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Who Moved $1B in Bitcoin? Stablecoin Frenzy, Quantum Resistant Crypto | Crypto News

October 19, 2019


Hey everyone! Today, we’ve got stablecoins,
we’ve got gold, we’ve got our boy Eric
Crown, and somewhere in a quiet corner the
NSA is making quantum resistant cryptography.
Everything just seems to sound cooler with
“quantum” in its name, doesn’t it? This
is the Cryptocurrency News with Giovanni.
Stablecoins are on the menu for today. Binance
has partnered with digital asset trust company,
Paxos, to launch a USD-backed stablecoin called
Binance USD or BUSD. The stablecoin has already
received approval from the New York State
Department of Financial Services and will
be available for direct purchase and redemption
on the Paxos platform at a 1:1 ratio to US
dollars. This may not be the most exciting
news in the world (I mean, we’re talking
about stablecoins after all) but it showcases
Binance’s abilities to work within the US
(and particularly the NY) regulatory system,
which is not something many other companies
are able to do effectively. Paxos certainly
has experience working within US regulations,
(as we’ll see in a minute) so the partnership
appears to be a fruitful one. It will also
be interesting to see if Binance’s Venus
project will be able to navigate regulations
with the same ease.
Speaking of Paxos, I’ve got some good news
for all you gold bugs out there! Paxos has
received approval from the New York financial
regulators to launch a new gold-pegged Ethereum
token called Pax Gold. Each PAXG token will
be pegged to a physical ounce of gold stored
in a London vault. Essentially, this allows
you to own gold without having to pay a custody
fee and gives you the ability to send it around
the world at any given time on any given day.
This is clearly a move to bridge the gold
and crypto markets, and I don’t know about
you, but I’m curious to see how this bridge
holds up given the ongoing competition between
the two markets.
The new stablecoin also aims to solve gold’s
biggest problem, which is the fact that it
exists… physically I mean. Just imagine
trying to lug a pile of gold through, say,
airport security. Doesn’t sound like much
fun, does it? Well, with PAXG, you can trade
and hold gold directly, without ever needing
to even see it. Best of both worlds, maybe?
This could also finally make Mark Mobius happy.
In an interview yesterday, the founder of
Mobius Capital Partners said, “If there
is a cryptocurrency that is really backed
by gold — and that is, there is a meaningful
agreement and some kind of modern thing of
this connection — then this could be quite
interesting.” Well, Mr. Mobius, your query
may be answered in a very timely fashion with
the arrival of PAXG, so be sure to keep a
close eye on its progress. How do you guys
think this gold-backed crypto will affect
the crypto and gold markets?
Crypto activist Joe Kernen offers another
perspective by pointing out that there aren’t
really any fiat currencies that are backed
by gold, so why would a crypto need to be
backed by gold? Would it accomplish anything
more than just linking the two markets? I
guess the heart of this issue is how far does
our faith in the global economic system, be
it bank, fiat, or blockchain, really go? Where
does your faith lie: in the physical, virtual,
or somewhere in between?
The US National Security Agency is “working
to build a quantum resistant crypto”, but
it might not be in the way that you think.
Even though “quantum resistant crypto”
sounds dope, the “crypto” bit actually
stands for cryptography, not cryptocurrency.
Still, blockchain technology is fundamentally
based on cryptographic technology, so this
could certainly impact our current systems.
So what exactly is “quantum resistant cryptography”?
Well, first we need to talk about quantum
computing. Without getting too technical,
let’s just say that if quantum computers
are ever fully developed, they would enable
a drastic increase in computing speed and
capacity. This could potentially render the
security aspect of blockchain technology as
useless. In fact, quantum computers could
be so powerful that they would be able to
unwind the encryptions that protect private
cryptocurrency keys as they pass through the
internet.
Apparently, NSA officials are concerned that
quantum computing might eventually represent
a threat to US national security.
I know, that sounds scary, but let’s not
panic… at least not until quantum computers
are invented…
Something big is moving on the Bitcoin blockchain.
1B$ worth of Bitcoin were moved to a single
wallet on September 5th. The sender paid a
transaction fee of $700 – which isn’t exactly
pennies and dimes – meaning he probably wanted
the transaction to be settled as fast as possible.
According to some theories, the transaction
was related to Bakkt, which starts accepting
Bitcoin deposits on its new platform, Bakkt
Warehouse, today.
This platform will be the custodial of the
long-awaited Bitcoin futures contracts, which
will launch on September 23rd. Bitcoin futures
will enable physical delivery of Bitcoin,
instead of cash, when the contracts close.
We reached out to prominent crypto trader
and Youtuber, Eric Crown, to help understand
why the Bakkt Bitcoin futures are an important
turning point.
Erik, can you explain what is the difference
between physically delivered and cash settled
Bitcoin futures?
So physically delivered means that at expiration,
the holder is essentially going to not be
paid in cash, but in actual bitcoins. So that
means that Bitcoin stays in the market.
Now a lot of people will kind of argue that
that’s a huge difference. And yes, it will
make a difference from just regular cash settled
type of settlements, I suppose you could say.
However, because this market doesn’t operate
in a vacuum, because everyone’s doing arbitrage
and on all these different exchanges, the
actual effect in reality probably won’t be
too much more noticeable. As anytime that
someone is trading on CME, for example, which
are cash settled, they’re gonna be arbitraging
or essentially market against some other index
on bitcoin. So they’re always pointed in somewhere
else in measuring things off Bitcoin to begin
with.
Ok, and what kind of impact will Bakkt Bitcoin
futures have on Bitcoin price and the space
in general?
Bakkt is, you know, is kind of a big deal.
Again, just another more institutional great
venue offering, offering bitcoin trading essentially
makes it easier for people get into it so
by that metric, yes, you know, just ease of
access increases. Barriers are kind of shut
or brought down a little bit, we have more
people trading.
Thank you, Erik, see you next time.
Also, guys, let’s check how smart (or lucky)
you are! Post your best guesses for what the
Bitcoin price will be on Monday, September
9, at 7 am Eastern Standard Time. The closest
answer will win $50 worth of credit in our
merch store! Post your guesses in the comments
below. We will only accept comments posted
before midnight on Sunday (and remember, only
1 guess per person!!).
And for those who are less lucky – go check
out the store and enjoy a 30% discount with
the promocode in the description below!
This has been Giovanni with the Cryptocurrency
News. Always remember to like, subscribe, and hodl!

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100 Comments

  • Reply Cointelegraph September 6, 2019 at 8:08 pm

    0:22 Binance launches dollar-pegged stablecoin
    1:16 Paxos announces gold-backed crypto, Pax Gold
    3:15 NSA to develop “quantum resistant crypto”
    4:25 Bakkt starts Bitcoin deposits ahead of Futures

  • Reply Wayne September 6, 2019 at 10:32 pm

    My guess is $9,987

  • Reply Johnny September 6, 2019 at 10:41 pm

    $9573

  • Reply T Johnsen September 6, 2019 at 10:45 pm

    Get a proper English speaker

  • Reply T Johnsen September 6, 2019 at 10:51 pm

    10,001,00 USD is my guess

  • Reply Robert Love September 6, 2019 at 10:51 pm

    $11,600

  • Reply FREEDOM Fintech September 6, 2019 at 10:52 pm

    $10100

  • Reply Chris N September 6, 2019 at 10:53 pm

    10,700 Monday. My guess

  • Reply ENCRYPT3DBR0K3R September 6, 2019 at 10:57 pm

    $9800 PER BTC ON MONDAY THE 9TH

  • Reply CRYPTO AI September 6, 2019 at 11:28 pm

    $9879 USDT

  • Reply mine coins everyday September 6, 2019 at 11:28 pm

    just an fyi quantum computers already exist, theyre just being perfected atm

  • Reply DeAngeloYouKnow September 6, 2019 at 11:29 pm

    $10,655.64

  • Reply MarkieBo Go September 6, 2019 at 11:34 pm

    $12,345 September 9

  • Reply Renato Amoedo September 6, 2019 at 11:41 pm

    Btc 9899 usd

  • Reply DIVDAS909 September 6, 2019 at 11:45 pm

    $9500

  • Reply Kaushal Mishra September 7, 2019 at 1:03 am

    10,800

  • Reply Classborn September 7, 2019 at 1:18 am

    I moved $1 in Bitcoin and I didn't get a video about it …

  • Reply John Feeney September 7, 2019 at 1:27 am

    10,112

  • Reply Shahzad Tajik September 7, 2019 at 1:35 am

    1 BTC will be valued 10800$ at on September 9, 7am

  • Reply Denots September 7, 2019 at 1:47 am

    BTC price guess for Monday is $10666

  • Reply Avalon4Life September 7, 2019 at 2:13 am

    10723

  • Reply Pablo Dee September 7, 2019 at 2:26 am

    $10,225 is my answer.

  • Reply Toby Bonitz September 7, 2019 at 2:30 am

    9985.78 for Monday September 9th at 7 AM EST

  • Reply Map to Success September 7, 2019 at 2:38 am

    1 Bitcoin will be worth 10,340.70 on Monday that's my guess…

  • Reply James Smith September 7, 2019 at 3:11 am

    9520.67

  • Reply Joe Stroh September 7, 2019 at 3:28 am

    Monday Sept. 9th at 7:00 am EST will be 10,202.00

  • Reply Kavish Mehta September 7, 2019 at 3:42 am

    9550 krownie poo said so😉

  • Reply Professor Senn September 7, 2019 at 4:57 am

    10,600

  • Reply Vahid Ara September 7, 2019 at 5:03 am

    BTC price will be at around USD 11060 on Monday Sept. 9th at 7:00 am EST

  • Reply npcompletion September 7, 2019 at 5:11 am

    FYI David Chaum's Praxxis crypto is quantum resistant

  • Reply ewmism September 7, 2019 at 5:35 am

    What an effing Joke !!! Reminds me of India and Modi asking the people for their Gold lol how did that work??? Get Your Coins out of exchange and into your own private wallet !!

  • Reply gump September 7, 2019 at 6:13 am

    10237

  • Reply MENOVIC MUSHI September 7, 2019 at 6:19 am

    Monday btc will be valued $10,340

  • Reply The Late Adopter September 7, 2019 at 6:44 am

    Price prediction: 10700

  • Reply CryptoMaverick September 7, 2019 at 7:15 am

    10220

  • Reply Chirag Popat September 7, 2019 at 7:57 am

    My guess would be
    $10350 for 1 Bitcoin 😄

  • Reply Tim Krijgsman September 7, 2019 at 8:22 am

    Monday Sept. 9th at 7:00 am EST will be 9890.24

  • Reply Koti Crypto September 7, 2019 at 8:33 am

    BTC price will be at around USD 10150 Monday Sept. 9th at 7:00 am EST

  • Reply Big On Crypto September 7, 2019 at 8:41 am

    $10,254.01

  • Reply snipers12344 September 7, 2019 at 8:54 am

    The bitcoin price Will be 9938 dollar

  • Reply Wayne Johnson September 7, 2019 at 9:26 am

    BTC price will be at USD 10853 Monday Sept. 9th at 7:00 am EST

  • Reply WindyBrownEye September 7, 2019 at 9:48 am

    $9750/BTC

  • Reply Barry Case September 7, 2019 at 9:52 am

    BTC will be $10,400

  • Reply SP September 7, 2019 at 10:02 am

    BTC price will be at around USD 12000 Monday Sept. 9th at 7:00 am EST

  • Reply Iaroslav Danylchuk September 7, 2019 at 10:06 am

    10,437

  • Reply Michael Betz September 7, 2019 at 10:37 am

    1 BTC will be valued 10150$ at on September 9, 7am

  • Reply Philson September 7, 2019 at 10:43 am

    WELL WELL WELL! It's my man Krown!

  • Reply Iman Peera September 7, 2019 at 10:47 am

    11,530 is my guess

  • Reply Cryptoknight 606 September 7, 2019 at 11:03 am

    $10,981.76

  • Reply Gavin Bartle September 7, 2019 at 11:04 am

    My guess 10555

  • Reply Rubenford De CEBU September 7, 2019 at 11:12 am

    $10,900 for 1BTC

  • Reply Himanshu ahuja September 7, 2019 at 11:28 am

    10100$

  • Reply Himanshu ahuja September 7, 2019 at 11:29 am

    for latest crypto news follow on instagram cryptoworld_007

  • Reply Marina Heartcrypto September 7, 2019 at 12:21 pm

    1BTC $10,450. 🤷‍♀️

  • Reply Marky Llanos September 7, 2019 at 12:25 pm

    The of btc on September 9 will be $10, 540.00

  • Reply Crypto V September 7, 2019 at 12:26 pm

    Krown is the man. Quality TA. Price on Sep 9 7am will be 10320.

  • Reply Tim Chaffin September 7, 2019 at 12:38 pm

    BTC – 11,300

  • Reply NORBERTO DE GUZMAN September 7, 2019 at 12:55 pm

    BTC price will be at around USD 13000 Monday Sept. 9th at 7:00 am EST

  • Reply Adrian Petrit September 7, 2019 at 1:02 pm

    BTC price will be at around USD 10290 Monday Sept. 9th at 7:00 am EST

  • Reply Vitruvius September 7, 2019 at 1:23 pm

    10436

  • Reply Seacrest FPV September 7, 2019 at 4:04 pm

    10,785 – usd

  • Reply Crishti TM September 7, 2019 at 4:36 pm

    1 BTC will be valued 10630$ at on September 9, 7am

  • Reply Lucke Black September 7, 2019 at 5:00 pm

    My guess 9964 USD

  • Reply Jason Kellogg September 7, 2019 at 6:38 pm

    $8700

  • Reply fsgfaf September 7, 2019 at 6:39 pm

    $10,841.30

  • Reply The anointed one September 7, 2019 at 7:51 pm

    10,600 btc

  • Reply R W September 7, 2019 at 8:15 pm

    Between 10230 to 10350

  • Reply Coastal Wholesales September 7, 2019 at 8:35 pm

    BTC price sept 9th $10,652

  • Reply HellaFatSteve September 7, 2019 at 8:54 pm

    My guess is $10,519.87 on 9/9/2019 at 7 am EST.

  • Reply Terry Parish September 7, 2019 at 11:30 pm

    By 09-08-2019 11000.00 by 09-09-2019 11300.00

  • Reply AA LS September 7, 2019 at 11:35 pm

    1 BTC will be valued 10223$ on September 9, 7am

  • Reply gitty gitty September 8, 2019 at 12:10 am

    10539 USD for one BTC

  • Reply Alvin J. Pagan Sr. September 8, 2019 at 2:32 am

    BTC = $ 10,386.00

  • Reply Roy Wessbecher September 8, 2019 at 3:57 am

    10580

  • Reply RWrightXRP September 8, 2019 at 4:25 am

    $10531.53

  • Reply Sandy * September 8, 2019 at 5:56 am

    BTC would be near $10600 on Monday

  • Reply Andy Isbell September 8, 2019 at 6:38 am

    Price will be $10,920

  • Reply Igor September 8, 2019 at 9:25 am

    10372

  • Reply Giovanni Bordiga September 8, 2019 at 11:01 am

    BTC price will be at around USD 10590 Monday Sept. 9th at 7:00 am EST

  • Reply Miguel A. Rivera S. September 8, 2019 at 11:52 am

    9000

  • Reply Born Blazed September 8, 2019 at 12:28 pm

    cointelegraph is trash

  • Reply Giovanni Minelli September 8, 2019 at 3:54 pm

    BTC price will be at around USD 10265 Monday Sept. 9th at 7:00 am EST

  • Reply Rotor Chris September 8, 2019 at 4:48 pm

    USD 10432 😀

  • Reply Cardano Green September 8, 2019 at 6:32 pm

    BTC price: $10,372.60 at 7AM EST Monday, September 9, 2019

  • Reply Lisa Wharton September 8, 2019 at 7:39 pm

    BTC will be $10,000 Monday morning

  • Reply Dustin Ford September 8, 2019 at 8:24 pm

    $10749.31

  • Reply DON XRP Long Don L September 8, 2019 at 8:46 pm

    $10536 final answer

  • Reply Gee Flight September 9, 2019 at 2:20 am

    Bitmax is new Binance.

  • Reply david firnstahl September 9, 2019 at 2:23 am

    $10,609

  • Reply Rick Mck September 9, 2019 at 2:24 am

    bitcoin will be 10,115

  • Reply Rap September 9, 2019 at 3:27 am

    I'll take the Italian…yum yum.

  • Reply not THAT Falcon Coin September 9, 2019 at 3:35 am

    BTC price will be at around USD 10,289 Monday Sept. 9th at 7:00 am EST

  • Reply Andrew Young September 9, 2019 at 3:44 am

    BTC price will be USD $10,395.

  • Reply Mice Elf September 9, 2019 at 3:57 am

    BTC price might be at around $9,969 Monday Sept. 9th at 7:00 am EST

  • Reply Rap September 9, 2019 at 4:06 am

    9565 BTC/USD Bitstamp blah blah for the contest

  • Reply Alabidun moshood September 9, 2019 at 9:34 am

    I am not good at prediction but with this bakkt launch of a thing going on, $btc is just taking the back steps. Now I am waiting to see it at 9,900$ so I can get some from my recent trade profit on $toko

  • Reply Albert Gamero September 9, 2019 at 11:46 am

    $20,000

  • Reply Lebogang Mogatwe September 10, 2019 at 7:58 am

    Add a public comment…Could i have some benefit from that 1B…"I really looking some idea to earn….

  • Reply TIM THORNTON September 10, 2019 at 11:17 am

    BTC price: $12,987

  • Reply A September 10, 2019 at 2:36 pm

    Ok – full disclosure- I transferred the btc! I was just really bored !😉However I would still appreciate any donations for my further studies – 3DtpyCNzyTJNBXbBWwgVan2WiYgMZWw6G5
    Thanks!

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