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Tron’s Justin Sun Finally Acquires BitTorrent after Long Battle

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After a series of legal battles, BitTorrent has finally been sold to Tron CEO Justin Sun. First reported on TorrentFreak on May 25th, the news entailed details of how Justin Sun had pursued the company with talks that dated as far as September of last year.

After the talks, Justin Sun and BitTorrent agreed and signed on a letter of intent to acquire BitTorrent in January of 2018. However, BitTorrent initiated conversations and meetings with other bidders, holding back the deal for a brief moment while Sun moved to court to sue BitTorrent with a temporary restraining order.

Eventually, however, Sun dismissed the lawsuit and went on to register Rainberry Acquisition. Considering BitTorrent had already renamed their business to Rainberry Inc early last year, various news reports pointed to the now obvious conclusion that Justin Sun’s move was in line with acquiring BitTorrent.

In addition, Variety also recently reported that Rainberry Acquisition (Justin Sun’s company) had merged with BitTorrent’s Rainberry Inc officially after California Secretary of State suggested they both file a merger.

Keeping everything quiet

At the moment, there is no representative from either of the entities who have issued out a comment or an announcement about the merger. In fact, even though the BitTorrent management has informed its staff about the deal, Variety reports that staffers “have been advised not to talk to the press”.

Furthermore, some of BitTorrent’s shareholders have also been contacted and informed about the deal through the transfer agents working on the deal.

In regards to this deal, Sun has also been somewhat reserved considering his usual social media presence. From the look of it, however, Tron’s goal of decentralizing the internet falls in line with the underlying technology that BitTorrent is built upon. In fact, there are 8 unique references in Tron’s whitepaper that point back to BitTorrent.

Valuation of the deal and Saving BitTorrent

Although the valuation of the deal has not been determined at the moment, it’s pretty clear that Sun can afford to acquire BitTorrent considering the company has been struggling and that the Tron Foundation is worth over $1 billion in TRX holdings.

On the other hand, BitTorrent will be breathing a sigh of relief after a tumultuous corporate history of bad deals. Ten years ago BitTorrent managed to raise money to build a P2P based entertainment business. Those plans failed, leading the company to focus on growing an advertising and bundle software business. Although this move proved successful enabling the company to have over 150 million active users at the time, 2016 saw two outside investors come in as co-CEOs eventually faltering the company’s growth. This led BitTorrent to shut down its live streaming business just last year while the company’s founder Bram Cohen went on to become the CEO of Chia.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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