Why the Trans-Pacific Partnership is a Pending Disaster

FRIDAY, JANUARY 30, 2015 The Worst Trade Deal You Never Heard Of The Trans-Pacific Partnership, now headed to Congress, is a product of big corporations and Wall Street, seeking to circumvent regulations protecting workers, consumers, and the environment. Watch this […]

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The Worst Trade Deal You Never Heard OfThe Trans-Pacific…

The Worst Trade Deal You Never Heard Of The Trans-Pacific Partnership, now headed to Congress, is a product of big corporations and Wall Street, seeking to circumvent regulations protecting workers, consumers, and the environment. Watch this video, and say “no” […]

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Coinbase Claims Under Scrutiny

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Coinbase launched its exchange program earlier this week on January 26th, claiming to be “the first fully regulated exchange in the United States.” The statement reverberated across mass media headlines.

Commissioner for The California Department of Business Oversight, Jan Lynn Owen, released a consumer alert on the 27th stating, “Numerous press accounts about Coinbase’s Jan. 26 launch of Coinbase Exchange erroneously reported the Exchange has received regulatory approval from the State of California.”

“California consumers should be aware Coinbase Exchange is not regulated or licensed by the State.”

– Owen

New York officials stated the situation there is very similar to that of California.

“We are working with several companies, including Coinbase, on licensing and will continue to move forward expeditiously,” said a spokesman for the superintendent of New York’s Department of Financial Services. “That said, we have not yet issued any licenses to virtual currency firms.”

Regulation is a complex field in the US. Coinbase’s claim to be the “First Regulated Bitcoin Exchange” has drawn criticism from other US exchanges. CoinX began the regulation process two years ago. According to Vice President of Operations, Faisal Khan, CoinX started applying for licenses in 2013.

“Our exchange went live on 31st August 2014.”

– CoinX VP, Faisal Khan

Each state in the US has it’s own licensing requirements and associated costs. According to Grimes Law PLLC, to conduct business on a national level, the application fees alone come to just under $7 million USD.

Of the 50 states in the US, Coinbase currently offers services in 25 states; CoinX offers services in 37 states, and the District of Columbia. This qualifies both companies to trade under the label of Money Service Businesses, the same as companies such as Western Union and Paypal.

Cameron and Tyler Winklevoss also plan on launching a US regulated Bitcoin exchange, centered in New York. The Empire State is currently in the process of finalizing its Bitcoin regulation, commonly referred to as New York’s BitLicense.

The Winklevoss twins have already applied for a different type of Bitcoin regulation, by registering an Electronic Traded Fund (ETF). The ETF, based on Bitcoin, is overseen by the U.S. Securities and Exchange Commission.

“Part of the equity revolution, in the 1990’s and early 2000’s, was due to the roll out of ETFs that made all manor of asset classes and global equities accessible to average investors in the richest nations globally”

CEO of BitMex, Arthur Hayes

Hayes is a former derivatives trader, and founder of BitMex; “Examining the recent “launch of Coinbase” announcements, the [main stream media] fell over themselves to report about the “first” regulated US exchange. Coinbase was not the first US exchange to have money service business licenses. However, to the average investor, what the Wall Street Journal, Financial Times, Bloomberg, and Reuters reports is gospel. With the NYSE at one’s back, history becomes a pliable tool at one’s disposal.”

MunneCoin To Launch Education Portal

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The fusion of cryptocurrency and education has taken many forms over the last year. BraveNewCoin’s Sophie Schuhmacher recently reported on Montreal University McGill’s airdrop campaign in which 600 students are to receive 30mBTC in the form of a paper wallet and information pack contained within an envelope.  

Gems, the crypto social messaging app that seeks to bring crypto to the masses joined forces with the College Crypto Network (CCN) in December 2014. This strategic partnership brought 1 million students, in over 150 Universities across the United States, an accessible means to experience cryptocurrency in a new light.

MunneCoin the peer-to-peer, proof-of-stake cryptocurrency, which operates on its own blockchain, is going to bring students to Bitcoin and altcoin’s with a University of its own.

“We are focusing all of our resources on creating an excellent product following the philosophy of giving great importance to both the design and user-friendliness. At the same time we are building an integral environment that will allow us to grow in a natural way.”

– Mchrono, Developer and co-founder at Munne

Devplus, Developer and co-founder at Munne, discusses with BraveNewCoin why he feels adoption is impeded. Due to a lack of education, many people still view cryptocurrency as a vehicle for illicit dealings. Munne University is designed to tackle this misconception, by providing education on the positive applications this agnostic technology enables.

“Mchrono and I decided that something important for Munne was to change the way people think of crypto and the best way to do that is to create a digital platform to educate people starting with the basic to the complex,” says Devplus

Munnes aim is to provide an education platform, similar to websites offering multiple applications and features, assisting people to learn more about their interests in the crypto space.

“Munne University is a virtual educational platform in which everyone will be able to take online courses in the form of videos, documents and interactive programs in order to learn the functions of cryptocoins, how to use them and other related topics.”

– Mchrono

Devplus uses Udemy as an example. Udemy claims to be,  “the world’s largest destination for online courses” and has a vast array of topics, served in multiple forms. However, at the time this article went to press only nine educational options exist for those interested in crypto.

When Munne first launched they introduced their game Mafioso, a unique draw to MunneCoin. Although a separate project, Devplus believes Munne University and Mafioso are intrinsically linked. “We think that ‘gamification’ is important to Munne University as it encourages peoples to use our platform. It changes the way people think of our service. It’s not a ‘digital school’, this sounds kind of boring, but a social and game oriented experience.”

Those who complete a course will receive what Devplus refers to as ‘Badges’. They represent the achievements of individuals participating within the Munne University programme. The online language platform rewards users for completion of courses with ‘Lingots’, which can be collected and spent on items in the ‘Duolingo’ store. Rewards will also be allocated to those who post highly rated comments in forums.

This framework is intended to incentivise and encourage users. Devplus believes that the psychology behind rewards systems plays a large part in the success of Munne University.

“Gamification is a way to encourage users to do something, turning tasks into games. For example in Munne University, if you watch your first video you get a badge. This way it’s more fun to watch videos, because you “win” something,” says Devplus

Devplus states, that to get the courses fully up and running, the key is to attract and hire instructors able to create courses. All courses will be checked for quality, however the instructors will not be directed in their creative process.  There will be a financial incentive for participating instructors. 261 Bitcoins were raised in Munnes’ Initial Coin Offering, of which 9% – 10% will cover the costs of the University aspect of Munne.

Courses on offer will include;

  • Free: Quite literally what it sounds like
  • Free and Tipping: Courses in which the instructors are tipped for their efforts. 100% of the tips will go to the instructors.
  • Paid: The course charges a fee. Initially the instructors will receive 95% of the fees, which will eventually decrease to 60% – 70% as it increases in popularity.

“We want Munne University to become the first place people think of to learn about crypto and where to find experts,” says Devplus

Coinbase Support Added for Google Now

Google Now, Google’s mobile on demand information service, now added support for bitcoin services provider Coinbase Thе news соmеѕ amid a service update in whiсh it introduced nеw “cards” thаt aim tо…

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Bitcoin Regulation – the Death of a Cryptocurrency or a Springboard to Adoption?

Bitcoin was founded on a principle of resistance to the abuses we have been seeing on Wall Street and other financial centers around the world aided and abetted by a corrupt, bought-and-paid-for political class. Libertarianism is built into the heart […]

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Over 12 Million Dollars Lost in Bitcoin Scams Since 2011 [Research]

In 2011 scams that promising Bitcoin riches , netted the crooks with over $12 Millions in the last four years  , stated by researchers from South Methodist University – Texas . Over 13,000 victims handed over their money unwittingly in 42 different scams over that time period, their data suggests. The total amount of funds cheated […]

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Bitcoin Hackaton Winner Implement Bitcoin Instant Transactions

If Bitcoin is meant to be the perfect money of this for this new tech era, one important property seems to lack: instant transactions that are secure and trustless. But the winning team of the first ever Blocktrail sponsored Bitcoin Hackathon from Amsterdam may just have found a way to get around confirmations when transacting […]

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Wall Street’s Threat to the American Middle Class

Presidential aspirants in both parties are talking about saving the middle class. But the middle class can’t be saved unless Wall Street is tamed. The Street’s excesses pose a continuing danger to average Americans. And its ongoing use of confidential […]

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