary of ending up with hot potatoes. I am one such person, so I wanted my receipt of Bitcoins to be verified by the network. This turned my focus to a study of digital Bitcoin "wallets." Wallets are a digital place to store Bitcoin authority codes.

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Smart Bitcoin Strategies To Accumulate Gold Bullion

Also, probably because it is practically impossible to shut down the crypto-world for as long as the internet exists. Regulators can only focus on areas where they may be able to exercise some control, which seems to be where cryptocurrencies meet fiat currencies (i.e. the cryptocurrency exchanges).

While cryptocurrencies seem to come under more scrutiny as time progresses, such events do benefit some countries like Hong Kong. Since the Chinese ICO ban, many founders of cryptocurrency projects have been driven from the mainland to the city.

Aurelian Menant, CEO of Gatecoin, said that the company received "a high number of inquiries from blockchain project founders based in the mainland" and that there has been an observable surge in the number of Chinese clients registering on the platform.

Looking slightly further, companies like Nvidia have expressed positivity from the event. They claim that this ICO ban will only fuel their GPU sales, as the ban will likely increase the demand for cryptocurrency-related GPUs. With the ban, the only way to obtain cryptocurrencies mined with GPUs is to mine them with computing power.

As such, individuals looking to obtain cryptocurrencies in China now have to obtain more computing power, as opposed to making straight purchases via exchanges. In essence, Nvidia's sentiments is that this isn't a downhill spiral for cryptocurrencies; in fact, other industries will receive a boost as well. In light of all the commotion and debate surrounding cryptocurrencies, the integration of the technology into the global economies seem to be materialising hastily. Successful miners receive coins too in appreciation of their time and resources utilized.

Once used, the transaction information is broadcasted to a blockchain in the network under a public-key, preventing each coin from being spent twice from the same user. The blockchain can be thought of as the cashier's register.

Coins are secured behind a password-protected digital wallet representing the user. Supply of coins in the digital currency world is pre-decided, free of manipulation, by any individual, organizations, government entities and financial institutions.

The cryptocurrency system is known for its speed, as transaction activities over the digital wallets can materialize funds in a matter of minutes, compared to the traditional banking system. It is also largely irreversible by design, further bolstering the idea of anonymity and eliminating any further chances of tracing the money back to its original owner.

Unfortunately, the salient features - speed, security, and anonymity - have also made crypto-coins the mode of transaction for numerous illegal trades. Just like the money market in the real world, currency rates fluctuate in the digital coin ecosystem. In fact, it's up about 1,200% over the past year, causing a lot of people to think it's in a bubble. The total value of bitcoins in circulation is now over $150 billion.

If bitcoin was a company, it would be in the top 50 largest in the United States. I personally believe that the only reason bitcoin is so much more valuable than any other cryptocurrency is because it was the one that first broke through to the mainstream. That's still important, though. It, at the very least, gives other coin developers something to improve on.

The good thing is that even if you think you've missed the boat with bitcoin, there are plenty of other cryptocurrencies out there. Of course, some are scams, but others have real potential. One of the ones that I believe has real, practical use is called Dash. First, Dash is ahead of the game in terms of convenience. Right now, bitcoin transactions take about 10 minutes to an hour on average.

Whether you are an avid investor or just a beginner, trading in cryptocurrencies will sound an irresistible investment opportunity for you. However, before you get started, it is important to consider whether you will speculate on the prices of digital assets or buy them. So, if you are interested in cryptocurrency trading, take a look at five key advantages of trading CFDs on cryptocurrencies.

The cryptocurrency market is highly volatile, especially due to the bulk amount of short-term speculative interests. Prices of cryptos can fall or rise significantly within a short span of time. And this volatility makes cryptocurrency trading more exciting. Rapid changes in prices intraday can pave for lucrative investment opportunities to go short or long. However, frequent market fluctuations come with increased risks as well.

Therefore, you should consult an expert trading partner such as SUISSE BANK to make a wide trading decision at the right time. I spoke to cryptocurrency expert and long term investor Duke Randal who thinks the asset is overvalued, "I would compare this to many supply and demand bubbles over history such as Dutch Tulip Mania and the dot com bubble of the late 90s. Prices are purely speculation based, and when you look at Bitcoin's functionality as an actual currency it is almost embarrassing."

For those who don't know, the dot com bubble was a period between 1997-2001 where many internet companies were founded and given outrageously optimistic valuations based purely on speculation that later plummeted 80-90% as the bubble began to collapse in the early 2000s. Some companies such as eBay and Amazon, recovered and now sit far above those valuations but for others it was the end of the line.

Bitcoin was originally created in order to take power away from our financial systems and put people in control of their own money, cutting out the middle man and enabling peer to peer transactions. However, it is now one of the slowest cryptocurrencies on the market, its transaction speed is four times slower than the fifth biggest cryptocurrency and its nearest competitor for payment solutions Litecoin.

Bitcoin is hot! It rose to $5480.68 per coin recently! People are scrambling to get hold of it. But, can you actually pay for things with this digital cash? Dell now accepts Bitcoin. They have a partnership with Coinbase, one of the most trusted exchanges.

Microsoft - Add money to your account with Bitcoin to buy apps, games, and videos. TigerDirect - California-based retailer that offers electronics, computers, and computer components that caters to business and corporate customers. Virgin Galactic - The Richard Branson-led aviation company started accepting Bitcoin for customers who are interested in flying to space and paying for it using Bitcoin. Reddit - Reddit allows users to purchase Reddit Gold using Bitcoins. Zynga - A popular mobile gaming company loves Bitcoin.

Memory Dealers - Carries a large range of networking hardware equipment and computer memory. The Sacrament Kings NBA franchise takes Bitcoin for food, clothing, and beer. Namecheap - This service offers inexpensive domain registration. Intuit - an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals.

A Class Limousine - Luxury service will pick you up. Bitcoin is just an infant. More and more businesses will realize the value of this magic currency soon. Many wealthy investors are buying it up like crazy. Maybe they know something the general public needs to know!

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[ameliemeetsart]

Education by Bitcoin - Part I

For those unfamiliar with Bitcoin, you can find better ways to start comprehending it than this article; I would recommend Wikipedia for starters. The following guide is designed for people who already think they know what Bitcoin is, however, haven't yet traded in it. I was there - I believed I understood it, too, but having because dipped my toe in the pond, I've discovered an unexpectedly insightful experience. There are many nuances involved in the trading of Bitcoin as to create it tremendously educational. It compelled me to consider a great deal of the built-in attributes which go unscrutinized and even unrecognized in traditional currencies. In so doing, it made me my own values to those attributes, and allowed me to decide the most preferable methods of fulfilling my various needs - decisions that are normally taken from us.

There are facets of Bitcoin that make it like fiat currency, but it isn't cash. There are aspects similar to gold, but it is not bullion. There are aspects very similar to securities, but it isn't just a safety. The question of"What's it?" Is actually much more complex than it seems. No, in fact, that's not even technically correct. It means using a degree of authority quantified in Bitcoins to transfer that very same authority. Try to wrap your mind around that. Going forward, I will resort to speaking to Bitcoins as the item of value that's transferred, but know that my doing so is solely shorthand to produce this essay readable. Having Bitcoins is the ability to transfer authority.

Thus, upon deciding to acquire my first Bitcoin, the first step was to determine how to attain ability to transfer Bitcoins. An individual could theoretically print out the cryptographic code of a Bitcoin and hand the paper to somebody else as a means of transferring the Bitcoin represented by the code, but how could that receiver know that the printout hadn't been duplicated and spent? For that matter, how would the recipient know that the printout even represented some value in Bitcoin instead of merely a series of random characters?

If a Bitcoin printout is transferred around amongst a group of people without being subjected to the community, none of them would understand whether it was legitimate or counterfeit. It would be like passing around a bank draft made payable to"Bearer;" it might have already been compensated, or it may not have been great in the first place. No one would understand until they tried to present it for payment in the maker's bank. Provided that someone else is willing to accept a potentially-hot potato for products or services, maybe it doesn't matter, but folks tend to be wary of ending up using hot potatoes. I'm one person, so I wanted my own receipt of Bitcoins to be verified from the network. This turned my focus on a study of digital Bitcoin"pockets" Wallets are an electronic location to store Bitcoin codes.

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Remitano Becomes Latest Crypto Company to Introduce BCH Support

Remitano Becomes Latest Crypto Company to Introduce BCH Support

Remitano, an escrowed peer-to-peer (P2P) cryptocurrency marketplace and remittance services providers, has recently integrated support for Bitcoin Cash (BCH) across its platform. Remitano currently operates in over half a dozen different countries.

Also Read: ASIC Resistance Increasingly Hot Topic in Crypto as Monero Forks

Bitcoin Cash now Supported by Remitano

Seychelles-based peer-to-peer trading platform and cryptocurrency remittance provider, Remitano, recently adopted Bitcoin Cash. The company has praised BCH’s low fees and utility as a means of exchange.

Remitano co-founder, Dung Huynh, stated “While Bitcoin has been suffering from high transaction fees, Bitcoin Cash offers a far cheaper transaction fee. It can, therefore, be more easily used as daily, P2P electronic cash.”

Remitano currently operates in the United States, Australia, Malaysia, Nigeria, Vietnam, Cambodia, and China. Remitano charges trading fees of 0.5%. As of this writing, Remitano supports Bitcoin, Ethereum, Tether, and Bitcoin Cash. Remitano is owned by Babylon Solutions Limited.

“We believe that Bitcoin Cash can foster crypto payment to the next level and are therefore proud to be the first major P2P exchange that offers this to our users,” said Mr. Huynh.

Bitcoin Cash Support Grows

Bitcoin Cash has recently enjoyed uptake among a number of notable companies operating in the cryptocurrency industry.

Earlier this week, Abu Dhabi-based brokerage, ADS Securities, announced the launch of Bitcoin Cash contracts-for-difference (CFD) trading on its platform. The company announced the introduction of BCH trading alongside the launch of Litecoin and Ripple CFDs also.

Another significant recent example of BCH adoption is Trezor’s indication that efforts are being made by the hardware wallet manufacturer to support Bitcoin Cash’s new Cashaddr address format. In a tweet criticizing Bitcoin Cash for failing to address the similarities between the address formats used by BCH and BTC, Trezor’s co-founder stated that “Cashaddr support is in standard development process and it’ll be ready when done.”

At the end of March, text messaging platform Cointext announced the introduction of a service allowing users to send Bitcoin Cash via text message without being connected to the internet. Schiff Gold – a bullion company owned by economist, gold bug, and notorious bitcoin skeptic, Peter Schiff, also recently announced that it would accept payments in the form of BCH through Bitpay.

Bitcoin Cash is currently expected to fork again on May 15, 2018. The fork will see the maximum block size increased to “32 MB”, in addition to the implementation of “several bitcoin script operation codes.”

Do you think low fees will continue to drive Bitcoin Cash adoption? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

Need to calculate your bitcoin holdings? Check our tools section.

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via Kingmind Remitano Becomes Latest Crypto Company to Introduce BCH Support

[click2watch]

The Crypto Insurance Market May Total $6 Billion. That’s Nowhere Near Enough

As Wall Street raises the stakes around cryptocurrency, large institutional players are circling this new asset class and bringing with them their own set of requirements.

For example, there’s a need for qualified custodians to hold the assets these big-money investors will trade, as in the traditional, regulated financial realm. But a less-discussed yet critical condition for making institutions feel at home is providing adequate insurance against theft for all those custodied assets.

The problem is that there’s not enough of this insurance to go around.

While insurance is an opaque market, estimates of the total amount of coverage the industry is willing to provide to crypto custodians and exchanges top out at $6 billion – a drop in the bucket, considering that the top three exchanges each handle more than $1 billion of trades a day, to say nothing of the total market capitalization of all cryptocurrencies of $140 billion, even after this week’s brutal sell-off.

And that’s the optimistic insurance scenario.

“Total available capacity for crypto-related crime insurance placements starkly lags demand,” said Jacqueline Quintal, financial institutions practice leader at insurance broker Aon Risk Solutions,

Insurance is critical for getting institutions to invest because unlike stocks and bonds, crypto is for all intents and purposes a bearer asset. Once a thief obtains the private keys to a wallet, the money is gone, like cash or jewelry pilfered from a safe.

And despite the 2018 bear market, crypto remains a juicy target for criminals around the world, as evidenced by kidnapping and extortion cases from New York to India. The large amounts institutions would hold would only compound the risk.

One reason for the shortage is that right now there’s a chicken-and-egg problem for the insurance industry: there is almost nothing to go on in terms of a history of losses and claims, which underwriters crave to model the risks involved.

“Increasing numbers of policyholders will be looking for comfort that they have specific coverage that is expected to apply in the event of a blockchain-related loss,” said Daniel J. Healy, a partner in the Washington, D.C., office of the law firm Anderson Kill.

Coinbase’s big score

In this context, it’s notable that one of the big exchanges, San Francisco-based Coinbase, has eaten up a huge chunk of the cover being written, with about $250 million worth, according to people familiar with the situation.

To put that figure in perspective, Quintal said limits depend on the type of wallets and storage but around $100 million is about right for an exchange doing a mix of hot and cold storage, i.e. online and offline wallets, respectively.

For purely cold storage, “you can get considerably north of that figure,” she said.

While Coinbase would not discuss numbers, Philip Martin, the company’s vice president of security at Coinbase, acknowledged that it’s one of the market’s largest consumers. 

Noting that Coinbase has been active in obtaining crypto insurance since 2013, and that the market is still in its infancy, Martin told CoinDesk:

“We are definitely at the high end of coverage in this space … There’s not yet a ton of capacity.”

Greg Spore, a managing director at insurance Marsh & McLennan, cautioned to take any claims about a single company’s coverage with a grain of salt.

“You do hear rumors in the market that an insured [party] could, for their own reasons, want to promote that they have more limits than they have; maybe their customers get a sense of comfort if they have greater limits and so maybe the stated limit is $200 million,” said Spore.

“But actually, there is some type of coinsurance provision, where it means, in reality, there is only $100 million in risk transfer,” since the insured party pays a share of the claim. 

Crypto insurance 101

Stepping back, there are two distinct types of insurance product providing crypto policies today: the commercial crime market and the specie market.

Commercial crime covers things like cash in ATMs or moved around in armored cars, and it’s this market that generally provides coverage for “hot” wallets, where the keys are in a device connected to the internet.

On the other hand, the specie market has traditionally insured vaults or specially designed premises where high-value items like gold bullion or art are stored. It’s this sort of cover that custodians are looking at for cold storage, where the private keys to a wallet are kept on a piece of paper or an offline device.  

Any large exchange is probably talking to both the crime and specie markets. Coinbase, for example, holds less than 2 percent of assets in hot wallets and the remaining 98 percent in cold storage. (At its height during the crypto bull market, the company stored $25 billion worth of assets on customers’ behalf, but the company would not provide a recent figure.)

One large policyholder who has studied the market extensively estimated that the commercial crime market’s capacity is relatively low, less than $1 billion and probably in the vicinity of $750 million. 

This source, who did not want to be identified, pegged the specie market’s global capacity for crypto assets at $3 billion to $5 billion, for a total insurance industry appetite of $6 billion at best. 

On a more granular level, Spore said he knows of specie consortiums that have the capacity to cover up to $660 million of cold storage only for a single entity. However, it’s highly unlikely any crypto firm would get that amount, he said.

Conversely, hot storage-only capacity would not even approach $200 million, Spore said.

Pricing

There is also a stark disparity in premiums depending on whether the crypto being insured is in a hot or cold wallet. “In terms of the pricing, they are really in different stratospheres,” Spore said.

The way crypto insurance generally accumulates is via one or two underwriters who understand the risk deeply and then the rest of the capital follows their lead. For example, a lead underwriter may toss $5 million to $10 million of capacity to a “tower” and the rest gets filled out by 30 or 40 other syndicates.

In this structure, if there is a theft of crypto, the underwriter at the base of the metaphorical tower will be the first to pay claims after the deductible, followed by the next one up, and so on. The higher an insurer is in the stack, the less risky the position, and hence the smaller a premium it will demand.  

There are at most half a dozen underwriters willing to take the first-loss position, numerous market participants said.  (Underwriters are generally publicity-shy when it comes to crypto, but some big names linked to the space include AIG, Chubb and XL Group.)

Hence, the cost of cover for a mix of hot and cold storage works out to between 1 percent and 2 percent of total insurance purchased, usually depending on assets under custody, but that figure can be “highly variable,” said Quintal at Aon, which has been arranging insurance policies in the crypto space since the early days of 2014.

Cold storage-only solutions will get you closer to the bottom of the range, as will “high total limits,” she said, explaining that the first few layers of capacity (say, $5 million to $10 million) will be more expensive than the next and last ones, which drives the overall average rate down as you buy more.

Insurance of crypto assets is generally offered on an all-or-nothing basis. In other words, a custodian can’t offer it as an option to each customer; it has to insure everything, according to Ari Paul, chief investment officer and managing partner at BlockTower Capital. This makes it expensive, and the cost is passed to investors.

If the custody service itself costs 50 basis points, for instance, then adding 1 percent to that is tripling the cost, noted Paul. “One and a half percent total fees for custody is very high, compared to the traditional world. To a pension, that feels like a lot,” he said.

All roads lead to Lloyd’s

Today the vast majority of crypto insurance is written out of London. That said, Coinbase’s policy includes participation from underwriters in New York, a first for the crypto space, according to a source familiar with the arrangement. The Bahamas is also said to be starting to show an interest in this market.

The hub for crypto cover, nevertheless, is Lloyd’s of London, the centuries-old insurance market where ship-owners and captains originally clubbed together into syndicates to spread the risk of losing their cargos.

Last year some 85 Lloyd’s syndicates, comprised of corporations and individuals, collectively wrote £33.6 billion ($43.3 billion) of gross premiums covering a wide range of property and liability.

Ventham at Paragon said he has been working with the Lloyd’s market to educate underwriters, arguing that crypto insurance presents a significant opportunity to the London market (which last year took a battering thanks to numerous hurricanes and wildfires).  

Yet, following an unprecedented announcement this summer that Lloyd’s was underwriting custody of crypto assets, industry sources said underwriters in the London market have put the brakes on this activity, under pressure from the umbrella organization of Lloyd’s.

“I wouldn’t call it a clampdown,” a representative for Lloyd’s told CoinDesk, adding:  

“Lloyd’s has written a small number of policies in recent years for cryptocurrencies. However, in view of the fact that this is a new and rapidly evolving area Lloyd’s does require syndicates to proceed with caution and additional underwriting scrutiny.”

Independent reviews

While Lloyd’s wouldn’t give specifics on what form the syndicates’ additional scrutiny has taken, underwriters have been requiring independent reviews of crypto custody solutions carried out by technically adept third parties.

The cost is borne by the placing custodial company, and it does not come cheap.

“It will run anywhere from $50,000 to $150,000 for the company to come in and do that,” said Jerry Pluard, president of Safe Deposit Box Insurance Co.

Financial costs aside, these reviews also require companies to open the proverbial kimono.

“There’s a real concern for the custodians about exposing their proprietary information; that level of review starts at the foundation and goes up to the roof,” said Pluard.

Aon’s Quintal acknowledged the concern among custodians in sharing proprietary details, but said some degree of technology and security information is absolutely essential to securing a policy.  

“Based on experience, there are ways to be specific enough without revealing too much,” she said.

Besides, engaging a company to survey a vault is a very traditional approach to underwriting, noted Martin of Coinbase, concluding,

“Maybe they are taking that approach with newer risks, or more risky risks, if you will.”

Lloyd’s of London image via Shutterstock

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