Bitcoin ICO Review

Germany's central bank, the Deutsche Bundesbank, has conducted a survey of banks charging negative interest rates on customer deposits. Some are charging retail customers as well as corporate clients. An independent price comparison portal shows which banks are currently charging for deposits and how much they are charging.

Central Bank Survey
A growing number of German banks are passing on the burden of negative interest rates to their customers as the European Central Bank (ECB) continues to maintain a negative interest rate policy (NIRP). The current ECB deposit rate is -0.5%, the lowest on record.

"Many banks in Germany have introduced negative rates on deposits," the Deutsche Bundesbank wrote in its November monthly report after conducting a survey of 220 banks at the end of September regarding their negative interest rate policies. The central bank believes that the surveyed banks constitute a representative sample of the overall sector, thereby allowing it to make qualified statements concerning the spread of negative interest rates on customer deposits in the German banking sector. The Financial Times summarized:

58% of the banks said they were levying negative rates on some corporate deposits and 23% said they were doing the same for retail depositors.

Even the country's largest banks have started charging their customers for deposits. Deutsche Bank CFO James von Moltke told analysts last month that his bank had stepped up its attempts to pass on the negative rate burden to corporate clients. "This is more difficult in the private bank business than in corporate or institutional deposits and we don't see an ability to adjust legal terms and conditions of our accounts on a broad-based basis," the CFO was quoted as saying. He added that his bank had also approached some retail clients with large deposits on the matter.

Similarly, Commerzbank CFO Stephan Engels revealed earlier this month that his bank had already been approaching wealthy retail customers holding deposits of more than 1 million euros ($1.11 million).

Which Banks Charge Negative Interest Rates
While the central bank did not provide a list of banks that are charging negative interest rates, German consumer price comparison platform Verivox has published several lists of banks that fall into this category. The platform claims to have examined the policies of over 800 German banks.

According to its current database, at least 21 banks have published their negative rate policies online and seven others are charging fees for money market accounts which are usually free. Further, the platform lists 20 other banks that the media have reported as charging for deposits but they have not published the information on their websites.

Verivox's list of 21 banks currently charging negative interest rates on customer deposits.
News.Bitcoin.com was able to verify that a number of banks on the Verivox list do charge negative interest rates including Berliner Volksbank, Ethikbank, Skatbank, Sparda-Bank Berlin, Sparkasse Harburg-Buxtehude, Volksbank Eisenberg, and Volksbank Fürstenfeldbruck. Berliner Volksbank, one of the largest German cooperative banks, started charging -0.5% on accounts with at least 100,000 euros on Oct. 1, as news.Bitcoin.com previously reported.

Following the move by the ECB to lower the key interest rate to -0.5% in September, Skatbank announced its negative interest rate policy, emphasizing:

We can no longer economically accept responsibility for maintaining the ECB negative interest rate in full. So far, negative interest rates were only incurred for large-scale depositors. As a result of its actions, the ECB leaves us no other choice than to further restrict our deposit business.

Another German price comparison website, Biallo, claims to have found more than 150 German financial institutions that are charging negative interest rates. Founder Horst Biallo wrote, "A biallo.de survey of just over 1,300 banks and savings banks shows that a good 150 financial institutions are now charging negative interest, 52 of which are private sector institutions." However, his list is not publicly available.

First Bank to Charge Small Savers Negative Rate
Among the 21 banks on Verivox's list is Volksbank Fürstenfeldbruck, a cooperative bank located west of Munich. The bank has recently been in the news for being the first German bank to pass on the cost of negative interest rates to even small savers.

The bank explained that it will collect a custody fee of -0.5% on instant access savings accounts, the Financial Times detailed. "New clients who also do other business with the bank, such as real estate financing or pension planning, will be exempt from the charges." The bank's website shows that accounts opened on Oct. 1 or later with deposits of 0.01 euro or more will be charged the fee. Inundated with inquiries about its new policy following media reports, the bank put up an explanation on its website, emphasizing that only new clients are affected. Verivox CEO Oliver Maier was quoted by the Financial Times on Tuesday as saying:

Negative interest rates have now reached the average saver.
What do you think of a growing number of German banks passing on the burden of negative interest rates to their customers? Let us know in the comments section below.

This week members of the Bitcoin Cash (BCH) community donated funds to Eatbch South Sudan volunteer Thiong Deng so he could spread the word about the benefits of BCH at the Young African Leaders Summit. According to Deng, his journey to Uganda and Ghana has been fully funded which includes flight, hotel, visa costs, and a ticket to the event.

Eatbch South Sudan Volunteer Heads to the Young African Leaders Summit
Eatbch is easily recognized as the Bitcoin Cash community's most favorite charity because the nonprofit organization has been using BCH to help people throughout Venezuela and South Sudan. People can follow Eatbch on Twitter and see how the "peer-to-peer electronic cash-to-food system" feeds families and children in need regularly. Just recently, the nonprofit published a new website called eatbch.org that shows the tremendous work being done in South Sudan and Venezuela. Moreover, the website's visitors can donate bitcoin cash directly to the effort so people can help others experiencing economic hardships and difficult times.

Last September, news.Bitcoin.com reported on Eatbch South Sudan leader Emmanuel Lobijo, who was invited to attend the UN Secretary-General's Climate Action Summit. Lobijo joined Greta Thunberg and many other activists at the UN's event in New York. The Eatbch South Sudan leader explained how BCH can "bridge access to the world" and how the charitable organization is using bitcoin cash to fight water wars, drought, and famine in the African country.

This week members of the BCH community funded Eatbch South Sudan volunteer Thiong Micheal Deng's trip so he could attend the Young African Leaders Summit in Ghana. On November 13 and 14, BCH proponents on Twitter and Reddit asked the community to help fund Deng's trip. "Can we get Thiong, an Eatbch South Sudan representative to the Young African Leaders Summit? He still needs $800 dollars of funding," one Reddit post asked. Deng disclosed all the anticipated expenses for the trip to the Young African Leaders Summit and thanked the community for the "generous donations" but he still had $835 left to raise.

BCH Community Funds Travel Expenses to Ghana
On Twitter, software engineer Josh Ellithorpe (who designed the eatbch.org website) also asked BCH supporters to help fund Deng's travels. "This is the last day to get Thiong (an Eatbch South Sudan representative) to the Young African Leaders Summit," Ellithorpe tweeted. "Let's support him in spreading the word about Bitcoin Cash and the excellent work of Eatbch."

After a few BCH proponents made requests to the community, Deng managed to get the funds needed to embark on the trip. "Thanks, Bitcoin cash community," Deng said. "[You] have set up my journey to Uganda — 18-hour bus drive — then flight to Ghana for the conference. BCH you made it happen — thanks for the love." The BCH community members who helped fund the trip and the work being done by Eatbch at large demonstrates how passionate BCH proponents are about peer-to-peer cash. The work Eatbch does each and every day showcases how decentralized, borderless cryptocurrencies can truly revolutionize the global economy.

The largest bank in Canada by market capitalization, Royal Bank of Canada (RBC), is reportedly opening a cryptocurrency exchange. Patents have been discovered that reveal some of the technology the RBC may implement, which could be used to bring digital currency trading to the bank's 16 million clients.

The Royal Bank of Canada May Launch a Crypto Exchange
A report stemming from the publication The Logic claims that the RBC is currently exploring the construction of a digital currency trading platform. Columnist Zane Schwartz wrote on November 11 that the bank will give customers the ability to invest and trade cryptocurrencies like BTC and ETH. The report reveals RBC is interested in creating funds with a basket of digital currencies as well. "The bank is also looking into letting customers open bank accounts containing cryptocurrency," Schwartz wrote. If the crypto trading platform comes to fruition then the Canadian bank will be the first financial institution in the country to offer such services.

At the last World Economic Forum in Davos, the Royal Bank of Canada's CEO, David McKay, told the public that the financial institution aims to leverage distributed ledger technology. "We're experimenting with taking an asset and breaking it into smaller pieces and registering that in a decentralised register called blockchain. You can take an asset or even a company and create a unit on a decentralised blockchain and then sell that into the marketplace," McKay said during a panel discussion.

Speaking with Schwartz, RBC spokesperson Jean Francois Thibault explained that the Canadian financial institution "like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected." Thibault would not confirm to Schwartz whether or not the RBC would be constructing a new trading platform for cryptocurrencies.

Royal Bank of Canada Patents Point to Crypto Exchange Launch
A while back, RBC's wealth management service published a report outlining the benefits and risks tethered to digital currencies.
As early as 2015, the RBC expressed interest in blockchain and McKay explained that the technology was a "quantum innovation." "It is a brand-new technology, and what do we really know about it? How cyber-secure is it? We are going to learn a lot more about it," McKay told the publication American Banker. "Given what is at stake, it is not something you can rush to market with and fix as you go. You want it to work."

Royal Bank of Canada Patents Point to Crypto Exchange Launch
Royal Bank of Canada patent CA 3038757: A system and method for handling crypto-asset transactions.
Alongside this, RBC's wealth management arm also published a report called "Bitcoin and beyond: Five things to know about cryptocurrency." The RBC study notes there are plenty of risks associated with decentralized blockchain assets, but in the long run "the possibilities of cryptocurrencies are undeniable."

The 2019 National Proceeds of Crime Conference (NPOCC) held in Brisbane, Australia from November 13-15 addressed "Globalisation and Digitisation of the Criminal Economy," and featured 200+ delegates hearing from representatives of organizations such as the Australian Federal Police, Singapore and New Zealand police, United States Department of Justice, and the Australian Criminal Intelligence Commission. The conference set out to address how to better seize criminal profits and face challenges to law enforcement presented by the darknet and cryptocurrencies like bitcoin.

Addressing Crypto Crime
Justine Gough, Acting Assistant Commissioner for the Australian Federal Police (AFP), stated that "Advances in technology, like cryptocurrency and encrypted communications have changed the way criminals acquire and hide their assets" and that "Seizing and removing the profits of crime is one of the most effective capabilities we have in impacting organised criminal networks."

The international conference, which aimed to address such topics as "the Darknet, trends in money laundering, collaboration in investigations; evidence collection in an age of cloud-based data and the monetisation of cybercrime" focused on how relevant organizations respond to crime in an age where cryptography and digital assets like bitcoin have enabled greater efficiency in skirting law enforcement. The push echoes recent sentiment from the U.S. Federal Bureau of Investigation (FBI) whose director Christopher Wray claimed problems presented by such technologies are getting "bigger and bigger."

Money Laundering and the Darknet
Since the takedown of infamous darknet marketplace Silk Road in 2013, bitcoin and crypto have been in the mainstream media spotlight, and in the sights of law enforcement and financial regulators worldwide when it comes to money laundering and illegal activities. U.S. Treasury Secretary Steven Mnuchin has claimed that bitcoin and crypto are a "risk to the financial system" while pushing back against the idea that the world reserve U.S. dollar is used comparably. "I don't think it's been successfully done with cash. I'll push back on that. We're going to make sure that bitcoin doesn't become the equivalent of Swiss-numbered bank accounts," Mnuchin stated in July.

AFP Acting Assistant Commissioner Gough says of the NPOCC:

We are honoured to have representatives from law enforcement, government departments and private enterprise … share their insights and to collaborate on how we respond to emerging technologies like cryptocurrency.

The response has already been swift and formidable. From numerous arrests of those transacting and trading in crypto — both criminal and non-criminal elements alike — to powerful tax agencies like the IRS issuing thousands of warning letters to potential crypto non-filers and money launderers, it's clear law enforcement worldwide means business. The question of what kind of similar enterprise in trafficking, money laundering and tax evasion is being done with the almighty USD remains noticeably off the table, however.

Worldwide Enforcement Efforts
It will be interesting to hear the conclusions of this week's Brisbane conference, and to see what developments proceed from the talks on monetization of cybercrime via crypto. Already global policymakers and joint enforcement initiatives such as the Financial Action Task Force (FATF) and the Joint Chiefs of Global Tax Enforcement (J5) are working to broaden the intelligence and enforcement dragnet for targeting unauthorized and permissionless financial activity worldwide. As the NPOCC's problematic "Digitisation of the Criminal Economy" continues, the crypto space can expect even more scrutiny and heightened KYC/AML compliance measures in 2020.

With mainstream exchanges becoming progressively cumbersome due to privacy invasive policy and regulation, some crypto traders are switching to more private, face-to-face trading. While this route isn't for everyone, and comes with unique risks, it does offer a very real solution to many of the problems plaguing mainstream exchanges currently. The goal of this breakdown is to provide a few best practices for safety and success when trading crypto in person.

Why Face to Face?
For anyone that's ever had their money frozen on an exchange, this question is a no-brainer. Since most exchange wallets are custodial, meaning the service itself holds and manages user funds centrally, one bug in the code, hack, or audit from a governmental regulatory agency could mean that you and your money are parted indefinitely. Stomach sinkers of this nature have occurred often enough that many, understandably, don't want to run these risks anymore. Others are concerned about privacy and the security of their personal data and information. Trading in person via a non-custodial platform or otherwise lets traders hold funds until the very last second, and guarantees more control. Still, there are important things to be mindful of in order to trade safely and successfully.

Best Practices
To avoid getting scammed, set up, or potentially endangered, there are some time-tested best practices for trading face to face. The overarching one is simple, though: just use common sense.

Choose a trustworthy platform / trader
Maybe you know someone in your community who also uses cryptocurrencies. Perhaps a friend of a friend, or an acquaintance interested in getting into crypto, but they don't know how. Online, reliable peer-to-peer platforms such as that currently offered at local.bitcoin.com are great places to start. Platforms that offer blind escrow, and end-to-end chat encryption are the safest bets. Whatever one's approach, testing first and vetting for reliability is critical.

Using shoddy, unproven platforms or trading with strangers who've no reputation for being honest probably won't end well. There are scammers as well as government agents on some p2p networks, and in real life, more than happy to ensnare even innocent, legal users of crypto for their own benefit.

Well-managed platforms will have a reputation system in place so users can verify which traders have completed the most trades successfully, and feedback features for rating their quality of service. Be sure to work out all the specifics of the trading process and procedure in clear detail on an encrypted chat application prior to meeting for the trade.

Meet in an open, highly visible public space
After working out the specifics of your deal, and providing only necessary information to the contact, meet in an open, highly visible space that is frequented by people but also provides enough serenity to conduct business. A well-lit coffee shop or popular meeting spot in view of the public can be a great place to conduct crypto trades. Trust your gut in meeting someone for the first time, and if anything "feels off," don't hesitate to politely back out.

A great way to get scammed face to face is to send your bitcoins to the guy across the table and watch him run off without paying you. In this situation you could give chase (risky), yell, flail about, or call the cops, but you're more than likely just SOL. Be sure the other person lets you see the money, gift cards, etc., first, before sending any coins.

Most respectable traders will place money on the table discreetly (in an envelope or book) so that it is within reach of both parties, and sudden moves to bolt are not likely to succeed. Once the tx has enough confirmations for the buyer's liking, they should slide the money over and invite the other party to count it. If you are the one buying crypto be sure to make the seller feel at ease by setting up the trade similarly. Crypto-to-crypto deals require a bit more creativity perhaps, but having both devices in reach and openly in view can help.

Horse Sense Is Number One
There are limitless options for working out trustworthy trade arrangements, including step-by-step, fractional trades to test the waters on first meeting, PGP contracts making it difficult for a party to lie about the agreement after the fact, and verification via other contacts of a trader's reputation. However, as mentioned earlier, the main thing is to trust your reason, and gut instinct. If some aspect of a crypto trade arrangement feels spooky or inconsistent, it's more than okay to kick the deal and get out. More often than not, however, in person trades are fun, friendly experiences that can be a good way to get out of the typically isolated, smugly self-referential hell that is crypto Twitter, catching a breath of fresh air while stacking sats and building the bitcoin economy.

Bitcoin has spent the past two weeks consolidating just below the 200 day moving average. So far it has managed to cling to support above $8,000 but a big move could be coming soon so which way will it go next?

Bitcoin Trading Range Tightens
Another day has seen Bitcoin bounce between $8,300 and $8,400 as the range bound channel begins to tighten up. According to Tradingview.com BTC is currently within this range at $8,340 since the big dump on Friday.

RSI is right on 50 on the four hour chart but below it on the daily. That death cross of the 50 day MA and 200 day MA is looming ever closer and could occur in about a week, especially if the breakout is to the low side.

Trader 'CryptoHamster' has observed the sideways channel on the 50% Fibonacci retracement level which is also a signal of a bigger move approaching.

Stating that Bitcoin will 'either go up or down' is pretty obvious but where will it stop is more interesting. On the high side the 23.6% Fibo shows resistance at just below $8,600 while a drop lower to the 61.8% line takes it back to $8,200.

Below that is further support at $8k then $7.8k. At the moment BTC has corrected 40 percent from the 2019 high and is holding ground. Market dominance has failed to regain 70 percent and is currently just below it according to Tradingview.com.

Elsewhere on Crypto Markets
The majority of the altcoins are showing red this Sunday though losses are minor as they also follow big brother's consolidation. Ethereum has weakened again in a fall back towards $180. ETH is unlikely to decouple from BTC until major network upgrades in Istanbul and early Serenity phases are rolled out in a few months' time.

Ripple's XRP has remained flat for the past few days but it has managed to hold on to previous gains keeping the token around $0.275. Bitcoin Cash has weakened again allowing Tether to retake fourth spot with a larger market cap and Litecoin has shown very little movement from its $55 price level.

Today's top movers on altcoin markets are Binance Coin adding 4 percent to close in on $18, and BSV getting a 3.5 percent lift as it approaches $90. There are no coins in the top one hundred gaining double digits as Sunday trading remains lethargic.

Total crypto market capitalization hasn't moved much this weekend and remains around $225 billion. Daily volume, according to coinmarketcap.com, has declined below $50 billion but markets are marginally higher than this time last weekend.

The controversial essence of what is Facebook's Libra cryptocurrency has just been hit significantly according to recently surfaced news.

A spokesperson for the payment giant Paypal spoke to the Wall Street Journal on Friday afternoon and said that the firm has decided to "forgo further particpiation" on the project. However, despite this, they added that the payment network will continue to support the goal of Libra which is to 'democratize finance'. This would mean that is will keep it options open with Facebook for the future.

The PayPal representative said:
"We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities."

This is an announcement that came shortly after sources to the Financial Times said that PayPal spokespersons didn't make an appearance at the Washington-based Libra conference. Sources went onto say that out of the 28 corporate backers of the upcoming stablecoin, PayPal was the only one who didn't turn up to the meeting. What this was down to is unknown, however, it's important to keep an open mind and not presume the worst.

It's also worth noting that by not turning up to support the Libra Association, PayPal hasn't actually betrayed any formal contracts or agreements. Gabrielle Rabinovitch, the Vice President of investor relations at PayPal, said in August that the firm's participation in the crypto venture was one backed by a "non-binding" contract.

Apple
We recently got the opinion of Apple's Tim Cook and what he thinks of cryptocurrency and Libra. However, when being asked whether Apple is planning to create a currency, Cook said: