Toba Electric Bikes announces cryptocurrency partnership as 50 Cycles enters liquidation

SLP (Simple Ledger Protocol) is an emerging standard protocol for issuing secure tokens on the Bitcoin Cash blockchain. Toba Electric Bikes, covered …

Toba Electric Bikes has announced a commercial partnership with SLP-centric trading platform, reports

SLP (Simple Ledger Protocol) is an emerging standard protocol for issuing secure tokens on the Bitcoin Cash blockchain. Toba Electric Bikes, covered on CI.N last year, has invoked the first SLP token redeemable for physical goods, according to reports.

It appears Toba Distribution Limited (registered in February by Scott Snaith) is in the process of designing its own bike called the TOBA-T, set for release next year, though at present the website appears only to retail BH Bikes stock. Toba is exclusively accepting digital assets such as BCH (Bitcoin Cash), BTC and toba token, with users receiving a 10% discount on Toba bicycles and products using the token.

According to the company, the toba token will be spendable on 16 December, with Cryptophyl having disclosed $35,000 worth of toba tokens to be airdropped to drop holders.

Scott Snaith, founder and CEO at Toba Electric Bikes, told “Cryptophyl is the most exciting exchange to launch this year because it is dedicated to the trading of Simple Ledger Protocol Tokens (SLP). Cryptocurrency is entering a new phase of adoption with SLP. Cryptophyl is becoming a real contender in the world of applied tokenization, accelerating adoption over the coming years.

At the time when this project was under development, Snaith made the national press by calling for banks to “get to grips with cryptocurrency use as payment”.

Snaith told CI.N he had taken over the role of CEO of the Toba brand last month, while discussing the closure of his 16-year-old retail business, 50 Cycles Ltd, which filed for a CVA in January. This CVA has since fallen through, according to Companies House filings and McTear Williams & Wood Limited has confirmed to CI.N that the retail business is now in liquidation.

Documents also seen by CI.N illustrate a wide-ranging list of 48 bike industry and other creditors running to a tally of north of £1.78 million owed.

Snaith alleged difficulties with a bike supplier the firm formerly held a distribution deal with were to blame for the downfall of what “could have been a £10 million business.”

The headquarters of a new distribution-based business, which is managing a newly-formed distribution relationship with Spain’s BH Bikes, remains active, though operates as a separate company registered as 50 Cycles Distribution Ltd. The new business is registered in the same unit and business park as the former operation, with the exception of a change from Unit 1A to 1E.

Sources reported orders could still be made through the 50 Cycles website up until last month, and that attempts to contact the company proved unsuccessful with both telephone lines for the firm answerphone relaying the message “regretfully, 50 Cycles has closed for business.”

The website now says it is ‘under maintenance’ and that ’50 Cycles Limited is now closed’.

Though CI.N has received comment to the contrary, Snaith says that all former customers have been reimbursed.

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Bitcoin and Altcoins Trading With Bearish Bias

Similarly, altcoins are currently trading in a bearish zone, including ethereum, ripple, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD is …

After a major decline, bitcoin price started a short term upside correction above the USD 8,850 level. BTC/USD even spiked above USD 9,000, but upsides remained capped. The price is currently (09:00 UTC) declining and it remains at a risk of more downsides below the USD 8,750 support area.

Similarly, altcoins are currently trading in a bearish zone, including ethereum, ripple, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD is facing resistance near the USD 188 and USD 190 levels. Moreover, XRP/USD is facing a strong resistance near the USD 0.282, USD 0.284 and USD 0.285 levels.

Total market capitalization

Bitcoin and Altcoins Trading With Bearish Bias 101

Bitcoin price

Recently, bitcoin price corrected above the USD 9,000 level. However, BTC/USD failed to surpass the USD 9,100 and USD 9,120 resistance levels. As a result, the price declined below USD 9,000 and trimmed most of its gains. The price is now trading below USD 9,000, with an immediate support at USD 8,750. The main weekly supports are near the USD 8,650 and USD 8,550.

On the upside, the price is likely to struggle near USD 9,000, USD 9,100 and USD 9,120. A successful close above USD 9,120 is likely to open the doors for a recovery in the coming days.

Ethereum price

Ethereum price recovered above the USD 185 resistance in the past few hours. ETH/USD even climbed above the USD 190 resistance, but it failed to continue higher. A fresh decrease was initiated and the price declined below the USD 188 level. It seems like the price is facing a lot of hurdles near the USD 188 and USD 190 levels.

On the downside, an initial support is near the USD 185 level. The main weekly support is near the USD 180 level, below which the price could accelerate towards USD 170 or USD 166.

Bitcoin cash, eos and XRP price

Bitcoin cash price revisited the USD 300 resistance again and it faced a strong selling interest. BCH/USD failed to surpass USD 300 and recently started a fresh decline. The price is now trading below USD 290 and it may soon test the USD 285 support area. The main support is USD 280 and the key resistance is near USD 300.

EOS made two attempts to surpass the USD 3.650 resistance area, but the bulls failed to gain strength. The price is now trading near the USD 3.500 level, below which it could continue to move down towards the USD 3.350 support area in the near term.

XRP price is trading in a bearish zone below the USD 0.282 pivot level. On the downside, an immediate support is near USD 0.272, below which XRP/USD could decline further. The next key support is near the USD 0.265 level. On the upside, there are many resistances near USD 0.282 and USD 0.284.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins gained more than 5%, including DX, ODE, RLC, VSYS, SLV, ATOM and VET. Conversely, SNX, LUNA, BCN, BTM, REN and KCS are down more than 5%.

Overall, bitcoin is trading in a bearish zone below USD 9,000 and it might continue to decline. If BTC/USD fails to hold the USD 8,550 support, there is a risk of a sharp decline towards the USD 8,000 support area in the near term.


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Bitcoin and Altcoins Trading With Bearish Bias 102

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When Bitcoin Overtakes Gold – How High Can It Go?

If I’m already friends with you on Facebook, post your Bitcoin Cash address and I will send you $5 worth of Bitcoin Cash that could easily become …
When Bitcoin Overtakes Gold - How High Can It Go?

Flashy bitcoin price speculation is a favorite game of crypto Twitter news outlets and commentators all over. After all, who doesn’t want to hear that their modest stash of satoshis could someday moon and be worth millions? Sensation aside, there remains a well-grounded case for continued rise in price where top cryptos are concerned, and should bitcoin’s market cap overtake that of gold — an asset limited in many ways compared to crypto — prices could indeed be out of this world.

Also Read: For Initial Exchange Offerings, Liquidity is King

Gold’s Market Cap and Surrounding Contention

Gold’s global market cap currently sits at around $8 trillion. Last year, at this time the precious metal’s capitalization sat closer to $7 trillion. As fiat paper worldwide continues to be devalued by governments and their reckless economic policies, many goldbugs see the upward trend continuing, and they may be right. Habitual bitcoin detractor and well-known gold enthusiast Peter Schiff has made a name for himself in making such predictions. What’s not talked about as often in precious metals circles are the very real physical limitations that come with the beautiful asset in regard to its function as money.

While Schiff’s frequent criticism of the U.S. Federal Reserve is well-received by many in the crypto space, his attacks on bitcoin and the views of crypto influencers and innovators such as Bobby Lee are generally not. Lee, CEO and founder of the Ballet Crypto physical crypto wallet and brother of Litecoin creator Charlie Lee, recently predicted that “the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000.”

#Gold is at about $8 trillion today, which is 50x the worth of #Bitcoin.

I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000.

And with all of the money printing that’s happening globally, $BTC will actually very likely be over $1 million!

— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) November 10, 2019

Like Schiff, Lee cites irresponsible economic policies as a contributing factor to the rise of his favored asset class. Unlike Schiff, however, Lee doesn’t view crypto as “fool’s gold” people should run from. Indeed, one of the main perceived strengths of bitcoin and crypto is that unlike gold, it has an extreme advantage in ease of transfer and portability. It’s no small feat for someone out of country to send a couple bars of gold to family back home. It’s heavy, significant fees will be charged, and applicable state regulations must be cleared. Crypto, on the other hand, has the ability to be sent for negligible fees instantly, without “necessary” or built-in interference from a third party or regulator.

Should Bitcoin Overtake Gold

Charlie puts BTC at a possible $500,000 in nine years. Notably, a recent statement from Executive Chairman Roger Ver, made in conjunction with a unique Facebook giveaway, suggested that BCH could also achieve new heights:

If I’m already friends with you on Facebook, post your Bitcoin Cash address and I will send you $5 worth of Bitcoin Cash that could easily become worth $5,000 some day. If I’m not already friends with you on Facebook, post your Bitcoin Cash address anyhow, and I will still send you $1 that could easily become $1,000 some day.

So what would prices look like if bitcoin did overtake gold in market cap? Well, as price is ultimately the product of myriad market variables and ever-changing economic context, such predictions are not easy to make in spite of how often they’re put out there. Still, basic calculations via market capitalization can be done assuming things don’t change too drastically much regarding current applicable factors.

If, for example, one of the top coins flipped gold’s current market cap of ~$8 trillion, the resultant price would be impressive. With a circulating supply of 18,040,537 BTC at press time, a market cap for BTC of $8 trillion would result in a single coin worth about $443,400. Even assuming the “flippening” doesn’t take place until the hard cap of 21 million coins in theoretical circulation is reached, a price of around $380,000 results. Should bitcoin cash (BCH) flip the market cap of gold given current data, the resultant price is a shimmering $441,800 per coin. None of this is to factor in changes in demand, tech innovation, adoption, etc., for better or for worse. Considering the amount of excitement and FOMO likely to occur in such an event, prices would likely be much, much higher.

While these numbers might seem “far out” upon first encounter, it’s important to note that BTC achieving dollar parity was a big deal less than nine years ago in February, 2011. BTC, worth $1 then, has since increased by about 900,000%, bringing us to the current price.

Other Metrics

A September 2017 report by the National Bureau of Economic Research states that “The equivalent of 10% of world GDP is held in tax havens globally,” and with part of crypto’s appeal itself as an “offshore haven” of sorts (although admittedly one that is drawing much heated attention from powerful government agencies such as the IRS and FBI) it’s interesting to look at bitcoin potentially replacing these tax havens’ share of value, if only as a thought experiment. The projected global gross domestic product (GDP) for 2019 according to IMF and United Nations aggregated data was set at ~$88 trillion last year. Should BTC, BCH, or BSV flip 10% of this amount today, with current circulating supplies of about 18 million each, the resultant value would be a token worth ~$488,888, not far from Bobby Lee’s prediction regarding bitcoin flipping the market cap of gold.

Other typically hot topics include bitcoinization and hyper-bitcoinization, whereby bitcoin overtakes the dominant currency in a given region or overtakes and makes obsolete the currencies of the whole world. The nearly $4 trillion world reserve currency USD circulating in the current M1 money supply would require each bitcoin (whether bitcoin cash, core, or BSV), at a roughly calculated circulation of 18 million, to be worth about $222,000 in order to serve as a replacement for M1. Swiss multinational bank UBS put this figure at $213,000 over the summer, prior to continued expansion of the monetary supply. Of course, none of this includes the massive amounts of debt and credit on the books in USD as well, which would further dynamize and shape bitcoin price in a hyperbitcoinization event, resulting in astronomical price changes the likes of which likely defy speculation, due to the confluence of cultural and socioeconomic changes that would result from such a financial earthquake.

A Grain of Salt Goes a Long Way

There’s little easier than making ear-tickling predictions about the riches just around the corner for anyone holding even a small amount of crypto. Should the forecast fail, just chalk it up to unpredictable markets and shout out a new one with equally impassioned bluster next week. Should it succeed, be sure to remind everyone of how you “totally called it” with that “Feeling bullish” tweet two days ago. This isn’t by any means to say that predictions are bad, only that the overconfident and suspiciously detailed ones don’t usually seem to pan out.

While markets really are sometimes anyone’s guess, there are yet sound economic principles and hard realities which can be used to make valuable observations. As fiat currencies and governments worldwide continue in their seeming endless love affair with reckless debasement, the underpinning principles of limited supply, permissionless crypto assets with competitive utility continue to convince many that the flippening may be just around the corner.

What are your thoughts on bitcoin’s potential to “flip” gold? Let us know in the comments section below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images credits: Shutterstock, fair use.

Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

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Graham Smith

Graham Smith is an American expat living in Japan, and the founder of Voluntary Japan—an initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.

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Corporate Tax Software Market 2019 Industry Outline, Global Executive Players, Interpretation and …

… this report covers, TurboTax Business, Avalara, Vertex, H&R Block, TaxJar, Bloomberg Tax Fixed Assets, inDinero, Corptax, Credit Karma.

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There are 13 Chapters to thoroughly display the Corporate Tax Software market. This report included the analysis of market overview, market characteristics, industry chain, competition landscape, historical and future data by types, applications and regions.

Chapter 1: Corporate Tax Software Market Overview, Product Overview, Market Segmentation, Market Overview of Regions, Market Dynamics, Limitations, Opportunities and Industry News and Policies.

Chapter 2: Corporate Tax Software Industry Chain Analysis, Upstream Raw Material Suppliers, Major Players, Production Process Analysis, Cost Analysis, Market Channels and Major Downstream Buyers.

Chapter 3: Value Analysis, Production, Growth Rate and Price Analysis by Type of Corporate Tax Software.

Chapter 4: Downstream Characteristics, Consumption and Market Share by Application of Corporate Tax Software.

Chapter 5: Production Volume, Price, Gross Margin, and Revenue ($) of Corporate Tax Software by Regions (2014-2019).

Chapter 6: Corporate Tax Software Production, Consumption, Export and Import by Regions (2014-2019).

Chapter 7: Corporate Tax Software Market Status and SWOT Analysis by Regions.

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Chapter 9: Corporate Tax Software Market Analysis and Forecast by Type and Application (2019-2024).

Chapter 10: Market Analysis and Forecast by Regions (2019-2024).

Chapter 11: Industry Characteristics, Key Factors, New Entrants SWOT Analysis, Investment Feasibility Analysis.

Chapter 12: Market Conclusion of the Whole Report.

Chapter 13: Appendix Such as Methodology and Data Resources of This Research.

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Regional Outlook:Credit Scores, Credit Reports & Credit Check Services Market Top Scenario …

… major industry players including Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO, Credit Karma.

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