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Blockchain and Initial Coin Offerings: Blockchain´S Implications for Crowdfunding
Blockchain and Initial Coin Offerings: Blockchain´s Implications for Crowdfunding by Laurin Arnold, Martin Brennecke, Patrick Camus, Gilbert Fridgen, Tobias Guggenberger, Sven Radszuwill, Alexander Rieger, Andre Schweizer, Nils Urbach December 2018 in: Business Transformation through Blockchain (Hrsg. Treiblmaier, H., Beck, R.) University of Augsburg, D-86135 Augsburg Visitors: Universitätsstr. 12, 86159 Augsburg Phone: +49 821 598-4801 (Fax: -4899) 843 University of Bayreuth, D-95440 Bayreuth - I Visitors: Wittelsbacherring 10, 95444 Bayreuth W Phone: +49 921 55-4710 (Fax: -844710) www.fim-rc.de Blockchain and Initial Coin Offerings: Blockchain’s Implications for Crowdfunding Abstract Interest in Blockchain technology is growing rapidly and at a global scale. As scrutiny from practitioners and researchers intensifies, various industries and use cases are identified that may benefit from adopting Blockchain. In this context, peer-to-peer (P2P) funding through initial coin offerings (ICOs) is often singled out as one of the most visible and promising use cases. ICOs are novel forms of crowdfunding that collect funds in exchange for so-called Blockchain tokens. These tokens can represent any traditional form of underlying asset and have already been used, among others, to denote shares in a company, user reputations in online systems, deposits of fiat currencies, and balances in cryptocurrency systems. Importantly, ICOs allow for P2P investments without intermediaries. In this chapter, we explain the fundamentals of ICOs, highlight their differences to traditional financing, and analyze their potential impacts on crowdfunding. Keywords Blockchain, Initial Coin Offering, ICO, Distributed Ledger Technology, Crowdfunding, Cryptocurrency, Crypto-token, Use Case Analysis Table of Contents 1. Crowdfunding and Blockchain ....................................................................................................... -
Initial Coin Offerings: Financing Growth with Cryptocurrency Token
Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales Sabrina T. Howell, Marina Niessner, and David Yermack⇤ June 21, 2018 Abstract Initial coin offerings (ICOs) are sales of blockchain-based digital tokens associated with specific platforms or assets. Since 2014 ICOs have emerged as a new financing instrument, with some parallels to IPOs, venture capital, and pre-sale crowdfunding. We examine the relationship between issuer characteristics and measures of success, with a focus on liquidity, using 453 ICOs that collectively raise $5.7 billion. We also employ propriety transaction data in a case study of Filecoin, one of the most successful ICOs. We find that liquidity and trading volume are higher when issuers offer voluntary disclosure, credibly commit to the project, and signal quality. s s ss s ss ss ss s ⇤NYU Stern and NBER; Yale SOM; NYU Stern, ECGI and NBER. Email: [email protected]. For helpful comments, we are grateful to Bruno Biais, Darrell Duffie, seminar participants at the OECD Paris Workshop on Digital Financial Assets, Erasmus University, and the Swedish House of Finance. We thank Protocol Labs and particularly Evan Miyazono and Juan Benet for providing data. Sabrina Howell thanks the Kauffman Foundation for financial support. We are also grateful to all of our research assistants, especially Jae Hyung (Fred) Kim. Part of this paper was written while David Yermack was a visiting professor at Erasmus University Rotterdam. 1Introduction Initial coin offerings (ICOs) may be a significant innovation in entrepreneurial finance. In an ICO, a blockchain-based venture raises capital by selling cryptographically secured digital assets, usually called “tokens.” These ventures often resemble the startups that conventionally finance themselves with angel or venture capital (VC) investment, though there are many scams, jokes, and tokens that have nothing to do with a new product or business. -
(AAVE), Bancor (BNT) and Synthetix (SNX) Are Launching on Coinbase Pro | by Coinbase | Dec, 2020 | the Coinbase Blog
12/15/2020 Aave (AAVE), Bancor (BNT) and Synthetix (SNX) are launching on Coinbase Pro | by Coinbase | Dec, 2020 | The Coinbase Blog Aave (AAVE), Bancor (BNT) and Synthetix (SNX) are launching on Coinbase Pro Coinbase Follow Dec 15 · 3 min read Starting Today Monday December 14, transfer AAVE, BNT and SNX into your Coinbase Pro account ahead of trading. Support for AAVE, BNT and SNX will be available in all Coinbase’s supported jurisdictions, with the exception of New York State. Trading will begin on or after 9AM Pacific Time (PT) Tuesday December 15, if liquidity conditions are met. One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting https://blog.coinbase.com/aave-aave-bancor-bnt-and-synthetix-snx-are-launching-on-coinbase-pro-67278bcd8192 1/3 12/15/2020 Aave (AAVE), Bancor (BNT) and Synthetix (SNX) are launching on Coinbase Pro | by Coinbase | Dec, 2020 | The Coinbase Blog more assets that meet our standards over time. Most recently we have added trading support for Filecoin (FIL), NuCypher (NU), Wrapped Bitcoin (WBTC), Balancer (BAL), Ren (REN), Uniswap (UNI), yearn.finance (YFI), Loopring (LRC), UMA (UMA) Celo (CGLD), Numeraire (NMR), Band (BAND), Compound (COMP), Maker (MKR) and OmiseGo (OMG), along with supporting additional European and UK order books. Coinbase continues to explore support for new digital assets. Starting immediately, we will begin accepting inbound transfers of AAVE, BNT and SNX to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Tuesday December 15, if liquidity conditions are met. -
Coinbase Explores Crypto ETF (9/6) Coinbase Spoke to Asset Manager Blackrock About Creating a Crypto ETF, Business Insider Reports
Crypto Week in Review (9/1-9/7) Goldman Sachs CFO Denies Crypto Strategy Shift (9/6) GS CFO Marty Chavez addressed claims from an unsubstantiated report earlier this week that the firm may be delaying previous plans to open a crypto trading desk, calling the report “fake news”. Coinbase Explores Crypto ETF (9/6) Coinbase spoke to asset manager BlackRock about creating a crypto ETF, Business Insider reports. While the current status of the discussions is unclear, BlackRock is said to have “no interest in being a crypto fund issuer,” and SEC approval in the near term remains uncertain. Looking ahead, the Wednesday confirmation of Trump nominee Elad Roisman has the potential to tip the scales towards a more favorable cryptoasset approach. Twitter CEO Comments on Blockchain (9/5) Twitter CEO Jack Dorsey, speaking in a congressional hearing, indicated that blockchain technology could prove useful for “distributed trust and distributed enforcement.” The platform, given its struggles with how best to address fraud, harassment, and other misuse, could be a prime testing ground for decentralized identity solutions. Ripio Facilitates Peer-to-Peer Loans (9/5) Ripio began to facilitate blockchain powered peer-to-peer loans, available to wallet users in Argentina, Mexico, and Brazil. The loans, which utilize the Ripple Credit Network (RCN) token, are funded in RCN and dispensed to users in fiat through a network of local partners. Since all details of the loan and payments are recorded on the Ethereum blockchain, the solution could contribute to wider access to credit for the unbanked. IBM’s Payment Protocol Out of Beta (9/4) Blockchain World Wire, a global blockchain based payments network by IBM, is out of beta, CoinDesk reports. -
A Probe Survey of Bitcoin Transactions Through Analysis of Advertising in an On-Line Discussion Forum
Acta Informatica Pragensia, 2019, 8(2), 112–131 DOI: 10.18267/j.aip.127 Original Article A Probe Survey of Bitcoin Transactions Through Analysis of Advertising in an On-Line Discussion Forum Zoltan Ban 1, Jan Lansky 1, Stanislava Mildeova 1, Petr Tesar 1 Abstract Cryptocurrencies have become a major phenomenon in recent years. For IT, a breakthrough is both the cryptocurrency itself as a commodity and the technology that cryptocurrency development has brought. The article focuses on the bitcoin cryptocurrency as the most important cryptocurrency. A relatively unexplored topic is what goods or services are purchased for bitcoins. To track what bitcoins are spent on, it is necessary to look for places that are dedicated to trading cryptocurrencies. The bitcointalk.org forum was chosen as a source for our data mining. The aim of the article is to find an answer to the research question: What are bitcoins on the discussion forum bitcointalk.org planned to be spent on? As part of the research, an application was developed using a PHP script to gather information from the discussion forum (bitcointalk.org). There is some evidence which suggests what types of products or services people spend cryptocurrencies on. This research has proven that cryptocurrencies are used to buy and sell goods or services in the electronics and computer world segments. Today, these segments are widespread, which may speed up the integration of cryptocurrencies into everyday life. This applies, of course, only if the risks associated with cryptocurrencies do not increase. Keywords: Cryptocurrency, Bitcoin, On-Line Advertisement, Text Mining, Cybersecurity, Discussion Forum. -
GDF Annual Report 2020
2020 Annual Report A WORLD RAPIDLY GOING DIGITAL Digital Assets Coming of Age Global Digital Finance Annual Report 2020 INTRODUCTION 16 The Roaring Twenties, Digital Assets, & Escaping the Dominant Logic of the 20th Century 4 A World Rapidly Going Digital Tim Grant, CEO, SIX Digital Exchange Foreword by Co-Chairs Lawrence Wintermeyer and Simon Taylor 17 The R3 CBDC Forum Todd McDonald, Co-Founder & CPO, R3 PATRON INSIGHTS 8 The Importance of Regulatory Collaboration Vivien Khoo, COO, 100x Group REGULATION & POLICY 9 Driving DeFi with Stablecoins 19 The Regulatory Landscape: Towards Regulatory Certainty Amy Luo, Senior Counsel & Paul Grewal, Chief Legal Officer, Coinbase Jeff Bandman, Board Member, GDF 10 Collaboration Models Form the Basis for Future Success 21 Moving Towards Comprehensive Approaches for Cryptoassets Martin Bartlam, Partner & Bryony Widdup, Partner, DLA Piper Lavan Thasarathakumar, Head of Regulatory Affairs – EMEA, GDF 11 Diginex: The First Digital Asset Ecosystem to be Listed on Nasdaq 22 Public-Private Partnerships and Global Standards for Virtual Assets Richard Byworth, CEO, Diginex David Lewis, Executive Secretary, FATF 12 The Global Digital Communion 23 The V20 Summit Jeffrey Saviano, Global Tax Innovation Leader, EY Anson Zeall, Chair, IDAXA & Lawrence Wintermeyer, Executive Co-Chair, GDF 13 Hogan Lovells Blockchain Hub 24 The FSB Landscape for Crypto & Digital Assets John Salmon, Partner & Global Head of Blockchain, Hogan Lovells Dietrich Domanski, Secretary General, FSB 14 China and Digital Currency Electronic -
Download Criminal Complaint Filed in the Eastern District of California
AO 91 (Rev. 11/11) Criminal Complaint UNITED STATES DISTRICT COURT for the Eastern District of California United States of America ) V. ) MARCOS PAULO DE OLIVEIRA ) Case No. ANNIBALE, ) aka "Med3lin," ) aka "Med3lln," ) aka "Med3lln WSM" ) Defendant(s) CRIMINAL COMPLAINT I, the complainant in this case, state that the following is true to the best of my knowledge and belief. On or about the date( s) of October 2017 through April 2019__ in the county of Sacramento in the Eastern District of California , and elsewhere, the defendant(s) violated: Code Section Offense Description 21 U.S.C. §§ 841 and 846 Distribution and Conspiracy to Distribute Controlled Substances 18 U.S.C. §§ 1956 and 1957 Money Laundering This criminal complaint is based on these facts: (see attachment) IX! Continued on the attached sheet. -j- ;1 ·) / , / l 1 - • / L ',;;;_ . _/__I-- / Complainant's signature JAY D. DIAL, Jr., Special Agent Dl'llg Enforcem~_11t Ad111inistration Printed name and title Sworn to before me and signed in my presence. ;]t "-" ' Date: l.2 _/,_ I ---=- (.___ ,,--- "'-~ Judge 's signature City and state: Sacramento, CA Allls__on Claire, U_.§~ Magi~trate__.J__udge Printed name and title AO 91 (Rev. 11/11) Criminal Complaint UNITED STATES DISTRICT COURT for the Eastern District of California United States of America ) V. ) MARCOS PAULO DE OLIVEIRA ) Case No. ANNIBALE, ) aka "Med3lin," ) aka "Med3l1n," ) aka "Med3lln_WSM" ) Defendant(s) CRIMINAL COMPLAINT I, the complainant in this case, state that the following is true to the best of my knowledge and belief. On or about the date(s) of ~tober 20 I 7 through April 2019_ in the county of . -
Transparent and Collaborative Proof-Of-Work Consensus
StrongChain: Transparent and Collaborative Proof-of-Work Consensus Pawel Szalachowski, Daniël Reijsbergen, and Ivan Homoliak, Singapore University of Technology and Design (SUTD); Siwei Sun, Institute of Information Engineering and DCS Center, Chinese Academy of Sciences https://www.usenix.org/conference/usenixsecurity19/presentation/szalachowski This paper is included in the Proceedings of the 28th USENIX Security Symposium. August 14–16, 2019 • Santa Clara, CA, USA 978-1-939133-06-9 Open access to the Proceedings of the 28th USENIX Security Symposium is sponsored by USENIX. StrongChain: Transparent and Collaborative Proof-of-Work Consensus Pawel Szalachowski1 Daniel¨ Reijsbergen1 Ivan Homoliak1 Siwei Sun2;∗ 1Singapore University of Technology and Design (SUTD) 2Institute of Information Engineering and DCS Center, Chinese Academy of Sciences Abstract a cryptographically-protected append-only list [2] is intro- duced. This list consists of transactions grouped into blocks Bitcoin is the most successful cryptocurrency so far. This and is usually referred to as a blockchain. Every active pro- is mainly due to its novel consensus algorithm, which is tocol participant (called a miner) collects transactions sent based on proof-of-work combined with a cryptographically- by users and tries to solve a computationally-hard puzzle in protected data structure and a rewarding scheme that incen- order to be able to write to the blockchain (the process of tivizes nodes to participate. However, despite its unprece- solving the puzzle is called mining). When a valid solution dented success Bitcoin suffers from many inefficiencies. For is found, it is disseminated along with the transactions that instance, Bitcoin’s consensus mechanism has been proved to the miner wishes to append. -
Recent Topics About Cryptocurrency
Recent Topics about Cryptocurrency Kyoto University School of Government - graduate program for public policy studies Naoyuki Iwashita Agenda 1. Overview of cryptocurrency market in 2017 2. ICOs' impact on the price of cryptocurrency 3. Cybersecurity issues of cryptocurrency exchange 4. Central Bank Digital Currency 2 1. Overview of cryptocurrency market in 2017 3 GLOBAL BITCOIN NODES DISTRIBUTION 1. United States (2691) 2. China (2047) 3. Germany (1949) 4. France (697) 5. Netherlands (515) 6. United Kingdom (421) 7. Canada (390) 8. Russian Federation (380) 9. n/a (315) 10. Singapore (227) 11. Japan (212) 12. Hong Kong (183) (source)bitnodes.earn.com/ 4 THE BITCOIN BIG BANG A demonstration of our ability to track transactions through entities on the blockchain; the Big Bang shows the emergence of the largest 250 entities on the blockchain, their identity, and interconnectivity. (source)www.elliptic.co 5 Role of Bitcoin nodes 鷲見 拓哉「Bitcoinについて」 https://www.slideshare.net/takuya_sumi/bitcoin-v5 6 7 M. Iwamura et al.,“Can We Stabilize the Price of a Cryptocurrency?: Understanding the Design of Bitcoin and Its Potential to Compete with Central Bank Money”, 2014 8 1,000 1,200 1,400 200 400 600 800 0 ( 2012/11/1 USD 2012/12/1 ( ) source 2013/1/1 2013/2/1 2013/3/1 2013/4/1 キプロス危機 交換価値 利用者数 ) 2013/5/1 blockchain.info 2013/6/1 2013/7/1 2013/8/1 (USD) ( Price Price 万人 2013/9/1 中国人民銀行が金融機関のビットコインの取扱いを禁止 2013/10/1 2013/11/1 ) 2013/12/1 2014/1/1 2014/2/1 2014/3/1 Mt.Gox 2014/4/1 of 2014/5/1 2014/6/1 の破たん 2014/7/1 Bitcoin (2013 2014/8/1 2014/9/1 2014/10/1 -
3Rd Global Cryptoasset Benchmarking Study
3RD GLOBAL CRYPTOASSET BENCHMARKING STUDY Apolline Blandin, Dr. Gina Pieters, Yue Wu, Thomas Eisermann, Anton Dek, Sean Taylor, Damaris Njoki September 2020 supported by Disclaimer: Data for this report has been gathered primarily from online surveys. While every reasonable effort has been made to verify the accuracy of the data collected, the research team cannot exclude potential errors and omissions. This report should not be considered to provide legal or investment advice. Opinions expressed in this report reflect those of the authors and not necessarily those of their respective institutions. TABLE OF CONTENTS FOREWORDS ..................................................................................................................................................4 RESEARCH TEAM ..........................................................................................................................................6 ACKNOWLEDGEMENTS ............................................................................................................................7 EXECUTIVE SUMMARY ........................................................................................................................... 11 METHODOLOGY ........................................................................................................................................ 14 SECTION 1: INDUSTRY GROWTH INDICATORS .........................................................................17 Employment figures ..............................................................................................................................................................................................................17 -
EY Study: Initial Coin Offerings (Icos) the Class of 2017 – One Year Later
EY study: Initial Coin Offerings (ICOs) The Class of 2017 – one year later October 19, 2018 In December 2017, we analyzed the top ICOs that represented 87% ICO funding in 2017. In that report, we found high risks of fraud, theft and major problems with the accuracy of representations made by start-ups seeking funding. In this follow-up study, we revisit the same group of companies to analyze their progress and investment return: ► The performance of ICOs from The Class of 2017 did little to inspire confidence.1 ► 86% are now below their listing2 price; 30% have lost substantially all value. Executive An investor purchasing a portfolio of The Class of 2017 ICOs on 1 January 2018 would most likely have lost 66% of their investment. ► Of the ICO start-ups we looked at from The Class of 2017, only 29% (25) have summary working products or prototypes, up by just 13% from the end of last year. Of those 25, seven companies accept payment in both traditional fiat currency (dollars) as well as ICO tokens, a decision that reduces the value of the tokens to the holders. ► There were gains among The Class of 2017, concentrated in 10 ICO tokens, most of which are in the blockchain infrastructure category. However, there is no sign that these new projects have had any success in reducing the dominance of Ethereum as the industry’s main platform. • 1 See methodology in appendix. • 2 Defined as when first available to trade on a cryptocurrency exchange. 02 ICO performance update ICOs broke out in 2017. -
FTC Decrypting Cryptocurrency Scams Workshop Transcript
FTC Decrypting Cryptocurrency Scams Workshop June 25, 2018 Transcript JASON ADLER: Good afternoon, everyone and welcome to the Federal Trade Commission's Decrypting Cryptocurrency Scams workshop. I'm Jason Adler. I'm the assistant director of the FDC's Midwest regional office here in Chicago. I want to thank you all for being here. And I want to thank DePaul University for hosting us. Before we get started, I just have a few housekeeping details to tick off. First, please set your mobile phones to silent. If you use them during the workshop, for example to comment about the workshop on social media, please be respectful of the others here. If you do comment on social media, feel free to use #cryptoscamsftc as a hashtag. We'll be live tweeting this event using that hashtag as well. Webcasting the event today, and it may be photographed or otherwise recorded, by participating you're agreeing that your image and anything you say may be posted at ftc.gov and on our social media sites. At the end of each panel, if we do have time, we'll try to answer audience questions. We have question cards out in the hall. Feel free to write down a question. Raise your hand and someone will collect it. And if we have time at the end of the panel, we'll ask them. We're also accepting questions on Twitter. So you can tweet a question to the FTC, so @FTC using hashtag #cryptoscamsftc. Finally, if you're here for CLE, please be sure and find Dan at the check in table.