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Here's What Bitcoin's Smartest Skeptics Are Telling Investors

Here's What Bitcoin's Smartest Skeptics Are Telling Investors

Here's What Bitcoin's Smartest Skeptics are Telling Investors Bitcoin continues one of the most dramatic price runups of any asset in living memory, posting prices above $11,800 this morning after starting the year below $1,000 per digital token. In its early years, skeptics with little knowledge of blockchain technology were quick to dismiss Bitcoin as a fleeting trend. But as knowledge spreads and prices chase new highs, the skeptics have become more nuanced and even if you love Bitcoin, theyre often worth listening to. Here are a few of the most notable bear sentiments being aired as Bitcoins rip-roaring rampage continues. At last weeks Consensus: Invest conference in Manhattan, some of the greatest minds in asset management came together to talk cryptocurrency. On a Bulls and Bears panel, Raoul Pal of the Real Vision financial news network repeated a favorite saw of todays more informed bears that while blockchain database security is a revolutionary technology, those blockchains will ultimately be privately managed by enterprises. That would eventually drive the value of public blockchains like Bitcoin to zero. But the idea of a private blockchain at least partly misunderstands the core security premise of the technology. Cryptocurrency payouts attract a decentralized swarm of hosts who ensure the honesty of a shared ledger, without necessarily having a stake in its contents. Andreas Antonopoulos, long one of the smartest commentators in the space, has dismissed private blockchains as a fundamentally inefficient replacement for an old-fashioned database. Once real-world blockchain applications are up and running, most will likely be hosted on one of the trusted public blockchains, such as Bitcoin or Ethereum. Not exactly a bear, Mike Novogratz has said that crypto Continue reading >>

Forget Bitcoin. Here Come The Blockchain Etfs.

Forget Bitcoin. Here Come The Blockchain Etfs.

Related: Jamie Dimon regrets calling bitcoin a 'fraud' That edict does not apply to the new blockchain funds, though. Those ETFs don't own any bitcoin, ethereum, litecoin, ripple or any of the other numerous cyrptocurrencies out there. Instead, they are buying shares of companies that are embracing blockchain. Both funds own Overstock ( OSTK ), the online retailer, which has made a big push into blockchain through its Medici Ventures unit and tZero digital coin exchange. They also own IBM ( IBM ), which recently partnered with shipping giant Maersk to track and manage supply chains using blockchain technology. Intel ( INTC ), whose chips and software are used to encrypt cryptocurrency transactions, is a top holding in both ETFs, too. Each is betting on financial firms that could benefit from blockchain. The Reality Shares fund owns shares of Nasdaq ( NDAQ ) and Barclays ( BCS ) for example while the Amplify fund has stakes in Citigroup ( C ) and Goldman Sachs ( GS ). But there are some key differences between the two ETFs. Reality Shares is based on an index of blockchain-related companies that it recently launched with Nasdaq. That index -- and hence, the fund's holdings -- are rebalanced twice a year. The Amplify ETF, on the other hand, is actively managed and free to make changes to its holdings more frequently. Related: Why everyone is talking about Ripple Eric Ervin, CEO of Reality Shares, said his firm's ETF is taking a rigorous look at just how much exposure to the blockchain business a company has before adding it to the index and fund. "We're not going to accept Kodak just because it's suddenly decided to do something with blockchain," Ervin said. He said the company also doesn't own MoneyGram ( MGI ) in the fund, despite a recent partnership with Ripple , or Continue reading >>

The Hold 10 Index Is A Passively Managed Fund Of The Top 10 Cryptocurrencies

The Hold 10 Index Is A Passively Managed Fund Of The Top 10 Cryptocurrencies

The HOLD 10 Index is a passively managed fund of the top 10 cryptocurrencies Google Maps now lets you explore your local planets and moons,too This year the market capitalization of all cryptocurrencies has grown from about $13 billion to well over $150 billion, fueled by infusions of capital from all different types of investors.But regardless of this extreme growth, its still very complicated for most people to invest in cryptocurrency. So one startup is launching a private index fund designed to let you passively hold a stake in the 10 largest cryptocurrencies, weighted by market cap. Called the HOLD 10 Index , the fund is designed to passively hold the top 10 cryptocurrencies by market cap (including a 5 year inflation schedule). The funds are 100% cold storage secured except for when the portfolio is rebalanced once a month to account for fluctuations in pricing among the basket of assets. Right now the assets included are:BTC, ETH, XRP, BCH, LTC, DASH, NEO, ZEC, XMR (Monero) and ETC. You can read a bit more about inclusion criteria here , but there are a few more requirements besides being in the top 10 these include things like free-floating price, trade volume requirements and being traded on sufficient exchanges. This additional requirements exclude currencies like NEM, which doesnt meet a 30% of supply traded per month for the last 3 months requirement that the index has. While investors have to be U.S-based and accredited since its a private vehicle and not an ETF, the minimum is only $10,000 which as you can see below is much less than any current alternatives. HOLD 10 Index vs Bitcoin over the last year Founded by Hunter Horsley and Hong Kim , the startup behind the index is called Bitwise Investments and eventually wants to become something like the Vangu Continue reading >>

Bitcoin: Jack Bogle Says To Avoid It 'like The Plague' | Money

Bitcoin: Jack Bogle Says To Avoid It 'like The Plague' | Money

It has been a remarkable year for Bitcoin; its value has soared more than 900% in the past 12 months. But investing legend and Vanguard Group Inc. founder Jack Bogle isnt buying it. Avoid Bitcoin like the plague, Bogle said at a Council on Foreign Relations event last week, according to Bloomberg . Did I make myself clear? The Vanguard founder, who has spawned legions of followers for his simple ethos of investing in low-cost index funds, criticized the cryptocurrency for having no underlying rate of return. You know bonds have an interest coupon, stocks have earnings and dividends, gold has nothing, Bogle said. There is nothing to support Bitcoin except the hope that you will sell it to someone for more than you paid for it. Bogle joins a growing list of giants in the business world expressing skepticism about the cryptocurrency, including former head of the Federal Reserve Ben Bernake, J.P. Morgan CEO Jaime Dimon , and Nobel Prize-winning economist Joseph Stiglitz . But despite having a number of critics, a number of high-profile individuals are users of the digital currency , including billionaire venture capitalist Tim Draper and the Winklevoss twins. On Sunday, a single Bitcoins value was around $11,800. Last week, former Fortress hedge fund manager Michael Novogratz said Bitcoin could easily hit $40,000 by the end of 2018. Bitcoin may well go to $20,000 but that wont prove Im wrong, Bogle said. When it gets back to $100, well talk. Continue reading >>

Vanguard To Utilize Blockchain-based Index Pricing In Early 2018

Vanguard To Utilize Blockchain-based Index Pricing In Early 2018

Vanguard To Utilize Blockchain-Based Index Pricing In Early 2018 Matthew De Silva December 12, 2017 10:32 PM This week, the Vanguard Group ($4.8 trillion in assets under management) announced its collaboration with Symbiont and CRSP on blockchain-based index data sharing. If their pilot is successful, automation of CRSP index data and intra-day updates will occur over a private blockchain network in early 2018. With close to $5 trillion in assets under management, the Vanguard Group is widely considered the gold standard by low-cost, passive investment strategists. This week, the financial behemoth announced its partnership with Symbiont and the Center for Research in Security Prices (CRSP) to simplify the index data sharing process through innovative blockchain technology. At present, Vanguard manages 17 funds based on CRSP indexes, including the $650 billion Total Stock Market Index Fund (VTSMX) , according to Reuters . Over the last few months, CRSP, a provider of historical stock market data working out of the University of Chicagos Booth School of Business, has distributed daily index data to Vanguard through Symbionts blockchain platform in a testing environment. Delivering the data via a blockchain and automating workflows with smart contracts has served to expedite data delivery, eliminate the need for manual updates, and reduce risks, said Vanguard in its press release . Warren Pennington, principal and global head of Vanguards Office of Investment Management FinTech Strategies, said: Using this platform, investment managers will be able to instantly distribute, receive, and process index data, resulting in better benchmark tracking and significant cost savings that potentially results in better returns for our clients. David Barclay, COO of CRSP, remarked upo Continue reading >>

Vanguard's Chairman Says Cryptocurrencies Pose An Idiosyncratic Risk

Vanguard's Chairman Says Cryptocurrencies Pose An Idiosyncratic Risk

Vanguard's chairman says cryptocurrencies pose an idiosyncratic risk Vanguard Group chairman F. William McNabb said Thursday that the ongoing cryptocurrency boom worries him a little bit. "If somethings too good to be true, it probably is," he told Bloomberg TV. Vanguard Group chairman F. William "Bill" McNabb remains hesitant about the cryptocurrency craze, he told Bloomberg TV on Thursday. "The cryptocurrency trading thats going on right now actually worries me a little bit," he said from China. "I think theres a lot of leverage, I think theres a lot of speculation. If something seems to be too good to be true, it probably is." Vanguard, which controls about $4.5 trillion worth of assets and is the worlds second-largest provider of exchange-traded funds (ETFs), is notably absent from the cryptocurrency space. Cryptocurrency markets around the world were rocked this week when roughly 43% of the global market cap for the nascent space disappeared in the span of 24 hours. Prices are rebounding Thursday , with the flagship bitcoin back above the $10,000 benchmark it fell below on Wednesday, but the bloodbath has brought an air of caution. "I dont think its systemic, its a strong idiosyncratic risk," McNabb said of the slump. Two blockchain ETFs debuted on Wednesday onefrom Vanguard competitor Reality Shares but not before the Securities and Exchange Commission requested the providers remove blockchain from the funds names. ETFs with a direct link to bitcoin have yet to hit the market, though they are considered the next natural step following the launch of Cboe Global Markets' and CME Group's bitcoin futures offerings in December. Both VanEck and ProShares withdrew their requests for bitcoin ETFs last month. Despite the hesitancy, McNabb remains cautiously optimistic abo Continue reading >>

Are There Any Good Cryptocurrency Mutual Funds Or Etfs?

Are There Any Good Cryptocurrency Mutual Funds Or Etfs?

Are there any good cryptocurrency mutual funds or ETFs? Are there any good cryptocurrency mutual funds or ETFs? I think the answer Pavel gave is a great one,at least in reference to the TokenFund and how they diversify their investments, although the part about: The good thing is that the manager can spot good opportunities soon and deliver good returns to investors. The bad thing is that managers are often wrong. concerns me a little. I think of those two options, the latter definitely sounds more attractive (Crypto20). Although, as others have mentioned with new funds popping up every so often the more important things to consider are: What fees are you willing to pay, in return for what? Are you more comfortable with high-risk high-reward, or modest gains with a modest amount of risk? These are all things to consider regardless of what fund you end up working with, I for one cant wait till Cashaa starts something like this and how it will affect the emerging markets in India and China especially. No. The closest is Coinbases Global Digital Asset Exchange - GDAX . Coinbase is pretty much the only exchange regulated by the SEC and fully compliant with US law. I don't think an ETF for cryptocurrencies will ever work. Its not that I am skeptical of cryptocurrencies per se, but things happen in them everyday that would be illegal in stocks. I am currently invested in Ripple, Dogecoin, Stellar, Siacoin, and am in and out of Dash, Bitcoin, and Litecoin (mostly making small profits from day trades). I am trading them mostly because I realised Ripple might be the next Bitcoin back in December (had I bought 1,000$ of Ripple back then, and held it without day-trading, Id have over $50,000 today). Ripple is now worth more as a company than Uber. I realised Ripples potential in Continue reading >>

Vanguard's Jack Bogle Says No To Bitcoin

Vanguard's Jack Bogle Says No To Bitcoin

By Nathan Reiff | November 30, 2017 3:11 PM EST Although bitcoin's price has continued to move upward, reaching to a new high of over $10,000 per coin earlier this week, there are still some very prominent detractors of the leading cryptocurrency. JPMorgan CEO Jamie Dimon came out against the digital coin earlier this year, and now Jack Bogle, the legendary investor and founder of Vanguard , has cautioned investors against buying up coins. Bogle spoke about the cryptocurrency at a Council on Foreign Relations event in New York earlier this week, where he told audience members to "avoid bitcoin like the plague." Why was Bogle so against bitcoin, particularly considering that it has grown by almost 10 times in value so far in 2017. According to a report by Yahoo Finance , Bogle explained that "bitcoin has no underlying rate of return." He told audience members at the event that "you know bonds have an interest coupon, stocks have earnings and dividends, gold has nothing. There is nothing to support bitcoin except the hope that you will sell it to someone for more than you paid for it." Bogle continued, saying that it's "crazy" for anyone to invest in the digital asset. He suggested that "bitcoin may well go to $20,000 but that won't prove I'm wrong. When it gets back to $100, we'll talk." Bogle, 88, launched the first index fund in 1976, revolutionizing the way that investors manage their money. He is considered one of the greatest investors alive today. Despite words of warning from individuals like Bogle, the broader investment world is increasingly interested in bitcoin. The digital currency's user and transaction base continues to grow, and more mainstream investment firms have begun to consider dealing with the currency in a more serious way. In the past several wee Continue reading >>

Vanguard To Automate Index Data Updating With Blockchain

Vanguard To Automate Index Data Updating With Blockchain

Vanguard to Automate Index Data Updating with Blockchain Investment manager Vanguard Group will use blockchain technology for a series of tasks related to index data updating for its mutual funds. Vanguard Group will apply blockchain technology in its index data updating processes, Reuters reported , citing company executive. The largest mutual funds provider in the world has already carried out pilot tests exploring the use of blockchain to update information such as price quotations and company names, according to Warren Pennington, a principal in the investment management arm of Vanguard. Pennington would not comment on a specific timeframe for implementing blockchain as the main solution for the specified tasks. He told Reuters the move was not intended to reduce headcount but automate a series of processes and leave people free to deal with other tasks. Speaking about distributed ledger technology (DLT), the Vanguard executive said the potential of blockchain lies in serving as a real-time automated index process. The Vanguard mutual funds involved in the DLT test were based on price indexes from the Center for Research in Security Prices (CRSP) at the University of Chicagos Booth School of Business. Currently, 17 of the companys funds rely on those indexes. This includes the Total Stock Market Index Fund Vanguards largest with $650 billion under management. In total, Vanguard manages almost $5 trillion worth of assets. For the project implementation, Vanguard will collaborate with New York-based Symbiont, whose CEO Mark Smith said that his tech company might license the technology to other firms besides Vanguard. This can be used to automate all sorts of financial processes, he noted in an interview. Vanguard, Symbiont, and the Center for Research in Security Pri Continue reading >>

Crypto20 - Invest In Cryptocurrency Ico

Crypto20 - Invest In Cryptocurrency Ico

Developed the team and concept; conducted thorough backtests to determine fund hyperparameters; set wheels in motion to create a compliant legal structure. Develop Smart Contract & Autonomous Trading System Developed innovative CRYPTO20 smart contract to best practice specifications; developed back-end for multi-exchange trading. Finalize Smart Contract & Trading Protocol Complete smart contract to audit-ready state. Optimized autonomous index trading algorithm to mitigate front-running and slippage. Consultation with industry expert advisors. Began security audit and code review process. Go public! Begin marketing and public relations. Token presale on 7 Oct. 5% Bonus will be given to investors participating in the pre-sale. Token ICO. Tokens minted and issued to investors. Initial Top 20 Coin Acquisition; On-going Marketing & Investor Relations; First Rebalancing Procedure Initial coin holdings acquired; final fund sheets and reporting structures released to retail investors. First fund rebalance is performed and monitored. We have already performed the rebalancing of assets, weeks ahead of schedule! Read our medium article about it, and checkout the performance page for live fund data! Big 4 Accounting Firm to audit and release statement verifying holdings. Public Launch on Exchange; Data Collection; Regular Fund Operation C20 Token is listed for trade on exchange. The data pulled from the multiple exchanges - order books, volumes etc. will be stored. After ~6 months of operation, the deep dataset collected will be used to inform future crypto product and fund development; incl. AI-managed funds by partner DataProphet. CRYPTO20 ICO participants will have priority acceptance into these very limited cap funds. Developed the team and concept; conducted thorough backtes Continue reading >>

6 Vanguard Index Funds To Buy And Hold Forever

6 Vanguard Index Funds To Buy And Hold Forever

6 Vanguard Index Funds to Buy and Hold Forever 6 Vanguard Index Funds to Buy and Hold Forever Just six index funds from fund giant Vanguard can boost your returns. But, which six? By Steven Goldberg , Contributing Columnist Some people, including me, love to study the ins and outs of investments. Fortunately for those who dont, investing for retirement can be remarkably simple. If youre looking for a simple yet first-class investment plan, this article is for you. See Also: Best Vanguard Funds for Your 401(k) Retirement Savings Index fundsfunds that track an investment benchmark rather than trying to beat itarent perfect. But unless youre an investment hobbyist or you work with an adviser, theres simply no reason not to invest in them. That said, there are thousands to choose from. This article will tell you which index funds to own and how much to invest in each. The numbers dont lie: Over the past ten years, less than 30% of U.S. actively managed stock funds outmatched their benchmark indexes. Whats more, its devilishly tricky to pick funds that will outperform index funds. You certainly cant do it by looking at past returns. Why is it so hard for actively managed funds to beat their benchmarks? Professionals, virtually all of whom strive to beat an index, dominate the investment world nowadays. They obviously cant all be winners. And the statistics are quite clear: Funds, on average, trail their benchmarks by precisely the amount of their expense ratios. Actively managed domestic funds, on average, charge 1.2% annually; you can buy index funds charging a small fraction of that price. Whats even more important is that index funds, in my view, are easier to stick with, and that can boost your returns in the long run. Actively managed funds, by definition, dont track a Continue reading >>

Vanguard Taps Symbiont's Private Blockchain For Index Fund Data - Coindesk

Vanguard Taps Symbiont's Private Blockchain For Index Fund Data - Coindesk

Vanguard Taps Symbiont's Private Blockchain for Index Fund Data Vanguard, the mutual fund giant, will begin using smart contract technology developed by blockchain startup Symbiont in some of its actual business processes starting early next year. For the last few months, the companies have been testing the technology to simplify the way Vanguard takes in data from the Center for Research in Security Prices (CRSP) at theUniversity of Chicago'sBooth School of Business. This information is used to determine the composition of certain index funds managed by Vanguard, and includes things like company names, share counts, index weighting and corporate actions such as mergers or stock splits. The three partners found the private blockchain speeds up delivery of the data from CRSP to Vanguard, removes the need for manual intervention and lowers risk. The project will go into full production in early 2018, the companies said Tuesday. Warren Pennington, a principal in Vanguard's Investment Management Group said in a release: "Using this platform, investment managers will be able to instantly distribute, receive, and process index data, resulting in better benchmark tracking and significant cost savings that potentially results in better returns for our clients." The partnership will involve 17 index funds totaling $1.15 trillion in assets, including Vanguard's largest, the $650 billion Total Stock Market Index fund. To be sure, that's just a portion of Vanguard's business; it manages 186 index products, with $3.56 trillion in assets, as part of a total 376 funds containing $4.8 trillion. Still, it's a noticeable advance for enterprise applications of blockchain technology at a time when most of the industry spotlight has been on the boom in cryptocurrencies and token sales. The Continue reading >>

This Startup Wants To Be Vanguard For Cryptocurrencies

This Startup Wants To Be Vanguard For Cryptocurrencies

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. This Startup Wants to Be Vanguard for Cryptocurrencies Bitwise launches index tracking top 10 virtual currencies AngelList co-founder invested in the San Francisco startup How Mike Novogratz Got Hooked on Cryptocurrencies You should have figured this would happen sooner or later. A San Francisco-based startup is launching a cryptocurrency index fund that will track the most valuable virtual coins. Bitwise Asset Management, which has received funding from AngelList co-founder Naval Ravikant, says it wants to be "Vanguard for crypto." Investors have been inundated with new products from startup companies that say they want to make it easier for the average Joe to reap returns from digital currencies such as bitcoin, which have skyrocketed in value this year despite regulatory crackdowns across the globe. Former Fortress Investment Group LLC trader Mike Novogratz is starting a $500 million hedge fund to invest in cryptocurrencies, and Goldman Sachs Group Inc. is exploring how it could start a bitcoin trading venture, a person familiar with the matter said Monday. Even the Winklevoss twins have their sights set on cryptocurrencies, though their plans for a bitcoin exchange-traded fund were Bitwises new HOLD 10 Private Index Fund follows a basket of the top 10 digital Continue reading >>

Vanguard Looks To Blockchain For Index Data

Vanguard Looks To Blockchain For Index Data

December 12, 2017 / 12:39 PM / 6 days ago Vanguard looks to blockchain for index data BOSTON (Reuters) - Vanguard Group Inc is moving to use blockchain to simplify how it updates index data underlying mutual funds, executives said on Monday, an important sign of confidence for the new financial technology. Closely-held Vanguard, the top mutual fund firm with nearly $5 trillion under management, has successfully tested blockchain to automatically update data like the names and share prices of companies in index funds, processes that must currently be closely overseen by individuals, said Warren Pennington, a principal in Vanguards investment management group, in Pennsylvania. Blockchain, the technology underpinning cryptocurrencies like bitcoin, is a shared and immutable database maintained by a network of computers on the internet. Banks and other large financial institutions have ramped up their investments in the technology, aiming for it to simplify and cut the cost of back-office processes. Pennington declined to give a specific date as to when fund updates would chiefly rely on blockchain, saying the goal is not to replace human workers but instead to free them for other tasks. Blockchains potential, he said, is to serve as a real-time automated index process. Vanguard funds tested with blockchain were built on indexes from the Center for Research in Security Prices, at the University of Chicagos Booth School of Business. Vanguard manages 17 funds on those indexes including its largest, the $650 billion Total Stock Market Index Fund. Cryptocurrency enthusiasts have hoped big institutional investors could start offering mainstream products based on blockchain, which would spur its popularity. Fund firms, however, seem more interested in making the technology part o Continue reading >>

Rise Of The Cryptocurrency Investment Fund: These Are 5 Of The Largest

Rise Of The Cryptocurrency Investment Fund: These Are 5 Of The Largest

Rise of the Cryptocurrency Investment Fund: These Are 5 of the Largest Cryptocurrency investment funds to rise with the tide The market for cryptocurrencies itself has ballooned over the past year from a humble 18.8 billion to over $300 billion now. Bitcoin alone has surged from a $15.6 billion market to a $167.7 billion market currently; rising 10 times in value (from under $1,000 a year ago, to over $10,000 currently). The digital currency market has been attracting many asset managers and hedge funds into the space, as they launch their own standalone cryptocurrency investment funds to rise with the tide. Gaining indirect exposure to cryptocurrencies For those who seek to gain exposure to the cryptocurrency market without investing in specific digital currencies, there are not any exchange-traded funds in the US that currently offer exclusive exposure to cryptocurrencies. However, there are these 3 US-based funds, which are currently under review by the SEC (in order of their filing): The only ETFs that offer exposure to the space are the Ark Investment Managements ARK Innovation ETF ( ARKK ) and the ARK Web x.0 ETF ( ARKW ), but these are far from official cryptocurrency ETFs as these funds have just about 5-6% portfolio exposure to the Bitcoin Investment Trust ( GBTC ). 5 of the largest cryptocurrency investment funds There are a number of investment funds offering exposure to the cryptocurrency segment , but many have not taken an overly public stance. The following is a quick list of 5 of the largest that have been publicly announced. Grayscales Bitcoin Investment Trust ( GBTC ): $1.1 Billion market leader Launched on September 25, 2013, and trading under the symbol GBTC on the US OTC market, the fund is one of Grayscales digital currency-based product offerings Continue reading >>

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