LottoShares Set to Shake Up Crowdfunding Through Blockchain

Bitcoin Magazine
LottoShares Set to Shake Up Crowdfunding Through Blockchain

Sint Maarten, Caribbean— Founder of Della Terra LTD: Michael Taggart and CEO of ​Banx Capital:​ Mark Lyford have partnered with Fantasy SXM to create the first open and transparent physical lottery using blockchain technology. LottoShares is set to become a revolutionary lottery system with limitless potential; the first system to operate entirely on ​Bitshares d​ecentralized platform.

“I am extremely interested in furthering blockchain based technology; Bitshares technology is the most advanced in that category. It is by far the most secure and un­hackable platform that boasts the fastest transaction times the financial industry has available providing consumers with peace of mind given the 100% transparency”. ­ Co­founder: Michael Taggart

This successful group of entrepreneurs strive to provide a safe, legal, and efficient gambling experience. LottoShares​wants to give the public complete freedom of their finances in an intelligible way by offering options to those that are unbanked.

The public is able to help this venture blossom from start to finish. In return for the contribution, one would receive “digital ownership” of LottoShares, which will stem from a portion the net profit of the Fantasy Lottery​in beautiful St. Maarten.

With the 100% transparency, Lottoshares tokens can be distributed, transferred, or sold globally. This time­sensitive abiding technology makes the saying “instant winnings” truly a reality.

“There are only 500,000 ‘LottoShares’ available to the public, these shares will be purchased back with earnings from the physical lottery in Sint Maarten. The buyback of ‘shares’ will decrease the availability to the public which can postively affect the overall value of the ‘shares’. It will be interesting to see how this will pan out”. ­ Co­Founder of LottoShares, Michael Taggart

LottoShares​is set to launch this week. Lyford and Taggart have expressed their excitement to increase the awareness of this continually innovative opportunity. The money raised during the contribution phase of the LottoShares launch will go to the expansion of operations, employment increase, and the cost to transfer this lottery onto the Bitshares blockchain platform.

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Press Release: Bitcoin Lottery YABTCL Offers Over 1 BTC In Free Draws, Introduces Unprecedented Variable House Edge Feature
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Bitcoin Press Release: Provably fair online Bitcoin lottery platform YABTCL has implemented an unprecedented variable house edge feature, giving the lottery less advantage over the player than in traditional draws. YABTCL recently celebrated its 2nd year of smooth operations.

Provably fair online Bitcoin lottery YABTCL just released their variable house edge system in their instant lottery this week, where users can play with a house edge varying from 1% to 0% depending on the conditions they meet. Variable house edge Bitcoin lottery gaming is so far unprecedented, and offers more favorable conditions to players.

To give back to the Bitcoin community, YABTCL is pleased to offer a free entry lottery with jackpots greater than 1 BTC. They have a wide variety of games and all games are provably fair. Players can also play anonymously, without needing to register an account.

The online Bitcoin lottery platform utilizes blockchain technology to ensure all scheduled lotteries are provably fair. YABTCL’s system is 100% transparent; using the blockchain to generate winning numbers, and to timestamp tickets used in the draws.

YABTCL also offers a multi-level referral system. The generous multi-level referral system pays out to three levels below the referred player.

The platform also offers an investment system in their scheduled lotteries, and as blockchain data is used to generate winning numbers, the system is also provably fair to BTC investors.

With its provably fair lotteries based on Bitcoin’s blockchain technology, variable house edge, anonymous playing options, multi-level referral system, provably fair investor option and more, YABTCL is on the cutting edge of online Bitcoin gaming.

For more information please visit: http://yabtcl.com

Media contact:

City and Country Location: London, UK

Name: Leandro Martins Morris

Email: yabtcl@yabtcl.com
YABTCL is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

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Bitcoin According to Regulators: Money, Currency, Property, and Now a Commodity
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Bitcoin is now officially a commodity according to U.S. regulators, Bloomberg Business reports. The Commodity Futures Trading Commission (CFTC) announced on Thursday that it had filed and settled charges against a Bitcoin exchange for facilitating the trading of option contracts on its platform.

“In this order, the CFTC for the first time finds that Bitcoin and other virtual currencies are properly defined as commodities,” notes the CFTC press release.

The U.S. Commodity Futures Trading Commission is an independent agency of the U.S. government created in 1974, which regulates futures and option markets that are subject to the Commodity Exchange Act. By this action, the CFTC asserts its authority to provide oversight of the trading of cryptocurrency futures and options, which will now be subject to the agency’s regulations.

“While there is a lot of excitement surrounding bitcoin and other virtual currencies, innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets,” said CFTC’s Director of Enforcement Aitan Goelman.

The CFTC action targets Bitcoin exchange Coinflip, which operated the Bitcoin financial derivatives market Derivabit, and its chief executive officer Francisco Riordan, for “conducting activity related to commodity options transactions without complying with the Commodity Exchange Act (CEA) and CFTC Regulations, specifically, by operating a facility for the trading or processing of commodity options without complying with the CEA or CFTC Regulations otherwise applicable to swaps or conducting the activity pursuant to the CFTC’s exemption for trade options.”

The website derivabit.com hasn’t been active since mid-2014. A September 2014 site snapshot on Internet Archive advertised Derivabit services as “Financial derivatives to manage exposure to Bitcoin volatility – Buy & sell option contracts to control your Bitcoin risk” and listed ongoing trades. Later snapshots just said “Not Currently Accepting Customers,” and the domain was announced for sale on Bitcointalk with the source code in January 2015. More information on Derivabit services is available in this discussion thread on Hacker News.

The CFTC press release notes that Coinflip and Riordan cooperated with the Division of Enforcement’s investigation.

“The cease and desist was a fair settlement,” said Riordan to Bloomberg Business, and added that customer funds had been refunded in July 2014, before the CFTC made contact with the company: “There wasn’t enough trade volume for the site to sustain itself.”

A follow-up Bloomberg Business article lists reactions and comments to the CFTC claim from notable members of the Bitcoin community.

“There are so many regulators in the U.S., and they all want more jurisdiction, which leads to a constant stream of bizarre rulings,” said Bitcoin developer Mike Hearn. “None of them has much work to do because there’s not a whole lot of financial innovation happening in the States. So when they find a small one-man startup they can’t resist giving themselves work to do – so they go in and whack it, especially in California.”

Heard added that he is not terribly surprised and not terribly worried.

“I think the CFTC has a very weak case here and it’s a very creative reinterpretation of what the word commodity means,” he said. “The ruling will be challenged, and judges will apply common sense and decide it to be a currency.”

Some commentators said that compliance with the Commodity Exchange Act and applicable CFTC regulations would be too costly for many Bitcoin startups, with the predictable result that many innovative U.S. companies will be forced to move offshore.

Others, in agreement with Hearn, noted that the CFTC claim is inconsistent with related decisions by regulatory agencies in the United States and other countries.

Journalist David Seaman summarized the situation in a tweet: “To commodities regulators, Bitcoin is a commodity. To bank regulators, it’s a bank. To stock regulators, it’s a stock. Everyone wants ‘in.’”

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