Josh Andrews

Bitcoin Tumbles Below $8,000; Is the Bubble About to Burst?

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For the first time since 2017, bitcoin dropped below $8,000 yesterday and with the drop came a lot of speculation about what the future holds for the digital currency. According to CoinDesk, bitcoin plunged to $7,695.10 but recovered to $8,618 by mid-day – the bitcoin price index on CoinDesk tracks cryptocurrency prices from digital currency exchanges itBit, Bitfinex, and Coinbase.

The general takeaway from some economists and digital currency experts is that bitcoin is likely to weather yet another downturn. They believe that bitcoin can only continue to develop if it continues to be extremely volatile.

“Bitcoin is in trouble,” wrote Lukman Otunuga, a research analyst at foreign exchange broker Forextime. “Price action suggests that bears are clearly in control, with further losses on the cards as jitters over regulation erode investor appetite further.”

Bitcoin is, however, not the only digital currency that is experiencing a rough time. To put this into perspective, cryptocurrencies collectively lost over $100 billion in the last 24 hours. The price drops abruptly changed the mood and people’s perspectives as far as cryptocurrencies are concerned – the hype and overall excitement that was characteristic of the crypto – world, especially during this holiday’s season run-up, turned into a wave of uncertainty that swept through the space like wildfire.

Likely reasons for the price plunge include tougher regulatory scrutiny and imposed measures by governments in South Korea and China amidst concerns about tax evasion, money laundering as well as heavy speculation. Facebook’s ban on cryptocurrency and initial coin offering (ICOs) ads earlier this week is also partially responsible for the price drops – the company is however not changing their stand as they say the ban was influenced by the fact that such ads are “frequently associated with misleading or deceptive promotional practices.”

Also, according to CoinDesk, Ether coins on the Ethereum blockchain sank 15% to $880, Ripple coins slid 13% to 85 cents, and Litecoin tumbled 11% to $128.

Mansion Ventures Into Sports Betting With SBTech

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Renowned sportsbook solutions provider SBTech has unveiled its new sportsbook offering with iGaming operator Mansion Group. The Gibraltar –licensed iGaming operator launched with SBTech’s sportsbook and full platform solution as it makes an entry into the European sports betting market with MansionBet, its new brand. This deal is a pretty huge one for the technology provider as it also comes with such perks as SBTech’s Managed Services that Mansion will have access to alongside the sportsbook platform. The Managed Services solution provides operators with protocols for payment services, compliance and fraud detection, and prevention.

Furthermore, Mansion will be able to access a variety of key tools that will include trading and risk management services, price differentiation, controls for bespoke payouts as well as giving the customer control over their betting limits – this will be through Chameleon360, SBTech’s multi-award-winning iGaming platform. Mansion intends to give a lot more attention to mobile-first products like Action Betting and Add2Bet, both of which are designed to improve the in-play betting experience for the users.

“SBTech’s full platform solution is widely acknowledged as the industry’s leading iGaming product, delivering greater engagement, increased brand loyalty and higher lifetime value to our many clients around the world,” said Richard Carter, the SBTech Chief Executive. “This launch confirms SBTech’s position as the leading supplier of sports betting solutions for the sector’s top operators. We’re anticipating significant growth for all of Aspire Global’s partners, thanks to our expertise in deploying flexible trading and content solutions, with a unique focus on cross-selling from casino to sports.”

Mansion Group chief executive, Karel Manasco, also expressed his appreciation of the all-round strength and flexibility of the SBTech platform. He pointed out that these factors, coupled with the sheer quality of the iGaming provider’s products and the scalability of its solution, influenced the company’s decision to select SBTech as their main provider.

888Poker, Poker Central Partnership Renewed for Third Year

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888Poker continues to be the leading face of American online poker with the extension of the poker operator’s partnership contract with Poker Central for the third year in a row. Poker Central, which is a renowned online poker content hub made the announcement that their huge sponsorship deal had been extended and expanded to allow 888Poker to be the exclusive in-show sponsor of the Super High Roller Bowl that will take place this spring. Furthermore, 888poker will feature, to a very large extent, during several broadcasts of poker events such as the U.S. Poker Open, the ARIA High Roller Series and Poker Masters throughout 2018. The World Poker Tour and the World Series of Poker were among some of the most notable events that were not included in the list even though both have partnered with PokerGO before. At the moment, there is nothing but speculation surrounding the choice to leave out both events but a likely scenario is that both prominent series are basking in lucrative sponsorship deals that have effectively taken them out Poker Central’s league. Still, nothing is certain at this point.

“This is our third consecutive year partnering with 888poker, and we couldn’t be more pleased to have them on board for our growing slate of prestigious events. Together, we’re looking forward to further growing the sport by offering more tournaments that poker fans and professionals alike will enjoy,” Poker Central Vice President, Sam Simmons said after the announcement.

888Poker is also quite excited about the renewal and expansion of the partnership – they are showing it by offering reciprocal opportunities to Poker Central. Some of 888Poker’s broadcasted events are owned by Poker Central – these include Poker Masters and Super High Roller Bowl. 888Poker will now be giving gamblers opportunities to qualify for some of the exclusive tournament events through highly sought-after packages.

All Thanks to NBC?

Poker Central’s renewed contract with 888Poker coincides with another huge reveal. NBC Sports Group will be incorporating more Poker Central programming into its US schedule all through 2018. This further applies to both NBCSN’s linear and digital platforms and the programming partnership will run through to 2020.

All of the three Poker Central events that we mentioned earlier will be covered by all of NBC Sports Group’s online platforms and will be available for streaming on internet-connected TVs, tablets, desktops and mobile devices. Tournament dates and broadcast schedules are set to be officially announced later in the year.

Facebook Bans Advertisements on Cryptocurrencies and ICOs

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In every sense of the phrase, the cryptocurrency world is without a doubt the 21^st-century rendition of what was referred to as the Wild West. That said, it should not come as a surprise that, like the Wild West, we will definitely get treated to the good, the bad, and, of course, the ugly. However, there has been so much of the bad and the ugly going around that regulators and Facebook have become fed up.

The social media platform recently unveiled a new advertising policy that will have huge impacts on how people interact and consume content pertaining to cryptocurrencies, initial coin offering (ICOs) as well as binary options. Narrowing down to the specifics, Facebook Product Management Director Rob Leathern clarified that the new policy is a move against advertisements that promote products and services “that are frequently associated with misleading or deceptive practices.”

Advertisers will no longer be allowed to promote cryptocurrency related products and services regardless of whether they are legitimate or not. Any advertiser that violates Facebook’s new policy will not only be banned on the core app but also in all of its other ad selling platforms such as its ad network, Instagram and Audience Network which puts advertisements on third-party apps.

On the same day that Facebook announced its new policy, there was also news of United States regulatory activity that targeted cryptocurrency issuers. This included a move by the Securities and Exchange Commission to shut down an ICO that is backed by former boxer Evander Holyfield. Little is known about the future of the regulatory measures that the authorities are now implementing. Facebook, on the hand, says that the decision is not permanent and that it will revisit the rules later when it perfects its ad detection and removal algorithms.

“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across Facebook, Instagram, and its off-platform Audience Network, “ wrote Leathern. “We will revisit this policy and how we enforce it as our signals improve.”

Tides Get Rockier for Bitcoin

The move by Facebook and regulators in the United States did a number on bitcoin’s price – its price plummeted to below $10,000 just a few weeks after it climbed to a record high of $19,000. The wider crypto market took a hit as well with almost all of the top 50 altcoins experiencing price drops of over 10 percent.

Surprisingly though, the Facebook ban has been welcomed quite well on social media, especially by detractors of the crypto craze and supporters of decentralized digital currencies who want cryptocurrencies to be portrayed in a more legitimate fashion. There have also been speculations that claim that Facebook plans to launch its own digital currency to be used on the platform. Others think it is a play that intends to censor cryptocurrencies. Either way, it is about time that such measures were put in place to tone down the chaotic nature of the crypto world.

Great Times Ahead for Luckbox.com As It Heads to Token Sale

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Luckbox is the latest Esports betting venture that is upping its game with its very own initial coin offering (ICO). Regardless of the fact that Initial Coin Offerings have always been known to be quite stormy, the chief executive officer of the Isle of Man-based startup, Lars Lien is quite confident that the company will not back down from the token issuance endeavor. Being a pro in the gambling space, and having previously worked as part of PokerStars operational team, Lien definitely has a great deal of experience and expertise that will help steer the startup out of the choppy waters of ICOs.

Initially, Lien intended to persuade the PokerStars management to let the renowned casino operator branch out and provide a dedicated Esports offering but this particular opportunity flew out the window when a new owner came along. The primary cause for the dismissal of Lien’s proposal was, however, the emergence of newer and wider developments that had huge impacts on PokerStars as a whole.

“I wanted to build an Esports platform,” Lien says. “And it just so happens that my experience means I have helped to build something unique.”

His dream came true when he joined forces with Mike Stevens, a fellow PokerStars veteran, to finally realize his goals which also included a desire to recreate something that he refers to as the “Scheinberg ethic” of business. In essence, this implies that the two poker pros platform will strive to offer better services and use practices that rise above what regular sports betting operators have to offer. According to them, the Esports betting community is a totally different demographic and thus what Luckbox offers is intended to cater specifically to that population – Luckbox is, by all means, a social experience that features a variety of goals, unlockable achievements as well as nicely implemented social interaction capabilities.

The Token Effort

Already, there are a couple of Esports-only offerings available in the mainstream market with ESP.bet and Unikrn having the largest stakes – like Luckbox, both of them also have opted for the token route as a means of attracting more players and gaining liquidity. While it is definitely a bold move for Luckbox, the decision comes at a time when the whole ICO market is undergoing some major issues. For instance, bitcoin’s vicious fluctuations have had huge ramifications on token markets especially in cases where bitcoin is the buy-in currency.

As it stands, Luckbox has already drawn a larger number of users to buy into LuckCash, its utility coin, and raised about $1.8 million in bitcoin via a private sale. During the February sale, the startup hopes to double down and raised up to a further $20 million ahead of its much-anticipated product launch by the third quarter of 2018. Luckbox tokens were designed with a variety of great features that will leave most of the existing tokens in the dust.

Roger Ver Expands His Online Gambling Site to Accept BCH

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Renowned online casino operator and die-hard cryptocurrency champion, Roger Ver has upgraded his online gambling platform to allow wagers to be made using bitcoin cash (BCH). In September last year, Bitcoin.com, which is Ver’s cryptocurrency portal launched Bitcoin Games – an online casino that used the old Segwit Bitcoin token. Owing to its success, the platform is now branching out in a bid to offer the same services to more cryptocurrency users with its newly launched BCH-powered variation that has been named Bitcoin Cash Games and will feature significantly lower prices than those of its older counterpart.

Ver expressed his confidence in Bitcoin Cash as the core reason for his decision to branch out and venture into an online casino that supported the relatively young cryptocurrency.

In his official statement, he pointed out that “the BCH network and currency has proven itself to be reliable while also offering transaction fees ($0.01 or less) they are practically non-existent.”

This is where Bitcoin Cash has managed to best its older counterpart that is currently the market leader in the cryptocurrency world. So far, the bitcoin fork has managed to hold its ground quite well and it is already making waves in the gambling industry as well as in crypto-trading spaces.

Games offered at Bitcoin Cash Games include provable fair video poker, roulette, keno, blackjack, slots, dice, and craps, all of which feature a 99 percent expected return. The platform further has a referral program that allows players to earn themselves up to 25 percent of the platform’s house edge by enlisting new players.

No registration is required for non-US players using the platform since Ver and company are rather serious about anonymity. The only reason why the US is an exception is the government’s rather paranoid regulations – however, the games are still available to US customers in the form of free-play action.

Cryptocurrency Trading Still Thriving in China Despite Ban

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Last September, China stunned the cryptocurrency community when it announced a crackdown on ICOs after which it further gave all crypto exchanges in mainland China an ultimatum that required them to wind up their operations by October – seemingly a big blow that would potentially kill the nascent Chinese blockchain and cryptocurrency industry. Chinese bitcoin trading volumes had already dropped significantly since January 2017 and prior to the announcement especially because of the exchange fees Chinese exchanges were forced to raise and the AML protocols they were forced to implement by the authorities at the beginning of 2017. Regardless, the country remained a crucial market for cryptocurrency trading, and more specifically for bitcoin.
Surprisingly, the halting of Chinese crypto-exchange operations did not get in bitcoin’s way as its price skyrocketed just a couple of months later to reach an all-time high of around $20,000. At about the same time, three of China’s largest trading platforms, Huobi, BTCC, and OKCoin, all of which were ordered to shut down their businesses in September, relocated their businesses to Hong Kong with the intent to cater to the rapidly growing demand from investors in the city.
Relocating to friendlier jurisdictions seemed to be the best option for the businesses but they were also considering a number of options that included applying for licenses in Japan and setting up over-the-counter (OTC) shops in Hong Kong.

Enter OTCs

Cryptocurrency enthusiasts in mainland China are still able to trade domestically – the only difference is that instead of relying on exchanges to route their transactions, the transactions are negotiated on recently set up over-the-counter (OTC) trading platforms such as OKEx, Huobi, and OTCBTC. As you may have noticed, these OTC operations are forked the parent companies which were previously China’s, or even the world’s, largest crypto-exchange platforms.

Is There a Catch?

Of course, there is! Chinese crypto-junkies who still want to partake in trading activities have to put up with significantly inflated prices. For instance, when compared to traditional cryptocurrency exchanges, the prices on OTC platforms are higher by 10 to 20 percent. Case in point, when bitcoin was trading at $11,730 on Coinbase, the lowest bitcoin price on the Huobi OTC platform was $13,085. However, the government regulations are culpable for the premium that Chinese investors are forced to pay as a result of the limited supply of OTC coin. Still, wittier traders have taken advantage of the arbitrage opportunity to buy cryptocurrencies at cheaper prices from foreign exchanges after which they sell them back on the domestic OTC platforms at higher prices. There are risks like price volatility and slow transaction times involved but the traders are willing to put up with this.

On the OTC platforms, cryptocurrency trading is as easy as buying goods on eBay. All a buyer needs to do is to pick a currency they want to buy and then offers from multiple sellers appear. Buyers are allowed to link their bank accounts or use mobile payment services that are available in China.

NBA Expects a Cut Should Sports Betting Be Legalized

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The United States Supreme Court is still chewing over the legality of Professional and Amateur Sports Protection Act (PASPA), the 1992 federal law that imposed a ban on sports gambling in the country. However, in anticipation that the ban will be lifted and that sports betting will finally be legalized, a number of states are already laying the groundwork for statutory frameworks in the form of various legislations. New York is among these states and it is where hearings hosted by the Senate’s Racing, Gaming, and Wagering Committee were held earlier this week, on Wednesday.

It was at this hearing when a top NBA official revealed the league’s thoughts on what they considered to be an ideal sports betting environment. The NBA wants in on the profits amassed from wagers on professional basketball games in the United States. According to NBA senior vice president, Dan Spillane, the league will be taking on “risk that sports betting imposes” and should, therefore, receive the 1 percent compensation of the total amount wagered on the league’s games.

“Without our games and fans, there could be no sports betting. And if sports betting becomes legal in New York and other states, sports leagues will need to invest more in compliance and enforcement, including bet monitoring, investigations, and education,” Spillane told the committee. “To compensate leagues for the risk and expense created by betting and the commercial value our product creates for betting operators, we believe it is reasonable for operators to pay each league 1% of the total amount bet on its games.”

Who Is Buying It?

Well, at least the league is being halfway honest about it. The NBA is very smart and while it may seem like it, the league is definitely not a victim of circumstance in this case. Case in point, it has been the only league that has been very open about embracing the possibility of a legalized-sports-betting future. Seemingly, the true intent was backed by their vision to use sports gambling as a quasi-revenue stream – which makes their logic pertaining to the whole issue quite assailable. Spillane further argued that a similar model was already in place in countries like Australia and France where there is legalized sports betting and the leagues in said countries are compensated.

The fee represents a colossal financial windfall for the NBA, as well as other leagues which are likely to make similar requests if NBA’s is approved. A renowned gaming research firm estimates that in case states where sports betting is legal or will be legalized agree to compensate the leagues, the total annual revenue will be about $2 billion. At the moment, NBA’s proposal is still nothing more than a statement to kick off a negotiation – on Wednesday, it was greeted with a lot of skepticism thus making its future rather uncertain.

Taking Gaming to the Next Level: Enter the Sweaty Esports

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It would be very easy to pass a line of cyclists spinning madly on stationary bicycles, sweating profusely with their eyes fixed on screen for regular fitness junkies. However, inside Paris’ National Velodrome, there is so much more to what is going on than just a regular day at the gym. The bikes, in this case, are not regular exercise bikes and the 10 extremely fit cyclists decked out in full racing kits are actually pedaling away on svelte racing bikes mounted on indoor trainers which are tuned to vary the levels of resistance to the rider’s effort, just like it would be in a real bike race. The computer screens display a virtual cycling platform which is where the racing action is.

In the virtual racing world, the bike riders have avatars pedaling through landscapes marred with tunnels, dark forests as well as lava-spewing volcanoes. The idea is to simulate a real-world racing scenario – well, the lava-spewing volcanoes is a rather a bizarre addition to it, but that is what video games are all about. The riders’ avatars go at each other in the same way they would in a real race and the feel of it is just as realistic since a steep climb in the virtual world is actuated through an uptick in the bikes’ resistance. The idea that the pain and effort in the virtual world can be reproduced in the real world is what makes this exciting new Esports venture a gem.

Is it the future?

Already, a number of popular sporting events have been spawned from the idea of merging Esports and traditional sports. Cycligent CVR World Cup is one of the pioneering sporting events that intend to marry the growing popularity of Esports with the grit and determination associated with the physical sporting events. This presents a whole new dimension to both traditional sports and Esports, and it will go a long way in merging both markets or even extending it.

While only about 200 spectators attended the Paris race, over 28,000 viewers watched the race online. Similarly, about 1.1 million viewers streamed 2017’s World’s Toughest Mudder Sufferfest on Facebook even though not very many spectators were present at the arena. Now, the International Olympic Committee has shown interest and intends to introduce an Esports tournament as we approach February’s Winter Olympics that will be held in South Korea.

According to Cycligent CEO, Frank Garcia, “Doesn’t physical Esports make more sense? You see suffering and you see elation. People connect with that.”

Clearly, now that Esports has shifted from being a mere fad to an integral part of the sporting entertainment scene, there is bound to be more interest and investments. Esports like League of Legends and Dota 2 are already attracting tens of thousands of spectators to their arenas as well millions more who enjoy the action via various streaming platforms. Online spectatorship has been on the rise for CVR and Tough Mudder as well, and the decision by the Olympics to venture into Esports will be transformative to the initiatives that depend on true sporting excellence.

Why Businesses Should Still Climb On-Board the Bitcoin Train

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Apparently, the world has gone cold on bitcoin ever since its meteoric rise in 2017 but all this has been subject to a lot of debate which makes arriving at a definite answer quite difficult. Considering the rising popularity of altcoins like Ripple’s XRP token and Ethereum, both of which have been trading at feverish rates, it may seem as if bitcoin is no longer the world’s most dominant digital currency. Well, not everyone is of a similar opinion and despite the hit that bitcoin might have taken in recent weeks, cryptocurrency experts have faith that it will eventually bounce back – Tom Lee, one of the crypto experts, believes that bitcoin could potentially double its price by the end of the year. In a CNBC interview, Lee pointed out that bitcoin’s recent price drop is nothing more than a “healthy consolidation” and that by the summer it would be trading at $20,000.

There will always be predictions and speculations emanating from both sides of the crypto divide but it is undeniable that bitcoin has etched out a spot as an established spending tool for very many people.

Bitcoin might have been around for a little less than a decade but this is an incredibly long time in “cryptocurrency time” – it is the oldest cryptocurrency and this means that it will always serve as a benchmark for its successors. However, it is not going away, at least not anytime soon. As such, businesses looking to appeal to the next generation of consumers should lean towards cryptocurrencies, more specifically bitcoin.

UK’s Bitcoin Spending

The United Kingdom seems to have been a trendsetter because it was already gearing up for crypto-powered spending long before bitcoin’s price boom last year. A 2015 Mining Pool study revealed that over 80 percent of Brit bitcoin owners felt that there were not enough places to spend the cryptocurrency at the time.

Also, while typical cryptocurrency traders and users are known to save their coins instead of spending them, Brits have always portrayed a willingness to spend theirs. As illustrated by these habits, bitcoin has evidently breached the mainstream market which implies that a business that invests in it would be making a very wise move.

Effectively targeting and appealing to bitcoin users both in the UK and the rest of the world means that the product has to be in line with market values as well as the underlying ethos. Practically speaking, it is also crucial that the product prices are set in accordance with the latest bitcoin value. The success of the business depends upon the way it will stay up to date with daily bitcoin charts that effectively keeps up with bitcoin’s insane market fluctuations and developing trends. Businesses can then use this information to tailor their prices to offer more attractive deals to their customers or at least an equivalent pricing deal.

One other area that business could take advantage of is the decentralization and anonymity features that all cryptocurrencies offer. Well, of course, total anonymity is still a long shot, but finding ways to reduce the amount of personal data required to make transactions would be very helpful for both the business and the customers. Since the bitcoin ecosystem already has these in place implementing it should not be that hard, should it?