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   Technology StocksFintech (cryptocurrencies, ICOs etc.)


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To: Glenn Petersen who wrote (93)12/25/2017 9:27:54 PM
From: Glenn Petersen
   of 124
 
Indiegogo Goes Where Few Companies Dare: Into Initial Coin Offerings

By NATHANIEL POPPER
New York Times
DEC. 12, 2017



Slava Rubin, one of Indiegogo’s founders, said the crowdfunding site wanted to “bring a brand of trust to the entire industry” of initial coin offerings. Credit Roger Kisby for The New York Times
___________________________________________

SAN FRANCISCO — Indiegogo helped take crowdfunding mainstream. Now the company is hoping it can do the same for initial coin offerings, the popular but unregulated practice of selling custom virtual currencies to raise money for software projects.

Indiegogo started a new service on Tuesday to vet coin offerings, also known as I.C.O.s, and then help sell them to small and large investors.

The first project to use the service, a start-up known as the Fan-Controlled Football League, will begin raising $5 million on Indiegogo this week. The start-up aims to use the money to create a league of football teams that will be guided by people who buy the league’s coins (a crazy-sounding idea that has already been tested).

“We want to bring a brand of trust to the entire industry, which we think will bring I.C.O.s to the mainstream,” said Slava Rubin, one of the founders of Indiegogo.

Smaller crowdfunding platforms like Republic and AngelList have started their own efforts to legitimize coin offerings. But until now, established companies essentially avoided coin offerings because of the numerous legal risks and uncertainties. It was, however, becoming increasingly hard for Indiegogo to ignore the market.

Programmers, entrepreneurs and scammers have raised over $3.5 billion through coin offerings this year, according to Coindesk, after rising out of almost nowhere. That is more than the best-known company in crowdfunding, Kickstarter, has helped companies raise in its entire eight-year history.

Initial coin offerings have been so hot — and some say so unhinged — that some companies have found success with them even after failed crowdfunding campaigns. An online art gallery known as Maecenas, which failed to raise 400,000 pounds (currently about $533,000) through crowdfunding this year, raised $15 million a few months later through an I.C.O., the Financial Times has reported.

Established companies have been left out of the I.C.O. craze, in large part because of the legal uncertainty.



The Manhattan offices of Indiegogo, which found it increasingly hard to ignore the initial coin offering market. Credit Roger Kisby for The New York Times
_________________________________

The head of the Securities and Exchange Commission, Jay Clayton, has said several times — most recently on Monday — that many coins should be categorized as securities and be registered with the authorities, which almost no projects have done. The agency has recently cracked down on a number of projects that aren’t legally compliant.

Indiegogo will help coin offerings follow the law by registering them as securities in most cases. This approach puts many restrictions on investors and on projects.


Small investors will be allowed to invest about $10,000 in most projects, and companies will be able to raise no more than $1 million from these investors, because of restrictions put in place by the 2012 JOBS Act. That is a tiny amount compared with the tens of millions of dollars that many coin offerings have raised this year.

Projects going through Indiegogo will be able to raise more money from sophisticated investors. But these investors will also face limitations, such as lockup periods, before they begin selling their tokens to others.

These restrictions could make the new service unattractive. Most coin offerings have been able to garner unlimited amounts of money from any investor; the biggest have raised over $200 million. And at least so far, regulators have cracked down on few of them.

Several law firms have already been working on creating legally compliant methods of initial coin offerings. Indiegogo is working with one of those firms, Cooley.

Sohrob Farudi, the chief executive of the Fan-Controlled Football League, said he was willing to accept the restrictions involved in working with Indiegogo to stay on the right side of the law.

“We want to be sure that nobody on our side is going to jail and that when we bring this product to market that it will be done the right way,” Mr. Farudi said.

His group previously raised $63,000 in an Indiegogo campaign to create a minor-league football team guided by fans. Now it is hoping to create a full league with the same principles.



The head of the Securities and Exchange Commission, Jay Clayton, has said many coins should be categorized as securities and be registered with the authorities. Credit Pablo Monsivais/Associated Press
_________________________________________

The league will begin this week with what is known as a token presale. Early next year, it expects to do a full initial coin offering, and will likely look to raise around $30 million, Mr. Farudi said. At that point, the people who invested in the presale will receive coins, also referred to as tokens, at a discounted rate.

When the league opens next summer, people who hold the tokens will be able to vote on everything, from what color the jerseys should be to what plays the coaches should call during a game, with votes taken in real time.

The tokens will initially be stored and recorded on the ledger, or blockchain, associated with the Ethereum virtual currency network, though recent congestion on the Ethereum system has the league looking at other blockchain alternatives for the long term.

Mr. Farudi said having the tokens on a virtual currency blockchain would allow every vote to be recorded for all the participants to see.

“The voting mechanism has to be transparent,” he said. “The blockchain is the best example we could find for how to implement that.”

When the league does its I.C.O., Indiegogo plans to categorize it as a so-called utility token, rather than a security, because its main purpose will be to allow for voting on league decisions. Utility tokens come with fewer restrictions than securities.

Mr. Rubin of Indiegogo said most companies doing coin offerings would probably have to register as securities. For now, he thinks that coin offerings won’t make sense for most companies, given the additional complications.

In the long run, though, he has joined the chorus of believers who think that all investments are likely to be done on some sort of blockchain because of the way it allows decisions and changes of ownership to be recorded transparently.

“Over time, I don’t think it’s going to be a discussion — I think all of it will be on a blockchain infrastructure,” Mr. Rubin said. “The New York Stock Exchange, or the Nasdaq, 20 years from now will be on blockchain. That’s what we’re talking about.”

nytimes.com

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To: Kirk © who wrote (86)12/26/2017 10:15:10 AM
From: Glenn Petersen
   of 124
 
This board is nearly dead

Point taken. While I am still interested in following the fortunes of LC, you will note from the new header that I have decided to broaden the scope of the board.

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From: Glenn Petersen1/3/2018 4:16:08 PM
   of 124
 
Magic:

Tiny company which owns some Hooter's restaurants says it will use blockchain for rewards program, boosting stock by 50%
  • Chanticleer Holdings (BURG), an owner of burger restaurants, said Tuesday it will use blockchain-related technology for its customer rewards program.
  • The company's shares rose nearly 50 percent in Tuesday trading.
  • Small companies used this trick to artificially boost their shares to end 2017.
Tae Kim | @firstadopter
Published 10:38 AM ET Tue, 2 Jan 2018 Updated 1:18 PM ET Tue, 2 Jan 2018
CNBC.com



Source: BGR Burgers Grilled Right
BGR Burger
____________________________________

The speculative mania on anything related to cryptocurrencies is happening again in the new year.

Chanticleer Holdings (BURG), an owner of burger restaurants, said Tuesday it will use blockchain-related technology for its customer rewards program. The company also owns 9 Hooter's restaurants and is a minority investor in Hooter's of America.

"We wanted to expand our existing loyalty program with something that really changes the way our customers can leverage their rewards; Mobivity Merit is real cryptocurrency, leveraging the same infrastructure and principles of Bitcoin, Ethereum, Ripple, Litecoin, and more, and will enable our customers to make use of their rewards in entirely new ways," Michael Pruitt, chairman, president and CEO of Chanticleer Holdings, said in a release.

Chanticleer Holdings rose nearly 50 percent in Tuesday trading to almost $4 a share. The Nasdaq-traded stock had a market value of only $8 million through Friday so it's clearly buyer beware.

Several small stocks captured the speculative imagination of traders last month with this trick.

Longfin surged 1,342 percent in two days in mid-December to a market value of more than $3 billion after buying a cryptocurrency company with no revenue. The rally spurred the company's CEO to say "this market cap is not justified."

Perhaps most eye-popping of all, Long Island Iced Tea shares rose 183 percent on Dec. 21 after it announced it is changing its name to "Long Blockchain Corp." The company said it will focus on investing in the technology behind bitcoin.

cnbc.com

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From: JakeStraw1/4/2018 11:50:19 AM
   of 124
 
How to buy ripple, one of the hottest bitcoin competitors
cnbc.com

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To: JakeStraw who wrote (97)1/4/2018 10:41:43 PM
From: Glenn Petersen
   of 124
 
The co-founder of Ripple was worth $58.4 billion earlier today.

Message 31420380

XRP (Ripple) has since fallen (as of this moment) by about 20%.

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From: Glenn Petersen1/5/2018 9:42:50 AM
2 Recommendations   of 124
 
How the Winklevoss Twins Found Vindication in a Bitcoin Fortune

By NATHANIEL POPPER
New York Times
DEC. 19, 2017



The Winklevoss twins, Cameron (left) and Tyler, at their office in New York City. A bet on Bitcoin several years ago has grown into a fortune for the brothers.
Credit Vincent Tullo for The New York Times
___________________________


The Winklevoss twins have carved an unorthodox path toward fame in the American business world.

They went to Harvard University and then on to the Olympics as rowers. Along the way, they fought a legal battle with Mark Zuckerberg over the ownership of Facebook. In the Oscar-nominated movie “The Social Network,” they were portrayed as uptight gentry, outwitted by Mr. Zuckerberg, the brilliant, budding tech mogul.

Cameron, the left-handed Winklevoss brother, and Tyler, the right-handed one, followed that with a risky bet: They used money from a $65 million settlement with Mr. Zuckerberg to load up on Bitcoin. That turned them into the first prominent virtual currency millionaires in 2013, back when Bitcoin was primarily known as a currency for online drug dealers.

More than a few people in Silicon Valley and on Wall Street saw the towering twins as the naïve — if chiseled — faces of the latest tulip bulb mania. Many still do.

But the soaring value of Bitcoin in recent months is giving the brothers a moment of vindication, and quite a bit more than that: Their Bitcoin stockpile was worth around $1.3 billion on Tuesday .

“We’ve turned that laughter and ridicule into oxygen and wind at our back,” Tyler Winklevoss said in an interview last week.

It is unclear how fleeting their vindication, or their fortune, will be. Many Bitcoin aficionados are expecting a major correction to the recent spike in its value, which has gone from $1,000 for one coin at the beginning of the year to around $18,500 on Tuesday.

Currently, the average price of one Bitcoin is about $16,459, according to Blockchain.info, a news and data site.

If nothing else, the growing fortune of the 36-year-old Winklevoss twins is a reminder that for all the small investors getting into Bitcoin this year, the biggest winners have been a relatively small number of early holders who had plenty of money to start with and have been riding a price roller coaster for years. (The mysterious creator of Bitcoin, Satoshi Nakamoto, is believed by researchers to be holding on to Bitcoin worth around $19 billion.)



The New York offices of Gemini, a virtual currency exchange founded by the Winklevoss brothers.
Credit Vincent Tullo for The New York Times
_______________________________________

Some of these new Bitcoin millionaires are cashing out and buying Lamborghinis, professional hockey teams or even low-risk bond funds. The Winklevoss twins, though, said they had no intention to diversify.

“We still think it is probably one of the best investments in the world and will be for the decades to come,” Tyler Winklevoss said. “And if it’s not, we’d rather live with disappointment than regret.”

They have collected an additional $350 million or so of other virtual currencies, most of it in the Bitcoin alternative called Ethereum. The brothers are also majority owners of the virtual currency exchange they founded, Gemini, which most likely takes their joint holdings to a value well over $2 billion, or enough to make each of them a billionaire.

They have sold almost none of their original holdings. While they both have apartments in downtown Manhattan, they say they live relatively spartan lives with few luxuries. Cameron drives an old S.U.V.; Tyler doesn’t have a car at all.

The Winklevoss twins’ financial rise began during their settlement with Mr. Zuckerberg in 2008. Their lawyers urged them to take the $45 million (after lawyers’ fees) in cash. But they wanted to be paid in shares of Facebook.

“The lawyers thought we were crazy,” Cameron Winklevoss said last week. “We thought they were crazy for taking cash.”

By the time Facebook went public in 2012, their stock was worth around $300 million, their rowing careers were over, and they were looking for something new.

When they began buying Bitcoin in late 2012, the price of an individual coin was below $10. Few people in Silicon Valley or on Wall Street had publicly expressed interest in the virtual currency.



The Winklevoss twins sit in on a daily meeting at Gemini in New York City.
Credit Vincent Tullo for The New York Times
____________________________________


Over a few months, the brothers bought 1 percent of all the outstanding Bitcoin at the time — some 120,000 tokens. As they did, the price soared, making their Bitcoin portfolio worth around $11 million by the time they went public with it in April 2013.

Their buying spree was mocked at the time, and a few of their early decisions fueled that derision. They also invested in Bitinstant, one of the first companies to trade Bitcoins online. Bitinstant’s executives, in fact, had tutored the brothers in the basics of Bitcoin.

The chief executive of Bitinstant, Charlie Shrem, was arrested in 2014, accused of helping to supply Bitcoins to users of online drug markets. Mr. Shrem pleaded guilty to lesser charges and was sentenced to a year in jail. The Winklevosses were never implicated in the wrongdoing, which happened before they became investors.

While that drama was unfolding, the twins applied to create the first Bitcoin exchange traded fund, or E.T.F., an investment product that would hold Bitcoins but be traded on stock exchanges. That brought more criticism from people who wondered why someone would buy a fund rather than Bitcoin itself. In March, regulators rejected the application.

On top of all that, until last year the price of Bitcoin was sliding and the virtual currency concept was looking wobbly. But the Winklevosses, who once bet that years of punishing rowing practices would take them to the Olympics, held their ground.

“We are very comfortable in very high-risk environments with absolutely no guarantee of success,” Tyler Winklevoss said. “I don’t mean existing in that environment for days, weeks or months. I mean year after year.”

They sold some of their tokens to pay for Gemini, a name that means twins in Latin. Like the Bitcoin E.T.F., their investment in Gemini was driven by their experience with the difficulty of buying and securely storing Bitcoin.

Every Bitcoin sits in an address that can be accessed only with the corresponding password, or private key. The problem with this system is that anyone who gets hold of a private key can easily take the Bitcoin. And unlike money taken from a bank account, stolen Bitcoin are essentially impossible to retrieve. A number of virtual currency exchanges and wallets have collectively lost billions of dollars’ worth of Bitcoin to thieves.



The Winklevoss brothers recorded parts of the security code for their Bitcoin on papers stored in safe deposit boxes around the country.
Credit Vincent Tullo for The New York Times
______________________________

The Winklevosses came up with an elaborate system to store and secure their own private keys. They cut up printouts of their private keys into pieces and then distributed them in envelopes to safe deposit boxes around the country, so if one envelope were stolen the thief would not have the entire key.

With Gemini, they have created a high-tech version of this process to hold customer money. Getting into the company’s wallets requires multiple signatures from cryptographically sealed devices that were never linked to the internet.

Gemini got a license from New York State regulators that allows them to hold Bitcoins for regulated banks and asset managers — something essentially no other virtual currency companies can do. That has turned Gemini into one of the most trusted destinations for sophisticated investors.

“Gemini is an underappreciated exchange, one of the few exchanges I trust as a custodian,” said Ari Paul, a managing partner at the virtual currency hedge fund BlockTower Capital.

Gemini is now expanding from its old 5,000-square-foot offices to new, 35,000-square-foot facilities in Midtown Manhattan.

This doesn’t mean Gemini or the Winklevosses have ironed out all the kinks. Like many other exchanges, Gemini has struggled to stay online in the deluge of new customers in recent weeks.

These growing pains are part of the reason the brothers say they are holding on to their Bitcoin. They believe virtual currencies are still a long way from real mainstream adoption.

They said they might look at selling when the value of all the Bitcoin in circulation approaches the value of all gold in the world — some $7 trillion or $8 trillion compared with the $310 billion value of all Bitcoin on Tuesday — given that they think Bitcoin is set to replace gold as a rare commodity. But then Tyler Winklevoss questioned even that, pointing out the ways that he believes Bitcoin is better than gold.

“In a funny way, I’m not sure we’d even sell there,” he said. “Bitcoin is more than gold — it’s a programmable store of money. It may continue to innovate.”

Follow Nathaniel Popper on Twitter: @nathanielpopper

nytimes.com

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To: Glenn Petersen who wrote (93)1/5/2018 8:35:57 PM
From: Sr K
1 Recommendation   of 124
 
OSTK was +8.4% today.

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To: Sr K who wrote (100)1/8/2018 9:57:16 PM
From: Glenn Petersen
   of 124
 
OSTK up another 3% today as it continues to pivot:

Overstock Invests $2 Million in Blockchain Voting Startup

Sujha Sundararajan
CoinDesk
Jan 8, 2018 at 13:01 UTC

Medici Ventures, a subsidiary of online retail giant Overstock.com, has led the seed funding round of mobile voting platform Voatz.

Voatz raised over $2.2 million in the round, which also saw investments from the Urban Innovation Fund and Oakhouse Partners, as well as angel investors including Walt Winshall, Tom Williams, Joe Caruso and members of the Walnut Ventures angels group.

According to a press release, Voatz is planning to utilize the funding to grow its business development team, widen its services across the U.S. and work towards the development of new products.

Medici Ventures' president, Jonathan Johnson, said that blockchain's immutable record keeping will lead to greater confidence in the accuracy of results, while its usability will enable citizens to participate in elections without barriers.

Voatz is a mobile voting platform that uses blockchain technology to ensure secure record-keeping and identity verification. The platform has already been deployed by universities, state political groups, and non-profit organizations for their internal voting functions, the release states.

According to Andrew Maguire, investor at Oakhouse Partners, Voatz combines biometrics and blockchain technology, benefits that would increase voters' confidence and participation.

"We are delighted and grateful for the support we have received from our investors to help grow our team and accelerate the deployment of our cutting edge voting and citizen engagement platform," Nimit Sawhney, CEO of Voatz, said.

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.


coindesk.com

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From: Dragonfly19671/10/2018 11:07:14 AM
   of 124
 
TNEN:OTC acquired Kryptonite

Sine announcing the deal on Monday the stock has doubled. It's up again 21% today.
I am new here, has anybody been following TNEN and an opinion on it ?
The Newsrelease reads well, especially the achievements of Mr Chung sound very promising.
TNEN - True North Energy

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To: Dragonfly1967 who wrote (102)1/10/2018 10:00:50 PM
From: Glenn Petersen
   of 124
 
True North Energy is a black box. There are no details in the press release about the capital structure of the company or whether or not the acquired company has any revenues, let alone profits. The company terminated its SEC registration in 2009. Without any other information, it is impossible to give you any sort of informed opinion.

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